Newswires
Prudential Financial Inc. (PRU) agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Group Holdings for a total transaction value of $2.2 billion.
As per the terms of the deal, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation (PALAC), including PALAC's in-force annuity contracts, to Fortitude Re, for an all-cash purchase price of $1.5 billion, plus a capital release to Prudential and an expected tax benefit.
The transaction is expected to close during the first half of 2022.
Upon closing, Prudential anticipates a reduction to pre-tax annual adjusted operating income of approximately $290 million. Proceeds from the transaction are expected to be used for general corporate purposes.
Prudential To Sell Portion Of In-force Legacy Variable Annuity Block To Fortitude For 2.2B
Sen. Kennedy Introduces National Flood Insurance Program Extension Act
One of Best E&S Markets in 50 Years, Industry Veteran Says
Advisor News
- Could a narrower focus help grow your practice?
- U.S. debt hits $40 trillion: how to support concerned clients
- Flourish brings private-bank-like cash solution to MassMutual’s network
- Majority of Americans concerned recent market highs are unsustainable
- GLP-1 users choose between medication and retirement saving
More Advisor NewsAnnuity News
- Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
- Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
- IMOs get frustrated with slow carrier adoption of faster technology
- New class-action lawsuit targets Delaware Life over annuity disclosures
- A client remarried: Does their annuity still fit?
More Annuity NewsHealth/Employee Benefits News
Life Insurance News