Posts Tagged ‘prudential financial’

Prudential Updates ‘Highest Daily’ Annuity Optional Benefits | Business Wire

NEWARK, N.J.–(BUSINESS WIRE)–Prudential Annuities, the domestic annuity business of Prudential

Financial, Inc. (NYSE:PRU), today adjusted its popular annuity optional

benefits, which allow investors to ‘lock in’ the highest daily value of

their annuity contract, for income purposes, each day the market is open.

Highest Daily Lifetimesm 6 Plus and Spousal Highest Daily

Lifetimesm 6 Plus can be purchased for an additional fee with

a variable annuity from Prudential issuing companies. They offer a

Protected Withdrawal Value based on 6% annual compounded growth on the

highest daily account value and daily opportunities to capture greater

lifetime income with a 4-6% income stream, depending on age at first

Lifetime Withdrawal, guaranteed for life.

The Highest Daily Lifetime 6 Plus optional benefits replace the Highest

Daily Lifetime 7 Plus benefits in all states where Highest Daily

Lifetime 6 Plus has been approved.

“The peace of mind that guaranteed retirement income can provide in

today’s uncertain economic climate is immeasurable,” said Stephen

Pelletier, president of Prudential Annuities. “Today’s announcement

reflects our commitment to offering these valuable guarantees, while

ensuring that in the event of significant market declines, the

protection we provide responsibly manages risk for our clients as well

as for our company.

“Highest Daily Lifetime 6 Plus offers one of the strongest lifetime

income guarantees in the industry,” Pelletier said.

Demonstrating the value investors are placing on retirement income

guarantees in light of the turbulent economy, overall election rates for

Prudential Annuities’ award winning optional living benefits on variable

annuities grew to 90% during the second quarter of 2009. Total account

values with guaranteed withdrawal benefits for life at the end of that

same period were $23.2 billion.

Educational Video Developed

To help investor’s learn more about guaranteeing their retirement

income, Prudential Annuities also announced today the launch of a new

website, www.retirementredzone.com/protect

, which features a seven-minute educational video, simple navigation,

and consumer-friendly language about HD Lifetime 6 Plus.

Key Features HD Lifetime 6 Plus and Spousal HD Lifetime 6 Plus include:

  • Daily Step Ups Before Withdrawals

    Begin: HD Lifetime 6 Plus and Spousal HD Lifetime 6 Plus

    give investors the opportunity to increase their Protected Withdrawal

    Value (the basis for guaranteed lifetime income) every day the market

    is open for trading. The Protected Withdrawal Value is determined by

    comparing every daily account value growing at an annual 6% compounded

    rate of return until an investor’s first Lifetime Withdrawal. The

    Protected Withdrawal Value is only available through withdrawals. It

    is not available as cash or a lump sum.

  • Guaranteed Lifetime Income:

    HD Lifetime 6 Plus and Spousal HD Lifetime 6 Plus offer a lifetime

    annual income stream ranging from 4-6% of the Protected Withdrawal

    Value, with the potential for future increases and no annuitization

    required. (Annuitization at a particular age may be required by the

    terms of the base annuity.)

  • Proprietary Risk Management Model:

    HD Lifetime 6 Plus and Spousal HD Lifetime 6 Plus incorporate the

    fundamentals of a proven proprietary risk management model that

    monitors an investor’s account daily, and, only if specified by the

    model, systematically transfers amounts between the variable

    investment portfolios and the AST Investment Grade Bond Portfolio.

  • Post-Withdrawal Step-Up Opportunities:

    After Lifetime Withdrawalsbegin, HD Lifetime 6 Plus and

    Spousal HD Lifetime 6 Plus provide annual opportunities for increased

    income based on the account’s highest daily value.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with

approximately $580 billion of assets under management as of June 30,

2009, has operations in the United States, Asia, Europe, and Latin

America. Leveraging its heritage of life insurance and asset management

expertise, Prudential is focused on helping approximately 50 million

individual and institutional customers grow and protect their wealth.

The company’s well-known Rock symbol is an icon of strength, stability,

expertise and innovation that has stood the test of time. Prudential’s

businesses offer a variety of products and services, including life

insurance, annuities, retirement-related services, mutual funds,

investment management, and real estate services. For more information,

please visit http://www.news.prudential.com/.

