Voya Financial, Inc.

Overview

Voya Financial, Inc. is a financial services company centered on workplace benefits, retirement and savings, and investment management. It describes itself as a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, and also as an international asset manager with an established U.S. presence and business serving clients in Europe and Asia [1]. Its core businesses are Wealth Solutions, which includes retirement plan solutions, plan administration, stable value and related wealth services; Health Solutions, which includes supplemental health, life, disability, stop loss, voluntary benefits, and health savings and spending accounts; and Investment Management, which offers fixed income, equity, alternatives, and multi-asset strategies for institutions, intermediaries, and individuals [2]+2.

The company states that its mission is “to make a secure financial future possible—one person, one family and one institution at a time” [5]. As of December 31, 2024, Voya served approximately 15.7 million customers, employed about 10,000 people, and operated across the U.S. with a global services hub in India; its primary office locations included New York, Windsor, Minneapolis, Atlanta, Braintree, Scottsdale, Walnut Creek, San Diego, and Bengaluru [6][7]. Total revenues were $8.05 billion in 2024 [8].

Products & services

Voya’s workplace retirement and savings offerings include full-service and recordkeeping-only defined contribution plan administration; tax-advantaged retirement plans delivered through annuity contracts, group funding agreements, collective investment trusts, and mutual fund products; stable value and fixed general account options; non-qualified executive benefit plan administration; IRAs; and advisory services.[2]+2 Named retirement products include Voya Framework, a mutual fund program for qualified retirement plans, and Voya MAP Select, a group funding agreement/group annuity contract used to fund qualified retirement plans.[11][12] Voya Retirement Choice II and RetireFlex-MF are mutual fund-based products that can include a guaranteed option through a group fixed annuity contract or stable value product, while Voya Retirement Plus II and Voya Custom Choice II are registered group annuities with variable investment options in a separate account and a fixed option in the general account; RetireFlex-SA is an unregistered group annuity with variable investment options and a guaranteed option.[13][14] Voya also lists Voya Health Reserve Account among its workplace savings offerings.[15]

Its employee-benefits product set includes Health Account Solutions such as HSAs, FSAs, HRAs, commuter and dependent care accounts, COBRA administration, and direct billing, along with leave management, financial wellness, and decision-support services.[16][17] The company’s digital and administration tools include myVoyage for enrollment and savings guidance across medical, dental, vision, HSA/FSA, retirement contributions, and emergency savings, as well as Benefitfocus and Benefitplace for benefits enrollment, administration, and marketplace functionality.[18]+2 Insurance products include individual and aggregate stop-loss coverage for self-insured employers, basic and supplemental group term life and accidental death and dismemberment insurance, group short- and long-term disability, and voluntary products such as whole life, term life, critical illness, accident, hospital indemnity, and universal life servicing.[21]+3

Voya’s investment-management products span fixed income, equities, multi-asset strategies, and alternative assets including private equity, private credit, commercial mortgage loans, mortgage derivatives, leveraged credit, and CLOs; its fixed-income platform includes money market funds, investment-grade corporate debt, government bonds, RMBS, CMBS, ABS, and high-yield bonds.[24]+2 Through Pomona Capital, Voya also offers private-equity capabilities focused on secondary fund interests, new partnerships, and co-investments.[25] Where product-line mix is disclosed, Health Solutions’ 2024 sales were 61.7% stop loss, 16.9% group life and disability, and 21.4% voluntary and other; annualized in-force premiums and fees were 47.2% stop loss, 25.4% group life and disability, and 27.4% voluntary and other.

[26]

Geographic presence

Voya Financial’s business is primarily U.S.-focused: the company describes its retirement, insurance, supplemental health, investment management and mutual fund activities as operating primarily in the United States, and it says its products and services are distributed through financial intermediaries, producers, advisors and sales specialists throughout the U.S.[27][28] Its workplace benefits and savings offerings are provided to employers across every segment of the U.S. economy, including private, public and tax-exempt markets, while its investment management business also serves international clients.[28] The company’s principal executive office is at 230 Park Avenue, New York, New York 10169.[29]

Voya also has a meaningful operating presence in India. As of December 31, 2024, it had approximately 10,000 employees, with 72% based in the U.S. and 28% based in India, and it refers to its workforce as being located throughout the U.S. and in a global services hub in India.[7][6] Its primary office locations were New York, New York; Windsor, Connecticut; Minneapolis, Minnesota; Atlanta, Georgia; Braintree, Massachusetts; Scottsdale, Arizona; Walnut Creek, California; San Diego, California; and Bengaluru, India.[7] Voya said it owned or leased 74 locations in the U.S. and elsewhere totaling about 1.8 million square feet, and its wholly owned subsidiary Voya India provides technology and business operation services to the company.

[30][31]

Business segments

Voya Financial reports three official reportable segments: Wealth Solutions, Health Solutions, and Investment Management. The company also refers to Wealth Solutions plus Health Solutions together as Workplace Solutions, while Corporate is presented separately for reconciliation purposes but is not a reportable segment.[32]+2

Wealth Solutions is focused on retirement and wealth businesses, including tax-deferred employer-sponsored retirement plans, retirement plan administration technology and services, and retail wealth/wealth management offerings. Health Solutions is focused on employee-benefits-related businesses, including stop loss, group life, disability, voluntary employee-paid products, health account solutions, leave management, and benefits administration through Benefitfocus. Investment Management provides investment products and retirement solutions and includes domestic and international fixed income, equity, alternatives, and multi-asset capabilities.[2]+9

Using adjusted operating revenues, which Voya identifies as its segment revenue measure, the 2024 segment mix was approximately 48% Health Solutions ($3.577 billion), 39% Wealth Solutions ($2.905 billion), 13% Investment Management ($0.982 billion), and roughly 0% Corporate ($0.023 billion). On adjusted operating earnings before income taxes, Wealth Solutions contributed $820 million, Investment Management $213 million, Health Solutions $40 million, and Corporate was a $(203) million loss, so operating profit was concentrated in Wealth Solutions.

[42][43]

Company history

Voya Financial traces its roots to ING Group’s entry into the U.S. life-insurance market in 1975 through the acquisition of Wisconsin National Life Insurance Company, followed by Midwestern United Life in 1976 and Security Life of Denver in 1977.[44] ING broadened that U.S. platform in the late 1990s and 2000s with acquisitions including Equitable Life Insurance Company of Iowa and Furman Selz in 1997, ReliaStar Life Insurance Company and Aetna Life Insurance and Annuity Company in 2000, and CitiStreet in 2008.[44]

Before its initial public offering, ING U.S. was a wholly owned subsidiary of ING Group; the company became public in May 2013, with shares priced on May 1 and trading beginning May 2 under the ticker VOYA.[44][45] The company completed its rebranding from ING U.S. to Voya Financial, Inc. on April 7, 2014, and ING Group fully divested its ownership stake between 2013 and 2015, completing Voya’s separation from its former parent.

[46]

Sources

• Voya Financial, Inc. — Full financial report (2024 Y)
  44 citations

  [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44]
• investors.voya.com[45]
• investors.voya.com[46]