Word: shankses
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Last week, with 1956's figures all in, President Shanks announced that the Prudential had passed its biggest rival. Metropolitan Life, as the world's No. 1 seller of life insurance. In 1956 the Pru sold $8.2 billion worth of new insurance, now has a total of $58...
The giants are only a fraction of the Pru's business. At President Shanks's direction, the company pours an even bigger chunk of its treasure into mortgages and loans to individuals and small businessmen. All told, $6.1 billion of the Pru's assets, some 46%, is...
Nor does the Pru stop there. The apple of President Shanks's eye is a new Commercial and Industrial Loan Department, set up to make funds available to small businessmen who ordinarily cannot get long-term loans through normal bank channels. "What we're looking for," says one...
Free Lunches. To do a better job selling insurance-and spreading loans evenly throughout the economy-Shanks kicked off the biggest decentralization program in the history of U.S. insurance. Since 1946 the Pru has opened six regional offices spread across the U.S. and Canada. Shanks laid out more than $10...
The Prudential's latest project is a $100 million regional home office and city center in Boston (TIME, Feb. 11). Many insurance men would quail at such an enormous expenditure. Says Shanks: "You can find all the reasons for not doing a thing, or you can find some reasons...