OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” to 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 assigned to 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 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. ReliaStar still maintains a presence selling employee benefits insurance products.
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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