OLDWICK, N.J.--(BUSINESS WIRE)--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 of its ultimate parent, Voya Financial Inc.
Voya Financial Inc. ceased new individual life insurance sales as of Dec. 31, 2018. Additionally, it sold its closed block variable annuity and individual fixed annuity segments in 2018, and on Jan. 4, 2021, closed on the sale of its individual life and other legacy nonretirement annuities business, including remaining fixed and variable annuities pension risk transfer liabilities, to Resolution Life Group Holdings LP. 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. Over the past several years, Voya Financial Inc. has been executing a strategy of exiting markets where it is less competitive or profitable. The recent transactions also lowered Voya’s overall product risk.
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.
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