Oct 04, 2010 (M2 EQUITYBITES via COMTEX) — Moody’s placed on Monday on review for possible downgrade the A1 insurance financial strength rating (IFSR) of Japanese AIG Edison Life Insurance Co.

The move follows the announcement of the company’s parent, US American International Group (NYSE: AIG | PowerRating) that it would sell AIG Edison and AIG Star Life Insurance to Prudential Financial (NYSE: PRU | PowerRating).

AIG Edison’s current A1 rating reflects the general corporate guarantee agreement between AIG Edison and American Home Assurance Co (AHAC), also a unit of AIG.

In the analysts’ view, the sale may lead to the guarantee’s suspension and if that takes place, obligations in effect or contracted for on the date of termination would remain covered until extinguished.

Nevertheless, a termination of the guarantee would likely result in a rating downgrade for AIG Edison, in light of the prospective nature of ratings.

The agency considers that in the absence of the guarantee, AIG Edison’s standalone credit profile would be more accordant with an A3 level, two notches below its current A1 rating.

On the other hand, after AIG Edison becomes a member of Prudential Financial, its credit profile could be underpinned by its affiliation and integration with other Prudential companies in Japan, Moody’s noted.

Once the sale is completed, Moody’s will look into how effectively the Prudential group companies, including Gibraltar Life Insurance, can collaborate, and reflect the new situation in the AIG Edison rating.

NEWARK, N.J., Sep 20, 2010 (BUSINESS WIRE) — The 2008-2009 recession led to smaller cost increases at many long-term care facilities and forced some to close altogether, according to a study released today by Prudential Financial Inc. (NYSE). The bi-annual report, 2010 Long-Term Care Cost Study, measures trends in costs associated with the major forms of long-term care services. And, for the first time, the research includes consumer views that measure sentiment around the cost of services and levels of awareness and concern about the future need for long-term care and how to fund it.

“Consumer misperceptions continue to exist about long-term care services and coverage options,” said Malcolm Cheung, vice president, Prudential Long-term Care Insurance. “Of those surveyed 25 percent said they had no idea what a day in a nursing home costs and more than a third continue to believe private health insurance and Medicare will cover their future extended care costs.”

Increases in long-term care costs slowed somewhat since 2006. However, from 2004 to 2010 the compound annual growth rate averaged six percent according to Prudential’s report. By comparison, the consumer price index increased at a rate of just 2.5 percent during this same period, emphasizing the importance of choosing the appropriate type of inflation protection when purchasing long-term care insurance.

The study found that home health care costs grew by 13 percent since 2008 largely due to a 17 percent increase in costs to $54 per hour for Licensed Practical Nurses, which represents only about one-quarter of home service usage. The national average cost for a Home Health Aide or Certified Nursing Assistant remained flat at $21 per hour. Assisted living facilities saw the smallest increase with the average annual cost for a room rising only 2 percent in the last 2 years, compared to a 13 percent increase in the prior two-year period. The average daily cost for a private nursing home room in 2010 is $247, or $90,155 annually, a 14 percent increase since 2008.

At the same time, fewer than 1 in 4 mention long-term care insurance as a potential source of paying for any long-term care they may require. Seven in 10 Americans expressed concern about needing extended care in the future. “And with good reason,” Cheung said. “The fact remains, over the next 20 years, baby boomers will greatly impact the demand for long-term care services.” In the next 10 years, the number of Americans age 65 and older will increase by 35 percent to 55 million. And by 2030 that number will more than double according to the U.S. Census Bureau, 2010.

Prudential’s Cost of Care study provides State-specific average costs associated with nursing homes, assisted living facilities, and home health care services. The study results show the costs of long-term care services vary widely based on a variety of factors including geographic area, facility size and services. People who live in Alaska, Connecticut, Massachusetts, Hawaii and New Jersey can expect to pay the most for nursing homes and assisted living facilities, while Louisiana, Arkansas, Alabama, South Dakota and Mississippi remain among the least expensive.

