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The insurance giant felt the squeeze of the pandemic in 2020; Prudential’s revenues fell 12%, while it posted a net loss of $374 million (compared with profits of nearly $4.2 billion in 2019). But chairman and CEO Charles Lowrey has talked up plans to invest up to $10 billion into “higher-growth, less market-sensitive” businesses, as well as a cost-cutting target of $750 million by the end of 2023. One bright spot remains PGIM, the insurer’s massive investment management arm, which saw its assets under management (AUM) swell 13% to nearly $1.5 trillion at the end of 2020.
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