Prudential Financial, Inc. (parent company of Pruco Life Insurance Company) announced today that the company would decline funds available through the US Treasury Department’s Capital Purchase Program (CPP). The CPP is part of the US Treasury’s Troubled Asset Relief Program (TARP).
Prudential had been notified last month that the company was one of the few life insurance companies declared eligible to receive funds under the program. Funds under the CPP are intended to provide financially stable companies with fresh capital in an effort to provide credit to the economy.
Last week, AM Best Rating Company affirmed Prudential’s A+ (Superior) financial strength rating.