Apollo, Crestview to Buy Annuities as Voya Offloads $54 Billion

Private equity firms including Apollo Global Management LLC, Crestview Partners and Reverence Capital Partners agreed to buy a book of annuities as Voya Financial Inc. offloads $54 billion in obligations.

The buyers will put $35 billion of annuities in a newly formed company, Venerable Holdings Inc., which is owned by a consortium of investors including those three firms, Voya said Dec. 21 in a statement. Athene Holding Ltd., the annuity firm with ties to Apollo, will make a $75 million minority equity investment in Venerable and Voya will have a 9.9 percent stake. Athene will also reinsure a $19 billion ...