Prudential Financial (PRU) said Thursday it completed a reinsurance deal for a portion of its guaranteed universal life block with Wilton Re.
Prudential also said it has restructured several internal captive reinsurance arrangements for a portion of its in-force term life insurance block, resulting in estimated one-time pretax expenses of about $40 million in Q4 due to extinguishment of some financing facilities.
The company said it also expects the transaction to result in an increase in pretax annual adjusted operating income of about $25 million starting next year.
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