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Voya Financial, Inc. (NYSE: VOYA) is a premier provider of retirement, investment, and insurance solutions, serving approximately 13 million individual and institutional customers across the United States. Headquartered in New York, Voya operates with a clear mission to secure financial futures through its diverse product offerings and dedicated service.
Voya Financial operates through three main segments: Wealth Solutions, Investment Management, and Health Solutions. The Wealth Solutions segment, which generates roughly half of the company's revenue, provides tax-advantaged retirement savings plans and individual retirement accounts tailored to meet the needs of various customer groups. Investment Management offers a range of asset management services, while Health Solutions provides group life insurance plans and employee benefit products.
Recently, Voya has been recognized for its advanced digital capabilities and commitment to enhancing customer experiences. The company has partnered with Oracle to leverage Oracle Database@Azure, ensuring secure, high-performance cloud services to its clients. This move underscores Voya’s dedication to technological advancement and customer-centric service delivery.
With a workforce of approximately 6,500 employees and a strong focus on corporate responsibility, Voya is deeply committed to helping individuals and institutions achieve better retirement readiness. The company's vision, encapsulated in its tagline “America’s Retirement Company™”, emphasizes guiding Americans towards financial stability and security, one person, one family, and one institution at a time.
For more information about Voya Financial, Inc., visit voya.com.
Voya Financial's recent survey reveals shifting workplace benefit priorities, with 72% of employed Americans preferring better health care coverage over higher salaries. This sentiment is strongest among millennials (80%). The research also found that 51% of workers believe health care costs significantly impact their ability to save for retirement.
Key findings include:
- 59% would accept lower salaries for employer contributions to health savings accounts
- 54% prioritize better access to voluntary benefits
- 75% are interested in support to maximize workplace benefits
- 50% are more likely to stay with employers offering digital tools for benefit decisions
Voya's myVoyage platform has shown positive results, with users 50% more likely to choose less expensive health plans and save in HSAs.
Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) have announced their monthly distributions for August 2024. IGA will distribute $0.085 per share, while IDE will distribute $0.100 per share, both payable on September 16, 2024.
The funds operate under a Managed Distribution Plan, aiming to provide regular cash distributions to shareholders. For IGA, 19.07% of the distribution comes from net investment income, 20.15% from net realized long-term capital gains, and 60.78% from return of capital. For IDE, 9.33% is from net investment income, and 90.07% from return of capital.
Investors should note that these distributions may not reflect the funds' actual investment performance and should not be confused with 'yield' or 'income'. The funds' five-year average annual total returns at NAV are 7.64% for IGA and 8.16% for IDE.
Voya Financial (NYSE: VOYA) has announced its acquisition of OneAmerica Financial's retirement plan business, adding over $60 billion in assets under administration (AUA) to its Wealth Solutions segment. This strategic move will increase Voya's total AUA to $580 billion and expand its retirement plan and participant count to 60,000 and 7.9 million, respectively. The deal, expected to close on Jan. 1, 2025, advances Voya's Workplace growth strategy by adding $47 billion of full-service AUA in emerging and mid-market segments.
The acquisition will provide Voya with broader capabilities, including employee stock ownership plan administration, and new distribution partnership opportunities. OneAmerica Financial's retirement plan clients will benefit from access to Voya's market-leading customer digital experience and core recordkeeping services. This transaction aligns with Voya's focus on supporting improved financial outcomes for customers across all market segments.
Voya Financial (NYSE: VOYA) has announced Michael Katz as its new chief financial officer, effective Jan. 1, 2025. Katz, a 20-year veteran of Voya and its predecessor ING U.S., will succeed Don Templin, who is retiring. Katz currently serves as executive vice president of Finance and is a member of Voya's Executive Committee. He will report to CEO Heather Lavallee.
Katz's appointment comes after a long tenure with the company, during which he played key roles in Voya's initial public offering, the sale of its annuities and life businesses, and the strategy to grow its Health, Wealth and Investment Management businesses. His responsibilities will include overseeing all aspects of finance and investor relations for Voya.
