Voya Financial, Inc. (VOYA): ANSOFF MATRIX [Dec-2025 Updated]

You've seen the strong Q3 2025 results from Voya Financial, Inc.-$239 million in after-tax adjusted operating earnings on $785 billion in total client assets-and now you're wondering what's next for this powerhouse in Retirement and Investment Management. Honestly, mapping out the next phase of growth requires more than just good intentions; it needs a clear plan. I've broken down Voya Financial, Inc.'s next moves using the Ansoff Matrix, showing you exactly where they can push for deeper market penetration, develop new products, or even make big diversification bets. Keep reading to see the concrete strategies, from cross-selling to new market entries, that will define their trajectory from here.

Voya Financial, Inc. (VOYA) - Ansoff Matrix: Market Penetration

Market Penetration for Voya Financial, Inc. (VOYA) centers on deepening relationships within existing client bases and maximizing the value from recent strategic moves, like the OneAmerica Financial acquisition.

The integration of the OneAmerica Financial full-service retirement plan business is a prime driver for this strategy. This transaction is specifically designed to capture an estimated $47 billion of assets under administration (AUA) within Voya's strategically important full-service Emerging and Mid-Market segments. Post-close, Voya's Wealth Solutions Defined Contribution client assets are projected to grow to $580 billion, with the total retirement plan count reaching 60,000 and the participant pool expanding to approximately 7.9 million individuals.

A key action here is the cross-sell initiative targeting the existing client base. Voya has approximately 15.7 million customers across its AUM and AUA. The goal is to cross-sell Investment Management's fixed income solutions to these existing Retirement clients. Voya Investment Management manages $366 billion in assets as of September 30, 2025, offering extensive fixed income strategies, including Core Fixed Income and Multi Sector options.

In the Multiple Employer Solution (MES) retirement plan business, Voya Financial is already seeing traction, which supports market penetration efforts. For the first half of 2025 (H1 2025), the MES plan business experienced a 52% year-over-year increase in funded sales as of June 30, 2025. This growth validates the focus on scalable, flexible retirement offerings in this segment.

For the Employee Benefits segment, the focus shifts to operational efficiency to maximize profitability from the existing market. You need to concentrate on improving the adjusted operating margin, which stood at 6.0% for the trailing twelve months (TTM) ended September 30, 2025. (Note: For the TTM ended June 30, 2025, the segment, then called Health Solutions, reported an adjusted operating margin of 3.7%, or 4.2% excluding notable items.) Improving this margin is critical for leveraging current market share.

Finally, capital deployment supports market penetration through increased visibility. Voya generated more than $200 million in excess capital in the third quarter of 2025 (Q3 2025). This capital should be directed toward targeted marketing campaigns designed to increase plan participation rates among the existing client base and newly acquired assets.

Here are the key metrics underpinning the Market Penetration strategy:

To execute this penetration strategy effectively, you should focus on these immediate actions:

• Finalize the integration of the $47 billion in OneAmerica mid-market assets.
• Launch pilot cross-sell campaigns for fixed income to 15.7 million existing Retirement clients.
• Analyze the drivers behind the 52% MES funded sales growth to replicate success.
• Implement cost controls to push the 6.0% Employee Benefits margin higher.
• Allocate a portion of the $200 million Q3 2025 excess capital to marketing.

Finance: finalize the post-integration capital allocation plan for Q4 2025 by next Wednesday.

Voya Financial, Inc. (VOYA) - Ansoff Matrix: Market Development

Expand the Investment Management segment's institutional flows into new, non-U.S. insurance mandates, building on existing international momentum.

Voya Investment Management manages $366 billion in assets as of September 30, 2025. The segment generated net inflows of $3.9 billion for the three months ended September 30, 2025, which represented organic growth of 1.2% for that quarter. For the second quarter of 2025, Investment Management reported net inflows of $2 billion, contributing to year-to-date net flows of nearly $10 billion. Pre-tax adjusted operating earnings for Investment Management in Q2 2025 were $51 million. The firm is expanding its investment capabilities for insurance clients, evidenced by the hiring of a head of Insurance Solutions in July 2025 to expand investment capabilities for insurance clients.

Here's a look at the recent flow performance for the Investment Management segment:

Target the small business market with simplified, digital-first 401(k) and 403(b) retirement products.

Voya Financial is seeing traction in smaller and mid-sized markets, which often utilize simplified, aggregated retirement offerings. As of June 30, 2025, the company's Multiple Employer Solution (MES) plan business saw a 52% year-over-year increase in funded sales. These MES options are designed to streamline administration and serve as a pragmatic solution for smaller businesses. Voya serves over 39,000 U.S. employers, and as of July 2025, these employers and their participants held over $630 billion in defined contribution assets on the platform. Total defined contribution net inflows for Q2 2025 were approximately $12 billion.

