Voya Financial Highlights: History, Mergers & Acquisitions
Crucial Distinction: "Voya" vs. "Resolution Life"
- Is Voya different from Voya Life? Yes.
- Voya Financial is the current public company focused on retirement (401ks), employee benefits, and investment management.
- "Voya Life" (Individual Policies): In 2021, Voya sold its Individual Life Insurance business to Resolution Life. If you hold an old individual term or universal life policy that was branded "Voya" or "ING," it is likely now administered by Resolution Life US.
Corporate Owner & Structure
- Owner: Voya Financial, Inc. (Publicly traded: NYSE: VOYA).
- Note: Historically, this company was the U.S. subsidiary of the Dutch banking giant ING Group. It became an independent American company through an IPO in 2013.
- Headquarters: 230 Park Avenue, New York, NY 10169.
- Operational Hubs: Windsor, Connecticut; Minneapolis, Minnesota; Chandler, Arizona.
Early History: The "ING" Accumulation Era (1975–2000)
- 1975–1977: ING Group (The Netherlands) enters the U.S. market by acquiring Wisconsin National Life and Security Life of Denver.
- 1997: ING acquires Equitable of Iowa (founded 1867), a major Midwest insurer.
- 1997: ING acquires Furman Selz, an investment bank and asset manager.
- 2000: The Mega-Acquisitions.
- ReliaStar Financial Corp: ING acquires Minneapolis-based ReliaStar (formerly Northwestern National Life, founded 1885) for $6.1 billion.
- Aetna Financial Services: ING acquires the financial services and international divisions of Aetna for $7.7 billion.
- Impact: These two massive deals formed the core of what is today Voya Financial.
The Rebrand & Independence (2002–2014)
- 2002: All acquired entities (Aetna Financial, ReliaStar, Security Life of Denver) begin operating under the unified ING U.S. brand.
- 2008: ING U.S. acquires CitiStreet, a major retirement plan recordkeeper (formerly owned by Citigroup and State Street).
- Significance: This made ING/Voya one of the largest 401(k) providers in the nation.
- 2013: The IPO.
- ING U.S. spins off from its Dutch parent, ING Group, and goes public on the NYSE.
- Reason: Following the 2008 financial crisis, the European Union required ING Group to divest its insurance and investment operations.
- 2014: The Rebrand to Voya.
- April: ING U.S. officially changes its name to Voya Financial.
- Name Meaning: Derived from "voyage," symbolizing the journey to retirement.
Recent History: Divestitures & Refocusing (2018–Present)
- 2018: Sale of Annuities (Venerable).
- Voya sells its "Closed Block Variable Annuity" business to a consortium of investors (including Apollo Global Management/Athene), creating a new company called Venerable.
- 2019: Voya exits the Retail Wealth Management business, selling Voya Financial Advisors' independent broker-dealer channel to Cetera Financial Group.
- 2021: Sale of Individual Life (Resolution Life).
- January 4: Voya completes the sale of its Individual Life Insurance business to Resolution Life US.
- Impact: Voya effectively stopped selling life insurance to individuals. It now sells life insurance primarily through employers (group life).
- 2023: Acquisition of Benefitfocus.
- Voya acquires Benefitfocus, a cloud-based benefits administration technology company, for approximately $570 million.
- Strategy: This moved Voya deeper into workplace health and benefits technology.
Sources of Information
- Voya Financial Investor Relations: Press releases regarding the 2013 IPO, 2014 Rebrand, and 2021 Sale to Resolution Life.
- Securities and Exchange Commission (SEC): Filings (Form 8-K) detailing the divestiture of the Individual Life business.
- Resolution Life US: Official notifications regarding the transfer of Voya/ING policies.
- PlanSponsor & InvestmentNews: Historical reporting on the 2000 Aetna/ReliaStar acquisitions and the 2008 CitiStreet deal.
