Prudential 2006 Annual Report Download - page 98
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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
1. BUSINESS
Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a
wide range of insurance, investment management, and other financial products and services to both individual and institutional
customers throughout the United States and in many other countries. Principal products and services provided include life
insurance, annuities, mutual funds, pension and retirement-related services and administration, and asset management. In addition,
the Company provides retail securities brokerage services indirectly through a minority ownership in a joint venture. The Company
has organized its principal operations into the Financial Services Businesses and the Closed Block Business. The Financial Services
Businesses operate through three operating divisions: Insurance, Investment, and International Insurance and Investments. The
Company’s real estate and relocation services business as well as businesses that are not sufficiently material to warrant separate
disclosure and businesses to be divested are included in Corporate and Other operations within the Financial Services Businesses.
The Closed Block Business, which includes the Closed Block (see Note 10), is managed separately from the Financial Services
Businesses. The Closed Block Business was established on the date of demutualization and includes the Company’s in force
participating insurance and annuity products and assets that are used for the payment of benefits and policyholders’ dividends on
these products, as well as other assets and equity that support these products and related liabilities. In connection with the
demutualization, the Company has ceased offering these participating products.
Demutualization
On December 18, 2001 (the “date of demutualization”), The Prudential Insurance Company of America (“Prudential
Insurance”) converted from a mutual life insurance company to a stock life insurance company and became an indirect, wholly
owned subsidiary of Prudential Financial. At the time of demutualization Prudential Financial issued two classes of common stock,
both of which remain outstanding. The Common Stock, which is publicly traded, reflects the performance of the Financial Services
Businesses, and the Class B Stock, which was issued through a private placement, reflects the performance of the Closed Block
Business.
PRUDENTIAL FINANCIAL, INC. 2006 ANNUAL REPORT
96