LONDON: Resolution Life, a global life insurance group, announces that Nippon Life Insurance Company will acquire 100% of the company for $8.2 billion, valuing it at $10.6 billion.

After the acquisition, Resolution Life’s business in the US, UK, Bermuda, and Singapore will become a subsidiary of Nippon Life. Meanwhile, Resolution Life’s Australasian business will merge with Nippon Life’s Australian company, MLC, to form a new insurer named Acenda, run as a joint venture.

The partnership began in 2019 when Nippon Life first invested in Resolution Life. Since then, Resolution Life has grown to hold over $85 billion in reserves and more than 4 million policies.

This acquisition strengthens Resolution Life’s position in the life and annuity consolidation sector and supports Nippon Life’s plan to grow its international business. The transaction will also leverage Resolution Life’s capabilities and experienced global team.

Resolution Life will continue its mission to support the life insurance and annuity industry. It will maintain its strong regulatory standing and partnership with investment manager Blackstone.

Nippon Life’s President, Hiroshi Shimizu, and Resolution Life’s Chairman, Sir Clive Cowdery, express their commitment to innovation and serving policyholders. The transaction is subject to regulatory approvals and is expected to complete in the second half of 2025.

National Australia Bank to sell remaining 20 per cent stake in MLC Life Insurance to Nippon Life