Investors should consider the contract and the underlying portfolios’

investment objectives, risks, charges and expenses carefully before

investing. This and other important information is contained in the

prospectus, which can be obtained from your financial professional. Please

read the prospectus carefully before investing.

This material was prepared to support the promotion and marketing of

variable annuities available through Prudential. Prudential, its

affiliates, its distributors and their respective representatives do not

provide tax, accounting or legal advice. Any tax statements contained

herein were not intended or written to be used, and cannot be used for

the purpose of avoiding U.S. federal, state or local tax penalties.

Please consult your own independent advisor as to any tax, accounting or

legal statements made herein.

Your needs and the suitability of an annuity product should be carefully

considered before investing. When evaluating your needs, please consider

other variable annuities available from Prudential Financial companies.

Highest Daily Lifetime 6 Plus and Spousal Highest Daily Lifetime 6 Plus

use a predetermined mathematical formula to help manage your guarantee

through all market cycles. Each business day, the formula determines if

any portion of the account value needs to be transferred into or out of

the AST Investment Grade Bond Portfolio (the “Bond Portfolio”). Amounts

transferred by the formula depend on a number of factors unique to your

individual annuity and include:

 

 

(i) The difference between the account value and the Protected

Withdrawal Value;

(ii) How long you have owned Highest Daily Lifetime 6 Plus or

Spousal Highest Daily Lifetime 6 Plus;

(iii) The amount invested in, and the performance of, the permitted

subaccounts;

(iv) The amount invested in, and the performance of, the Bond

Portfolio; and

(v) The impact of additional purchase payments made to and

withdrawals taken from the annuity.

Be the first to comment - What do you think?  Posted by admin - July 17, 2017 at 1:46 am

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Prudential Annuities offers new benefit to secure financial legacy | Business Wire

NEWARK, N.J.–(BUSINESS WIRE)–Prudential Annuities, the domestic annuity business for Prudential

Financial, Inc. (NYSE:

PRU) today launched Legacy

Protection Plus, a new optional enhanced death benefit available on

Prudential’s Premier Retirement variable annuities. Legacy Protection

Plus is designed to help protect, grow and transfer wealth, creating a

legacy for beneficiaries.

“We carefully designed Legacy Protection Plus for investors who have

committed themselves to a lifetime of hard work, investing wisely and

planning for their retirement and beyond. Legacy Protection Plus offers

the ability to protect their legacy, benefit from tax deferral, and

guarantee their legacy will grow regardless of market performance,” said

Jim Mullery, head of Distribution and Sales for Prudential Annuities.

“In addition to being able to control how their payouts are distributed,

Legacy Protection Plus also allows investors who are passionate about a

charity or organization to name it as their beneficiary.”

Legacy Protection Plus offers:

  • Protection: A roll-up death benefit guarantee that protects an

    investor’s legacy no matter how their investments perform.

  • Growth: Launching at a 7 percent guaranteed simple interest

    roll-up rate, one of the highest in the industry, and credited on each

    contract anniversary.1

  • Investment Choices: Ability for investors to either allocate

    assets into any of Prudential’s asset allocation models or build their

    own custom portfolio, choosing from a range of high-quality investment

    strategies to help meet their needs and goals.

  • Wealth Transfer: Beneficiaries will receive the greater of the

    roll-up death benefit, up to 200 percent of the original investment,

    or the account value.

  • Tax Deferral: Investments compound on a tax-deferred basis,

    providing control over the timing of taxes as well as tax-free

    portfolio rebalancing.

  • Legacy Control: Investors have the flexibility to control how

    and when their legacy is distributed.

  • Probate Efficiency: Annuities with properly named beneficiaries

    pass outside the probate system, avoiding expense and delay.

“Today’s launch not only reinforces our commitment to the industry, but

showcases our growing range of valuable solutions that enable financial

advisors to help Americans meet their financial planning, retirement and

legacy needs,” said Mullery. Learn

more about Legacy Protection Plus.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE:

PRU), a financial services leader, has operations in the United

States, Asia, Europe and Latin America. Prudential’s diverse and

talented employees are committed to helping individual and institutional

customers grow and protect their wealth through a variety of products

and services, including life insurance, annuities, retirement-related

services, mutual funds and investment management. In the U.S.,

Prudential’s iconic Rock symbol has stood for strength, stability,

expertise and innovation for more than a century. For more information,

please visit news.prudential.com.

