Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

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

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


© Business Wire 2012
React to this article
Latest news on PRUDENTIAL FINANCIAL INC
02/04 PRUDENTIAL FINANCIAL : sets GUINNESS WORLD RECORDS® title with health and wellne..
02/03 PRUDENTIAL FINANCIAL : tackles implications student debt has on retirement with ..
02/03 PRUDENTIAL FINANCIAL : -Ways to maximize Social Security benefits in wake of Bip..
02/02 PRUDENTIAL FINANCIAL : Mortgage Capital Company provides $14.6 billion in financ..
01/28 PRUDENTIAL FINANCIAL : receives regulatory approval for proposed acquisition of ..
01/28 PRUDENTIAL FINANCIAL : sets GUINNESS WORLD RECORDS title with health and wellnes..
01/27DJMetLife CEO Warned Federal Regulators in 2014 of Possible Breakup, Court Fili..
01/27DJAs MetLife Zigs, AIG Zags
01/26 PRUDENTIAL FINANCIAL : sets GUINNESS WORLD RECORDS® title with health and wellne..
01/24DJFinance Watch
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials