The approach developed by Prudential and PIC creates economies of scale, execution efficiency and greater flexibility, enabling both companies to better meet the needs of this rapidly growing market.Khurram Khan of Pension Insurance Corporation said: "This evolution in longevity risk hedging brings with it greater automation and certainty to the reinsurance of U.K. bulk annuities. PIC continues to develop other such products in conjunction with enterprising reinsurers such as Prudential." Bill McCloskey, Prudential's head of transactions for international longevity reinsurance, said: "This new process leverages Prudential's and PIC's innovative cultures and execution capabilities. We have enjoyed collaborating with PIC to help find better ways to address their needs in managing pension-related longevity risk." About Pension Insurance Corporation The purpose of Pension Insurance Corporation plc ("PIC") is to pay the pensions of its policyholders. At year-end 2017, PIC had insured 151,600 pension scheme members and had £25.7 billion in financial investments, accumulated through the provision of tailored pension insurance buy-outs and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com. About Prudential Financial, Inc. Prudential Financial, Inc. ( NYSE: PRU), a financial services leader with more than $1 trillion in assets under management as of December 31, 2017, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. For more information, please visit news.prudential.com. Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation recordkeeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.3 million participants and annuitants. Prudential Retirement has $429.1 billion in retirement account values as of Dec. 31, 2017. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.
Reinsurance contracts are issued by either Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or PICA. Both are wholly owned subsidiaries of Prudential Financial, Inc., and each company is solely responsible for its financial condition and contractual obligations. Neither PRIAC nor PICA is licensed or regulated by the U.K. Prudential Regulation Authority as an insurer or regulated by the Financial Conduct Authority, nor does either conduct business in the United Kingdom or provide direct insurance to any individual or entity therein. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.0315821-00001-00