04:18 PM EDT, 03/11/2025 (MT Newswires) -- Brookfield Wealth Solutions ( BNT ) after trade Tuesday announced the UK Prudential Regulatory Authority and Financial Conduct Authority have issued a license to Blumont Annuity Company UK Ltd. to participate directly in the UK's pension risk transfer market.

A statement noted the license was issued following the successful completion of a "comprehensive" authorization process and confirmation the business has been fully capitalized.

Tuesday's statement said the entry for Brookfield Wealth Solutions ( BNT ), which was spun out of Brookfield Corporation ( BN ) in June 2021, will further extend Brookfield's presence in the UK, where it is already a leading investor with over 63 billion pounds of assets under management across infrastructure, real estate, and renewable power. Brookfield and its UK portfolio companies employ approximately 23,000 people across the UK.

Blumont Annuity UK plans to commence operations on March 25, 2025.

"Our asset management business had inflows of over US$135 billion, our wealth solutions business is now firmly established as a top-tier annuity writer in the U.S., and our operating businesses continue to generate high-quality and stable cash flows," said Nick Goodman, president of Brookfield.

"We expect the positive momentum in each of our businesses to continue this year," Goodman added.