Pensions
RTX to Transfer $2.5B in Pension Obligations to Prudential
The pension risk transfer will result in a $300 million settlement charge in the fourth quarter.
Tag: Prudential
Newsmakers
Jacques Chappuis Appointed President, CEO of PGIM
Currently leading Morgan Stanley Investment Management, Chappuis will succeed David Hunt in May 2025.
Pensions
IBM Secures $6B Pension Risk Transfer With Prudential
The latest deal follows the company closing its defined contribution plan in 2023 in favor of a cash-balance pension plan and an earlier $16 billion PRT.
Corporate Moves
Prudential’s Asset Management Unit Names HSBC’s Vis Nayar CIO
Nayar leaves HSBC after more than 25 years at the company.
Pensions
Shell Closes $4.9B Pension Risk Transfer With Prudential
The pension obligations cover 21,500 of the company's retirees, the first large PRT transaction in the U.S. this year.
Risk
Pension Risk Transfer Contracts Hit Record Numbers in 3Q
Dollar volume lagged, but that may be a sign of smaller plans’ increased use of PRTs.
Pensions
US Pension Risk Transfer Market Hit $51.8 Billion in 2022
Higher interest rates drove a spike in transactions, Aon reports.
Manager Selection
Corebridge Financial Names Prudential’s Longino CIO
The former head of Prudential’s global investment strategy will oversee the AIG spin-off’s investment portfolio.
Pensions
IBM De-Risks $16 Billion in Pension Obligations
Prudential, MetLife to take over responsibility for 100,000 participants and beneficiaries.
Asset Allocation
Prudential Financial Launches Green Bond with $500 Million
Firm becomes first US insurance company to enter the $250 billion green bond market.
Regulation
Michigan Police Pension Files Securities Lawsuit Against Prudential
Fund alleges insurance giant provided false information that artificially inflated its stock.
Risk
Baxter De-Risks $2.4 Billion in Pension Liabilities
Annuity contract with Prudential to transfer benefits for 17,200 members.
Newsmakers
Lockheed Martin Makes Two Big Pension Risk Transfers in Q4
Latest 8-K reveals $2.6 billion in LDI transactions.
Prudential Closes $3.2 Billion in New UK Longevity Reinsurance Deals
Firm says market for pension de-risking is expanding at its fastest pace in years.
International Paper, Prudential Make $1.6 Billion Group Annuity Deal
Prudential will take over the benefit obligations of 23,000 retirees.