Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Prudential Financial Completes Sale Of Full-Service Retirement Business To Empower

  • Prudential Financial Inc (NYSE:PRU) has completed the sale of its full-service retirement business to Empower, the U.S. subsidiary of Canadian insurer Great-West Lifeco Inc (OTC:GWLIF).
  • The sale agreement included more than 1,800 employees. Prudential will continue to partner with Empower through the transition.
  • "The close of this transaction marks another significant milestone in Prudential's strategy to become a higher growth, less market sensitive, more nimble business," said Andy Sullivan, EVP and head of Prudential's U.S. Businesses.
  • Prudential also closed the sale of a portion of its legacy traditional variable annuity block to Fortitude Re on April 1, 2022.
  • Price Action: PRU shares are trading lower by 1.82% at $116.24 and GWLIF higher by 0.34% at $29.32 on Monday's last check.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.