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31 December 2023 Business Update
For the full year ended 31 December 2023, Resolution Life Australasia Limited reported an after-tax statutory loss of AUD 151 million.
In March 2024 Resolution Life Australasia Limited declared, and subsequently received, approval by the Australian Prudential Regulatory Authority (APRA) for a capital return of AUD 177 million and a dividend of AUD 11 million relating to the half year ending 31 December 2023.
As at 31 December 2023 Resolution Life Australasia Limited’s capital base of AUD 2,319 million was approximately AUD 1,343 million in excess of the Prescribed Capital Amount of AUD 975 million, which represents a Capital Adequacy Multiple of 238% (pre- FY23 year-end transfers, dividends and/or capital returns and capital injections).
Key metrics – Resolution Life Australasia Limited
| 31 December 2023 $M | 31 December 2022 $M1 | % Change | |
|---|---|---|---|
| Net Profit/(Loss) After Tax2 | (151) | 310 | (148) |
| Net assets | 1,741 | 2,124 | (18) |
| Capital base 3 | 2,319 | 2,163 | 7 |
| Prescribed Capital Amount 4 | 975 | 697 | 40 |
| Capital adequacy multiple | 238% | 310% | (23) |
1. Restated for transition from AASB 1038 to AASB 17. 2. The result reflects one-off adjustments, largely related to the Master Trust Business. For further detail refer to note 6.1 within the Resolution Life Australasia Ltd Financial Statements for year ending 31 December 2023. 3. The increase in capital base is mainly due to the once-off AASB 17 transition adjustment plus the acquisition of AIA portfolio in 2023. 4. The increase in prescribed capital amount (PCA) is mainly due to the acquisition of the AIA portfolio and strategic asset allocation rotation.
Asteron Acquisition
On 4 April 2024, Resolution Life Australasia announced that it has entered into an agreement with Suncorp Group to acquire its New Zealand life insurance company, Asteron Life New Zealand (Asteron Life) for NZ$410m. The acquisition will provide Resolution Life with significant scale and capability in the New Zealand market, materially increasing its market presence to the benefit of customers. Asteron Life is a well-established and highly respected New Zealand life insurer, with a dedicated team of circa 165 people servicing more than 180,000 customers and their advisers. The acquisition is subject to New Zealand regulatory approvals.
Refer to our website release for further information.
Credit ratings
Resolution Life Australasia Limited’s credit ratings are as follows:
| Rating Agency | Rating | Outlook | Last Rating Action Date | |
| Resolution Life Australasia Limited Insurance Financial Strength Rating | Moody’s | A3 | STABLE | 25 October 2023 |
| Resolution Life Australasia Limited Insurer Financial Strength Rating | Fitch | A | STABLE | 11 August 2023 |
| Tier 2 Subordinated Notes* | Moody’s | Baa2 (hyb) | STABLE | 25 October 2023 |
*Note, in May 2024 the Bloomberg ticker code was changed from AMPLF to RESLAU
Resolution Life Group
In August 2023, Resolution Life completed the transaction with Farmers Group, Inc.’s life insurance subsidiary, Farmers New World Life Insurance Company (FNWL). Under the agreement, FNWL ceded its in-force individual life insurance business to Resolution Life’s insurance subsidiary, Security Life of Denver Insurance Company (SLD). Resolution Life began administering the reinsured policies, with certain operations supporting administration moving to Resolution Life on 1 August 2023. SLD entered into a flow reinsurance treaty, covering the current range of individual life products for a pre-defined period. Resolution Life has partnered with Swiss Re to retrocede all of the reinsured term life insurance liabilities.
Refer to our website release for further information.
In October 2023, Resolution Life and Blackstone announced the close of their USD3bn equity capital raise and that all regulatory approvals were received for the strategic partnership. Resolution Life is Blackstone’s strategic partner for new closed book transactions, including reinsurance, in the life and annuity sector globally. Blackstone is Resolution Life’s investment manager for certain key areas, including directly originated assets across private credit, real estate and asset-based-finance markets.
Refer to our website release for further information.
Also in October 2023, Resolution Life, announced that its Bermudian reinsurance platform, Resolution Re, has entered into the UK Pension Risk Transfer (PRT) market with its inaugural reinsurance agreement. The transaction reinsures longevity and asset risks associated with UK pension liabilities of a leading UK-regulated insurer. Under the terms of the agreement, Resolution Re will reinsure pension liabilities covering both pensions in payment and deferred pensions.
Refer to our website release for further information.
Resolution Life Group continues to actively seek out further acquisition opportunities both within Australia, New Zealand and globally.
Audited Financial Report
Resolution Life Australasia Limited’s audited financial report for the year ended 31 December 2023 has been finalised and is made available here.
Contact details
For investor enquiries, please contact:
Resolution Life Australia - Treasury
funding_treasury@resolutionlife.com.au
For any media enquiries, please contact:
Erica Borgelt
erica.borgelt@secnewgate.com.au
Tanya Creighton
Tanya.creighton@secnewgate.com.au
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
