Units of Prudential Financial Inc. and American International Group Inc. today announced “pension risk transfer” deals, or group annuity sales, that led to the insurers absorbing a total of about $3.3 billion in pension obligations.
(Related: Pension Risk Transfer Volume Blows Past Forecasts)
Prudential’s Prudential Retirement division said it has completed $2.6 billion in pension risk transfer deals with United Kingdom pension plan sponsors.
The deals led to Prudential assuming responsibility for pension benefits for about 16,000 people.
Many U.K. employers have been trying to shed pension risk because of concerns surrounding Brexit-related uncertainty, Prudential said.