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Rating:An Insurer's Giant AM's AUM Rises 9.4 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 08, 2019

An Insurer's Giant AM's AUM Rises 9.4 Percent

Reported by InvestmentWires Staff, 

A publicly traded insurer's giant asset management arm grew by more than nine percent over the 12 months ending on September 30.

David A. Hunt
President, CEO
Rob Falzon, vice chairman of PGIM parent Prudential Financial, states on the Newark, New Jersey-based insurance company's Q3 2019 earnings call (as transcribed by Seeking Alpha) that, " ... our strategy in PGIM, our asset management business, is to combine our multimanager model with global distribution and affiliated flows to grow in higher value-added strategies that serves investors globally. PGIM is a top 10 global asset manager ... It ranks as the fifth largest investor in fixed income and the third largest investor in alternative investments with significant real estate and private investment platforms. As the investment engine of Prudential, it benefits from a symbiotic relationship with our U.S. Financial Wellness and International Insurance businesses."

He also mentions, "...the things that we've done in PGIM and its investment capabilities and its distribution capabilities and the other global technology and distribution initiatives that we have, all of which we think will contribute to the fundamental growth."

In Pru's earnings presentation, the team notes noted that PGIM's AUM stood at $1.28 trillion as of September 30, 2019. According to their earnings release and financial statement , PGIM saw assets under management at $1.26 trillion at the end of Q2 2019, and $1.17 trillion at the end of Q3 2018. This represents growth of 1.5 percent and 9.4 percent, respectively.

Total revenues for PGIM for Q3 are at $855 million, which is a decrease of 7.7 percent from $926 million in Q2 2019, and an increase of 4.7 percent from $817 million in Q3 2018. Total net flows for Q3 2019 are out flows of $1 billion, a 52 percent change from outflows of $2.1 billion in Q2 2019, and a -110 percent change from inflows of $9.6 billion in Q3 2018.

Total benefits and expenses are $623 million for Q3 2019, down 5.9 percent from $662 million in Q2 2019, and up 6.1 percent from $587 million in Q3 2018. Earnings before taxes for Q3 2019 were $232 million, down 12 percent from Q2 2019 at $264 million, and up 0.8 percent from Q3 2018 at $230 million.

Overall, Prudential Financial beats analysts' EPS expectations by $0.15 with a Q3 GAAP EPS of $3.32 and by $0.49 with a Q3 GAAP EPS of $3.44. 

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