Brookfield Wealth Solutions (NYSE, TSX: BNT) is entering the UK insurance market to focus on delivering bulk annuity solutions for UK pension schemes. This follows a comprehensive approval process carried out by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”).
Brookfield Wealth Solutions will bring its capital and strong track record of servicing policyholders from its substantial North American operations as one of the first new entrants in the UK market. With over £500 billion of demand for pension buyouts expected over the next decade, the UK represents a significant opportunity to grow, create employment and invest domestically in the UK market.
The entry for Brookfield Wealth Solutions, which was spun out of Brookfield Corporation in June 2021, will further extend Brookfield’s presence in the UK, where it is already a leading investor with over £63 billion of assets under management across infrastructure, real estate, and renewable power. Brookfield and its UK portfolio companies employ approximately 23,000 people across the UK.
Sachin Shah, CEO, Brookfield Wealth Solutions said: “We are thrilled to launch Brookfield Wealth Solutions in the UK. With more than $140 billion in total assets, we look forward to serving the retirement needs of UK pensioners for the long term. Our group-wide commitment is to provide long-term financial security for our policyholders and clients, serviced by strong, well capitalized companies with high quality investment portfolios. The PRA and the FCA have been efficient, professional and highly constructive during our approval process, and we look forward to working further with them in the future.”
Brookfield Wealth Solutions is expected to begin operations later in the first quarter subject to final regulatory approvals and will operate under the Blumont Annuity UK brand.
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