Voya sells life policies with $1.4 billion reserves to RGA
September 16, 2015 by KATHERINE CHIGLINSKY
(Bloomberg) — Voya Financial Inc., the U.S. insurer formerly owned by ING Groep NV, agreed to sell $90 billion of life policies to Reinsurance Group of America Inc. to help free up capital.
The 155,000 policies are backed by about $1.4 billion in reserves, New York-based Voya said Thursday in a statement. Voya said the transaction will create an immediate pretax loss of at least $100 million.
Originally Posted at LifeHealthPro on September 10, 2015 by KATHERINE CHIGLINSKY.
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