Voya Financial, Inc. (‘Voya’) provides workplace benefits and savings solutions and technologies to the U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through its retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products.
The company is an international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence...
Voya Financial, Inc. (‘Voya’) provides workplace benefits and savings solutions and technologies to the U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through its retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products.
The company is an international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in the U.S. markets and a large and growing business managing retail and institutional equity, fixed income, and blended strategies for clients in Europe and Asia.
Serving the needs of approximately 15.7 million customers as of December 31, 2024, the company is committed to responsible business practices centered on its culture of service to its customers, colleagues, and communities.
The company offers its products and services through a broad group of financial intermediaries, independent producers, affiliated advisors, and dedicated sales specialists throughout the U.S., and also offers investment management services to international clients. It provides its workplace benefits and savings products to employers across every segment of the U.S. economy, in private, public, and tax-exempt markets, from small businesses with fewer than 50 employees to the largest corporations and public-sector employers in the country. Through its retirement platform and associated retail wealth capabilities, the company reaches over seven million individual retirement plan participants as they enroll in retirement plans, choose contribution amounts, manage investment options, build wealth, and improve financial wellness. The company is also a provider of benefits administration services, through which it engages directly with approximately 11.9 million employees in the U.S. as they enroll in and use workplace benefits on its open-architecture, product-agnostic, desktop, and mobile administration platforms.
In the company’s Workplace Solutions business, digital capabilities and a responsive service model power the customer experience for both employers and employees alike. The company's investments in financial wellness solutions, such as its myVoyage decision support tool, which provides comprehensive guidance for employees to optimize workplace benefits and savings, make the company one of the few companies to have successfully integrated retirement savings with group benefits. The company's award-winning retirement administration platform allows employees to plan for retirement and maximize their financial wellness, while its Benefitplace benefits administration platform helps employees select and use the best benefits options for their individual circumstances. For employers, these capabilities maximize the value of benefits spending and promote a healthier and more financially secure workforce.
In the company’s Investment Management business, the company's strong culture of client service and specialized capabilities for institutional clients have established it as a 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 extensive global distribution network.
Segments
The company reports its financial results in three segments: Wealth Solutions, Health Solutions, and Investment Management. It refers to its Wealth Solutions and Health Solutions segments collectively as its Workplace Solutions business.
Workplace Solutions
Wealth Solutions
The company's Wealth Solutions segment is a provider of retirement solutions and technology for plan administration, serving approximately 39,000 U.S. employers across all defined contribution tax code sections and market segments, and over 7 million workplace retirement plan participants. It offers retail wealth services, including IRA accounts, financial planning, and advice, to individuals through the workplace and to retail clients.
Health Solutions
The company's Health Solutions segment is a provider of supplemental health and other group benefits covering approximately 7.2 million 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, Inc. ('Benefitfocus'), the company offers open-architecture benefits administration and utilization solutions to employers and health plans, with approximately 11.9 million employees on the platform as of December 31, 2024.
Investment Management
The company is an 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.
OneAmerica
On September 11, 2024, the company entered into a definitive agreement to acquire the full-service retirement plan business of OneAmerica Financial through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to the company's full-service business in Wealth Solutions, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities, and opportunities for distribution partnerships. The transaction closed on January 2, 2025.
Segments
Workplace Solutions
The company's Workplace Solutions business comprises its Wealth Solutions and Health Solutions segments.
Wealth Solutions
The company's Wealth Solutions segment provides retirement plan solutions and administration technology and services to employers through its Retirement Plans business. It also provides individual retirement accounts and financial guidance, planning, and advisory services through its Wealth Management business.
Revenue is earned from a diverse and complementary business mix and consists 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 the company's general account assets and other funds. Because a significant portion of the company's revenues is tied to account values, its profitability is determined in part by the amount of assets it has under management, administration, or advisement. This, in turn, depends on sales volumes to new and existing clients, net deposits from retirement plan participants, asset retention, and changes in the market value of account assets. The company's profitability also depends on the difference between the investment income it earns on its general account assets, or its portfolio yield, and crediting rates on client accounts. Its Investment Management segment also earns market-based fees from the management of the general account and mutual fund assets supporting the Retirement Plans business and certain Wealth Management products and advisory solutions.
