Prudential Financial aligns individual and institutional retirement capabilities to form new Prudential Retirement Strategies business

Rhea-AI Summary

Prudential Financial, Inc. (NYSE: PRU) has launched Prudential Retirement Strategies, a new U.S. business aimed at addressing retirement needs for individual and institutional clients. Led by Dylan Tyson, the initiative combines Individual Annuities and Retirement Institutional Investment Products, enhancing Prudential's position in the retirement market. Yanela Frias has been appointed president of Group Insurance, continuing her role in managing the full-service retirement plan recordkeeping business until its anticipated sale in early 2022. CEO Caroline Feeney emphasizes the goal of solving retirement challenges.

Positive

• Launch of Prudential Retirement Strategies to enhance focus on retirement solutions.
• Combination of Individual Annuities and Institutional Investment Products for broader market reach.
• Leadership changes aimed at strengthening organizational capabilities and positioning.

Negative

• Expected sale of full-service retirement plan recordkeeping business may indicate a shift in strategic focus.

• Dylan Tyson to lead Retirement Strategies, bringing together Individual Annuities and Institutional Investment Products
• Yanela Frias to lead Group Insurance

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE: PRU) announced today the creation of Prudential Retirement Strategies, a new U.S. business that will serve the retirement needs of both individual and institutional customers.

Yanela Frias, president, Prudential Group Insurance (Photo: Business Wire)

Effective today, this new business, to be led by Dylan Tyson, president, Prudential Retirement Strategies, will combine the company’s Individual Annuities business and Retirement Institutional Investment Products, which includes pension risk transfer and international reinsurance, among others. The move positions Prudential with unique breadth and scale in the retirement marketplace to protect critical financial outcomes for individuals and institutions.

“This new structure brings together market-leading talent and capabilities to focus on a singular mission: Solving the retirement needs of individual and institutional customers across the U.S.,” said Caroline Feeney, CEO, U.S. Insurance and Retirement Businesses. “The creation of Prudential Retirement Strategies is another step forward in the transformation of our business and product portfolio and the acceleration of our growth.”

Yanela Frias, previously president of Prudential Retirement, will become president of Prudential’s Group Insurance business. “The Group Insurance business remains an important part of Prudential’s purpose and mission,” Feeney said. “Yanela is a proven leader whose experience with workplace customers will ensure that we remain well-positioned to serve and anticipate the needs of our partners and customers, and to grow the business.”

Frias also retains responsibility for Prudential’s full-service retirement plan recordkeeping and administration business until its sale to Empower Retirement closes, which is expected in the first quarter of 2022, pending customary regulatory approvals.

Jamie Kalamarides, president of Group Insurance, will be leaving Prudential after the transition of his responsibilities to Frias.

“We appreciate Jamie’s many contributions over the years in support of Prudential, our employees, and our customers,” said Feeney. “He is a passionate advocate for how our business and industry can make a meaningful difference in putting financial security within reach for more people.”

Prudential’s U.S. Insurance and Retirement Businesses portfolio, led by Feeney, includes oversight of Group Insurance, Individual Life Insurance, Retirement Strategies, and the Retail Advice and Solutions organization, as well as key support functions, which include Enabling Solutions and Enterprise Capabilities. Feeney continues to report to Executive Vice President and Head of U.S. Businesses Andy Sullivan.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 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. For more information, please visit news.prudential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005604/en/

PRUDENTIAL MEDIA:

Bill Launder, +1 973-802-8760, bill.launder@prudential.com

Source: Prudential Financial, Inc.

FAQ

What is Prudential Retirement Strategies and who leads it?

Prudential Retirement Strategies is a new U.S. business aimed at addressing retirement needs for individual and institutional clients, led by Dylan Tyson.

What changes were made in Prudential's leadership as per the latest press release?

Dylan Tyson was appointed to lead Prudential Retirement Strategies, while Yanela Frias became the president of Group Insurance.

What does the formation of Prudential Retirement Strategies mean for Prudential's market position?

The formation enhances Prudential's position in the retirement marketplace by combining key retirement products and services.

When is the sale of Prudential's retirement plan recordkeeping business expected to close?

The sale of Prudential's full-service retirement plan recordkeeping business to Empower Retirement is expected to close in the first quarter of 2022.