ALEXANDRIA, Va., May 9 -- Independent Insurance Agents and Brokers of America issued the following news release:

Duck Creek Technologies is the newest company partner of the Independent Insurance Agents & Brokers of America's Agents Council for Technology (ACT).

"To stay relevant in today's market, industry stakeholders continue to pursue technology solutions that let them respond quickly to the needs of their customers and the requirements of their business. It's a pursuit we fully support. Our software and services are designed to keep pace with the changing demands of agents, brokers and insurers around the globe," said Michael A. Jackowski, CEO at Duck Creek Technologies. "We are delighted to be a supportive member of this organization and look forward to sharing our expertise as they advance their technology goals."

Founded in 2000, Duck Creek Technologies provides comprehensive P&C insurance software and services for insurers of all sizes worldwide. Employing progressive technology, Duck Creek solutions enable insurers to optimize outcomes and enhance engagement through advanced digital and data capabilities and integrated functionality that can be delivered via the cloud or on premise. The global company has U.S. offices in Connecticut, Illinois, Massachusetts, Missouri, New Hampshire, New Jersey, North Carolina and South Carolina. Its international locations are in Australia, India, Spain and United Kingdom.

"ACT is proud to welcome Duck Creek Technologies as its newest technology provider member," says Ron Berg, ACT executive director. "We look forward to working with the Duck Creek Technologies team on efforts to improve effective technology solutions for independent insurance agents and brokers."

Independent Insurance Agents and Brokers of America (IIABA or the Big "I") was founded in 1896 and is the nation's oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance--property, casualty, life and health--as well as employee benefit plans and retirement products. Web address: www.independentagent.com.

The Agents Council for Technology (ACT) was established in January 1999 by the Independent Insurance Agents and Brokers of America (IIABA or the Big "I") to provide a candid, action-oriented forum to address the critical workflow and technology issues facing the independent agency system. ACT helps participants understand the perspectives of the other stakeholders in the process and provides excellent networking opportunities with the participants who are shaping the future for the industry on these issues. For more information about ACT visit www.iiaba.net/act.

ACT members include:

Industry associations and consultants: AAMGA, ACORD, CSIO, IIABA, Insurance Brokers Association of Canada, NAPLSO, Angela Adams Consulting Services, Red Barn Consulting, Steve Anderson Consulting;

Technology providers: Applied Systems/IVANS, AssureSign, Citrix Sharefile, CoreLogic Insurance Solutions, Duck Creek Technologies, EZLynx, HawkSoft, ITC, InsureSign, My Insurance Videos, North American Software Associates, Simply Easier Payments/EchoSage, Strategic Insurance Software, Vertafore/QQ Solutions;

User groups: Applied Client Network, InStar Users Group, National Association of S.I.S. Partner Agents, Inc., NetVU, Nexsure User Group;

Carriers: Allstate IA, The Berkley Companies, Central Insurance Companies, Chubb Group of Insurance Companies, The Cincinnati Insurance Companies, CNA, Columbia Insurance Group, Dryden Mutual Insurance Company, EMC Insurance Companies, The Hanover Insurance Group, The Hartford, Kemper Preferred, Liberty Mutual Insurance, The Main Street America Group, Merchants Insurance Group, MetLife Auto & Home, Motorists Insurance Group, Nationwide Insurance, New York Central Mutual Insurance, Penn National Insurance, Progressive, Safeco Insurance, Selective Insurance Company of America, State Auto, Travelers, West Bend Mutual and Westfield Insurance.

Prudential Financial reported lower third-quarter earnings Wednesday as a sales suspension in Japan offset growth in its U.S. businesses and asset management operations.

The Newark, N.J.-based insurer boasted record annuity sales as its industry-leading FlexGuard registered index-linked annuities continued resonating with consumers.

Retail annuity sales reached $3.9 billion, the highest quarterly level since 2013. The insurer reported its highest-ever quarterly sales of RILAs, reflecting demand for protected accumulation products and the success of product enhancements introduced late last year.

