Prudential Financial, Inc. (NYSE:PRU) announced today that, after
careful review, it will not seek to rescind the designation of the
company as a non-bank systemically important financial institution by
the Financial Stability Oversight Council (FSOC). The company will
continue to work with the Board of Governors of the Federal Reserve
System and other regulators to develop regulatory standards that take
into account the differences between insurance companies and banks,
particularly in the use of capital, and that benefit consumers and
preserve competition within the insurance industry.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with
more than $1 trillion of assets under management as of June 30, 2013,
has operations in the United States, Asia, Europe and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit http://www.news.prudential.com/
Copyright Business Wire 2013