M&A - DELAWARE LIFE NY VARIABLE ACCOUNT D
Form Type: N-VPFS
Filing Date: 2025-04-25
Corporate Action: Acquisition
Type: New
Accession Number: 000110465925039108
Filing Summary: Nassau Life Insurance Company completed the acquisition of Delaware Life Insurance Company of New York on July 1, 2023, which was approved by the New York Department of Financial Services. This acquisition was executed through a statutory merger, with Nassau Life as the surviving entity. Delaware Life Insurance Company had approximately 16,000 policyholders and $1.6 billion in assets prior to the merger, allowing Nassau Life to enhance its scale and focus on building its franchise. The financial statements reflect this acquisition, and the merger adjustments are noted as having an impact on reported capital and surplus figures.
Additional details:
Management Responsibility: Management is responsible for the fair presentation of the financial statements in accordance with prescribed accounting practices.
Auditor Opinion: An unmodified opinion was issued for statutory financials, indicating they fairly present the financial situation, but an adverse opinion was noted against U.S. GAAP compliance.
Rbc Ratio: NNY maintains a risk-based capital ratio above the necessary minimum, committed to maintaining high levels through June 2028.
Going Concern Assessment: Management does not have substantial doubt regarding continuance as a going concern.
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