Prudential Financial loaded up on liquid assets at end-2018, bringing its total stock to $5.5 billion – an increase of 25% on a year ago. As of end-2017, the insurer has targeted a minimum balance of highly liquid assets of at least$1.3 billion to cover its annual fixed charges, such as policyholder benefits, debt repayment and operating costs. This minimum is reviewed and approved annually by the insurer’s board.

Management has aimed to maintain its buffer at between $3 billion and$5