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.

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 relevant 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 more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Preliminary Credit Scores, and AM Best’s press releases, please see Guide to the Proper Use of Best Scores and Ratings.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.