Prudential awarded $9.2B international longevity risk transfer mandate

Prudential Financial announced that its subsidiary entered into a $9.2B longevity risk transfer agreement with NN Life, a subsidiary of NN Group. The transaction reinsures a block of more than 200,000 policies with The Prudential Insurance Company of America, effective Dec. 31, 2023. The deal marks Prudential’s first international longevity reinsurance transaction in the Dutch market and directly aligns to the company’s growth strategy. “Prudential is proud to support NN Life through this transaction, and we are excited to expand the presence of our Institutional Retirement Strategies business into The Netherlands,” said Charles Lowrey, chairman and CEO, Prudential Financial, Inc. “This longevity risk transfer further demonstrates our vision to be a global leader in expanding access to investing, insurance, and retirement security.”