Reinsurance News
Prudential Financial
Prudential and RGA in $5.9bn pension risk transfer for Verizon
7th March 2024
Prudential Financial and Reinsurance Group of America (RGA) have been selected for a pension risk transfer involving Verizon Communications, settling approximately $5.9 billion of Verizon pension liabilities and providing retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries. Under the terms of the transactions, Prudential and RGA ... Read the full article
Prudential Financial returns to profit in Q4 2023
7th February 2024
US insurance and investment firm, Prudential Financial, Inc., has reported fourth-quarter 2023 net income of $1.317 billion compared to a net loss of $52 million in the prior year's quarter. The insurer’s after-tax adjusted operating income was $943 million in Q4 2023, compared year over year to $932 million. The net income ... Read the full article
Prudential Financial and Warburg Pincus launch Prismic Life Re
8th September 2023
Prudential Financial, Inc. and Warburg Pincus have announced the launch of Prismic Life Reinsurance, Ltd, a licensed Class E Bermuda-based life and annuity reinsurance company. A group of global investors, along with Prudential and Warburg Pincus, have agreed to make an initial equity investment in the reinsurer of $1 billion. The two ... Read the full article
Prudential Financial transactions set to have favorable long-term impact: Fitch
3rd August 2023
Following the recent news that Prudential Financial, Inc., has entered into an agreement to reinsure $12.5 billion of in-force guaranteed universal life policies with Somerset Re, Fitch Ratings has confirmed that it views the announcement as being broadly credit neutral over the near term. The $12.5 billion block of business ... Read the full article
Prudential posts Q2’23 net income vs year-ago loss
2nd August 2023
Prudential Financial has reported a second quarter 2023 net income of $511 million, compared to a net loss of $1.010 billion a year ago. The current quarter included a net after-tax charge from annual assumption update and other refinements of $329 million versus a charge of $1.294 billion in the year-ago ... Read the full article
Prudential Financial reinsures guaranteed universal life block with Somerset Re
24th July 2023
Prudential Financial, Inc. has announced an agreement to reinsure a significant portion of its guaranteed universal life block with Somerset Re, leading to proceeds totaling approximately $450 million. Under this agreement, Somerset Re will reinsure reserves worth approximately $12.5 billion, which back Prudential's guaranteed universal life policies issued by Pruco Life ... Read the full article
Once again, UnitedHealth is the world’s largest insurer ranked by NPW
11th January 2023
Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article
Prudential Financial to revamp leadership teams in Q1 2023
27th October 2022
Prudential Financial is to revamp its US and international business leadership, with the changes coming into force in the first quarter of 2023. The firm said that Scott Sleyster is to retire as head of International Businesses, with Andy Sullivan, current executive vice president, set to lead international business and PGIM. ... Read the full article
Prudential to sell $31bn PALAC block of legacy variable annuities to Fortitude Re
15th September 2021
Prudential Financial has agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Re for a total transaction value of $2.2 billion. Under the terms of the agreement, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation (PALAC), including PALAC’s in-force ... Read the full article
Prudential Financial sells Taiwan business to Taishin Financial
2nd July 2021
US insurance and investment firm Prudential Financial has completed the sale of its Taiwan based life insurance business to Taishin Financial Holding Co., Ltd., following a successful regulatory review. The sale of Prudential Life Insurance Company of Taiwan Inc was first announced back in August 2020, and saw the locally based Taishin ... Read the full article
PFI & Zurich close £6bn longevity reinsurance swap
28th April 2021
Prudential Financial subsidiary, The Prudential Insurance Company of America (PICA), and Zurich Assurance Ltd. have closed a £6 billion longevity swap with an unnamed UK pension scheme. The longevity risk was reinsured to the International Reinsurance business of PICA, with Zurich acting as intermediary on a ‘pass-through’ basis. The transaction, which closed ... Read the full article
Prudential backs new venture fund PruVen Capital
14th December 2020
PruVen Capital, a global, multistage venture firm backed by Prudential Financial, has launched its first fund with $300 million in capital to invest in technology startups that are still in development. The firm has a focus on startups in North America, Europe, Japan, Singapore and Australia. Led by Ramneek Gupta, PruVen Capital ... Read the full article
Longevity reinsurance market to end 2020 strong after a resilient H1: Prudential
13th July 2020
Prudential Retirement, part of Prudential Financial, Inc., has announced that it closed a significant $1.7 billion in new longevity reinsurance transactions during the first six months of 2020, and that it expects the market to end the year in a strong position. The company attributes its busy and successful start to ... Read the full article
Prudential Financial to sell Korean life unit for $1.9bn
16th April 2020
US insurance and investment firm Prudential Financial has announced that it plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB). Under the terms of its agreement, Prudential Financial will sell 100% of The Prudential Life Insurance Company of Korea for a cash consideration of ... Read the full article
Prudential discloses $6bn longevity reinsurance deals with Rothesay Life
18th February 2020
Prudential Insurance Company of America (PICA), a business unit of Prudential Financial, Inc., has announced the completion of two previously undisclosed longevity reinsurance transactions with Rothesay Life. The two bulk annuity transactions were completed in the second half of 2019 and amount to $6 billion in new longevity reinsurance business. “2019 was ... Read the full article