S&P: No change to Prudential

Standard & Poor's said the ratings on Prudential Financial Inc. and its subsidiaries are not affected by the announced agreement to acquire the individual life insurance business of Hartford Financial Services Group Inc. via a reinsurance agreement.

The agency said it believes the acquisition will bolster Prudential's presence in the U.S. individual life insurance market, particularly in wire-house and bank channels.

The agency also said it considers Hartford's product portfolio, which features variable and universal life products, to be complementary to Prudential's term life insurance offerings, which have accounted for the majority of Prudential's recent individual life insurance sales.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.