Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Prudential Financial Inc    PRU   US7443201022

News SummaryMost relevantAll newsSector news 

Prudential Financial Inc : Prudential completes pension risk transfer transaction with Verizon

12/10/2012 | 09:30am US/Eastern

The Prudential Insurance Company of America, a Prudential Financial, Inc. company (NYSE:PRU), today announced that the Verizon Management Pension Plan has purchased a single premium group annuity contract from Prudential Insurance to settle approximately $7.5 billion of pension liabilities of the Plan. Under the terms of the contract, Prudential Insurance has irrevocably assumed the obligation, beginning January 1, 2013, to make future annuity payments to approximately 41,000 members of the Verizon Management Pension Plan.

"We welcome the Verizon retirees who will now receive annuity payments from Prudential," said Christine Marcks, president of Prudential Retirement. "Prudential is focused on helping people achieve retirement security, and we look forward to providing guaranteed lifetime income to these retirees."

Prudential Financial, Inc. (NYSE: PRU), a financial services leader, 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. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit

Prudential Financial, Inc.
Dawn Kelly, 973-802-7134

© Business Wire 2012
React to this article
05/21 PRUDENTIAL FINANCIAL : Day One Target Date Funds pass $1 Billion in assets
05/21 PRUDENTIAL FINANCIAL INC : ex-dividend day
05/20 PRUDENTIAL FINANCIAL : to hold 2015 New York Investor Day; live webcast availabl..
05/20 PRUDENTIAL FINANCIAL : -Academy Award-Nominated Director Ava DuVernay shares ins..
05/19 PRUDENTIAL FINANCIAL : Investments launches Global Tactical Allocation Fund
05/19 PRUDENTIAL FINANCIAL : A.M. Best Assigns Debt Ratings to Prudential Financial In..
05/19 PRUDENTIAL FINANCIAL : -Multiple employer plans can help bridge the retirement c..
05/18 PRUDENTIAL FINANCIAL : Other Events, Financial Statements and Exhibits (form 8-K..
05/18 PRUDENTIAL FINANCIAL : Academy Award-Nominated Director Ava DuVernay shares insi..
05/18 PRUDENTIAL FINANCIAL : A.M. Best Assigns Debt Ratings to Prudential Financial In..
Duration : Period :
Prudential Financial Inc Technical Analysis Chart | PRU | US7443201022 | 4-Traders
Income Statement Evolution
More Financials