The Prudential Insurance Company of America, Inc. history

Mutual CompanyIncorporated: 1875 as Widows and Orphans Friendly SocietyEmployees: 105,000Assets: $163.97 billion

In 1881, when Blanchard died, the directors finally elected John Dryden president by one vote.

In 1896, the company's advertising department created Prudential's longstanding logo and slogan: the Rock of Gibraltar accompanied by the words, "The Prudential has the strength of Gibraltar." Both were chosen to express the solidity of the products the company offered.

Prudential expanded to neighboring states, and, in 1909, opened its first international branch in Toronto, Canada.

In 1911 insurance in force totaled $2 billion.

In 1921 he resigned from Prudential, and Edward D. Duffield became president.

Corporate assets rose from $259 million to $830 million in 1922.

Shanks had joined Prudential in 1932 and was known for his unorthodox methods.

In mid-1945 he drastically reorganized the Pru with massive decentralization.

In 1948, the first regional sales office in Los Angeles boosted revenue in that region by 20 percent.

For instance, in 1950 Prudential began buying common stocks after permissive legislation opened up this opportunity.

Beck joined Prudential in 1951 as an agent.

His successor as CEO and chairman of the board, 54-year-old Robert C. Winters, had joined Prudential in 1953.

Menagh retired in October 1962, and the board named Orville E. Beal president.

In 1964, Beal led Prudential in selling its first group variable annuity policy.

In 1967, Prudential surpassed the Metropolitan as the world’s largest insurance company; total Met assets amounted to $23.51 billion while Prudential announced $23.6 billion.

Beal stepped down in 1968, the same year the company abandoned its original pay-by-the-week policies, closing an important chapter in the company’s history.

In 1973 the Pru formed Prudential Reinsurance Company (PRURE), insuring other insurance companies against extraordinary losses.

In 1974 Prudential purchased CNA Nuclear Leasing, renaming it Prudential Lease.

In 1976 Prudential acquired Hanbro Life Assurance Ltd. of Britain.

MacNaughton retired in 1978 and was succeeded as CEO by Robert Beck.

In September 1986, Robert Beck retired.

In 1989, a difficult year for Prudential, Bache lost $48 million.

In November 1990, Prudential-Bache announced that it was cutting back on its investment banking operation by about two thirds, having made the decision to reorganize the firm to focus on its strengths in the retail brokerage business.

In early 1991, with losses totaling more than $250 million and amid lawsuits relating to selling real estate limited partnerships, Ball resigned.

In response to the negative publicity, Prudential retreated behind a shield of secrecy, but with probes into the limited partnerships by state securities regulators expanding, the company accepted various settlements, including public censure in 1992.

In 1993 profits reached nearly $800 million.

When Elizabeth Krupnick arrived at Prudential Insurance Company of America in June 1994 to take over as chief communications officer, she inherited advertising that she called "mediocre at best." She also inherited one of the most identifiable icons in advertising: the rock.

Albo, Amy. "Open Door Policy (How Commercials are Produced at Fallon McElligott)." Shoot, December 13, 1996.

The settlement, approved by a New Jersey district court judge in 1997, led to an eventual payment in excess of $2 billion.

Prudential ranked as the largest life insurer in terms of assets in the United States in 1998.

Also in 1999, Prudential began rapid global expansion; early that year, it opened a mutual fund company with Mitsui Trust & Banking Co. in Japan, acquired a license to open an office in Poland, and launched new insurance companies in Argentina and the Philippines.