Voya Financial Completes Acquisition of OneAmerica's Retirement Business
In a significant move for Voya Financial, Inc. (NYSE: VOYA), the company has successfully completed its acquisition of the full-service retirement plan business from OneAmerica Financial, Inc. This strategic acquisition is expected to markedly enhance Voya's capabilities in the workplace solutions sector.
Enhancing Retirement Solutions for Millions
As a direct result of this acquisition, Voya's Wealth Solutions division is set to expand its service offerings. The company will now support approximately 60,000 retirement plans, providing essential services to nearly 8 million participants. This growth is complemented by a remarkable rise in Wealth Solutions Defined Contribution client assets, which have now reached $670 billion. Such an increase signifies Voya’s commitment to enhancing its product suite, delivering substantial value to its clients and stakeholders.
Strategic Growth and Capability Additions
The acquisition was part of Voya’s strategic initiatives aimed at bolstering its Workplace Solutions segment. By integrating OneAmerica’s robust retirement offerings, Voya not only gains attractive scale but also broadens its client service capabilities. This includes enhancing employee stock ownership plan administration and fostering new distribution opportunities. The synergy between the two companies is anticipated to deepen existing relationships with advisors, ultimately benefiting customer service and satisfaction.
A Vision for the Future
Heather Lavallee, CEO of Voya Financial, emphasized the importance of this acquisition as a critical milestone in their expansion efforts within the Workplace Solutions landscape. She stated, "Completing this acquisition is an important milestone in our commitment to growing our Workplace Solutions businesses." The CEO expressed enthusiasm about welcoming OneAmerica retirement customers and team members into the Voya family, highlighting the anticipated collaborative efforts to uphold the high standards expected from both organizations.
Looking Ahead: Upcoming Financial Insights
Voya Financial has mentioned that further details regarding this transaction will be shared during its fourth-quarter and full-year 2024 earnings call scheduled for early February 2025. This report is highly anticipated by investors and stakeholders eager to understand the implications and benefits of this acquisition more comprehensively.
Commitment to Responsible Growth
With a workforce of approximately 9,000 dedicated employees, Voya Financial is not only committed to delivering innovative financial solutions but also adheres to principles of ethical, social, and environmental responsibility. As a prominent leader in health, wealth, and investment services, Voya’s vision remains centered on guiding clients toward financial confidence and a fulfilling life. The company serves a significant clientele of individual, workplace, and institutional clients, engaging with over 15.2 million members.
Recognized for Excellence
Voya’s commitment to excellence has earned it several accolades, including recognition as one of the World’s Most Ethical Companies and a place in the Bloomberg Gender-Equality Index. These honors underscore Voya's dedication to fostering an inclusive workplace while promoting practices that are beneficial for both the community and the environment.
Frequently Asked Questions
What does Voya Financial's acquisition of OneAmerica involve?
The acquisition involves Voya Financial integrating OneAmerica's retirement plan services, enhancing its Wealth Solutions division.
How many retirement plans does Voya now support?
Voya Financial now supports approximately 60,000 retirement plans as a result of the acquisition.
What is the asset growth in Voya's Defined Contribution client group?
Wealth Solutions Defined Contribution client assets have grown to $670 billion following the acquisition.
When will Voya provide more details about the acquisition?
Voya plans to provide more details during its fourth-quarter and full-year 2024 earnings call in early February 2025.
What recognition has Voya Financial received?
Voya has been recognized as one of the World’s Most Ethical Companies and is a member of the Bloomberg Gender-Equality Index.
