Prudential Insurance Co. has approved a plan to go public, abandoning its mutual status in an effort to access more capital and greater flexibility. The move would follow on the heels of public offerings by Metlife and John Hancock Financial Services, which listed their shares on the New York Stock Exchange this year.
The company’s board has authorized submission of a plan for reorganization to the New Jersey Department of Banking and Insurance, which it will likely do by the end of February. If approved, Prudential’s 11 million eligible policyholders must vote on the plan before Prudential can complete the demutualization. Policyholders would then receive stock in the publicly traded company.
Was this article valuable?
Here are more articles you may enjoy.
Kin Moves Into Florida and Texas With Home-Auto Bundle Products 
Why Power Outages Do More Economic Damage Than We Think 
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Commercial Lines Market Overall Remains Firm, Says Ivans 
