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Fly News Breaks for December 22, 2017
ATH, VOYA
Dec 22, 2017 | 06:20 EDT
Wells Fargo analyst Sean Dargan raised his price target for Voya Financial (VOYA) to $58 from $51 and for Athene Holding (ATH) to $63 from $60 after Voya sold its closed book of variable annuity business and entered into a reinsurance agreement with Athene. Given Voya's stock rally on the news, the analyst thinks other life insurers with runoff books of variable annuities will be motivated to unload those blocks. The trend should benefit Athene, Dargan argues. The analyst keeps Outperform ratings on both Voya and Athene.
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