OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of the key life insurance entities of Voya Financial, Inc. (Voya) (headquartered in New York, NY) [NYSE:VOYA]. Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” of Voya, as well as its Long-Term Issue Credit Ratings (Long-Term IR). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.) Concurrently, AM Best has withdrawn the ratings of Voya and its life subsidiaries at the company’s request to no longer participate in AM Best’s interactive rating process.
The ratings of Voya’s life insurance entities reflect their balance sheet strength, which AM Best categorizes as strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management. Voya ceased new individual life insurance sales as of Dec. 31, 2018, and sold their closed block variable annuity and individual fixed annuity segments in 2018, changing Voya’s business risk profile and lowering Voya’s sensitivity to insurance risks and therefore the need for an FSR.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed with stable outlooks for the following life insurance subsidiaries of Voya Financial, Inc. Concurrently, AM Best has withdrawn the ratings at the company’s request:
- Voya Retirement Insurance and Annuity Company
- ReliaStar Life Insurance Company
- ReliaStar Life Insurance Company of New York
- Security Life of Denver Insurance Company
- Midwestern United Life Insurance Company
The following Long-Term IRs have been affirmed. Concurrently, AM Best has withdrawn the Long-Term IRs at the company’s request:
Voya Financial, Inc.—
-- “bbb+” on $850 million 5.50% senior unsecured notes, due 2022
-- “bbb+” on $400 million 3.125% senior unsecured notes, due 2024
-- “bbb+” on $500 million 3.65% senior unsecured notes, due 2026
-- “bbb+” on $400 million 5.70% senior unsecured notes, due 2043
-- “bbb+” on $300 million 4.80% senior unsecured notes, due 2046
-- “bbb-” on $350 million 4.7% fixed-to-floating junior subordinated notes, due 2048
-- “bbb-” on $750 million 5.65% fixed-to-floating junior subordinated notes, due 2053
-- “bbb-” on $325 million 6.125% non-cumulative preferred stock
This press release relates to Credit Ratings that have been published on AM 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 AM 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. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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