Prudential Retirement

PFI’s retirement business, also known as Prudential Retirement, is expanding its global longevity reinsurance business with an offering driven by growth in the UK pensions market.

Amy Kessler, Professor Andrew Cairns, Professor David Blake and Marsha Kessler look at how schemes can make longevity assumptions post-Covid

Prudential Retirement reinsured $1.7bn (£1.4bn) of UK pension scheme longevity risk in the first half of the year, it has revealed.

Pension schemes and life insurers should be prepared for a modest change to their assumptions for mortality rates in the post-Covid-19 world, an academic study suggests.

This week’s top stories include Prudential Retirement urging schemes to insure member benefits, and the Universities Superannuation Scheme submitting its 2018 valuation.

Defined benefit (DB) schemes should act now to insure members’ benefits before an “anomaly” in the markets is corrected, Prudential Retirement has said.

Prudential Insurance Company of America (PICA) has launched a reinsurance counterparty, lending support to insurers that account for more than 90% of the UK pension risk transfer market.

Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.

Prudential Retirement has reinsured benefits for around 22,500 pensioners, after taking on liabilities from Rothesay Life in their sixth deal together.

Prudential Retirement Insurance and Annuity Company (PRIAC) and Legal & General (L&G) have completed their third longevity reinsurance transaction since October 2014.