Prudential Financial and Dai-ichi Life have announced they are forming a strategic partnership to strengthen their product distribution and asset management capabilities.
This collaboration aims to leverage the strengths of both companies to expand their reach in Japan’s life insurance market.
Prudential will integrate Dai-ichi’s subsidiary, The Neo First Life Insurance Company, Ltd., into its Life Planner sales channel, enhancing the distribution of life insurance products. Additionally, Prudential’s investment management arm, PGIM, will provide asset management services to Dai-ichi subsidiaries, focusing on structured products and private credit.
Prudential Financial, Inc. (NYSE: PRU) offers a wide range of financial products, including insurance, investment management, and retirement solutions. Its global investment management division, PGIM, is one of the largest asset managers in the world.
Dai-ichi Life Holdings is a major life insurance provider in Japan, committed to becoming a global top-tier insurance group. Its subsidiary, Neo First Life, offers innovative insurance solutions tailored to meet diverse customer needs.
As part of this partnership, Prudential has selected Neo First Life as an exclusive product partner in Japan. Through this collaboration, Prudential aims to utilise its Life Planner sales network to distribute Neo First Life products, enhancing customer access to high-quality insurance solutions.
On the asset management side, PGIM intends to extend its services through its PMA business to manage various asset classes, including structured products and private credit, for Dai-ichi subsidiaries.
Prudential and Dai-ichi have signed an initial memorandum of understanding (MoU), outlining their strategic initiatives and exploring additional growth opportunities. This partnership is expected to create mutual benefits by combining Prudential’s global expertise with Dai-ichi’s strong local presence in Japan.
“As one of the leading life insurance providers in Japan, Dai-ichi is an ideal partner for our best-in-class life planner distribution network in Japan, as well as to PGIM,” Prudential Financial chairman and CEO Charles F. Lowrey said. “By expanding our reach to more customers in Japan and adding further scale to our asset management business, this relationship with Dai-ichi would advance our vision to be a global leader in investing, insurance, and retirement security.”
“I am truly delighted to establish a strategic partnership with Prudential Financial, Inc., one of the global leading life insurance groups in the United States, in both the life insurance and asset management fields,” Dai-ichi Life Holdings president and CEO Tetsuya Kikuta said. “Prudential Financial, Inc., with its extensive global experience and track record, is an ideal partner for us as we strive to become a global top-tier insurance group. We look forward to building a win-win relationship between us and Prudential Financial, Inc.”
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