Prudential’s First Quarter Is Soft, but We Like its Asset Management Position
Prudential’s first-quarter results were a little weak but didn’t diverge enough from our expectations to materially alter our view. On a GAAP basis, annualized ROE of only 7% wasn’t impressive, but the operating ROE of 13% in the quarter is in line with recent results. We will maintain our $118 fair value estimate and no-moat rating.The investment management business has been a bright spot for Prudential, but reported results were weak in the first quarter, with adjusted operating income down 8...
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.
We have operations in 27 countries.
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