Pacific Life Insurance has completed the acquisition of Genworth Financial’s term life new business platform.
Terms of the deal have not been disclosed.
The acquisition allows Pacific Life to meet the financial protection needs of a wider consumer market.
Situated in Lynchburg of Virginia, the new term life business provides a separate product suite that offers low-cost life insurance protection products to the mass market.
According to Pacific Life Insurance, the acquired business is expected to begin operations during the fourth quarter of this year.
Under the deal, Pacific Life has taken certain Genworth staff, as agreed upon by the companies.
Pacific Life’s life insurance division executive vice president Rick Schindler said: "The addition of Genworth’s proven term life new business technology platform will allow us to accelerate our growth into the protection business without sacrificing our focus and responsibility to our core markets of highly affluent individuals and businesses.
"We are excited about this opportunity to expand Pacific Life’s suite of innovative products and service capabilities to a broader market."
Pacific Life offers a range of life insurance products, annuities and mutual funds to its customers.
It also provides different investment products and services to individuals, businesses and pension plans.