The insurance giant is shedding part of its overseas assets ahead of U.S. life insurance accounting changes.
The company said it reached deals with Prudential and Athene to reduce its obligations for tens of thousands of employees.
Ken Tanji takes over as executive vice president and CFO of Prudential Financial, replacing Robert Falzon.
The lower corporate tax rate is leading CFOs to finally address the problems of underfunding, rising costs, and mounting liabilities.
The retailer has completed a lump-sum offer to retirees and will annuitize other obligations through a deal with Prudential.
In the mutual insurance industry, the new mantra is convert or be consumed.
