Prudential Financial, Inc. announced today that its subsidiary,
Gibraltar Life, has signed a definitive agreement to serve as
reorganization sponsor for Yamato Life, a small life insurance company
in Japan that declared bankruptcy in October 2008.
The agreement provides for Yamato to be acquired by Gibraltar without
purchase price consideration. It is expected that Yamato will become a
wholly owned subsidiary of Gibraltar Life and that Gibraltar Life will
contribute capital, from its general account assets to Yamato in
connection with the acquisition. The amount of the capital contribution
is not expected to be material.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
approximately $558 billion assets under management as of December 31,
2008, has operations in the United States, Asia, Europe, and Latin
America. Leveraging its heritage of life insurance and asset management
expertise, Prudential is focused on helping approximately 50 million
individual and institutional customers grow and protect their wealth.
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expertise and innovation that has stood the test of time. Prudential's
businesses offer a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds,
investment management, and real estate services. For more information,
please visit http://www.news.prudential.com/.