Voya Financial, Inc. operates in the U.S. workplace benefits and savings solutions industry, providing retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products to employers and their employees. The company is also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a presence in U.S. markets and a growing business managing retail and institutional equity, fixed income and blended strategies for clients in Europe and Asia. The industry is highly competitive, with competition based on brand recognition, product quality, price, and innovation.
Voya has strong market positions across both Retirement and Employee Benefits, with a full spectrum of solutions to serve the needs of employers and their employees. In Retirement, the company's award-winning retirement administration platform allows employees to plan for retirement and achieve better financial outcomes via leading financial wellness solutions such as the myVoyage decision support tool. In Employee Benefits, the company's comprehensive portfolio of group insurance and health account solutions helps protect employees and promote financial security during life's unexpected events, while its subsidiary Benefitfocus provides the Benefitplace benefits administration platform. In Investment Management, the company's strong culture of client service and specialized capabilities for institutional clients have established it as a leading manager for institutional mandates, especially in the insurance and pension fund markets. The company's private asset capabilities, with particular strength in private fixed income and secondary private equity coupled with strong distribution capabilities, distinguish it in both the institutional and intermediary markets. Its strength in international retail markets, especially in Asia, is driven by scaled and highly competitive investment strategies distributed through its partnership with Allianz Global Investments.
Voya generates revenue from a diverse and complementary business mix consisting primarily of fee and investment income. Fee income is generated from asset based and participant based administrative, recordkeeping and advisory fees. Investment income derives from general account assets and other funds. Because a significant portion of revenues is tied to account values, profitability is determined in part by the amount of assets under management, administration or advisement, which depends on sales volumes from new and existing clients, net deposits from retirement plan participants, asset retention, and changes in the market value of account assets. Profitability also depends on the difference between the investment income earned on general account assets, or portfolio yield, and crediting rates on client accounts. The company has over 18 million individual customer relationships and more than 50 thousand employer and institutional client relationships across its businesses as of December 31, 2025.
The Retirement segment provides retirement plan solutions and administration technology and services to employers through the Retirement business, and individual retirement accounts and financial guidance, planning, and advisory services through the Wealth Management business. Retirement had approximately $796.5 billion 1 of AUM and AUA as of December 31, 2025, of which approximately $84.7 billion 2 was in proprietary assets. Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Retirement generated Adjusted operating earnings before income taxes of $959 million 3 for the year ended December 31, 2025. The Investment Management segment is a leading international asset manager with global distribution capabilities, managing public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors. The Employee Benefits segment is a leading provider of supplemental health and other group benefits covering approximately 6.8 million 4 individual lives in the U.S., providing a comprehensive portfolio of stop loss, life, disability and voluntary insurance products, along with health savings and spending accounts. Through Benefitfocus, the company offers open-architecture benefits administration and utilization solutions to employers and health plans, with approximately 12.2 million 5 employees on the platform as of December 31, 2025.
The Retirement segment's Full-Service retirement products provide plan sponsors with options that meet their needs for both administrative and investment services, which include recordkeeping and plan administration support, trustee services and institutional and retail investments. Offerings include tax-advantaged retirement savings plans offered through annuity contracts, group funding agreements, collective investments trusts or mutual fund products, non-qualified executive benefit plans and employer stock option plans. A broad selection of funds is available for products in all asset categories from over 200 6 fund families, including the Voya family of mutual funds managed by Voya IM. The Recordkeeping service solutions provide recordkeeping and plan administration support alongside a fully open-architecture investment platform. The Stable Value investment options may be offered within Full-Service institutional plans, or as investment-only options within either recordkeeping services plans or other vendor plans. The Wealth Management business provides advisory services to help individuals plan, protect and invest to and through retirement, with products and services provided through the registered investment advisor and broker-dealer, Voya Financial Advisors. The Employee Benefits segment's comprehensive portfolio includes stop loss, life, disability and voluntary insurance products, along with health savings and spending accounts. The Investment Management segment's private asset capabilities, with particular strength in private fixed income and secondary private equity coupled with strong distribution capabilities, distinguish it in both the institutional and intermediary markets.
