Voya Financial announced today that they will exit the life insurance business by stopping the sale of all life products effective December 31, 2018.
Please see below for additional details from Jim Ryan in Voya’s formal announcement.
I wanted to let you know that Voya Financial has completed the strategic review of its Individual Life business. As a result of our review and with consideration of Voya’s broader strategy, we have decided to cease all new sales of individual life insurance as of Dec. 31, 2018. We will retain and continue to manage our existing in-force Individual Life business.
As an important partner, we recognize the value that our life insurance products offer to you and your customers. We understand our decision to cease new sales will require you to make some changes in your own sales strategy. However, please know and trust that Voya will continue to honor its obligations to our customers and distributors.
I also wanted to provide a little background on the reasons for our decision. Following the sale of substantially all of our individual annuities business earlier this year, Voya conducted a comprehensive and thorough review of our Individual Life business to determine the best path forward. This review was undertaken, in part, because of the close connection between our life insurance business and the annuity business we had sold. Our decision to cease new sales while retaining and efficiently managing the in-force block aligns with the company’s growth strategy – which is now largely focused on workplace and institutional clients through our Retirement, Investment Management and Employee Benefits businesses.
As we move forward, Voya is committed to keeping you updated. We will continue to accept new individual life insurance applications until Dec. 31. 2018, and we expect to complete the processing of all new business through end of the first quarter in 2019.