Jackson National Life Insurance Company ® (Jackson), an indirect, wholly-owned subsidiary of Prudential plc (Prudential), confirms it completed the purchase of SRLC America Holding Corp. (SRLC) from Swiss Re on September 4, 2012. The transaction, which was announced on May 31, 2012, has received all appropriate regulatory approvals.
In the initial announcement of this transaction on May 31, 2012, the consideration of $621 million was based on an estimated balance sheet for SRLC. The consideration of $663 million in today’s announcement is based on an updated estimate of the balance sheet. The final purchase price may be further adjusted to reflect the potential differences, if any, between the estimated balance sheet provided immediately prior to completion and the actual balance sheet at completion. These potential differences may include adjustments related to market value movements on capital and surplus, unwinding of expected future profits, finalization of the extraction of business that is not part of the acquisition and associated tax attributes.
About Jackson National Life Insurance CompanyWith $130 billion in assets (IFRS)*, Jackson National Life Insurance Company (Jackson) is a leading provider of retirement solutions. The company sells variable, fixed and fixed index annuities, and institutional products. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, wirehouses, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York ® , similarly markets products in the state of New York. For more information, visit www.jackson.com . *Jackson has $130 billion in total IFRS assets and $119 billion in IFRS policy liabilities primarily set aside to pay future policyowner benefits (as of 6/30/12). Annuities are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, and may not be available in all states and state variations may apply. These contracts have limitations and restrictions, including possible withdrawal charges, recapture charges and excess interest adjustments. Contact your representative or the Company for more information.