NEW YORK: Prudential Financial Inc, the No. 2 US life insurer, has completed the purchase of Skandia Insurance Co’s American Skandia Inc unit for about US$1.2bil.
As a result, Prudential Financial has become the fifth largest US manager of variable annuities – insurance contracts that let investors buy a variety of products with taxes on income and capital gains deferred until withdrawal. – Reuters
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
