Voya Financial To Reinsure Block Of Term Life Policies
PR Newswire Association LLC |
The policies in the block represent approximately
"This is an opportunistic transaction for
Based on financials as of
- Create excess capital of approximately
$200 million ; - Create an immediate non-operating pre-tax GAAP loss of
$100 million to$120 million and a deferred non-operating pre-tax GAAP loss that the company expects to recognize at an average rate of approximately$10 million a year over the next 20 years; - Have minimal ongoing impact to operating earnings; and
- Reduce GAAP capital allocated to the company's Individual Life business by
$350 million to$375 million .
On a pro forma, trailing 12-month basis as of
All figures presented here are estimated based on a pro forma effect as of
"Offering asset protection and accumulation products is a key part of our strategy and vision to be
"We will continue to work closely with our distribution partners to provide individual insurance products that meet customer needs and provide solid returns for
Media Contact: |
Investor Contact: |
Christopher Breslin |
|
(212) 309-8941 |
(212) 309-8999 |
About
Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "estimate," "expect," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance, and include our estimates relating to the financial effects of the transaction discussed herein upon and following its closing. Actual results, effects, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations and (x) changes in the policies of governments and/or regulatory authorities. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management's Discussion and Analysis of Results of Operations and Financial Condition—Trends and Uncertainties" in our Annual Report on Form 10-K for the year ended
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