|[January 02, 2013]
Prudential completes Acquisition of The Hartford's Individual Life Insurance business
NEWARK, N.J. --(Business Wire)--
Prudential Financial, Inc. (NYSE: PRU) today announced that The
Prudential Insurance Company of America has completed the acquisition of
The Hartford's Individual Life Insurance business through a reinsurance
transaction, which was announced on September 27, 2012.
"This acquisition allows us to broaden our product and distribution
capabilities and strengthens our position among the largest life
insurance companies in the U.S.," said Kent Sluyter, incoming chief
executive officer of Prudential Individual Life Insurance. "We look
forward to integrating the two businesses, providing exceptional service
to The Hartford's existing individual life policy owners and enhancing
Prudential's leadership positions in universal, term and variable life
Under the terms of the agreement, Prudential paid The Hartford a cash
consideration of $615 million consisting primarily of a ceding
commission to provide reinsurance for approximately 700,000 Hartford
life insurance policies with face amount in force of approximately $135
The benefits and provisions of The Hartford's in-force life insurance
contracts remain unchanged, and The Hartford's issuing companies
continue to be the named insurers. Prudential will receive premiums and
will be responsible for paying claims and providing customer service and
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 www.news.prudential.com.
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