Prudential Group Insurance will be discontinuing the sale of individual long term care products in a bid to focus solely on group long term care insurance.
Prudential Long Term Care vice president Malcolm Cheung said group long term care insurance has complemented its broader insurance product offering which includes life, disability, accidental death and dismemberment, and dental for more than 25 years.
"The demographics of the employer market align well with our strategy of providing voluntary benefit solutions to individuals through our group marketing and distribution platforms," Cheung added.
"The decision to exit the individual long term care business reflects the challenging economics of the individual market and our desire to focus our resources and capital on the group market where we see the greatest opportunity."
The company said that existing individual long term care policies and terms of the contracts will remain in place as long as premiums are paid on time, subject to regulatory approval.
Prudential offers US institutional clients a full range of group life, long-term and short-term disability, long-term care, dental, and corporate and trust-owned life insurance in connection with employee and membership benefits plans.