Life Claim Trickle Could Grow: Voya Executive
May 13, 2020 by Allison Bell
Voya Financial’s group life insurance business has received only a few dozen COVID-19-related death claims so far, according to Mike Smith, the company’s chief financial officer.
Smith told securities analysts Wednesday that he’s not sure whether what the final claim total will really look like.
Voya is a New York-based company that owns life insurance operations built over the decades by companies like Security Life of Denver, Life of Georgia, Equitable of Iowa, ReliaStar and Aetna Life.
Voya’s life insurance subsidiaries provide group life insurance for about 3 million people, Smith said. That amounts to about 1% of the life insurance policies and certificates in force in the United States. U.S. public health officials have reported about 70,000 COVID-19-related deaths so far.