Company Overview of The Prudential Insurance Company of America, Inc.
The Prudential Insurance Company of America, Inc. offers life insurance, annuities, group disability, and care insurance solutions in the United States. The company also offers claim adjusting services, accidental death and dismemberment, and other related coverage, as well as provides plan administrative services. It serves institutional clients. The company was founded in 1873 and is based in Newark, New Jersey. The Prudential Insurance Company of America, Inc. operates as a subsidiary of Prudential Holdings, LLC.
751 Broad Street
Newark, NJ 07102
Founded in 1873
Key Executives for The Prudential Insurance Company of America, Inc.
Executive Vice President of Financial Management
Executive Vice President and Chief Operating Officer
Chief Marketing Officer and Senior Vice President of Strategy
Senior Vice President of Disability and Small Market Business
Compensation as of Fiscal Year 2015.
The Prudential Insurance Company of America, Inc. Key Developments
Millennium Trust Adds Prudential Guaranteed Fund as an Investment Option for Automatic Rollovers
Jan 20 16
Millennium Trust Company announced an agreement with Prudential Insurance Company of America (PICA) that allows plan fiduciaries to select the Prudential Guaranteed Fund as an investment option when using Millennium's automatic rollover services. By utilizing Millennium's automatic rollover solution, plan fiduciaries can roll costly, non-responsive, small-balance account holders (generally those with balances of less than $5,000) out of their plans and into a self-directed IRA. While Millennium works to connect missing and non-responsive account holders with their retirement money, balances in the IRAs will be held in the initial investment selected by the plan fiduciary.
Prudential Insurance Receives Group Annuity Contract from J. C. Penney
Oct 5 15
Prudential Insurance receives group annuity contract from J. C. Penney. Under the deal, Prudential will settle a substantial portion of J. C. Penney's retiree pension benefit obligations. The deal, combined with a lump sum payment offering, is expected to reduce J. C. Penney's pension liabilities worth $5 billion, ranging between 25% to 35%.
Royal Philips Signs Agreements to Transfer U.S. Pension Plan Obligations for a Large Group of Former Employees to The Prudential Insurance Company of America, Banner Life Insurance Company and American United Life Insurance Company
Oct 2 15
Royal Philips announced that its U.S. subsidiary has entered into agreements with The Prudential Insurance Company of America ("Prudential"), Banner Life Insurance Company and American United Life Insurance Company to purchase group annuity contracts that will transfer payment responsibility for retirement benefits owed to approximately 17,000 former U.S. employees and their beneficiaries. The multi-insurer structure, with three insurance companies, will continue to protect and deliver their future retirement benefits. Philips expects to make additional pension contributions of approximately USD 315 million in cash, of which approximately USD 125 million will be made in the fourth quarter of 2015 to support the transaction and approximately USD 190 million in the first quarter of 2016 to support the retained U.S. pension liabilities. As a result of the annuity purchases, Philips expects to recognize a non-cash pension settlement charge in the fourth quarter of 2015 that is currently estimated at approximately USD 45 million (approximately EUR 40 million) before-tax and will be reported within EBITA. Reduction of Philips' financial exposure to its defined benefit pension plans.
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