QUOTE AND NEWS
SeekingAlpha  Aug 13  Comment 
Prudential Public Limited Company (NYSE:PUK) Q2 2014 Earnings Conference Call August 12, 2014 06:30 ET Executives Tidjane Thiam – CEO Jackie Hunt – Executive Director and Chief Executive, Prudential UK & Europe Nic Nicandrou...
TheStreet.com  Aug 12  Comment 
NEW YORK (TheStreet) -- Shares of Prudential Plc  are up 3.02% to $46.06 after the London-based financial services company said it will increase its dividend.  The company plans to increases its 2014 interim dividend 15% to 18 cents per a...
Bloomberg  Aug 12  Comment 
Prudential Profit Rises on U.S. Sales, Bulk Annuities Prudential Plc, the U.K.’s biggest insurer by market value, posted a bigger-than-estimated rise in first-half profit,...
Financial Times  Aug 6  Comment 
Julian Adams, executive director for insurance supervision at the bank, will take post of group regulatory director for Prudential Plc early in 2015
SeekingAlpha  May 11  Comment 
Prudential plc (PUK) Q1 2014 Earnings Conference Call May 08, 2014 11:00 AM ET Executives Tidjane Thiam - Group Chief Executive Barry Stowe - Executive Director Mike Wells - Executive Director Jackie Hunt - Executive...
guardian.co.uk  Apr 1  Comment 
Shareholders at the insurer might understand the risks better if they knew which division was so reliant on one superstar Who earned £17.5m at Prudential last year? It wasn't a member of the board, since directors' rewards are published on a...
StreetInsider.com  Mar 3  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Upgrades/UBS+Upgrades+Prudential+plc+%28PUK%29+to+Buy/9235208.html for the full story.
Reuters  Dec 23  Comment 
Prudential PLC now holds a total 15 percent stake in closed-ended investment company Bilfinger Berger Global Infrastructure SICAV SA , the company said in a regulatory...
guardian.co.uk  Dec 10  Comment 
By outsourcing health and pension provision to the private sector, Asian governments are in effect making their citizens buy financial products For its next trick, Prudential intends to generate £10bn of cash over the next four years, equivalent...
StreetInsider.com  Dec 10  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Prudential+plc+%28PRU%29+to+Highlight+Three+Growth+Objectives+at+Investor+Conference/8962851.html for the full story.




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Prudential plc is one of the world’s leading financial services groups with its main place of business located in London, United Kingdom where it has existed for over 160 years. It provides insurance and financial services through its subsidiaries and affiliates throughout the world.

Business Summary

Prudential plc is a global financial services company based out of England. Prudential is a publicly traded company and while its primary listing is on the London Stock Exchange, it is also traded on the New York Stock Exchange, the Hong Kong Stock Exchange, and the Singapore Exchange. [1] is made up of 4 distinct business units, which operate in 3 major regions of the world. The first segment is Prudential Corporation Asia, Prudential’s largest and most profitable business unit. PCA is a life insurance company that covers Prudential’s Asian business. Jackson National Life is another life insurance company based out of the state of Michigan in the US. Jackson handles Prudential’s US business. The remaining two units are Prudential UK and M&G Investments. They both operate in the Prudential’s its place of origin, the United Kingdom, where they handle insurance and asset management respectively. As of December 31st 2010, Prudential has over $561 billion in assets under management. [2] plc is in no way affiliated with Prudential Financial Inc. a company whose principal place of business is in the USA.

Business Regions

Prudential’s Insurance Operations can be split up into three main sectors: the Asia operations, the US operations, and the UK operations. Each of these sectors has its own strengths and weaknesses, which dictate which products they focus on and what their strategic business plan involves.

