Resolution Life swallowed up by Nippon Life; What does it mean for the Asteron sale?

Under the proposed deal Resolution Life’s Australian and New Zealand subsidiary, Resolution Life Australasia, will combine with Nippon Life owned MLC Life Insurance in Australia to form a merged group that will create one of Australasia’s largest life insurers by market share.

In a statement Nippon Life and Resolution Life say they remain committed to the New Zealand market, and the agreement with Suncorp Group to acquire its New Zealand Life Insurance company, Asteron Life New Zealand.

After the deal is completed Asteron Life will remain open to new business and continue to operate under the Asteron Life brand and as a standalone New Zealand licenced and incorporated life insurance company.

In New Zealand, the Resolution Life entity intends to rebrand to Acenda, and will continue to operate alongside the Asteron Life brand. These two brands in will leverage the increased scale and combined capabilities of Resolution Life, Asteron Life and MLC Life Insurance to deliver market leading solutions for customers, advisers, partners and shareholders.