Resolution Life Agrees to Pay $902 Million for Voya’s Individual Life Business
December 23, 2019 by Allison Bell
A company that hauls away life insurers’ unwanted blocks of business has agreed to buy Voya Financial Inc.’s remaining blocks of individual life, individual annuity and pension risk transfer business.
Resolution Life Group Holdings Ltd. plans to pay Voya $902 million in cash up front for the unwanted blocks of business, Resolution Life announced today.
Voya could get an additional $123 million in cash if the blocks do well over the five-year period after the deal is completed, and Voya will receive a $225 million stake in Resolution Life, Resolution Life said.
The deal could have a total value of $1.25 billion, according to Resolution Life.
The companies hope to complete the deal by Sept. 30, 2020.