AM Best Affirms Credit Ratings of Members of ReliaStar Life Insurance Group
OLDWICK, N.J.--(BUSINESS WIRE)--Jan 15, 2020--
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of ReliaStar Life Insurance Company of New York (Woodbury, NY) and ReliaStar Life Insurance Company (Minneapolis, MN), collectively known as ReliaStar Life Insurance Group (ReliaStar). The outlook of these Credit Ratings (ratings) is stable. Both companies are life insurance subsidiaries of Voya Financial Inc., which is headquartered in New York, NY.
The ratings reflect ReliaStar’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile, appropriate enterprise risk management and the financial strength and support of its parent, Voya Financial Inc.
Voya Financial Inc. ceased new individual life insurance sales as of Dec. 31, 2018, and sold its closed block variable annuity and individual fixed annuity segments in 2018. Voya has announced a planned 2020 sale of its individual life and other legacy non-retirement annuities business, including remaining fixed and variable annuities pension risk transfer liabilities, to Resolution Life US. ReliaStar still maintains a presence selling employee benefits insurance products.
The ratings of ReliaStar reflect its very strong risk-adjusted capitalization and generally favorable operating results. Voya Financial Inc. has had a strategy of exiting markets where it is less competitive or profitable.
ReliaStar’s strengths are offset partially by limited direct premium growth and a less-diversified business profile due to exiting markets via the sale of inforce life and annuity blocks.
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 Guide to 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.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
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PUB: 01/15/2020 04:40 PM/DISC: 01/15/2020 04:40 PM