Prudential awarded $9.2 billion international longevity risk transfer mandate by NN Life, expanding Prudential Institutional Retirement Strategies into The Netherlands

Business Wire

NEWARK, N.J.--(BUSINESS WIRE)--
Prudential Financial, Inc. (NYSE: PRU) today announced that its subsidiary entered into a $9.2 billion¹ longevity risk transfer agreement with NN Life, a subsidiary of NN Group. The transaction reinsures a block of more than 200,000 policies with The Prudential Insurance Company of America (Prudential), effective Dec. 31, 2023.

The deal marks Prudential’s first international longevity reinsurance transaction in the Dutch market and directly aligns to the company’s growth strategy.

“Prudential is proud to support NN Life through this transaction, and we are excited to expand the presence of our Institutional Retirement Strategies business into The Netherlands,” said Charles Lowrey, chairman and CEO, Prudential Financial, Inc. “This longevity risk transfer further demonstrates our vision to be a global leader in expanding access to investing, insurance, and retirement security.”

Commenting on the growing market demand for longevity risk management, Alexandra Hyten, head of Institutional Retirement Strategies, Prudential, added: “With the recently passed Dutch pension reform legislation, we anticipate the market for risk transfer to continue to grow. We are well-positioned to assist insurers and plan trustees in meeting their de-risking objectives by offering customized reinsurance solutions.”

¹Transaction Euro/USD Fx Rate of 1.0915 is as of EOD 12/18.

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 Sept. 30, 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.

© 2023 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 and reinsurance products are issued by The Prudential Insurance Company of America (PICA), Newark, New Jersey. PICA is a Prudential Financial company. PICA is solely responsible for its financial condition and contractual obligations. Prudential of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential’s insurance subsidiary issues reinsurance from the U.S. and is not a U.K. or EU authorized insurer and does not conduct business in the United Kingdom or the EEA or provide direct insurance to any individual or entity therein.