ING Group, the Dutch financial services company, and Prudential PLC, the British insurer, said Thursday that they have agreed on the sale of ING's Atlanta subsidiary, Life Insurance Company of Georgia, to Prudential's U.S. subsidiary, Jackson National Life Insurance Co.
Subject to regulatory approval, the companies said they expect the deal to close in the first quarter. Its price was not disclosed.
ING bought Life of Georgia in 1979. Jackson National Life, through an affiliate, is to acquire all of the company's stock. Life of Georgia has a portfolio of about 1.6 million life insurance policies and annuity contracts and in-force life insurance and annuity premium of $150 million.
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