Voya Financial

What Voya Financial does

Voya Financial, Inc. (NYSE: VOYA) is a publicly traded health, wealth, and investment company headquartered in New York that serves approximately 15.2 million individual, workplace, and institutional clients across the United States. The company operates through two primary segments: Workplace Solutions, anchored by its Wealth Solutions business that administers approximately 60,000 retirement plans supporting nearly 8 million participants with $670 billion in defined contribution client assets following the January 2025 acquisition of OneAmerica Financial's retirement plan business, and a broader investment management and insurance franchise. Voya Investment Management is ranked the 48th largest institutional investment manager globally out of 411 firms surveyed by Pensions & Investments (June 2025).

The company's core technology stack includes the Wealth Solutions retirement platform, a workplace benefits administration platform delivered through its wholly owned Benefitfocus subsidiary (which engages directly with more than 12 million employees), and ESOP administration capabilities acquired from OneAmerica Financial. Insurance products are issued through ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). With approximately 9,000 employees, Voya positions itself around three functional outcomes: well planned (retirement planning and financial wellness), well invested (institutional and individual investment management), and well protected (insurance and health account products).

Voya's revenue model is fee-based and recurring. Income is generated through asset management fees on institutional AUM, recurring administration fees on retirement plans, insurance premiums and fees through ReliaStar, and benefits administration fees through Benefitfocus. Distribution occurs through a B2B2C model: employer-sponsored retirement plans and group benefits are sold through financial advisors, intermediaries, and benefit administrators, with the Benefitfocus platform providing direct digital engagement to employees. The company is led by CEO Heather Lavallee and is recognized as a Great Place to Work, one of the World's Most Ethical Companies by Ethisphere, a Bloomberg Gender-Equality Index member, and a Best Place to Work for Disability Inclusion.

Name

Voya Financial

Legal name

Voya Financial, Inc.

Website

https://voya.com

Company type

Public

Operating status

Operating

Short description

Voya Financial is a publicly traded health, wealth, and investment company serving 15.2 million individual, workplace, and institutional clients through retirement plan administration, group employee benefits, institutional asset management, and insurance products distributed via employers, advisors, and its Benefitfocus platform.

Ownership category

akta.pro rank

Product category

Retirement and Wealth Management Services

NAICS

Finance and Insurance (52), Insurance and Employee Benefit Funds (5251), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525), Health and Welfare Funds (525120)

SIC

Life Insurance (6311)

akta.pro industry

PRIMARYFSAEABAF

Retirement Plan Participant Advice & Managed Accounts

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

SECONDARYFSAAAAAJ

Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail)

Financial & Insurance/Asset & Wealth Management/Retail & Mass-Affluent Wealth Management

SECONDARYFSAAACAF

Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b))

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAAAJAE

Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset

Financial & Insurance/Asset & Wealth Management/Asset Management — Multi-Asset & Balanced

Keywords

• Retirement plan services
• Investment management
• Employee benefits administration
• Health savings accounts
• Institutional asset management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Wealth Solutions - Retirement Plans: Management fees from administering approximately 60,000 retirement plans supporting nearly 8 million participants with $670 billion in defined contribution client assets. Revenue is recurring in nature as employer-sponsored retirement plans generate ongoing administration fees.
2. Insurance Products: Insurance products issued through ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, including life insurance and related protection products distributed through workplace benefits channels.
3. Investment Management: Voya Investment Management manages $670 billion+ in assets as the 48th largest institutional investment manager. Revenue generated through asset management fees.
4. Benefits Administration Services: Benefitfocus, a Voya company, provides benefits administration technology and services engaging directly with more than 12 million employees in the U.S.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Voya Financial provides retirement plans, group employee benefits, health accounts, and investment management services to individual, workplace, and institutional clients. Operations are organized into Wealth Solutions (savings, retirement, wealth and institutional investment management) and Workplace Solutions (group benefits, health and consumer services).

