View more on these topics

Pru’s US arm acquires part of Swiss Re

Prudential’s US subsidiary Jackson National Life is to acquire part of Swiss Re’s US Life Assurance business for £398m.

Prudential is to buy SRLC America Holding Corp which has assets related to the business of around £6.7bn and around 1.5m policies.

Jackson National Life says the deal will increase its scale and income as well as diversifying its earnings through the amount it will generate from underwriting.

A stock market announcement says the acquisition will increase Jackson’s IFRS pre-tax earnings by £100m in the first year of ownership.

The deal is still subject to regulatory approval and is expected to be completed in the third quarter.

Jackson chief executive Mike Wells says: “This bolt-on acquisition is in-line with our strategy and is a great opportunity to increase the scale of our life business. 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.”

Recommended

Bloxham fund pulled from Wealth 150 after asset manager sale

Hargreaves Lansdown has removed the Elite Bloxham global equity income fund from its Wealth 150 list owing to “uncertainty” surrounding former owner Bloxham. Bloxham Stockbrokers, the asset manager’s parent company, has been ordered to stop trading by the Central Bank of Ireland after alleged financial irregularities came to light. The Bloxham Asset Management business has […]

Scottish Widows appoints Lord Blackwell as chairman

Scottish Widows has appointed Lord Blackwell as chairman and Dr Norval Bryson as deputy chairman. Blackwell will become a non-executive director at Lloyds Banking Group from June 1 before taking the chairmanship of Scottish Widows on September 1. Bryson is already a non-exec director at Scottish Widows. LBG has also recruited Carolyn Fairbairn as a […]

5

Networks throw support behind Aifa long-stop campaign

Networks have pledged their support for the Aifa and Zurich-backed Fair Liability 4 Advice campaign calling for the introduction of a long-stop for financial advice. Sesame, Lighthouse, Tenet and Intrinsic are all supporting the campaign which is raising awareness that unlimited liability is preventing long-term investment in the advice profession. Alongside the networks, 500 advisers […]

Investec launches commission-free structured products

Investec Structured Products has launched two auto-call structured product plans that have no commission built into the products alongside two identical plans with commission. This gives advisers a glimpse of what commission-free structured products look like, as Investec is an early mover into creating RDR-ready products. Investec has launched almost identical plans in their FTSE […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment