Prismic Life and Prudential Financial announce $5B reinsurance deal

Prismic Life Holding Company, LP has entered into an agreement with Prudential Financial, Inc. to reinsure approximately $5 billion of reserves. These reserves back recently originated, USD-denominated Japanese whole life insurance policies issued by Prudential’s Japanese affiliates.

Under the terms of the arrangement, Prudential will continue to administer the contracts, and its obligations to policyholders will remain unchanged. The deal is intended to support Prudential’s strategy of disciplined capital allocation and enhance financial flexibility.

The transaction expands the existing relationship between the two companies, which now includes transactions covering more than $22 billion of USD-denominated liabilities. Following the closing of this deal, Prismic manages approximately $25 billion in assets to support assumed liabilities.