About Voya Financial, Inc.
Voya Financial offers retirement, investment, and (mostly life) insurance services to nearly 14 million individual and corporate customers. Its retirement products include 401(k), IRAs, and brokerage accounts. Its investment management division offers international and domestic equity, fixed-income, and multi-asset products. Its insurance covers individual, term, and universal life, as well as employee benefits (stop loss, group life, disability, etc.), which it sells to mid-sized and large companies. Launched in the US in 1975 as a subsidiary of Netherlands-based ING Groep, it spun off and went public in 2013.
Voya Financial is well diversified across four reporting segments: Retirement, Individual Life, Employee Benefits, and Investment Management.
The company's Retirement segment generates about 35% of total revenue. It provides tax-deferred, employer-sponsored retirement savings plans; CD and money market accounts; IRAs; and financial services to individuals.
The Individual Life segment accounts for some 30% of revenue and offers wealth protection and transfer via variable and universal life products. The Employee Benefits division represents roughly 25% of revenue. Its offerings include stop loss, group life, voluntary employee-paid, and disability products. Investment Management brings in around 10% of revenue. It houses Voya’s investment and retirement offerings across a range of geographies, markets, and investment styles. Its remaining revenue derives from corporate activities including investments. In 2018 Voya divested its Closed Block Variable Annuity segment.
The company has more than $460 billion in assets under management or administration; the majority is held in its Retirement and Investment Management segments.
Voya is a holding company and performs much of its activities via a series of subsidiaries, which include Voya Retirement Insurance and Annuity, ReliaStar Life Insurance, Security Life of Denver Insurance, and Roaring River.
New York-headquartered Voya Financial has offices in 28 continental US states, Washington DC, and Hawaii. It owns or leases about 65 locations throughout the US.
Sales and Marketing
Voya Financial is systematic about its market definitions. It addresses two primary markets: Individuals and Institutions. It refines the Individuals market into the categories of Mass Market (investible assets less than $100,000), Middle Market & Mass Affluent (investible assets under $2 million), and Affluent & Wealth Management (investible assets greater than $2 million). Its Institutions subdivisions are Small-Mid (assets up to $75 million), Large (assets between $75 million and $1 billion), and Mega (assets greater than $1 billion).
Voya targets its products and services to a range of customers including retirement plan sponsors and participants, institutional and retail investors, corporate and professional employee benefits providers, insurance policyholders, and annuity contract and IRA holders. Industries that it typically pursues include small- and medium-sized companies and large corporations, educational institutions, healthcare organizations, non-profits, state and local governments, and consumers.
Stagnancy the last three years and a large drop in 2015 have led to about a 25% reduction in Voya Financial’s revenue since 2014. Its net income dropped steadily to a loss from 2014 to 2017 before returning to profitability in 2018.
The company’s revenue ticked down 1% to $8.5 billion in 2018 on increased net realized capital losses and reduced income related to consolidated investment entities.
Voya’s net income rose from a loss of $3 billion to a gain of $875 million. In 2017 it incurred a large adjustment to loss on the sale of its Closed Block Variable Annuity (CBVA) segment, which included its variable annuity and fixed and fixed indexed annuity businesses.
The company used a net $178 million of its cash in 2018 to end the year with $1.5 billion. Operations provided $1.9 billion. It used $282 million on investments, primarily net acquisitions of fixed maturities, and $1.8 billion on financing activities, mainly common stock repurchases and cash used in its CBVA divestment.
Voya’s strategy is centered on expanding its customers’ options through partnerships and product additions and creating operational efficiencies through restructuring and strategic divestments.
In 2019 the company partnered with healthcare concierge service company Wellthy to launch its Voya Cares program, which provides support to special needs individuals and their caregivers. Under the collaboration Wellthy’s services will become available to customers addressed by Voya’s Retirement and Employee Benefits segments. The company also introduced new Voya Health Savings and Spending Account benefits options to employers that include a health savings account to be used in tandem with high-deductible health plans; new health, limited purpose, and dependent care flexible spending accountsj and a commuter benefit account. The previous year, the company partnered with startup accelerator and venture investor Plug and Play to provide feedback and mentorship to help Plug and Play financial technology companies refine their products and strategies.
In 2016 the company began implementing a series of initiatives to simplify operations and improve corporate flexibility. It initiated a restructuring to reduce annual expenses by at least $100 million starting in 2018. Part of this effort was the merger of the Annuities and Life Insurance businesses. In 2018 it divested its Closed Block Variable Annuity (CBVA) segment, which included its variable annuity and fixed and fixed indexed annuity businesses.
Voya Financial predecessor Security Life of Denver Insurance was founded in 1928. It entered the group insurance and reinsurance businesses in 1940 before its acquisition by Nationale Nederlanden in 1977. Following a series of mergers, acquisitions, and divestitures, Voya Financial went public in 2013 on the NYSE.
230 PARK AVE
New York, NY 10169-1502
Phone: 1 (212) 309-8200
Employer Type: Publicly Owned
Stock Symbol: VOYA
Stock Exchange: , NYSE
COO: Alain M. Karaoglan
Chairman and CEO: Rodney O. Martin
EVP Technology, Innovation, and Operations: Margaret M. Parent
Employees (This Location): 1,200
Employees (All Locations): 6,000
New York, NY
Boca Raton, FL
Coral Springs, FL
Fort Lauderdale, FL
Safety Harbor, FL
Saint Paul, MN
Saint Charles, MO
North Chesterfield, VA