M&A - FIRST INVESTORS LIFE VARIABLE ANNUITY FUND D
Form Type: N-VPFS
Filing Date: 2025-04-25
Corporate Action: Acquisition
Type: New
Accession Number: 000110465925039133
Filing Summary: Nassau Life Insurance Company completed its acquisition of Delaware Life Insurance Company of New York on July 1, 2023, after receiving regulatory approval. This strategic acquisition expands the company's offerings in life insurance and annuities, while providing significant scale advantages and supporting the continued growth of the Nassau franchise. The merger treated the statutory bases of accounting for the acquired company as retained, allowing for restatement of the accounts following the merger. The document includes comprehensive financial statements for the past three years, detailing assets, liabilities, income, and changes in capital and surplus, indicating the company's financial health and stability post-acquisition. The report also discloses an adverse opinion regarding the financial statements when viewed under U.S. Generally Accepted Accounting Principles (GAAP).
Additional details:
Management Responsibility: Management is responsible for the preparation and fair presentation of the financial statements.
Going Concern Evaluation: Management evaluated the Company’s ability to continue as a going concern and concluded that there is not substantial doubt.
Regulatory Capital Requirements: Nassau committed to maintaining designated RBC levels above regulatory thresholds.
Audit Opinion: The financial statements present fairly under statutory accounting but do not conform with U.S. GAAP.
Acquisition Date: 2023-07-01
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