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4-Traders Homepage  >  Equities  >  Nyse  >  Prudential Financial Inc    PRU

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

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12/10/2012 | 03:30pm CET

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 http://www.news.prudential.com/.

Prudential Financial, Inc.
Dawn Kelly, 973-802-7134
dawn.kelly@prudential.com


© Business Wire 2012
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Financials ($)
Sales 2017 51 980 M
EBIT 2017 5 874 M
Net income 2017 4 547 M
Debt 2017 -
Yield 2017 2,75%
P/E ratio 2017 10,91
P/E ratio 2018 10,22
Capi. / Sales 2017 0,91x
Capi. / Sales 2018 0,88x
Capitalization 47 283 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 114 $
Spread / Average Target 3,3%
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NameTitle
John Robert Strangfeld Chairman, President & Chief Executive Officer
Stephen P. Pelletier Chief Operating Officer-US Business & Executive VP
Charlie F. Lowrey Chief Operating Officer-International & EVP
Robert Michael Falzon Chief Financial Officer & Executive Vice President
Barbara G. Koster Chief Information Officer & Senior Vice President
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