Market Overview

Prudential and Babylist introduce the first life insurance policy new parents can add to registry

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Partnering makes it simpler for the growing population of
millennial parents to insure their families from day one

Prudential Financial, Inc. (NYSE:
PRU
), and Babylist, the fastest-growing baby registry in the United
States, launched a new strategic relationship to create a crowd-funded
life insurance solution designed specifically for expecting parents,
which is now available as an add-on to their baby registries. This is
the first time a life insurance company has partnered with a baby
registry.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180725005163/en/

Babylist conducted a national survey of nearly 5,000 expecting parents,
and found that 97 percent said life insurance is important and 61
percent plan to get insurance in the next year.1 Yet,
planning to purchase often does not translate into ownership for the
growing number of millennials who are becoming parents,2 as
only 18 percent of millennials own individual life insurance.3

The strategic relationship between the two companies will bring a wealth
of informational content about preparing financially for a baby and
provides the option to add Prudential's life insurance* directly to
their registry with just a few clicks.

"Having a baby is one of the most exciting — and overwhelming — times in
life. We are pleased to partner with Babylist to make it easy to buy
protection designed specifically for new parents. Expecting parents
often feel financially pressed and may not think about how life
insurance protects their young family and contributes to financial
security," said Salene Hitchcock-Gear, president, Individual Life
Insurance. "One-third of registries new parents make in the United
States are with Babylist. This strategic relationship between life
insurance and a baby registry is a prime example of how we are engaging
customers in new and unexpected ways."

"I started Babylist because no other option gave me the opportunity to
register for items I really wanted as a new parent, like dog walking and
meals, in addition to the basics like strollers and bottles," Natalie
Gordon, Babylist CEO, said. "Eight years and millions of registries
later, Babylist is pioneering new options for expecting parents to
register for exactly what they need. Given our customers' interest in
life insurance, we think that a strategic relationship with Prudential,
a company that people have relied on for their protection needs for more
than a hundred years, makes perfect sense for our users."

Expecting parents who create a Babylist registry will see the option to
select a Prudential policy alongside other preparing-for-baby
necessities, like car seats and cribs, and ask friends and family to
contribute towards the life insurance premium. A custom tool created by
Prudential and Babylist helps estimate how much life insurance coverage
is needed for their family. After funds are gifted to the expecting
parents, they will have the option to visit Prudential's website to
apply for a term life insurance policy.

To create your own baby registry, or add Prudential life insurance to
your existing Babylist registry, visit Babylist.com.
For more information about Prudential, visit prudential.com.

About Babylist

Founded in 2011, Babylist
is the fastest-growing baby registry that lets expecting parents put any
item from any store on one registry. Babylist serves expecting parents
with its universal baby registry, newsletters, and Hello Baby, a digital
magazine, combining data, content and technology to help expecting
parents get the best for baby.

About Prudential

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion in
assets under management as of March 31, 2018, has operations in the
United States, Asia, Europe and Latin America. Prudential's diverse and
talented employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of products
and services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S.,
Prudential's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more information,
please visit news.prudential.com.

1 Babylist survey, June 2018.
2 Pew Research Center analysis of National Center for Health
Statistics Data, May 2018.
3 LIMRA, Life Insurance Ownership in Focus, 2016.
 

*

Life insurance is issued by Pruco Life Insurance Company (except
in NY) and Pruco Life Insurance Company of New Jersey (in NY).
Both are Prudential Financial companies located in Newark, NJ, and
each is solely responsible for its own financial condition and
contractual obligations.

 

As with other registry products, the monetary gift made to help
purchase life insurance will be administered by Babylist. Babylist
is an independent organization and is not an affiliate of
Prudential Financial, Inc., or any of its subsidiaries.

 

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