Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, announced this week that it has completed the acquisition of Voya Financial’s individual life in-force business.
The completion sees Voya sell to Resolution Life substantially all of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain other affiliates, as well as the reinsurance of Voya’s remaining in-force individual life and annuity blocks.
Voya transferred approximately 350 employees, together with the assets and systems used to manage the business. On completion, more than $25 billion of assets were added to the Resolution Life balance sheet and it assumes responsibility for the administration of the acquired business.
Following a transition period, which is expected to take up to two years, Resolution Life will replace Voya’s corporate systems with its own systems. Resolution Life’s more modern platforms will provide enhanced customer service at lower cost, the company said in a statement.
Resolution Life has raised over $3 billion of capital since 2018. In addition to the acquisition of Voya’s individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the completion of a reinsurance transaction with Symetra Life Insurance Company with $5.7 billion of reserves.
“We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalized and stable environment to deliver on long-term customer promises,” said Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life. “There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.”
The transaction provides Resolution Life, the company said, with a strong platform to capitalize on future growth opportunities in the U.S. market, diversifies the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and accelerates its growth story.
Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand. Since 2003, Resolution Life and prior Resolution entities have deployed $16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies.