Prudential completes Acquisition of The Hartford’s Individual Life Insurance
NEWARK, N.J. -- January 2, 2013
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 insurance.”
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 billion.
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
Prudential Financial, Inc.
Sheila Bridgeforth, 973-802-6852
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