Wednesday, 23 January 2019
BREAKING NEWS

Another Insurer to Cease Selling Life Insurance to Individuals

Voya’s chief executive, Rodney O. Martin Jr., shown on May 8 in New York, said that the company will largely focus on workplace and institutional clients through retirement, investment-management and employee-benefits offerings.
Voya’s chief executive, Rodney O. Martin Jr., shown on May 8 in New York, said that the company will largely focus on workplace and institutional clients through retirement, investment-management and employee-benefits offerings. Photo: Mark Kauzlarich/Bloomberg News

Voya Financial Inc. VOYA -0.05% is the latest U.S. life insurer to exit a business that was once a core part: life insurance sold to individuals.

The company, spun out of Dutch giant ING Groep INGA -0.29% in 2013, on Tuesday said it would cease new individual life-insurance sales at year-end. It will keep its existing block of life-insurance policies and pay out claims as they come due.

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