Voya Financial Inc. is in talks to sell as much as $50 billion in retirement-income annuities to Apollo Global Management LLC, The Wall Street Journal reported, citing "people familiar with the matter."
The annuities reportedly come from a product line that created losses for insurers during the financial crisis.
Because of the transaction's complexity, it could fall apart without a deal being struck, according to the report.
The potential transaction comes as life insurers grapple with their annuities businesses, which have seen depleted sales in recent quarters. In the first half of 2017, Voya had a total of $7.48 billion in annuity considerations, making it the seventh-largest U.S. annuity underwriter by market share, according to data from S&P Global Market Intelligence.
The report came days after fellow insurer The Hartford Financial Services Group Inc. agreed to sell its variable annuity business Talcott Resolution Inc.
A Voya spokesperson declined to comment to The Wall Street Journal.