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Prudential Financial forms new Prudential Retirement Strategies business
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Empower Retirement to acquire Prudential s retirement business
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Prudential plans to halve the share annuities contribute to its earnings, a downsizing the insurer aims to accomplish through sales, reinsurance deals and expiring policies.
Charles Lowrey, chairman and CEO, said the company strategy is centered on Prudential s $750 million cost savings plan. Over the next three years we plan to reallocate between $5 billion and $10 billion of capital with the intention of doubling the earnings contribution of our higher growth businesses and halving individual annuities, he said.
The Prudential plan is to reduce annuities to 10% or less of company earnings, Lowrey said.
Prudential announced plans to discontinue all sales of variable annuities with guaranteed living benefits during the insurer s third-quarter earnings call. Together with repricing strategies and introducing its FlexGuard annuity in late May helped Prudential s annuity business remain competitive.