Newark, NJ, March 28, 2024–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today announced that it has completed a reinsurance transaction with Somerset Reinsurance for a portion of its Universal Life Block Guarantee. The transaction, originally announced on July 24, 2023, advances the company's strategy to reduce market sensitivity and increase capital efficiency. The financial impact of this transaction is expected to be broadly consistent with those highlighted in previous announcements.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU) is a global financial services leader and a leading active global investment manager with approximately $1.4 trillion in assets under management as of December 31, 2023. The company operates in the United States, Asia, Europe, and Latin America. America. Prudential's diverse and talented workforce helps improve lives and create economic opportunity for more people by expanding access to investments, insurance and retirement security. . Prudential's iconic rock symbol has symbolized strength, stability, expertise and innovation for nearly 150 years. For more information, visit news.prudential.com.
About Somerset Reinsurance Ltd.
Somerset Reinsurance Ltd. is a leading provider of reinsurance solutions for asset-intensive life insurance and pension businesses, helping clients manage capital efficiency and improve financial performance. Somerset Re solutions include new business flows and programs for the management of traditional blocks of life insurance and pensions, as well as global capital-driven reinsurance solutions. Major insurance companies ranked Somerset No. 1 in the Business Capability Index (BCI) as measured by the asset-intensive category of NMG Consulting's 2023 U.S. Structured Financial Solutions Study. For more information, please visit www.somersetre.com.
Forward-looking statements
Certain statements contained in this release, including those regarding Prudential's strategy and the expected financial impact of the transaction, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. “believe”, “anticipate”, “include”, “plan”, “assume”, “estimate”, “project”, “intend”, “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 regarding future developments and their potential impact on Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be as management anticipates. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Additionally, there may be important factors that could cause actual results to differ materially from the expectations and estimates reflected in such forward-looking statements. Important factors that could cause actual results to differ materially from the expectations and estimates reflected in such forward-looking statements include “Risk Factors” and “Risk Factors” contained in Prudential's Annual Report on Form 10. Forward-Looking Statements” section. -K. Prudential undertakes no obligation to update certain forward-looking statements contained in this document.
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contact address
Yeajin Kim, yeajin.kim@prudential.com
