Voya Financial Inc. has announced that it will be selling itsclosed block variable annuity and fixed indexed annuities businesses, with an eye toward makinga $1 billion stock buyback by June 30 of 2018.
According to a Nasdaq report, Voya will divest substantially all ofits CBVA segment, as well as its individual fixed and fixed indexedannuity business, through an agreement with aconsortium of investors led by affiliates of Apollo GlobalManagement, LLC, Crestview Partners and Reverence CapitalPartners.
The report says that the deal will allow Voya to focus on itshigher-growth, higher-return, capital-light retirement, investmentmanagement and employee benefits businesses.
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