Voya Financial

What Voya Financial does

Voya Financial, Inc. (NYSE: VOYA) is a publicly traded U.S. financial services company headquartered in the Atlanta/New York corridor that operates across retirement plan administration, investment management, employee benefits, and wealth management. Following its 2014 spin-off and rebrand from ING U.S., Voya has assembled a workplace financial services franchise built around top-five defined contribution recordkeeping — administering approximately $670 billion in Wealth Solutions DC client assets across roughly 60,000 retirement plans covering nearly 8 million participants after the January 2025 acquisition of OneAmerica Financial's full-service retirement plan business. Investment Management holds $353 billion in AUM across equity, fixed income, alternatives, and money market strategies (as of March 31, 2026), while Employee Benefits provides medical stop-loss coverage and disability and leave products (with claims administration brought in-house effective January 1, 2026), and a growing wealth management business is expanding from 200 toward 500-700 advisors. The platform also includes Benefitfocus, a cloud-based benefits administration technology reaching more than 12 million employees.

The revenue model is asset- and premium-based: recurring fees on assets under administration and management, plus insurance premiums from stop-loss and group benefits. Pricing for retirement administration is quote-based and structured around assets under administration or per-participant fees, while stop-loss pricing is driven by actuarial rate actions (21% in 2025, 24% for 2026 blocks). Go-to-market is enterprise-led through direct field sales to large employers and government plans (including 457(b) deferred compensation programs serving about 4 million public-sector participants), supplemented by an expanding wealth management advisor network and distribution partnerships with FuturePlan by Ascensus, F&G Annuities & Life, Blue Owl Capital, SAVVI Financial, and TELUS Health. Technology includes proprietary target-date solutions (MyCompass, $10 billion AUM as of February 2026), an in-house leave and disability claims platform, a care navigation service leveraging 500+ patient health indicators from 310M patient records, multi-manager alternative CITs, and the Benefitfocus benefits administration platform.

Operationally, Voya is generating approximately $2.03 billion in quarterly revenue (Q1 2026) with adjusted operating EPS of $8.85 for full-year 2025 (over 20% growth), return on equity near 19%, 90% free cash flow conversion, and $775 million in excess capital generated in 2025. The OneAmerica deal was reported at over 30% unlevered returns and is on track for Q2 completion of account integration. Headcount is approximately 9,000-11,000 employees, though reported figures vary across sources. Strategic posture combines continued scale-led M&A (Benefitfocus for $570 million in 2023, OneAmerica retirement business for $47 billion of AUM in 2025), product platform expansion (in-house claims, multi-manager CITs, private markets for DC), and a progressive wealth management build-out under CEO Heather Lavallee, while navigating activist pressure from TOMS Capital to evaluate strategic alternatives.

Name

Voya Financial

Legal name

Voya Financial, Inc.

Website

https://voya.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Voya Financial (NYSE: VOYA) is a publicly traded U.S. financial services company that provides retirement plan administration, investment management, employee benefits (stop-loss, disability, leave), and wealth management services to roughly 15.2 million individual, workplace, and institutional clients, administering over $1 trillion in assets across approximately 60,000 retirement plans.

Ownership category

akta.pro rank

Product category

Retirement & Investment Services

NAICS

Portfolio Management and Investment Advice (523940), Pension Funds (52511), Health and Welfare Funds (525120), Other Insurance Funds (525190)

SIC

Investment Advice (6282), Accident & Health Insurance (6321), Life Insurance (6311)

akta.pro primary industry

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

akta.pro secondary industries

Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF), Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA), Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI), Retirement Plan Participant Advice & Managed Accounts (FSAEABAF)

Keywords

• Retirement plan administration
• Investment management services
• Wealth management advisory
• Employee benefits insurance
• Defined contribution recordkeeping

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Retirement Plan Administration: Fees earned from administering employer-sponsored retirement plans including 401(k), 457(b), and defined contribution plans. Revenue is based on assets under administration and participant counts, providing recurring fee income. The OneAmerica acquisition brought $47 billion in additional assets and expanded the participant base to nearly 8 million.
2. Investment Management: Fees from managing investments across equity, fixed income, alternatives, and money market assets. Voya reported approximately $353 billion in assets under management as of March 31, 2026, with record $14.6 billion in net inflows for 2025. Investment Management segment achieved 2% organic growth.
3. Employee Benefits (Stop Loss Insurance): Premiums earned from providing medical stop-loss coverage to self-insured employers. Employee Benefits segment showed improvement with 21% rate increases in 2025 and 24% for 2026 blocks. Premiums declined 8% YoY to $2.9 billion due to customer churn from aggressive pricing, with loss ratio improving to 84% from 94% in 2024.
4. Wealth Management Advisory: Advisory fees from wealth management services targeting individual investors. Voya is expanding its wealth management advisor base from 200 to 500-700 to better serve millennials and Gen Z clients, targeting 20%+ returns in this business segment.
5. Annuity Distribution: Revenue from distributing annuity products through Voya's wealth management platform via partnership with F&G Annuities & Life, expanding access to retirement and income protection solutions.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Voya Financial administers employer-sponsored retirement plans (401(k), 457(b), defined contribution, ESOP) for approximately 60,000 plans serving nearly 8 million participants through Workplace Solutions, manages approximately $353 billion in investment assets, provides employee benefits including stop-loss, group life, and disability insurance for self-insured employers, and offers wealth management advisory services to individual investors. The company operates across Wealth Solutions, Investment Management, and Employee Benefits segments.

