Prudential Discloses Dispute With New York Regulator on Reserves

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.”

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.