Voya Financial (NYSE: VOYA) has achieved a significant milestone, surpassing $100 billion in assets across various multiple employer solutions. This represents a 15% increase from the previous year, highlighting Voya's strong position in the evolving market for Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), and Employer Aggregation Programs.
To support this growth, Voya has created new positions focused on driving engagement with advisors and plan sponsors. The company's Wealth Solutions business has seen notable expansion, with 34% of total employer-sponsored Defined Contribution plans now participating in multiple employer plan solutions. Voya also serves as the recordkeeper for the first 403(b) Pooled Employer Plan following the SECURE Act 2.0 legislation, catering to nonprofit organizations and healthcare entities.
Voya Financial, Inc. (NYSE: VOYA) has launched the Voya Capital Preservation Fund, a new Stable Value solution for defined contribution plan participants. This bank Collective Investment Trust (CIT) aims to protect principal investment while offering competitive yield, low return volatility, and daily liquidity. The Fund is currently invested in a group annuity contract issued by Voya Retirement Insurance and Annuity Company (VRIAC), managed by Voya Investment Management.
Stable Value investments have gained popularity due to their ability to protect against financial losses in rising interest rate environments. Total Stable Value investments reached approximately $882 billion in 2023. Voya remains a leader in these solutions with about $40 billion in total Stable Value assets under management and administration.
Voya Financial (NYSE: VOYA) reported second-quarter 2024 results with net income of $201 million ($1.96 per diluted share) and after-tax adjusted operating earnings of $223 million ($2.18 per diluted share). The company demonstrated strong fee-based revenue growth, offsetting lower underwriting gains. Voya generated and returned approximately $0.2 billion of capital, including $174 million in share repurchases and $40 million in dividends. The board authorized a 12.5% dividend increase to $0.45 per share starting Q3 2024. Wealth Solutions saw increased pre-tax adjusted operating earnings, while Health Solutions experienced a decline. Investment Management maintained stable earnings. The company's focus on strategic priorities and capital management continues to drive growth and shareholder value.
Voya Financial (NYSE: VOYA) has announced a 12.5% increase in its common stock dividend to $0.45 per share for the third quarter of 2024, payable on Sept. 26, 2024. The board also declared dividends on two preferred stock series: a semi-annual dividend of $38.79 per share on Series A 7.758% fixed-rate reset non-cumulative preferred stock, and a quarterly dividend of $13.3750 per share on Series B 5.35% fixed-rate reset non-cumulative preferred stock. Both preferred stock dividends are payable on Sept. 16, 2024. The record date for all dividends is Aug. 27, 2024.
Voya Investment Management and OBL BankServices, Inc. (OBLBS) have entered into a preferred-vendor agreement to provide Ohio community banks with a commercial and industrial (C&I) loan-acquisition and risk-management program. The Voya Senior Loan Bank Advisory Program aims to help community and small regional banks access the $1.4 trillion senior loan market.
The program offers banks a turnkey solution combining education, preparation, and implementation. It leverages Voya's market leadership, experience, and credit risk management capabilities while allowing banks to maintain independent research and decision-making. Participating banks can build portfolios individually or cooperatively, benefiting from loan diversification, asset growth, interest and fee income, and floating rate assets.
OBLBS will receive compensation from Voya for its services, including up to 5.0 basis points based on Target Portfolio Commitments to the Programs.
Voya Financial's new survey reveals insights into retirement savings trends across generations. Key findings include:
• Americans start saving for retirement at an average age of 28, but 64% wish they had begun before 25.
• Gen Z leads in early saving, starting at around 20 years old.
• Millennials begin at 24, while Gen X and Baby Boomers start later at 30 and 32, respectively.
• All generations express a desire to have started saving earlier.
• 76% of Gen Z and 73% of millennials seek guidance on retirement savings amounts.
The survey also highlights economic concerns impacting retirement savings, with inflation (61%) and everyday living expenses (54%) cited as major factors. Voya emphasizes the importance of employer-sponsored retirement plans and features like automatic enrollment to encourage earlier saving.
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