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LONDON, UK / ACCESSWIRE / February 07, 2018 / Active-Investors.com has just released a free research report on Prudential Financial, Inc. (NYSE: PRU). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=PRU as the Company's latest news hit the wire. On February 05, 2018, the Company announced that its Company the Prudential Insurance Company of America (PICA) has entered into a longevity reinsurance agreement with Scottish Widows Limited, a subsidiary of Lloyds Banking Group PLC. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Deal with Scottish Widows
As per the agreement, PICA will assume the longevity risk for annuity liabilities held by Scottish Widows for approximately $1.8 billion (£1.3 billion). This is the first ever longevity reinsurance agreement between PICA and Scottish Widows. The agreement will allow Scottish Widows greater flexibility in managing its longevity risk efficiently over the coming decades.
Commenting on the signing of the agreement with Scottish Widows, Amy Kessler, Head of Longevity Reinsurance at Prudential Financial, said:
"The insurer and reinsurer market continue to expand and evolve, and we expect 2018 to continue recent growth trends as managing risk capital becomes increasingly impactful. We are proud that Scottish Widows has chosen to use Prudential's innovative longevity risk transfer solutions and benefit from our ability to keep up with surging demand from the UK and globally. We look forward to building on this important new relationship in the years to come."
Michael Downie, Finance Director, Annuities and Investment Strategy of Scottish Widows, added:
"I am delighted to have completed our first longevity reinsurance transaction with Prudential Financial. Their financial strength and long-term commitment to the market was a key consideration for Scottish Widows when selecting a counterparty. Throughout the negotiations, PICA took the time to understand our needs and actively tailored their offering to meet our requirements."
Prudential's Pension Risk Transfer business
Prudential's Pension Risk Transfer business offers pension risk solutions like Traditional buy-out, Portfolio protected buy-out, Portfolio protected buy-in, Longevity reinsurance and Liability driven investing. Prudential is a global leader in the pension reinsurance market. The Company has completed $45 billion in international reinsurance transactions since 2011. The Company's $27.7 billion deal with the BT Pension Scheme in 2014 is the largest longevity risk transfer transaction till date.
In December 2017 Prudential had signed their sixth longevity reinsurance agreement with Legal & General Group PLC, since 2014. The combined longevity risk of these agreements is approximately $8 billion.
About Scottish Widows Ltd
Edinburgh, UK-based Scottish Widows was founded in 1815 as Scotland's first mutual life office. It is one of the most recognized brands in the life, pensions and investment industry in the UK. Scottish Widows became part of Lloyds Banking Group in January 2009. In November of 2017 Scottish Widows won "Company of the Year" at the Financial Adviser Service Awards, along with "5 Star" service awards in each of the individual categories of Life & Pensions, Investments and Mortgages. The Company has also won numerous awards in 2017 including, Pensions Firm of the Year" at the FD Service Excellence Awards, "Pensions Provider of the Year" at the Pensions Age Awards, "De-Risking Provider of the Year" at the Pension and Investment Provider Awards, and "Risk Reduction Provider of the Year" at the UK Pensions Awards.
About Prudential Financial, Inc.
Newark, New Jersey-based Prudential Financial is a leading global financial services Company. The Company's products and services, include life insurance, annuities, retirement-related services, mutual funds and investment management. The Company has operations across 40 countries including US, Asia, Europe, and Latin America. The Company has three main divisions - the US Retirement Solutions and Investment Management Division, the US Individual Life and Group Insurance Division, and the International Insurance Division.
As on December 31, 2017, Prudential Financial had over $1 trillion in assets under management and approximately 49,000 employees and sales associates worldwide.
Stock Performance Snapshot
February 06, 2018 - At Tuesday's closing bell, Prudential Financial's stock was marginally up 0.18%, ending the trading session at $110.99.
Volume traded for the day: 4.13 million shares, which was above the 3-month average volume of 1.79 million shares.
Stock performance in the past twelve-month period - up 4.60%
After yesterday's close, Prudential Financial's market cap was at $49.07 billion.
Price to Earnings (P/E) ratio was at 11.19.
The stock has a dividend yield of 2.70%.
The stock is part of the Financial sector, categorized under the Life Insurance industry. This sector was up 1.5% at the end of the session.
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