Prudential reorganizes retirement business
After striking a deal to sell a large part of its retirement business to Empower, the company is creating one unit, Prudential Retirement Strategies, to serve institutional and individual customers.
Prudential Financial has reorganized its remaining retirement business units, creating Prudential Retirement Strategies, which will serve individual and institutional customers.
The changes follow the July announcement that Prudential is selling many parts of its retirement business, including its defined-contribution, defined-benefit, nonqualified and rollover IRA, stable value and separate accounts units, to Empower Retirement.
The new unit, which is being led by Dylan Tyson, combines Prudential’s individual annuities business and its institutional retirement business, which includes pension risk transfer and international reinsurance.
Yanela Frias, previously president of Prudential Retirement, will become president of Prudential’s group insurance business. Frias also retains responsibility for the company’s retirement plan record-keeping and administration business until its sale to Empower closes, which is expected in the first quarter of 2022.
Jamie Kalamarides, president of the group insurance business, will be leaving Prudential after the transition of his responsibilities to Frias.
[More: What Empower’s purchase of Pru retirement business means for advisers]
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