Prudential has restructured a series of internal captive reinsurance arrangements for a portion of its in-force term life insurance block. Credit: Piotr Swat/Shutterstock.

Prudential Financial has completed a reinsurance deal with Wilton Re, involving an $11bn block of its guaranteed universal life insurance policies.  

The move is part of Prudential’s efforts to transform into a capital-efficient and growth-oriented entity. 

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This deal was announced in August this year. 

The policies, issued by Pruco Life Insurance Company Arizona and Pruco Life Insurance Company of New Jersey, represent roughly 40% of Prudential’s remaining guaranteed universal life reserves. 

Prudential has assured that the terms of the policyholders’ contracts will remain unchanged, with the company continuing to oversee policy management.  

It also stated that the transaction is unlikely to affect its workforce size.  

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Prudential has now cut its exposure to guaranteed universal life insurance by nearly 60%. 

Wells Fargo was the financial advisor to Prudential for the deal, while Debevoise & Plimpton offered legal advice. 

Wilton Re secured legal advice from Kirkland & Ellis. 

Prudential has also restructured a series of internal captive reinsurance arrangements for a portion of its in-force term life insurance block.  

Prudential projects one-time pre-tax expenses of around $40m in the fourth quarter of 2024, because of the termination of some financing facilities.  

The company also expects growth of nearly $25m in pre-tax annual adjusted operating income from 2025. 

Last month, Prudential Financial named Andrew Sullivan as its next CEO; he will succeed Charles F Lowrey on 31 March 2025.