NEWARK, N.J. - Prudential Financial, Inc. (NYSE: NYSE:PRU) has completed a pension risk transfer deal with Shell (LON:SHEL) USA, Inc., assuming $4.9 billion in pension obligations. This agreement, which covers approximately 21,500 U.S. retirees of Shell, represents a significant movement in the U.S. pension risk transfer market.
The transaction, closed recently, positions Prudential through its subsidiary, The Prudential Insurance Company of America, to begin managing pension benefit payments to these retirees starting May 15, 2024. Prudential's Institutional Retirement Strategies team, led by Alexandra Hyten, will oversee the transition and ongoing service delivery, emphasizing their commitment to ensuring the retirees' income security.
This deal marks Prudential's latest achievement in a series of substantial pension risk transfers, including seven out of the ten largest recorded in the U.S.
The company's Retirement Strategies team caters to over 2 million individuals and institutions, focusing on growth and protection in retirement planning.
This news is based on a press release statement.
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