TIDMPRU
RNS Number : 3893T
Prudential PLC
17 July 2020
17 July 2020
Prudential plc completes $500 million equity investment in its
US business by Athene Holding Ltd
The Board of Prudential plc ("Prudential") today announces the
completion of a $500 million equity investment by Athene Life Re
Ltd, a subsidiary of Athene Holding Ltd ("Athene"), in Prudential's
US business in return for an 11.1 per cent economic interest for
which the voting interest is 9.9 per cent.
Prudential's US business includes Jackson National Life
Insurance Company ("Jackson"), a top-two annuity provider with
best-in-class products, distribution and operations headquartered
in Lansing, Michigan, and PPM America Inc, an asset manager
headquartered in Chicago, Illinois.
Mike Wells, Group Chief Executive of Prudential, said: "We are
delighted to announce the completion of Athene's $500 million
equity investment in our US business. The transaction has increased
its risk-based capital cover ratio and is a significant step in
meeting our strategic objectives for the business."
Michael Falcon, Chairman and Chief Executive Officer of Jackson,
said: "Athene's investment in Jackson further strengthens our
capital position, as we deliver on our long-term strategic
objectives. We look forward to working with Athene as an important
investor and remain committed to helping American savers achieve
financial freedom for life."
Contacts
Media Investors/Analysts
Jonathan Oliver +44 (0)20 3977 9500 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215
Notes to Editors
About Prudential's US business
Jackson is a leading provider of retirement products for
industry professionals and their clients. The company and its
affiliates offer variable, fixed and fixed index annuities designed
for tax-efficient growth and distribution of retirement income for
retail customers, as well as products for institutional investors.
Jackson is a proud founding member and co-chair of the Alliance for
Lifetime Income, a nonprofit 501(c)(6) organization formed and
supported by 24 of the nation's financial services organizations to
create awareness and educate Americans about the importance of
protected lifetime income. With $297.6 billion in IFRS assets*, the
company prides itself on sound corporate risk management practices
and strategic technology initiatives. Focused on thought leadership
and education, Jackson provides industry insights and financial
representative training on retirement planning and alternative
investment strategies. The company is also dedicated to corporate
philanthropy and supports nonprofits focused on strengthening
families and creating economic opportunities in
the communities where its employees live and work. For more information, visit www.jackson.com .
Founded in 1990, PPM America is a global institutional asset
manager with $130 billion in assets as of 31 March 2020. It offers
investment solutions in public fixed income, public equity, private
equity, and private debt. Its investment approach is guided by
team-based values and its firm size allows the company to remain
nimble and investment-led. For more information, please visit
www.ppmamerica.com .
*Prudential plc's US business has IFRS total assets of $299.2
billion (of which $297.6 billion relate to Jackson) and $269.5
billion of IFRS policyholder liabilities (as of 31 December
2019).
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc. a company whose principal place of
business is in the United States of America, nor with the
Prudential Assurance Company, a subsidiary of M&G plc, a
company incorporated in the United Kingdom.
About Athene Holding Ltd
Athene, through its subsidiaries, is a leading retirement
services company that issues, reinsures and acquires retirement
savings products designed for the increasing number of individuals
and institutions seeking to fund retirement needs. The products
offered by Athene include:
-- Retail fixed, fixed indexed and index-linked annuity products;
-- Reinsurance arrangements with third-party annuity providers; and
-- Institutional products, such as funding agreements and the
assumption of pension risk transfer obligations.
Athene had total assets of $142.2 billion as of 31 March 2020.
Athene's principal subsidiaries include Athene Annuity & Life
Assurance Company, a Delaware-domiciled insurance company, Athene
Annuity and Life Company, an Iowa-domiciled insurance company,
Athene Annuity & Life Assurance Company of New York, a New
York-domiciled insurance company, and Athene Life Re Ltd., a
Bermuda-domiciled reinsurer.
Forward-Looking Statements
This document may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its future financial condition,
performance, results, strategy and objectives. Statements that are
not historical facts, including statements about Prudential's
beliefs and expectations and including, without limitation,
statements containing the words 'may', 'will', 'should',
'continue', 'aims', 'estimates', 'projects', 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates', and words of similar
meaning, are forward-looking statements. These statements are based
on plans, estimates and projections as at the time they are made,
and therefore undue reliance should not be placed on them. By their
nature, all forward-looking statements involve risk and
uncertainty.
A number of important factors could cause Prudential's actual
future financial condition or performance or other indicated
results of the entity referred to in any forward-looking statement
to differ materially from those indicated in such forward-looking
statement. Such factors include, but are not limited to, the impact
of the current Covid-19 pandemic; future market conditions,
including fluctuations in interest rates and exchange rates, the
potential for a sustained low-interest rate environment, and the
impact of economic uncertainty, asset valuation impacts from the
transition to a lower carbon economy, inflation and deflation and
the performance of financial markets generally; global political
uncertainties; the policies and actions of regulatory authorities,
including, in particular, the policies and actions of the Hong Kong
Insurance Authority, as Prudential's new Group-wide supervisor, as
well as new government initiatives generally; the impact of
continuing application of Global Systemically Important Insurer or
'G-SII' policy measures on Prudential; the impact on Prudential of
systemic risk policy measures adopted by the International
Association of Insurance Supervisors; the impact of competition and
fast-paced technological change; the effect on Prudential's
business and results from, in particular, mortality and morbidity
trends, lapse rates and policy renewal rates; the physical impacts
of climate change and global health crises on Prudential's business
and operations; the timing, impact and other uncertainties of
future acquisitions or combinations within relevant industries; the
impact of internal transformation projects and other strategic
actions failing to meet their objectives; the ability to complete a
potential minority initial public offering of Jackson, or one of
its related companies, or other strategic options in relation to
Jackson , or one of its related companies ; the risk that
Prudential's operational resilience (or that of its suppliers and
partners) may prove to be inadequate, including in relation to
operational disruption due to external events; disruption to the
availability, confidentiality or integrity of Prudential's
information technology, digital systems and data (or those of its
suppliers and partners); any ongoing impact on Prudential of the
demerger of M&G plc; the impact of changes in capital, solvency
standards, accounting standards or relevant regulatory frameworks,
and tax and other legislation and regulations in the jurisdictions
in which Prudential and its affiliates operate; the impact of legal
and regulatory actions, investigations and disputes; and the impact
of not adequately responding to environmental, social and
governance issues. These and other important factors may, for
example, result in changes to assumptions used for determining
results of operations or re-estimations of reserves for future
policy benefits. Further discussion of these and other important
factors that could cause Prudential's actual future financial
condition or performance or other indicated results of the entity
referred to in any forward-looking statements to differ, possibly
materially, from those anticipated in Prudential's forward-looking
statements can be found under the 'Risk Factors' in Prudential's
Annual Report for the year ended 31 December 2019. Prudential's
2019 Annual Report is available on its website at
www.prudentialplc.com .
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
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END
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