-
Over $60 billion of assets under administration (AUA) adds scale to
Voya’s full-service business in Wealth Solutions, increasing total AUA
to $580 billion, with retirement plan and participant count growing to
60,000 and 7.9 million.
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Advances Voya’s Workplace growth strategy with $47 billion of
full-service AUA in attractive emerging and mid-market segments, a
broader set of capabilities including employee stock ownership plan
administration and new opportunities for distribution partnerships.
-
Adds value for OneAmerica Financial’s retirement plan clients and
their participants by providing access to Voya’s market-leading
customer digital experience and core recordkeeping services.
NEW YORK--(BUSINESS WIRE)--
Voya Financial, Inc. (NYSE: VOYA) and OneAmerica Financial, Inc., a
diversified mutual insurance organization, today announced that the
companies have entered into a definitive agreement for Voya to acquire
OneAmerica Financial’s full-service retirement plan business. The
acquisition adds strategically attractive scale to Voya’s full-service
retirement business within Wealth Solutions, providing Voya with a broader
set of capabilities that complement its existing product suite, including
competitive employee stock ownership plan administration, and new
opportunities to expand Voya’s distribution footprint and deepen its
existing advisor relationships.
OneAmerica Financial’s full-service retirement plan business comprises
401(k), 403(b), 457, non-qualified deferred compensation plans and employee
stock ownership plans. The transaction adds approximately $47 billion of
assets to Voya’s strategically important full-service Emerging and
Mid-Market segments and extends the firm’s leadership position in the Large
Market by adding approximately $15 billion of recordkeeping assets.
1
As a result of the acquisition, Voya’s Wealth Solutions Defined Contribution
client assets will grow to $580 billion, with total retirement plan and
participant count reaching 60,000 and 7.9 million, respectively.
1
“This announcement is an exciting opportunity to add scale and new
capabilities to our Wealth Solutions business that will help advance our
growth strategy by offering workplace benefits and savings solutions to more
individuals,” said Heather Lavallee, CEO, Voya Financial. “Voya is a
purpose-driven company focused on supporting improved financial outcomes for
our customers. OneAmerica is equally passionate about enabling financial
security for their customers, making them a strong fit for Voya.”
“OneAmerica Financial is placing its retirement business in the hands of an
organization that can deliver industry-leading offerings,” said Scott
Davison, chairman, president and CEO of OneAmerica Financial, Inc. “For 60
years, we have been committed to serving the retirement market by helping
our customers face every day with greater certainty. Voya is the firm to
deliver on that commitment. We see this as a great opportunity for our
customers and the OneAmerica Financial associates that will continue to grow
with Voya, while we will focus on our remaining core product lines where we
see tremendous growth potential.”
Delivering a broad range of solutions and capabilities to clients and
intermediaries by adding scale to Voya’s full-service retirement business
in Wealth Solutions
With the ability to serve employers and plans of all segments and sizes,
including startup, Emerging and Mid, Large and Mega market plans, the
acquisition of OneAmerica Financial’s full-service retirement plan business
reflects Voya’s commitment to growing its Workplace Solutions businesses,
supporting more participants with their workplace benefits and savings
needs.
“This acquisition fully aligns with Voya’s relentless focus on customer
satisfaction, leveraging the strength and expertise of two dedicated
organizations who deliver a variety of workplace benefits and savings
solutions,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial.
“OneAmerica’s broad range of retirement capabilities, combined with our
existing product suite and digital solutions, provides an opportunity to
extend Voya’s reach across all market segments to deliver health, wealth and
investment solutions through the workplace and institutions.”
The transaction expands the services Voya provides to workplace benefits and
savings plans it serves today across all markets, tax codes and employer
sizes. This includes OneAmerica Financial’s competitive employee stock
ownership program and the benefits of its broad reach across the advisor
community, bringing new and increased intermediary relationships to help
expand Voya’s footprint.
“OneAmerica is centered around the people we serve, and we are deeply
passionate about what we do,” said Sandy McCarthy, president of Retirement
Services at OneAmerica Financial. “Our goal has always been to take our
business to the next level to continuously improve our clients’ experiences
to better optimize their outcomes. Voya shares this vision, and we are
excited to see how our customers and associates will benefit in this new
chapter.”
The transaction is expected to close on Jan. 1, 2025, subject to customary
closing conditions, including regulatory approvals. Additional information
on the transaction and its financial impact has been made available in a
supplemental investor presentation on Voya’s investor relations website at
investors.voya.com
. Voya intends to provide more details on the transaction during its
third-quarter 2024 earnings call.
Citi is serving as financial advisor and Eversheds Sutherland LLP is serving
as legal counsel to Voya in connection with this transaction.
Goldman Sachs & Co. LLC is serving as financial advisor and Sidley
Austin, LLP is serving as legal counsel to OneAmerica Financial Partners in
connection with this transaction.
About Voya Financial
®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment
company with approximately 9,000 employees who are focused on achieving
Voya’s aspirational vision: “Clearing your path to financial confidence and
a more fulfilling life.” Through products, solutions and technologies, Voya
helps its 15.2 million individual, workplace and institutional clients
become well planned, well invested and well protected. Benefitfocus, a Voya
company and a leading benefits administration provider, extends the reach of
Voya’s workplace benefits and savings offerings by engaging directly with
over 12 million employees in the U.S. Certified as a “Great Place to Work”
by the Great Place to Work
®
Institute, Voya is purpose-driven and committed to conducting business in a
way that is economically, ethically, socially and environmentally
responsible. Voya has earned recognition as: one of the World’s Most Ethical
Companies
®
by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best
Place to Work for Disability Inclusion” on the Disability Equality Index.
For more information, visit
voya.com
. Follow Voya Financial on
Facebook
,
LinkedIn
and
Instagram
.
1. Based on OneAmerica Financial, Inc., and Voya Financial data as of June
30, 2024.
VOYA-IR VOYA-CF VOYA-RET
Source: Voya Financial, Inc.