In addition to the report being available to consumers, Prudential offers an interactive consumer cost of care mapping tool on its website, designed to provide more in-depth State-specific cost detail aimed at arming consumers with essential facts to help them make better financial decisions. “While consumers understand the importance of planning for their financial future, they need to learn more about long-term care services and the role of long-term care insurance in retirement planning,” added Cheung.

With over 20 years of long-term care insurance experience, Prudential is a leading long-term care insurance carrier serving individuals, associations, and employers. Superior service and product expertise allows Prudential’s insurance professionals to work easily and seamlessly across product lines, including long-term care, life, and annuities.

Prudential Financial, Inc. (PRU 55.98, +0.76, +1.38%), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

Long Term Care Insurance, life insurance, and annuities are issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ. Securities products and services offered through Pruco Securities, LLC. All are Prudential Financial companies.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6436049&lang=en

SOURCE: Prudential Financial, Inc.

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Mumbai (OPENPRESS) August 18, 2010 — ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) today announced the launch of iProtect – a completely online term insurance plan that is extremely affordable.

An individual can apply online for iProtect and the payment can be made either through his/her internet banking account or credit card. The life cover commences as soon as the premium is paid. Upto a certain limit, life cover can be bought immediately without the need for any medical tests. Above this limit also, the entire transaction can be finished online but the cover will start post a medical test. The policy can be done bought completely online as no physical documentation is required.

iProtect provides financial security to the family of the policy holder in the event of his untimely death. In case of such an eventuality, the nominee will receive the entire sum assured.

The entry age for a customer is a minimum of 20 years and a maximum of 65 years with a minimum policy term of 10 years and a maximum of 30 years. The maximum age at policy expiry is 75 years.

Speaking at the launch, Mr. Madhivanan Balakrishnan, Executive Vice President ICICI Prudential Life said, “India has witnessed a proliferation of internet usage and e-commerce. People are increasingly turning to the internet as a medium to transact from the confines of their homes at their convenience. The launch of iProtect will help us to be more accessible to our customers. It provides unmatched value and allows him to secure the financial protection of his family in the event of his untimely death. As this is a purely online product, we are able to pass on all benefits of cost savings to our customers. Given the uncomplicated nature of the product, ease of purchase and extremely affordable premiums, we are confident that iProtect will strike a chord with our customers.” To know more about the company, please visit : http://www.iciciprulife.com/public/BuyOnline/iProtect/iProtect.htm

About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For FY2010, the company garnered Rs 16,532 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,900 offices and over 2,10,000 advisors, as on March 31, 2010. For the past nine years, ICICI Prudential has maintained its dominant position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
To know more about the company, please visit http://www.iciciprulife.com

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NEWARK, N.J., Aug 16, 2010 (BUSINESS WIRE) — The Prudential Insurance Company of America, based in Newark, NJ, will provide members of the National Down Syndrome Society (NDSS) support in the area of financial literacy as a result of an agreement the two organizations announced today.

“We’re excited to work with Prudential to help people with Down Syndrome and their families learn more about planning for their future financial needs,” said Jon Coleman, president of NDSS. “Both organizations have a vested interest in increasing awareness in this area as well as creating additional resources and opportunities for our members.”

Through the agreement, Prudential will host informational webinars and participate in local NDSS chapter activities including Buddy Walks. “Our involvement with NDSS reflects Prudential’s commitment to serving the particular financial needs of growing diverse markets,” said Joan Cleveland, senior vice president, Business Development, Individual Life Insurance. “The work NDSS does is invaluable and we’re proud to leverage their extensive experience and join them as an advocate for the special needs community.”

Over the last year, a core team of Prudential and independent financial professionals located across the country have been trained to address the unique financial concerns of families caring for loved ones with special needs through the company’s program, Special Needs Solutions…For All Ages.

Specifically, financial professionals in the program can help families:

– Understand how a special needs trust, a document prepared by an attorney with expertise in special needs law, protects an individual’s eligibility for government assistance such as Supplemental Security Income and/or Medicaid. Assets held by the trust for the benefit of someone with special needs should be used to supplement–not replace–government assistance.

– Select the proper insurance and financial products to help fund the special needs trust.

