NEWARK, N.J. -- Prudential Financial Inc. said Wednesday that it is moving away from selling long-term care insurance policies, citing persistently low interest rates.
The insurer's Prudential Group Insurance unit will cease offering the coverage starting Aug. 1 everywhere in the U.S. except Indiana, Iowa, Kansas, Louisiana and South Dakota.
The company will continue offering products in those states for a period of time, as required by state laws.
Prudential shares slipped a penny in afterhours trading. The stock ended the regular session unchanged at $48.65.