Prudential Financial
Prudential Financial, Inc. is a major American financial services company headquartered at Prudential Plaza in Newark, New Jersey, offering insurance, retirement planning, annuities, and investment management products to individual and institutional clients worldwide.[1][2]
Founded in 1875 as the Prudential Friendly Society by John F. Dryden to provide affordable life insurance to working-class families, the firm has evolved into one of the largest financial institutions globally, with 2024 revenues of $70.4 billion and net income attributable to common shareholders of $2.727 billion.[3][4][5]
Its core businesses include PGIM for asset management, retirement and group insurance solutions, individual life insurance, and international operations, serving millions through a focus on financial wellness and wealth protection.[6][7]
Prudential has earned recognition as the number one company in the life and health insurance sector in Fortune's World's Most Admired Companies list for 2024, alongside accolades for ethical practices and sustainability.[8][9]
The company has faced regulatory challenges, such as a 2019 Securities and Exchange Commission action against subsidiaries for inadequate disclosure of conflicts in variable annuity sales, reflecting ongoing industry scrutiny over sales practices.[10]
Company Profile
Founding and Corporate Evolution
Prudential Financial traces its origins to the Widows and Orphans Friendly Society, established in Newark, New Jersey, in 1873 to provide mutual life insurance benefits primarily to working-class families through affordable industrial policies collected weekly by agents.[11] On February 18, 1875, the organization reorganized as the Prudential Friendly Society under the leadership of John F. Dryden, a former salesman who advocated for accessible insurance for lower-income households, and commenced operations on October 13, 1875.[12] In 1877, it adopted the name The Prudential Insurance Company of America, drawing from the British Prudential Assurance Company, and adopted the Rock of Gibraltar as its symbol in 1899 to signify stability.[13] By the early 20th century, Prudential had expanded into ordinary life insurance and group policies, growing into one of the largest U.S. insurers with assets exceeding $1 billion by 1943. Throughout the 20th century, Prudential evolved from a mutual insurance society focused on industrial policies to a diversified financial services provider, entering real estate investment in the 1930s and launching group life insurance in 1922.[14] The company maintained its mutual structure until the late 1990s, when competitive pressures from stock insurers prompted a reorganization; on December 15, 2000, Prudential Insurance approved a plan to demutualize, converting policyholder ownership interests into stock equity.[15] This process culminated in the formation of Prudential Financial, Inc., as a public company, with shares beginning to trade on the New York Stock Exchange on December 13, 2001, distributing approximately 1.5 billion shares to eligible policyholders based on factors including policy duration and premiums paid.[16] Post-demutualization, Prudential Financial restructured to separate its core insurance operations from investment management, spinning off certain units and focusing on retirement, investment, and insurance products amid regulatory changes and market shifts.[13] The transition enabled greater capital flexibility, with the company reporting $1.2 trillion in assets under management by 2022, while navigating challenges like the 2008 financial crisis through conservative risk management.[17] This evolution positioned Prudential as a Fortune 500 firm emphasizing long-term stability over aggressive expansion.[18]Leadership and Governance
Andrew Sullivan has served as Chief Executive Officer of Prudential Financial, Inc. since March 31, 2025, succeeding Charles F. Lowrey, who assumed the role of Executive Chairman upon his departure from the CEO position.[19][20] Sullivan, aged 55, previously headed the company's international businesses and global investment management operations, bringing extensive experience in those areas to the top executive role.[21] The senior executive team supports the CEO in managing operations across insurance, retirement, and investment segments. Key members include Yanela Frias as Executive Vice President and Chief Financial Officer; Caroline Feeney as Executive Vice President and Global Head of Retirement and Insurance; Jacques Chappuis as President and CEO of PGIM, the firm's investment management arm; Ann Kappler as Executive Vice President, General Counsel, and Head of Corporate Affairs; Scott Case as Executive Vice President and Head of Global Technology and Operations; Vicki A. Walia as Executive Vice President and Chief People Officer; and Timothy Schmidt as Senior Vice President and Chief Investment Officer.[22] Prudential's Board of Directors, expanded to 13 members effective prior to the 2025 annual meeting, oversees corporate strategy, financial performance, risk management, and CEO evaluation to ensure long-term value creation for shareholders.