Brookfield makes move into the UK market

Life re/insurer Brookfield Wealth Solutions is entering the UK life insurance market. 

Brookfield, which owns life insurers American Equity Life and American National Group as well as property casualty re/insurer Argo, said it plans to focus on delivering bulk annuity solutions for UK pension schemes. 

It has been approved by the Prudential Regulation Authority and the Financial Conduct Authority and said the UK represents a significant opportunity to grow with over £500 billion of demand for pension buyouts expected over the next decade.

It will operate under the Blumont Annuity UK brand and expects to begin operations later this month, subject to final regulatory approvals. Its involvement in the UK has been rumoured for more than a year. 

“We are thrilled to launch Brookfield Wealth Solutions in the UK,” said Brookfield Wealth Solutions CEO Sachin Shah. “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 capitalised 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, which was spun out from Brookfield Corporation in June 2021 and was formerly Brookfield Re, will extend Brookfield’s presence in the UK, where it already has £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.

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