Voya Financial said Thursday that it plans to divest “substantially” all of its Closed Block Variable Annuity (CBVA) segment and its individual fixed and fixed indexed annuity business so that it can focus on “higher-growth, higher-return, capital-light” retirement, investment management and employee benefits businesses.

Voya will retain some of its annuity business, including approximately $6 billion in investment-only products.

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