Prudential assumes $4.9 billion in pension obligations for 21,500 Shell U.S. retirees
07 Fevereiro 2024 - 11:00AM
Business Wire
First jumbo transaction of 2024 underscores continued
momentum in U.S. pension risk transfer market
Prudential Financial, Inc. (PFI) (NYSE: PRU) closed a pension
risk transfer transaction with Shell USA, Inc. for $4.9 billion in
pension obligations covering a block of about 21,500 of the
company’s U.S. retirees.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240207782372/en/
Alexandra Hyten, Head of Institutional
Retirement Strategies, Prudential (Photo: Business Wire)
As a result of this transaction, PFI, through its subsidiary The
Prudential Insurance Company of America, will be responsible for
the pension benefit payments to these retirees beginning May 15,
2024.
“Prudential is honored to help continue meeting the retirement
security needs of Shell’s retirees,” said Alexandra Hyten, head of
Institutional Retirement Strategies at Prudential. “We are
confident that our commitment to flawless execution — from the
transaction itself to participant onboarding and service delivery —
will serve Shell retirees well, protecting the lifetime income
they’ve worked hard to earn.”
With this transaction, Prudential has now completed seven of the
10 largest U.S. pension risk transfers on record, combining strong
pension and actuarial expertise with leading investment
capabilities and deep financial resources to structure custom
transactions that meet clients’ goals and expand access to
retirement security.
Since 1928, Prudential has been an innovator in the pension risk
transfer market, creating bespoke solutions for companies and
organizations across a wide range of industries to help them
de-risk and meet their financial objectives.
Prudential revolutionized the modern pension risk transfer
market with its pioneering pension buyouts with General Motors and
Verizon in 2012. Many similar transactions followed, including HP
Inc. in 2021 and IBM in 2022.
ABOUT PRUDENTIAL
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 Dec.
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.
With nearly 100 years of retirement experience, the Retirement
Strategies team at Prudential delivers industry-leading solutions
for growth and protection to more than 2 million individual and
institutional customers. The business expands access to retirement
security through its Individual Retirement protected accumulation
and income strategies and its Institutional Retirement lines of
business spanning U.S. Pension Risk Transfer, International
Reinsurance, Stable Value, and Structured Settlements.
© 2024 Prudential Financial, Inc. and its related entities.
Prudential, Prudential Retirement Strategies, the Prudential logo,
the Rock symbol and Rock Solid are service marks of PFI and its
related entities, registered in many jurisdictions worldwide.
Insurance products are issued by The Prudential Insurance
Company of America (PICA), Newark, NJ. PICA is a Prudential
Financial company. PICA is solely responsible for its financial
condition and contractual obligations.
1077573-00001-00
CONNECT WITH US: Visit prudential.com Follow on
LinkedIn
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207782372/en/
MEDIA Kristen Doyle 201-835-4872
kristen.doyle@prudential.com
Prudential Financial (NYSE:PRU)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Prudential Financial (NYSE:PRU)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024