Prudential Financial to exit emerging markets and shift $3B to core businesses

Prudential Financial is implementing a major strategic overhaul to exit emerging markets and redirect more than $3 billion toward its core business segments. The plan, announced by CEO Andy Sullivan, focuses on accelerating earnings growth and improving cash generation by concentrating on the United States, Japan, and select European markets.

The company aims to reduce its retirement and insurance footprint from over a dozen countries to approximately half that number. Key priorities include expanding PGIM, Prudential’s asset management business, with a goal for it to account for roughly 25% of adjusted operating income. To achieve this, the firm will target growth in private credit, infrastructure, and asset-backed finance.

Prudential expects these strategic shifts to generate approximately $750 million in annual pretax run-rate benefits by the end of 2028, a significant increase from its previous target of $150 million by 2027.