NEW YORK, June 23 /PRNewswire-HISPANIC PR WIRE/ — The Prudential Life Insurance Company (Prudential) has been approved for membership at Federal Home Loan Bank of New York (FHLBNY). Prudential is the third insurance company to join FHLBNY and is among more than 157 insurance companies in the 12-district FHLBank System.
Membership allows Prudential to take advantage of FHLBNY’s product line of financial services, including low-cost advances that can be used for liquidity management, funding agreements and general asset/liability management.
“We are delighted that a high-quality insurance company such as Prudential has joined the Federal Home Loan Bank of New York,” said Alfred A. DelliBovi, President of the FHLBNY. “Membership offers Prudential an excellent source of reliable, low-cost wholesale credit that provides efficient alternatives for managing liquidity, interest rate risk mitigation and overall asset/liability management.”
The Prudential Insurance Company of America is a subsidiary of Prudential Financial, Inc. (NYSE: PRU). Prudential Financial is a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/ .
The FHLBNY is a $109 billion, AAA-rated, Congressionally-chartered wholesale bank. It is part of the FHLBank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLBNY serves 293 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to advance housing opportunity and local community development by maximizing the capacity of community-based member lenders to serve their markets.