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Life Health > Life Insurance

Lockheed Martin Makes Pension Risk Transfer Deals with Pru and Athene

By Allison Bell

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Lockheed Martin Corp. is using group annuities from The Prudential Insurance Company of America and Athene Annuity and Life Company to transfer about $2.6 billion in pension obligations.

(Related: Pension Risk Transfer Volume Falls)

Lockheed Martin is transferring $1.8 billion in pension obligations for 32,000 retirees to Prudential, which is a unit of Prudential Financial Inc.

Prudential says its pension risk transfer business is making $10 billion in pension payments per year to about 1 million retirees and beneficiaries.

The defense contractor is also transferring $800,000 in pension obligations for 9,000 retirees to Athene Annuity, which is part of Athene Holding Ltd.

Athene says it closed a total of $2.6 billion in pension risk transfer deals for 90,000 annuitants in 2018.

— Read S&P Eyes Pension Risk Transfer Business, on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.

Allison Bell

Think_Allison

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NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.