Pru Life UK

Company Profile

The day was May 30th, 1848. It was the day that forever changed the history of life insurance. London’s Hatton Garden was witness to the establishment of Prudential Mutual Assurance Investment and Loan Association. Its thrust then was to offer loans and life assurance to professionals. Not long after, in 1854, Prudential made a bold move by offering Industrial Insurance to the working class which sold for a penny and upwards. Prudential developed a network of door to door agents to target this new market segment. In 1856, Prudential introduced infantile insurance policies that boosted the Company’s sales. True to its nature as an innovator, Prudential once again set another trend as it became the first in London to employ female clerks. The year was 1871. In the same year, calculation machines were introduced to cut down on the processing time as business continued to expand. Three decades after it first settled down, Prudential moved to its new address at the Holborn Bars, a purpose built office designed by Alfred Waterhouse. It was not long before the building became a popular architectural landmark. As the Company continued it growth, this office building continued to be an integral part of the Prudential property portfolio. By 1900, a third of United Kingdom’s population was insured with Prudential and the total assets exceeded £40 million, confirming the Company’s status as a “national institution.” 1912 marked the creation of the National Insurance Act. Prudential worked with the British government to run Approved Societies which provided sickness and unemployment benefits to five million people. This year also marked one of the worst peacetime maritime tragedies of all time – the sinking of RMS Titanic and with it the death of 1,517 of its passengers. That tragic day happened in April. By June 1912, Prudential had paid £14,239 in claims for 324 lives. Determined to conquer the world, Prudential established its first overseas life branch in India in 1923, with its first policy being sold to a tea planter in Assam. By 1924, Prudential shares were floated on the London Stock Exchange. In 1929, another innovation in the field of life insurance was put forth by Prudential – group pension. This was inspired from the Company’s own staff pension scheme. During the war, Prudential was also an active member of history as it was made. By 1949, “The Man from the Pru” became a household phrase as it was launched as an advertising image to reinvent the representation of a financial agent in the post-war period. It emphasized the role of agents in providing advice and a whole range of Prudential products to customers in their own homes. Prudential’s commitment to genuine service was once again put to the test in 1953 during the floods in Lincolnshire and Anglian Coasts. Prudential’s field staff was among the first on the seen to provide assistance. To ensure a more flexible management of Prudential’s diverse interests, Prudential Corporation was formed as a holding company in 1978. In addition to that, Prudential Portfolio Managers (PPM) was set up in 1982 to manage investments for the group and non-group customers. By 1986, Prudential penetrated the United States market through the acquisition of the Jackson National Life. In that same year, the image of Prudence was updated to provide a fresh face to a new corporate identity. The logo, which features the mirror, the arrow and the serpent, date back to the Company’s 1848 seal which represents traditional values yet one that looks forward to the future. Fast forward to the 90s. After establishing a solid niche in the Western domain, Prudential formed Prudential Corporation Asia (PCA) in 1994 to develop existing businesses and tap potential markets in the region. By 1997, the Prudential Bank was launched as a ‘branchless bank,’ dealing with customers through telephone or post. The acquisition of Scottish Amicable Life also strengthened Prudential’s role in the IFA market. In 1998, Prudential celebrated 150 years excellent financial service. The Company also created Egg, a radical new Internet-based financial services company. In 1999, the pioneer of unit trusts in the UK, M&G, was acquired by Prudential, thereby strengthening its place in the market and beefing up its portfolio. With the arrival of the new millennium, Prudential also made its entrance to the New York Stock Exchange. The following year, 2001, PCA continued its growth and expansion when it acquired life operations in Japan and Korea and launched mutual fund operations in Singapore and Malaysia. In 2002, another major advertising campaign was launched, the “Plan from the Pru.” It illustrated the importance of financial planning at every stage of one’s life. And today, in 2008, Prudential celebrates 160 years of nothing but superb global financial service marked by an astounding US$530 (£267) billion worth of funds under mana

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