Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re
29 March 2024 - 9:19AM
Business Wire
Prudential Financial, Inc. (NYSE: PRU) announced today that it
has successfully closed a reinsurance transaction for a portion of
its guaranteed universal life block with Somerset Re. This
transaction, originally announced on July 24, 2023, advances the
company’s strategy to reduce market sensitivity and increase
capital efficiency. The financial impacts of the transaction are
expected to be generally consistent with those highlighted in the
prior announcement.
About Prudential Financial, Inc. Prudential Financial,
Inc. (NYSE: PRU), a global financial services leader and premier
active global investment manager with approximately $1.4 trillion
in assets under management as of December 31, 2023, has operations
in the United States, Asia, Europe, and Latin America. Prudential’s
diverse and talented employees help make lives better and create
financial opportunity for more people by expanding access to
investing, insurance, and retirement security. Prudential’s iconic
Rock symbol has stood for strength, stability, expertise, and
innovation for nearly 150 years. For more information, please visit
news.prudential.com.
About Somerset Reinsurance Ltd. Somerset Reinsurance Ltd.
is a leading provider of reinsurance solutions for asset-intensive
life insurance and annuity business, helping its clients manage
capital efficiency and improve their financial results. Somerset Re
solutions include programs for new business flow and management of
legacy blocks of life insurance and annuities, and
capital-motivated reinsurance solutions globally. Large Insurers
ranked Somerset No. 1 in the Business Capability Index (BCI), as
measured by NMG Consulting’s 2023 U.S. Structured Financial
Solutions study in the Asset-Intensive Segment. For further
information, please visit www.somersetre.com.
Forward-Looking Statements Certain of the statements
included in this release, such as those regarding Prudential’s
strategy and the expected financial impacts of the transaction,
constitute forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as “expects,” “believes,” “anticipates,” “includes,” “plans,”
“assumes,” “estimates,” “projects,” “intends,” “should,” “will,”
“shall” or variations of such words are generally part of
forward-looking statements. Prudential’s 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. There can be no
assurance that future developments affecting Prudential Financial,
Inc. and its subsidiaries will be those anticipated by management.
These forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and there are
certain important factors that could cause actual results to
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’s
Annual Report on Form 10-K. Prudential does not undertake to update
any particular forward-looking statement included in this
document.
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version on businesswire.com: https://www.businesswire.com/news/home/20240328132652/en/
YeaJin Kim, yeajin.kim@prudential.com
Prudential Financial (NYSE:PRU)
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