Reinsurance News

Prudential

IBM transfers portion of DB scheme to Prudential and MetLife

20th September 2022

Computer giant IBM has transferred a portion of its US-qualified defined benefit (DB) pension plan obligation to Prudential and MetLife. The firm said in an article on its website that the move was the ‘logical next step’ after several years looking to reduce the risk profile of its worldwide retirement-related plans ... Read the full article

Prudential confirms promotions to Group Executive Committee

24th June 2022

Prudential has announced an update on its Group leadership structure. Seck Wai-Kwong, Dennis Tan, Lilian Ng, and Solmaz Altin have all been promoted to the Group Executive Committee, effective July 1st, 2022. They will join current members, Mark FitzPatrick, James Turner, Avnish Kalra, and Jolene Chen. Tan, Ng ... Read the full article

Prudential names Anil Wadhwani as new Group Chief Executive

26th May 2022

Global life insurer, Prudential plc has announced the appointment of Anil Wadhwani as Group Chief Executive Officer (CEO). He will join the company from Manulife, where he currently serves as President & CEO, Manulife Asia. Within his new role, he will based in Hong Kong, where he currently resides. Prudential has stated that ... Read the full article

Fortitude Re completes purchase of traditional variable annuities from Prudential

4th April 2022

Fortitude Re has completed its purchase of $31bn of traditional variable annuities from Prudential Financial. The agreement, originally announced in September last year, will see Fortitude Re acquire Prudential Annuities Life Assurance Corporation (PALAC) and rename it Fortitude Life Insurance & Annuity Company. Included in the sale is approximately $31bn of ... Read the full article

Prudential shuffles leadership amid departure of CEO Mike Wells

10th February 2022

Global life insurer Prudential plc has announced that Mike Wells, who became Group Chief Executive Officer (CEO) in 2015, is to leave the company at the end of March 2022 and will not stand for re-election as a Director at the firm's next AGM. Wells first joined the insurer in 1995 ... Read the full article

Prudential creates new senior leadership team for Jackson Financial

12th February 2021

UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson's planned separation from the Group. Laura Prieskorn, previously Jackson's Executive Vice President and Chief Operating Officer, has been appointed Chief Executive Officer (CEO). She has worked at Jackson's for over 11 years, and ... Read the full article

Prudential Q4 income falls to $819m as company posts $374m loss for 2020

5th February 2021

Prudential has reported a fourth quarter 2020 net income of $819 million, down from the $1.128 billion achieved in the prior year quarter. 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 ... Read the full article

Jackson to separate from Prudential in Q2 demerger

28th January 2021

UK insurer Prudential has announced that its US business, Jackson National Life (Jackson), will fully separate from the group via a demerger in the second quarter of 2021. The demerger, also known as a spin-off in the US, will lead to a significantly earlier separation of Jackson than would have been ... Read the full article

Prudential appoints Caroline Feeney to lead US role

26th January 2021

Prudential Financial has appointed Caroline Feeney as CEO of its US Insurance & Retirement Businesses. She assumes this newly created role effective immediately and will be responsible for driving growth across the consolidated portfolio of US businesses, while ensuring alignment with PGIM, the company’s asset management business. As part of her role, ... Read the full article

Prudential completes pension transaction with Aviva

30th October 2020

Prudential Retirement, a business unit of Prudential Financial (PFI), is expanding its global longevity reinsurance business with a new offering driven by a huge growth in the UK pension market. PFI's first transaction in the emerging funded reinsurance market closed in June with UK insurer, Aviva. The UK market for pension bulk ... Read the full article

Prudential UK announces US reinsurance transaction & investment by Athene

18th June 2020

Prudential plc has reached an agreement with Athene Holding Ltd under which its reinsurance unit, Athene Life Re Ltd, will invest $500 million in Prudential's U.S. business (Jackson) in return for an 11.1% economic interest. Additionally, Athene Life Re has fully reinsured a $27.6 billion in-force portfolio of Jackson's US fixed ... Read the full article

COVID-19 related market turmoil pushes Prudential to $271mn Q1 net loss

6th May 2020

Prudential Financial, Inc. has reported a net loss of $271 million for the first-quarter of 2020, driven by significant net realised investment losses, impairment related losses, and losses related to market experience updates. A net loss of $271 million compares with net income of $932 million reported for the same period ... Read the full article

Fitch downgrades Prudential’s Jackson off IPO pursuit

16th March 2020

Fitch Ratings has downgraded the Insurer Financial Strength ratings of Jackson National Life Insurance Co. and Jackson National Life Insurance Co. of New York to 'A+' from 'AA-'. At the same time, Fitch downgraded its ratings on Jackson's Long-Term Issuer Default Rating to 'A' from 'A+'. The Rating Outlook is Negative. This ... Read the full article

Prudential is planning for a minority IPO of its US arm, Jackson

11th March 2020

UK insurer Prudential has announced that it is preparing for a minority Initial Public Offering (IPO) of its U.S. business, Jackson National Life (Jackson), following recent proposals from the company's second largest shareholder, Third Point. Towards the end of February, founder of U.S. hedge fund Third Point and activist investor, Daniel ... Read the full article

Third Point’s Loeb urges Prudential to split PruAsia, Jackson

25th February 2020

US hedge fund Third Point has urged Prudential to split its two separately managed franchises, Prudential Corporation Asia (PruAsia) and Jackson National Life (Jackson), in order to optimise growth and drive higher valuation. In an open letter addressed to Prudential’s board, Third Point founder and activist investor Daniel Loeb said his ... Read the full article