Nippon Life Insurance invests $500 million in Prudential Financial

Prudential Financial has announced the completion of the previously announced sale by The Prudential Insurance Company of America of a $500 million 10-year exchangeable surplus note to Nippon Life Insurance Company.

Under the terms of the transaction, Nippon Life can exchange the surplus note for shares of Prudential Financial common stock at any time, at Nippon Life's option, beginning on the fifth anniversary of issuance of the note.

Nippon Life provides a broad array of products including whole life, medical, nursing coverage and annuities for more than 10 million individuals, as well as group insurance products for more than 230,000 corporate clients in Japan.

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