Retirement Plans
Products and Services
The company's Retirement Plans business provides services to U.S. employers covering over 7 million workplace retirement plan participants as of December 31, 2024. Its diverse client base includes corporations of all sizes, public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, and state and local governments. The company offers a variety of defined contribution plan administration and investment services through its Full Service, Recordkeeping, and Stable Value businesses, providing employers with tailored participant communications and education programs to help encourage plan participation and financial wellness. It also provides options for participant services that include financial guidance and personalized planning and investment advisory services offered through a third-party digital service, its Wealth Management business, and its Voya Retirement Advisors registered investment advisor group. Furthermore, the company's digital capabilities power the customer experience for employers and employees alike, including through its MyVoyage mobile application, which provides a comprehensive guidance tool for employees to see their entire financial picture and engage with their workplace benefits and savings.
Full-Service: The company'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 the company's products in all asset categories from over 250 fund families, including the Voya family of mutual funds managed by Voya IM. An open architecture investment platform is also available in certain products for larger plans.
Recordkeeping: The company's recordkeeping service solutions provide recordkeeping and plan administration support alongside a fully open architecture investment platform. Its non-qualified executive benefit plans and employer stock option plans are also available service options.
Stable Value: The company's product offering includes both separate account guaranteed investment contracts ('GICs'), synthetic GICs managed by either proprietary or outside investment managers, and pooled funds.
The company's Voya Framework product is a mutual fund program for qualified retirement plans with a uniform and consistent product experience across multiple plan markets.
The company's Voya MAP Select product is a group funding agreement/group annuity contract to fund qualified retirement plans. Voya Framework and Voya MAP Select products both contain over 300 funds from well-known fund families for smaller plans. These products also include the company's general account and various stable value solutions as investment options.
A variety of other products offered in the Full-Service tax-exempt market include the following:
Voya Retirement Choice II and RetireFlex-MF, mutual fund products providing flexible funding vehicles and designed to provide a diversified menu of mutual funds in addition to a guaranteed option (available through a group fixed annuity contract or stable value product).
Voya Retirement Plus II and Voya Custom Choice II, registered group annuity products featuring variable investment options held in a variable annuity separate account and a fixed investment option held in the general account.
RetireFlex-SA, an unregistered group annuity product featuring variable investment options held in a variable annuity separate account and a guaranteed option (available through a group fixed annuity contract or stable value product).
Additional products and services are available through the company's Voya Cares program, which serves aging people and people with special needs and disabilities, as well as their families and caregivers.
Markets and Distribution
The company's Retirement Plans business serves two primary markets: Corporate and Tax Exempt.
The company's Retirement Plans are distributed nationally through multiple unaffiliated channels with local support provided by its employee wholesale field force and dedicated sales teams and through other affiliated distribution, such as its broker-dealer and investment advisor, Voya Financial Advisors ('VFA').
Competition
This segment's competitors include Fidelity Empower, Equitable Corebridge, TIAA Fidelity, Fidelity TIAA, Empower Nationwide, Fidelity Empower, and Prudential MetLife.
Wealth Management
Products and Services
The company's Wealth Management business offers a variety of investments and protection products, along with advice and guidance delivered to individuals through field-based advisory representatives and home office phone-based representatives. Its current investment solutions include mutual fund custodial IRA products, managed accounts and advisory programs, and brokerage accounts. The IRA products include certain tax-qualified mutual fund custodial products, which are also sold by the company's employee wholesale team that works directly with affiliated and unaffiliated brokers and advisers who sell to individuals or small businesses.
The company uses its Wealth Management business to deepen its long-term relationships with the defined contribution plan participants on its retirement platform. Through its broad range of advisory programs, the company's financial advisers are provided with a wide set of solutions for building their clients' investment portfolios, including stocks, bonds, and mutual funds, as well as managed accounts.
Markets and Distribution
The company's Wealth Management products and advisory services are primarily sold to individuals through representatives licensed through VFA, its broker-dealer and investment advisor. VFA representatives help provide cohesiveness between the company's Retirement Plans and Wealth Management businesses and are grouped into two primary categories: field-based and home office phone-based representatives. Field-based representatives are registered sales and investment advisory representatives that drive both fee-based and commissioned sales. They provide face-to-face interaction with individuals seeking retail investment products (e.g., IRA products), as well as planning and advisory solutions. Home office phone-based representatives focus on assisting participants in the company's workplace retirement plans, primarily for its larger recordkeeping plans, with rollover products and advisory services. They also provide financial advice that helps customers transition through life stage and job-related changes. The company's custodial mutual fund IRA product is also sold to individuals by unaffiliated brokers and advisors.
