Voya Financial (formerly ING U.S.) helps to steer the financial voyages of many Americans. It offers retirement, investment, and insurance (mostly life) services to 13 million individual and corporate customers. Retirement products include IRAs, brokerage accounts, and annuities. Its investment management division offers international and domestic equity, fixed-income, and multi-asset products. Insurance covers individual, term, and universal life, as well as employee benefits (stop loss, group life, disability), which it sells to midsized and large companies. Formed in 1999, the company had $466 billion in total assets under management and administration in mid 2016.
Change in Company Type
ING U.S. used its 2013 IPO proceeds to pay down debt in conjunction with ING's recapitalization plan. The public offering was part of
's plan to separate its banking and insurance businesses as it sells and spins off various units from the Netherlands to Macao (and worked to repay government bailout funds). ING U.S. filed its IPO registration statement in late 2012 (with a placemark value of $100 million) and completed the IPO in May 2013. The offering of shares raised about $1.3 billion, with ING U.S. reporting proceeds of about $600 million (remaining proceeds of about $700 million went to the parent organization and were used to pay group debt). ING gradually reduced its stake in the company, exiting its investment in early 2015. It also renamed the division as Voya Financial to reflect the unit's voyage towards independence.
Voya Financial has offices in Atlanta, Georgia; Braintree, Massachusetts; Des Moines, Iowa; Jacksonville, Florida; Minneapolis, Minnesota; New York City; Scottsdale, Arizona; West Chester, Pennsylvania; and Windsor, Connecticut. It owns or leases 69 locations throughout the US.
Sales and Marketing
The company targets markets such as mass market, middle & mass affluent, affluent & wealth management, small-mid, K-12 education, higher education and government.