Product overview

Voya Financial operates as a health, wealth and investment company offering a platform-plus-modules product architecture. The core offerings center on Workplace Solutions, primarily delivered through the Wealth Solutions business unit for retirement plans (serving approximately 60,000 plans and nearly 8 million participants with $670 billion in assets) and Group Employee Benefits. The portfolio includes health savings accounts, defined contribution plans, and employee stock ownership plan administration. Supporting these core products is Benefitfocus, a Voya company and benefits administration provider engaging with over 12 million employees. Voya Investment Management provides institutional investment management services, ranked 48th largest globally. The January 2025 acquisition of OneAmerica Financial's full-service retirement plan business expanded Voya's scale and distribution capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Benefitfocus: A Voya company and leading benefits administration provider that extends the reach of Voya's workplace benefits and savings offerings by engaging directly with more than 12 million employees in the U.S.

Products and services

• Wealth Solutions — Retirement and Wealth Defined contribution recordkeeping, individual retirement and wealth advisory, retail investment products and tax-advantaged savings services for workplace plan participants and individual investors.

Quantifiable outcome

• Poor health costs US employers $575 billion and 1.5 billion days of lost productivity per year
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• OneAmerica Financial PartnerscoreStrategic or Co-development Partner · 1 September 2024Voya Financial completed acquisition of OneAmerica Financial's full-service retirement plan business in January 2025. This acquisition brings approximately 8 million new participants and significantly expands Voya's retirement plan administration scale. The acquisition provides competitive ESOP administration capabilities and new opportunities to expand distribution footprint and deepen existing advisor relationships.
• BenefitfocuscoreStrategic or Co-development PartnerBenefitfocus is a Voya company and leading benefits administration provider that extends the reach of Voya's workplace benefits and savings offerings by engaging directly with more than 12 million employees in the U.S.
• Eversheds Sutherland LLPminorOthersEversheds Sutherland LLP served as legal counsel to Voya Financial in connection with the OneAmerica Financial acquisition.
• Sidley Austin LLPminorOthersSidley Austin LLP served as legal counsel to OneAmerica Financial Partners in the transaction.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Empower Retirement: Direct competitor in U.S. defined contribution recordkeeping and retirement plan administration, formed via the merger of Great-West Financial and Putnam Investments. Competes head-to-head with Voya Wealth Solutions for mid- and large-market 401(k) plans, with comparable scale after Voya's OneAmerica acquisition.
• TIAA: Retirement-focused financial services organization serving workplace plans, with particular strength in higher-education and nonprofit segments. Directly comparable to Voya in retirement plan administration, individual retirement accounts, and institutional investment management.
• Lincoln Financial Group: Competes across retirement plan services (Lincoln Alliance), individual life insurance, and group benefits — directly overlapping Voya's Workplace Solutions, Wealth Solutions, and ReliaStar life insurance product sets.
• Principal Financial Group: Direct competitor offering employer-sponsored retirement plans, group benefits, and individual wealth/investment products. Closely comparable business mix to Voya across Workplace Solutions, Wealth Solutions, and insurance, with similar mid-tier scale in U.S. retirement and benefits.

Broad incumbents

• Charles Schwab: Major retail wealth and retirement provider with Schwab Retirement Plan Services and a strong HSA offering. Competes with Voya in individual retirement, employer-sponsored plans, and health accounts, with scale advantages in low-cost passive investing.
• Prudential Financial: Large diversified financial services firm with overlapping retirement, group benefits, and individual wealth businesses. Comparable to Voya on retirement plan administration and insurance, though operating at a larger and more diversified scale.
• BlackRock: World's largest asset manager with deep institutional and retirement franchises (LifePath target-date funds, DCIO). Comparable to Voya Investment Management on institutional mandates and increasingly competitive in workplace retirement via partnerships and technology platforms.
• Vanguard: Largest U.S. retirement recordkeeper and asset manager, dominant in low-cost passive funds and target-date offerings. Competes with Voya on retirement plan menus and individual retirement accounts, with structural fee-cost advantages that pressure Voya's pricing.
• T. Rowe Price: Established asset manager with a strong retirement focus (target-date funds, retirement income, recordkeeping-adjacent offerings). Overlaps with Voya Investment Management on institutional mandates and competes with Voya Wealth Solutions on investment menu and managed account services.
• Fidelity Investments: Largest U.S. workplace retirement recordkeeper and asset manager with materially larger AUM and 401(k) market share than Voya. Directly comparable on retirement plan administration, defined contribution, and individual wealth, but operates at significantly greater scale across a broader product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/VoyaFinancial
• LinkedInlinkedin.com/company/voya-financial
• Instagraminstagram.com/voya
• Xx.com/Voya

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Voya Financial