Prudential Financial Is Operationally Leveraged to the Capital Markets
Prudential’s fourth-quarter results were challenged in some areas. Adjusted operating income declined 12% year over year, and saw a bigger decline from earlier results in 2018. However, we view a certain level of quarter-to-quarter volatility as par for the course for this no-moat franchise. The annualized operating ROE of 10.3% for the quarter was not overly impressive, but we view the 12.7% for the full year as a reasonable result in light of current capital market conditions. We will maintain...Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. The company provides these products and services to individual and institutional customers. The company's principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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