Prudential 2007 Annual Report Download - page 7

Prudential Financial 2007 Annual Report 5
directly contributed an additional $10 million to
strengthen relationships with nonprofits around the globe.
Our Social Investment Program provided approximately
$60 million in investments to support affordable housing,
education and economic development in 2007 alone, and
throughout the history of the program, we have invested
more than $1.2 billion in cumulative financing to address
these critical issues.
Our employees exemplify Prudential’s dedication to
revitalizing communities, and in 2007 they contributed
their time and talent in multiple ways. On October 5,
2007, 32,000 employees and their family members and
friends came together for our 13th Global Volunteer Day,
where they worked on 800 projects in 12 countries.
Throughout the year, they donated a total of more than
314,000 volunteer hours to make a difference in
communities around the world. And through their
philanthropic contributions, combined with matching
gifts from The Prudential Foundation and corporate
contributions, we gave nearly $14 million to charitable
organizations supporting everything from disaster relief to
job training.
The best is yet to come.
As I look back on my career with Prudential, I can’t help but
be proud of all that we have accomplished. Today, Prudential
has a business portfolio that is extremely diverse and,
I believe, unmatched by our competitors. Our businesses
offer an outstanding mix of growth and return opportunities,
deliver diverse earnings streams and create balance in our
risks. And each of our businesses is now an important
contributor to our earnings.
We now have diversified distribution channels, both here in
the United States and in our international markets. We
couldn’t say that just five years ago.
We have invested substantially more capital in our high-
growth businesses. That has not only enabled us to capitalize
on market opportunities today, but has also laid a solid
foundation for our future growth.
We have established a very strong acquisition track record.
Our successful integration of CIGNA’s retirement business,
American Skandia’s annuity business and Kyoei Life—our
Gibraltar Life business today—has helped us establish strong
positions in the U.S. retirement and savings and international
insurance markets.
We have become a leader in the retirement market. We are
one of the few companies that can help people during every
phase of their lives—from saving to protecting their assets to
converting their savings into a guaranteed stream of income
to transferring their wealth.
We have improved upon our already strong brand. The
Rock®has always been one of the world’s most well-known
and trusted brand icons, and now the strength and stability
our brand stands for in the insurance market is resonating in
the retirement arena.
My successor as CEO—and as chairman after May 2008—
John Strangfeld, is the right leader to ensure we continue
meeting our objectives. John’s career at Prudential spans
30 years. Under his strategic leadership, our Investment
Management business has transformed into a high-
performing, standalone unit, we moved our brokerage
business into a successful joint
venture with Wachovia, and we
expanded our footprint in the
retirement market. Clearly, he
has the qualities and skills
necessary to ensure Prudential’s
growth and success.
In addition, John has the support
of Vice Chairman Mark Grier,
who is also a member of our
board of directors. John and Mark have been members of
the Office of the Chairman for the last five years and have
played an integral role in shaping Prudential’s strategic
agenda. Together, they will continue to comprise the Office
of the Chairman, which is why you can expect consistency
of philosophy and consistency of strategy going forward.
As I leave the CEO position at Prudential, I am pleased with
our accomplishments, I am excited about our growth
prospects and I am confident in the quality team we have in
place to realize our full potential. I want to thank you, our
shareholders, for all of your support over the years. I think the
best is yet to come. ◆
ARTHUR F. RYAN
Chairman of the Board
I am confident in
the quality team
we have in place
to realize our full
potential.