trending Market Intelligence /marketintelligence/en/news-insights/trending/lNX_yVQYhYh4xALaDqYVTQ2 content esgSubNav
In This List

Report: Voya, Apollo Global discussing sale of $50B in annuities assets

Blog

Banking Essentials Newsletter: 7th February Edition

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Report: Voya, Apollo Global discussing sale of $50B in annuities assets

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.