1The roll-up rate and a roll-up cap are set at the time the

contract is issued and will not change for the life of the contract. The

roll-up rate is no longer applied once the roll-up cap is reached.

Investors should consider the features of the contract and the

underlying portfolios’ investment objectives, policies, management,

risks, charges and expenses carefully before investing. This and other

important information is contained in the prospectus, which can be

obtained from your financial professional. Please read the prospectus

carefully before investing.

Variable annuities are issued by Pruco Life Insurance Company (in New

York, by Pruco Life Insurance Company of New Jersey), Newark, NJ (main

office) and distributed by Prudential Annuities Distributors, Inc.,

Shelton, CT. All are Prudential Financial companies and each is solely

responsible for its own financial condition and contractual obligations.

A variable annuity is a long-term investment designed for retirement

purposes. Investment returns and the principal value of an investment

will fluctuate so that an investor’s units, when redeemed, may be worth

more or less than the original investment. Annuity contracts contain

exclusions, limitations, reductions of benefits, and terms for keeping

them in force. Your licensed financial professional can provide you with

complete details.

Variable annuities offered by Prudential Financial companies are

available at a total annual insurance cost of 0.55% to 1.95% (depending

on the product chosen) with an additional fee related to the

professionally managed investment options. The benefit fee is in

addition to the fees and charges associated with the basic annuity.

All references to guarantees are backed by the claims-paying ability of

the issuing company and do not apply to the underlying investment

options. Prudential does not provide tax, accounting or legal advice.

0304814-00001-00

Issued on contract/rider P-BLX/IND(2/10), P-CR/IND(2/10),

P-RID-DBROLL(5/17), et al. or state variation thereof.

Be the first to comment - What do you think?  Posted by - June 13, 2017 at 5:11 pm

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Prudential Financial: Surging housing debt a challenge for retirees | Business Wire

NEWARK, N.J.–(BUSINESS WIRE)–American households are entering retirement owing far more money on

their homes than previous generations and need to be wary of the

consequences like the inability to meet mortgage payments, according to

a white paper released today by Prudential Financial Inc. (NYSE:PRU)

The added housing debt could create problems down the road for retirees,

including the forced sale of their home when the first spouse dies,

according to the white paper, “Planning for Retirement: The Implications

of Carrying Higher Housing Debt into Retirement,” which is based on

research conducted by the Center for Retirement Research at Boston

College.

Americans nearing, or in, retirement experienced an extraordinary

increase in housing debt between 1989 and 2013, far outpacing the

increase in home values, according to the Federal Reserve. For those

ages 65 to 74, the median home value increased 76 percent, while housing

debt increased by 393 percent.

Avoiding retirement debt

“It is a different world today for retirees,” said Jill Perlin, vice

president, Advanced Marketing, Prudential Individual Life Insurance.

“Americans are now carrying far more debt into retirement, particularly

housing debt, and need to protect their families.”

The easiest way for couples and individuals to guard against the risks

of debt in retirement is through life insurance, a tax efficient way to

provide extra income in retirement, pay off debt or provide an offset to

the income loss likely to occur when one partner dies, according to

Perlin.

Perlin said the higher level of debt is due in part to low interest

rates, easy access to home equity credit lines and mortgage refinancing

activity. “It is easy to accumulate debt and Americans are pretty

comfortable with borrowing money,” she said.

Perlin said things have changed on the income side of the equation as

well, with many households increasingly relying on dual incomes and

workers taking on the burden of funding their own pensions and retiree

healthcare coverage. With dual incomes, many couples enter retirement

with both able to collect Social Security benefits based on their own

work record.

“But the increased debt means the monthly payments will eat away at

their Social Security checks and the situation for many could become

especially difficult for couples when one of them passes away,” she

said. “Many people also will see their monthly pension reduced or

eliminated when their spouse dies.”

