Voya Money Announces Regulatory Acceptance of Sale of Individual Everyday living Organization and Other Closed Blocks
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NEW YORK–(Small business WIRE)–Dec 24, 2020–
Voya Economic, Inc. (NYSE: VOYA), declared these days that it and Resolution Lifetime Group Holdings (Resolution Everyday living) have gained all regulatory approvals desired to comprehensive the sale of Voya’s Particular person Lifestyle and non-retirement legacy annuities business to Resolution Existence. As earlier declared, the transaction is anticipated to shut on Jan. 4, 2021.
“We are pleased to have received regulatory acceptance of the Specific Lifestyle transaction,” mentioned Rodney O. Martin, Jr., chairman and main govt officer, Voya Money, Inc. “Thanks to the dedication of workforce at the two organizations, we have by now accomplished the operational and financial necessities required to close the transaction and guarantee a sleek transition for our buyers. We glimpse forward to doing the job with Resolution Existence over the coming times to put together for closing the transaction on Jan. 4.”
“Resolution Existence proceeds to perform closely with our Voya colleagues and we glimpse ahead to completing the transaction on Jan. 4, 2021 and to welcoming new staff users and policyholders to our enterprise,” said Sir Clive Cowdery, founder and govt chairman, Resolution Daily life.
Voya also announced right now that it intends to enter into an accelerated share repurchase (ASR) agreement with a third-occasion monetary establishment prior to the conclusion of the 12 months, under which it will repurchase about $150 million of its prevalent stock. The initial supply of shares less than the ASR would take position in the fourth quarter of 2020, with remaining settlement throughout the to start with quarter of 2021.
“Having received final regulatory approval on the Personal Lifetime transaction – and with higher clarity on the credit surroundings – we have made a decision to resume share repurchases. This will empower us to proceed to construct on the about $6.4 billion of money that we have currently returned to shareholders through share repurchases and dividends considering the fact that our initial general public featuring, and it reinforces our determination to becoming fantastic stewards of shareholder money. We system to supply a lot more information and facts on our funds management options all through our fourth-quarter and entire-yr 2020 earnings contact in February,” added Martin.
About Voya Money ®
Voya Economic, Inc. (NYSE: VOYA), assists Individuals prepare, commit and safeguard their discounts — to get ready to retire much better. Serving the economic demands of around 13.8 million individual and institutional shoppers in the United States, Voya is a Fortune 500 organization that had $7.5 billion in profits in 2019. The enterprise experienced $657 billion in whole property beneath management and administration as of Sept. 30, 2020. With a crystal clear mission to make a safe economical potential attainable — 1 person, 1 family members, one establishment at a time — Voya’s vision is to be America’s Retirement Business ®. Licensed as a “Great Place to Work” by the Excellent Place to Do the job ® Institute, Voya is similarly dedicated to conducting business in a way that is socially, environmentally, economically and ethically liable. Voya has been regarded as a 2020 World’s Most Admired Company by Fortune magazine just one of the 2020 World’s Most Moral Firms ® by the Ethisphere Institute as a member of the Bloomberg Gender Equality Index and as a “Best Position to Work for Incapacity Inclusion” on the Incapacity Equality Index by Incapacity:IN. For additional data, go to voya.com. Abide by Voya Economic on Fb, LinkedIn and Twitter @Voya.
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Source: Voya Economic, Inc.
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PUB: 12/24/2020 06:45 AM/DISC: 12/24/2020 06:45 AM
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