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Article Excerpt
Prudential Financial Inc., Newark, N.J., has signed an agreement with Skandia Insurance Company Ltd., Stockholm, to acquire its U.S. division, American Skandia Inc., for almost $1.3 billion, the companies announced Dec. 20.
The companies expect to close the deal during the second quarter 2003.
The deal would make Prudential a major player in the VA market and increase its visibility in mutual funds as well.
Based on current data, the acquisition would propel Prudential from 22nd to sixth place in sales in the U.S. variable annuity market and from 14th to fourth in terms of VA assets under management, Prudential notes.
Skandia Insurance says it is selling the subsidiary because it expects the U.S. VA market to...
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