Advisers fear private equity’s reach into VAs
December 27, 2017 by Greg Iacurci
Editor’s note: This story has been updated with information about the sale of Voya Financial’s annuity business.
Financial advisers have expressed alarm over recent reports of insurers looking to offload large blocks of variable annuities to private investors.
Voya Financial Inc. announced Thursday it is selling tens of billions of dollars’ worth of variable and fixed annuities to three private-equity firms, Apollo Global Management, Crestview Partners and Reverence Capital Partners.