Voya to Exit Most of Its Annuity Business
This morning, Voya Financial announced that it would divest its Closed Block Variable Annuity (CBVA) segment and the majority of individual fixed and fixed indexed annuities business. Most of the products will be administered by a new company (Venerable Holdings, Inc.) being created by a consortium of investors led by Apollo Global Management.
While Voya was planning to continue the profitable growth of their individual fixed and fixed indexed annuities business, this transaction presented an opportunity that they believe is in the best interests of Voya and its customers. As a result of the exit from the Annuities business, Voya also intends to conduct a strategic review of its Individual Life business during the first half of 2018.
What does this mean for you?
Given the complexity of this agreement, the transaction is expected to close in the second or third quarter of 2018. In the interim, here’s what you can expect from Voya:
Voya’s Annuities business will continue to offer new business during this transition. Until the transaction closes, you can continue to contact Voya through your normal channels for support and service.
Once the transaction closes, most of the annuities that were written by Voya Insurance and Annuity Company (VIAC) will be administered by Venerable. Voya’s investment-only products (primarily, Select Advantage) will not be included in the agreement and will continue to be managed by Voya.
Please review Voya's press release for detailed information, and feel free to call the BUA Annuity Team at 1-800-792-6795 with any additional questions.