Prudential Financial has finalized its purchase of variable annuity insurer American Skandia. The unit, launched by parent company Skandia in 1987, had suffered declines in assets and financial stability ratings prior to the acquisition.

"We believe the acquisition of American Skandia gives us a winning combination in the marketplace," said David Odenath, president of Prudential Annuities, the new division that combines the two companies’ annuity forces.

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