Competition
Primary competitors to the company's Wealth Management business include LPL, SagePoint Financial, Kestra, Waddell & Reed, Securities America, and Commonwealth.
Health Solutions
The company's Health Solutions segment provides worksite employee benefits, Health Account Solutions (Health Savings Account ('HSA')/Flexible Spending Account ('FSA')/Health Reimbursement Arrangements ('HRA') and COBRA administration), leave management, financial wellness, and decision support products and services to mid-size and large corporate employers and professional associations. In addition, the company's Health Solutions segment serves the employer market by providing stop-loss coverage to employer plan sponsors that self-fund their pharmaceutical and medical benefits plans. The company's Health Solutions segment is among the largest writers of stop-loss coverage in the U.S., currently ranking third among direct providers of stop loss on a premium basis. It also ranks third in its supplemental health benefits markets offering and is a top 15 provider of group life insurance.
The company's Health Solutions segment also provides benefits and plan administration services to employers and health plans through its Benefitfocus business. Benefitfocus provides benefits enrollment and administration services to employers and plan enrollment services to health plans. It also provides a benefits marketplace. The company's Benefitfocus platform is open-architecture and product-agnostic, enrolling and administering benefits from a variety of third-party carriers.
In addition, the company also provides decision support tools through the Benefitfocus enrollment platform and through its MyVoyage mobile application, which provides a comprehensive guidance tool for employees to see their entire financial picture, including their workplace benefits and savings. The company supports employers by taking on the administrative burden of benefits enrollment and administration, leave management, COBRA administration, and other obligations.
The Health Solutions segment generates revenue from premiums and fees, investment income, mortality and morbidity income, and policy and other charges. Underwriting income comprises the majority of revenues in this segment and derives from the difference between premiums and mortality charges collected and benefits and expenses paid for group life, stop loss, and voluntary benefits. Fee income is generated from services provided on benefits administration, leave management, HSA/FSA/HRA, and COBRA administration, as well as proprietary decision support tools. Investment income is driven by the spread between investment yields and credited rates (the interest and income that is credited to the policies) to policyholders on voluntary universal life, whole life products, and HSA invested assets, as well as the spread earned on policyholder reserves and target surplus.
Products and Services
Stop Loss: The company's stop-loss insurance provides coverage for mid-sized to large employers that self-insure their medical claims. These employers provide a health plan to their employees and generally pay all plan-related claims and administrative expenses. The company's stop-loss product helps these employers manage their health expenses by reimbursing specified claim amounts above certain deductibles and by reimbursing claims that exceed a specified limit. The company offers this product through individual stop-loss insurance and aggregate stop-loss insurance, which are both re-priced and renewable annually. Individual stop-loss insurance reimburses individual specified claim amounts that exceed a deductible, whereas aggregate stop-loss insurance reimburses the amount of the collective eligible claims of the group exceeding a specified limit, potentially subject to a limit.
Group Life: The company's group life products span basic and supplemental term life insurance, as well as accidental death and dismemberment for mid-sized to large employers. These products offer employees guaranteed issue coverage, convenient payroll deduction, affordable rates, and conversion options.
Group Disability: The company's group disability offering includes group long-term disability, short-term disability, voluntary long-term disability, and voluntary short-term disability products for mid-sized to large employers. This product offering is typically packaged for sale with group life products, especially in the middle market. The company also provides leave administration services. It partners with FullScopeRMS, a third-party insurer, to provide leave management and reinsure 100% of its group disability.
Voluntary Benefits: The company's voluntary benefits business involves the sale of whole life insurance, term life insurance, critical illness, accident, and hospital indemnity insurance, while also servicing universal life insurance policies. This product lineup is mostly employee-paid through payroll deduction.
