Who Prudential buys from and sells to
Life insurer and PGIM asset manager; large Japan life business and US pension buyouts.
Part of Government Net Interest Payments spending
Buys from 3
- Somerset Rereinsures $12.5bn of guaranteed universal life reserves
- Prismic Life Rereinsures ~$7bn of Japanese whole life reserves
- Fortitude Retook on the legacy variable annuity block
Sells to 3
- VerizonVZpension risk transfer annuities, shared with RGA
- Japanese householdswhole life policies sold by Life Planner agents
- Institutional investorsPGIM fixed-income and real estate mandates
Where the chain could break
- Japan is a large share of earnings, exposed to yen and Japanese rates
- Offloaded blocks rely on reinsurers it partly owns (Prismic, Somerset ties)
- Fees at PGIM fall with bond and real estate valuations
Competes with
- MetLifeMETpension risk transfer and Japan life insurance
- Apollo (Athene)APOannuities backed by private credit
- Reinsurance Group of AmericaRGAbids for the same pension buyouts
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.