Prosperity Life Insurance Group has completed the acquisition of SBLI USA Life Insurance through a sponsored demutualization.

As the transaction is closed, Prosperity will now have an aggregate of $18bn of life insurance in-force, $2.7bn of assets and around 350,000 policies through operating subsidiaries Shenandoah Life Insurance and SBLI USA.

SBLI USA CEO and director Mike Akker said: "We appreciate the approval of this transaction by our policyholders and the New York State Department of Financial Services."

Established in 1939 as Savings Bank Life Insurance Fund, SBLI USA offers life insurance policies at affordable prices.

Prosperity Life Insurance Group CEO Anurag Chandra said that SBLI USA has served New York customers by offering affordable life insurance policies, for over 75 years.

"We will leverage our financial strength and operational expertise to help SBLI USA resume issuing policies and return to prominence in the New York insurance market," Chandra added.

Prosperity, which acquired Virginia based insurer Shenandoah Life in 2012, offers life insurance, supplemental insurance and annuity products.