Prudential Financial to reinsure $11 billion of guaranteed universal life insurance with Wilton Re Page 1

Prudential Financial, Inc. (NYSE: PRU) today announced an agreement to reinsure a portion of its guaranteed universal life insurance block with Wilton Re, which is expected to generate proceeds of approximately $350 million upon closing.

Under the terms of the agreement, Wilton Re will reinsure approximately $11 billion of reserves backing Prudential’s guaranteed universal life insurance policies issued by Pruco Life Insurance Company Arizona (PLAZ) and Pruco Life Insurance Company of New Jersey (PLNJ). The transaction, which covers policies written through 2019, represents approximately 40% of Prudential’s remaining guaranteed universal life insurance policy reserves.