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June 01, 2006 at 11:50 AM
Prudential Financial Inc. has closed on a previously announced acquisition of Allstate Financial Inc.’s variable annuity business.
Prudential says it invested around $591 million in the business through a reinsurance transaction.
Allstate Financial, a unit of Allstate Corp., Northbrook, Ill., had about $17 billion in VA account value. Completing the deal makes Prudential, Newark, N.J., the third largest provider of advisor-sold VAs in terms of assets under administration and management and the fourth largest in terms of sales, according to VARDS, a division of Morningstar Inc., Chicago.
