LIFE INSURANCE

Resolution Life acquires Voya Financial’s Individual Life in-force Business

Resolution Life | January 05, 2021

Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business.

The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks.

Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business.

Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost.

Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding 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 fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores.

The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story.

Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said:

“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-capitalised and stable environment to deliver on long-term customer promises.

There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.”

About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.

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