Resolution Lifestyle completes acquisition of Voya Financial’s particular person everyday living in-force organization
3 min readResolution Lifetime completes acquisition of Voya Financial’s specific existence in-pressure business
- Resolution Life Group completes acquisition of Voya Fiscal, Inc.’s, particular person daily life in-power business
- This transaction delivers Resolution Everyday living with a system for further more expansion in the US
- Considering the fact that 2003, Resolution Everyday living and prior Resolution entities have deployed US$16bn of equity in the acquisition, reinsurance, consolidation and administration of 30 life insurance policy providers
Resolution Everyday living Group Holdings LP (‘Resolution Life’), a worldwide manager of in-force everyday living insurance plan corporations, is delighted to announce these days that it has done the acquisition of Voya Money, Inc.’s, (‘Voya’) particular person daily life in-pressure business.
The completion sees Voya promote to Resolution Daily life significantly all of its in-power personal lifetime small business, including Safety Daily life of Denver Coverage Firm, Midwestern United Life Insurance coverage Enterprise and specific other affiliates, as well as the reinsurance of Voya’s remaining in-drive unique lifetime and annuity blocks.
Voya transferred roughly 350 staff, collectively with the assets and methods employed to deal with the company. On completion extra than $25 billion of property were added to the Resolution Life harmony sheet and it assumes accountability for the administration of the acquired company.
Following a changeover period of time, which is anticipated to get up to two a long time, Resolution Daily life will replace Voya’s corporate methods with its have techniques. Resolution Life’s much more modern-day platforms will offer enhanced purchaser assistance at decrease charge.
Resolution Lifetime has lifted above US$3 billion of capital because 2018. In addition to the acquisition of Voya’s person existence in-pressure organization, acquisitions to day involve the A$3 billion acquisition of AMP Existence in Australia and the completion of a reinsurance transaction with Symetra Lifestyle Insurance plan Corporation with US$5.7 billion of reserves.
The transaction delivers Resolution Life with a strong platform to capitalise on future development possibilities in the US market, diversifies the Group hazard profile versus the Resolution Australasia and Resolution Re liabilities, and accelerates its expansion story.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Lifestyle, reported:
“We are delighted to welcome our new clients and colleagues to Resolution Lifestyle. By acquiring or reinsuring corporations from companions such as Voya, Symetra and AMP, we provide a properly-capitalised and secure setting to provide on extended-term customer guarantees.
There is good prospect for expansion in the United States and completion of this transaction provides us an great system to develop from.”
Notes to Editors:
About Resolution Everyday living
Resolution Existence is a world wide lifestyle insurance team concentrating on the acquisition and management of portfolios of existence insurance plan guidelines. Because 2003, prior Resolution entities jointly with Resolution Daily life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance corporations. Jointly, these providers have served the demands of 12.6 million policyholders though running above US$354 billion of assets. Resolution Lifetime has functions in Bermuda, the U.K., the United States, Australia and New Zealand. Resolution Lifestyle presents a risk-free and responsible spouse for insurers as they re-structure by:
- Focusing on current consumers, somewhat than searching for enlargement by new sales
- Delivering policyholder benefits in a safe, properly capitalised natural environment
- Returning cash above time to our institutional investors in the variety of a regular dividend generate
Take a look at https://resolutionlife.com/ for far more info.
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