Voya Financial Company Profile

Background

Voya Financial, Inc. (NYSE: VOYA) is a prominent American financial services company headquartered in New York City. Established in 1991 as ING U.S., it rebranded to Voya Financial in 2014 following its separation from the ING Group. Voya's mission is to help Americans plan, invest, and protect their savings to achieve a secure financial future. The company offers a comprehensive suite of products and services, including retirement plans, investment management, and insurance solutions, serving approximately 15.7 million individual, workplace, and institutional clients.

Key Strategic Focus

Voya Financial's strategic focus centers on three primary business segments:

• Wealth Solutions: As a leading provider of retirement products and services in the U.S., Voya serves approximately 39,000 employers and over 7 million individual retirement plan participants. The company emphasizes guiding Americans toward greater retirement readiness and financial wellness through employer-sponsored savings plans and holistic retirement and income guidance.

• Health Solutions: Voya offers a comprehensive portfolio of stop loss, life, disability, and voluntary insurance products to businesses, covering approximately 7.2 million individuals through the workplace. Additionally, the company provides health savings and spending accounts through its health accounts solutions business.

• Investment Management: Managing public and private fixed income, equities, multi-asset solutions, and alternative strategies, Voya Investment Management serves institutions, financial intermediaries, and individual investors. The firm draws on a 50-year legacy of active investing and the expertise of over 300 investment professionals.

Financials and Funding

As of December 31, 2024, Voya Financial reported:

• Total Assets Under Management (AUM) and Assets Under Administration (AUA): $894 billion

• Market Capitalization: Approximately $6.73 billion

• Revenue: $7.6 billion

• Net Income: $793 million

The company's financial stability is further supported by a disciplined and balanced capital management strategy, focusing on high free cash flow generation and capital-light businesses.

Pipeline Development

Voya Financial continually enhances its product offerings and services. Notable developments include:

• Acquisition of Benefitfocus (2023): This acquisition added broad-based benefits administration capabilities, extending Voya's reach across workplace benefits and savings. Benefitfocus serves leading brokerage and consulting firms in the health and benefits industry, touching more than 25 million lives on its platform.

• Establishment of Voya India (2023): By acquiring full ownership of its Indian joint venture, Voya established Voya India, enhancing operational efficiency and innovation through 24/7 operations processing and greater automation.

• Acquisition of OneAmerica's Full-Service Retirement Plan Business (2025): This acquisition expanded Voya's Wealth Solutions business, now serving approximately 60,000 retirement plans supporting nearly 8 million participants, with Defined Contribution client assets growing to $670 billion.

Technological Platform and Innovation

Voya Financial differentiates itself through innovative technological platforms and proprietary technologies:

• myVoyage: A personalized financial-guidance and connected workplace-benefits digital platform designed to enhance participant education and user experience through all life stages.

• Voya Claims 360: An integrated and intuitive model aimed at simplifying the claims process for supplemental health insurance products.

These platforms leverage advanced technologies, including artificial intelligence and machine learning, to provide tailored financial solutions and improve operational efficiency.

Leadership Team

Voya Financial's leadership team comprises experienced professionals dedicated to the company's mission:

• Heather Lavallee: Chief Executive Officer. Lavallee has been instrumental in driving Voya's strategic initiatives and growth.

• Rob Grubka: Chief Executive Officer, Workplace Solutions. Grubka oversees the Wealth and Health Solutions businesses, focusing on delivering comprehensive workplace benefits and savings products.

• My Chi To: Executive Vice President, Chief Legal Officer, and Corporate Secretary. To leads the company's legal, compliance, and regulatory affairs.

• Santhosh Keshavan: Executive Vice President, Chief Information Officer. Keshavan is responsible for Voya's technology strategy and digital transformation initiatives.

Leadership Changes

In recent years, Voya Financial has experienced significant leadership changes:

• Heather Lavallee's Appointment as CEO (2024): Lavallee succeeded Rodney O. Martin, Jr., who retired after serving as CEO since the company's rebranding in 2014. Lavallee's leadership focuses on accelerating Voya's growth and innovation strategies.

Competitor Profile

Market Insights and Dynamics

The financial services industry is highly competitive, with numerous established firms and emerging fintech companies vying for market share. Key dynamics include:

• Market Size and Growth: The wealth management sector generated approximately $118 billion in revenue in 2021, growing at a compound annual growth rate (CAGR) of 6.2%. The retirement services segment is projected to reach $29 trillion by 2026.

• Technological Advancements: The industry is undergoing a digital transformation, with firms investing heavily in financial technology to enhance customer experience and operational efficiency.

Competitor Analysis

Voya Financial's primary competitors include:

• Prudential: A holding company providing life and health insurance and asset management services.

• TIAA: A provider of financial services in the academic, research, medical, cultural, and government fields.

• AXA: A company offering insurance, investment management, and other financial services.

• Fidelity Investments: A provider of financial services and investment resources.

These competitors have significant market presence and offer overlapping products and services, intensifying the competitive landscape.