what does voya financials do?

Voya Financial (NYSE: VOYA) is a major American financial services company focused on retirement planning, investment management, and employee benefits.

Originally the U.S. operating subsidiary of the Dutch multinational ING Group, the company spun off in 2013 and rebranded as Voya in 2014. Today, it manages over $1 trillion in assets under management and administration, serving approximately 18 million individual and institutional customers.

The company operates through three primary business segments:

1. Wealth Solutions (Retirement)

Voya is one of the top five retirement plan providers in the United States. They administer tax-deferred, employer-sponsored retirement savings plans—such as 401(k)s, 403(b)s, and 457s—for roughly 45,000 U.S. employers. They also provide advisory services and managed accounts to help individuals transition their savings into reliable income during retirement.

2. Health Solutions (Employee Benefits)

Through employers, Voya offers supplemental health insurance and voluntary workplace benefits. This includes stop-loss insurance (which protects employers who self-fund their health plans against catastrophic claims), group life insurance, disability coverage, and health savings accounts (HSAs). They also own Benefitfocus, a cloud-based software platform used by companies to administer employee benefits.

3. Investment Management

Voya’s asset management arm oversees roughly $345 billion in public and private fixed income, equities, multi-asset solutions, and alternative strategies. They serve both large institutional investors (like pension funds and endowments) and individual retail investors through mutual funds and other investment vehicles.

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