Prudential, Aviva reach first longevity reinsurance agreement as U.K. pension de-risking market surges
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)-- Prudential Retirement®, a unit of Prudential Financial, Inc. (NYSE:PRU), and Aviva Life and Pensions U.K. Ltd. have struck their first longevity reinsurance transaction, establishing a new reinsurance partnership between these two market leaders. As part of the transaction, The Prudential Insurance Company of America (PICA) assumes the longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities. This agreement comes amid surging demand for de-risking from the U.K., where pension insurers are increasingly seeking to manage their risk and capital with longevity reinsurance arrangements. Demand is also driven by the increasing affordability of pension risk transfer, reflecting attractive pricing and the enhanced capacity of insurers, as well as the improved finances of U.K. schemes, many of which are approaching full funding. “We are
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