January 23, 2025 Newswires

Prudential Financial and Dai-ichi Life to Pursue Strategic Partnership

Business Wire

NEWARK, N.J.--(BUSINESS WIRE)--
Prudential Financial, Inc. (NYSE: PRU) and Dai-ichi Life Holdings announced today their intent to pursue a strategic partnership focused on product distribution and asset management capabilities.

The partnership would include a product distribution agreement in Japan, where Prudential would select Dai-ichi’s wholly owned subsidiary, The Neo First Life Insurance Company, Ltd., as an exclusive product partner. The partnership would include distributing certain Neo First life products through Prudential’s Life Planner sales channel.

In addition, PGIM, Prudential’s global investment manager, would intend to provide asset management services to subsidiaries of Dai-ichi Life Holdings through its PGIM Multi-Asset Solutions (PMA) business. These services would include management of asset classes such as structured products and private credit.

“As one of the leading life insurance providers in Japan, Dai-ichi is an ideal partner for our best-in-class life planner distribution network in Japan, as well as to PGIM,” said Charles F. Lowrey, chairman and CEO of Prudential Financial. “By expanding our reach to more customers in Japan and adding further scale to our asset management business, this relationship with Dai-ichi would advance our vision to be a global leader in investing, insurance, and retirement security.”

“I am truly delighted to establish a strategic partnership with Prudential Financial, Inc., one of the global leading life insurance groups in the United States, in both the life insurance and asset management fields,” said Tetsuya Kikuta, president and CEO of Dai-ichi Life Holdings. “Prudential Financial, Inc., with its extensive global experience and track record, is an ideal partner for us as we strive to become a global top-tier insurance group. We look forward to building a win-win relationship between us and Prudential Financial, Inc.”

Prudential and Dai-ichi have signed an initial memorandum of understanding to pursue the above initiatives, along with additional growth opportunities.

About Prudential Financial

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of September 30, 2024, 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.

About Dai-ichi Life Holdings

Dai-ichi Life was established in 1902 as Japan's first mutual insurance company. Dai-ichi Life demutualized and was listed on the Tokyo Stock Exchange in 2010 and shifted to a Holding Company Structure in 2016. We have been expanding our presence overseas since 2007. We will continue to promote growth that is balanced between developed markets and emerging markets. We have 67.5 trillion yen in total assets and contribute to society and move the economy and financial markets as an institutional investor pursuing both stability and profitability and by supporting capital needs in growth areas such as infrastructure. For more information, please visit dai-ichi-life-hd.com/en.

Prudential Forward-Looking Statements

Certain of the statements included in this release, such as those regarding the memorandum of understanding and strategic partnership opportunities contemplated thereby, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Prudential’s forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential’s Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document.