Voya Exiting Annuity Business

This morning, Voya Financial announced that it would divest its Closed Block Variable Annuity (CBVA) segment and the majority of its individual fixed and fixed indexed annuities business. The details of the transaction are outlined in Voya’s press release , including how 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. As a result of their 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.
  • Voya will continue to write and support new life insurance business as we conduct our strategic review.
  • Until the transaction closes, you should 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.

Sincerely,
David W. Smith
Vice President of Annuities
The ASA Group
11807 Hinson Road, Little Rock, AR 72212
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