Utilize the Stop Loss business's improved underwriting margins to aggressively enter new regional U.S. markets.

The Stop Loss business is showing margin improvement due to disciplined pricing and underwriting actions taken for the 2025 book. For the January 2025 stop loss cohort, Voya held reserves at an 87% loss ratio. In the third quarter of 2025, this segment generated pre-tax adjusted operating earnings of $47 million, a significant increase from $23 million in the prior-year period, directly driven by improved underwriting margins. In Q3 2025, Stop Loss collected almost $453 million in premiums and paid about $424 million in benefits, resulting in an operating gain of $28 million. The company has been focused on disciplined pricing, with average rate increases for coverage renewing in January 2025 being twice as large as those for January 2024 renewals.

Key Stop Loss Financial Metrics (Q3 2025):

• Pre-tax adjusted operating earnings: $47 million
• Q3 Premiums Collected: Almost $453 million
• Q3 Benefits Paid: About $424 million
• Operating Gain: $28 million
• January 2025 Cohort Loss Ratio Reserve: 87%

Establish new distribution partnerships with large regional banks or credit unions for retail wealth products.

Voya Investment Management is actively expanding its distribution reach across private wealth markets, including broker-dealers, private banks, and RIAs, by adding senior sales leadership in June 2025. A key development is the finalized selling agreement with Edward Jones, which will allow their financial advisors to offer Voya's retirement tools and services. Furthermore, a strategic partnership with Blue Owl Capital will make private markets investment products available through advisor-managed accounts on Voya's retirement platform. The firm is also building out its team to deepen relationships with key distribution partners, with new business development hires focused on driving growth across these channels.

Offer specialized retirement plans to specific professional groups, like medical or legal practices, using a tailored advisory model.

Voya Financial offers tailored 401(k), 403(b), 457, and nonqualified plans, emphasizing flexibility for diverse employee needs. The company is a leading provider in the tax-exempt market, serving more than 25,000 plans and over 3.6 million plan participants in that sector. Voya also launched the first 403(b) Pooled Employer Plan post-SECURE Act 2.0, designed for 501(c)(3) nonprofit organizations and health care related entities. The firm is focused on providing local financial professionals for one-on-one education and advice to plan participants. Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Ansoff Matrix: Product Development

You're hiring before product-market fit, so you need to be precise about what new things you're bringing to your existing client base. Here's the quick math on the planned product development initiatives for Voya Financial, Inc. (VOYA).

Launch new actively managed Exchange Traded Funds (ETFs) within Investment Management to meet growing retail demand.

Voya Investment Management (Voya IM) announced the launch of its first three actively managed exchange-traded funds (ETFs), with two launching in November 2025 and the third, the Voya Multi-Sector Income ETF (VMSB), launching in December 2025. The VMSB fund started trading on December 2, 2025. Voya IM currently serves as sub-advisor to 10 ETFs, which collectively represent approximately $2.5 billion in assets under management (AUM). The team managing these new products, the Multi-Sector Fixed Income team, manages $43 billion across multiple strategies as of September 30, 2025. Voya IM manages approximately $366 billion in total assets as of September 30, 2025.

• Voya IM's flagship Intermediate Bond Fund has $10 billion in AUM.
• The new ETFs include Voya Ultra Short Income ETF (VUSI) and Voya Core Bond ETF (VCOB).
• VMSB has a maximum short-term capital gains rate of 39.60%.

Roll out a comprehensive, integrated Short-Term Disability and Leave Management platform, leveraging 2025 strategic investments.

Voya Financial is evolving its Voya Leave Management (VLM) and Short Term Disability (STD) offerings to deliver a more connected and supportive experience. Enhancements to the myBenefitsHub online absence management portal were made available for new customers starting January 1, 2025, with current clients migrating in December 2024. Voya's research found that 93% of employees consider an online employee benefits portal or enrollment platform to be "extremely" or "somewhat important" in making benefits decisions. Voya Leave Management services are sold with Disability Income Coverage and help employers manage time off consistent with federal Family and Medical Leave Act (FMLA), state unpaid leave laws, Paid Family Leave (PFL/PFML), and Americans with Disability Act (ADA) leaves.

Develop advanced financial wellness tools that use AI to personalize retirement income projections for participants.

The focus on retirement readiness is clear, with 69% of participants in the 2025 Survey of the Retirement Landscape feeling very or somewhat prepared for retirement. Voya's Wealth Solutions segment saw defined contribution net inflows surge to $30 billion in Q1 2025. This segment's total client assets reached $694 billion as of Q1 2025, marking a 21% year-on-year jump. Fee-based revenue now accounts for over 80% of the Wealth Solutions segment's income. Voya WealthPath is an enhanced technology platform for Voya Financial Advisors that includes financial planning tools.

