RGA to Acquire In-Force Mortality Block from Voya Financial
ST. LOUIS, August 15, 2014 –Reinsurance Group of America, Incorporated (“RGA”) and Voya Financial, Inc. (“Voya Financial”), formerly ING U.S., today announced the execution of agreements in which RGA will reinsure a block of in-force level term insurance policies issued by Voya Financial. RGA will reinsure approximately $104 billion of life insurance in force comprised of approximately 170,000 policies.
“This transaction leverages RGA’s deep expertise and understanding of the U.S. mortality market, and aligns well with our disciplined Global Acquisitions strategy,” said Greig Woodring, President and Chief Executive Officer. “We are pleased to further strengthen our long-term customer relationship with Voya Financial through this transaction.”
The transaction is expected to close during the fourth quarter of 2014 subject to regulatory approvals and other customary closing conditions.
Reinsurance Group of America, Incorporated (NYSE: RGA), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development. The company serves clients from operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom, and the United States. Worldwide, RGA has approximately $3.0 trillion of life reinsurance in force and assets of $43.2 billion.