to include its investment options in their products and platforms. The company also provides investment management services across a range of asset classes for its general account. U.S. Individual Life and Group Insurance division The U.S. Individual Life and Group Insurance division conducts its business through the Individual Life and Group Insurance segments. Individual Life segment The company’s Individual Life segment manufactures and distributes individual variable life, term life and universal life insurance products primarily to the U.S. mass middle, mass affluent and affluent markets. The company’s life products are distributed through independent third-party distributors and licensed sales professionals within Prudential Advisors. The company owns The Hartford Financial Services Group’s individual life insurance business through a reinsurance transaction. This acquisition increased its scale in the U.S. individual life insurance market, particularly universal life products, and provided complementary distribution opportunities through expanded wirehouse and bank distribution channels. Products The company’s primary insurance products are term life, variable life, guaranteed universal life and all other universal life. Term Life Insurance The company offers various term life insurance products that provide coverage for a specified time period. Most term products include a feature that allows the policyholder to convert the policy into permanent life insurance coverage. The company also offers term life insurance that provides for a return of premium if the insured is alive at the end of the level premium period. There continues to be significant demand for term life insurance protection. Variable Life Insurance The company offers various individual variable life insurance products that give the policyholder the flexibility to change both the death benefit and premium payments, and provide the potential to earn returns linked to an underlying investment portfolio that the policyholder selects. The policyholder generally can make deposits for investments in a fixed-rate option, which is part of the company’s general account or in separate account investment options consisting of equity and fixed income funds. Funds invested in the fixed-rate option provide a guarantee of principal and are credited with interest at rates that it determines, subject to certain contractual minimums. In the separate accounts, the policyholder bears the fund performance risk. The company also offers a variable life product that has an optional flexible guarantee against lapse where policyholders can select the guarantee period. While variable life insurance continues to be an important product, marketplace demand continues to favor term and universal life insurance. A meaningful portion of Individual Life’s profits, however, is associated with the company’s large in force block of variable policies, which are expected to run off over time as policies age. Universal Life Insurance The company offers universal life insurance products that feature flexible premiums and a crediting rate that it determines, subject to certain contractual minimums. Guaranteed universal life products provide a guarantee of death benefits to remain in force when a policy would otherwise lapse due to insufficient cash value. The company also offers universal life insurance products that allow the policyholder to allocate all or a portion of their account balance into an index account. The index account provides interest or an interest component linked to, but not an investment in, S&P 500 index performance over the following year, subject to certain participation rates and contractual minimums and maximums. Mortality and expense margins and net interest spread impact Individual Life’s profits from universal life insurance. Marketing and Distribution Individual Life provides products to the U.S. mass and mass affluent markets through the following two channels: Third-Party Distribution: The company’s individual life products are offered through various third-party channels, including independent brokers, wire
prudential financial inc (PLL:Berlin)
751 Broad Street
Newark, NJ 07102
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