Voya Financial Inc Stock Price, News & Analysis

Voya Financial (NYSE: VOYA) has completed the divestiture of its individual life insurance and legacy non-retirement annuities businesses to Resolution Life US. This strategic move aims to simplify Voya's portfolio, reduce market risks, and free up capital. Voya Investment Management will manage approximately $20 billion associated with the closed blocks and serve as a preferred asset management partner for Resolution Life. CEO Rodney Martin stated that this transition allows Voya to focus on its core strengths, promoting organic growth in Retirement, Investment Management, and Employee Benefits.

On December 28, 2020, Voya Financial (NYSE:VOYA) declared a quarterly dividend of $0.15 per share on its common stock. This led to an adjustment in the exercise price of Warrants, decreasing from $48.09 to $47.97 per share, with the number of shares for each Warrant adjusted to 1.002458426. These changes are effective immediately. Voya is focused on helping Americans prepare for retirement, with $7.5 billion in revenue in 2019 and $657 billion in assets under management as of September 30, 2020.

Voya Financial (NYSE: VOYA) announced that it and Resolution Life have secured all regulatory approvals to finalize the sale of Voya’s Individual Life and non-retirement legacy annuities business, slated to close on January 4, 2021. The transaction aims to ensure a smooth transition for customers. Additionally, Voya plans to initiate an accelerated share repurchase program totaling approximately $150 million, reiterating its commitment to returning capital to shareholders. With this approval, Voya has returned around $6.4 billion to shareholders since its IPO.

Voya Investment Management has been recognized by Pensions & Investments magazine as one of the "2020 Best Places to Work in Money Management," ranking third among firms with 500-999 employees. This accolade marks the sixth consecutive year Voya earned this recognition. Despite the challenges posed by the pandemic, the firm's commitment to employee wellbeing and client service has been pivotal. Voya also offers unique benefits, including 40 hours of annual volunteer time and has been acknowledged for LGBT equality and ethical practices, reinforcing its reputation in the industry.

The Board of Trustees for Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) has approved changes to the Fund's principal investment strategies and its primary benchmark, shifting from the MSCI World Index to the MSCI World Value Index. Effective December 31, 2020, these changes aim to better align the security selection process with the new benchmark. The Fund remains focused on providing high income and capital appreciation, using a quantitative investment strategy. A webcast is scheduled for December 17, 2020, to discuss these changes and market conditions.

The Board of Trustees of Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) has approved changes to its principal investment strategies and benchmark, shifting from the MSCI World Index to the MSCI World Value Index. These changes, effective on or about December 31, 2020, aim to better align the Fund's security selection with its income and capital appreciation objectives. The Fund intends to maintain a high level of income and pursue total returns while managing portfolio volatility.

Voya Financial, Inc. (NYSE: VOYA) will participate in the Goldman Sachs U.S. Financial Services Conference on December 8, 2020, at 11:20 a.m. ET. The event will feature CEO Rodney O. Martin, Jr. and CFO Michael Smith. Interested parties can access the live webcast via the Voya investor relations website, and a replay will be available starting December 9, 2020. Voya serves approximately 13.8 million customers in the U.S. and reported $7.5 billion in revenue for 2019, with $657 billion in total assets managed as of September 30, 2020.

Voya Prime Rate Trust (NYSE: PPR) has initiated a tender offer to buy back up to 15% of its outstanding common shares. The buyback price will be set at 99% of the Fund’s NAV at market close on the expiration date, January 4, 2021. Shareholders are encouraged to review the detailed tender offer materials filed with the SEC, which include important information pertinent to their decisions. Voya Investment Management, managing over $238 billion in assets, emphasizes its commitment to providing robust investment solutions.