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Prudential Financial, Inc. announces 2020 results

  • Fourth quarter 2020 net income attributable to Prudential Financial, Inc. of $819 million or $2.03 per Common share versus $1.128 billion or $2.76 per share for the year-ago quarter.
  • Fourth quarter 2020 after-tax adjusted operating income of $1.183 billion or $2.93 per Common share versus $915 million or $2.24 per share for the year-ago quarter.
  • Net loss attributable to Prudential Financial, Inc. of $374 million or $1.00 per Common share for 2020 versus net income of $4.186 billion or $10.11 per share for 2019.
  • After-tax adjusted operating income of $4.111 billion or $10.21 per Common share for 2020 versus $4.656 billion or $11.24 per share for 2019.
  • Book value per Common share of $167.81 versus $155.88 per share for the year-ago; adjusted book value per Common share of $94.79 versus $101.04 per share for the year-ago.
  • Parent company highly liquid assets of $5.6 billion versus $4.1 billion for the year-ago.
  • Assets under management amounted to $1.721 trillion versus $1.551 trillion for the year-ago.
  • The Company’s Board of Directors has authorized the repurchase of up to $1.5 billion of its outstanding Common Stock during the period from January 1, 2021 through December 31, 2021. In addition, the Company declared a quarterly dividend of $1.15 per share of Common stock, payable on March 11, 2021, to shareholders of record as of February 16, 2021, representing an increase of 4.5% over the prior year dividend level and a 4.9% annualized yield on adjusted book value.

Charles Lowrey, Chairman and CEO, commented on results:

“As we reflect on the extraordinary events of 2020 and the ongoing global pandemic, we thank our employees for their continued dedication to fulfilling our company’s purpose of making lives better by solving the financial challenges of our changing world.

During the fourth quarter, we continued to successfully execute against our 2020 priorities, paving the path for the acceleration of our strategy in 2021 and beyond.

Looking ahead, we will continue our transformation by executing on our $750 million cost savings plan and by taking additional steps to increase our growth potential and reduce our market sensitivity. Over the next three years we plan to reallocate between $5 billion and $10 billion of capital with the intention of doubling the earnings contribution of our higher growth businesses and halving Individual Annuities.

Backed by the strength of our rock solid balance sheet, we also plan to return approximately $10 billion of capital to shareholders via dividends and share repurchases during this time period. This includes the resumption of share repurchases in the first quarter of 2021, as part of our $1.5 billion authorization for the year.

These changes will position Prudential to make a more meaningful difference in the financial lives of more people around the world, and to deliver attractive returns to our shareholders.”

NEWARK, N.J. — (BUSINESS WIRE) — Prudential Financial, Inc. (NYSE: PRU) today reported fourth quarter and year-end 2020 results. Net income attributable to Prudential Financial, Inc. was $819 million ($2.03 per Common share) for the fourth quarter of 2020, compared to net income of $1.128 billion ($2.76 per Common share) for the fourth quarter of 2019. After-tax adjusted operating income was $1.183 billion ($2.93 per Common share) for the fourth quarter of 2020, compared to $915 million ($2.24 per Common share) for the fourth quarter of 2019.

Net loss attributable to Prudential Financial, Inc. was $374 million ($1.00 per Common share) for 2020, compared to net income of $4.186 billion ($10.11 per Common Share) for 2019. After-tax adjusted operating income was $4.111 billion ($10.21 per Common share) for 2020, compared to $4.656 billion ($11.24 per Common share) for 2019.

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. These measures are discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures” and reconciliations to the most comparable GAAP measures are provided in the tables that accompany this release.

RESULTS OF ONGOING OPERATIONS

The Company’s ongoing operations include PGIM, U.S. Businesses (consisting of U.S. Workplace Solutions, U.S. Individual Solutions, and Assurance IQ), International Businesses, and Corporate & Other. In the following business-level discussion, adjusted operating income refers to pre-tax results.

PGIM

PGIM, the Company’s global investment management business, reported record high adjusted operating income of $404 million for the fourth quarter of 2020, compared to $288 million in the year-ago quarter. The increase reflects higher asset management fees, driven by an increase in average account values, and higher Other Related Revenue, driven by record high agency revenue and the impact of investment performance on incentive fees and co- and seed investment earnings, partially offset by higher expenses, primarily driven by business growth.

