Resolution Life acquires Voya's individual life in-force business
Resolution Life Group Holdings, a global manager of in-force life insurance businesses with operations in Bermuda, the UK, the US, Australia and New Zealand, has completed the acquisition of Voya Financial’s individual life in-force business.
The sale includes Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and other affiliates, and the reinsurance of Voya’s remaining in-force individual life and annuity blocks.
The deal gives Resolution Life new growth opportunities in the US market and diversifies its risk profile.
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. A transition period is expected to take up to two years.
Resolution Life has raised over $3 billion of capital since 2018 and has also acquired AMP Life in Australia for A$3 billion and completed a reinsurance transaction with Symetra Life Insurance Company with $5.7 billion of reserves.
Clive Cowdery, Resolution founder and executive chairman of Resolution Life, said: “By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises.”