Insurance giant Prudential is set to expand with the acquisition of the US arm of insurance firm Swiss Re for £400 million.

The deal will see the UK’s biggest insurance company acquire £6.7 billion of asserts in a £400 million acquisition deal.The move is expected to add £100 million to The Prudential within the first year of ownership. Swiss Re is expected to use the profits from the sale to invest in more profitable areas.

Jackson National Life chief executive Mike Wells said, “This bolt-on acquisition is in line with our strategy and is a great opportunity to increase the scale of our life business,”