Voya Financial, Inc. reports news about its retirement, employee benefits and investment management businesses in the United States. Recurring updates include quarterly earnings by segment, fee-based revenue, net underwriting results, assets under management, capital deployment, common and preferred stock dividends, and investment income from the company’s general account and investment management activities.
Company news also covers retirement-savings policy developments, workplace-benefits collaborations, disability inclusion through Voya Cares, and shareholder commentary on governance, management accountability and the employee benefits stop-loss business.
Easterseals has released the State of Disability Equity and Access report, highlighting issues faced by over 61 million individuals with disabilities in the U.S. The report emphasizes the importance of equity and inclusion across four key areas: education, employment, health, and transportation. Key findings call for responding to systemic disparities, increasing access to healthcare services, and advancing accessible transportation. Kendra E. Davenport of Easterseals stated the report serves as a benchmark for future progress in civil rights for the disability community. Voya Financial supports the report, underscoring its commitment to disability inclusion in the workplace as a competitive advantage. Stakeholders gathered with lawmakers to advocate for policies to address these disparities, aiming for lasting change.
Voya Financial has released a new research paper highlighting the significance of diversity, equity, and inclusion (DEI) initiatives in improving financial outcomes for Black and Latino employees. Conducted among over 163,000 employees, the study reveals troubling disparities in retirement plan participation and savings rates among different racial groups. Participation rates were found at 53% for Black employees and 45% for Latino employees, compared to 66% for White employees. Savings rates averaged 7.1% and 6.9% for Black and Latino employees, respectively, significantly lower than the 8% overall rate. Furthermore, average account balances were markedly lower for Black ($45,000) and Latino ($43,000) employees compared to their White ($99,000) and Asian ($86,000) counterparts. The study emphasizes the importance of automatic enrollment features in closing these gaps.
Voya Financial (NYSE: VOYA) announced its participation in the Puppy with a Purpose program in collaboration with America’s VetDogs, aimed at raising a puppy named Cooper to become a service dog for veterans and first responders with disabilities. Voya's commitment includes covering all costs associated with Cooper's upbringing over the next year. As highlighted by Voya’s executive, Kevin Silva, this initiative reflects the company's dedication to supporting the disabilities community. The service dogs trained through this program provide critical assistance to individuals facing various challenges, including PTS and mobility issues. This partnership not only exemplifies Voya's corporate responsibility but also underscores its culture of giving back, as expressed by veteran John Albanese.
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Voya Financial, Inc. (NYSE: VOYA) has appointed Michael Raneri as Senior Vice President and Chief Technology Officer of Enterprise Digital & Data Solutions. In his new position, Raneri will enhance the company's innovation capabilities and oversee integration with partners to improve customer outcomes. Reporting to CIO Santhosh Keshavan, he will operate remotely from San Francisco, CA. Raneri joins Voya with over 30 years of leadership experience, previously working at AssetMark where he led digital transformation efforts. He holds a bachelor's degree from Fairfield University and an Executive Management Certificate from MIT. Voya aims to create a best-in-class experience for its clients through improved digital and data capabilities.
Voya Financial, Inc. (NYSE: VOYA) announced the redemption of all 5.650% fixed-to-floating rate junior subordinated notes due 2053, with an outstanding principal of $393,102,000. The redemption is set for May 15, 2023, at a price equal to 100% of the principal plus accrued interest until that date. The company plans to fund this redemption from available liquidity sources. This redemption highlights Voya's proactive financial management and strategic decision-making aimed at optimizing its capital structure.
Voya Financial (NYSE: VOYA) has opened applications for its 2023 Unsung Heroes program, designed to support teachers with innovative curriculum ideas. A total of $140,000 in grants is available, with fifty finalists each receiving $2,000. Enhanced awards include $25,000 for first place, $10,000 for second, and $5,000 for third. Since its inception, the program has distributed nearly $6 million in grants. The deadline for applications is April 28, 2023. This initiative emphasizes Voya's commitment to education, aiming to empower teachers and positively impact student learning experiences.
Voya Financial, Inc. (NYSE: VOYA) will host a conference call on its financial results for the first quarter of 2023 on May 3, 2023, from 10 a.m. to 11 a.m. ET. A press release detailing these results will be issued after the market closes on May 2, 2023. Investors can find the release and supplementary materials on Voya's investor relations website. The webcast will include a slide presentation and will be streamed live. A replay will be available after the call begins at 1 p.m. ET on the same day.
Voya is a leading health, wealth, and investment company focused on empowering clients to achieve financial confidence.
Voya Financial (NYSE: VOYA) has launched a new advisory services program through Voya Retirement Advisors, LLC, powered by Morningstar. This initiative is designed to provide retirement plan participants with tailored advice and guidance solutions, responding to a growing demand—85% of working Americans deem these services important for investment confidence. The new program includes online investment advice and managed accounts, enhancing Voya's service offerings, which saw a 10% increase in managed account enrollment in 2022. Voya aims to support individuals through unique financial solutions, fostering greater participation and education in retirement planning.