ING U.S. to Redomesticate Reinsurance Subsidiary
NEW YORK, Dec. 18, 2013 /PRNewswire/ -- ING U.S., Inc. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, announced today that it will redomesticate its reinsurance subsidiary, Security Life of Denver International Limited (SLDI), from the Cayman Islands to Arizona, effective December 20, 2013. SLDI, which primarily serves as the reinsurer of the living benefits associated with ING U.S.'s Closed Block Variable Annuity (CBVA) book, has been approved as an Arizona-domiciled captive reinsurer by the Arizona Department of Insurance.
Consistent with Arizona regulations, SLDI will adopt a modified form of U.S. Generally Accepted Accounting Principles (GAAP) as the basis of accounting for its standalone financial statements. SLDI will continue to be fully consolidated in the U.S. GAAP financial statements of ING U.S. The redomestication will have no effect on the statutory financial statements of the other insurance subsidiaries of ING U.S. or on the U.S. GAAP financial statements of ING U.S.
The redomestication will similarly have no impact on the overall capital position of ING U.S., the CBVA book or the company's reported combined risk-based capital ratio. As of September 30, 2013, ING U.S.'s estimated combined risk-based capital ratio for its four principal U.S. insurance subsidiaries was 470%, above the company's target of 425%. In addition, ING U.S. will continue to employ the same hedging strategies for its CBVA book as were in place prior to redomestication.
SLDI was established in 1993 and provides reinsurance to ING U.S.'s affiliated companies, including ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company and Security Life of Denver Insurance Company.
About ING U.S.
ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement Company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible — one person, one family and one institution at a time. For more information, visit http://ing.us.
SOURCE ING U.S., Inc.
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