Report
Brett Horn
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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...
Underlying
Prudential Financial Inc.

Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company is engaged in the provision of a range of insurance, investment management, and other financial products and services. The company operates five divisions. The U.S. Individual Solutions division consists of the company's Individual Annuities and Individual Life segments. The U.S. Workplace Solutions division consists of the company's Retirement and Group Insurance segments. The Investment Management division is comprised of the company's Investment Management segment. The International Insurance division consist of the company's International Insurance segment, and the Closed Block division consist of the company's Closed Block segment.

Provider
Morningstar
Morningstar

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.

Analysts
Brett Horn

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