RGA buys $90bn life insurance policies from Voya
Reinsurance Group of America (RGA) has reached an agreement with Voya Financial, formerly ING US, to reinsure approximately $90 billion of life insurance.
The agreements will provide RGA with approximately 155,000 term level life insurance policies written between 2008 and 2011.
Anna Manning, senior executive vice president, global structured solutions at RGA, said: “This transaction is consistent with RGA’s growth strategies, allowing us to leverage our deep expertise and understanding of the US mortality market.
“Voya is a long-standing partner with whom we have built a strong alliance over the years, and we are pleased once again to provide them with a solution to their capital and risk management needs. We believe this transaction will further strengthen our relationship and highlight RGA’s commitment to long-term partnerships with our clients.”
Rodney Martin, Jr, chairman and chief executive officer of Voya Financial, added: "This transaction supports our focus on improving returns in our ongoing business while also enabling us to free up more than $230 million in excess capital.
"The transaction aligns with our focus on executing on growth, margin and – as in this example – capital initiatives as part of our plan to drive further improvement in Voya's ongoing business operating return on equity and create value for our shareholders."