PGIM assets under management of $1.499 trillion, a record high, were up 13% from the year-ago quarter, reflecting market appreciation and public fixed income inflows. Third-party net inflows of $6.3 billion in the current quarter reflect retail inflows of $3.8 billion and institutional inflows of $2.5 billion.

U.S. Businesses

U.S. Businesses reported adjusted operating income of $807 million for the fourth quarter of 2020, compared to $841 million in the year-ago quarter. The decrease reflects less favorable underwriting results, driven by COVID-19 related net mortality experience, and a change in business practice in our Individual Life business, and lower fee income, net of distribution expenses and other associated costs, in our Individual Annuities business, partially offset by higher net investment spread results, driven by higher variable investment income, and lower expenses.

U.S. Workplace Solutions, consisting of Retirement and Group Insurance, reported adjusted operating income of $451 million for the fourth quarter of 2020, compared to $342 million in the year-ago quarter.

Retirement:

  • Reported record high adjusted operating income of $538 million in the current quarter, compared to $281 million in the year-ago quarter. The increase reflects higher net investment spread results, driven by higher variable investment income, higher reserve gains, including favorable impacts due to COVID-19, and lower expenses.
  • Account values of $559 billion, a record high, were up 12% from the year-ago quarter, driven by market appreciation and net inflows. Net inflows in the current quarter totaled $5.5 billion with $3.2 billion from Institutional Investment Products, primarily from pension risk transfer transactions, and $2.3 billion from Full Service.

Group Insurance:

  • Reported a loss, on an adjusted operating income basis, of $87 million in the current quarter, compared to adjusted operating income of $61 million in the year-ago quarter. The decrease primarily reflects less favorable underwriting results in our group life and group disability businesses due to COVID-19 and related impacts.
  • Reported earned premiums, policy charges, and fees of $1.3 billion in the current quarter were consistent with the year-ago quarter.

U.S. Individual Solutions, consisting of Individual Annuities and Individual Life, reported adjusted operating income of $375 million for the fourth quarter of 2020, compared to $508 million in the year-ago quarter.

Individual Annuities:

  • Reported adjusted operating income of $440 million in the current quarter, compared to $450 million in the year-ago quarter. The decrease reflects lower fee income, net of distribution expenses and other associated costs, partially offset by higher net investment spread results.
  • Account values of $176 billion, a record high, were up 4% from the year-ago quarter, reflecting equity market appreciation, partially offset by net outflows. Gross sales of $2.0 billion in the current quarter reflect our continued product repricing and pivot strategy.

Individual Life:

  • Reported a loss, on an adjusted operating income basis, of $65 million in the current quarter, compared to adjusted operating income of $58 million in the year-ago quarter. The decrease reflects less favorable underwriting results, driven by COVID-19 mortality experience, and a change in business practice, which resulted in a refinement to reserves and related balances, partially offset by higher net investment spread results and lower expenses.
  • Sales of $239 million in the current quarter were up 14% from the year-ago quarter, as higher Variable sales were partially offset by lower Universal Life and Term sales, reflecting our product repricing and pivot strategy.

Assurance IQ reported a loss, on an adjusted operating income basis, of $19 million in the current quarter, compared to a loss of $9 million in the year-ago quarter. This reflects a 94% increase in sales, driven by higher Medicare sales during the annual enrollment period, that were more than offset by increased expenses to support business growth, including higher marketing, distribution, and infrastructure costs.

International Businesses

International Businesses, consisting of Life Planner and Gibraltar Life & Other, reported adjusted operating income of $790 million for the fourth quarter of 2020, compared to $748 million in the year-ago quarter. The increase reflects lower expenses, business growth, and more favorable underwriting results, partially offset by lower net investment spread results.

Life Planner:

  • Reported adjusted operating income of $426 million in the current quarter, compared to $345 million in the year-ago quarter. The increase reflects lower expenses, business growth, higher net investment spread results, and more favorable underwriting results.
  • Constant dollar basis sales of $216 million in the current quarter decreased 19% from the year-ago quarter, primarily reflecting lower sales in Japan following product repricing in August of 2020.

