Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re
Prudential Financial, Inc. (NYSE: PRU) announced today that it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Somerset Re. This transaction, originally announced on July 24, 2023, advances the company’s strategy to reduce market sensitivity and increase capital efficiency. The financial impacts of the transaction are expected to be generally consistent with those highlighted in the prior announcement.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of
December 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more
people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For
more information, please visit news.prudential.com.
About Somerset Reinsurance Ltd.
Somerset Reinsurance Ltd. is a leading provider of reinsurance solutions for asset-intensive life insurance and annuity business, helping its clients
manage capital efficiency and improve their financial results. Somerset Re solutions include programs for new business flow and management of legacy blocks of life insurance and annuities, and
capital-motivated reinsurance solutions globally. Large Insurers ranked Somerset No. 1 in the Business Capability Index (BCI), as measured by NMG Consulting’s 2023 U.S. Structured Financial
Solutions study in the Asset-Intensive Segment. For further information, please visit www.somersetre.com.
Forward-Looking Statements
Certain of the statements included in this release, such as those regarding Prudential’s strategy and the expected financial impacts of the transaction,
constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,”
“assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Prudential’s forward-looking statements are
made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no
assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in
such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking
statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential’s Annual Report on Form 10-K. Prudential does not undertake to update any particular
forward-looking statement included in this document.
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The Prudential Financial Stock at the time of publication of the news with a raise of +0,32 % to 117,4EUR on NYSE stock exchange (28. März 2024, 22:05 Uhr).