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US Operations

Prudential’s US operations are handled by Jackson National Life. Jackson is the only insurance segment of Prudential that does not use the Prudential brand due to the fact that in the US, there already exists an insurance company that goes by Prudential Financial. Jackson provides value to its consumers by specializing in volume and capital consumption for variable and fixed annuities. Jackson National has been rated as a World Class service provider five consecutive times including 2010. Jackson is also in the process of expansion. During the 2010 fiscal year, Jackson increased its agent workforce to over 130,00, which represented a 34% increase.[3]

UK Operations

In the United Kingdom, Prudential UK handles the insurance operations and M&G Investments handles the asset management side of the business. In regards to insurance, Prudential competes mainly in the retirement savings and income markets. Pru UK’s target demographic for life insurance focuses on older adults between the ages of 45 and 74. This demographic is very attractive to Pru because the majority of wealth is concentrated with this age group and they are nearing the age of retirement.[4]

Product Portfolio

Prudential plc offers a diverse array of products to suit any consumers at all stages of their lives. From child to retirement, there are policies that aim to help consumers reach their goals. Prudential’s products can be divided into two main segments, Protection and Wealth management. Protection policies are those that provide you with money incase of negative events like injury, sickness, or death. Wealth management policies are those that help you to earn money for retirement or just general savings.

Protection

Protection can be further broken down to term life insurance and universal life insurance. With term life insurance, you purchase coverage for a set amount of time, such as 10, 15, or 20 years, at a set premium or cost. When the time is up, you are able to renew at a higher premium. A key advantage for consumers who chose term life insurance is that it is usually the least expensive choice if you need coverage for a specified time period. A key disadvantage to term life is that it does not build cash value. Premiums will continue to increase even after your initial term period expires. It is also the more expensive choice if you’re looking for long-term coverage. With Universal Life Insurance, you have the option of purchasing coverage for a selected period, a lifetime, or somewhere in between with a flexible premium. You also have the ability to access your cash value during your lifetime. A clear advantage of Universal Life is the Flexible premium product that can provide lifetime coverage for income replacement, estate planning and business succession. However, Universal Life also has higher initial premiums.[5]

Wealth management

With Prudential's wealth management policies, there exists a high level of customization and would be difficult to lay out every possible configuration. However, the wealth management policies can be broken up into three distinct products: variable annuities, fixed annuities, and fixed index annuities.Variable annuities offer a range of investment choices through sub-accounts that include stocks, bonds, and fixed account options. The withdrawals you eventually make from your variable annuity contract will be based on the value of the underlying choices you select. In addition to investment choices, variable annuities typically provide optional benefits for an additional charge. These can include: guaranteed minimum income even if markets decline, the ability to increase your retirement income by potentially locking in market gains, and enhanced death benefits for beneficiary protection. Fixed annuities are retirement contracts built on protection and guaranteed returns, including a guaranteed minimum interest rate. Fixed annuities offer guaranteed retirement income for a set period of time or for your lifetime. They also provide guaranteed return of your initial investment and death benefit protection. Fixed index annuities combine the benefits of a traditional fixed annuity, including guaranteed minimum interest, with the potential to earn additional interest linked to the return of an index. Fixed index annuities may allow owners the flexibility to build their contract to meet their individual needs.[6]

Strategic and competitive analysis

Competitor Analysis

Prudential PLC’s main competitors are Aviva, AXA, and ING.[7]

Aviva

Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world with 53 million customers located in 28 countries. It is the market leader in both general insurance and life and pensions in the UK and has business segments in Continental Europe, North America and Asia.The Company's main activities are general and life insurance as well as long-term savings and fund management. It has around $633 billion in assets under management. Aviva was also the first insurance company to become carbon neutral globally.[8]

AXA

AXA Group is a French global insurance group headquartered in Paris, France. AXA is a conglomerate of independently run businesses such as life, health and other forms of insurance, as well as investment management. The group operates primarily in Western Europe, North America and the Asia Pacific region and the Middle East. AXA also ranks in as the 9th largest company in the world according to a Fortune Global 500 list in 2010.[9]

ING

ING Groep N.V. is a financial institution of Dutch origin offering banking, insurance and asset management services to its customers.As of 2009, ING Group serves 85 million private, corporate and institutional clients in over 40 countries, with a workforce of over 100,000 people. It owns ING Direct as well as retail banking, insurance, investment management, and investment banking operations. Its services operate in countries including Australia, Canada, France, India, Italy, Spain, Poland, UK, Turkey and the US. ING is the largest banking/financial company in the world by revenue. [10]

