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