Pension Risk Transfer

NEWARK, N.J., October 23, 2019 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), announced today Michael Domingos, vice president, National Distribution Markets, will be promoted to senior vice president and head of Sales and Strategic Relationships, Prudential Retirement. The appointment will be effective Dec. 2.

NEWARK, N.J., Oct. 9, 2019 – UA Local 22 Plumbers and Steamfitters Annuity Fund, and Sendik’s Food Market, a family-owned Milwaukee grocery chain, chose Prudential Retirement as record keeper for their defined contribution retirement plans.

NEWARK, N.J., August 29, 2019 - Prudential Financial, Inc. (NYSE:PRU) today announced that Andrew Sullivan will succeed Stephen Pelletier as executive vice president and head of U.S. Businesses, reporting to Chairman and CEO Charles Lowrey, effective December 1. Pelletier will retire following an extraordinary 27-year career with the company, in which he led Group Insurance and Prudential Annuities, and founded Prudential’s international asset management businesses, now PGIM Global Partners.

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.

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).

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.

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.

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.

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.

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.