Prudential Financial Completes Sale To Empower Of Full-service Retirement Business

Transaction advances Prudential’s transformation into a higher gro

wth, less market sensitive, more nimble business

Prudential Financial, Inc. announced the completion of the sale of its full-service retirement business to Empower, the second-largest retirement provider in the U.S.

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On July 21, 2021, Prudential announced it had entered into an agreement with Empower to sell its full-service retirement plan recordkeeping and administration business, inclusive of Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA business in addition to its stable value and separate accounts investment products and platforms. The agreement included more than 1,800 employees who provide a comprehensive suite of retirement recordkeeping and administration services to financial professionals, plan sponsors and participants. Prudential will continue to partner with Empower through the transition.

“The close of this transaction marks another significant milestone in Prudential’s strategy to become a higher growth, less market sensitive, more nimble business,” said Andy Sullivan, executive vice president and head of Prudential’s U.S. Businesses. “Empower, like Prudential, is driven by purpose and in them we found a partner with the scale and expertise to ensure long-term success for the retirement business. As we execute on Prudential’s strategy, we remain committed to helping millions of people prepare for and make the most of their retirement years, working with institutions and directly with individuals through our Retirement Strategies, Prudential Advisors and asset management businesses.”

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Prudential Financial, Inc, a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of Dec. 31, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.

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