A.M. Best Upgrades Issuer Credit Ratings of Voya Financial, Inc. and Most of Its Subsidiaries
Concurrently,
The Long-Term ICR upgrades reflect Voya’s overall improved credit risk profile in recent years due to prudent financial leverage, a reduction in higher risk assets in the general account investment portfolio, favorable earnings within core business lines and the discontinuation and ongoing risk management of more capital intensive lines of business. The ratings also reflect Voya’s favorable market position in selected life insurance, employee benefits and retirement markets, solid risk-adjusted capital position and well-developed enterprise risk management framework.
Partially offsetting these positives factors is the impact of Voya’s closed block variable annuity (CBVA) segment on earnings and the susceptibility of future earnings to spread compression and fluctuations in the equity markets.
The Long-Term ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) has been affirmed for the following life insurance subsidiaries of
-
Voya Insurance and Annuity Company -
Voya Retirement Insurance and Annuity Company -
ReliaStar Life Insurance Company -
ReliaStar Life Insurance Company of New York -
Security Life of Denver Insurance Company
The FSR of A- (Excellent) and ICR of “a-” have been affirmed for
The following Long-Term IRs have been upgraded. The outlooks have been revised to stable from positive:
— to “bbb+” from “bbb” on
— to “bbb+” from “bbb” on
— to “bbb+” from “bbb” on
— to “bbb+” from “bbb” on
— to “bbb+” from “bbb” on
— to “bbb-” from “bb+” on
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161117006371/en/
Associate Director
[email protected]
or
Senior Director
[email protected]
or
Manager, Public Relations
[email protected]
or
Director, Public Relations
[email protected]
Source:
The Lancet: Monthly cost of $1-2 per person could ensure access to basic package of 201 essential medicines
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News