Prudential Investigates Wells Fargo-Sold Policies
December 17, 2016 by Cyril Tuohy
Prudential Financial sold a relatively small amount of term life insurance products through Wells Fargo’s retail banking outlets, a senior Prudential executive said Thursday.
The Newark, N.J.-based insurer announced Monday it would suspend sales of its MyTerm life insurance policies through the scandal-tainted Wells Fargo. The bank admitted sales reps had opened thousands of bogus bank accounts without the permission of customers.
“MyTerm sales through Wells Fargo based on annualized new business premiums were approximately $4 million from the beginning of the relationship through the third quarter of 2016,” said Stephen Pelletier, executive vice president, chief operating officer of Prudential’s U.S. businesses, during the company’s outlook 2017 conference call with analysts.
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