Brookfield Wealth Solutions has announced plans to enter the UK insurance market, with a specific focus on delivering bulk purchase annuity solutions for UK pension schemes.

The group, which confirmed its entry into the market following a "comprehensive" approval process by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), is expected to begin operations later in Q1, operating under the Blumont Annuity UK brand.

The entry for Brookfield Wealth Solutions, which was spun out of Brookfield Corporation in June 2021, is intended to further extend its presence in the UK, where it already has over £63bn of assets under management across infrastructure, real estate, and renewable power.

Indeed, with over £500bn of demand for pension buyouts expected over the next decade, the group said that the UK market represents a "significant" opportunity to grow, create employment and invest domestically in the UK market.

Commenting on the news, Brookfield Wealth Solutions CEO, Sachin Shah, said: “We are thrilled to launch Brookfield Wealth Solutions in the UK. With more than $140bn 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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