Prudential Financial aligns individual and institutional retirement capabilities to form new Prudential Retirement Strategies business
October 04 2021 - 10:02AM
Business Wire
- Dylan Tyson to lead Retirement Strategies, bringing together
Individual Annuities and Institutional Investment Products
- Yanela Frias to lead Group Insurance
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.
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005604/en/
PRUDENTIAL MEDIA: Bill Launder, +1 973-802-8760,
bill.launder@prudential.com
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