Rising Rates Are a Positive for Life Insurers in Long Run; Relaunching Prudential with $105 FVE

We are relaunching Prudential Financial with a fair value of $105 per share after taking a fresh look at our assumptions. Our fair value estimate implies that Prudential is slightly undervalued currently. Prudential provides a variety of financial services products, including life insurance, annuities, retirement plan services, and investment management products in various countries. We assign a no-moat rating, a stable moat trend, and a standard capital allocation rating to the company.