Prudential Financial, Inc.

Prudential is trading near-term earnings for a smaller, simpler company: halving its country count, pausing new sales in Japan after employee misconduct, and pushing asset management toward a quarter of profit. None of it is quick - management says five years. How does PRU's fee-based profit mix compare with peers?

• Japan's sales halt costs more and lasts longer than first disclosed.

  Japan's sales stopped in February and the pause now runs to November, with the 2026 profit hit lifted to $525 million to $575 million. Agents are paid to stay while they cannot sell, so the money goes out before the sales that repay it. What did PRU's Japan earnings do in the year before the halt?

• Prudential is halving its country count to fund a sharper company.

  It is exiting emerging markets and moving north of $3 billion into asset management and retirement. The aim is more fee income, which needs less capital than insurance, so growth depends on managing money rather than on insurance risk.

• Outflows from active equity still offset PGIM's wins.

  Third-party money came in at $4.6 billion in Q2 FY2026, but only after soaking up $5 billion of redemptions from Jennison, the equity manager clients keep leaving for index funds. PGIM's growth keeps trailing how well its funds perform. Which asset classes drove PRU's biggest outflows since 2024?