Prudential Assurance Co
1848 The company was founded on 30 May 1848 in Hatton Garden in London as The Prudential Mutual Assurance Investment and Loan Association providing loans to professional and working people.
1854, the Company began selling the relatively new concept of industrial branch insurance policies to the working class population for premiums as low as one penny through agents acting as door to door salesmen. The army of premium collection agents was for many years identified with the Prudential as the "Man from the Pru".
1879 Prudential moved to its new home at Holborn Bars. The building was designed by Alfred Waterhouse, and is built of terracotta manufactured by Gibbs and Canning Limited of Tamworth (c.1878) — two of the same driving forces behind the Natural History Museum in London.
1881 Converted to a limited company in 1881.
1924 The Prudential Assurance Company Limited was first listed on the London Stock Exchange.
1986, Prudential acquired the American insurer Jackson National Life.
1997 Prudential acquired Scottish Amicable, a business originally founded in 1826 in Glasgow as the West of Scotland Life Insurance Company, for £1.75bn.
1998 Prudential set up Egg, an internet bank in the UK. The subsidiary reached 550,000 customers within nine months but had difficulty achieving profitability.
1999 Acquired M&G, a UK fund management company
2000, the Company was first listed on the New York Stock Exchange to help focus on the US market.
2000 an initial public offering of 21 percent of Egg was made to allow for further growth of the internet business but in February 2006 Prudential decided to repurchase the 21 percent share of Egg.
2007 Egg was sold to Citibank in January 2007.
Sources of Information
- Inventing the Electronic Century: The Epic Story of the Consumer Electronics ... By Alfred Dupont CHANDLER, Takashi Hikino, Andrew Von Nordenflycht, Alfred D Chandler (2009)