Porter’s 5 forces Analysis

Competitive Landscape

In regards to life and retirement companies, competition and market share varies greatly depending on the market you are looking at. In Asia currently, there are many multinational companies that operate in a variety of countries. Along with the multinational companies, there are also local companies with a strong local reputation competing for market share. In the Asian markets, competition is focused around securing distribution. One of the greatest challenges facing insurance companies is not lack of consumers, as it is reaching them. For the entire market, penetration rates are relatively low considering many members of the target demographic have never purchased an insurance policy before. In the United States there is exists a fragmentation of suppliers which in turn fragments the market share. This would lead to intense competition if it were not for the recent economic recession. Excluding a few companies like Prudential's Jackson National, Insurance companies were hit very hard by the recession. This has forced many of the pre-recession big players to take a step back from competition to lick their wounds and get their companies back from the red. In the UK, there exists a very mature market. This market is saturated by government regulations. These regulations have forced some businesses out of the market, thus reducing competition.[11]

Availability of Substitutes

In regards to investing money for savings, there are many available alternatives if a consumer does not want to invest in a fixed or variable annuity. Some available options include purchasing stocks, bonds, or mutual funds which all have varying levels of risk attached to them. Another route one could take would be to invest in real estate. However, none of these aforementioned investment tools will be able to provide a substitute for risk coverage that protection provides.

Power of the buyer

When dealing with mature players, buyers have little bargaining power. All of the main players have enough of a footing in the market that they will not adjust prices of their products based on buyer demand. They instead rely on their brand loyalty to maintain their strong customer base. New entrants give buyers more power. Because they don’t have the brand loyalty and trust that the big players have, their only option is to undercut prices to remain competitive. In the US the power of the buyer is moderate. The US is the world’s largest retirement savings market. Each year, more of the 78 million baby boomers reach the age of retirement, triggering a shift from savings accumulation to retirement income generation for more than $ 10 trillion of accumulated wealth over the next decade. The US market is severely fragmented, and there are many product providers that saturate the market with no true long-term market leader. Buyers have their choice between which companies. In the UK, the market is very developed with respect to compliance and regulation, which has actually begun to turn away competition. Because of this, products are not as readily available therefore buyer power is low.

Power of the supplier

In Asia, the power of the supplier varies directly on whether or not they are a major player or a newer entrant. For major players, their bargaining power is relatively high. They are the ones with the reputable brand name that is so desirable among consumers. They will not be lowering their prices over a few consumers since they have already have a strong market share. The situation is the direct opposite for smaller companies. To be able to compete with the big players, smaller companies must be very flexible to buyer demands in order to secure their business and gain profits. In the US, power of the supplier is moderate. In the wake of the financial crisis, however, many companies saw their bargaining power go right down along with their margins. To combat this, these “trouble” companies have to relinquish some of their power in order for consumers to reinvest in their company. In the UK the power of the supplier is low along with the power of the buyer. This is because of the stiff government regulations that exist there.

Threat of new entrants

The threat of new entrants in the insurance industry is relatively low for several reasons. One of the main reasons is that to start up a brand new insurance company from the ground has a high cost of entry and requires a vast amount of investors to get off the ground. Moreover, in many markets, brand loyalty and name awareness means everything in regards to connecting to consumers. Even the big players of the industry spend millions of dollars a year on advertising in an effort to penetrate the market. Small insurance companies who are just starting out will have a near impossible time making any sort of impact on any established company’s profits or market share. Furthermore, because customers are investing a lot of money into companies like Prudential in order to safeguard their and their loved ones futures, trust and reliability are incredibly important for customers, especially in the Asian markets. Companies like Prudential who have a long rich history will have a distinct advantage compared to new companies whose track records have yet to be proven.

SWOT Analysis

Strengths

Prudential plc has many different strengths that it has relied on to acquire the success that it has realized worldwide. One of its great strengths is Prudentials long British history. Prudential is a 160 year old company which comes in handy when many customers are looking for a company that they can rely on to deliver on the promises they make. The British history has less of an impact in the US market then it does in the British and Asian markets. The British history is a positive in the UK market for obvious reasons. It represents a traditional truly British company which resonates well in the UK. Less obvious though, is the British history's impact on the Asian markets. With a history of unreliable companies springing up a taking peope's money one day, and going bankrupt the next, a company with 160 years of reliability is a huge sell point for Asian markets. Another one of Prudential's strengths is the fact that it was very early to market in Asia. Prudential anticipated Asia's high opportunity for growth long before its competitors, which has allowed them to have a history in Asia. Prudential has the reliability to combine its British history with its history in Asia giving it the benefits of a foreign company without the normal drawbacks. On the US side of the world, Prudential has Jackson National Life, which is one of the fastest growing francises of its kind. It is providing astounding profits that may eclipse Asia if they can sustain them.[12]

