Voya Financial Completes Individual Life Transaction

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has completed the divestiture of its individual life insurance and legacy non-retirement annuities businesses to Resolution Life US. This strategic move aims to simplify Voya's portfolio, reduce market risks, and free up capital. Voya Investment Management will manage approximately $20 billion associated with the closed blocks and serve as a preferred asset management partner for Resolution Life. CEO Rodney Martin stated that this transition allows Voya to focus on its core strengths, promoting organic growth in Retirement, Investment Management, and Employee Benefits.

Positive

• Completion of divestiture simplifies Voya's portfolio.
• Reduction of market and interest rate risk.
• Freeing up capital for further business focus.
• Appointment of Voya IM as investment manager for $20 billion in assets.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it has completed the divestiture of substantially all of its individual life insurance and other legacy non-retirement annuities businesses. The closed blocks of business have been acquired by Resolution Life US, a new holding company established by Resolution Life Group.

“With the completion of this transaction, we have simplified Voya’s portfolio of businesses, reduced market and interest rate risk, and freed up capital,” said Rodney O. Martin, Jr, chairman and chief executive officer, Voya Financial, Inc. “Looking ahead, we are now fully focused on leveraging Voya’s core strengths in serving the workplace and institutional clients to achieve further organic growth across our Retirement, Investment Management and Employee Benefits businesses. We are excited about the opportunities to continue to execute on our strategy and capitalize on our strong brand to deliver further value for all of our stakeholders.”

In connection with the transaction, Voya Investment Management (IM) has been appointed investment manager over approximately $20 billion of core fixed income and specialty assets associated with the closed blocks. Voya IM will also serve as one of the preferred asset management partners for Resolution Life. This arrangement aligns with Voya IM’s focus on providing experienced long-term asset management expertise to serve the needs of insurance companies.

“We wish the very best to our many colleagues who have now joined Resolution Life US to create this new company, which is well positioned for success. This transaction has not only achieved several strategic objectives for Voya, but also ensures continuity of the strong talent managing the individual life and annuity blocks and helps support a seamless transition for customers,” added Martin.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.5 billion in revenue in 2019. The company had $657 billion in total assets under management and administration as of Sept. 30, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company^®. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2020 World’s Most Ethical Companies^® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210104005711/en/

FAQ

What businesses did Voya Financial divest in 2023?

Voya Financial divested its individual life insurance and legacy non-retirement annuities businesses.

Who acquired Voya Financial's divested businesses?

Resolution Life US acquired Voya Financial's individual life insurance and legacy non-retirement annuities businesses.

What is the value of assets managed by Voya Investment Management after the divestiture?

Voya Investment Management will manage approximately $20 billion of core fixed income and specialty assets associated with the closed blocks.

How does Voya Financial plan to focus on growth post-divestiture?

Voya Financial will focus on leveraging its strengths in serving workplace and institutional clients across Retirement, Investment Management, and Employee Benefits.

What are the expected outcomes of Voya Financial's divestiture?

The divestiture is expected to provide simplified operations, reduced risks, and increased capital for growth initiatives.