Gibraltar Life & Other:

  • Reported adjusted operating income of $364 million in the current quarter, compared to $403 million in the year-ago quarter. The decrease primarily reflects lower net investment spread results.
  • Constant dollar basis sales of $238 million in the current quarter decreased 16% from the year-ago quarter, reflecting lower sales in Japan following product repricing in August of 2020.

Corporate & Other

Corporate & Other reported a loss, on an adjusted operating income basis, of $486 million for the fourth quarter of 2020, compared to a loss of $738 million in the year-ago quarter. The lower loss reflects lower expenses, driven by the absence of costs related to the Company’s Voluntary Separation Program in the year-ago quarter, partially offset by lower net investment income.

NET INCOME

Net income in the current quarter included $1.2 billion of pre-tax net realized investment losses and related charges and adjustments, driven by losses on derivatives, and also includes $12 million from impairment and credit-related losses. These losses were partially offset by $376 million of pre-tax gains related to market experience updates and $87 million of pre-tax net gains from divested and run-off businesses.

Net income for the year-ago quarter included $145 million of pre-tax net gains from divested and run-off businesses, $73 million of pre-tax net realized investment gains and related charges and adjustments, net of $58 million from impairment and credit-related losses, and $66 million of pre-tax gains related to market experience updates.

FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES(1)

Certain of the statements included in this release, including those regarding our plans to reallocate capital, dividends, share repurchases, priorities, cost savings goals, and other business strategies constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Statements regarding our plans to reallocate capital, dividends, share repurchases, priorities, cost savings goals, and other business strategies are subject to the risk that we will be unable to execute our strategy because of market or competitive conditions or other factors, including the impact of the COVID-19 pandemic. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.

Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in this release.

We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described below. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions, and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, these non-GAAP measures are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide reconciliations of non-GAAP measures with the corresponding measures calculated using GAAP. Additional historic information relating to our financial performance is located on our website at www.investor.prudential.com.

EARNINGS CONFERENCE CALL

Members of Prudential’s senior management will host a conference call on Friday, February 5, 2021, at 11:00 a.m. ET to discuss with the investment community the Company’s fourth quarter results. The conference call will be broadcast live over the Company’s Investor Relations website at investor.prudential.com. Please log on 15 minutes early in the event necessary software needs to be downloaded. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in the Q&A by dialing one of the following numbers: (877) 336-4437 (domestic) or (234) 720-6985 (international) and using access code 2805600. All others may join the conference call in listen-only mode by dialing one of the above numbers. A replay will remain on the Investor Relations website through February 19. To access a replay via phone starting at 4:00 p.m. ET on February 5 through February 19 dial (866) 207-1041 (domestic) or (402) 970-0847 (international) and use replay code 4902339.

(1) Description of Non-GAAP Measures:

Adjusted operating income is the measure used by the Company to evaluate segment performance and to allocate resources. Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.

Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income. Additionally, market experience updates, reflecting the immediate impacts in current period results from changes in current market conditions on estimates of profitability, are excluded from adjusted operating income beginning with the second quarter of 2019, which we believe enhances the understanding of underlying performance trends.

Adjusted operating income excludes the results of Divested and Run-off Businesses, which are not relevant to our ongoing operations. Discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP, are also excluded from adjusted operating income. Adjusted operating income also excludes other items, such as certain components of the consideration for the Assurance IQ acquisition, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of contingent consideration. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.

Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss) and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of December 31, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

Financial Highlights

(in millions, unaudited)

Three Months Ended

Year Ended

December 31

December 31

2020

2019

2020

2019

Adjusted operating income (loss) before income taxes (1):

PGIM

$

404

$

288

$

1,262

$

998

U.S. Businesses:

U.S. Workplace Solutions division

451

342

1,420

1,586

U.S. Individual Solutions division

375

508

1,422

1,930

Assurance IQ division (2)

(19

)

(9

)

(88

)

(9

)

Total U.S. Businesses

807

841

2,754

3,507

International Businesses

790

748

2,952

3,112

Corporate and Other

(486

)

(738

)

