Resolution Lifestyle completes acquisition of Voya Financial’s unique everyday living in-drive business
NEW YORK–(Business WIRE)–Jan 4, 2021–
Resolution Existence Group Holdings LP (‘Resolution Life’), a world wide supervisor of in-power lifestyle coverage corporations, is delighted to announce today that it has concluded the acquisition of Voya Economic, Inc.’s, (‘Voya’) individual lifetime in-force business enterprise.
The completion sees Voya offer to Resolution Lifetime significantly all of its in-power individual everyday living enterprise, including Protection Everyday living of Denver Insurance policy Firm, Midwestern United Existence Insurance coverage Corporation and certain other affiliate marketers, as effectively as the reinsurance of Voya’s remaining in-drive personal life and annuity blocks.
Voya transferred about 350 personnel, with each other with the property and devices applied to take care of the enterprise. On completion far more than $25 billion of assets ended up included to the Resolution Lifestyle harmony sheet and it assumes duty for the administration of the obtained small business.
Adhering to a transition period, which is expected to choose up to two a long time, Resolution Life will substitute Voya’s company methods with its possess systems. Resolution Life’s far more present day platforms will give enhanced client company at lower value.
Resolution Life has lifted about US$3 billion of money considering the fact that 2018. In addition to the acquisition of Voya’s particular person everyday living in-force enterprise, acquisitions to date include the A$3 billion acquisition of AMP Everyday living in Australia and the completion of a reinsurance transaction with Symetra Existence Insurance policies Enterprise with US$5.7 billion of reserves.
The transaction provides Resolution Daily life with a powerful system to capitalise on long run expansion alternatives in the US market, diversifies the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and accelerates its expansion story.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Daily life, mentioned:
“We are delighted to welcome our new buyers and colleagues to Resolution Daily life. By getting or reinsuring enterprises from associates these types of as Voya, Symetra and AMP, we provide a well-capitalised and stable natural environment to produce on lengthy-phrase consumer claims.
There is good prospect for progress in the United States and completion of this transaction provides us an great system to develop from.”
Notes to Editors:
About Resolution Existence
Resolution Everyday living is a world wide existence coverage team focusing on the acquisition and management of portfolios of lifetime insurance policies insurance policies. Given that 2003, prior Resolution entities with each other with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and administration of 30 lifestyle insurance plan providers. Collectively, these providers have served the wants of 12.6 million policyholders whilst taking care of more than US$354 billion of property. Resolution Lifetime has operations in Bermuda, the U.K., the United States, Australia and New Zealand. Resolution Lifetime offers a secure and trustworthy spouse for insurers as they re-construction by:
- Concentrating on present prospects, rather than in search of growth by new profits
- Offering policyholder gains in a secure, nicely capitalised atmosphere
- Returning funds over time to our institutional buyers in the kind of a continual dividend yield
Pay a visit to https://resolutionlife.com/ for more information and facts.
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PUB: 01/04/2021 04:15 PM/DISC: 01/04/2021 04:15 PM
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