Prudential Financial braces for higher lapse risk

Net redemptions hit $1.2 billion at US insurance giant

Insurer Prudential Financial warned that variable annuity outflows were likely to accelerate as the US economy gathers steam.

Total VA account values fell in the first quarter of 2018 for the first time since the third quarter of 2015 on the back of higher policy withdrawals and surrenders, slower sales, and changes to market values.

Withdrawals and surrenders increased 23% in the year to March 31, from $2.3 billion to $2.9 billion, while new sales grew 19% over the same period, from $1.4

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