National Western Life Group (NASDAQ:NWLI) has announced the completion of a $1.9 billion all-cash merger with Prosperity Life Group’s S. USA Life Insurance Company.

The merger, unanimously approved by National Western's board of directors and the requisite majority of its shareholders, signifies a significant consolidation in the insurance sector.

Additionally, the merger included the redomestication of National Western's subsidiary from Colorado to Arizona, aligning with the strategic objectives of the combined entities.