Prudential Financial

The story of Prudential Financial, Inc. began in 1875 in a basement office in Newark, New Jersey. Founded by insurance agent John Fairfield Dryden, it was initially named The Widows and Orphans Friendly Society. Dryden's vision was pioneering for its time: to make life insurance, a product then reserved for the wealthy, accessible to working-class families. The company started by offering industrial insurance, which provided burial expenses for low-income households, with agents collecting premiums, sometimes just three cents, weekly from customers' homes. This approach was inspired by the British Prudential Assurance Company. In 1877, the company adopted the name The Prudential Insurance Company of America, reflecting its growing ambitions. A pivotal moment in its branding journey came in 1896 when the company adopted the Rock of Gibraltar as its symbol, accompanied by the enduring slogan, 'The Prudential has the strength of Gibraltar,' to signify the solidity and reliability of its offerings. This powerful imagery has been a cornerstone of the company's identity for over a century.

Throughout the 20th century, Prudential consistently evolved and expanded its services. It entered the retirement business in 1928 with its first group pension contract and later became a major player in the financial world. By 1967, it surpassed its rival, MetLife, to become the world's largest insurance company based on assets. The company's growth was marked by strategic diversification, including entering the property and casualty insurance business in 1970 and acquiring the Bache investment and brokerage house in 1981. This move signaled a broader shift into comprehensive financial services. The journey continued with global expansion into Canada, Europe, Asia, and South America. A significant transformation occurred in December 2001, when Prudential completed the process of demutualization, transitioning from a company owned by its policyholders to a publicly-traded stock company on the New York Stock Exchange under the ticker PRU. This move, which raised over $3 billion, provided greater access to capital and strategic flexibility, allowing for further acquisitions and solidifying its position as a global financial services leader, dedicated to helping individuals and institutions grow and protect their wealth.