Through its subsidiary Ohio National Life Insurance, the insurance fund acquired a portfolio of life annuities with assets valued at US$2.1 billion.

Constellation Insurance, Inc. announced that its Chilean subsidiary Ohio National Seguros de Vida has completed the purchase of Zurich Insurance Group's ( Zurich ) life annuity portfolio in Chile with assets valued at US$2.1 billion.

As a result, Ohio National Life Insurance becomes the seventh largest company in the Chilean life annuity market, with more than US $3.3 billion in assets under management and serving more than 55,000 annuitants.

As a reminder, the transaction began in May 2023 after receiving approval from the Financial Market Commission (CMF) and was completed on Monday, December 2.

"This transaction is an important step in our vision to build market-leading businesses across all segments of the organization," said Anurag Chandra , Founder, Chairman and CEO of Constellation. "With the closing of this transaction, our Latin American business now has the scale and market position to form an increasingly integral part of our diversified business growth strategy."

"By taking advantage of organic and inorganic growth opportunities, we can enhance our position in the Chilean market and our ability to expand our more than 30-year commitment to Latin America ," said Constellation President for Latin America David Azzarito .