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Here are 1-3 brief analogies to describe Voya Financial:

1. Like Fidelity or Vanguard, but specializing in managing employer-sponsored retirement plans (like 401ks) and group employee benefits.
2. A publicly traded financial services company similar to Principal Financial Group, focused on workplace retirement, employee benefits, and wealth management.

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• Workplace Retirement Plans: Provides defined contribution retirement plan services, including 401(k), 403(b), and 457 plans, to employers and their employees.
• Investment Management: Offers a range of investment products and solutions, such as mutual funds, separately managed accounts, and multi-asset strategies, to institutional and individual investors.
• Employee Benefits: Delivers group insurance solutions, including life, disability, accident, critical illness, and hospital indemnity coverage, primarily through employers.
• Health Savings & Spending Accounts: Administers health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs) to help individuals manage healthcare costs.

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Voya Financial (VOYA) primarily sells its financial services and products to other companies and institutions, rather than directly to a few specific individual customers.

Due to the diversified nature of its client base across various industries and sectors, Voya Financial does not publicly disclose the names of specific "major customers" in its regulatory filings or investor communications. Instead, its customer base consists of a broad range of organizations that utilize Voya's solutions for their employees or for managing their assets.

The categories of companies and institutions that serve as Voya's primary customers include:

• Employers: These are organizations across various sectors that partner with Voya to offer retirement plans (such as 401(k), 403(b), 457 plans) and group health benefits (e.g., stop-loss, disability, life, supplemental health insurance) to their employees. This category includes:
  • Corporate entities
  • Government entities (state and local)
  • Healthcare organizations
  • Educational institutions
• Institutional Clients: These are large organizations that engage Voya for investment management services, entrusting Voya to manage their assets across various strategies. This category includes:
  • Pension funds
  • Endowments
  • Foundations
  • Insurance companies
• Financial Intermediaries: While not direct end-customers, these firms (such as broker-dealers and registered investment advisors) serve as distribution partners for Voya's investment products, making them an important part of Voya's business model.

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• Salesforce (CRM)
• Amazon Web Services (AMZN)

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Heather Lavallee, Chief Executive Officer

Heather Lavallee became Voya Financial's CEO on January 1, 2023. She joined Voya (then ING U.S.) in 2011, holding various leadership roles including President and CEO-elect, CEO of Wealth Solutions (now Retirement) business, President of Tax-Exempt Markets, and President of Employee Benefits. Under her leadership, Voya acquired Benefitfocus in early 2023 and integrated Allianz Global Investors' U.S. business into Voya Investment Management in 2022. Prior to Voya, Lavallee served as a regional vice president at Mutual of Omaha and held marketing responsibilities at Sun Life New York Insurance and Annuity Company.

Michael Katz, Executive Vice President, Chief Financial Officer

Michael Katz will assume the role of Chief Financial Officer for Voya Financial, effective January 1, 2025. Katz joined Voya (then ING U.S. Financial Services) in 2004 and has over 25 years of financial services experience. He played a key role in Voya's initial public offering in 2013, the sale of its annuity and life businesses, and the recent acquisitions of Allianz Global U.S. and OneAmerica Financial's retirement business. His previous positions at Voya include CFO for its annuities, life insurance, and employee benefits businesses, as well as senior leadership roles in Finance, Investor Relations, product, and business strategy. Before joining Voya, Katz held various financial reporting and planning roles at Aegon.

Rodney O. Martin, Jr., Executive Chairman

Rodney O. Martin, Jr. serves as the Executive Chairman of Voya Financial, transitioning to this role in January 2023 (effective December 31, 2022). He joined Voya Financial (then ING U.S.) in 2011 as Chairman and CEO, leading the company through its initial public offering (IPO) in May 2013. Martin brings over 40 years of experience in the retirement, insurance, and financial services industries. His prior experience includes a 10-year tenure at AIG in leadership positions such as COO of AIG Worldwide Life Insurance, Chairman and CEO of American Life Insurance Company (Alico), and Chairman of American International Assurance (AIA). Before AIG, he was president and CEO of American General Life Companies.

Matt Toms, Chief Executive Officer, Voya Investment Management

Matt Toms is the Chief Executive Officer of Voya Investment Management, assuming this role in January 2024. He joined Voya Investment Management in 2009 and has over 30 years of asset management experience. Prior to his CEO role, Toms served as Global Chief Investment Officer (CIO) and CIO of fixed income for Voya Investment Management. Before joining Voya, he worked at Calamos Investments, where he built their fixed income business, and also held portfolio management roles at Northern Trust and Lincoln National.

Santhosh Keshavan, Executive Vice President, Chief Technology and Operations Officer

Santhosh Keshavan is Voya Financial's Executive Vice President and Chief Technology and Operations Officer. In this role, he is responsible for the firm's global operations, customer service, technology systems, data and digital organization, information security, and infrastructure. Keshavan has over 25 years of experience as a transformation leader in financial services, technology, and operations. Before joining Voya, he was an EVP and CIO for Regions Bank from 2010 to 2017. His previous experience also includes serving as vice president for the pricing and cash management division at Fidelity Investments and various positions, including managing director of International Operations, at SunGard Data Systems (now FIS).

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The most prominent risk involves global market fluctuations, including general economic conditions, interest rate volatility, and credit spread changes. These factors can adversely affect the value of Voya's investment portfolio and overall financial condition. For a financial company like Voya, rapidly changing interest rates or a prolonged low interest rate environment can significantly impact profitability and liquidity.

