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- Resolution Life
Resolution Life Acquisition, Valuation, Funding & Investors
Resolution Life was acquired by Nippon Life Insurance Company of Japan for $11B in December 2024.
Resolution Life acquisition price
$11B
Acquired by Nippon Life Insurance Company of Japan · Dec 2024
Cumulative funding Resolution Life raised
$1.5B
across 2 funding rounds
Key investors in Resolution Life
Blackstone
Nippon Life Insurance Company of Japan
About Resolution Life
Resolution Life is a Sydney-headquartered life insurance consolidation firm managing closed books of legacy portfolios worldwide. Established in 2003 in London, it acquires, reinsures, and optimizes underperforming life and annuity businesses for investor returns. The company oversees more than $75 billion in assets under management, with operations spanning Australia, the United States, the United Kingdom, and Ireland. Notable transactions include the 2020 acquisition of AMP Bank's life insurance arm and a $1.6 billion portfolio from The Mutual Life Insurance Company of New York in 2021.
Founded
2003
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Investment management
Valuation
$8B (Jan 2023)
Resolution Life Acquisition
Resolution Life was acquired by Nippon Life Insurance Company of Japan for $11B on 10 December 2024.
Before the acquisition Resolution Life had raised $1.5B across 2 funding rounds.
Resolution Life, a Bermuda-based global life insurance group specializing in reinsurance and the acquisition and management of life insurance policy portfolios, manages over $75 billion in assets with operations in Bermuda, the U.S., U.K., Singapore, Australia, and New Zealand. Nippon Life Insurance Company, Japan's largest life insurer by revenue and previously Resolution Life's biggest investor since 2019 with $1.6 billion in equity, completed the acquisition of 100% ownership on October 31, 2025, by purchasing the remaining approximately 77% shares from an investment limited partnership for $8.2-$8.4 billion, valuing the company at $10.6 billion. This consolidates Nippon Life's prior 23% stake, marking Japan's largest overseas insurance acquisition amid a shrinking domestic market due to aging population and low interest rates. Post-acquisition, Resolution Life's institutional business in Bermuda, Singapore, U.K., and U.S. becomes a wholly owned subsidiary of Nippon Life, forming a new international growth division to expand in the multi-trillion-dollar global life and annuity consolidation sector, particularly the large U.S. market. Resolution Life Australasia, with C$29 billion in assets serving one million customers, combines with Nippon Life's Australian and New Zealand operations (including MLC Life Insurance and the full acquisition of the remaining 20% of Nippon Life Insurance Australia and New Zealand from National Australia Bank) to create Acenda Group, a new primary life insurer open to new business operated as a joint venture. Leadership remains with Sir Clive Cowdery as Chairman and CEO, Moses Ojeisekhoba as President; Blackstone continues as investment manager in private credit, real estate, and asset-based finance. The deal accelerates growth for both firms through capital provision, cost reduction, and risk mitigation for policyholders, supported by Resolution Life's strong capital position, high solvency ratios, investment grade ratings, and regulation by the Bermuda Monetary Authority. It builds on synergies from prior partnership, complements Nippon Life's investments like a $3.8 billion stake in Corebridge Financial, and enhances long-term overseas profit stability.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 10 Dec 2024 | Strategic M&A | $11B |
Resolution Life Valuation
Resolution Life is currently valued at $8B, based on its strategic investment round in January 2023.
The $1B round was led by Nippon Life Insurance Company of Japan.
Resolution Life's valuation has grown 1.3x from $6.3B at its undisclosed-stage round in October 2022 to $8B in January 2023, across 2 priced rounds.
Resolution Life valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2023 | Strategic investment | $8B |
| Oct 2022 | Undisclosed stage | $6.3B |
Resolution Life Funding History
Resolution Life has raised a total of $1.5B across 2 funding rounds.
Resolution Life's first fundraising round was a $500M undisclosed-stage round in October 2022. The most recent completed round was a $1B strategic investment round in January 2023.
Resolution Life funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2023 | Strategic investment | Nippon Life Insurance Company of Japan (lead) | $1B | $8B | Resolution Life is a global life and annuity insurance consolidation business managing over $80 billion in reserves and 3 million policies across international markets including Bermuda, UK, US, Australia, and New Zealand. On January 24, 2023, Nippon Life Insurance Company committed an additional USD1 billion to Resolution Life, bringing its cumulative investment to USD1.65 billion and remaining the largest investor since 2019. This investment formed part of a broader USD3 billion equity capital raise, including USD500 million from Blackstone following their strategic partnership, with the total equity capital base expected to reach approximately USD8 billion post-raise. The capital supported scaling acquisitions in a highly active market, enhanced by Blackstone managing up to USD25 billion in private assets. The Nippon Life commitment was subject to regulatory approvals and anticipated in the second half of 2023. Later events include a 2025 acquisition of Resolution Life by Nippon Life at a USD10.6 billion valuation, but this is a separate transaction. |
| Oct 2022 | Undisclosed stage | Blackstone (lead) | $500M | $6.3B | Resolution Life and Blackstone announced a strategic partnership in October 2022 involving a $3 billion equity capital raise that would bring Resolution Life's total equity capital base to approximately $8 billion. The transaction valued Resolution Life at $6.25 billion and included a $500 million strategic investment from Blackstone alongside over $1 billion from Nippon Life and existing investors rolling their commitments. Under the partnership structure, Blackstone became the General Partner for all new and existing investors through a newly-formed Bermuda-domiciled partnership called Blackstone ISG Investment Partners – R (BMU) L.P. Resolution Life operates in the multi-trillion-dollar global life and annuity consolidation market, managing closed book life insurance and annuity liabilities for policyholders. The partnership designated Blackstone as Resolution Life's investment manager for directly originated assets across private credit, real estate, and asset-based-finance markets, with an initial target of $25 billion in private assets to be managed in the first year, expected to grow to over $60 billion within six years. As of December 31, 2022, Resolution Life reported a solvency ratio of 180%, available statutory economic capital of $5.113 billion, and maintained investment-grade ratings from Fitch. The transaction closed in 2023 following all required regulatory approvals, and the company later agreed to be fully acquired by Nippon Life in December 2024 at a valuation of $10.6 billion. |
Who has invested in Resolution Life?