[23][24] The board comprises a majority of independent directors, with recent additions including Tom Stoddard, elected as an independent director on June 30, 2025, and Joseph Wolk, elected on September 30, 2025, both serving on committees such as Audit.[25][26] Other directors include Gilbert F. Casellas, Carmine Di Sibio, Robert M. Falzon, and Martina Hund-Mejean, balancing tenure with fresh perspectives to guide governance.[27] The board operates under adopted Corporate Governance Principles emphasizing integrity, ethical conduct, and stakeholder engagement, with disciplined oversight of management.[28][29] It delegates specific functions to standing committees, including the Audit Committee for financial reporting and internal controls; Compensation and Human Capital Committee for executive pay and talent strategy; Corporate Governance and Business Ethics Committee for board composition, ethics policies, and conflicts of interest; Finance Committee for capital allocation; Investment Committee for asset management oversight; and Executive Committee for interim decisions.[30][31] This structure promotes independent governance while aligning with regulatory requirements for a publicly traded financial services firm.[28]Business Operations
Core Products and Services
Prudential Financial's core products center on insurance and retirement solutions, primarily through its U.S. Businesses segment, which includes individual life insurance, annuities, group insurance, and retirement plan administration. Individual life insurance policies comprise term life, offering temporary coverage for set periods like 10, 15, 20, or 30 years with level premiums, and permanent life options such as whole life, universal life, indexed universal life, variable universal life, and indexed variable universal life, which provide lifelong protection often with cash value components tied to interest rates, market indices, or investment performance.[32][33][34] Annuities constitute a major service for retirement income security, featuring fixed annuities that guarantee principal protection and returns over specified terms, fixed indexed annuities that credit interest based on index performance with caps and downside buffers, variable annuities allowing tax-deferred investment in managed portfolios subject to market risk, and index-linked variable annuities blending index tracking with variable subaccounts for potential growth and income guarantees.[35] These products emphasize longevity protection and income stability, with features like lifetime withdrawal options after initial periods.[35] Group insurance targets employers with comprehensive benefits packages, including basic and supplemental term life alongside accidental death and dismemberment coverage, disability and absence management to replace income during incapacity, supplemental health options for critical illness or accidents, stop-loss reinsurance to cap employer risk on self-insured plans, and integrated solutions like Prubenefit select for customized wellness and financial support.[36] Retirement services complement these by administering employer-sponsored defined contribution plans such as 401(ks and defined benefit pensions, providing recordkeeping, investment options, and participant education to facilitate savings accumulation and decumulation strategies.[6][37]Investment Management through PGIM
PGIM serves as the dedicated investment management division of Prudential Financial, Inc., handling a substantial portion of the company's asset management activities separate from its core insurance operations.[38] Established with roots tracing back to Prudential's founding in 1875, PGIM evolved from earlier investment units and was formally rebranded in 2016 to reflect its global scope, drawing on Prudential's long-standing expertise in risk management and capital allocation.[39] As of June 30, 2025, PGIM oversees approximately $1.4 trillion in assets under management across public and private markets, positioning it among the largest asset managers worldwide.[40] The division's operations encompass a diversified array of investment strategies tailored to institutional investors, retirement plans, and individual clients through vehicles such as mutual funds, ETFs, and separately managed accounts.[17] Key business lines include PGIM Fixed Income, which focuses on public and private fixed-income securities; PGIM Real Estate, managing debt and equity investments with $138 billion in assets under management and $47.5 billion in assets under advisement as of June 30, 2025; and PGIM Private Capital, providing direct lending and equity solutions for mid-market companies.[41] Additional units cover public equities via affiliates like Jennison Associates, quantitative solutions, and global asset allocation, emphasizing active management across fixed income, equities, alternatives, and multi-asset classes.[1] PGIM's global footprint spans major financial centers, enabling it to serve over 200 long-term client relationships, many exceeding 20 years, including 159 of the largest 300 global pension funds.[42] This structure leverages Prudential Financial's balance sheet for competitive advantages in private markets, such as originating $15 billion in loans during the 2008 financial crisis when broader lending contracted.[43] Performance metrics highlight strengths in defined contribution plans, where Prudential ranks 11th among 369 firms surveyed.[41] Overall, PGIM contributes significantly to Prudential Financial's revenue through fee-based income, with alternatives comprising $343 billion of total assets as of recent reports.[38]International Presence and Operations
