Chesnara has struck up a deal with MetLife Group to buy its closed-book life insurance company, MetLife UK.
The deal does not include MetLife's ongoing UK protection business, which MetLife continues to service. The acquisition includes about 18,000 customer policies, with £1.7bn of assets under administration. The transaction is expected to be to be accretive to own funds and contractual service margin by about £45m, Chesnara outlined. It pointed to lifetime cashflows of about £90m from the deal, with around half expected to emerge in the five years after completion. MetLife UK closed to new business in 2017. It currently manages a portfolio of unit-linked investment policies with op...
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