NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Group Insurance, a business of Prudential Financial, Inc. (NYSE: PRU), today announced that it will discontinue sales of new group long-term care insurance policies, effective August 1, 2012, in all states except Indiana, Iowa, Kansas, Louisiana, and South Dakota, where it will continue to offer products for a period of time as required by state law. Prudential will also notify clients of its intent to continue to accept group long-term care enrollments until June 30, 2013.
The decision reflects the impact of the continued low interest rate environment, and Group Insurance’s desire to achieve appropriate returns, enhance its long-term risk profile, and further its longer-term goal of sustainable, profitable growth in its core group life and disability lines of business.
The terms and conditions of coverage provided under existing group long-term care insurance certificates will not change. This coverage is guaranteed renewable, and as long as premiums are paid on time and benefits are not exhausted, coverage will remain in place—although premiums may change on a class basis, subject to regulatory review. Prudential is committed to ensuring that current group long-term care insurance clients and plan participants will continue to receive quality service.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
Sheila Bridgeforth, 973-802-6852
Source: Prudential Group Insurance