Prudential to discontinue group dental insurance products
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Prudential Group Insurance announced on Tuesday that it plans to discontinue its group dental insurance products as part of an ongoing effort to reorder its voluntary benefits portfolio.
The company, a division of Newark, N.J.-based Prudential Financial Inc., said it will continue servicing existing group dental clients through the term lengths of their existing policies but would not offer any renewals of group dental contracts, subject to regulatory notice requirements.
In a statement released on Tuesday, Prudential Group said the decision to end its dental offerings reflected the company's intention to refocus its resources and capital on its group life and disability products, which the company said represent its “core value proposition” and the greatest opportunity for sustained profit.
The dental benefits are the second major product discontinuation Prudential has executed this year. In July, the company announced that it would stop selling group long-term care insurance, citing depressed interest rates that had negatively impacted the bond investments the company was using to fund its claim payouts.
