Prudential Financial and Scottish Widows reach first longevity reinsurance agreement
Prudential Financial, Inc. (PRU)
Last prudential financial, inc. earnings: 2/4 04:18 pm
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Source: Business Wire
NEWARK, N.J.--(BUSINESS WIRE)-- The Prudential Insurance Company of America (PICA) a Prudential Financial, Inc. company (NYSE:PRU), and Scottish Widows Limited, a subsidiary of Lloyds Banking Group plc, agreed to their first-ever longevity reinsurance agreement. PICA has assumed the longevity risk for approximately $1.8 billion (£1.3 billion) of annuity liabilities held by Scottish Widows. “Prudential is privileged to be chosen by Scottish Widows as it seeks to efficiently manage its longevity risk over the coming decades,” said David Lang, Prudential’s lead negotiator for this transaction. “With our new partnership, Scottish Widows attains more flexibility for managing longevity risk, trusting that, with PICA, it has chosen a strong counterparty with shared values and a long-term commitment to the longevity risk transfer business.” Michael Downie, the finance director, Annuities and Investment S
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