Prudential Financial, Inc. PRU will acquire Assurance IQ, Inc. for $2.35 billion plus an additional earnout of up to $1.15 billion in cash and equity, contingent upon Assurance achieving multi-year growth objectives.
Assurance IQ matches buyers with customized solutions spanning life, health, Medicare and auto insurance, giving them options to purchase entirely online or with the help of a technology-assisted live agent.
"Assurance accelerates the strategy and growth potential of Prudential's financial wellness businesses, bringing us closer to more people across the entire socio-economic spectrum to better serve the full picture of their needs," said Prudential CEO Charles Lowrey in a statement.
Prudential Financial shares were trading down 1.3% at $78.60 in Thursday’s pre-market session. The stock has a 52-week high of $106.64 and a 52-week low of $75.61.
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