Weaknesses

Despite a move in a positive direction over the past few years, Prudential continues to operate with a very high level of debt as a percentage of its equity. Their level is high even compared with its competitors. In addition to its high debt level, Prudential also has a much higher percentage of its assets invested in equities compared to its competitors. These two aspects greatly increase the effect a possible recession would have on the company. Also, the firm's elevated financial leverage magnifies the effects on shareholders' equity of moderate changes in revenue, investment assets, and reserve liabilities. but why????jkl;gjklb;jort[whortw

Opportunities

Currently, the financial services industry is undergoing a fundamental change as the baby boomers transition out of the workforce and into retirement. Prudential can use this worldwide move towards retirement to deliver significant growth and profitability for the next several years. The main area where Prudential sees the highest opportunities for profit and grow is in its Asian markets. By 2009, Prudential plans to double the value of their Asian new business. To accomplish this, Prudential also needs to continue to focus on increasing its agent force in both sheer size and total productivity. Agents are the main way Prudential will penetrate the Asian population and grow its market share. i like chicken legs they taste so sweet when i taste that meat.!!! trollolololololololololololol

Threats

Prudential faces several threats that could affect its financial condition. Because of the nature of the financial services industry, Prudential at its competitors are directly affected by economic fluctuations. As previously stated, Prudential’s debt problems put it at an even greater risk in regards to economic downturns. Prudential also operates in an extremely competitive environment against competitors who are larger have greater market share and offer a wider range of products. To remain profitable, Pru must be able to continue to improve on its financial ratings, products, and brand strength. your mumma

Marketing Strategy

Product

In Asia, PCA generally sets their focus on term life insurance and asset management. Normally, the consumers in that market are planning for the immediate future and do not like to invest in the long term, seeing it as untrustworthy. The US market forgoes the protection side of things and instead focuses on fixed and variable annuities. By focusing on the wealth management side of the spectrum, they have been able to realize very large profit margins. Because of Prudential UK’s older demographic retirement savings products, principally fixed and variable annuities are their main product of focus. Though these policies, Prudential tries and add a focus on personal pension retirement savings products.

Place

PCA’s main source of product distribution in Asia is thought agents that are all employed by PCA. These agents are normally trained in large groups, then dispersed to sell policies all over Asia. Also becoming popular in Asia is the distribution of policies through Limited bank-assurance through financial institutions. This method has proved to be highly effective because they gather clients from their partner’s bank due to the banks biased recommendations. In the US, Jackson operates with a limited captive distribution. Jackson relies heavily on registered representatives that work through independent broker dealers or wire houses such as Wells Fargo to distribute their products. The UK is closer to the US in how they run distribution. In the UK, Prudential UK fully relies on independent distribution.

Promotion

In order to penetrate the very tough Asian markets, PCA Employs a pull strategy driven through large broad branding campaigns specially designed and targeted at specific countries. One of the key challenges PCA faces is how to allocate resources to promote their products in countries that it will pay of as opposed to counties where it would go unnoticed. The US is completely opposite to Asia. In the US, Jackson does almost no traditional retail branding. Instead, it gives greater focus on branding to producers. Like the US, the UK forgoes traditional advertising, choosing instead to rely on its long standing and trusted prudential brand.

Price

Asian margins have historically been wider than other world markets due to the high demand and historical limited supply. Margins are expected to narrow as increased competition move to Asia driven by the development of the middle class market. The US market, being more mature than Asia, has typically had narrower margins. The sheer volume of baby boomers continues to increase; however, their retirement savings significantly depleted due to the recent economic crisis. At the same time, the crisis has eliminated weaker product providers in the US market widening margins as a result for the remaining players as they experience a consumer flight to quality. Like the US, UK consumers also need to replenish their retirement savings, however, stronger government regulations have driven prices higher without a similar widening of margins.