Benefits Administration: Through Benefitfocus, the company offers benefits administration services to employers and health plan enrollment services to health plan clients. Employers receive an online benefits enrollment experience for their employees, along with telephone-based enrollment support, and the associated billing and administration services. The company also offers a benefits marketplace. For health plans, the company offers a software-based solution through which members enroll directly in a plan. Its Benefitplace benefits enrollment platform provides a benefits enrollment experience, with decision support that uses the same advanced analytics as its MyVoyage mobile application to provide participants with a unique ability to look across their workplace benefits and savings for comprehensive guidance on the best use of their benefits spending.
Health Account Solutions: This product line involves the sale of HSA, FSA, HRA, commuter, and dependent care benefits, COBRA administration, and direct billing services.
Financial Wellness and Decision Support: With the company’s MyVoyage mobile application, the company offers a distinctive guidance tool that assists employees and their dependents in making more informed decisions in making enrollment decisions that span medical coverage, dental insurance, vision, HSA, FSA, retirement contributions, and emergency savings. Premiums associated with Financial Wellness and Decision Support are included within Health Account Solutions.
Markets and Distribution
The company's Health Solutions segment works primarily with national and regional benefits consultants, brokers, TPAs, enrollment firms, and technology partners. Its tenured distribution organization provides local sales and account management support to offer customized solutions to mid-sized to large employers backed by a national accounts team.
Competition
In the stop-loss insurance market, the company's principal competitors include Sun Life, Tokio Marine HCC, and Symetra.
In the group life market, the company's principal competitors include MetLife, New York Life, and Unum.
The supplemental benefits market is growing rapidly, and the company competes on price, claim servicing, and product innovation, with its principal competitors being Cigna, Aetna, Aflac, MetLife, and Unum.
In benefits administration, the company's principal competitors include Alight, Businessolver, and BSwift.
The company's principal competitors in the Health Account Solutions market are Health Equity, Optum (part of UnitedHealthcare), Fidelity, and HSA Bank (part of Webster Bank).
Investment Management
With global distribution capabilities, the company offers domestic and international fixed income, equity, alternatives, and multi-asset products and solutions across market sectors and investment styles through its actively managed, full-service investment management business.
Prior, the company completed a transaction with Allianz SE ('Allianz') and Allianz Global Investors U.S. LLC ('AllianzGI'), pursuant to which it acquired assets and investment teams comprising specified strategies previously managed by AllianzGI. The AllianzGI Transaction has increased the company's Investment Management's international scale and distribution and provided it with new investment strategies that help it meet the needs of a larger and more global client base. As a result of the AllianzGI Transaction, the company holds a 76% equity interest in Voya IM, and an affiliate of Allianz, the global parent of AllianzGI, holds the other 24%.
Through the company’s institutional distribution channel and its Workplace Solutions business, the company serves a variety of institutional clients, including public, corporate, and multiemployer defined benefit and defined contribution retirement plans, endowments and foundations, and insurance companies. The company is a market leader in providing third-party general account management services to insurance companies, with a focus on public and private fixed income asset strategies, and a client service model adapted for the particular needs of insurance company clients. It also serves individual investors by offering its mutual funds, separately managed accounts, and private and alternative funds through an intermediary-focused distribution platform or through affiliate and third-party retirement platforms. The company’s scaled and growing international retail business is conducted through sub-advisory agreements with investment vehicles sponsored by affiliates of AllianzGI and distributed in Europe and Asia.
Investment Management’s primary source of revenue is management fees collected on the assets it manages. These fees are typically based on a percentage of AUM. In addition, and to a lesser extent, Investment Management collects administrative fees on outside managed assets that are administered by its mutual fund platform and distributed primarily by its Wealth Solutions segment. Investment Management also receives fees as the primary investment manager of its general account, which is managed on a market-based pricing basis. Finally, Investment Management generates revenues from a portfolio of seed capital investments in private equity, collateralized loan obligations, and various funds. Excluding Allianz's non-controlling interest, Investment Management generated adjusted operating earnings.
Products and Services
Investment Management delivers products and services that are manufactured through its traditional, private asset, and alternative investment capabilities. The traditional platforms are fixed income, equities, and multi-asset strategies and solutions (‘MASS’). The company’s private asset and alternative capabilities include investment strategies, such as private equity, private credit (investment grade and high yield), commercial mortgage loans, mortgage derivatives, leveraged credit, and collateralized loan obligations (‘CLOs’). The onboarding of former AllianzGI investment strategies has increased the company’s product offering across thematic and fundamental equity and added multi-asset fund offerings.
