NEW YORK CITY (dpa-AFX) - Chesnara plc (CSN.L), a UK-based life insurance and pensions consolidator, announced on Friday that it has entered an agreement to acquire MetLife, Inc.'s (MET) closed-book UK life insurance company, Metlife UK Limited.
Terms of the deal, which is expected to complete during the first half of 2027, were not disclosed.
Consideration of the transaction is subject to customary adjustments at completion and is not expected to be material.
Upon completion, the deal is expected to be accretive to both, Own Funds and Contractual Service Margin by approximately £45 million.
The proposed acquisition would add Metlife UK's approximately 18,000 customer policies with £1.7 billion of assets under administration.
The acquisition would also generate total lifetime cash flows of approximately £90 million, around half of which is expected to emerge in the first five years post completion.
Meanwhile, the proposed deal excludes MetLife's ongoing UK protection business, and MetLife continues to service these customers in the UK.
Chesnara's Group Chief Executive, Steve Murray, 'We are pleased to announce our 4th acquisition in the last two years. The transaction adds further scale and diversification to our UK business as well as an estimated £90m of lifetime cashflows.'
Chesnara shares were trading on the LSE at 350.50 pence, up 1.15 percent.
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