Financial Performance

Current standings

2010 was a very strong year for Prudential as so restated by the CEO Tidjane Thiam-“ We have achieved a strong performance in 2010, with results significantly ahead on all key measures. Our disciplined approach to capital allocation, proactive risk management and focus on profitability are generating both growth and cash for our shareholders.” Prudential has strong numbers to back up the worlds of its CEO with its total APE sales of $5,753,386,500 and after tax net profits of $2,362,437,900. Coinciding with an increase in net profits, Prudential also saw their new business profits jump from the pervious year by 25% up to over 3.3 billion dollars. This financial growth was also reflected in total shareholders’ funds, which increased by 28% to an impressive amount of over $13 billion.[13]

Nature of the business

The insurance industry is all about the management of risk. In regards to life insurance, the goal for companies like Prudential is to successfully assess their customer’s risk of death. When a customer purchases a policy from Prudential, the customer then begins to pay premiums to Prudential. Prudential then turns around and invests the money received and makes money off of the gains. When the policyholder either passes away or the policy matures depending on what policy they purchased, Prudential must then compensate the customer in the form of a cash sum. The key for Prudential is to match customers with the right price tag depending on their likelihood to live long enough and pay enough premiums, so that Prudential makes profit.

Valuation

Price/sales ratio The price/sales ratio is a ratio for used for valuing a stock relative to its own past performance, other companies or the market itself.This ratio shows how much Wall Street values every dollar of the company's sales. Coupled with high relative strength in the previous twelve months, a low price-to-sales ratio is one of the most potent combinations of investment criteria. A low price-to-sales ratio can also be effective in valuing growth stocks that have suffered a temporary setback In 2010, Prudential had a price/sales ratio of 0.4, while its competitor's ratios hoved around the same, some in front and some behind. Avivia had a .2, AXA had a .3, and ING had a .6. The industry average for Price to sales ratio was a .7. A low price/sales ratio is a good sign for Prudential, however, Prudential does have a lot of debt and that can sometimes bring down the price to sales ratio in a negative way. A firm with no debt and a low price-to-sales metric is a more attractive investment than a firm with high debt and the same price-to-sales ratio. This is because at some point, the debt will need to be paid off, so there is always the possibility that the company will issue additional equity. These new shares expand market capitalization and drive up the price-to-sales ratio.[14][15]

Price/earnings ratio The price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings. for the price/earnings ratio, the lower the number is, the better valued your company is. in 2010, Prudential's price/earnings ratio was 14.1. This was very close to what the average for the industry was, a 14.9. Prudential's competitors were almost all right at the industry average as well. AXA had a ratio of 14, while ING had a ratio of 14.3. Aviva was the company with the most impressive price/earnings ratio at a 9.0. By relating share prices to actual profits, the P/E ratio highlights the connection between the price and recent company performance. If prices get higher and profits get higher, the ratio stays the same. The ratio only moves as price and profits become disconnected. For this reason, when the ratio is higher or lower than normal we know that recent profit levels are no longer the main factor in pricing. This might be because investors expect a much better or worse performance next year or because sentiment is now the dominant factor. Either situation is news worthy.[16][17]

Profitability & efficiency

The above data was collected from morningstar.com
The above data was collected from morningstar.com

ROIC Return on invested capital is a company's efficiency at allocating the capital under its control to profitable investments. The return on invested capital measure gives a sense of how well a company is using its money to generate returns. As the table to the right shows, going into the recession of 2008, Prudential seemed to be in the lower middle of the pack among its competitors. However, a year after the recession in 2009, Prudential started to recover a bit quicker than its competitors. This trend continued and by looking at the trailing twelve months, Prudential now leads the pack in ROIC.

Operating Margin When looking at operating margin to determine the quality of a company, it is best to look at the change in operating margin over time and to compare the company's yearly or quarterly figures to those of its competitors. If a company's margin is increasing, it is earning more per dollar of sales. The higher the margin, the better. Prudential's operating margin did take a hit in the year after the rescission compared to the year before. However, just like its ROIC, Prudential seems to be able to recover from the recession much quicker than its competitors. By 2010, Prudential was sporting an operating margin much stronger than it was before the recession.

ROE Return on equity indicates the return a company is generating on the owners' investments. In the policyholder owned case, you would use policy holders' surpluses as the denominator. As a general rule for insurance companies, ROE should lie between 10-15%. Prudential's ROE is higher than the suggested ROE for insurance companies because it is getting very high returns on its equity. Prudential's competitors have not been so lucky with many of them thriving in the low ranges of this interval.

