Prudential reported today that its profits skyrocketed by 41 percent in the first half of the year. The unexpected growth comes in spite of Prudential's failed attempt to purchase AIA from AIG. Prudential's CEO believes Asia offers the largest growth potential in the insurance market, and the company will continue to establish a presence there.
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New Jersey regulators have found that Prudential Financial committed no wrongdoing in handling the benefits payout on the life insurance policy of a deceased solider killed in Afghanistan. Prudential's payout practices came under fire after a magazine reported the benefits were kept in money-market accounts instead of being distributed in a lump sum. Regulators found Prudential managed the retained-asset account in accordance with the law.
Full ArticleThe floundering Royal Bank of Canada is looking to sell its American life insurance arm. Goldman Sachs has approached several buyers on behalf of the Royal Bank to try to sell Liberty Life Insurance. If the company sells, it would probably fetch no more than $1 billion.
Full ArticleThe National Flood Insurance Program (NFIP) began as a practical way to insure coastal residents against floods when they could not find private coverage. Now, because of repetitive losses on the same properties, the NFIP is going bankrupt. A recent estimate indicates the federal flood insurance program is $18 billion in the red.
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