Brookfield Wealth Options, a subsidiary of Brookfield Company, is planning to enter the UK insurance coverage market, specializing in delivering bulk annuity options for UK pension schemes.
The brand new enterprise, working underneath the Blumont Annuity UK model, is anticipated to begin operations later within the first quarter (Q1), pending remaining regulatory approvals.
This transfer follows an approval course of by the Prudential Regulation Authority (PRA) and the Monetary Conduct Authority (FCA).
Bulk annuities are a type of insurance coverage the place an organization’s pension plan transfers liabilities to an insurer.
Brookfield Wealth Options, which separated from Brookfield Company in June 2021, will strengthen the corporate’s current presence within the UK with the transfer.
The corporate has greater than £63bn ($80.07bn) in belongings underneath administration throughout varied sectors and employs almost 23,000 folks by its UK portfolio firms.
Brookfield Wealth Options CEO Sachin Shah mentioned: “We’re thrilled to launch Brookfield Wealth Options within the UK. With greater than $140bn in whole belongings, we sit up for serving the retirement wants of UK pensioners for the long run.
“Our group-wide dedication is to offer long-term monetary safety for our policyholders and purchasers, serviced by sturdy, well-capitalised firms with high-quality funding portfolios. The PRA and the FCA have been environment friendly, skilled and extremely constructive throughout our approval course of, and we sit up for working additional with them sooner or later.”
In 2024, Brookfield Wealth Options reported web revenue of $1.2bn, a rise from $797m in 2023.
