A life insurance company has turned $10.6 million of its $11.6 billion portfolio into a portfolio of $10 billion of its own.
The company, U.S. Life Insures, has a long history of investing in businesses that deliver positive results for their customers.
In its latest quarterly filing with the Securities and Exchange Commission, U-Life said it was creating a $2.8 billion “corporate pension” that would give employees the ability to make 401(k) contributions.
Investors will get access to a “new, improved, more streamlined and personalized” U- Life investment vehicle that includes more than 100,000 stock options, according to the filing.
Shares of the company closed at $10 in midday trading.