Prudential Cleared to Issue Shares to Public

Prudential Financial Inc., the second-biggest U.S. life insurer, is preparing for its initial public offering after getting clearance from New Jersey regulators.

The New Jersey Department of Banking and Insurance on Monday approved Prudential’s demutualization plan in a 96-page order. The department said the approval followed a months-long review, two days of public hearings and a policyholder vote approving the plan.

“This approval affirms the overwhelming support we received from our policyholders in July,” said Mark Grier, executive vice president. Prudential has $606 billion in assets under management as of June 30.

The IPO will be dependent on market conditions but is expected before the end of the year, Prudential said.