Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Prudential Says Regulators Reject Appeal of Risk Label

(Updates with Prudential statement in second paragraph.)

By Zachary Tracer and Ian Katz

Sept. 19 (Bloomberg) -- Prudential Financial Inc., the No. 2 U.S. life insurer, failed to dissuade federal regulators from keeping the company on a list of firms that will get extra scrutiny to protect the financial system.

“We are currently reviewing the rationale for the determination and our options,” Prudential said in a statement today.

Prudential was the first U.S. company to contest the designation as a non-bank systemically important financial institution. The insurer can still challenge the finding in federal court, Newark, New Jersey-based Prudential said in the statement.

Prudential joins American International Group Inc. and General Electric Co.’s finance unit in receiving the risk label. Neither AIG nor the GE unit contested the designation. The firms will be regulated by the Federal Reserve under the Dodd-Frank Act, which increased scrutiny of the largest U.S. financial firms to help avoid a repeat of the 2008 bailouts.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.