Voya Financial --- At a Glance
(formerly ING U.S.)
Voya Financial is one of the major retirement, investment and insurance companies in the United States, serving the financial needs of approximately 13 million individual and institutional customers in the country. Its mission is to guide Americans on their journey to greater retirement readiness and to help make a secure financial future possible.
Voya Financial, formerly ING U.S., was previously a wholly-owned subsidiary of ING Group. In April 2014, ING U.S. changed its name to Voya Financial.
In May 2013, ING U.S. was listed on the New York Stock Exchange and through a series of share sale transactions, ING Group has reduced its stake in the company to 43% as of April 2014, and has deconsolidated the business in its accounting records. The IPO of ING U.S. was in line with a Restructuring Plan, that was agreed with the European Commission (EC) and the Dutch State in 2009. Under the Plan, ING would divest its insurance and investment management businesses across the world, among other things. Under amendments to the Restructuring Plan agreed with the EC in 2012, ING Group is required to divest its remaining stake in Voya Financial by the end of 2016.
Voya Financial’s vision is to be America’s Retirement Company. The rapidly aging US population, the weakening of traditional social safety nets, the shifting of responsibility for retirement planning from institutions to individuals, all mean that consumers are increasingly coming under pressure to look after themselves financially, preparing for retirement and beyond.
Through its three core business lines, Retirement Solutions, Investment Management and Insurance Solutions, Voya has 13 million customers, served from 220,000 distribution points. It has $511 billion in total assets under management (AUM) and assets under administration (AUA) at 31 December 2013.
Retirement Solutions, which will begin using the Voya Financial brand on 1 September 2014, is a leading provider of retirement products and services in the US with approximately $370 billion in assets under management at 31 December, 2013. The business is focused on guiding Americans to greater retirement readiness through workplace-based savings plans, fixed and fixed-indexed annuities and through holistic retirement and income guidance.
Investment Management, which became Voya Investment Management on 1 May 2014, is a leading, active asset management firm with approximately $200 billion of assets under management at 31 December 2013 for both ING-related businesses and external institutions as well as for individual investors. The firm draws on 40 years of history in investment managementand has the resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset income strategies.
Insurance Solutions, which will use the Voya Financial brand for all business lines on September 1 2014, is a top-tier provider of term life insurance and top-five provider of medical stop-loss coverage in the US. The business comprises two segments: Individual Life, with more than $2 billion in gross premiums at 31 December 2013, provides wealth protection and wealth transfer opportunities through universal, variable and term products; and Employee Benefits which provides stop-loss, group life, voluntary employee-paid and disability products to large businesses covering 4.4 million individuals.
Voya Financial tailors its products to meet the unique needs of its individual and institutional customers. Its businesses which serve individuals are primarily focused on the middle and mass affluent markets; however it caters for customers across the full income spectrum. Similarly, the institutional businesses serve a broad range of customers, with customised offerings to the small-mid, large and mega market segments
For further information, please go to www.voya.com
- A leading provider of retirement plans
- A top-tier provider of term life insurance
- Approximately 13 million customers
- About 7,000 employees
- Total AUM and AUA---- $511 billion (31 December 2013)
- Principle Head Office: 230 Park Avenue, New York
- Main offices --- Windsor (Connecticut), Atlanta (Georgia), Minneapolis (Minnesota), West Chester (Pennsylvania), Scottsdale (Arizona), Des Moines (Iowa), Jacksonville (Florida), Braintree (Massachusetts)
Key products and services for individuals
- Mutual Funds
- Rollover and Transfer Funds
- Separately Managed Accounts
- Alternative Funds
- Term Life Insurance
- Universal Life Insurance
- Financial Advisory
Key products and services for institutional customers
- Full Service Retirement Plans
- Retirement Recordkeeping
- Employee Benefits
- Investment Management