Life Was Short for Longevity Gains

Date : 03/15/2019 @ 9:45AM
Source : Dow Jones News
Stock : Prudential Financial, Inc. (PRU)
Quote : 98.52  0.0 (0.00%) @ 1:27PM

Life Was Short for Longevity Gains

Prudential (NYSE:PRU)
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6 Months : From Dec 2018 to Jun 2019

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By WSJ City 

The great gains in life expectancy as people gave up smoking and treatments for heart disease improved have run their course. In the UK, at least, longevity has gone into reverse, writes Paul J Davies for Heard on the Street.

KEY FACTS

   -- That's sobering for people turning 65, but for life insurers it is 
      turning into a cash windfall. 
 
   -- The trend will boost earnings for some US insurers, too, over time. 
 
   -- Companies like Prudential Financial and Pacific Life, a mutual insurer, 
      have become big reinsurers... 
 
   -- ...of the risk that British people live longer than expected. 

Why This Matters

A string of British life insurers reported higher full-year profits this month, boosted by reserve releases totalling almost GBP2bn between them. Aviva's windfall was largest, at GBP780m, followed by those of Prudential (not to be confused with Prudential Financial in the US) and Legal & General, which released GBP441m and GBP433m respectively.

A fuller story is available on WSJ.com

WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity

 

(END) Dow Jones Newswires

March 15, 2019 05:30 ET (09:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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