Prudential Financial Inc., Newark, N.J., plans to contribute about $205 million to its defined benefit plans in 2020.
The insurance company contributed $280 million to its DB plans in 2019 and $219 million to the plans in 2018, the company disclosed Feb. 14 in a 10-K filing with the SEC.
As of Dec. 31, DB plan assets totaled $13.906 billion, while projected benefit obligations totaled $14.637 billion, for a funding ratio of 95%, down from 97.1% the year before. The discount rate for the plans was 3.3%, down from 4.3% a year earlier.
As of Dec. 31, the actual allocation of the DB plans was: 63.6% equities; 10.5% real estate; 9.4% hedge funds; 8.8% equities; 7% partnerships; and 0.7% short-term investments.
The fixed-maturities category includes variable life insurance policies, U.S. government securities, non-government securities, U.S. and corporate bond funds and several forms of corporate debt.