M&A - First Investors Life Separate Account E

Form Type: N-VPFS

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925039100

Filing Summary: Nassau Life Insurance Company, a wholly owned subsidiary of The Nassau Companies of New York, filed its statutory financial statements and supplemental schedules for the years ended December 31, 2024, 2023, and 2022. The financials are prepared following accounting practices required by the New York State Department of Financial Services. The independent auditors, KPMG LLP, issued an unmodified opinion on statutory basis; however, they also noted an adverse opinion regarding compliance with U.S. GAAP due to significant concerns about fair presentation under those standards. The document highlights management's responsibility for preparing accurate financial statements and internal controls. The income statements reveal a net loss in 2024 attributed to higher benefits and lower premium income, while investment income showed declining trends. The balance sheet shows total admitted assets of approximately $13.94 billion and total liabilities around $13.64 billion as of December 31, 2024, indicating a surplus of $299.18 million. Notably, in 2023, the company completed an acquisition of Delaware Life Insurance Company of New York, with resultant merger adjustments noted in their financial data, indicating strategic growth and scaling.