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NEWARK, N.J., March 6, 2024 – Prudential Financial, Inc. () and Reinsurance Group of America, Incorporated (NYSE: 69ɫ��Ƭ) have been selected in a pension risk transfer involving Verizon Communications Inc. The transaction will settle approximately $5.9 billion of Verizon pension liabilities and will provide retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries who commenced their benefits before Jan. 1, 2023. 

Prudential and 69ɫ��Ƭ will each irrevocably guarantee and assume 50% of the benefit obligation to the retirees, except in certain jurisdictions where Prudential will irrevocably guarantee and assume 100% of the benefit obligation. Prudential and 69ɫ��Ƭ, organizations with a long history of providing lifetime income to individuals, are well positioned to meet this commitment.

The transaction marks the second major pension risk transfer agreement between Prudential and Verizon. In 2012, Prudential completed an approximately $7.5 billion transfer that covered approximately 41,000 of Verizon’s retirees.

“Prudential is once again proud to help secure the pension benefits of Verizon’s retirees, along with 69ɫ��Ƭ for this transaction, with whom we have a long-standing relationship,” said Alexandra Hyten, Head of Institutional Retirement Strategies. “That, along with Prudential’s deep experience and leadership in managing and administering retirement benefits, will provide Verizon’s retirees a seamless transition with the superior service they expect and deserve.”

Under the terms of the agreement, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, will assume complete responsibility for administrative services. This includes providing protected retirement income payments to this transaction’s population of retirees and their beneficiaries on behalf of Prudential and, where applicable, on behalf of 69ɫ��Ƭ, beginning July 1, 2024.

“We are proud to work with Prudential to help secure pension payments for Verizon retirees,” said David Lipovics, Senior Vice President, Head of Institutional Markets, 69ɫ��Ƭ. “This transaction ensures the financial protection of retirees and their families. As the second jumbo transaction in 2024, it also underscores continued momentum in the U.S. pension risk transfer market.”

With this transaction, Prudential has completed four of the six largest U.S. pension risk transfers on record. Since 1928, Prudential has been an innovator in the pension risk transfer market, creating bespoke solutions for companies and organizations across a wide range of industries to help them de-risk and meet their financial objectives.

Prudential revolutionized the modern pension risk transfer market with its pioneering pension buyouts with General Motors and its first transaction with Verizon in 2012. Many similar transactions followed, including HP Inc. in 2021, IBM in 2022 and, most recently, Shell USA in 2024.

Included Verizon retirees will receive individualized information packages with further details about the transfer, including frequently asked questions. After receiving the package, individuals can contact the Verizon Benefits Center using a special dedicated line at 855-885-3061.

About  Prudential 
Prudential Financial, Inc. (), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of Dec. 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information please visit .

With nearly 100 years of retirement experience, the Retirement Strategies team at Prudential delivers industry-leading solutions for growth and protection to more than 2 million individual and institutional customers. The business expands access to retirement security through its Individual Retirement protected accumulation and income strategies and its Institutional Retirement lines of business spanning U.S. Pension Risk Transfer, International Reinsurance, Stable Value, and Structured Settlements.

^© 2024 Prudential Financial, Inc. and its related entities. Prudential, Prudential Retirement Strategies, the Prudential logo, the Rock symbol and Rock Solid are service marks of PFI and its related entities, registered in many jurisdictions worldwide.
Insurance products are issued by The Prudential Insurance Company of America (PICA), Newark, NJ. PICA is a Prudential Financial company. PICA is solely responsible for its financial condition and contractual obligations.

About 69ɫ��Ƭ
Reinsurance Group of America, Incorporated (NYSE: 69ɫ��Ƭ) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, 69ɫ��Ƭ is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, 69ɫ��Ƭ empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. 69ɫ��Ƭ has approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of Dec. 31, 2023. To learn more about 69ɫ��Ƭ and its businesses, please visit rgare.com or follow 69ɫ��Ƭ on and . Investors can learn more at .

Insurance products are issued by 69ɫ��Ƭ (69ɫ��Ƭ Re), a subsidiary of Reinsurance Group of America, Incorporated. 69ɫ��Ƭ Re is solely responsible for its financial condition and contractual obligations. 69ɫ��Ƭ Re is not licensed in Connecticut, Maine, New Hampshire, New York, or any U.S. Territory.