(1,824

)

(1,766

)

Total adjusted operating income before income taxes

$

1,515

$

1,139

$

5,144

$

5,851

Reconciling Items:

Realized investment gains (losses), net, and related charges and adjustments

$

(1,216

)

$

73

$

(4,315

)

$

(958

)

Market experience updates

376

66

(640

)

(449

)

Divested and Run-off Businesses:

Closed Block division

(9

)

31

(24

)

36

Other Divested and Run-off Businesses

96

114

(629

)

755

Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests

152

(32

)

90

(103

)

Other adjustments (3)

(14

)

(47

)

51

(47

)

Total reconciling items, before income taxes

(615

)

205

(5,467

)

(766

)

Income (loss) before income taxes and equity in earnings of operating joint ventures

$

900

$

1,344

$

(323

)

$

5,085

Income Statement Data:

Net income (loss) attributable to Prudential Financial, Inc.

$

819

$

1,128

$

(374

)

$

4,186

Income attributable to noncontrolling interests

203

10

228

52

Net income (loss)

1,022

1,138

(146

)

4,238

Less: Earnings attributable to noncontrolling interests

203

10

228

52

Income (loss) attributable to Prudential Financial, Inc.

819

1,128

(374

)

4,186

Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests

(169

)

5

(132

)

48

Income (loss) (after-tax) before equity in earnings of operating joint ventures

988

1,123

(242

)

4,138

Less: Total reconciling items, before income taxes

(615

)

205

(5,467

)

(766

)

Less: Income taxes, not applicable to adjusted operating income

(420

)

(3

)

(1,114

)

(248

)

Total reconciling items, after income taxes

(195

)

208

(4,353

)

(518

)

After-tax adjusted operating income (1)

1,183

915

4,111

4,656

Income taxes, applicable to adjusted operating income

332

224

1,033

1,195

Adjusted operating income before income taxes (1)

$

1,515

$

1,139

$

5,144

$

5,851

See footnotes on last page.

Financial Highlights

(in millions, except per share data, unaudited)

Three Months Ended

Year Ended

December 31

December 31

2020

2019

2020

2019

Earnings per share of Common Stock (diluted):

Net income (loss) attributable to Prudential Financial, Inc.

$

2.03

$

2.76

$

(1.00

)

$

10.11

Less: Reconciling Items:

Realized investment gains (losses), net, and related charges and adjustments

(3.05

)

0.18

(10.85

)

(2.33

)

Market experience updates

0.94

0.16

(1.61

)

(1.09

)

Divested and Run-off Businesses:

Closed Block division

(0.02

)

0.08

(0.06

)

0.09

Other Divested and Run-off Businesses

0.24

0.28

(1.58

)

1.84

Difference in earnings allocated to participating unvested share-based payment awards

0.01

—

0.07

0.01

Other adjustments (3)

(0.04

)

(0.12

)

0.13

(0.11

)

Total reconciling items, before income taxes

(1.92

)

0.58

(13.90

)

(1.59

)

Less: Income taxes, not applicable to adjusted operating income

(1.02

)

0.06

(2.69

)

(0.46

)

Total reconciling items, after income taxes

(0.90

)

0.52

(11.21

)

(1.13

)

After-tax adjusted operating income

$

2.93

$

2.24

$

10.21

$

11.24

Weighted average number of outstanding common shares (basic)

396.2

400.7

395.8

404.8

Weighted average number of outstanding common shares (diluted)

398.3

403.7

397.8

410.9

For earnings per share of Common Stock calculation:

Net income (loss) attributable to Prudential Financial, Inc.

