Pru names new chief actuary to replace retiring SVP

Insurance concept: computer keyboard with word Actuary on enter button background, 3D rendering

Prudential Financial Inc. has a new chief actuary.

Candace Woods will succeed the retiring Richard Lambert as senior vice president and chief actuary of the Newark-based financial services company.

Lambert will retire next year.

“Rich has been a tremendous asset to our company over his nearly 40-year career at Prudential,” Vice Chairman Mark Grier said. “Over the last four years, Rich has led a transformation of the Actuarial department to deliver insight, foresight and strategic thinking, as well as greater agility to support our businesses as they offer integrated solutions to meet our customers’ evolving needs. His expertise and passion for our business have contributed significantly to Prudential’s success, helping ensure that we keep the promises that we make.”

But Lambert’s successor has shown she is “a strong and decisive leader with a global perspective who has demonstrated her abilities to deliver results across the company,” Grier said.

“She has been instrumental in laying the foundation for Actuarial’s transformation and bringing the department’s vision to life,” he added.

Woods joined Prudential in 1982 and has 35 years of actuarial experience, spanning individual life, group life and health, corporate actuarial and international insurance.

She has served as chief actuary for the Actuarial Department’s new Center of Excellence since June.

Lambert has served as the company’s chief actuary since 2012 and was instrumental in leading the transformation of the Actuarial Department to meet the growing needs of the company’s businesses and the changing regulatory environment.