Voya Financial Inc
voya.comWhat Do They Do?
Provides workplace retirement and employee-benefit services to U.S. employers, and investment management to institutional and individual investors.
10-K for FY2025, filed Feb 20, 2026We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial…View ↗
Retirement Investment Management Employee Benefits A leading provider of retirement solutions and technology for plan administration…View ↗
Through our institutional distribution channel and our Retirement and Employee Benefits businesses, we serve a variety of institutional…View ↗
How Do They Make Money?
Investment Management earns management fees based on assets it manages, with some arrangements adding fees when returns exceed benchmarks; Retirement earns fees tied to assets or participants for administration, recordkeeping and advice, plus investment income. Employee Benefits earns insurance premiums and service fees.
10-K for FY2025, filed Feb 20, 2026Investment Management’s primary source of revenue is management fees collected on the assets we manage. These fees are typically based on a…View ↗
Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Fee income is…View ↗
The Employee Benefits segment generates revenue from premiums and fees, investment income, mortality and morbidity income, and policy and…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by reportable segment ↗
$8.2B
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10-K for FY2025, filed Feb 20, 2026
$8.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wealth Solutions
Recurring
10-K for FY2025, filed Feb 20, 2026 |
33%
FY2022: 47%
|
Wealth Solutions, FY2025
$740M Sources
|
Recurring |
|
Investment Management
Recurring
10-K for FY2025, filed Feb 20, 2026 |
45%
FY2022: 13%
|
Investment Management, FY2025
$1B Sources
|
Recurring |
|
Health Solutions
Recurring
|
2.0% |
Health Solutions, FY2025
$44M Sources
|
Recurring |
Who Are Their Customers?
Employers are reached through financial intermediaries, independent producers and Voya sales specialists. Institutional asset-management clients include retirement plans, endowments, foundations and insurers; individual investors receive products through intermediaries and retirement platforms.
10-K for FY2025, filed Feb 20, 2026
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 20, 2026
How Are They Changing?
Growing. Revenue grew 96% in 4 years, from $4.2B in FY2021 to $8.2B in FY2025, about 18% a year.
Who Do They Compete With?
Competes with Empower, Fidelity, Equitable, Corebridge, TIAA, Nationwide, Prudential, MetLife, Sun Life, Tokio Marine HCC, Symetra, New York Life, Unum, Aflac, Cigna, Aetna, Alight, Businesssolver, BSwift, and Health Equity
10-K for FY2025, filed Feb 20, 2026Market/Product Competitive Landscape Select Competitors Small Corporate Primary competitors are mutual fund companies and insurance-based…View ↗
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