Pru completes acquisition of Swiss Re's US unit

5th Sep 2012 07:13

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."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.