Prudential Financial's International Businesses division focuses on developing and distributing life insurance, retirement products, investment products, certain accident and health products with fixed benefits, and advisory and administration services primarily targeting middle-income, mass affluent, and affluent customers.[44] These operations span Japan, Brazil, Mexico, Chile, China, India, Indonesia, Ghana, Kenya, and South Africa, often through joint ventures, strategic investments, and dedicated subsidiaries.[44] In Japan, a core market, Gibraltar Life Insurance Co., Ltd. serves broad middle-income and mass affluent segments via multichannel distribution including bancassurance, independent agencies, and proprietary Life Consultants.[44] Life Planner operations, which emphasize personalized advisory services for higher-net-worth individuals, operate in Japan, Brazil, and Mexico.[44] In Latin America, activities in Brazil, Mexico, and Chile center on life insurance and retirement solutions adapted to local regulatory and market conditions.[44] Emerging market efforts in Asia (China, India, Indonesia) and Africa (Ghana, Kenya, South Africa) involve partnerships to expand access to insurance and investment offerings amid varying economic and demographic profiles.[44] PGIM, Prudential Financial's global investment management arm, maintains a broader footprint with offices in 16 countries across five continents, delivering institutional solutions in public fixed income, public equity, real estate debt and equity, private credit, and alternatives to clients worldwide.[45][1] This includes real estate operations through PGIM Real Estate, which manages properties and investments internationally.[45] Prudential also provides international reinsurance and longevity risk transfer solutions to pension funds and insurers, helping mitigate obligations in Europe, Asia, and other regions through customized risk management structures.[46] Overall, while U.S. operations dominate revenue, international activities diversify exposure and leverage Prudential's expertise in insurance and asset management across diverse geographies.[1]Historical Development
Early Years and Expansion (1875-2000)
The Prudential Insurance Company of America traces its origins to October 13, 1875, when insurance agent John Fairfield Dryden founded the Prudential Friendly Society in Newark, New Jersey, initially operating as the Widows and Orphans Friendly Society to provide affordable industrial life insurance policies to the working class through weekly premium collections by agents.[12][47] In 1877, the organization changed its name to The Prudential Insurance Company of America and issued its 5,000th policy, marking early operational momentum in a market previously underserved by high-cost ordinary life insurance.[47] By 1885, Dryden acquired controlling interest, solidifying leadership focused on scalable, low-premium products that emphasized accessibility over large individual policies.[47] In 1896, Prudential's advertising introduced the Rock of Gibraltar as its enduring symbol of financial strength, accompanied by the slogan underscoring policy reliability, which became central to its branding amid rapid agent network expansion across urban industrial centers.[48] The company pioneered industrial insurance in the United States, growing its policyholder base through door-to-door sales and weekly collections, with historical accounts documenting substantial policy issuance by 1900 despite economic fluctuations.[49] By the early 20th century, Prudential diversified into group insurance in 1922, extending coverage to employers and organizations, which broadened its market beyond individual policies.[14] Post-World War II expansion accelerated, with assets surpassing $10 billion by 1952 and life insurance in force reaching $39.1 billion by year-end, reflecting a net increase of $2.8 billion that year amid postwar economic recovery and rising demand for protection products.[50] Prudential supported military efforts, partnering with organizations like the American Legion from 1919 and providing specialized insurance during conflicts, which enhanced its domestic reputation.[51] Into the late 20th century, the firm ventured into securities and real estate, acquiring Bache Securities in 1986 to enter brokerage services, while maintaining its mutual structure until 2000.[14] Global outreach began modestly, with international investments established by the 1990s, including a 1999 life insurance affiliate in Poland and a Japanese mutual fund venture, signaling preparation for broader operations beyond North America.[47][11]Demutualization and Post-2001 Transformations