2 investors have backed Resolution Life across its funding rounds, including Blackstone and Nippon Life Insurance Company of Japan.
Lead investors include Nippon Life Insurance Company of Japan and Blackstone.
Resolution Life Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 Resolution Life investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Resolution Life
Resolution Life has acquired 2 companies to date.
Last acquisition by Resolution Life was on April 3rd 2024. Resolution Life acquired Asteron Life for $228M.
Latest Acquisitions by Resolution Life
| Description | Asteron Life is a New Zealand insurer delivering life, trauma, income protection, and business insurance policies tailored to individual and corporate needs. | - |
| HQ Country | ||
| HQ City | Wellington | - |
| Deal Date | 3 Apr 2024 | 18 Dec 2019 |
| Valuation | $228M | $1.3B |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Resolution Life acquisitions and their M&A valuation multiples. Start Free Trial | ||
Resolution Life Competitors
Resolution Life competitors include listed companies like Sanlam, Brookfield Wealth Solutions, Discovery and Menora Mivtachim, and private ones like Nassau Financial Group and Prismic Life Reinsurance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.7B | - | ||
| Publicly listed | $17B | $1.8B | $10B | 3.6x | ||
| Publicly listed | $11B | $1.6B | $11B | - | ||
| Publicly listed | $5.3B | $1.3B | $11B | 4.3x | ||
| Publicly listed | $3.8B | $1.4B | $11B | 4.2x | ||
| Private | - | - | $2.9B | - |
Resolution Life Public Comps
Resolution Life is no longer listed, but its public comps include Vienna Insurance Group, Orient Securities, Sanlam, Beazley, M&G, Sofina, Groupe Bruxelles Lambert, Jefferies, China Securities HK and Brookfield Wealth Solutions.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $17B | $1.7B | 0.7x | 0.7x | 6.7x | - | |||
| $2.2B | - | 4.8x | 3.5x | - | - | |||
| $17B | $1.8B | 0.6x | 3.6x | 5.4x | - | |||
| $1.1B | - | 9.4x | 1.6x | - | 8.1x | |||
| $29B | $2.6B | 0.4x | 2.7x | 4.7x | - | |||
| $223M | - | 52.7x | - | - | - | |||
| $7.4B | $329M | 2.3x | 2.4x | 52.5x | 21.3x | |||
| $11B | $4.6B | 1.0x | 1.3x | 2.4x | 9.4x | |||
This data is available for Pro users. Sign up to see all Resolution Life competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Resolution Life
| When was Resolution Life founded? | Resolution Life was founded in 2003. |
| Where is Resolution Life headquartered? | Resolution Life is headquartered in London, United Kingdom. |
| Is Resolution Life publicly listed? | No, Resolution Life was acquired by Nippon Life Insurance Company of Japan in December 2024. |
| Who acquired Resolution Life? | Resolution Life was acquired by Nippon Life Insurance Company of Japan in December 2024. |
| How much was Resolution Life acquired for? | Resolution Life was acquired for $11B in December 2024. |
| What is Resolution Life's valuation? | Resolution Life was last valued at $8B in its strategic investment round in January 2023. |
| How much funding has Resolution Life raised? | Resolution Life has raised $1.5B across 2 funding rounds. |
| What was Resolution Life's last funding round? | Resolution Life's last funding round was a $1B strategic investment round in January 2023, led by Nippon Life Insurance Company of Japan. |
| Who are Resolution Life's investors? | Resolution Life's investors include Blackstone and Nippon Life Insurance Company of Japan. |
| Which companies are comparable to Resolution Life? | Companies comparable to Resolution Life include Nassau Financial Group, Sanlam, Brookfield Wealth Solutions, Discovery, Menora Mivtachim and Prismic Life Reinsurance. |
| How many companies has Resolution Life acquired? | Resolution Life has acquired 2 companies, including Asteron Life and Voya Investment Management. |
| What was the largest acquisition by Resolution Life? | The $1.3B acquisition of Voya Investment Management in December 2019 is the largest acquisition Resolution Life has made to date. |
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