Prismic Life Holding Company, LP has agreed to reinsure approximately $5 billion of reserves backing USD-denominated Japanese whole life insurance policies originated by Prudential Financial, Inc. (NYSE: PRU) through its Japanese affiliates, according to a press release from Prismic Life.

Under the terms of the agreement, Prudential's obligations to its policyholders will remain unchanged, and Prudential will continue to administer the contracts. The transaction expands the existing relationship between the two companies, with in-force and new business flow transactions now covering more than $22 billion of USD-denominated liabilities.

Following the closing of this transaction, Prismic manages approximately $25 billion of assets to support assumed liabilities. The deal follows Prismic's recently announced transaction with Daiichi Life.

Nandini Mongia, group executive chair and chief executive officer of Prismic, said the firm "was built to deliver innovative reinsurance solutions that help clients manage capital, risk, and balance sheet management needs."

Andy Sullivan, chairman and chief executive officer of Prudential Financial, described the transaction as reflecting "continued focus on disciplined capital allocation."

Prismic Life was advised by PGIM, Inc., Agam Capital Management LLC, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited. Debevoise & Plimpton LLP served as legal counsel to Prudential Financial.

Prismic Life is a Bermuda-based life and annuity reinsurance platform sponsored by Prudential Financial and Warburg Pincus, launched on September 1, 2023.