On December 18, 2001, The Prudential Insurance Company of America completed its demutualization, converting from a mutual life insurance company owned by policyholders to a stock life insurance company wholly owned by Prudential Financial, Inc.[15][52] Eligible policyholders received distributions of Prudential Financial common stock, cash, or enhanced policy credits based on predefined allocation formulas tied to policy values and contributions to surplus; approximately 11 million policyholders were eligible, though efforts to locate 1.2 million proved unsuccessful.[53][54] The process, initiated with legislative enablement in New Jersey in 1998, preserved policyholder premiums, benefits, and dividend eligibility without adverse changes.[55][54] Concurrent with the conversion, Prudential Financial executed an initial public offering of 89 million shares of common stock at $22 per share, supplemented by sales of Class B non-voting stock, raising roughly $3 billion in proceeds—the third-largest U.S. IPO of 2001.[56][57] This capital infusion positioned the parent holding company with over $2 billion in cash reserves post-IPO, earmarked for organic growth and strategic investments rather than immediate payouts.[58] As part of the reorganization, Prudential Insurance created a Closed Block segregating in-force participating life insurance policies and annuities, ring-fenced with dedicated assets to sustain historical dividend scales independently from the company's open competitive operations.[59] Post-demutualization, Prudential Financial shifted toward enhancing shareholder returns and operational stability as a public entity, prioritizing core insurance and asset management segments over volatile securities activities. In May 2003, it sold its national and New York investment banking units, incurring charges of about 25 cents per share, to streamline operations.[60] Simultaneously, on July 1, 2003, Prudential merged its retail securities brokerage and clearing operations with those of Wachovia Corporation, forming Wachovia Securities LLC as a joint venture to mitigate earnings fluctuations from transaction-based revenues and emphasize recurring fee income from insurance products.[61] These divestitures facilitated a refocus on high-margin areas, including the 2003 acquisition of American Skandia's U.S. variable annuity platform from Skandia Insurance Company Ltd., bolstering annuity market share.[62] By 2007, the company further rationalized by closing its institutional equity research and trading arm, aligning with broader industry trends toward specialization.[63] This period marked a transition to capital-market discipline, enabling accelerated expansion in retirement services and PGIM's investment management while reducing exposure to cyclical brokerage risks.[58]Recent Strategic Initiatives (2010-Present)
In the decade following the 2008 financial crisis, Prudential Financial prioritized balance sheet strengthening and capital discipline, reallocating resources toward its U.S. retirement and investment management segments while scaling back international life insurance exposures to mitigate volatility.[64] This included selective divestitures, such as the 2019 sale of its Gibraltar Life Insurance Co. Ltd. unit in Japan to Sumitomo Life Insurance Co. for approximately $4.15 billion, allowing redeployment of capital into higher-margin domestic operations. By 2016, the firm rebranded its investment arm as PGIM to underscore its global asset management ambitions, emphasizing alternatives, fixed income, and real assets as growth drivers.[65] PGIM's expansion formed a cornerstone of Prudential's strategy, with assets under management rising from around $700 billion in 2010 to $1.441 trillion by mid-2025, fueled by market appreciation, positive net inflows, and targeted acquisitions in private credit and real estate.[66] The unit pursued organic growth in alternatives, which accounted for increasing fee-based revenue, alongside retail and high-net-worth channels to capture rising demand for diversified portfolios amid low interest rates and inflation pressures post-2010.[67] Prudential also enhanced retirement solutions, launching protected income products and de-risking tools for pension plans, generating over $15 billion in protected income annuities by 2025 to address longevity risks in an aging U.S. population.[68] Recent partnerships underscored efforts to bolster distribution and asset management scale. In January 2025, Prudential announced a strategic alliance with Dai-ichi Life Holdings, under which PGIM's Multi-Asset Solutions would provide services to Dai-ichi subsidiaries, aiming to expand PGIM's footprint in Asia-Pacific while leveraging Dai-ichi's retail networks.[69] Complementary deals included reinsuring a $7 billion Japanese whole life block to optimize legacy liabilities and free capital for core growth.[70] These moves aligned with a broader 2020s transformation emphasizing sustainable earnings growth, with Q2 2025 results highlighting sharpened focus on operational efficiency and shareholder returns via dividends and buybacks.[66] Technological investments supported these priorities, including an expanded 2025 collaboration with Workday to integrate AI and data analytics for enhanced customer experience and risk management across retirement and insurance lines.[71] This built on earlier workforce reskilling initiatives launched around 2019 to adapt to automation and hybrid work, ensuring alignment with evolving regulatory and market demands.[72] Overall, these initiatives drove adjusted operating earnings growth, with 2024 results reflecting robust sales in retirement and insurance alongside PGIM's inflows, positioning Prudential for resilience in volatile economic conditions.[5]Mergers, Acquisitions, and Divestitures
