Brookfield Wealth Solutions is entering the UK insurance market to focus on delivering bulk annuity solutions for UK pension schemes following the approval process carried out by the Prudential Regulation Authority and the Financial Conduct Authority.
Brookfield Wealth Solutions is expected to begin operations later in the first quarter, subject to final regulatory approvals and will operate under the Blumont Annuity UK brand. Brookfield Wealth Solutions was spun out of Brookfield Corporation in June 2021; Brookfield is already a large investor in the UK, with over £63bn 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.
“We are thrilled to launch Brookfield Wealth Solutions in the UK,” said Sachin Shah, CEO, Brookfield Wealth Solutions.
“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 capitalized 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,” Shah added.
