Banking / Financial

Prudential Financial Sustainability Report Details Financial Resilience, Responsible Impact

Prudential Financial, Inc. (NYSE: PRU) released its 2018 sustainability report, detailing how the company supports its four building blocks of long-term vitality: financial sustainability, customer focus, investing in people and responsible impact.

“At Prudential, we are dedicated to delivering on our purpose of making lives better by solving the financial challenges of our changing world,” said Margaret “Peggy” Foran, chief governance officer and corporate secretary for Prudential Financial. “Sustainability is foundational to this purpose. It is what drives our business strategy and enables the company to continue its long-standing tradition of creating financial opportunities for individuals, families, institutions and communities.”

The report, “Building for Financial Resilience,” covers Jan. 1 to Dec. 31, 2018.

Highlights include:

Financial Sustainability

The company’s annual financial results are achieved due to a balanced mix of businesses and risk profile, understanding customers’ needs and their risks, and deploying capital efficiently. In 2018, Prudential generated earnings per share (EPS) of $11.69 on an after-tax adjusted operating income basis.

Customer Focus

Prudential was recognized on Fortune magazine’s 2018 Change the World list for pioneering the modern pension risk transfer through which the company takes on responsibility for increasingly expensive pension obligations. The well-being of those retirees is now fulfilled by a highly regulated insurance company, enabling client companies to focus on doing what they do best.

Investing in People

Prudential ties long-term diversity improvement among senior management to performance share and unit awards for all executives at the senior vice president level and above.

Responsible Impact

Prudential is committed to reducing greenhouse gas emissions and is continuously examining ways to help mitigate climate change. In 2018, Prudential produced over 5.5 million kilowatt hours of renewable energy through initiatives such as two solar panel installations and switching to LED lightbulbs during office renovations.

Prudential’s 2018 Sustainability Report was prepared in accordance with the Global Reporting Initiative Standards Core option, aligned with the International Integrated Reporting Coalition’s framework, in support of the Task Force on Climate-related Financial Disclosures (TCFD) and in accordance with the Sustainability Accounting Standards Board’s provisional guidelines for insurance companies.

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