Prudential Financial plans to reduce its country footprint by roughly half and concentrate liability generation in the U.S., Japan, and select European countries, exiting emerging markets while rotating supporting capital expected to be well north of $3 billion. The company is targeting approximately $750 million in pretax run rate benefits by year-end 2028 from enterprise efficiency work. Chairman, CEO and President Andrew Sullivan also set a goal for PGIM to become 25% of PFI’s adjusted operating income, more than double its current contribution. The strategic reset was outlined during the second-quarter earnings call, where the company reported after-tax adjusted operating income of $1.4 billion or $4.08 per share. Management reiterated that the full-year pretax adjusted operating income impact from the Prudential of Japan sales suspension is expected to be approximately $525 million to $575 million, with sales resumption targeted by November 5.
Prudential Financial, Inc.Strategic reset to halve footprint, target $750M pretax benefits, and rotate capital over $3B.
Goal for PGIM to become 25% of adjusted operating income, more than double current contribution.