Retail annuity account values rose 25% year over year to $68 billion. Sales over the past 12 months totaled $14 billion.

“The individual annuities market continues to just be incredibly strong and growing," said CEO Andy Sullivan. "The aging of society that needs protected income, the trillions of dollars of retirement that are in motion. So, we're executing in this business against a backdrop of a market that has incredible tailwinds."

Prudential reported after-tax adjusted operating income of $1.3 billion, or $3.77 per share, compared with $1.4 billion, or $4.05 per share, in the same quarter last year.

Japan woes affect earnings

Prudential saw higher spread income and favorable underwriting results in its U.S. businesses during Q3, along with increased asset management fees. Those gains were more than offset by the impact of a sales suspension at Prudential of Japan and higher expenses tied to growth in its U.S. businesses.

POJ continues to work through widespread allegations of misconduct. Included are measures to reimburse impacted customers, restructure employee incentive compensation, and strengthen oversight of sales practices, governance, and risk management. The plans also include enhanced education, training and recruitment standards for POJ employees.

Sales were initially suspended for 90 days in February, a suspension that was later extended into November.

The sales suspension reduced third-quarter adjusted operating income by approximately $140 million, bringing the year-to-date impact to about $375 million. Prudential expects the suspension to reduce full-year 2026 earnings by approximately $500 million, with an additional $100 million impact from its Japan International Products business.

Sullivan said POJ is making progress on reforms required by Japan’s Financial Services Agency and expects its business to resume sales in phases beginning Feb. 1. Its Gibraltar business is also expected to return to the market on that date.

“We remain committed to implementing the changes to strengthen the way we conduct business in Japan," Sullivan said. "Our objective is not simply to restart sales, but to build a business model that sustains customer trust and supports responsible growth. Our priority is to complete this work and demonstrate that our new governance and oversight frameworks are effective in practice."

U.S. businesses show strength

Prudential’s U.S. businesses generated $1.2 billion in pretax adjusted operating income, essentially unchanged from the prior-year quarter.

Institutional retirement business remained subdued amid limited pension risk transfer activity across the industry. Prudential closed three mid-sized pension risk transfer transactions totaling approximately $1.6 billion in October and expects several additional transactions to close by year-end.

"Over the last five years, it has become a more competitive market with multiple entrants coming into the space and more and more people trying to go up market into the jumbo space," Sullivan said. "So, it's not more competitive; it's the same. We're well positioned."

Group insurance reported $101 million in pretax adjusted operating income, up 12% from a year earlier, driven primarily by improved underwriting results. Year-to-date sales rose 23%, with growth strongest in supplemental health products.

The business reported an overall benefit ratio of 81%, below its target range. However, disability claims continued to show elevated incidence and severity, including higher behavioral health claims and claims among high-wage earners.

Individual life insurance posted $199 million in pretax adjusted operating income, compared with $153 million a year earlier. Results benefited from more favorable underwriting, including a roughly $30 million reserve refinement, and higher spread income.

Prudential’s PGIM asset management business reported $263 million in pretax adjusted operating income, up 8% year over year. Its adjusted operating margin expanded 280 basis points to 26.5%.

Prudential said it remains on track to expand PGIM’s operating margin to 30% over several years, with a longer-term goal of exceeding that level. Growth in higher-fee private credit, asset-backed finance and ETFs, along with expense management, is expected to support profitability.

Strategic portfolio shift

Prudential is pursuing a capital rotation strategy that includes the planned sale of its businesses in Brazil and Mexico for approximately $4.025 billion. The company expects net proceeds of about $3.1 billion after taxes, transaction fees and closing costs, with the deal anticipated to close in the second half of 2027.

"We intend to deploy the expected proceeds from the sales of our Brazil and Mexico businesses into targeted acquisitions that advance our growth strategy," said Yanela Frias, executive vice president and chief financial officer.

The strategy is part of a longer-term plan to increase asset management’s contribution to earnings and expand selected insurance businesses. Prudential aims to increase asset management’s share of earnings from about 12% to 25%, with at least half of that growth expected to come organically.

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