– Get started with a Letter of Intent, a non-binding document which states a family’s wishes for their loved one’s future with regard to health issues, educational goals, housing, etc., and the means to support those wishes.

“We understand that providing financially for a family member with special needs isn’t a simple task. That’s one of the reasons we’re focusing our efforts on supporting this community,” added Cleveland.

To date, over 140 Prudential and independent financial professionals have participated in the Special Needs Solutions…For All Ages program. After completing a comprehensive three-day training course, participants stay up-to-date on current issues through ongoing discussions. For additional information about Special Needs Solutions…For All Ages or to locate a financial professional who specializes in servicing the special needs community visit www.prudential.com/specialneeds.

Prudential, its affiliates, and their financial professionals do not provide tax or legal advice.

The National Down Syndrome Society is a nonprofit organization representing the more than 400,000 Americans with Down syndrome. The mission of NDSS is to be the national advocate for the value, acceptance and inclusion of people with Down syndrome. The National Down Syndrome Society envisions a world in which all people with Down syndrome have the opportunity enhance their quality of life, realize their life aspirations, and become valued members of welcoming community. NDSS has over 275 affiliates nationwide. To learn more visit www.ndss.org.

Prudential Financial, Inc. (PRU 54.33, -1.16, -2.09%), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

SOURCE: Prudential

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NEW YORK–(BUSINESS WIRE)–New York Life Insurance Company announced today that Executive Vice President John Y. Kim, 49, will add the post of Chief Investment Officer to his other duties at the end of 2010. Vice Chairman and Chief Investment Officer Gary Wendlandt elected to retire at year-end after nearly 40 years in the industry. Mr. Kim is currently president and CEO of New York Life Investments, the wholly-owned investment management subsidiary of New York Life, and will continue in that role when the CIO position is added to his responsibilities.

Ted Mathas, chairman and CEO of New York Life, said, “All of us at New York Life are grateful for Gary’s many contributions since he joined us in 1999. Among Gary’s noteworthy accomplishments is the creation in 2000 of our wholly owned subsidiary, New York Life Investment Management LLC, where he continues to serve as chairman of the $260 billion firm. Gary will also be remembered as the wise hand who guided our investment portfolio with unparalleled foresight and skill through the ‘Great Recession,’ one reason that New York Life has retained its triple-A ratings throughout the crisis. Since 2007, Gary has been a valued member of the company’s Board of Directors where his keen intellect, sage advice, and uncommon devotion to this Company, our policyholders, our agents and employees will most certainly be missed.” Mr. Wendlandt will be leaving the Board upon his retirement from the company.

Mr. Mathas continued, “We are fortunate to have another accomplished senior executive to assume the position of Chief Investment Officer upon Gary’s retirement at year-end. The Board and I have asked John Kim, who has worked closely with Gary and me for the last two and a half years, to add the CIO’s duties to his current responsibilities. Since he arrived at New York Life, John has been a member of the Executive Management Committee, where he has made many important contributions. At New York Life Investments John has been a strong and insightful leader who has not only guided the enterprise through one of the most challenging economic periods in history, but has managed to grow the business significantly and increase its reputation as a trusted and reliable brand. With John’s broad and deep experience and judgment we know he will continue making important contributions in the position of Chief Investment Officer.”

Mr. Kim will continue reporting to Mr. Mathas upon Mr. Wendlandt’s retirement. Mr. Kim joined New York Life in 2008 after an impressive 25-year record as a highly successful business executive with deep knowledge of investment management and strong operational skills running numerous businesses. Prior to joining New York Life he had been president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services. He also spent 17 years with Aetna Life & Casualty, where he rose to the position of CEO and Chief Investment Officer of Aeltus Investment Management as well as CIO of Aetna Life Insurance and Annuity Company.

Mr. Kim is a graduate of the University of Michigan and holds an MBA degree from the University of Connecticut.

Prior to joining New York Life in 1999, Mr. Wendlandt was executive vice president and chief investment officer of MassMutual, which he joined as an actuarial student in 1972.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Please visit New York Life’s Web site at www.newyorklife.com for more information.