• Wealth Solutions pre-tax earnings rose 11% to $207 million in Q1 2025.
• The U.S. retirement market Voya serves is valued at $13 trillion.

Introduce a new suite of guaranteed income solutions (annuities) tailored for the post-retirement phase of existing 401(k) clients.

Voya offers a suite of annuity products designed for growth, protection, and income. In the first half of 2025, as of June 30, funded sales within Voya's Multiple Employer Solution (MES) plan business increased by 52% year-over-year. Voya recently increased its quarterly dividend by 12.5% to $0.45 per share. The Voya Solution 2025 Portfolio is designed for investors planning to begin retirement between 2023 and 2027, currently focused on reducing volatility to preserve existing assets.

Integrate legacy planning services, like the Empathy LifeVault, across the Employee Benefits platform for a holistic offering.

Voya Financial integrated Empathy LifeVault™, marking the first time a financial institution implemented the platform. This addresses the finding that 67% of individuals lack access to essential documents after a loved one's death, which can extend estate settlements up to 20 months. The integration targets enrollees of Voya's Group Term Life Insurance and Lifetime Life Insurance policies. Only 24% of U.S. adults currently report having a will. An anticipated $84 trillion wealth transfer is expected from baby boomers over the next two decades.

• LifeVault offers a secure digital platform for storing personal affairs and creating legal documents.
• The service extends to employees' loved ones and beneficiaries.

Voya Financial, Inc. (VOYA) - Ansoff Matrix: Diversification

You're looking at Voya Financial, Inc. (VOYA) and mapping out where new growth can come from beyond the core business lines. Diversification, in this context, means moving into new markets or creating entirely new product types, which is a step up in risk from just selling more of what you already have. To understand the scale of these potential moves, look at where Voya Financial stands as of late 2025.

The Investment Management (IM) segment, a key engine, reported preliminary Assets Under Management (AUM) of $366 billion as of September 30, 2025. This segment is significant, ranking Voya IM among the top-50 institutional managers globally by AUM. The total firm-wide assets under management and administration (AUM&A) reached $1.1 trillion as of that same date. For context on recent performance, the TTM revenue ending September 30, 2025, was $8.088B, and Q2 2025 total revenues hit $1,981 million.

Here's a quick look at the current IM AUM structure, which shows where the existing client base is concentrated:

Acquiring a specialized FinTech firm to offer a B2B Digital Transformation Services platform to other financial institutions is a move into a new service line entirely. This would create a revenue stream separate from the traditional fee-based income derived from the existing $366 billion in IM AUM. The firm generated approximately $0.2 billion of excess capital in Q2 2025, which could fund such a strategic acquisition or build-out, though the required investment for a specialized platform would need careful underwriting.

Entering the Canadian market with a new, specialized Investment Management product, like a private credit fund, leverages existing IM expertise but targets a new geography. Voya IM already manages $86 billion in private fixed income assets. The success of existing product development is visible in the $1.8 billion net inflows IM generated in the three months ended June 30, 2025. This new product would aim to capture a share of the international asset management pool, building on the firm's global aspirations.

Creating a new, non-insurance-based wealth advisory service focused exclusively on high-net-worth individuals (HNWIs) targets a different client segment. Currently, Voya's external client assets are split between Institutional at $173 billion and Retail at $156 billion as of September 30, 2025. A dedicated HNWI service would require a different fee structure and service model than the current setup, which supports the $156 billion in Retail external client assets.

Investing in and launching a new business line providing Internet of Things (IoT) Services for commercial real estate asset management is a true diversification away from financial services products. This would be a completely new revenue stream, contrasting sharply with the core business earnings. For instance, the Retirement segment posted pre-tax adjusted operating earnings of $235 million in Q2 2025. Any new venture must eventually scale to contribute meaningfully against these established profit centers.

Establishing a dedicated venture capital arm to invest in early-stage HealthTech startups creates another distinct revenue stream. The Investment Management segment's TTM Adjusted Operating Earnings before Income Taxes was $220 million as of Q3 2025. This VC arm would aim for outsized, long-term capital gains, which is a different return profile than the current $107 billion in equity assets managed by IM.

The current operational structure provides the foundation for these expansion strategies:

• Total client assets reached $757 billion as of June 30, 2025.
• The firm returned $44 million to shareholders via common dividends in Q2 2025.
• The Employee Benefits segment saw pre-tax adjusted operating earnings of $69 million in Q2 2025.
• The expected loss ratio for the 2024 Stop Loss cohort was lowered to 91%.
• The firm maintains a current ratio of 8.6.