Prudential Financial, Inc. and Warburg Pincus announce launch of Prismic Life RePrudentialFinancial,Inc.andWarburgPincusannouncelaunchofPrismicLifeRe

NEWARK, N.J., September 07, 2023 - Prudential Financial, Inc. (NYSE: PRU) (PFI) and Warburg Pincus today announced the launch of Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance company. PFI and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic and will oversee its long-term strategy through participation on its board of directors.

PFI expects to reinsure to Prismic a block of structured settlement annuity contracts with reserves of approximately $10 billion, subject to the receipt of required regulatory approvals. PFI’s obligations to the holders of these annuities will remain unchanged following the reinsurance arrangement and PFI will continue to administer the contracts. From there, PFI aims for Prismic to be a strategic reinsurance partner with the ambition to grow their reinsurance relationship materially in years to come. PGIM and Warburg Pincus will provide asset management services to Prismic.

Through expanded reinsurance capacity, PFI expects Prismic will allow the company to provide more people with access to its industry-leading life and annuity products.