Retirement Solutions provider Jackson National Life Insurance, an indirect, wholly-owned subsidiary of Prudential, has completed the acquisition of SRLC America Holding from Swiss Re.
Originally announced on 31 May 2012, the deal has received all required regulatory approvals and other customary closing conditions.
The consideration of $663m deal value is based on an updated estimate of the balance sheet and the final purchase price may be further adjusted to reflect the potential differences, the acquirer said.
According to terms of the deal, 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.
Jackson National Life Insurance (Jackson) manages $130bn and caters retirement solutions and provides asset management and retail brokerage services through its affiliates and subsidiaries.