Media Contact:

Pension Risk Transfer
Josh Stoffregen / 973-802-3996 / josh.stoffregen@prudential.com

August 02, 2019

Prudential Retirement announces a new reinsurance counterparty, bringing its support to insurers that make up over 90% of UK pension risk transfer market

NEWARK, N.J., August 02, 2019 - Prudential Retirement®, a business unit of Prudential Financial, Inc. (NYSE: PRU), and The Phoenix Group, Europe’s largest life and pensions consolidator and one of the fastest-growing providers of life and pension insurance in the United Kingdom, have entered into an inaugural longevity reinsurance agreement covering U.K. retirees.

May 29, 2019

Aker Solutions and Reser’s Fine Foods select Prudential to oversee retirement assets

NEWARK, N.J., May 29, 2019 - Aker Solutions, a global engineering company, and Reser’s Fine Foods Inc., a national manufacturer and distributor of fresh and refrigerated prepared foods, chose Prudential Retirement as record keeper for their defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

April 24, 2019

Prudential Financial closes $2.6 billion in longevity reinsurance agreements, signaling pre-Brexit rush to de-risk by U.K. pensions

NEWARK, N.J., April 24, 2019 - Prudential Retirement®, a unit of Prudential Financial, Inc. (NYSE: PRU), has concluded about $2.6 billion in previously undisclosed longevity reinsurance contracts, an important signal of an unprecedented start to the 2019 U.K. pension risk transfer market.

January 29, 2019

Lockheed Martin transfers $1.8 billion in pension obligations to Prudential Retirement

NEWARK, N.J., January 29, 2019 - Lockheed Martin Corporation (NYSE: LMT) has transferred approximately $1.8 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE: PRU). Approximately 32,000 of Lockheed Martin’s retirees will receive their monthly pension benefit payments from Prudential as part of this buy-out agreement.

October 18, 2018

Prudential Financial closes $3.2 billion in new longevity reinsurance agreements, signaling healthy growth in the U.K. pension risk transfer market

NEWARK, N.J., October 18, 2018 - Prudential Retirement®, a unit of Prudential Financial, Inc. (NYSE:PRU), has concluded $3.2 billion in previously undisclosed longevity reinsurance contracts, a further sign that pension de-risking activity in the U.K. is continuing at a brisk pace. As part of these transactions, The Prudential Insurance Company of America (PICA) assumes the longevity risk for approximately 13,200 retirees.

October 01, 2018

International Paper agrees to transfer $1.6 billion in pension liabilities to Prudential Retirement

International Paper (NYSE: IP) will settle approximately $1.6 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE: PRU). As part of this agreement, Prudential will assume the responsibility for paying pension benefits to about 23,000 of International Paper’s retirees.

September 12, 2018

Prudential Financial announces leadership succession

NEWARK, N.J., September 12, 2018 - Prudential Financial, Inc. (NYSE:PRU) today announced that its Board of Directors has appointed Charles Lowrey as the company’s next CEO and member of the Board, effective December 1, 2018. Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of Prudential, will succeed John Strangfeld, who will retire as CEO on November 30, 2018. Strangfeld will serve as non-executive chairman until April 5, 2019, at which time Lowrey will also assume the role of chairman.

November 09, 2017

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

NEWARK, N.J., Nov. 09, 2017 - Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes.

October 02, 2017

Prudential Entrusted with Pension Promises to Approximately 45,000 International Paper Retirees

NEWARK, N.J., Oct. 02, 2017 - International Paper (NYSE:IP) will settle approximately $1.3 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America (NYSE: PRU), a leader in retirement benefits. The agreement transfers to Prudential the responsibility for paying pension benefits to roughly 45,000 of International Paper’s retirees and their beneficiaries.

September 14, 2017

MMC UK Pension Fund, advised by Mercer, selects Prudential and Canada Life Reinsurance to reinsure the longevity risk of £3.4 Billion ($4.3 billion) in pension liabilities

The Trustee of the MMC UK Pension Fund (the “Fund”) has announced the largest longevity risk transfer for a UK pension fund since 2014. The transaction, which reinsures the longevity risk of £3.4 billion ($4.3 billion) in pension liabilities, will provide long-term protection and income to the Fund in the event that the covered participants live longer than expected. It also lowers the risk that Marsh & McLennan Companies will face unexpected pension contributions due to an increase in pensioner life expectancy.