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Voya completes sale of individual life business, other closed blocks

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Voya completes sale of individual life business, other closed blocks

Resolution Life US, a holding company established by Resolution Life Group Holdings LP, completed the acquisition of Voya Financial Inc.'s individual life and other legacy nonretirement annuities businesses.

Voya off-loaded substantially all of its in-force individual life business in the transaction, including Security Life of Denver Insurance Co., Midwestern United Life Insurance Co. and certain other affiliates, as well as the reinsurance of Voya's remaining in-force individual life and annuity blocks.

In addition, Voya transferred about 350 employees along with the assets and systems used to manage the business. Following an expected two-year transition period, Resolution Life will replace Voya's corporate systems with its own systems.

Voya Investment Management will be the investment manager over about $20 billion of core fixed income and specialty assets associated with the closed blocks. It will also serve as one of the preferred asset management partners for Resolution Life.