Voya offloads $100 billion of life policies, freeing capital

August 15, 2014 by Zachary Tracer, Bloomberg

(Bloomberg) — Voya Financial Inc. struck a deal to transfer life insurance policies with a face value of about $100 billion to Reinsurance Group of America Inc., freeing up funds for the former U.S. arm of ING Groep NV.

The deal for about 170,000 term-life policies will create about $200 million of excess capital, New York-based Voya said today in a statement.

Voya Financial Chief Executive Officer Rod Martin, 62, is working to improve profitability by shifting the mix of business at Voya. Click here to read…

Originally Posted at LifeHealthPro on August 15, 2014 by Zachary Tracer, Bloomberg.