Fixed Income: Investment Management’s fixed income platform manages assets for domestic and international institutional investors, retail investors, and its general account. Through the fixed income platform, clients have access to public fixed income strategies, including money market funds, investment-grade corporate debt, government bonds, residential mortgage-backed securities (‘RMBS’), commercial mortgage-backed securities (‘CMBS’), asset-backed securities (‘ABS’), and high yield bonds. The company’s private fixed income capabilities include private placements, middle market private debt, and syndicated debt instruments, leveraged credit, structured products (e.g., CLOs), commercial mortgages, and preferred securities. Each sector within the platform is managed by seasoned investment professionals supported by significant credit, quantitative, and macro research and risk management capabilities.
Equities: The equities platform is a multi-cap and multi-style research-driven platform comprising thematic, fundamental, and quantitative equity strategies for institutional and retail investors. The company’s fundamental equity capabilities are bottom-up and research driven, and cover growth, value, and core strategies in the large, mid, and small cap spaces. The AllianzGI Transaction added thematic and fundamental equity capabilities. The company’s quantitative equity capabilities are used to create quantitative and enhanced indexed strategies, support other fundamental equity analysis, and create extension products.
Alternatives: Investment Management’s largest alternatives platform is Pomona Capital. Pomona Capital specializes in investing in private equity funds by purchasing secondary interests in existing partnerships, investing in new partnerships, and co-investing alongside buyout funds in individual companies. In addition, Investment Management's alternatives platform includes privately-placed open-end and closed-end funds, the underlying strategies of which leverage the company’s core private credit and mortgage loan investment capabilities.
MASS: Investment Management’s MASS platform offers a variety of investment products and strategies that combine multiple asset classes using asset allocation techniques. The objective of the MASS platform is to develop customized solutions that meet specific, and often unique, goals of investors that dynamically change over time in response to changing markets and client needs. Utilizing core capabilities in asset allocation, manager selection, asset/liability modeling, risk management, and financial engineering, the MASS team has developed a suite of target date and target risk funds that are distributed through the company’s Wealth Solutions segment and to institutional and retail investors. The MASS team also provides pension risk management, strategic and tactical asset allocation, liability-driven investing solutions, and investment strategies that hedge out specific market exposures (e.g., portable alpha) for clients.
Markets and Distribution
The company serves its institutional clients through a dedicated sales and service platform domestically and internationally. Its strategic distribution partnership with AllianzGI significantly enhances its distribution reach globally. The company serves individual investors through an intermediary-focused distribution platform, consisting of business development and wholesale forces that partner with banks, broker-dealers, and independent financial advisers, as well as its affiliate and third-party retirement platforms.
With the exception of Pomona Capital and certain structured products, the different products and strategies associated with the company’s investment platforms are distributed and serviced by these Retail and Institutional client-focused segments as follows:
Retail client segment: This segment consists of registered open- and closed-end funds and Separately Managed Accounts through affiliate and third-party distribution platforms, including warehouses, brokerage firms, registered investment advisors, banks, trust companies, and independent and regional broker-dealers. The company’s international retail business is carried out through sub-advisory arrangements with UCITS vehicles and other pooled investment vehicles sponsored and distributed by AllianzGI.
Institutional client segment: This segment consists of individual and pooled accounts, targeting defined benefit, defined contribution recordkeeping and retirement plans, multiemployer plans, and endowments and foundations. As of December 31, 2024, Investment Management had hundreds of institutional clients.
Competition
The company’s principal competitors include insurance-owned asset managers, such as Principal Global Investors (Principal Financial Group), Prudential, and Ameriprise, as well as bank-owned asset managers, such as ‘pure-play’ asset managers, including Invesco, T. Rowe Price, Franklin Templeton, Janus Henderson, and Virtus Investment Partners.
Regulation
Certain of the company’s insurance subsidiaries sell group variable annuities and have sold variable life insurance that are registered with and regulated by the Securities and Exchange Commission (‘SEC’) as securities under the Securities Act of 1933, as amended (the ‘Securities Act’). These products are issued through separate accounts that are registered as investment companies under the Investment Company Act of 1940, as amended (the ‘Investment Company Act’), and are regulated by state insurance law.
