GREENVILLE, SC, Oct. 22 /CNW/ - Royal Coffer of Canada (RY on TSX and NYSE) today appear that Athene Holding Ltd. has agreed to access Liberty Activity Allowance Company, the U.S. activity allowance business of RBC Allowance for US$628.1 million. The transaction is accountable to authoritative approvals and accustomed closing conditions, and is accustomed to abutting in aboriginal 2011. RBC expects that the transaction will aftereffect in a accident of about US$115 actor beneath Canadian about accustomed accounting attempt (GAAP) on both a pre and afterwards tax basis.
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Immediately afterward the closing of the acquisition, Liberty Activity will reinsure its activity and bloom allowance business to Birmingham, Alabama-based Protective Activity Allowance Company and a allocation of its annuities to Athene Activity Re Ltd., a Bermuda based accessory of Athene Holding Ltd.
In its U.S. GAAP reconciliation, RBC expects to appearance that the transaction will aftereffect in a accident of about US$405 actor on both a pre and afterwards tax basis. The aberration amid the Canadian and U.S. GAAP accident amounts is abundantly attributable to accounting differences in the appraisal of actuarial liabilities.
The amounts of the Canadian GAAP and U.S. GAAP losses are based on accepted estimates and are accountable to change.
About RBC Insurance
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RBC Allowance provides a advanced ambit of life, health, travel, home, auto and reinsurance articles as able-bodied as creditor allowance casework to added than bristles actor audience in Canada, the U.S. and internationally. These articles and casework are offered through a advanced array of administration channels, including the telephone, retail allowance branches, absolute brokers, biking agents, a proprietary sales force and the Internet. Added advice is accessible at href="http://www.rbcinsurance.com/">www.rbcinsurance.com.
About RBC
Royal Coffer of Canada (RY on TSX and NYSE) and its subsidiaries accomplish beneath the adept cast name RBC. We are Canada's better coffer as abstinent by assets and bazaar capitalization, and amid the better banks in the world, based on bazaar capitalization. We are one of North America's arch adapted cyberbanking casework companies, and accommodate claimed and bartering banking, abundance administration services, insurance, accumulated and advance cyberbanking and transaction processing casework on a all-around basis. We apply about 78,000 full- and part-time advisers who serve abutting to 18 actor personal, business, accessible area and institutional audience through offices in Canada, the U.S. and 51 added countries. For added information, amuse appointment rbc.com.
Forward Looking Statements
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements independent in this columnist absolution may be accounted to be advanced statements beneath assertive balance laws, including the "safe harbor" accoutrement of the United States Private Balance Litigation Reform Act of 1995 and any applicative Canadian balance legislation. These advanced statements include, but are not bound to, statements with account to the accretion of Liberty Activity Allowance Company, the U.S. activity allowance business of RBC Insurance, by Athene Holding Ltd., Liberty Life's ambition to reinsure its activity and bloom allowance business to Protective Activity Allowance Company and a allocation of its annuities to Athene Activity Re Ltd. and Royal Coffer of Canada's accustomed losses apropos to this transaction. Advanced statements are about articular by words such as "believe", "expect", "foresee" "forecast", "anticipate", "intend", "estimate", "goal", "plan" and "project" and agnate expressions of approaching or codicillary verbs such as "will", "may", "should", "could", or "would".
By their absolute nature, advanced statements crave us to accomplish assumptions and are accountable to inherent risks and uncertainties, which accord acceleration to the achievability that our predictions, forecasts, projections, expectations or abstracts and added advanced information, including statements about the accretion of Liberty Activity Allowance Company by Athene Holding Ltd., Liberty Life's ambition to reinsure its activity and bloom allowance business to Protective Activity Allowance Company and a allocation of its annuities to Athene Activity Re Ltd. and Royal Coffer of Canada's accustomed losses apropos to this transaction will not be achieved. We attention readers not to abode disproportionate assurance on these statements as a cardinal of important factors could account our absolute after-effects to alter materially from the expectations bidding in such advanced statements. These factors include, but are not bound to the achievability that the proposed transaction does not abutting back accustomed or at all because appropriate authoritative or added approvals are not accustomed or added altitude to the closing are not annoyed on a appropriate base or at all, that Royal Coffer of Canada, Athene Holding Ltd., Protective Activity Allowance Company or Athene Activity Re Ltd. may be appropriate to adapt the agreement and altitude of the proposed transaction to accomplish authoritative approval, or that the advancing allowances of the transaction are not accomplished as a aftereffect of such things as the backbone of the abridgement and aggressive factors in the areas area Liberty Activity Allowance Company does business; the appulse of changes in the laws and regulations acclimation cyberbanking casework and administration thereof (including banking, allowance and securities); administrative judgments and acknowledged proceedings; the adeptness of Athene Holding Ltd., Protective Activity Allowance Company and Athene Activity Re Ltd. to complete the transaction; reputational risks, and added factors that may affect approaching after-effects of RBC including changes in barter policies, appropriate development and addition of new articles and services, changes in tax laws, and abstruse and authoritative changes. We attention that the above account of important factors is not exhaustive. Additional advice about these and added factors can be begin in our Q3 2010 Report to Shareholders and 2009 Annual Report.
Except as appropriate by law, Royal Coffer of Canada assumes no obligation to amend the advanced statements independent in this columnist release.
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SOURCE RBC
For added information: For added information:
Media contacts:Kerry Gaetano, RBC, 905-816-5583Gillian McArdle, RBC, 416-974-5506
Analyst contacts:Josie Merenda, RBC, 416-955-7803Karen McCarthy, RBC, 416-955-7809
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Liberty Life Insurance Company Greenville Sc
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