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Prudential Financial and Prismic Life Agree to $7B Japanese Whole Life Reinsurance Deal

Jan 22, 2025over 1 year ago

Contract Type

agreement

NewarkFinancial ServicesFinanceFintechLending

Description

Prudential Financial, Inc. has announced an agreement to reinsure a portion of its recently originated Japanese whole life policies with a subsidiary of Prismic Life (Prismic), a Bermuda-based life and annuity reinsurance company. The agreement involves Prismic reinsuring approximately $7 billion of reserves backing USD-denominated Japanese whole life insurance policies recently originated by Prudential’s Japanese affiliates.

Company Information

Company

Prudential Financial

Location

Newark, New Jersey, United States

About

Prudential Financial (NYSE:PRU) was founded on the belief that financial security should be within reach for everyone, and for over 140 years, we have helped our customers reach their potential and tackle life's challenges for now and future generations to come. Today, we are one of the world’s largest financial services institutions, offering individual and institutional clients a wide array of financial products and services. With operations in the United States, Asia, Europe and Latin America, we are known for delivering on our promises to our customers, and are recognized as a trusted brand and one of the world’s most admired companies. We also have one of the most recognized and trusted brand symbols: The Rock®, an icon of strength, stability, expertise and innovation. We measure our long-term success on our ability to deliver value for shareholders, meet customer needs, and attract and develop the best talent in our industry. We offer an inclusive work environment where employees can develop to their full potential, and give back to the communities where we live and work. (Pru.us/disclaimer)

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