Brookfield Wealth Solutions, a subsidiary of Brookfield Corporation, is planning to enter the UK insurance market, focusing on delivering bulk annuity solutions for UK pension schemes.
The new venture, operating under the Blumont Annuity UK brand, is expected to commence operations later in the first quarter (Q1), pending final regulatory approvals.
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This move follows an approval process by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Bulk annuities are a form of insurance where a company’s pension plan transfers liabilities to an insurer.
Brookfield Wealth Solutions, which separated from Brookfield Corporation in June 2021, will strengthen the company’s existing presence in the UK with the move.
The company has more than £63bn ($80.07bn) in assets under management across various sectors and employs nearly 23,000 people through its UK portfolio companies.
Brookfield Wealth Solutions CEO Sachin Shah said: “We are thrilled to launch Brookfield Wealth Solutions in the UK. With more than $140bn 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.”
In 2024, Brookfield Wealth Solutions reported net income of $1.2bn, an increase from $797m in 2023.
