Resolution Life Announces the Acquisition of Voya Financial’s Individual Life In-force Business

2019 DEC 31 (NewsRx) -- By a News Reporter-Staff News Editor at Mergers & Acquisitions Daily News -- Under the terms of today’s agreement, Voya Financial will sell substantially all of its in-force individual life business to Resolution Life for a total consideration of US$1,250 million. The consideration includes cash of US$902 million plus retained surplus notes of US$123 million. Voya Financial will also hold a US$225 million stake in Resolution Life.

Included in the transaction is Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain other affiliates, as well as the reinsurance of Voya Financial’s remaining in-force individual life and annuity blocks.

The acquired business has assets over US$20 billion as at June 30, 2019. Resolution Life will assume responsibility for the administration of the acquired business. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in Q3 2020.

Resolution Life, a global insurance platform, has raised over US$3 billion of capital since 2018. Acquisitions to date include the A$3 billion acquisition of AMP Life in Australia (expected to close in Q2 2020) and the completion of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of reserves.

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