Prudential Financial, Inc.
NYSE : PRU

September 08, 2005 17:08 ET

Prudential Financial and its Employees Help the Victims of Hurricane Katrina; Company Commits $5 Million for Disaster Relief

NEWARK, N.J.--(CCNMatthews - Sep 8, 2005) -

Prudential Financial, Inc. (NYSE:PRU) today announced that the company and its employees would contribute more than $5 million to help Gulf Coast victims. The company said the contribution reflected the belief that the massive relief effort needed to respond to the death and destruction caused by Hurricane Katrina is an unprecedented challenge the American business community must step up to meet.

"Prudential mourns the loss of life and the devastation caused by Hurricane Katrina. The mounting death toll and destruction have moved everyone at Prudential - from our employees to our shareholders and directors - to take extraordinary steps to relieve the suffering of Gulf Coast residents. We are announcing today that Prudential will make a direct contribution of $3 million to the relief effort. In keeping with our tradition, The Prudential Foundation, the company's philanthropic arm, will also match the contributions made by our employees to the Pru CARES Disaster Relief Fund," said Prudential Financial Chairman and CEO Arthur F. Ryan.

The Foundation has waived its annual limit of $5,000 per employee for its matching gifts program for contributions directed toward this fund. The company anticipates the program will raise an additional $2 million for a total contribution of $5 million.

The money will be used to support local charitable organizations dedicated to helping victims by providing housing assistance, job training and other services that will make it possible for people to get back to a normal life. Funds will also be used to assist soldiers returning from Iraq who belong to the Louisiana Army National Guard's 256th Brigade Combat Team, the "Louisiana Tigers." Those soldiers have been attached to New York's "Fighting 69th" infantry Army National Guard unit. When they return home, they may find that they and their families were victims of the hurricane.

Ryan noted that while the company is making a commitment to assist victims, Prudential employees throughout the country have already responded by collecting water, clothes and other essential items to send to Gulf Coast residents. "I've heard about many selfless acts of kindness by Prudential employees," Ryan said. "The stories make me proud to work with these associates."

Beyond the financial contributions, Prudential donated full-page, non-commercial advertisements in New York and New Jersey newspapers on Sunday, September 4, urging people to contribute to the relief effort.

Prudential has also put in place a number of steps to assist its clients who have been affected by Hurricane Katrina. For those who have an immediate need for cash, Prudential is providing quick access to the cash value of existing life insurance policies with a loan or withdrawal; grace periods for life insurance premium due dates have been extended; and the company is providing replacements for lost or damaged life insurance policies. For answers to specific questions about life insurance or other products, clients can call:

-- Life Insurance Customer Service Office at (800) 778-2255;

-- Annuity Service Center at (888) 778-2888 or (800) 752-6342 for American Skandia contracts;

-- Group Insurance Service (888) 512-0873 for employers and/or their employees can call to solve any concerns.

Founded in 1977, The Prudential Foundation is the nonprofit grant-making organization of Prudential Financial, Inc. It is part of Prudential's Community Resources Department, a strategic combination of four units: the Foundation, which strives to build children and families' self-sufficiency through strategic grantmaking; the Social Investment Program, which originates and manages socially beneficial investments; Local Initiatives, which coordinates employee volunteerism and fosters community outreach; and Business Diversity Outreach, which facilitates diverse market development and outreach efforts for Prudential businesses.

Prudential Financial companies, with approximately $511 billion in total assets under management as of June 30, 2005, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.

Contact Information

  • Prudential Financial, Inc.
    Bob DeFillippo, 973-802-4149