On January 2, 2025, Voya completed the acquisition of the full-service retirement plan business of OneAmerica Financial through the purchase of legal entities and an indemnity reinsurance agreement. The purchase consideration included $50 million 7 in cash paid at closing and contingent consideration of up to $160 million 8 based on plan persistency and transition incentives to be paid in 2026. The acquisition adds scale and a broader set of capabilities to the company's Full-Service business in Retirement, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities, and new distribution partnerships.
For the year ended December 31, 2025, Voya generated $837 million 9 of Income before income taxes, and $1,038 million 10 of Adjusted operating earnings before income taxes. As of December 31, 2025, on a consolidated basis, the company had $1.1 trillion 11 in total assets under management and assets under administration and total shareholders' equity, excluding accumulated other comprehensive income/loss and noncontrolling interest, of $6.7 billion 12. The company has transformed to create a diversified, capital light, growth oriented, high excess capital generation company built for resilience through various economic cycles, with significant diversification across businesses, geographic markets, and revenue types, including fee-based, spread-based and underwriting.
A key growth vector is the acquisition of the full-service retirement plan business of OneAmerica Financial, completed on January 2, 2025, which adds scale and a broader set of capabilities to the company's Full-Service business in Retirement, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities, and new distribution partnerships. The purchase consideration included $50 million in cash paid at closing and contingent consideration of up to $160 million based on plan persistency and transition incentives to be paid in 2026.
Another growth vector is the company's strength in international retail markets, especially in Asia, driven by scaled and highly competitive investment strategies distributed through its partnership with Allianz Global Investments. The Investment Management segment's private asset capabilities, with particular strength in private fixed income and secondary private equity coupled with strong distribution capabilities, distinguish it in both the institutional and intermediary markets.
The filing does not contain specific margin or cost outlook targets.
The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.
The filing does not contain specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures for the upcoming period.
The filing does not contain specific headwinds or constraints explicitly flagged to the growth plan.
The filing does not contain additional headwinds or constraints beyond those already discussed.
Management's message emphasizes that Voya has transformed to create a diversified, capital light, growth oriented, high excess capital generation company built for resilience through various economic cycles, with significant diversification across businesses, geographic markets, and revenue types, including fee-based, spread-based and underwriting. The company is committed to business practices centered on a culture of service to customers, clients, colleagues and communities. Strategic priorities emphasized include consistent organic growth, prudent capital management, and delivering for customers. The company generated $837 million of Income before income taxes and $1,038 million of Adjusted operating earnings before income taxes for the year ended December 31, 2025.
For the year ended December 31, 2025, Voya generated Income before income taxes of $837 million , compared to the prior year. Adjusted operating earnings before income taxes were $1,038 million . Total shareholders' equity, excluding accumulated other comprehensive income/loss and noncontrolling interest, was $6.7 billion as of December 31, 2025. The Retirement segment generated Adjusted operating earnings before income taxes of $959 million for the year ended December 31, 2025. The company had $1.1 trillion in total assets under management and assets under administration as of December 31, 2025. The filing does not provide specific total revenue, net income, EPS, operating income, gross margin, operating margin, return on equity, free cash flow, or net debt figures in a current-year versus prior-year format that can be extracted verbatim.
The company faces material risks related to global market and geopolitical conditions, including general economic conditions, impacts of a U.S. government shutdown, and tariffs imposed or proposed by the U.S. or foreign governments, which could affect its ability to manage such risks. Liquidity and credit risks include financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from subsidiaries or lending programs. Strategic and business risks include the ability to maintain market share, achieve desired results from acquisitions and dispositions, adapt to disruptive technology or innovations, or otherwise manage third-party relationships. Investment risks include the ability to achieve desired returns and liquidate certain assets. Operational risks include cybersecurity and privacy failures and dependence on third parties. Tax, regulatory and legal risks include limits on the ability to use deferred tax assets, changes in law, regulation or accounting standards, and the ability to comply with regulations.
Analysis on 11/6/2026
