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Highlights
- Nippon Life agrees to acquire 100% of Resolution Life for $8.2 billion, valuing the company at $10.6 billion.
- Resolution Life's institutional business in the US, UK, Bermuda, and Singapore will become a subsidiary of Nippon Life.
- Australasian business to combine with Nippon Life’s Australian operations, forming a new joint venture life insurer.
Resolution Life, a global leader in the acquisition and ongoing management of life insurance portfolios, today announces that Nippon Life Insurance Company ("Nippon Life") has agreed to acquire 100% of the company in a deal valued at $10.6 billion. Nippon Life will pay $8.2 billion to acquire the remaining shares from Resolution Life’s investment limited partnership, and shareholders will also retain final dividends prior to completion.
Strategic Acquisition and Expansion
Following the acquisition, Resolution Life's institutional business across the US, UK, Bermuda, and Singapore will become a subsidiary of Nippon Life, contributing to the creation of a new division that complements Nippon Life's Japanese life insurance operations as well as its international asset management and retail businesses. The leadership of Resolution Life will remain unchanged, with Clive Cowdery continuing as Chairman and CEO, and Resolution Life Group Holdings Ltd maintaining its role as the primary regulated entity.
Resolution Life’s Australasian business will be integrated with Nippon Life’s Australian company, MLC, to form Acenda, a new primary life insurer open to new business. This joint venture will be run as a partnership between Nippon Life and Resolution Life, strengthening both companies' positions in the growing Australian market.
Building on a Long-Term Partnership
This acquisition marks the culmination of a successful partnership that began in 2019, when Nippon Life first invested in Resolution Life. Since then, Nippon Life has remained the largest investor in Resolution Life, supporting the company’s growth into a leading player in the global life and annuity consolidation sector. Resolution Life now boasts over $85 billion in reserves and manages more than 4 million policies worldwide.
For Resolution Life, this transaction represents a significant step in securing its leadership position in the life and annuity consolidation market. The acquisition will enable the company to accelerate its growth by leveraging the financial strength and stability of a single well-capitalized parent. Resolution Life will continue to serve the needs of its policyholders while expanding its global reach in the life insurance sector.
Nippon Life’s Strategic Vision
For Nippon Life, the acquisition is a strategic move towards achieving its medium-term plan of growing its international business. By incorporating Resolution Life’s established capabilities, Nippon Life will expand its product offering and enhance its international asset management, liability management, and digital capabilities. The acquisition aligns with Nippon Life’s goal of delivering long-term growth and stable dividends from overseas markets.
Nippon Life's investment in Resolution Life supports its vision of becoming a more diversified, global life insurance and asset management leader. This transaction will enable Nippon Life to broaden its global portfolio, while also advancing Resolution Life’s mission of being a global custodian to the life insurance and annuity industry by providing capital for growth and helping mitigate long-term risks.
Ongoing Relationship with Blackstone
As part of the transaction, Blackstone will continue its relationship with Resolution Life as the company’s investment manager for directly originated assets across private credit, real estate, and asset-based finance markets. Blackstone’s origination platform has played a significant role in the success of Resolution Life, and the continued partnership will ensure the company remains well-positioned to meet the evolving needs of its policyholders.
Resolution Life and Blackstone will continue their strategic partnership in the life and annuity consolidation sector globally, reinforcing Resolution Life’s ability to provide innovative solutions to the insurance industry.
