July 20, 2017 / 1:28 PM / a year ago

Prudential Financial to reorganize U.S. businesses

(Reuters) - Life insurer Prudential Financial Inc (PRU.N) said on Thursday that it would reorganize its U.S. businesses, placing five units into three groups, each aligned with different customer needs.

Prudential’s three businesses will be called individual solutions, workplace solutions and investment management.

The individual solutions unit, led by Lori Fouché, the current head of Prudential’s annuity business, will include the annuities and individual life insurance businesses.

A workplace solutions unit, led by Andy Sullivan, who currently leads Prudential’s group insurance business, will include the retirement and group insurance units.

The changes would be effective from the fourth quarter of 2017, the company said.

A third group, investment management, will continue to include all businesses from Prudential’s asset management arm, PGIM, and be led by current PGIM chief executive, David Hunt, Prudential said.

Reporting by Sruthi Shankar in Bengaluru and Suzanne Barlyn in New York; Editing by Martina D'Couto and Meredith Mazzilli

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