The US subsidiary of UK insurance giant Prudential, Jackson National Life Insurance Company, has completed the purchase of Life Insurance Company of Georgia from ING Groep for GBP142 million in cash.
By purchasing Life Insurance Company of Georgia, Lansing, Michigan-headquartered Jackson National hopes to add scale to its operating platform and expand its agency distribution through taking advantage of the Atlanta, Georgia-based insurer’s existing network coverage of 11 states in the southeast US.
Jackson National, which is an industry leader in the areas of fixed, fixed indexed and variable annuities, in addition to its life business, has also gained an additional 1.6 million life policies from the acquisition, which doubles the total number of life insurance and annuity policies it has in force.
The purchase has been fully funded from Jackson National’s internal resources, which currently stands at over $60 billion in assets.