The company’s investment, asset management, and retirement products and services are subject to federal and state tax, securities, fiduciary (including the Employment Retirement Income Security Act (‘ERISA’)), insurance, and other laws and regulations. The SEC, the Financial Industry Regulatory Authority (‘FINRA’), the U.S. Commodities Futures Trading Commission (‘CFTC’), state securities commissions, state banking and insurance departments, the Department of Labor (‘DOL’), and the Treasury Department are the principal regulators that regulate these products and services.
The company’s securities operations, principally conducted by its SEC-registered broker-dealers, are subject to federal and state securities, commodities, and related laws, and are regulated principally by the SEC, the CFTC, state securities authorities, FINRA, the Municipal Securities Rulemaking Board, and similar authorities. Independent contractor representatives and employees registered or associated with any of the company’s broker-dealer subsidiaries are subject to the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and to regulation and examination by the SEC, FINRA, and state securities commissioners.
Some of the company’s subsidiaries are registered as investment advisers under the Investment Advisers Act and provide advice to registered investment companies, including mutual funds used in the company’s annuity products, as well as an array of other institutional and retail clients.
The commodity futures and commodity options industry in the U.S. is subject to regulation under the Commodity Exchange Act of 1936, as amended (the ‘Commodity Exchange Act’). The CFTC is charged with the administration of the Commodity Exchange Act and the regulations adopted under that Act. Some of the company’s subsidiaries are registered with the CFTC as commodity pool operators and commodity trading advisors. The company’s futures business is also regulated by the National Futures Association.
The company’s insurance, investment management, and retirement businesses provide services to employee benefit plans subject to ERISA, including services under specific contracts where it may act as an ERISA fiduciary. The company is also subject to ERISA’s prohibited transaction rules for transactions with ERISA plans, which may affect its ability to, or the terms upon which it may, enter into transactions with those plans, even in businesses unrelated to those giving rise to party in interest status. The applicable provisions of ERISA and the Internal Revenue Code are subject to enforcement by the DOL, the U.S. Internal Revenue Service (‘IRS’), and the U.S. Pension Benefit Guaranty Corporation (‘PBGC’).
Voya Institutional Trust Company (‘VITC’) and Voya Investment Trust Co. (‘VINTCO’) are trust subsidiaries chartered by the Connecticut Department of Banking and subject to its regulation, supervision, and examination. VINTCO is also subject to state fiduciary duty laws, and the collective trust funds it manages are generally subject to ERISA.
In February 2017, the New York Department of Financial Services (‘NYDFS’) issued final Cybersecurity Requirements for Financial Services Companies that are not based on the Model Law, which requires banks, insurance companies, and other financial services institutions regulated by the NYDFS, including certain of the company’s subsidiaries, to establish and maintain a comprehensive cybersecurity program.
Certain of the company’s activities are subject to the privacy regulations of the Gramm-Leach-Bliley Act of 1999 (the ‘GLBA’), along with its implementing regulations, which restrict certain collection, processing, storage, use, and disclosure of personal information, require notice to individuals of privacy practices, provide individuals with certain rights to prevent the use and disclosure of certain nonpublic or otherwise legally protected information, and impose requirements for the safeguarding and proper destruction of personal information through the issuance of data security standards or guidelines.
The company is also subject to numerous state consumer privacy laws, including the California Consumer Privacy Act of 2018 (‘CCPA’). Certain of the company’s products and services are subject to HIPAA, which establishes privacy and security standards that govern the use and disclosure of protected health information and requires the implementation of administrative, physical, and technical safeguards to ensure the confidentiality, integrity, availability, and privacy of such information.
More broadly, the General Data Protection Regulation (‘GDPR’), which regulates data protection for all individuals within the European Union (‘EU’), including foreign companies processing data of EU residents, applies to the company’s subsidiaries operating in the EU.
The company is also required to follow certain economic and trade sanctions programs administered by the Office of Foreign Asset Control that prohibit or restrict transactions with suspected countries, their governments, and, in certain circumstances, their nationals. The company is also subject to regulations governing bribery and other anti-corruption measures.
History
The company was founded in 1975. It was incorporated in Delaware in 1999. The company was formerly known as ING U.S., Inc. and changed its name to Voya Financial, Inc. in April 2014.
