Brookfield Wealth Solutions launches in the UK

Brookfield Wealth Solutions has entered the UK insurance market to focus on delivering bulk annuity solutions for UK pension schemes and is expected to begin operations later in the first quarter of the year, subject to final regulatory approvals.

The launch follows a comprehensive approval process carried out by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The company – which will operate under the Blumont Annuity UK brand – will bring its capital and a strong track record of servicing policyholders from its substantial North American operations as one of the first new entrants in the UK market.

The UK presents a significant opportunity for growth, job creation, and domestic investment, with demand for pension buyouts expected to exceed £500 billion over the next ten years.

Brookfield, an investor in the UK with over £63 billion of assets under management across infrastructure, real estate, and renewable power, will expand its UK presence further with the addition of Brookfield Wealth Solutions.

Brookfield Wealth Solutions was spun out of Brookfield Corporation in June 2021. Brookfield and its UK portfolio companies employ approximately 23,000 people across the UK.

Sachin Shah, CEO, Brookfield Wealth Solutions, commented: “We are thrilled to launch Brookfield Wealth Solutions in the UK. 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.”

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