Prudential Pivots Away From Annuities, CEO Lowery Says
February 10, 2021 by John Hilton
Prudential plans to halve the share annuities contribute to its earnings, a downsizing the insurer aims to accomplish through sales, reinsurance deals and expiring policies.
Charles Lowrey, chairman and CEO, said the company strategy is centered on Prudential’s $750 million cost savings plan.
“Over the next three years we plan to reallocate between $5 billion and $10 billion of capital with the intention of doubling the earnings contribution of our higher growth businesses and halving individual annuities,” he said.