Posted by (American Life Insurance Guide 04/14/2022 News) American financial and insurance giant Prudential Financial(Chinese: Prudential, also known as Prudential), at the beginning of this month has announced the company's traditionalSecurity Annuitybusiness, as well as the completion of the sale of the full-service retirement business unit.
Prudential Insurance to sell its insurance business
On October 4,PrudentialIt was officially announced that its Annuity Life Insurance Company (PALAC) was acquired by Fortitude Holdings Group.The insurer will be renamed Fortitude Life Insurance and Annuities.
Accompanying this acquisition is nearly $310 billion in effectSecurities Annuity InsuranceContracts, which are primarily sold outside of New York State, are traditional security annuities with guaranteed withdrawal benefits.
(>>>Related reading:Popular Science | What is Variable Annuity?Advantages and disadvantages and applicable groups )
Prudential Insurance Retirement Business Sold
3 days after completing the sale of the insurance subsidiary,PrudentialIn the official news section, it was announced that the company's retirement business was officially sold.
According toPrudential InsuranceThe company announced that Empower, a retirement service provider, has fully acquired Prudential's Defined contribution, Defined Benefit, Non-qualified/Rollover IRA account business and independent account and investment platform business for $35 billion.
1800 people who originally operated and managed retirement businessesPrudentialEmployees, are also packaged in the sale agreement.
OnAmerican Life Insurance Guide©️ of 2020News reportPointed out thatPrudential Financial (Prudential, aka Prudential)Financial report shows, life insurance business in the companylow revenue share.PrudentialAnnounceSome annuity insurance products have been discontinuedpromotion of.
How will Chinese policyholders' policies and benefits be affected as the transaction is completed?American Life Insurance Guide Network will maintain continuous attention. (End of full text)
(>>>Related reports:Life insurance business accounted for only 1%, Prudential stopped selling some insurance products ）
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of Dec. 31, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information , please visit news.prudential.com.
(Note: Prudential, also known as Prudential, Prudential, orPrudential.It has nothing to do with Prudential. )
