Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re

NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) announced today that it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Somerset Re. This transaction, originally announced on July 24, 2023, advances the company’s strategy to reduce market sensitivity and increase capital efficiency. The financial impacts of the transaction are expected to be generally consistent with those highlighted in the prior announcement. Ab