Insurance giant Prudential has completed the purchase of SRLC America Holding Corp from Swiss Re after receiving all necessary regulatory approvals.
The acquisition, first announced on May 31st, was made by Pru's indirect wholly-own subsidiary, Jackson National Life Insurance Company. Jackson has now acquired assets worth around £6.7bn and approximately 1.5m policies, according to a statement earlier this year.
The original price of the acquisition was first announced as £398m, though Jackson actually paid £417m for SRLC due to an updated estimate of the balance sheet.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This bolt-on acquisition is in-line with our strategy and is a great opportunity to increase the scale of our life business," said Mike Wells, the President and Chief Executive Officer of Jackson, in May.
"It helps diversify Jackson's earnings by increasing the amount of income we generate from underwriting activities thereby enhancing the quality of our earnings and our ability to remit more cash to the group," he said.
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
