Office address: 200 Park Avenue, New York, NY 10166
Website: voya.com
Year established: 2013
Company type: financial services
Employees: 10,000+
Expertise: retirement plans, investment management, employee benefits, supplemental health insurance, workplace solutions, digital financial guidance, asset management, stop loss insurance, life insurance, disability insurance
Parent company: N/A
Key people: Heather Lavallee (CEO), Jay Kaduson (CEO, Workplace Solutions), Michael Katz (CFO), Santhosh Keshavan (chief technology and operations officer), Trevor Ogle (chief legal officer), Brannigan Thompson (CHRO), Matt Toms (CEO, Voya Investment Management)
Financing status: corporation
Voya Financial is a financial services company with headquarters in New York, serving about 15 million clients nationwide. It provides retirement plans, investment management, and employee benefits, with more than $1 trillion in assets under management and administration as of 2025. Voya is recognized for its workplace solutions, digital tools, and a strong focus on ethical business practices.
Voya Financial’s story in the US began in the mid-1970s, when Nationale-Nederlanden entered the market by acquiring Wisconsin National Life Insurance Company. Growth continued with major acquisitions like ReliaStar, Aetna Financial Services, and CitiStreet. In 2013, ING US became Voya Financial, Inc. and started trading on the NYSE.
The firm expanded its reach by adding businesses that strengthened its retirement, investment, and benefits offerings. The company acquired Pen-Cal Administrators in 2018 and Benefit Strategies in 2021, which boosted its compensation and health account services. In 2023, Voya Financial bought Benefitfocus, a technology company, which helped the firm serve about 38 million workplace benefits and savings clients.
Voya also invested in technology and global operations to better serve clients. In 2019, it formed a joint venture in India, then took full ownership in 2023, creating Voya India to support round-the-clock operations and faster service. In 2024, Voya partnered with Orion to launch a platform that offers advisors integrated digital tools for client management and financial planning.
In 2025, the firm made a major move by acquiring OneAmerica’s full-service retirement plan business. This deal brought Voya’s Wealth Solutions to nearly 60,000 retirement plans and about 8 million participants, with defined contribution assets reaching $670 billion.
Voya Financial offers a broad range of investment and retirement products. Its solutions focus on both traditional and specialized investment strategies:
Voya Financial is also recognized for its strong digital platforms and award-winning workplace culture. Clients benefit from a dedicated service team and a wide range of investment expertise.
According to Voya Financial, the company’s culture centers on customer focus, integrity, agility, and accountability. The firm states it is purpose driven and highlights inclusivity and strong operating discipline as key traits. Voya lists the following as its company values:
The firm reports a focus on understanding and supporting employees through benefits, resources, and a flexible approach. Below are Voya Financial’s employee benefits:
Voya Cares® also offers resources and planning help for people with disabilities, their families, and caregivers. The program focuses on education and solutions to support the special needs community in reaching better retirement outcomes.
Heather Lavallee is CEO and board member of Voya Financial. Before this, Lavallee was president and CEO-elect. She also led Voya’s Workplace Solutions, Investment Management, and technology teams.
Lavallee previously worked at Mutual of Omaha and Sun Life and holds degrees from Colby College and Pepperdine University.
The executive committee leads Voya Financial and brings deep experience to each area of the business:
This group's leadership shapes the company’s direction and supports its goals.
In 2024, Voya Financial announced plans to acquire OneAmerica’s $60 billion retirement plan business. By early 2025, it completed the deal, boosting its Wealth Solutions to about 60,000 retirement plans and nearly 8 million participants. This acquisition gives Voya new capabilities and helps the company expand its reach and deepen advisor relationships for the future.
Building on this growth, the company formed a partnership with Blue Owl Capital in 2025 to bring private market investments to retirement plans. Voya now offers collective investment trusts and advisor-managed accounts that include private market strategies for plan sponsors and participants. This partnership allows the firm to offer new investment options and strengthens its focus on future retirement solutions.
The products, also known as structured or variable-indexed annuities, have gained market share, and more insurers are rolling them out.
Independent broker-dealers have narrowed the gap between themselves and the wirehouses and are able to attract more quality brokers from the Big Four.
Voya latest firm to unload variable annuity contracts to PE firms.
Regulators question why investors would pay more for additional liquidity on a long-term product.
Some providers are paying incentive compensation to representatives to promote their managed accounts to participants.
Masood Husain Azad failed to provide information about outside trades.
Fidelity and Voya prevailed in similar pay-to-play cases this year against 401(k) record keepers.
According to Cerulli, 54% of CFPs outsource portfolio management, and 46% keep it in-house.
The plaintiff claims Voya potentially earns more than $1 billion per year in "excessive compensation" from its nearly 50,000 record-keeping clients.
<i>InvestmentNews</i> gathers client and asset data to assemble company rankings.
Principal has communicated that independent agents must change their business models to keep receiving compensation.
The plaintiff claims the company only offered one unaffiliated investment option during the class period, resulting in excessive fees for participants.
