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Founded by future United States Senator John F. Dryden in Newark, New Jersey where the company is currently still located, Prudential Financial, Inc. was originally deemed the Widows and Orphans Friendly Society and primarily sold burial insurance. Dryden was president from Prudential’s founding in 1875 to 1912 when his son, Forrest F. Dryden, succeeded him. The company adopted the Rock of Gibraltar as their logo in the 1890s.
Prudential sold the majority of their first policies to industrial workers at double the rate ordinary life insurance was sold because most policies did not mature. The policies which did not reach fruition, as many as 11 out of every 12, were simply dissolved at a complete loss to the consumer. Eventually a law was passed to sell life insurance at lower rates to urban industrial workers. Prudential’s one millionth policy was sold to John Dryden as the company expanded to a middle class market and simultaneously their assets reached $1 million.
Prudential made the majority of its acquisitions beginning in the 1980s. Bache & Co. was acquired in 1981, operating as a subsidiary through 2003. In 1999, Aetna Insurance Company bought Prudential HealthCare for $1 billion. On July 1st of 2003 Wachovia Securities merged with Prudential Securities to become the third largest brokerage company at that time. 2004 saw the acquirement of CIGNA Corporation’s retirement business. Finally, in 2009, Wachovia and Prudential disbanded when Prudential sold its share to Wells Fargo & Co.
Lawsuits also became prevalent at this time. The United States Securities and Exchange Commission found Prudential Securities to be guilty of fraud in the sum of almost $8 billion, the largest amount a company had been charged with in history. More than 400,000 investors were damaged by the bad deals. More recently, Prudential has been charged with defrauding United States military families by not fully paying out life insurance benefits. As of 2010, those allegations were still under investigation.
Prudential Life has made top spots on many lists of places to work. Prudential was ranked number 59 out of 119 on a Business Week’s 2008 list of The Best Places to Launch A Career. Working Mothers magazine has named Prudential one of the 100 Best Companies for Working Mothers for more than 15 years and is subsequently in the magazine’s Hall of Fame. In 2003, the Human Rights Campaign released the Corporate Equality Index, giving Prudential a 100%. The company donated more than $450,000 in grants to 444 nonprofits in 2007.
Currently, Prudential employs almost 40,000 in all 50 of the United States and Guam. Employees work as actuaries, in finance, sales, human resources, and technology. Prudential associates can expect a long list of benefits called a Total Rewards package including health care, savings, dependent care, wellness, and personal work and life support. Also included is a retirement plan, 401(k), stock ownership, and paid time off. Prudential is also devoted to diversity andcareer development, stating, ''We strongly believe that talent comes in every color, gender, origin, religion, sexual orientation, veteran status, and physical capability imaginable. For this reason, we actively seek out employees, vendors, and business associates from a deep and diverse pool of accomplished professionals eager to build on Prudential's respected name in thefinancial services industry.''
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