Nippon Life Insurance Co. has closed its acquisition of 100% of Resolution Life, finalizing a deal valued at $8.2 bn when first announced last year.
Resolution Life, a global insurer specializing in reinsurance and managing in-force life portfolios, said the transaction positions the combined group for broader international scale.
The deal values Resolution Life at roughly $10.6 bn, with existing shareholders retaining final dividends before completion.
Under the agreement, Nippon Life consolidated its ownership by purchasing the remaining shares held by Resolution Life’s investment limited partnership.
The acquisition extends Nippon Life’s global footprint and builds on its ongoing expansion beyond Japan’s mature domestic market.
Resolution Life’s businesses across the United States, United Kingdom, Bermuda, and Singapore now operate as a new subsidiary of Nippon Life, forming an institutional division to complement its existing life insurance, asset management, and retail operations.
In Australasia, Resolution Life’s operations will merge with Nippon Life Insurance Australia and New Zealand to form Acenda, a new primary life insurer. The venture will be jointly run by Nippon Life and Resolution Life, combining both firms’ strengths in risk management and policy administration.
Resolution Life’s leadership remains in place, with Clive Cowdery continuing as chairman and chief executive officer and Moses Ojeisekhoba serving as president.
Nippon Life described the acquisition as a long-term strategic step that aligns with its plan to diversify revenue sources and strengthen overseas earnings.
The move also reflects Japan’s major insurers’ push for global expansion as domestic growth slows.
We think this deal marks one of the largest overseas moves by a Japanese insurer in years – a statement play signaling Nippon Life’s intent to become a heavyweight in the global life and reinsurance space.
