M&A - FIRST INVESTORS LIFE LEVEL PREMIUM VARIABLE LIF INS SEP AC B

Form Type: N-VPFS

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925039106

Filing Summary: Nassau Life Insurance Company, a wholly owned subsidiary of The Nassau Companies of New York, completed the acquisition of Delaware Life Insurance Company of New York on July 1, 2023. This acquisition, approved by the New York Department of Financial Services, involved the merger of Delaware Life into Nassau Life, enhancing the company’s scale and focus on its life insurance and annuity business. The financial statements presented involve independent auditors’ reports, statutory financial statements for the years ending December 31, 2024, 2023, and 2022, and various supplemental schedules detailing the company’s admitted assets, liabilities, and changes in capital and surplus. The document also addresses significant accounting practices and regulatory compliance, including risk-based capital assessments and the treatment of finished mergers. Overall, the financial statements show a decline in net income and capital and surplus over the reported years, highlighting the challenges faced by the company post-acquisition.