Pru acquires Resolution's Phoenix Life & Pensions

Prudential Pensions, a subsidiary of Prudential, says the book includes 52,500 policies (weighted average age 73 with no deferred annuities) with assets of around £1.5bn. The firm forecasts the purchase will generate premium income exceeding £145m, on an APE basis, however, more accurate figures will only be uncovered during the course of the rest of the year. Under the terms of the agreement, Prudential will initially provide reassurance to PLP, which will continue to pay the annuitants, while Prudential will reimburse the annuity payments to PLP. However, in due course, the acquiring ...