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DJ Prudential Financial Seeks About $400M in Cost Savings in 2021 -- Market Talk

· 02/05/2021 11:53

11:53 ET - Prudential Financial targets about $400M in cost savings in 2021. The insurer, amid a three-year transformation plan that seeks to redirect $5B-$10B of capital and allocate $10B for dividends and buybacks over that time, generated about $215M in cost savings in 2020, ahead of its $140M target. It expects about $750M in cost savings by the end of 2023. Prudential Financial's 4Q profit fell 27%, stung by low interest rates and the economic fallout from the coronavirus pandemic. Shares are off 2.7% (maria.armental@wsj.com; @mjarmental)

(END) Dow Jones Newswires

February 05, 2021 11:53 ET (16:53 GMT)

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