Prudential Financial closes $3.2 billion in new longevity reinsurance agreements, signaling healthy growth in the U.K. pension risk transfer market
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), 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. This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181018005104/en/ Amy Kessler, head of longevity risk transfer at Prudential (Photo: Business Wire) The market for pension de-risking solutions is expanding at its fastest pace in years, in part because such activity has become more affordable than at any point in the last decade. The affordability of pension buy-ins and buy-outs is due in part to the improved funded status of U.K. schemes, w
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PRU
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