Swiss Re has closed the sale of the Admin Re U.S. business(REALIC) to Jackson National Life Insurance Co.
|The transaction, announced in May, has received all necessary regulatoryapprovals.
|The sale results in $933 million to Swiss Re, representing $663million cash proceeds from the sale and a dividend of $270 millionextracted from REALIC before the sale.
|Swiss Re says the estimated $400 million loss on thetransaction has been recognised in two steps.
|As announced on Aug. 9 this year, a $1 billion loss was recordedin the second quarter 2012 results and an estimated gain of $600million will be included in the third quarter 2012 results. Thegain in the third quarter is predominantly due to recycling ofpreviously unrealised gains on the investments backing theinsurance liabilities transferred to Jackson National LifeInsurance Co., says Swiss Re.
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