$

819

$

1,128

$

(374

)

$

4,186

Earnings related to interest, net of tax, on exchangeable surplus notes

—

—

—

12

Less: Earnings allocated to participating unvested share-based payment awards

10

12

21

45

Net income (loss) attributable to Prudential Financial, Inc. for earnings per share of Common Stock calculation

$

809

$

1,116

$

(395

)

$

4,153

After-tax adjusted operating income (1)

$

1,183

$

915

$

4,111

$

4,656

Earnings related to interest, net of tax, on exchangeable surplus notes

—

—

—

12

Less: Earnings allocated to participating unvested share-based payment awards

14

11

50

53

After-tax adjusted operating income for earnings per share of Common Stock calculation (1)

$

1,169

$

904

$

4,061

$

4,615

Prudential Financial, Inc. Equity (as of end of period):

GAAP book value (total PFI equity) at end of period

$

67,425

$

63,115

Less: Accumulated other comprehensive income (AOCI)

30,738

24,039

GAAP book value excluding AOCI

36,687

39,076

Less: Cumulative effect of foreign exchange rate remeasurement and currency

translation adjustments corresponding to realized gains/losses

(1,399

)

(1,835

)

Adjusted book value

38,086

40,911

End of period number of common shares (diluted)

401.8

404.9

GAAP book value per common share – diluted

167.81

155.88

GAAP book value excluding AOCI per share – diluted

91.31

96.51

Adjusted book value per common share – diluted

94.79

101.04

See footnotes on last page.

Contacts

MEDIA CONTACT: Bill Launder, (973) 802-8760, bill.launder@prudential.com

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Categories
Technology

NICE announces Agile WEM, empowering organizations to sustain high employee engagement in the work-from-anywhere reality

With remote work here to stay, NICE enables organizations to virtually keep employees under one roof and empower excellence anywhere

HOBOKEN, N.J. — (BUSINESS WIRE) — NICE (Nasdaq: NICE) today announced Agile Workforce Engagement Management (WEM), a new offering that allows organizations to empower excellence anywhere among the workforce. Enabling employees to work from anywhere under one roof and driving up engagement, Agile WEM also empowers organizations to rapidly adapt and respond to business upheaval. Click here to learn more.

Despite the recent roll-out of vaccines in some parts of the world, it’s clear that a return to business as usual as we knew it will be slow if even a possibility. Remote work is therefore no longer an intermediate state but a long term one. Contact center teams have faced an upsurge in interaction volume over the past nine months coupled with the lack of immediate manager support and the absence of swivel chair assistance in this new reality. This has resulted in a decline in workforce engagement. Organizations must find new ways to motivate the workforce and drive up performance to ensure top quality service that’s conducive to customer loyalty. Organizations must also ensure they are equipped to face sudden business upheaval and mitigate surprises that could adversely impact continuity.

Agile WEM allows organizations to virtually connect the workforce under one roof irrespective of location, motivate and recognize as well as empower employees with the tools and data needed to deliver exceptional customer experiences. With Agile WEM, organizations are ready to rapidly adapt and respond to an ever-changing business environment. The solution enables organizations to:

  • Gain visibility – understand employee activities and behaviors based on desktop analytics and workforce management (WFM) data from schedules and activities. By leveraging business based KPIs, such as AHT, productivity and adherence, organizations can now drive team and employee focus. A holistic view of the blended office and workforce also enables better management of performance and skill gaps. ​
  • Ensure performance – personalize employee coaching to meet and exceed business goals by focusing on direct data that emphasizes knowledge and gaps. This enables supervisors and managers to guide the workforce in the right direction. Share dedicated employee dashboards that empower them with the insights to adjust their performance course​.
  • Drive engagement – boost workforce commitment and engagement by creating activities that challenge, motivate and reward employees to achieve superior results and nurture teamwork. Reward success by applying points and badges and enable their use for additional time off or related prizes.

“While the world is beginning to step out of the crisis, a new state of business as usual is still undefined and continues to evolve,” said Barry Cooper, President, NICE Enterprise Group. “In the past nine months, organizations recognized the need for agility and that customer service has proven itself to be a lifeline for consumers. With our Agile WEM, organizations are prepared to motivate, guide and inspire employees as they deliver exceptional customer experiences while staying ready to face whatever comes next.”

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Cooper, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors

Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Categories
Business

Majesco implements Oracle Cloud HCM to further its digital transformation journey

Leading cloud software company for insurance carriers improves organizational productivity and increases employee engagement

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, a global leader of cloud insurance software, today announced the implementation of Oracle Cloud HCM to help meet its long-term strategic and operational goals. With a growing customer list of more than 200 major clients across Product & Casualty, Life & Annuity and Group insurance, Majesco will use Oracle Cloud Human Capital Management (HCM) to make informed, real-time business decisions that will help expand its global footprint.

