Athene Seen As Big Winner In Voya Transaction
December 27, 2017 by Cyril Tuohy
Athene, a top writer of indexed annuities, will emerge a big winner following Voya Financial’s decision to separate itself from its closed block of variable annuities and its portfolio of individual fixed and fixed indexed annuities, market analysts said.
Under the deal, which is expected to close in the first half of 2018, Voya will part with about $35 billion worth of variable annuities and $19 billion worth of fixed and indexed annuities, Voya Financial said.
The $19 billion is to be reinsured through a deal with Athene.
Click HERE to read the full story via INN; subscription required.
Athene understands the business, and the products they are acquiring with Voya,” Sheryl J. Moore, president and CEO of Moore Market Intelligence and Wink Inc., wrote in an email.
Moore said the transaction will allow Athene to take advantage of economies of scale, and “develop efficiencies.”
“I would anticipate that this will not be the last acquisition for Athene,” she wrote.