Linklaters advised Resolution Life, a global life insurance group focusing on the acquisition and ongoing management of portfolios of life insurance policies, on the acquisition of 100% of its shares by Nippon Life at a valuation of US$10.6bn. The transaction, set to close in the second half of 2025, will be the largest acquisition ever by a Japanese insurer, and marks Nippon Life’s second major outbound investment in 2024. The transaction completes a partnership that began in 2019 when Nippon Life first invested in Resolution Life. Since then, it has remained the company’s largest investor and supported the growth of Resolution Life into a company with over US$85bn of reserves and over 4m policies.

Following the completion of the acquisition, Resolution Life’s institutional business in the US, the UK, Bermuda and Singapore will become a subsidiary of Nippon Life. As part of the transaction, Resolution Life’s Australasian business will be combined with Nippon Life’s Australian company, MLC Life Insurance, to form Acenda, a new primary life insurer open to new business, which will be run as a joint venture between Nippon Life and Resolution Life. This transaction enables Resolution Life to secure its position as a leader in the global life and annuity consolidation sector, accelerate its growth and continue to serve the needs of policyholders and the broader life insurance industry.

Linklaters advised Resolution Life on Japanese law aspects of the transaction, led by Tokyo-based corporate partners Tracy Whiriskey and Yoshiyuki Asaoka.

Tracy Whiriskey, who is also Linklaters’ global co-head of insurance, commented:

“We are honoured to have supported Resolution Life on this landmark transaction. The continued trust they placed in us underscores the strength of our collaboration and mutual dedication to success. This acquisition is a significant milestone, and we extend our heartfelt congratulations to all parties as they accelerate growth in this dynamic market.”