Welcome to our dedicated page for Voya Financial news (Ticker: VOYA), a resource for investors and traders seeking the latest updates and insights on Voya Financial stock.
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 (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.
Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) announced their monthly distributions for June 2024. IGA will distribute $0.085 per share, while IDE will distribute $0.100 per share, both payable on July 15, 2024.
The distributions come from various sources, including net investment income, realized capital gains, and potentially return of capital. IGA's distribution is 31.15% from net investment income and 68.85% from long-term capital gains. IDE's distribution is 13.28% from net investment income and 86.72% from long-term capital gains.
Both funds have shown positive performance, with IGA reporting a 6.21% average annual total return at NAV for the five-year period ended June 28, 2024, and IDE reporting 5.92% for the same period.
Voya Financial celebrates the 10th anniversary of its myOrangeMoney retirement calculator, designed to help users translate their retirement savings into estimated monthly income.
According to Voya, 90% of Americans consider having a guaranteed retirement income crucial. The myOrangeMoney tool has significantly impacted user behavior, with 32% of users making changes to their savings strategies and resulting in a 24% increase in retirement savings compared to non-users. The tool has evolved with enhancements, leveraging behavioral finance to provide actionable insights for users. Voya continues to support retirement planning through educational tools, personalized financial guidance, and innovative retirement income solutions.
Voya Financial (NYSE: VOYA) has elected William J. Mullaney to its board of directors, effective July 5, 2024. Mullaney brings nearly 40 years of experience in the retirement, life, annuities, and insurance sectors. He recently worked as a managing director at Deloitte Consulting’s Insurance practice and previously led MetLife’s U.S. retirement and insurance businesses. At Voya, Mullaney will join the Audit, Technology, Innovation and Operations, and Nominating, Governance and Social Responsibility Committees. CEO Heather Lavallee praised Mullaney's extensive industry experience and leadership in innovative business solutions.
Voya Financial (NYSE: VOYA) has scheduled a webcast and conference call to discuss its Q2 2024 financial results on Wednesday, July 31, 2024, from 10 a.m. to 11 a.m. ET. The company will release its financial results after the market closes on Tuesday, July 30, 2024. These documents, including an investor supplement and analyst presentation, will be available on Voya's investor relations website. The webcast, which will feature a slide presentation, will be live-streamed on the same site. A replay will be accessible starting at approximately 1 p.m. ET on August 1, 2024.
Benefitfocus has released its 2024 State of Employee Benefits Report, revealing key trends in workplace benefits and savings programs. The report emphasizes the importance of a holistic benefits package to manage rising health care costs and support a diverse workforce. It highlights that 84% of employers offer both traditional and high-deductible health plans (HDHPs), with HDHPs being most popular among Generation Z (45% participation). The study also notes the need for employers to provide personalized benefits to cater to different generational needs, with increasing HDHP adoption among millennials and Gen X. Furthermore, the report stresses the significance of educating employees about health savings accounts (HSAs) and the value of voluntary benefits like critical illness insurance and identity theft protection.
Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) announced their monthly cash distributions for June 2024. IGA will distribute $0.085 per common share, while IDE will distribute $0.100 per common share. The distributions are part of the Funds' Managed Distribution Plan and may include net investment income, realized gains, or return of capital. Shareholders will receive Form 1099-DIV for tax reporting. Past performance is not indicative of future results, and investment risks remain.
Voya Financial (NYSE: VOYA) has announced a new collaboration with SecureSave to offer an emergency savings program for its Workplace Solutions clients. This initiative aims to address the short-term financial needs of employees, as Voya's data shows nearly half of Americans rely on retirement savings as their primary emergency fund. The program allows after-tax savings through elective paycheck deferrals and offers easy deployment and management with integration to payroll systems. SecureSave data reveals a 62% adoption rate and an 87% retention rate of emergency funds. This collaboration is part of Voya's broader efforts to enhance the financial wellness of its clients.
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