Resolution Life completed the acquisition of Voya Financial’s individual life in-force business for $1.3bn.

Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, completed the acquisition of the individual life in-force business of Voya Financial, an American financial, retirement, investment and insurance company, for $1.3bn. “The acquisition of Voya Financial’s individual life business establishes a third growth platform for Resolution Life alongside Resolution Re in Bermuda and AMP Life in Australia and New Zealand, and is an important step in delivering Resolution Life’s global strategy. We expect continued growth in the US, with the acquired business as a platform. This transaction is further evidence of the continuing restructuring of the life insurance sector in the US and globally. Major life insurance groups continue to reduce their exposure to legacy in-force business and to release trapped capital and resources,” Clive Cowdery, Resolution Founder and Executive Chairman.