Prudential paid $2.3 billion for a tech startup to boost its sales. Little went right after that: “We wish we would have paid less.”
Prudential usually bought established companies to elevate its market share.April 29, 2022 8:00 am ET
In late 2019, Prudential Financial Inc . paid $2.3 billion for a three-year-old data-science startup that promised to modernize the age-old business of selling life insurance. The deal for Assurance IQ has badly missed its financial targets and left Prudential facing questions from regulators. In February, Prudential said it wrote down the investment by roughly half.
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