“We’re excited about the advanced capabilities Oracle Cloud HCM brings to our employees. This new, modern cloud system marks an important step in our transformation journey and will be critical to how we run our business,” notes Adam Elster, CEO of Majesco. “With Oracle HCM, we will leverage data-driven insights in real-time to help us manage all of our talent needs.”

Majesco’s cloud-based solutions help insurers modernize, innovate and transform their business to meet the demands of today’s digital customer. Whether it’s an insurer creating a new startup or greenfield, modernizing a legacy business or optimizing existing operations, Majesco helps insurers take on the future of insurance.

In order to meet growing demand, Majesco replaced its old legacy system with Oracle’s unified, cloud-based platform that is built to breakdown organizational silos, standardize processes and improve the overall efficiency of HR operations.

“We’re excited to have helped Majesco take this next step in the digital transformation journey by improving and maximizing employee engagement,” said Chris Leone, senior vice president, applications development, Oracle. “With Oracle Cloud HCM, Majesco will be better prepared to support its customers and take hold of this new era of insurance.”

In addition to Oracle Cloud HCM’s Core HR, which provides a foundation to support the entire worker life cycle, Majesco is also deploying Oracle Cloud Workforce Compensation and Oracle Cloud Recruitment, which leads with innovation to engage and identify the best talent for the organization’s needs.

“Oracle’s scalable and flexible solution provides our employees with an intuitive, personalized HR system that can manage personal and employment information easily and securely, while providing insights into the entire worker lifecycle to enable effective talent management,” commented Melissa Blankenbaker, CHRO of Majesco.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Business

NICE Satmetrix Benchmark finds 57% of contact center employees working from home due to COVID-19 are now more likely to recommend employer

However, 71% of contact center managers say the shift to work at home has had a significant impact on customers

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (Nasdaq: NICE) today announced that the NICE Satmetrix Agent Experience at Home Benchmark found that 57% of contact center employees working from home due to COVID-19 are now more likely to recommend their employers to friends, family, or peers than they were before the transition to working remotely. However, in contrast to this positive impact on employee Net Promoter Score (eNPS), 71% of contact center managers say that their organization’s shift to work at home has had a significant impact on customers.

With the transition to remote work environments, today’s customer service managers and their teams are dealing with multiple challenges all at once, including increased interaction volume across all channels; longer handle times, as service interactions become the first line of support for distressed consumers; more demanding customer needs, as agents are dealing with new, unusual requests that are more complex and sometimes outside their direct control; and a new remote work methodology.

NICE Satmetrix co-founded NPS and is a trusted source for data and insights used to improve customer satisfaction, loyalty, and advocacy, and reduce customer churn. The NICE Satmetrix Agent Experience at Home Benchmark identified three key drivers that improved eNPS that organizations can apply to increase employee engagement:

  • Providing the Right Tools and Technology
  • Communicating Effectively
  • Taking Quick Action for Employees

To address these challenges, NICE has recently introduced CXone@home to enable the safe transition of contact center agents to work from home within hours, for organizations of all sizes and verticals. It is powered by the market-leading CXone cloud contact center platform and is offered at no charge for 60 days for new customers. Purpose-built for remote workforces, CXone@home also includes a complete suite of workforce engagement and optimization (WFO) capabilities – including quality and coaching with analytics, performance management, and workforce forecasting and scheduling – to ensure agents and managers are productive while working from home. The demand for CXone@home has been unprecedented by organizations of all sizes with legacy on-premises infrastructures. NICE also recently launched WEM@home and NEVA@home to drive immediate impact on service excellence for work at home employees.

“NICE is pleased to make possible the quick transition to work at home for thousands of contact center agents and managers,” said Barry Cooper, NICE Enterprise Group President. “Many organizations that have shifted to work from home now face challenges of engaging and ensuring performance of their newly remote and dispersed workforce, while at the same time the nature and volume of the work are rapidly changing. These same organizations have requested CXone@home to help them deal with these challenges.”

