Debevoise & Plimpton LLP is advising The Prudential Insurance Company of America, a Prudential Financial, Inc. company, in the sale of a group annuity contract to the U.S. subsidiary of Royal Philips (“Philips”). Philips has also entered into agreements to purchase group annuity contracts from Banner Life Insurance Company, the primary U.S. insurance subsidiary of Legal & General America, and American United Life Insurance Company, a OneAmerica company.

The combined transfer under all of the group annuity contracts will reduce Philips' pension liabilities by approximately EUR 1 billion (approximately $1.1 billion USD).

Prudential Financial, Inc., a financial services leader, has operations in the United States, Asia, Europe and Latin America. The company is 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.

The Debevoise team is led by partner Alexander R. Cochran and includes partner Jonathan F. Lewis and associates Angela W. Lee, Matthew B. Parelman, Rebecca J. Sayles and Emily Zand.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.