A.M. Best Removes Under Review with Developing Implications and Affirms Credit Ratings of Voya Financial, Inc. and Its Subsidiaries
The rating actions are in response to the closing of Voya’s previously announced agreement to sell their closed block variable annuity (CBVA) and individual fixed indexed annuity (FIA) segments to a consortium of investors led by Apollo Global Management, LLC.
The ratings of Voya’s life insurance entities reflect their balance sheet strength, which
Under the terms of the transaction, Voya will divest VIAC, the insurance subsidiary that has primarily issued the variable, fixed and fixed indexed annuities to
These transactions are expected to reduce Voya’s future earnings volatility. The CBVA segment has been susceptible to earnings volatility and substantial statutory reserve charges due to revisions in policyholder behavior assumptions. While the transaction reduces Voya’s shareholder’s equity by about
The FSR of A (Excellent) and Long-Term ICRs of “a+” have been removed from under review with developing implications and affirmed with stable outlooks for the following life insurance subsidiaries of
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Voya Retirement Insurance and Annuity Company -
ReliaStar Life Insurance Company -
ReliaStar Life Insurance Company of New York -
Security Life of Denver Insurance Company
The following Long-Term IRs have been removed from under review with developing implications and affirmed:
-- “bbb+” on
-- “bbb+” on
-- “bbb+” on
-- “bbb+” on
-- “bbb+” on
-- “bbb-” on
-- “bbb-” on
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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