Prudential Assurance Co Ltd
The Prudential Assurance Co Ltd - affectionately known simply as the Pru - is perhaps one of the best known of British insurance companies. This is little wonder perhaps since it has approximately seven million customers in this country alone (and a further 16 million across its American and Asian markets), is listed on the London Stock Exchange and is a member of the FTSE 100 index. It is the 18th largest company on the London Stock Exchange.
The Prudential Mutual Assurance Investment and Loan Association was founded on the 30th of May 1848, with the primary purpose of providing loans for working and professional people. As the name suggests, it was set up as a mutual, or friendly, society for the benefit of its members rather than shareholders.
One of the characteristics of these early years - and one that gave the company a long-lived image - was the huge network of door to door agents who would collect the modest weekly savings of individual customers. The agent who called on such a regular basis soon became familiarly known as the "man from the Pru".
The iconic Holborn Bars building became the company's headquarters in 1879 and the mutual society was transformed into a limited company in 1881.
The company was first listed on the London Stock Exchange as early as 1924 and in the year 2000 also received a listing on the New York Stock Exchange.
According to accounts filed for the year ending 31 December 2013, the Prudential had an annual revenue of more than £30 billion, operating income of more than £2 billion and a net income of some £1.3 billion. It employs more than 25,000 members of staff worldwide.
There are four principal areas of operations:
- Prudential UK - pensions, savings, annuities, investments and insurance (the last operated through Churchill Insurance);
- M&G - an investment management services unit;
- Prudential Corporation Asia - based in Hong Kong; and
- Jackson National Life Insurance Company - purchased in 1986 and based in Michigan in the United States.
Landlord insurance is a specialist form of general insurance normally distinguished from standard home building and contents insurance because it offers additional elements of cover to protect the particular business interests of a landlord (such as insurance against loss of rental income and enhanced property owners liability cover).
Prudential landlord insurance
Although the Prudential offers a comprehensive range of home insurance policies for home owner occupiers, it does not specifically market landlord insurance.
Indeed, in common with many other forms of home insurance, Prudential policies make clear that protection for the building and its contents is reserved for owner occupiers only.