November 3, 2024

Voya Financial Inc. Overview

Voya Financial Inc.

Voya Financial Inc.

Voya Financial Inc. (Voya) offers retirement planning, insurance, and other financial services. The company and its subsidiaries offer a variety of products, including accident insurance, critical illness insurance, universal life insurance, fixed annuities, fixed indexed annuities, universal life insurance policies, and variable annuities. There are also mutual funds, individual retirement accounts, group disability insurance, and hospital indemnity insurance. It provides financial advisory, claim settlement, multi-asset strategies, retirement planning, plan administration, investment management, and other services. Voya sells products and services to individuals as well as businesses all over the United States through affiliated advisors, independent producers, sales specialists, and financial intermediaries. Voya has nine offices across the United States in addition to its New York headquarters. The company’s mission statement states that it aims to make it possible for one individual, one family, and one institution to have a secure financial future. As we carry out our work to carry out our mission, we act in a manner that is ethical, financially, socially, and environmentally responsible.

Voya Financial was built on the ING Group’s retirement, investment management, and insurance operations in the United States. Following a few smaller initial ventures, Nationale-Nederlanden, the predecessor of ING Group, began building a life insurance business in the United States in the middle of the 1970s by acquiring a majority stake in Wisconsin National Life Insurance Company in 1975.Following this, Midwestern United Life Insurance Company was acquired in 1976.

The Security Life of Denver Insurance Company was established in 1928 as a provider of health and life insurance. In 1940, group insurance and reinsurance were added. In 1977, it proved to be crucial for Nationale-Nederlanden. In 2004, Life of Denver purchased Southland Life from ING Group. In 1979, Life of Georgia was purchased by Nationale-Nederlanden, resulting in a significant expansion of operations in the United States.

The Equitable Life Insurance Company of Iowa was established in 1867 by fifteen prominent residents of Des Moines, Iowa. In 1888, F.M. Hubbell, a co-founder, became the company’s president. Frederic S. Hubbell (1987), who retired in 2006 as a member of the Executive Board of ING Group and later joined the boards of ING U.S., Inc. and Voya Financial Inc., would be one of many of his descendants to hold the same position.

Furman Selz was established in 1973 as a research-based investment boutique in the United States. It was an employee-owned investment bank with offices all over the United States and locations in London, Dublin, and Tokyo. A number of ING businesses incorporated Furman Selz’s investment banking, securities brokerage, and asset management operations. Voya purchased it in 1997.

ReliaStar’s predecessor, Northwestern National Life Insurance Company (NWNL), was established in Minneapolis in 1885. As it grew into one of the largest financial services companies in the United States, it offered a wide range of products, including reinsurance, mutual funds, group insurance, life insurance, and annuities. In 1967, it bought the Jericho, New York-based North Atlantic Life Insurance Company. In 1977, it bought Seattle’s Northern Life Insurance Company. In 1995, these two companies were combined under the ReliaStar brand. The company continued to grow through acquisitions, including the 1999 acquisition of Pilgrim Funds, a mutual funds firm. In 2000, Voya purchased the business.

In 2000, Voya also bought Aetna’s financial services. Aetna Life Insurance Company was established in Connecticut in 1853.When Aetna started expanding its product line in 1861, it became a multiple-line insurer. Aetna started selling parts of its business so that it could focus primarily on health insurance.

The company completed the acquisition of CitiStreet in 2008. CitiStreet offered products and services for health and welfare plans, defined benefit plans, and defined contribution plans. It was one of the largest national record-keepers for retirement plans. In 1976, the company behind the “Citi” in CitiStreet was H.C. Copeland and Associates. Copeland managed and supported retirement plans in the healthcare, education, and government markets. CitiStreet’s “Street” has been providing recordkeeping, fiduciary, investment-management, and communications services to a wide range of plans since the middle of the 1970s. CitiStreet was the result of the merger of the two businesses in April 2000.

As part of its “Back to Basics” initiative, ING Group sold the U.S. group reinsurance business to Reinsurance Group of America, Inc. in January 2010.The following month, the company agreed to acquire PrimeVest Financial Services, Multi-Financial Securities Corporation, and Financial Network Investment Corporation from Lightyear Capital. Together with ING Financial Partners, Inc., they were known as ING Advisors Network. The three broker-dealers that were sold are now based at Cetera Financial Group.

