Stocks of life and annuity sellers have been beaten down in recent months, with interest rates plunging as the pandemic swept the U.S. The S&P 500 Life & Health Insurance Index is down 34% this year, compared with the 2.7% drop in the S&P 500 Index.
KKR expects to fund the acquisition, net of the equity rollover, from a combination of cash, proceeds from potential minority co-investors and the issuance of new debt or equity.
This article was provided by Bloomberg News.