M&A - Nassau Life Variable Universal Life Account

Form Type: N-VPFS

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925039111

Filing Summary: On July 1, 2023, Nassau Life Insurance Company completed its acquisition of Delaware Life Insurance Company of New York, with regulatory approval from the New York Department of Financial Services. This acquisition involved a statutory merger where Delaware Life was merged into Nassau Life, effectively retaining the former's accounting methods and integrating its accounts. Delaware Life was known for its life insurance and annuity products, boasting approximately 16,000 policyholders and $1.6 billion in assets, which provides strategic advantages for Nassau Life in scaling its operations and enhancing its product offerings. The financial statements show a detailed account of Nassau's admitted assets, liabilities, capital, surplus, and income statements for the years ending December 31, 2024, 2023, and 2022, indicating substantial engagement in premium collections, investment income, and reflected losses amid ongoing operational transitions. It highlights the company's compliance with statutory accounting practices, indicating challenges regarding U.S. GAAP compliance. Additionally, there's a focused review on management's responsibilities over financial reporting, the necessary independence of auditors, and operational frameworks under existing regulatory exigencies.