Another critical concern for Voya Financial is operational risks, with cybersecurity threats and information technology failures being particularly significant. The company's ability to protect customer information and maintain secure systems is paramount. Risks also stem from reliance on third-party software and outsourcing relationships.

Finally, strategic and business risks are key, encompassing Voya's ability to maintain market share, achieve desired outcomes from acquisitions and dispositions, and manage complex products and services effectively. Poor investment performance and changes in asset management agreements could negatively impact revenues. For instance, Voya recently experienced a stumble in its medical stop-loss business due to higher-than-expected claims and underestimation in pricing for the line, which led to a notable decrease in its stock.

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Addressable Markets for Voya Financial's Main Products and Services (U.S. Region)

• Retirement Solutions: This segment includes 401(k) plans, 403(b) plans, Individual Retirement Accounts (IRAs), and annuities.
  • The total U.S. retirement market was estimated at $45.8 trillion as of June 30, 2025.
  • Assets held in 401(k) plans totaled $9.3 trillion as of June 30, 2025.
  • Assets in 403(b) plans were $1.5 trillion as of June 30, 2025.
  • Individual Retirement Accounts (IRAs) held $18.0 trillion in assets as of June 30, 2025.
  • U.S. annuity sales reached $432.6 billion in 2024.
• Investment Management: This segment encompasses a broad range of investment solutions, including mutual funds, institutional asset management, ESG investments, and alternative investments.
  • The U.S. asset management market was valued at $63.28 trillion in 2025.
  • The U.S. mutual fund market commanded assets of $30.09 trillion in 2025.
• Employee Benefits: Voya's offerings in this area include group life insurance, disability insurance, and voluntary benefits.
  • The U.S. group life insurance market is valued at $164.40 billion in 2025.
  • The U.S. disability insurance industry's market size is $20.2 billion in 2025.
  • The U.S. employee benefits management market, which includes voluntary benefits, had a market size of $14.05 billion in 2024.
  • For medical stop-loss, specific market size figures for the U.S. were not explicitly available in the provided information.

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1. Expansion of Wealth Management Capabilities: Voya Financial is significantly investing in and expanding its Wealth Management segment, leveraging its existing workplace customer base. The company plans to increase its advisor count by 40% and enhance digital self-service capabilities. It is targeting a $75 million investment in wealth management for 2026 and committed to spending on its Boston Wealth Hub to support this growth. This initiative aims to serve the growing demand for retirement readiness and advice for underserved customer segments.

2. Strategic Acquisitions and Integration (e.g., OneAmerica): The acquisition of OneAmerica Financial's retirement plan business, completed in January 2025, is a key driver, having already contributed positively to the Retirement segment's earnings and revenue beyond initial expectations. This acquisition added approximately $60 billion in assets and expanded Voya's market share, particularly in emerging and mid-market segments.

3. Growth in Investment Management through Net Inflows and Product Diversification: Voya's Investment Management segment is demonstrating strong commercial momentum with consistent net inflows across institutional and retail markets, leading to increased assets under management. The company is also expanding its product offerings, including the planned launch of actively managed ETFs and partnerships (e.g., with Blue Owl Capital) to introduce new strategies like private-credit and non-traded REITs into retirement plans by the first half of 2026.

4. Improvement in Employee Benefits Profitability and New Solutions: Voya is focused on enhancing the profitability of its Employee Benefits segment, particularly through strategic repricing efforts and strengthened underwriting in its Stop Loss business, with expected improved profitability in 2025. Additionally, the company plans to launch a new Leave Management solution in January 2026, further expanding its services in absence management and benefits administration.

5. Digital Transformation and Technology Investments: Voya is investing in digital transformation, including automation, AI adoption, and the expansion of its integrated benefits platform. These technological advancements are aimed at improving customer experience, streamlining operations, and reducing costs, which are expected to lead to durable margin expansion and higher long-term earnings.

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Share Repurchases

• Voya Financial repurchased approximately $526 million of its common stock in full-year 2020.
• The Board of Directors authorized an additional $1 billion for common stock repurchases in 2020.
• As of September 30, 2025, the company had a remaining share repurchase authorization of $661 million, which was extended through December 31, 2026.

Share Issuance

• No significant dollar amount of shares issued to raise capital was identified within the last 3-5 years.

Inbound Investments

• No large investments made in Voya Financial by third-parties were identified within the last 3-5 years.

Outbound Investments

• Voya completed the acquisition of OneAmerica Financial's full-service retirement plan business on January 2, 2025, adding $60 billion in accretive assets. This acquisition is projected to contribute approximately $200 million in revenue and $75 million in operating earnings in 2025.
• In the fourth quarter of 2024, Voya deployed approximately $0.1 billion of capital into an investment in Sconset Re, aimed at enhancing Investment Management's position in third-party insurance asset management.
• Voya plans a $75 million investment in wealth management for 2026, focusing on hiring advisors, expanding product lines, and enhancing technology capabilities.

Capital Expenditures

• Voya's capital deployment strategy for 2025 included approximately $50 million for investments in growth.
• The primary focus of these investments includes strategic initiatives such as expanding wealth management services, hiring advisors, introducing WealthPath, and developing end-to-end leave management capabilities.
• The company anticipates continuing a balanced approach to capital deployment in 2026, including strategic reinvestments that prioritize opportunities delivering strong returns.