VOYA FINANCIAL, INC. Canaccord Genuity's 46th Annual Growth Conference
Review the key takeaways and the transcript of this earnings call.
- Voya Financial is a diversified financial services firm with leadership positions in retirement, employee benefits, and investment management, focused on workplace solutions.
- The company serves 18 million customers, manages $1.3 trillion in combined assets, and works with over 50,000 employers.
- Voya's retirement business is its largest and most profitable segment, with nearly $800 billion in assets under management, over 10 million retirement clients, and industry-leading margins in the high 30s to low 40s percent.
- The firm generated $650 million in cash in 2024 and $775 million in 2025, with expectations for higher cash generation in the current year.
- Investment management assets under management increased 8% since 2021, with 83% of assets beating benchmarks over three years and organic growth of 2% annually.
- The employee benefits business includes stop loss insurance, group life, and voluntary products, with improving margins due to recent rate increases.
- Voya completed a significant acquisition of One America, adding $60 billion in retirement assets and $4 billion in general account assets.
- The company emphasizes high client retention rates (high 90s) and average client tenure over 15 years in retirement.
- Voya is focused on growing fee-based revenues, which constitute 60% of the firm, and expanding its wealth management business organically.
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Transcript
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All right. We are going to continue here at the 46th Annual Canaccord Genuity Growth Conference. I'm Joe Vafi, equity research analyst here at Canaccord Genuity, focused on fintech. Up next, we're very pleased to have with us the management team from Voya Financial, and that's Heather Lavallee, CEO, and Michael Katz, CFO. Voya is a leading publicly traded Retirement solution, Investment Management, and Employee Benefits provider with an increasing focus on providing holistic workplace solutions across the breadth of employer sizes. The solution set is thoughtful and it has synergies cross-sell opportunities, which we will get into here in a minute. Company was formerly part of ING Group and now trades under the ticker Voya on the New York Stock Exchange. With that, welcome Heather and Mike.
Thank you, Joe. Great. Thank you.
To begin with, maybe you just introduce yourself and a very high-level overview of Voya in your own words.
Yeah. We'll start. Heather Lavallee, CEO of Voya, and if I can, I'm going to stand for a moment and just talk a little bit about who Voya is as a firm.
Right. We have some slides too.
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