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NEWARK, N.J., Jun 28, 2010 (BUSINESS WIRE) — Lynn Tramontano knows all about the sleepless nights spent by families caring for people with special needs.

Tramontano, a financial services associate licensed in Ohio and Montana with The Prudential Insurance Company of America, is dedicated to serving the special needs community. She recently worked with a family to help them plan for adequate financial resources for the future benefit of a young man totally dependent on his parents.

“It was a powerful feeling to help address a parent’s worries about what would happen if they were no longer there to care for their son,” Tramontano said. “I saw the mom and dad relax right before my eyes, knowing they were addressing some of their greatest concerns.”

Tramontano is part of a team of financial professionals specifically trained to help address the unique financial concerns of families caring for loved ones with special needs. The team was trained as part of a new program launched by Prudential Individual Life Insurance, The Prudential Insurance Company of America, Newark, NJ, a subsidiary of Newark, N.J. based Prudential Financial, Inc. (PRU 57.30, -0.25, -0.43%).

“People with special needs often require care and financial support that may extend well beyond a parent’s or caregiver’s lifetime,” said Joan Cleveland, senior vice president, business development with Prudential Individual Life Insurance. “It’s critical to have all the pieces in place.”

Sales professionals who complete the training program have a clear understanding of the specific needs and nuances of the special needs community. “Our sales force can help clients caring for people with special needs address complex, often overlooked financial issues,” she said.

Specifically, these financial professionals can help families:

– Understand how a special needs trust, a document prepared by an attorney with expertise in special needs law, protects an individual’s eligibility for government assistance such as Supplemental Security Income and/or Medicaid. Assets held by the trust for the benefit of someone with special needs should be used to supplement–not replace–government assistance.

– Select the proper insurance and financial products to help fund the special needs trust.

– Get started with a Letter of Intent, a non-binding document which states a family’s wishes for their loved one’s future with regard to health issues, educational goals, housing, etc., and the means to support those wishes.

– Establish ties with relevant support groups and non-profit associations.

– Find an attorney with expertise in special needs law.

To date, over 140 Prudential and independent financial professionals are participating in the Special Needs Solutions….For All Ages program. After completing a comprehensive three-day training course, participants stay up-to-date on current issues through ongoing discussions.

Prudential recently was selected for a 2010 Disability Matters award, sponsored by Springboard Consulting LLC. The award recognizes Prudential’s substantial efforts in effectively marketing products and services to individuals who have a disability or care for someone with special needs through its Special Needs Solutions …For all Ages program. Winners were selected by a panel of judges comprised of individuals from the special needs non-profit community.

“We spent a great deal of time developing this program and committed significant resources to make sure we got it right,” Cleveland said. “External research combined with the guidance we received from our special needs employee advisory council contributed to the training content and program overall.”

For additional information or to locate a financial professional who specializes in servicing the special needs community visit www.prudential.com/specialneeds.

In an attempt to payback government bailout loans, American International Group (A.I.G.) has struck a deal with Prudential P.L.C. (British financial services firm) that will leave A.I.G. without its Asian division, American International Assurance (A.I.A). Private talks began late last week and concluded today. The company is also in talks attempting to sell their foreign life insurance unit, American Life Insurance Co.

According to Reuters, A.I.G.’s Asian life insurance group sold for over $35 billion. It is one of A.I.G.’s most successful divisions, with over 20 million policyholders in Asia. A.I.G. has been planning to sell A.I.A. to help repay the more than $180 billion in government bailout money they received, but it could take until the end of the year for the deal to close. Additionally, it is estimated that American Life Insurance Co. could bring in about $15 billion if sold. A.I.G. is also looking to sell about a dozen small assets from International Lease Finance Corp.

“The administration supports the board of directors at A.I.G. in its decision to sell and recognizes this is a major step in the A.I.G. restructuring plan to de-leverage, de-risk, and pay back taxpayers,” Treasury spokesman Andrew Williams said.

This is the largest deal in Prudential’s 162-year history, according to nytimes.com. Prudential is now the biggest player in Asian Life Insurance.