Profile: Voya Financial Inc (VOYA.N)
27 Nov 2015
Voya Financial, Inc., incorporated on April 7, 1999, is a retirement, investment and insurance company. The Company provides retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products, guaranteed investment contracts and funding agreements. The Company provides its principal products and services in ongoing businesses, which includes retirement and investment solutions, and insurance solutions. Its retirement and investment solutions business consists of three segments: retirement, investment management and annuities. Its insurance solutions business consists of two segments: individual life and employee benefits. In addition, the Company has Closed Blocks and Corporate segments. Its closed blocks consist of three businesses where it has placed its portfolios in run-off: Closed Block Variable Annuity (CBVA), Closed Block Institutional Spread Products and Closed Block Other.
Retirement and Investment Solutions
The Company's retirement and investment solutions business provides retirement and investment management solutions in the United States. It provides its products and services through non-affiliated advisors, agents, as well as third party administrators and institutional sales teams.
The Company's retirement segment provides employer-sponsored retirement plans and services, as well as individual account rollover plans and financial product offerings and advisory services. Its retirement segment operates institutional retirement plans business and retail wealth management business. Its institutional retirement plans business includes full services plans, and recordkeeping and stable value plans. Its retail wealth management channel business offers products through affiliated brokers and by online solutions. Its retirement segment had $354.5 billion of assets under management (AUM) and assets under administration (AUA) as of December 31, 2014.
The Company's investment solutions segment offers fixed income, equity, multi-asset and alternatives products and solutions. The Company is an asset manager with approximately $206.2 billion of AUM and $52.4 billion of AUA as of December 31, 2014, delivering investment solutions and advisory services. It serves both individual and institutional customers, offering them domestic and international fixed income, equity, multi-asset and alternative investment products and solutions across a range of geographies, investment styles and capitalization spectrums.
The Company's annuities segment provides fixed, indexed and payout annuities and mutual fund custodial accounts for pre-retirement wealth accumulation and post-retirement income management, sold through multiple channels. Its annuities segment had $26.7 billion of AUM as of December 31, 2014.
The Company's insurance solutions business provides life insurance in the United States. Its individual life provides wealth protection and transfer opportunities through universal, variable and term products, distributed through independent channels. Its employee benefits provide stop loss, group life, and voluntary employee-paid and disability products to mid-sized and large businesses.
The Company separated its CBVA and Closed Block Institutional Spread Products segments from its other operations and made a strategic decision to stop actively writing new retail variable annuity products with substantial guarantee features and to run-off the institutional spread products portfolio over time. Accordingly, these segments have been classified as closed blocks and are managed separately from its ongoing business. The Company’s focus in managing its CBVA segment is on protecting regulatory and rating agency capital from equity market movements through hedging and judiciously looking for opportunities to accelerate the run-off of the block.
The Company competes with Fidelity, Schwab, Vanguard, Merrill Edge, LPL Financial, Ameriprise, Commonwealth, Cambridge, Cetera, Morgan Stanley Smith Barney, Bank of America Merrill Lynch, Allianz, Aviva, American Equity, AXA, Lincoln, Great American, Principal Global Investors, Prudential, PIMCO, Invesco, Wellington, Legg Mason, T. Rowe Price, Franklin Templeton, Fidelity, Lincoln, MetLife, American General, John Hancock, Transamerica, Pacific Life, Minnesota Life, Houston Casualty, Symetra, Sun Life, Unum, Allstate and Transamerica.
Voya Financial Inc
230 Park Ave
NEW YORK NY 10169-0005