Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, said the New York Department of Financial Services has told the company that it may not be holding enough reserves to back some savings products.
The regulator “has notified us that it does not agree with our calculation of statutory reserves,” Newark, New Jersey-based Prudential said today in a regulatory filing with the U.S. Securities and Exchange Commission. “We are currently in discussions with the NY DFS regarding the proper level of statutory reserves.”
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