POSTED 31 October 2025
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Resolution Life Group Holdings Ltd. and RLGH Finance Bermuda Ltd (collectively, Resolution Life) to ‘A-‘ from ‘BBB’. Fitch has also upgraded the Insurer Financial Strength (IFS) ratings of Resolution Life's core operating subsidiaries in North America and the IFS ratings and IDRs of certain Asia Pacific entities. The Rating Outlook is Stable for all of the ratings. A full list of ratings actions is below.
Key Rating Drivers
Acquisition by Nippon Life: The upgrades follow Nippon Life Insurance Company’s (‘AA-‘ IFS/Stable) acquisition of the remaining shares of Resolution Life, increasing its stake to 100% from 23%. Fitch views all of Resolution Life’s subsidiaries as ‘Very Important’ to Nippon Life and believes that Nippon Life has the ability and willingness to support the entities.
Nippon Life is the largest Japanese life insurer. The transaction reflects a broader strategic initiative to expand its life insurance business internationally to continue to deliver long-term growth and stable dividends to support its policyholders. Nippon Life aims to increase its earnings outside of the domestic insurance business to 30% by 2035, and this transaction will help to facilitate that goal.
Very Important Strategically
Fitch expects Resolution Life’s existing management team and operating strategies to largely remain in place following the closing of the transaction. However, the company will benefit from its new parent over time, including its very strong balance sheet, long-term perspective and certain intragroup synergies. Resolution Life’s North American entities are 100% owned by Nippon Life, and Fitch expects them to continue to focus on growth through block and flow reinsurance in the U.S., U.K. and Asia. Fitch expects Resolution Life’s dividend payout ratio to decline following the Nippon Life acquisition, given Nippon Life’s aspirations to grow its earnings outside of Japan and Resolution Life’s earnings generation capabilities. While Blackstone no longer has ownership in Resolution Life, the company’s asset management partnership will persist, with Resolution Life benefiting from Blackstone’s origination capabilities and investment management expertise.
Resolution Life’s Australasian business will be combined with Nippon Life Insurance Australian and New Zealand Limited (formerly MLC Limited) to form Acenda. Acenda is a new primary life insurer open to new business and will be run as a joint venture between Nippon Life and Resolution Life. Despite being smaller than its broader operations the acquisition will give Nippon Life a meaningful market presence in Australian and New Zealand.
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