Prudential to reinsure $7B Japan whole life block with Prismic; expects modest income boost

PRUDENTIAL FINANCIAL INC

Reinsures ~$7B of USD-denominated Japan whole life reserves via Prismic Life; Prudential continues to administer policies.
Transaction value estimated at $400M from capital release, ceding commission, taxes, and NPV of future income.
Prudential invests ~$100M in Prismic HoldCo to maintain ~20% equity stake; other investors contribute ~$400M.
Expects modest increase to after-tax annual adjusted operating income from reinsurance and PGIM asset management fees.

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