Differentiator

Problem solved

Functional benefit

Brands

• Voya Cares: Disability inclusion initiative launched in 2014 focusing on providing financial guidance and support for people with disabilities and caregivers.

Products and services

• Retirement Plan Administration Services
• Voya Investment Management
• Stop-Loss Insurance
• Wealth Management Advisory Services
• Benefitfocus Benefits Administration Platform
• Multi-Manager Alternative Collective Investment Trusts (CITs)
• PATH Pooled Employer Plan (PATH PEP)
• MyCompass Target-Date Investment Solutions
• In-House Leave and Short-Term Disability Claims Administration
• Group Annual Term Life Insurance with TELUS Health EAP

Quantifiable outcome

• Retirement assets under administration increased to $670 billion following OneAmerica acquisition
• +6 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• FuturePlan by AscensuscoreStrategic or Co-development Partner · 18 June 2026Launch of PATH Pooled Employer Plan (PATH PEP) collaboration, bringing institutional-quality retirement capabilities to mid- and large-market employers. Voya serves as recordkeeper and trustee, Mesirow provides 3(38) investment fiduciary services, and FuturePlan acts as pooled plan provider, TPA, and 3(16) administrative fiduciary. Features open investment architecture with scalable retirement solutions and strong fiduciary oversight.
• TELUS HealthcoreStrategic or Co-development Partner · 15 April 2026Integration of Employee Assistance Program services alongside Group Annual Term Life Insurance offerings. The partnership provides mental health support, emotional well-being services, and digital tools designed to improve workplace productivity and help employees address personal and family challenges. Reflects Voya's strategy to expand workplace benefits portfolio.
• F&G Annuities & LifecoreChannel Partner/ Reseller/ Distributor · 25 February 2026Partnership allowing F&G's annuity products to be distributed through Voya's wealth management platform. Aims to expand access to retirement and income protection solutions for American clients by combining F&G's annuity products with Voya's distribution capabilities.
• Boston Legacy FCminorGTM or Marketing Partner · 16 January 2026Multi-year sponsorship making Voya the women's soccer club's official lower back-of-kit partner beginning with 2026 NWSL season. Voya also serves as exclusive financial services category partner and manages the club's employer-sponsored retirement plan. Includes branding across jerseys, media backdrops, merchandise, and premium match-day locations.
• SAVVI FinancialcoreTechnology or Integration · 10 December 2025Launch of next-generation personalized retirement income guidance tool for eligible Voya plan participants. Combines Voya's workplace savings experience with SAVVI's optimization engine to deliver retirement income estimates, withdrawal optimization, and multi-factor analysis. Makes specialized financial planning insights more widely accessible.
• Blue Owl CapitalcoreStrategic or Co-development Partner · 16 October 2025Strategic partnership to develop private markets investment products targeted at defined contribution plans. Blue Owl appointed Greg Porteous as Head of Defined Contribution Retirement Solutions to lead expansion of private markets access in US retirement plans.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fidelity Investments: Fidelity is the largest defined contribution recordkeeper in the US and Voya's most direct competitor. Both serve employer-sponsored 401(k) plans with integrated investment management and participant services, competing head-to-head for large employer mandates.
• Empower Retirement: Empower is a top-3 DC recordkeeper (private-equity owned) serving similar employer plan sponsors. It competes directly with Voya in mid- and large-market 401(k) administration, participant recordkeeping, and integrated investment solutions.
• Principal Financial Group: Principal is a direct peer in employer-sponsored retirement plans, asset management, and group benefits. Both compete for the same mid-market employer segment and operate similar retirement administration and stop-loss insurance businesses.
• T. Rowe Price: T. Rowe Price is a direct peer in retirement plan investment management and target-date solutions, competing for DC plan sub-advisory and managed account mandates. Both firms serve institutional retirement clients with overlapping product suites.
• Prudential Financial: Prudential is a direct peer in retirement plan administration (Pruco), group life and disability insurance, and asset management. Both serve employer plan sponsors with integrated retirement, benefits, and wealth solutions.
• Lincoln Financial Group: Lincoln Financial is a direct peer in retirement plan services, group life and disability insurance, and individual annuities. Both compete for employer-sponsored plan business and in the stop-loss and disability benefits market.
• Ascensus: Ascensus is a direct peer in retirement plan administration and pooled employer plan services, and is Voya's partner (via FuturePlan) on the PATH PEP launch. Both compete for mid-market and large-market 401(k) recordkeeping.

Broad incumbents

• BlackRock: BlackRock is a broad incumbent in institutional asset management and a major DC plan investment manager (LifePath target-date funds). It competes with Voya Investment Management for sub-advisory mandates and increasingly in private markets DC offerings.
• Charles Schwab: Schwab is a broad incumbent in retirement plan services (Schwab Retirement Plan Services) and wealth management. It competes with Voya in mid-market 401(k) recordkeeping and increasingly in retail wealth management as Voya expands its advisor base.
• MetLife: MetLife is a broad incumbent in group life, disability, and dental benefits serving employer plan sponsors. It competes with Voya's Employee Benefits segment for stop-loss, group benefits, and absence management customers.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Voya Financial