Prudential Financial, Inc. and Reinsurance Group of America, Incorporated have been selected in a pension risk transfer involving Verizon Communications Inc. The transaction will settle approximately $5.9 billion of Verizon pension liabilities and will provide retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries who commenced their benefits before Jan. 1, 2023. Prudential and RGA will each irrevocably guarantee and assume 50% of the benefit obligation to the retirees, except in certain jurisdictions where Prudential will irrevocably guarantee and assume 100% of the benefit obligation.

Prudential and RGA, organizations with a long history of providing lifetime income to individuals, are well positioned to meet this commitment. The transaction marks the second major pension risk transfer agreement between Prudential and Verizon. In 2012, Prudential completed an approximately $7.5 billion transfer that covered approximately 41,000 of Verizon?s retirees.

Under the terms of the agreement, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, will assume complete responsibility for administrative services. This includes providing protected retirement income payments to this transaction?s population of retirees and their beneficiaries on behalf of Prudential and, where applicable, on behalf of RGA, beginning July 1, 2024.