Unlike with previous generations, life insurance is now needed in

retirement for couples and individuals, Perlin said. Preceding

generations had little need to carry life insurance in retirement,

because they brought little debt into retirement, and the drop in

household Social Security income when one spouse died wasn’t as great as

it often is today. Individuals need life insurance if they want to

provide their beneficiaries with the means to pay off housing and other

debt.

“These factors create a much greater need for older Americans to

consider life insurance coverage to help ensure their family’s financial

security,” Perlin said.

Life insurance is a convenient way to build a cash reserve during

working years, and, many policies allow cash withdrawals to supplement

income and meet debt repayments, according to Perlin.1

In addition, death benefit proceeds can be used to pay off a mortgage or

home equity loan, easing the burden on the surviving spouse and giving

children some peace of mind about their parents’ financial situation.

For more information about Planning for Retirement: The

Implications of Carrying Higher Housing Debt into Retirement, please

visitwww.prudential.com/housingdebt

1Outstanding policy loans and withdrawals will reduce

the policy cash values and the death benefit and may have tax

consequences.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has

operations in the United States, Asia, Europe and Latin America.

Prudential’s diverse and talented employees are committed to helping

individual and institutional customers grow and protect their wealth

through a variety of products and services, including life insurance,

annuities, retirement-related services, mutual funds and investment

management. In the U.S., Prudential’s iconic Rock symbol has stood for

strength, stability, expertise and innovation for more than a century.

For more information, please visit www.news.prudential.com.

Life Insurance is issued by The Prudential Insurance Company of America,

Newark, NJ and its affiliates. Prudential, the Prudential logo, and the

Rock symbol are service marks of Prudential Financial, Inc. and its

related entities.

0296669-00001-00

Be the first to comment - What do you think?  Posted by admin - March 29, 2017 at 10:04 pm

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Prudential Financial, Inc. Announces Third Quarter 2016 Results | Business Wire

NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE:PRU) today reported third quarter

results. Net income attributable to Prudential Financial, Inc. was

$1.827 billion ($4.07 per Common share) for the third quarter of 2016,

compared to $1.465 billion ($3.16 per Common share) for the year-ago

quarter. After-tax adjusted operating income was $1.191 billion ($2.66

per Common share) for the third quarter of 2016, compared to $1.110

billion ($2.40 per Common share) for the year-ago quarter. Information

regarding adjusted operating income, a non-GAAP measure, is provided

below.

For the first nine months of 2016, net income attributable to Prudential

Financial, Inc. was $4.084 billion ($9.02 per Common share), compared to

$4.907 billion ($10.56 per Common share) for the first nine months of

2015. After-tax adjusted operating income was $3.017 billion ($6.67 per

Common share) for the first nine months of 2016, compared to $3.758

billion ($8.09 per Common share) for the first nine months of 2015.

Adjusted operating income does not equate to net income as determined in

accordance with generally accepted accounting principles (GAAP), but is

the measure used by the Company to evaluate segment performance and to

allocate resources, and is the measure of segment performance presented

below. Consolidated adjusted operating income is a non-GAAP measure and

is discussed later in this press release under “Forward-Looking

Statements and Non-GAAP Measure.” A reconciliation of adjusted operating

income to the most comparable GAAP measure is provided in the tables

that accompany this release.

RESULTS OF ONGOING OPERATIONS

The Company’s ongoing operations include the U.S. Retirement Solutions

and Investment Management, U.S. Individual Life and Group Insurance, and

International Insurance divisions, as well as Corporate and Other

Operations. In the following business-level discussion, adjusted

operating income refers to pre-tax results.

The U.S. Retirement Solutions and Investment Management division

reported adjusted operating income of $1.018 billion for the third

quarter of 2016, compared to $732 million in the year-ago quarter.

U.S. RETIREMENT SOLUTIONS AND
INVESTMENT MANAGEMENT DIVISION

($ millions)

 

3Q:16

 

3Q:15

Individual Annuities:

 

 

 

 

Adjusted operating income

 

$588

 

$310

Significant items included above:

 

 

 

 

Impact of updated estimates of profitability driven by market

performance in relation to our assumptions

 

139

 

(76)

Charge for estimated costs related to potential contract

cancellations

 

 

(28)

 

 

Be the first to comment - What do you think?  Posted by admin - January 24, 2017 at 1:59 pm

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