Prudential Financial, Inc. (NYSE: PRU) and Dai-ichi Life Holdings announced today their intent to pursue a strategic partnership focused on product distribution and asset management capabilities.
The partnership would include a product distribution agreement in Japan, where Prudential would select Dai-ichi’s wholly owned subsidiary, The Neo First Life Insurance Company, Ltd., as an exclusive product partner. The partnership would include distributing certain Neo First life products through Prudential’s Life Planner sales channel.
In addition, PGIM, Prudential’s global investment manager, would intend to provide asset management services to subsidiaries of Dai-ichi Life Holdings through its PGIM Multi-Asset Solutions (PMA) business. These services would include management of asset classes such as structured products and private credit.
“As one of the leading life insurance providers in Japan, Dai-ichi is an ideal partner for our best-in-class life planner distribution network in Japan, as well as to PGIM,” said Charles F. Lowrey, chairman and CEO of Prudential Financial. “By expanding our reach to more customers in Japan and adding further scale to our asset management business, this relationship with Dai-ichi would advance our vision to be a global leader in investing, insurance, and retirement security.”
“I am truly delighted to establish a strategic partnership with Prudential Financial, Inc., one of the global leading life insurance groups in the United States, in both the life insurance and asset management fields,” said Tetsuya Kikuta, president and CEO of Dai-ichi Life Holdings. “Prudential Financial, Inc., with its extensive global experience and track record, is an ideal partner for us as we strive to become a global top-tier insurance group. We look forward to building a win-win relationship between us and Prudential Financial, Inc.”
Prudential and Dai-ichi have signed an initial memorandum of understanding to pursue the above initiatives, along with additional growth opportunities.
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