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Slide #51. Prudential Financial, Inc. — The Hartford's Individual Life Insurance business
Prudential Financial, Inc. (NYSE:PRU)
The Hartford's Individual Life Insurance business
Prudential Financial, Inc. announced that it has reached a definitive agreement with The Hartford for The Prudential Insurance Company of America to acquire The Hartford's Individual Life Insurance business through a reinsurance transaction. Under the terms of the agreement, Prudential will pay The Hartford cash consideration of $615 million and primarily will receive approximately $7 billion of general account investment assets and corresponding reserves, and rights and obligations with respect to approximately $5 billion in separate account assets and corresponding liabilities, based on statutory balance sheet values as of June 30, 2012. The cash consideration consists primarily of a ceding commission to provide reinsurance for approximately 700,000 Hartford life insurance policies with face amount in force of approximately $135 billion. The transaction is expected to close in early 2013, subject to regulatory approvals and customary closing conditions.
Prudential Financial is a holding company. Through its subsidiaries and affiliates, Co. provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. Co. provides these products and services to individual and institutional customers. Co.'s principal operations consist of PGIM (its global investment management business), its U.S. Businesses (consisting of its Retirement, Group Insurance, Individual Annuities, Individual Life and Assurance IQ businesses), its International Businesses, the Closed Block division and its Corporate and Other operations.
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Hold (1.73 out of 4)