ROA Return on assets indicates the return a company is generating on the firm's investments/assets. In general, a life insurer should have an ROA that falls in the 0.5-1% range. Prudential's ROA was not in the sweet spot range before the financial crisis and it certainly wasn't in it the year after. However by 2010, Prudential recovered enough to fall back into the recommended range for ROA. The same could not be said for Prudential's competitors. In 2010, the only one that came close to making the cut was ING with a .23.

Human Resources

Key Personnel

  • Tidjane Thiam - Group Chief Executive

Tidjane was previously Chief Executive Officer, Europe at Aviva where he worked from 2002 to 2008. He has been an executive director of Prudential since March 2008. He served as the Chief Financial Officer until October 2009, when he was promoted to Group Chief Executive, making him the first person of African decent to lead a major British Company. He spent the first part of his professional career with McKinsey & Company in Paris, London and New York, serving insurance companies and banks. He then spent a number of years in Africa where he was Chief Executive and later Chairman of the National Bureau for Technical Studies and Development in Côte. He also sits on the Africa Progress Panel chaired by Kofi Annan and is a sponsor of Opportunity International.[18]

  • Nic Nicandrou - Group Chief Financial Officer

Nic was brought in as Chief Financial Officer in October 2009 after Tidjane was promoted to CEO. Before joining Prudential, he worked at Aviva, where he held a number of senior finance roles, including Norwich Union Life Finance Director and Board Member, Aviva Group Financial Control Director, Aviva Group Financial Management and Reporting Director and CGNU Group Financial Reporting Director. He started his career at PriceWaterhouse Coopers where he worked in both London and Paris.[19]

  • Rob Devey - Chief Executive Officer of Prudential UK

Rob has been the Chief Executive of Prudential UK since November 2009. He joined Prudential from Lloyds Banking Group where he worked since 2002 in a number of senior leadership roles across insurance and retail banking including Managing Director, Direct Channels UK Retail Banking, Managing Director of HBOS Financial Services and Managing Director of HBOS General Insurance. Prior to joining HBOS, He was a consultant with the Boston Consulting Group in the UK, US and Europe working in financial services.[20]

  • Barry Stowe - Chief Executive Officer of Prudential Corporation Asia

Barry has been the Chief Executive of Prudential Corporation Asia since October 2006. Earlier, he has severed as the director of the Life Insurance Marketing Research Association and the Life Office Management Association since October 2008, and a member of the Board of Visitors of Lipscomb University since May 2009. Previously, Barry was President of Accident & Health Worldwide for AIG Life Companies. He joined AIG in 1995 and prior to that was President and CEO of Nisus, a subsidiary of Pan-American Life, from 1992-1995. Before joining Nisus, Barry spent 12 years at Willis Corroon in the US.[21]

  • Mike Wells - Chief Executive Officer of Jackson National Life Insurance Company

Mike was just recently brought on as President and CEO when he succeeded previous CEO Clark Manning after he stepped down in January of 2011. Mike has served in a variety of senior and strategic positions at Jackson over the last 15 years, including President of Jackson National Life Distributors. Mike has been Vice Chairman and Chief Operating Officer of Jackson for the last nine years. During this period he has lead the development of Jackson’s highly profitable variable annuity business and been responsible for IT, strategy, operations, communications, distributions, Curian and the retail broker dealers.[22]

Recent News

On 1 March 2010, Prudential announced that it was in what it called "advanced talks" to purchase the Asian life insurance company of AIG, American International Assurance (AIA) for approximately $35.5 billion. The deal later collapsed and AIA ended up raising money in an IPO. Prudential plc company management, mostly the CEO Tidjane Thiam, has been under constant pressure from investors following the failed acquisition of AIA some going so far as to strongly suggest Thiam to step down as group CEO.[23]

Compensation Structure

For investors, UK regulation, which governs the parent company, helps to keep executive compensation at a reasonable level.

References

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  5. [https://www.jackson.com/life/Understanding.jsp?framework-guid=f200eea4945aa5832f00015b00a4004a
  6. [5]
  7. [6]
  8. [7]
  9. [8]
  10. [http://en.wikipedia.org/wiki/ING_Group
  11. [9]
  12. [10]
  13. [11]
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  15. [13]
  16. [14]
  17. [15]
  18. [16]
  19. [17]
  20. [18]
  21. [19]
  22. [20]
  23. [21]
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