Voya Financial Exiting The Life Insurance Business
November 2, 2018 by Wire Reports
Voya Financial will stop all new life insurance sales on Dec. 31 and retain its in-force block, the company announced this week.
The decision “supports Voya’s focus on its higher-growth, higher-return, capital-light businesses,” the company said in a news release accompanying third-quarter results. “Retaining the block provides value to shareholders, including earnings and capital diversification and at least $1 billion of expected free cash flow from Individual Life over the next five to six years.”
In February, Voya said it would decide the fate of its life business after conducting a review.
Voya reported third-quarter profit of $142 million.
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