Voya Financial, Inc. (VOYA)

Voya Financial reported third-quarter 2026 net income available to common shareholders of $193 million, or $2.09 per diluted share, on November 2, 2026 12.

Adjusted operating earnings, the company's own measure that leaves out exited businesses and swings in markets, were $240 million, or $2.60 per diluted share, against $239 million in the third quarter of 2025 2.

The company said the result included $25 million of pre-tax severance expense, and that a lower share count from repurchases lifted per-share earnings 2.

The board authorized a 21% increase in the quarterly common dividend to $0.57 per share, starting in the fourth quarter of 2026, and added $500 million to the share repurchase authorization 2.

The results came while a shareholder, TOMS Capital Investment Management, is soliciting votes for a non-binding No Confidence Referendum on the board and management, scheduled for November 24, 2026 6.

That group says the board has been unwilling to open a formal review of strategic alternatives, including a sale of the company 6. The referendum is not sanctioned by the company and binds no one 6.

On October 6, 2026, the company said its third-quarter alternative investment income, returns on private holdings, was estimated at approximately $40 million to $50 million before tax 4.

Voya was a wholly owned subsidiary of ING Groep N.V., a Dutch financial group, until its initial public offering in May 2013 7. ING sold its remaining stake between 2013 and 2015 7.

ING built the U.S. business by acquisition, buying ReliaStar in 2000 and CitiStreet in 2008, according to the annual report 7.

After the listing, it says it sold substantially all of its closed block variable annuity, life insurance and legacy non-retirement annuity businesses 7.

The company says the aim was a business that needs little capital and produces excess capital, the cash left after meeting regulatory requirements, to return to shareholders 7.

On July 25, 2022, Voya took over specified investment strategies and teams from Allianz Global Investors, which left it with a 76% interest in its asset manager and an Allianz affiliate with 24% 7.

On January 2, 2025, it completed the purchase of OneAmerica Financial's full-service retirement plan business, adding scale in mid-market plans and employee stock ownership plans 7.

The deal carried $50 million in cash at closing and up to $160 million more, tied to plan persistency and transition incentives to be paid in 2026 7. The latest quarterly release says the final $20 million payment was made 2.

Total revenues rose to $8,189 million in 2025 from $8,050 million in 2024 7. Net investment income rose $244 million, helped by income from the onboarded OneAmerica assets 7.

Income before income taxes was $837 million in 2025, up from $799 million 7. Adjusted operating earnings before income taxes, a non-GAAP measure, were $1,038 million 7.

On August 5, 2025, it went back to the segment names Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions 7.

In March 2026 it sold $400 million of 5.050% senior notes due 2036, planning to use the money for general corporate purposes, including repaying $447 million of notes due in June 2026 8.

Retirement

Retirement runs the paperwork and technology behind workplace savings plans for employers, serving approximately 45,000 U.S. employers and nearly 10 million participant accounts 7.

It earns fees on assets and participants, plus investment income from its general account 7. It also offers retail wealth services such as IRAs and advice through Voya Financial Advisors 7.

For the third quarter of 2026, Retirement's pre-tax adjusted operating earnings were $266 million against $261 million a year earlier, and total client assets were $878 billion 2.

Named competitors by market include Empower, Fidelity, TIAA, Equitable, Corebridge, Nationwide, Prudential and MetLife 7.

Investment Management

Investment Management manages public and private fixed income, equities and other strategies for institutions, advisers and individual investors, and earns mostly management fees on assets 7.

On October 15, 2026, Voya disclosed preliminary assets under management of approximately $363 billion at September 30, 2026, including $84 billion of private fixed income 3.

Third-quarter pre-tax adjusted operating earnings were $58 million against $62 million a year earlier, on lower investment capital income, and net inflows were $1.4 billion 2.

Employee Benefits

Employee Benefits sells stop loss, life, disability and voluntary insurance to employers, plus health savings and spending accounts 7. Stop loss covers an employer that pays its workers' medical claims itself against very large claims 7.

Annualized in-force premiums and fees at the end of 2025 were $1,578 million for stop loss, $670 million for group life, $294 million for group disability and $1,103 million for voluntary and other 7.

Its Benefitfocus subsidiary runs the Benefitplace enrollment platform, used by approximately 12.2 million employees 7.

In the third quarter of 2026 pre-tax adjusted operating earnings were $51 million against $47 million, and the company says the trailing twelve-month loss ratio improved to 74% from 78% 2.

People and places

Heather Lavallee is chief executive officer, and Michael Katz is executive vice president and chief financial officer 62.

On October 2, 2026, Voya announced that Santhosh Keshavan will move from chief technology and operations officer to chief risk and global operating officer on January 1, 2027, with Rajat Kalia becoming chief technology officer 5.

The company had approximately 11,000 employees at the end of 2025, and owned or leased 69 locations totaling about 1.7 million square feet 7.

The shareholder dispute

TCIM says it has about $3.8 billion of assets under management and first bought Voya shares in March 2026 6.

It reports 1,208,000 shares held by persons it advises, plus economic exposure to 3,007,400 shares through call options with outside banks 6.

TCIM expects to spend about $5,000,000 on the solicitation 6. Voya's charter does not let stockholders call special meetings or act by written consent, so the vote is held outside the company's own procedures 6.

The umbrella, in words

Voya Financial is a holding company that runs its businesses through subsidiaries, among them Voya Holdings, the insurers VRIAC and RLI, and Voya IM, the parent of its asset management entities 7.

Voya owns 76% of Voya IM, and an Allianz affiliate owns the other 24% 7. Benefitfocus and Voya Financial Advisors are also subsidiaries 7.

As of March 25, 2026, the proxy statement lists holders of 5% or more: Vanguard 12.60%, BlackRock 9.50%, T. Rowe Price 7.30%, BNY Mellon 7.00% and FMR 5.30% 6.

The board authorized a $0.57 quarterly dividend from the fourth quarter of 2026 and a $500 million larger repurchase authorization, plus about $163 million of remaining capacity 2.

The company said it has capacity to invest for growth while returning capital, and that it had excess capital of approximately $250 million at September 30, 2026 2.

Voya said Santhosh Keshavan's new role as chief risk and global operating officer takes effect on January 1, 2027 5.

The No Confidence Referendum meeting is set for November 24, 2026 at 11:00 Eastern Time 6.

TCIM says it will share the vote counts with the board and expects the board to start a formal review of strategic alternatives if the vote is held 6.

For the third quarter of 2026, the company's own account is that it saw continued commercial momentum in Retirement and Investment Management and improved profitability in Employee Benefits 2.