Mr. Cooper added, “COVID-19 is changing how people work and organizations operate. Companies are adapting in order to ensure business continuity, employee engagement, and performance. NICE is dedicated to empowering exceptional customer service in times of change.”

As the leading cloud platform for contact centers, CXone has a global, geographically redundant cloud infrastructure with built-in elasticity to dynamically scale up or down based on demand. NICE inContact proactively monitors and continuously forecasts demand with reserves for immediate spikes in volume and the ability to add data and storage capacity immediately. Customers can rely on the 99.99% guaranteed availability on carrier-grade network with global data centers and points of presence (POPs) as well as 24/7/365 network operations monitoring. Contact center agents using NICE inContact CXone are operating in over 100 countries.

About the NICE Satmetrix Agent Experience at Home Benchmark

In response to COVID-19, thousands of contact center agents are now working from home, helping meet customer needs across the globe. NICE Satmetrix fielded a groundbreaking benchmark to help organizations better understand agent experience at home and learn how to proactively improve that experience while powering exceptional customer experience. Organizations interested in fielding the survey at no cost to their teams, in order to compare themselves to the benchmark, may register here.

NICE Satmetrix gives enterprises the power to unlock the value of CX data and insights – across the holistic customer journey from the contact center and beyond – to increase customer satisfaction, loyalty, and advocacy and reduce customer churn. A holistic, unified, and integrated Customer Experience Management (CEM) solution, NICE Satmetrix delivers actionable customer experience insights to roles across the organization that are dynamic, predictive, and prescriptive. NICE Satmetrix co-founded NPS and built its complete solution from the ground up to operationalize customer feedback insights all along the customer journey.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Cooper, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, 201-561-4442, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Categories
Local News

Violation of HIPAA’s privacy laws could mean prison time

Photo by Michelle Dryden
Stephen Miller is chief compliance officer at Capital Health System Regional Medical Center in Trenton.

TRENTON, N.J. — Nowadays, invasion of one’s privacy is more accessible given the growth of social media and electronic devices everywhere; and this means greater protection for personal information.

Hackers and identity thieves are inquisitive about the sources to personal information that they can find. Employees working at healthcare facilities are also held accountable for protecting the privacy of patients they care for. Patients’ privacy is protected by the Health Insurance Portability and Accountability Act, (HIPAA), that was “born out of a statute in 1996,” said Stephen Miller, chief compliance officer at Capital Health System Regional Medical Center.

Miller said this Act covers several regulations, but only one part of it covers privacy information about patients.  Congress directed The Department of Health and Human Services to create the HIPAA laws. It was a broad piece of legislature that covered various regulations. One part of it had to do with disclosure and privacy, said Miller.

The HIPAA has a set of rules about privacy that, “tell healthcare providers how they can use information about their patients and with whom and under what circumstances they can share information about patients,” he said.

Miller explained that this law created at “floor”. “It created a floor–single set of rules that no matter where you go in the county you know if you see a healthcare provider: if go to a doctor, you go to a hospital, if you go to a nursing facility or a physical therapist, and give them information about yourself, you know there are certain things they are allowed to do with that information. There are certain things they are not allowed to do with that information. And there are certain ways they have to protect that information,” he said.

The reason we call that a floor because the law says you must at least follow these rules. States can pass their own laws and they can make them more protective of patients, but you have to at the minimum follow those rules nationally, Miller continued. “It created best-practice in a way for protecting information about patient,” he said.

Often times, when the HIPAA rules are broken, it has to do with identity theft, said Miller. He told of an incident, where employees were hacking into computers and stealing the identity of their cancer patients who were terminally ill. They wanted to get credit cards in their names.

However, breaching HIPAA privacy laws was not a prison term violation until recently.  Huping Zhou, “former University of California at Los Angeles [UCLA], Healthcare System research assistant, was sentenced to four months in prison after admitting he illegally read private electronic medical records of celebrities and others,” writes Howard Anderson of The Security Scrutinizer.

As Miller points out, it is easier for hackers; HIPAA violators and other identity thieves to leave a building with laptop under their jacket or a thumb drive in their pockets. Some individuals are even using cell phones to invade the privacy of others, by taking photos or recording conversations. Therefore, we need greater protections for information on these electronic devices.