NEWARK, N.J. - Prudential Insurance Company of America, which markets its products under the name Prudential Financial, said Monday that policyholders have approved its demutualization plan.

Over four million policyholders voted, four times the amount required by New Jersey's Demutualization Statute. Nearly 92% voted in favor of demutualization.

The policyholder vote was a critical milestone on Prudential's journey to become a publicly-held company. Pending approvals, Prudential anticipates an initial public offering late this year.

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