Major Acquisitions
In 2003, Prudential Financial completed the acquisition of American Skandia's U.S. division from Skandia Insurance Company Ltd. on May 1, marking a significant expansion in variable annuity distribution through independent financial professionals.[62] This move strengthened Prudential's position as a key player in the annuity market by integrating Skandia's established networks. On June 1, 2006, Prudential acquired Allstate Corporation's variable annuity business through a reinsurance transaction valued at approximately $591 million, incorporating roughly $16 billion in assets under management.[73] [74] The deal included manufacturing rights for variable annuity products sold via Allstate's distribution channels, comprising over 13,000 agents, thereby broadening Prudential's reach in the competitive annuity sector.[75] Prudential's largest acquisition occurred in 2019 with the purchase of Assurance IQ, Inc., a digital insurance shopping platform, completed on October 10 for $2.35 billion.[76] This transaction aimed to enhance Prudential's consumer-facing technology capabilities, enabling expanded online distribution of life insurance and related products to underserved demographics.[77]| Date | Target | Value | Key Impact |
|---|---|---|---|
| May 1, 2003 | American Skandia U.S. division | Undisclosed | Bolstered independent channel annuity sales.[62] |
| June 1, 2006 | Allstate variable annuities | $591 million | Added $16B assets; access to Allstate agents.[73] |
| Oct 10, 2019 | Assurance IQ, Inc. | $2.35 billion | Integrated digital platform for insurance.[76] |
Key Divestitures and Restructuring
In April 2022, Prudential Financial completed the sale of its full-service retirement recordkeeping business to Empower Retirement for $3.55 billion in cash, enabling the company to concentrate resources on higher-margin areas such as stable value products and pension risk transfer (PRT) solutions.[78] This divestiture aligned with Prudential's strategy to streamline operations and enhance capital efficiency by exiting lower-growth administrative services. On December 19, 2024, Prudential finalized a reinsurance transaction for its guaranteed universal life (GUL) insurance block with Wilton Re, alongside an internal captive restructuring that transferred approximately $4.2 billion in reserves off its balance sheet.[79] This move reduced statutory reserves and freed up capital for reinvestment in core growth segments, reflecting Prudential's ongoing efforts to optimize its insurance portfolio amid rising interest rates and longevity risks.[79] In January 2025, Prudential entered a reinsurance agreement with Prismic Life Insurance Corp. to offload $7 billion in reserves supporting USD-denominated Japanese whole life policies, further derisking its international exposures.[80] These transactions underscore a pattern of using reinsurance to shed low-return legacy blocks, improving return on equity without fully exiting markets. Parallel to these divestitures, Prudential has pursued operational restructuring to boost agility and profitability. In 2023, the company recorded a $200 million restructuring charge in the fourth quarter, tied to workforce reductions and process optimizations aimed at creating a "higher growth, more capital efficient, and more nimble" structure.[81] This included multiple layoff rounds in 2024, culminating in the elimination of 108 positions announced in late 2024, marking the fourth such initiative that year to align costs with strategic priorities.[82] Additional cuts of unspecified scale were planned for November-December 2025, continuing efforts to reduce overhead in a competitive insurance landscape.[82] Within its PGIM investment management arm, Prudential announced in June 2025 a merger of fixed income and private credit units into a unified platform managing nearly $1 trillion in assets, intended to streamline operations, enhance client offerings, and capture synergies in credit markets.[83] These internal reorganizations, combined with divestitures, have shifted Prudential's business mix toward retirement strategies, group insurance, and international operations, as evidenced by sustained sales growth in PRT deals exceeding $10 billion annually post-2022.[5]Financial Performance
Historical Trends and Metrics
