Profile: Voya Financial Inc (VOYA.N)
24 Jun 2016
Voya Financial, Inc., incorporated on April 7, 1999, is a holding company. The Company is a retirement, investment and insurance company, which provides retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. The Company provides its principal products and services in two ongoing businesses: Retirement and Investment Solutions, and Insurance Solutions. The Retirement and Investment Solutions business provides its products and services through three segments: Retirement, Annuities and Investment Management. The Insurance Solutions business provides its products and services through two segments: Individual Life and Employee Benefits. In addition, the Company also has Closed Blocks and Corporate segments. Closed Blocks consists of two segments which it has placed in run-off: Closed Block Variable Annuity (CBVA) and Closed Block Other. Corporate segment includes its corporate activities, and corporate-level assets and financial obligations.
Retirement and Investment Solutions
The Company's Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services in corporate, education, healthcare, other non-profit and government markets. Stable value products and pension risk transfer solutions are also offered to institutional clients. Retirement segment also provides individual retirement accounts (IRAs) and other retail financial products, as well as financial advisory services to individual customers. Its retirement products and services are distributed through multiple intermediary channels, including third-party administrators (TPAs), independent and national wirehouse affiliated brokers and registered investment advisors, in addition to independent sales agents and consulting firms.
The Company's Annuities segment provides fixed and indexed annuities, tax-qualified mutual fund custodial products and other investment-only products and payout annuities for pre-retirement wealth accumulation and postretirement income management. Annuity products are primarily distributed by independent marketing organizations, independent broker-dealers, banks, independent insurance agents, pension professionals and affiliated broker-dealers.
The Company's Investment Management segment provides investment products and retirement solutions to both individual and institutional customers by offering domestic and international fixed income, equity, multi-asset and alternative products and solutions across a range of geographies, market sectors, investment styles and capitalization spectrums. Investment Management products and services are primarily marketed to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and the general accounts of insurance company subsidiaries. Investment Management products and services are distributed through a combination of direct sales force, consultant channel and intermediary partners, such as banks, broker-dealers and independent financial advisers.
The Company's Individual Life segment provides wealth protection and transfer opportunities through universal, variable and term life products. Its customers range across a variety of age groups and income levels. The Company primarily distributes its product offerings through a network of independent general agents and managing directors. The Company also supports other independent general agents and marketing organizations who sell a broad portfolio of products from various carriers, including Voya branded life, annuity and mutual fund offerings.
The Company's Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses. To distribute its products, the Company utilizes brokers, consultants, TPAs and private exchanges. In the voluntary market, policies are marketed to employees at the worksite through enrollment firms, technology partners and brokers.
The CBVA segment consists of variable annuity contracts that are designed to offer long-term savings products in which individual contract owners made deposits that are maintained in separate accounts. These products include options for policyholders to purchase living benefit riders. The Closed Block Other segment consists primarily of run-off activity related to a block of guaranteed investment contracts and funding agreements that are issued with the proceeds invested to earn a spread, as well as other residual activity on closed or divested businesses, including its group reinsurance and individual reinsurance businesses.
The Company competes with Empower, Fidelity, AXA, VALIC, TIAA-CREF, ICMA, AON Hewitt, Prudential, MetLife, Schwab, Vanguard, Merrill Edge, LPL Financial, Ameriprise, Commonwealth, Cambridge, Cetera, Morgan Stanley Smith Barney, Bank of America Merrill Lynch, Principal Financial Group, J.P. Morgan Asset Management, PIMCO, Invesco, Wellington, Legg Mason, T. Rowe Price, Franklin Templeton, Lincoln, American General, John Hancock, Transamerica, Pacific Life, Minnesota Life, Tokio Marine HCC, Symetra, Sun Life, Unum and Allstate.
Voya Financial Inc
230 Park Ave
NEW YORK NY 10169-0005
Company Web Links
- BRIEF-Voya Financial says tender offer is oversubscribed
- BRIEF-Voya Financial prices offering of $800 mln of senior debt
- BRIEF-Voya Financial commences cash tender offer for debt securities
- BRIEF-Voya Financial amended and restated terms of revolving credit agreement
- BRIEF-Voya Financial CEO Rodney Martin, Jr's FY 2015 total compensation $11.2 million