Prudential Financial announces ~$40M expense in Q4
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- Insurance company Prudential Financial (NYSE:PRU) announced on Thursday a one-time pretax expense of ~$40M in Q4 2024.
- PRU shares were trading +1.88% pre-market at $116.74.
- The charges stem from the restructuring of a series of internal captive reinsurance arrangements for a portion of its in-force term life insurance block.
- The $40M expense is due to the extinguishment of certain financing facilities.
- PRU anticipates an increase in the pretax annual adjusted operating income of about $25M from 2025.
- Additionally, the company said it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Wilton Re.
- The financial impact of the transaction aligns with the impacts outlined at the time of the announcement.
- Source: Press Release