NEW YORK – (BUSINESS WIRE) – Voya Financial, Inc (NYSE: VOYA) announced today that the company and Resolution Life Group Holdings (Resolution Life) have received all government approvals required to sell Voya’s Individual Life and Non-Retirement Business to Resolution Life As previously announced, the transaction is expected to close on January 4, 2021

“We are pleased to have received regulatory approval for the Individual Life transaction,” said Rodney O. Martin, Jr., Chairman and CEO of Voya Financial, Inc “Thanks to the dedication of the people at both companies, we have already met the operational and financial requirements necessary to complete the transaction and ensure a smooth transition for our customers prepare to close the deal in January 4 ”

“Resolution Life continues to work closely with our Voya colleagues and we look forward to closing the transaction on January 4, 2021 and welcoming new team members and policyholders to our business,” said Sir Clive Cowdery, Founder and Executive Chairman of Resolution Life

Voya also announced today that it intends to enter into an Accelerated Share Repurchase (ASR) agreement with a third party financial institution that will repurchase approximately $ 150 million of its common stock before the end of the year, during which it will buy back approximately $ 150 million of its common stock under the initial delivery of shares under the ASR would take place in the fourth quarter of 2020 with final billing in the first quarter of 2021

“After we received final regulatory approval for the Individual Life transaction – and defined the credit environment more clearly – we decided to resume the share buyback. This way we can continue to build on the approximately $ 6 billion capital that We have already given back to shareholders through share buybacks and dividends since our IPO, and this reaffirms our commitment to be good stewards of shareholders’ capital. added Martin

Voya Financial, Inc (NYSE: VOYA) Helping Americans Plan, Invest, and Protect Their Savings – To Prepare For Better Retirement Serving the Financial Needs of Approx 13Voya is a Fortune 500 company with $ 8 million serving residential and institutional clients in the U.S. $ 5 billion in sales in 2019 The company managed and managed total assets of $ 657 billion as of September 30, 2020 With a clear mission, Enabling a secure financial future – one person, one family, one institution – is Voya’s vision to be America’s Retirement Company®. Voya has been certified as a “Great Place to Work” by the Great Place to Work® Institute and is equally committed to Socially, environmentally, economically and ethically responsible management Voya has been named the World’s Most Admired Company for 2020 by Fortune Magazine One of the World’s Most Ethical Companies 2020 by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and “Best Workplace for Disability Inclusion” in the Disability Equality Index by disability: IN For more information, visit voyacom Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya

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World News – FI – Voya Financial Announces Government Authorization to Sell Personal Life Businesses and Other Closed Blocks

Source: https://www.businesswire.com/news/home/20201224005120/en/Voya-Financial-Announces-Regulatory-Approval-of-Sale-of-Individual-Life-Business-and-Other-Closed-Blocks