Voya Financial has decided to stop selling individual life insurance plans at year-end to focus on higher-growth business areas.
The announcement follows completion of the strategic review of its Individual Life business. The company will no longer offer individual life insurance from 31 December 2018 and retain the in-force block of policies.
Voya Financial chairman and CEO Rodney Martin, Jr., said: “Following the sale of substantially all of our individual annuities businesses earlier this year, we conducted a thorough review of our Individual Life business to determine the best path forward.
“We carefully considered our broader, go-forward strategy of largely focusing on the workplace and institutional clients, analysed the options available to us, and concluded that ceasing new sales aligns with our plans to focus on our higher-growth, higher-return, capital-light businesses: Retirement, Investment Management and Employee Benefits.”
However, the company will continue to serve and pay claims to existing life insurance customers. It currently has almost $310bn in total policies in force among 785,000 clients.
Voya’s decision comes after the sale of the majority of its individual annuity business earlier this year to private-equity investors.
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The company offloaded approximately $56bn in variable and fixed annuities to Venerable Holdings, which includes investors Apollo Global Management, Crestview Partners and Reverence Capital Partners.
Voya was spun off from Dutch parent ING Groep during a 2013 IPO.