Swindon, 23 March 2006. Zurich Assurance Limited (Zurich) and Prudential Retirement Income Limited (Prudential) today announce details of an annuity partnership agreement. The agreement allows Zurich to exclusively offer Prudential's Guaranteed Annuity Product to customers with maturing Zurich pensions.
The agreement, which will be implemented from 3 April 2006, covers new vesting annuities from a range of pension policies, whilst continuing with the existing 2003 reassurance agreement covering maturing Zurich pension plans.
Simon Foster, Proposition Management and Development Director, Zurich, said: "This agreement with Prudential enables Zurich to provide customers with a market leading annuity option and to reduce our presence in what is currently not a strategic market for us."
Andy Briggs, Prudential UK's Distribution Director, said: "This agreement builds on Prudential's already strong relationship with Zurich and we look forward to working closely with them to help maximise the value to their customers."
For further information, please contact:
Helene Barnes
Senior Media Relations Consultant
Tel: 01793 505586 or 07841 562841
Steve Colton
Prudential UK Press Office
Tel: 020 7150 3136
Notes to editors
1. This partnership builds on existing annuity agreements Prudential has with other providers including Pearl, St.James's Place, National Australia Bank and Openwork
2. Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
3. Zurich Assurance won a five star service award for Life and Pensions in 2005 from Financial Adviser.
4. Prudential has been awarded the 2005 Financial Adviser 'Annuity Provider of the Year' award as well as the Moneywise 2004 and 2005 'Best Annuity Provider of the Year' awards.
