Prudential assumes $4.9 billion in pension obligations for 21,500 Shell U.S. retirees

Core Insights - Prudential Financial, Inc. has completed a pension risk transfer transaction with Shell USA, Inc. for $4.9 billion, covering approximately 21,500 U.S. retirees [1] - The transaction will make Prudential responsible for pension benefit payments starting May 15, 2024 [1] - Prudential has now executed seven of the ten largest U.S. pension risk transfers, showcasing its expertise in structuring custom transactions [1] Company Overview - Prudential Financial, Inc. is a global financial services leader with around $1.4 trillion in assets under management as of December 31, 2023 [3] - The company has a long history of innovation in the pension risk transfer market, having pioneered significant transactions since 2012 [2] - Prudential's Retirement Strategies team provides solutions for over 2 million individual and institutional customers, focusing on retirement security [4]