Voya Money Announces Regulatory Approval of Sale of Specific Life Enterprise and Other Closed Blocks
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Voya announces resumption of share repurchases
Voya Economic, Inc. (NYSE:VOYA), introduced today that it and Resolution Daily life Group Holdings (Resolution Lifetime) have been given all regulatory approvals required to finish the sale of Voya’s Personal Life and non-retirement legacy annuities business to Resolution Life. As beforehand declared, the transaction is envisioned to shut on Jan. 4, 2021.
“We are pleased to have acquired regulatory acceptance of the Individual Existence transaction,” reported Rodney O. Martin, Jr., chairman and main government officer, Voya Financial, Inc. “Many thanks to the dedication of employees at equally businesses, we have currently finished the operational and economical prerequisites necessary to close the transaction and make certain a smooth transition for our consumers. We glance forward to doing the job with Resolution Everyday living over the coming days to get ready for closing the transaction on Jan. 4.”
“Resolution Everyday living carries on to operate closely with our Voya colleagues and we search ahead to finishing the transaction on Jan. 4, 2021 and to welcoming new team associates and policyholders to our company,” mentioned Sir Clive Cowdery, founder and executive chairman, Resolution Lifetime.
Voya also announced today that it intends to enter into an accelerated share repurchase (ASR) settlement with a third-occasion economical establishment just before the stop of the calendar year, below which it will repurchase around $150 million of its prevalent stock. The original shipping of shares under the ASR would consider put in the fourth quarter of 2020, with closing settlement in the course of the to start with quarter of 2021.
“Possessing been given last regulatory acceptance on the Specific Lifetime transaction – and with better clarity on the credit surroundings – we have made a decision to resume share repurchases. This will enable us to proceed to build on the close to $6.4 billion of funds that we have already returned to shareholders by share repurchases and dividends given that our original general public presenting, and it reinforces our determination to staying fantastic stewards of shareholder capital. We program to deliver a lot more facts on our funds administration strategies for the duration of our fourth-quarter and whole-calendar year 2020 earnings simply call in February,” additional Martin.
About Voya Economical®
Voya Economic, Inc. (NYSE:VOYA), assists Americans program, make investments and protect their personal savings — to get ready to retire much better. Serving the fiscal requires of about 13.8 million individual and institutional consumers in the United States, Voya is a Fortune 500 firm that had $7.5 billion in profits in 2019. The firm experienced $657 billion in total property less than management and administration as of Sept. 30, 2020. With a obvious mission to make a protected financial long term doable — just one human being, one family, a person establishment at a time — Voya’s vision is to be America’s Retirement Enterprise®. Qualified as a “Excellent Location to Operate” by the Fantastic Location to Work® Institute, Voya is similarly dedicated to conducting small business in a way that is socially, environmentally, economically and ethically liable. Voya has been recognized as a 2020 World’s Most Admired Corporation by Fortune journal just one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute as a member of the Bloomberg Gender Equality Index and as a “Very best Place to Work for Disability Inclusion” on the Disability Equality Index by Incapacity:IN. For additional data, go to voya.com. Comply with Voya Financial on Facebook, LinkedIn and Twitter @Voya.
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