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Lockheed Martin Makes Pension Risk Transfer Deals with Pru and Athene

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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.

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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 Businesson ThinkAdvisor.

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