OLDWICK, NJ–(BUSINESS WIRE)–AM Best affirmed the financial strength rating of A (Excellent) and the long-term credit ratings of “a+” (Excellent) 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 for these Credit Ratings (ratings) is stable. Both companies are life insurance subsidiaries of Voya Financial Inc., headquartered in New York, NY.
The ratings reflect ReliaStar’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate management of business risks.
In recent years, Voya Financial Inc. has discontinued new individual life insurance and sold its individual life insurance and annuity segments. ReliaStar continues to sell benefits insurance products.
The ratings also reflect ReliaStar’s very strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and the generally favorable operating results of its employee benefits business. Voya Financial Inc. has implemented a strategy to exit markets that are more capital intensive or in which Voya is less competitive. Recent transactions have also reduced Voya Financial Inc.’s overall product risk and significantly reduced the company’s required capital.
ReliaStar’s strengths are partially offset by limited direct premium growth and a less diversified business profile due to outbound markets through the sale of in-force life and annuity blocks.
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