Posted by (American Life InsuranceGuidance News) Voya announced its withdrawal from the US personal life insurance market at the 2018 third quarter earnings conference on Tuesday.Earlier this year, Voya sold almost all of its personal annuity business (Site report).
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Voya exits its former core business
WowAnnounced will be officially before December 2018, 12Stop selling new personal life insurance products.For the past insurance policies, they will continue to be retained to support higher growth, higher returns, and asset-light businesses.
The retained personal life insurance policy will beWowProvide an expected free cash flow of at least $5 billion in the next 6 to 10 years.
For American families and individualslife insurance, Used to be Voya’s core business.And now, Voya has become a stepMetLife(Metropolitan Life) followed by another financial insurance company that withdrew from this market.
Voya turns to a high-growth and high-return business
Voya CEO Rodney O. Martin Jr. stated in its third quarter 2018 financial report that the exit from the market is in line with the company's future development strategy of providing retirement plans, investment management and employee benefits for "corporate and institutional customers" .He added that these are "high-growth, high-return, asset-light businesses."
After these decisions were announced at the earnings conference, Voya Financial Group (NYSE: VOYA) shares rose 4.8%.
Voya 2018 Q3 Financial Report Other Information
WowIndividuals who announced the third quarterlife insuranceSales, sales are mainly caused byIndex insurance(IUL) Support, overall sales are $2,000 million.This segment has contributed 20% of the company's revenue in recent quarters.
Just in 2012, Voya's annual personal life insurance sales totaled $2.5 million.
In the third quarter of 2018, Voya reported net income of $3 million, or 1.42 cents per share, down from $87 million in the same period last year, or 1.49 cents per share.
Voya's operating income (excluding realized capital gains and losses and other non-recurring items) rose from $2,900 million to $1.39 million, mainly due to factors such as increased investment and fee income, which exceeded market expectations.
Report update on October 2019, 12:(Express News) Voya Personal Life Insurance and Related Business Formally Announced the Sale
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