KBRA assigns an insurance financial strength rating (IFSR) of A- to Venerable Holdings, Inc.’s (VHI) primary subsidiary, Venerable Insurance and Annuity Company (VIAC), and a debt rating of BBB to four series of VIAC’s surplus notes. At the same time, KBRA assigns an issuer rating of BBB- to VHI and a debt rating of BBB- to VHI’s $150 million subordinated term loan with an optional PIK (payment-in-kind) feature. The ratings reflect a highly experienced management team and, at the operating company, the continuity inherent in Voya Financial’s (Voya) closed block variable annuity (CBVA) leadership team moving to Venerable and continuing to perform the same functions as they did at Voya. KBRA is a global full-service rating agency and registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. KBRA’s rating scale can be found here.
The following financial statements of Venerable Insurance and Annuity Company (formerly known as Voya Insurance and Annuity Company) ("VIAC") were prepared in accordance with statutory accounting practices prescribed or permitted by the Iowa Insurance Division, including its adoption of the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, which differ from accounting principles generally accepted in the U.S. ("U.S. GAAP"). Some of the files below are large and may take several minutes to download.