Insurtechs.io

I almost missed this December 20th news with last week's holiday. As my interest in the financial stability of life insurance companies grows, I caught that Prudential Financial, Inc announced the completion of a reinsurance transaction involving a portion of its guaranteed universal life insurance block with Wilton Re. The deal, first disclosed on Aug. 20, 2024, is part of Prudential’s strategy to focus on higher growth and capital-efficient operations. The financial impact of the transaction remains consistent with details previously outlined by the company. In a separate development, Prudential also disclosed the restructuring of a series of internal captive reinsurance arrangements tied to its in-force term life insurance block. This restructuring will result in one-time pre-tax expenses of approximately US$40 million in the fourth quarter of 2024, primarily due to the extinguishment of certain financing facilities. The company expects these changes to generate an increase in pre-tax annual adjusted operating income of approximately US$25 million beginning in 2025. Prudential said that these adjustments align with its ongoing efforts to optimize its financial operations and improve long-term performance. In October, the firm reported its third-quarter 2024 financial results, reporting net income of US$448 million, or US$1.24 per common share. This marks a turnaround from a net loss of US$802 million, or US$2.23 per share, in the same quarter last year. The company’s after-tax adjusted operating income was US$1.26 billion, or US$3.48 per share, down slightly from US$1.33 billion, or US$3.62 per share, in the prior-year quarter. Check out more in Insurance Business UK from Kenneth Araullo here: https://lnkd.in/ewfz3Jee #lifeinsurance #reinsurance

It's time to rethink the role of insurtech enablers. Software players — some purpose-built for insurance, but many not — are increasingly powering efficiencies and growth for the insurance ecosystem. Companies like Sixfold, hyperexponential, Reserv, Outmarket AI, Buddy, Flow, Artificial Labs, AKUR8, Functional Finance, Unqork, FintechOS, Novidea, and Mechanical Orchard demonstrate the power of the insurtech enabler ecosystem - addressing key insurance functions and supporting fundamental business goals. Here's more on the "enabler moment in the sun" from MRV's Veronica Gabriele and Marc Büchel.