Prudential Financial's total assets grew from approximately $170 billion in 2002, shortly after its demutualization and initial public offering in December 2001, to $735.6 billion by December 31, 2024, reflecting expansion through premium growth, investment accumulation, and acquisitions in insurance and asset management segments.[84] [5] This trajectory underscores the company's scale in managing long-term liabilities for annuities, life insurance, and retirement products, though growth slowed during the 2008 financial crisis when assets dipped amid market declines before resuming upward.[85] Revenue, primarily from premiums, investment income, and fees, exhibited long-term upward momentum but with volatility tied to equity markets and interest rate environments; for instance, it reached $70.4 billion in 2024, up 30% from $54.0 billion in 2023, following declines in prior years like 2022's $56.9 billion amid unfavorable investment spreads.[86] Net income displayed greater variability, posting losses such as -$4.1 billion in 2008 due to credit impairments and -$1.0 billion in 2022 from unrealized investment losses under updated accounting standards, contrasted by profits like $2.7 billion in 2024 and recoveries post-crises driven by favorable underwriting and net investment spreads.[87] Assets under management (AUM) via PGIM, the firm's investment arm, expanded to $1.375 trillion by 2024, fueled by positive net flows and market appreciation, representing a key diversification from traditional insurance toward fee-based revenues less sensitive to policyholder liabilities.[5] Return on equity (ROE) averaged around 10-15% in profitable years post-2010, though depressed in downturns, highlighting the company's exposure to capital market cycles while maintaining resilience through diversified operations in retirement, group insurance, and international segments.[88]| Fiscal Year | Revenue ($B) | Net Income ($B) | Total Assets ($B) |
|---|---|---|---|
| 2011 | 37.0 | 1.8 | 563.0 |
| 2015 | 40.8 | 5.9 | 727.0 |
| 2020 | 55.3 | 3.2 | 688.0 |
| 2024 | 70.4 | 2.7 | 735.6 |
Recent Results (2023-2025)
In 2023, Prudential Financial achieved revenue of $53.979 billion, reflecting a 5.1% year-over-year increase driven by growth in its PGIM asset management and retirement segments.[86] Net income attributable to the company totaled $2.488 billion, or $6.74 per common share, rebounding from a prior-year loss amid favorable market conditions and operational efficiencies.[90] After-tax adjusted operating income reached $4.380 billion, or $11.88 per share, supported by strong sales in individual life insurance and annuities.[91] The company reported substantial revenue expansion in 2024, reaching $70.405 billion, a 30.43% increase attributable to acquisitions, higher investment spreads, and robust demand for retirement products.[86] Net income attributable to Prudential rose to $2.727 billion, or $7.50 per common share, benefiting from improved underwriting results and reduced catastrophe losses compared to 2023.[5] After-tax adjusted operating income climbed to $4.588 billion, or $12.62 per share, underscoring sustained profitability in core insurance and investment operations.[91]| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($ billion) | 53.979 | 70.405 |
| Net Income ($ billion) | 2.488 | 2.727 |
| Adj. Op. Income ($ billion) | 4.380 | 4.588 |
Ratings and Recognition
Credit Ratings and Financial Strength
Prudential Financial's core insurance operating subsidiaries, including The Prudential Insurance Company of America and Pruco Life Insurance Company, hold high financial strength ratings from leading agencies, indicating a superior capacity to meet policyholder obligations. As of July 30, 2025, these ratings comprise A+ (Superior) from AM Best Company, AA- (Very Strong) from Standard & Poor's, Aa3 (High Quality) from Moody's Investors Service, and AA- (Very Strong) from Fitch Ratings.[94] Moody's does not provide a financial strength rating for Pruco Life Insurance Company.[94] AM Best affirmed the A+ Financial Strength Rating (FSR) for these subsidiaries on January 17, 2025, with a stable outlook, based on the strongest level of balance sheet strength, strong operating performance, a favorable business profile, and appropriate enterprise risk management.[95] Fitch Ratings affirmed the AA- Insurer Financial Strength (IFS) ratings for the primary U.S. life insurance subsidiaries on October 18, 2024, maintaining a stable outlook due to resilient earnings, solid capital buffers, and diversified revenue streams amid interest rate fluctuations.[96] In contrast, credit ratings for the holding company, Prudential Financial, Inc., are positioned one to two notches lower, reflecting greater leverage and exposure to capital markets. For instance, S&P Global Ratings assigned an 'A' (Strong) rating to the company's proposed medium-term notes on March 11, 2025, while Fitch affirmed a Long-Term Issuer Default Rating of 'A' on September 9, 2025, both with stable outlooks.[97][98] These assessments underscore Prudential's overall financial resilience, supported by adjusted capital in excess of $20 billion and a risk-based capital ratio exceeding 400% as of mid-2025, though vulnerable to equity market downturns and longevity risks in its annuity portfolio.[94]| Rating Agency | Financial Strength Rating (Subsidiaries) | Outlook | Date |
|---|---|---|---|
| AM Best | A+ (Superior) | Stable | January 17, 2025[95] |
| S&P Global | AA- | Stable | July 30, 2025[94] |
| Moody's | Aa3 | Stable | July 30, 2025[94] |
| Fitch | AA- | Stable | October 18, 2024[96] |