Pru completes acquisition of Swiss Re's US unit
Insurance giant Prudential has completed the purchase of SRLC America Holding Corp from Swiss Re after receiving all necessary regulatory approvals.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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.
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
-
Tesla and Alphabet announce results – should you invest in Big Tech?
How profitable are the world’s biggest tech companies? We share the latest so far this earnings season.
By Katie Williams Published
-
How working part-time in retirement could boost your pension by £87,000
Easing into retirement by working a few days a week could add thousands to your pension pot. We crunch the figures to see how working part-time can boost your pension po
By Ruth Emery Published