Summary: VOYA Financial Inc. And Operating Subsidiaries

S&P Global Ratings' ratings on VOYA Financial Inc. and its operating subsidiaries (collectively, VOYA) reflect our view of its strong BRP and very strong FRP, leading us to a split cell anchor of 'a/a+'. We choose the lower based on the CBVA book of business that has caused volatility in operating performance over the past several years. This book was recently divested (effective June 1, 2018) to a group of investors, and there is a likelihood that operating performance may become more stable. Our ratings benefit from VOYA's strong competitive position and very strong capital and earnings, with redundancy at the 'AA' confidence-level per our capital model, and strong financial flexibility with proven access to the capital markets. VOYA has

...S&P Global Ratings' ratings on VOYA Financial Inc. and its operating subsidiaries (collectively, VOYA) reflect our view of its strong BRP and very strong FRP, leading us to a split cell anchor of 'a/a+'. We choose the lower based on the CBVA book of business that has caused volatility in operating performance over the past several years. This book was recently divested (effective June 1, 2018) to a group of investors, and there is a likelihood that operating performance may become more stable. Our ratings benefit from VOYA's strong competitive position and very strong capital and earnings, with redundancy at the '##' confidence-level per our capital model, and strong financial flexibility with proven access to the capital markets. VOYA has strong liquidity and a relatively high-quality investment portfolio. We believe its enterprise risk management (ERM) and management and governance support the rating....

Summary