Prudential Financial, Inc. (PRU), a global provider of insurance, investment management and other financial services, has agreed to sell a portion of its in-force legacy variable annuity block to Bermuda-based multi-line reinsurer Fortitude Re for $2.2 billion. Prudential aims to become a higher growth and more nimble company by reducing its exposure to market-sensitive and traditional variable annuities with guaranteed living benefits. (See Prudential Financial stock charts on TipRanks) As per the terms of the deal, PRU will sell one of its units, Prudential Annuities Life Assurance Corporation (PALAC), to Fortitude Re for $1.5 billion in cash.
https://www.tipranks.com/news/prudential-to-sell-31b-palac-block-to-fortitude-re?utm_source=advfn.com&utm_medium=referral
Prudential Financial (NYSE:PRU)
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