JAB Holding to Acquire Prosperity Life Group, Including Shenandoah Life, for $3.1B

Luxembourg-based JAB Holding Co., known for its ownership stake in Krispy Kreme doughnuts, is set to acquire Prosperity Life Group for $3.1 billion. Prosperity Life Group is the parent company of Roanoke, Virginia-based Shenandoah Life Insurance and includes various insurance companies and asset management operations.

The acquisition filing was made with the Virginia State Corporation Commission, and regulatory approval is expected to take between two to six months, depending on review complexity.\n\nThe purchase forms a key component of JAB Holding's strategy to develop a global life insurance platform. Prosperity Life Group, with over $25 billion in assets, operates Shenandoah Life Insurance, which had $1.96 billion in assets at the end of 2024 and collected $315 million in premiums, primarily from annuities.

JAB’s acquisition is anticipated to have no immediate operational impact on Prosperity or Shenandoah Life’s business activities in Roanoke.\n\nHistorically, Shenandoah Life Insurance, founded in 1916, faced financial challenges during the Great Recession, entering receivership in 2009. It emerged from receivership in 2012 following a $60 million capital infusion from Prosperity Life Insurance Group.

At the time, Shenandoah Life had significantly downsized its workforce and sold its main office building in Roanoke. The company currently operates under the leadership of Nicholas von Moltke, CEO of both Shenandoah Life and Prosperity Life Insurance.\n\nCredit rating agency AM Best had rated Shenandoah Life Insurance's financial strength as Excellent (A-) before placing the rating under review following the acquisition announcement. Prosperity Life Insurance Group was acquired in 2019 by an investor group led by Elliott Management. This transaction represents continued consolidation and investment interest within the U.S. life insurance sector.