After undergoing a two-year transformation of its strategy, financial profile, and culture, ING U.S. began trading as a public company on the NYSE under the ticker symbol VOYA, which represents its future brand identity, Voya Financial.2013 saw this take place.

Voya Financial, Inc. changed its name in September 2014, after launching in April. The abstract name Voya was derived from the word “voyage.” The name exudes energy and optimism. It serves as a reminder to us that achieving a goal alone is not enough to ensure a secure financial future; It tells the tale of a journey toward financial independence and the positive events that occur along the way.

In 2018, Voya sold nearly all of its businesses in variable, fixed, and fixed indexed annuities as part of a deal that created Venerable Holdings, Inc. This marked the beginning of a simplification of Voya’s portfolio of businesses to focus on workplace and institutional clients and represented actions taken to significantly reduce market and insurance risk for Voya and its shareholders. Pen-Cal Administrators, Inc., a leading provider of nonqualified deferred compensation benefit plans and consulting services, was acquired and became part of Voya’s Retirement business as Voya focused on ways to further serve workplace clients with innovative compensation benefits like nonqualified retirement plans, which are becoming an increasingly important way for employers to attract and reward key members of their workforce.

The company’s 2019 sale of its in-force individual life insurance business had no effect on retirement, employee benefits, or investment management services. The company’s primary areas of focus right now are as follows:

Retirement: With nearly 5.7 million retirement plan investors and more than 50,000 institutional customers, Voya is a leading provider of retirement products and services in the United States.

Employee-friendly benefits: Voya is a leading provider of supplemental and stop-loss health insurance in the United States. Voya offers a comprehensive and highly adaptable portfolio of life, disability, voluntary insurance products, and health savings and spending accounts to businesses that cover 6.2 million employees through the workplace.

Investment management: Voya is a leading active asset management company that serves both internal and external institutions as well as individual investors.

Due to its solid financial standing and stability, Voya Financial received an A (excellent) rating from AM Best. The insurance company’s “A” rating reassures customers that it can provide safe, guaranteed coverage.

Regarding the background of the company’s employees, Voya Financial employees come from unusually diverse backgrounds. 47.5% of them are women, and 37.5% are from ethnic minorities. Even though Voya Financial employees are diverse in other ways, they lack political diversity. Its employees belong to the Democratic Party at an unusually high rate of 67.0%.Employees appear to enjoy working in a diverse workplace dominated by members of the Democratic Party. Employees typically stay with Voya Financial for 6.0 years, which has a high retention rate. The average annual salary for employees at Voya Financial is $72,064.Compared to its rivals, Voya Financial pays significantly less than Morgan Stanley, State Street, and Green Dot, which pay $113,101, $103,933, and $99,979, respectively.

What kinds of insurance does Voya Financial Inc. provide?

In the field of group insurance, Voya Financial offers products for large and medium-sized businesses. Employees can enroll in and purchase life insurance through these employers. Plans come in two different varieties.

Term life insurance.

This kind of supplemental group life insurance is available to employees without requiring them to take a medical exam or answer questions about their health. Employees are covered for a predetermined period of time, usually between 10 and 30 years.

Permanent whole life insurance is a type of insurance in which the cash value of a policy grows tax-free. Employees can borrow against their policy in the event of an emergency or to increase their retirement savings. Regardless of age or health, constant premiums. A feature that can be included in an existing term life insurance policy.

Benefits of using the company’s services:

  • Individual customers can have their fees deducted from their paychecks.
  • There are no health or medical exams required for employer-provided term coverage.

 Consequently, VOYA group life insurance is an excellent choice for individuals who may not be able to independently afford coverage. Employees can add coverage for a spouse, domestic partner, or child. It received high marks from AM Best and the BBB.

Cons

Whereas the company previously offered individual term, whole, and universal life insurance policies, it no longer does so. Resolution Life Group Holdings acquired the company’s individual life insurance division in 2019.If a participant leaves their employer, they may lose access to coverage. The maximum amount of coverage you can get is usually limited to $500,000 or less, but this varies by state and employer plan.

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