Insurance stocks post modest declines; Prudential Financial, Lincoln ink deals
September 21, 2021 by Tom Jacobs
Insurance stocks tracked closely with the broader market during a week that saw two life giants sign substantial deals, including one that stands to further alter the seller’s business mix.
The S&P 500 declined 0.57% to 4,432.99 for the week ending Sept. 17, while the S&P 500 Insurance Index dipped 0.59% to 521.19.
Prudential Financial Inc. continued its capital allocation strategy as it announced Sept. 15 that it will sell Prudential Annuities Life Assurance Corporation – Prudential Fixed Annuity Fund. and its block of legacy variable annuities, valued at $31 billion, to Fortitude Reinsurance Co. Ltd., a subsidiary of Fortitude Group Holdings LLC, in a transaction valued at $2.2 billion.