Voya To Divest Individual Life, Other Legacy Non-retirement Annuities Businesses

(RTTNews) - Voya Financial, Inc. (VOYA) has entered into a deal with Resolution Life Group Holdings, under which Voya will divest its Individual Life and other legacy non-retirement annuities businesses.

"This transaction enables Voya to realize significant value for these legacy blocks and will allow us to fully focus on our high-growth, high-return, capital-light businesses. This transaction completes the restructuring effort that began with our initial public offering in 2013," said Rodney Martin, Jr., CEO, Voya Financial, Inc.

Following the close of the transaction, Voya will have a general account of approximately $38 billion.