M&A - Nassau Life Variable Accumulation Account

Form Type: N-VPFS

Filing Date: 2025-04-25

Corporate Action: Merger

Type: Update

Accession Number: 000110465925039088

Filing Summary: This document outlines the statutory financial statements of Nassau Life Insurance Company, a subsidiary of The Nassau Companies of New York, for the years ending December 31, 2024, 2023, and 2022. It includes an Independent Auditors' Report and detailed financial statements presenting admitted assets, liabilities, capital, and surplus. The report notes an adverse opinion regarding U.S. GAAP compliance due to the use of New York State-mandated accounting practices differing significantly from U.S. GAAP. The company recently completed the acquisition of Delaware Life Insurance Company, resulting in significant restatements of its financials to reflect this merger. The document also highlights the company's performance in income, expenses, and changes in capital over the specified years, with a focus on operational challenges and adjustments related to various insurance products. The notes provide insight into significant accounting policies, the company's liquidity position, risk-based capital requirements, and compliance with regulatory obligations, particularly regarding dividend payments and solvency metrics. The report concludes that the company can continue as a going concern, meeting its financial obligations and maintaining minimum regulatory capital levels. Additionally, it discusses recent changes in accounting practices mandated by the NAIC for future reporting periods that may impact financial position and results.