December 21, 2017 / 11:16 AM / in a year

BRIEF-Voya Financial To Sell Closed Block Variable Annuity And Fixed Indexed Annuities Businesses

Dec 21 (Reuters) - Voya Financial Inc:

* VOYA FINANCIAL TO SELL CLOSED BLOCK VARIABLE ANNUITY AND FIXED INDEXED ANNUITIES BUSINESSES

* VOYA FINANCIAL INC - ‍VOYA INTENDS TO REPURCHASE $1 BILLION OF COMMON STOCK BY JUNE 30, 2018​

* VOYA FINANCIAL INC - ‍VOYA ENTERS DEAL WITH INVESTMENT CONSORTIUM LED BY APOLLO GLOBAL MANAGEMENT, CRESTVIEW PARTNERS AND REVERENCE CAPITAL PARTNERS​

* VOYA FINANCIAL INC - ‍BASED ON TERMS OF AGREEMENT, VOYA ESTIMATES THAT TRANSACTION WILL RESULT IN APPROXIMATELY $1.1 BILLION OF VALUE​

* VOYA FINANCIAL INC - ‍DEAL INCLUDES BENEFIT OF A $400 MILLION CEDING COMMISSION PAID BY ATHENE FOR VOYA'S FIXED AND FIXED INDEXED ANNUITIES BUSINESS​

* VOYA FINANCIAL INC - ‍DOES NOT EXPECT THAT TRANSACTION WILL HAVE A SIGNIFICANT IMPACT ON NET PRESENT VALUE OF ITS DEFERRED TAX ASSETS​

* VOYA FINANCIAL INC - ‍TO ACHIEVE TARGETED ANNUAL RUN-RATE COST SAVINGS, VOYA WILL INCUR CERTAIN RESTRUCTURING EXPENSES​

* VOYA FINANCIAL - ‍RESTRUCTURING EXPENSES WILL BE CLASSIFIED AS NON-OPERATING ITEMS, ARE NOT REFLECTED IN CO'S RUN-RATE COST SAVINGS ESTIMATES FOR 2018​

* VOYA FINANCIAL - ‍AS A RESULT OF EXIT FROM INDIVIDUAL ANNUITIES BUSINESS, CO TO CONDUCT STRATEGIC REVIEW OF INDIVIDUAL LIFE BUSINESS DURING H1 2018​

* VOYA FINANCIAL INC - VIAC WILL BE ACQUIRED BY VENERABLE HOLDINGS, A NEWLY FORMED INVESTMENT VEHICLE OWNED BY A CONSORTIUM OF INVESTORS

* VOYA FINANCIAL INC - ‍AFTER COMPLETING TRANSACTION, VOYA EXPECTS ANNUAL FREE CASH FLOW OF BETWEEN $600 AND $700 MILLION​

* VOYA FINANCIAL INC - UNDER DEAL, THE NEWLY FORMED INVESTMENT VEHICLE WILL BE OWNED BY A CONSORTIUM OF INVESTORS LED BY APOLLO, CRESTVIEW AND REVERENCE

* VOYA FINANCIAL INC - ATHENE HOLDING LTD. AND VOYA ALSO WILL PARTICIPATE IN CONSORTIUM, WITH VOYA HAVING A 9.9% EQUITY STAKE IN VENERABLE

* VOYA FINANCIAL INC - ‍EXPECT TO INCREASE VOYA'S QUARTERLY OPERATING EPS TO BETWEEN $1.10 AND $1.20 WITHIN 12 MONTHS OF DEAL CLOSING​

* VOYA FINANCIAL INC - VOYA INTENDS TO CEASE MANUFACTURING NON-RETIREMENT-FOCUSED INDIVIDUAL ANNUITIES AFTER TRANSACTION CLOSES

* VOYA FINANCIAL INC - TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY VOYA'S BOARD OF DIRECTORS Source text for Eikon: Further company coverage:

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