Voya Financial, Inc. (VOYA): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving Voya Financial, Inc. after their big strategic moves, and honestly, it's all about mastering the retirement ecosystem, not just selling insurance. With a massive base exceeding $1 trillion in total client assets and administration, their model is clearly built on scale, but the real story for 2025 is the integration of the OneAmerica retirement business, which they are targeting to add $75 million in operating earnings this year alone. We're going to map out their entire Business Model Canvas-from the $1,981 million in Q2 2025 total revenues to their key partnership with Blue Owl Capital for private markets access-so you can see exactly how they clear the path to financial confidence for nearly 8 million plan participants and where the next growth lever is hiding. Dive in below to see the precise structure that underpins their current valuation.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Key Partnerships

You're looking at the structure Voya Financial, Inc. uses to distribute its offerings and enhance its scale through external relationships as of late 2025. These alliances are critical for market penetration and product expansion, especially in the competitive retirement space.

Strategic integration of the acquired OneAmerica retirement business was a major move completed at the start of 2025, significantly altering Voya Financial, Inc.'s scale. This integration bolstered Voya's Wealth Solutions business, which now serves approximately 60,000 retirement plans and nearly 8 million participants. The Defined Contribution client assets within Wealth Solutions grew to $670 billion following the close. The upfront purchase price for the OneAmerica Financial retirement plan business was $50 million, with deferred consideration of up to $160 million contingent on performance metrics in the second quarter of 2026. The deal was projected to deliver at least $75 million of pre-tax adjusted operating earnings and more than $200 million of net revenue in the first year post-closing.

The partnership with Blue Owl Capital focuses on bringing private markets strategies to defined contribution retirement plans. This strategic alliance, announced in July 2025, centers on jointly developing collective investment trusts (CITs). As of September 30, 2025, Blue Owl Capital manages over $273 billion in assets. Voya Financial, on its end, administers benefits for more than 39,000 U.S. employers and over 9 million retirement plan participants, holding more than $630 billion in defined contribution assets on its platform as of July 2025.

Distribution reach is being amplified through key relationships like the new selling agreement with Edward Jones. This finalized agreement allows Edward Jones financial advisors to offer Voya's comprehensive suite of retirement plan tools and services. This is supported by Voya's internal focus on deepening relationships with key distribution partners, with a newly expanded business development team in place during the first half of 2025.

Voya Financial, Inc. also enhanced its financial wellness offering through a collaboration with Savi, effective in June 2025, to provide student loan debt solutions. This is timely, as a Voya Financial Consumer Insights & Research survey indicated that 42% of employees report being likelier to stay with their employer if student loan debt assistance is offered. Savi itself reports helping borrowers find billions of dollars in education savings to date, specifically noting $4.5 billion across over 10,000+ employers since 2017.

The broader network of third-party distribution partners and financial intermediaries is supported by Voya Investment Management's scale. As of September 30, 2025, Voya Investment Management manages $366 billion in assets. The firm is ranked among the top-50 institutional managers globally by AUM.

Here's a quick look at the scale associated with some of these key relationships as of mid-to-late 2025:

The focus on these partnerships reflects Voya Financial, Inc.'s strategy to embed its solutions across various channels:

• Retirement Plan Access: Utilizing Blue Owl Capital for alternative investments within defined contribution plans.
• Advisor Reach: Expanding distribution through agreements like the one with Edward Jones.
• Workplace Wellness: Integrating student loan support via Savi to boost employee retention and engagement.
• Scale & Capability: Solidifying market position through the acquisition of OneAmerica's retirement business, adding capabilities like employee stock ownership plan administration.

Finance: draft Q4 2025 partnership performance review by January 15, 2026.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Key Activities

You're looking at the core engine of Voya Financial, Inc., the activities they must execute flawlessly to keep the whole model running. Honestly, for a company this size, the list is long, but we can boil it down to these five critical areas based on their late 2025 performance.

Managing $1 trillion+ in total client assets and administration

This is about scale and stewardship. Voya Financial reported hitting a significant milestone, surpassing $1 trillion in total assets across Retirement and Investment Management as of the third quarter of 2025. To be precise, as of September 30, 2025, Voya Financial held $1.1 trillion in assets under management and administration. This massive pool of capital requires constant, high-volume administration, especially for their recordkeeping business, where they were nearing 10 million participant accounts in retirement as of mid-2025.

Here's a quick look at the asset base as of the end of the second quarter:

Integrating the OneAmerica acquisition, targeting $75 million in 2025 operating earnings

The integration of the OneAmerica Financial's retirement plan business is a major 2025 activity. Voya Financial confirmed that this integration remains on track, with a specific full-year target of generating $75 million in operating earnings from the deal. This acquisition was transformative, adding approximately $60 billion in client assets. The benefits are already showing up in the earnings reports; for instance, second-quarter 2025 growth was primarily driven by earnings from the acquired business. The company is focused on disciplined execution here, as this activity directly impacts their capital generation goals, with plans to generate over $700 million of excess capital for the full year 2025.

Underwriting and administering group life, disability, and supplemental health insurance

Voya Financial's Employee Benefits segment is key to providing a full suite of protection. This involves the core activity of underwriting risk for group products. For Supplemental Health Insurance, which includes Accident, Critical Illness, and Hospital Indemnity coverage, the policies are issued by ReliaStar Life Insurance Company. For Group Term Life Insurance, employees can elect Supplemental Life Insurance coverage up to $500,000 in $10,000 increments. Furthermore, they manage the claims and administration for Disability Income Coverage, both Short Term and Long Term, aiming for faster claims decisions and clearer communication.

Key features of these underwriting activities include:

• Offering coverage that can be guaranteed issue.
• Designing plans where employers control premium payment structure.
• Providing Waiver of Premium if the employee becomes totally disabled.
• Managing disability claims with low target assigned caseloads for specialists.

Developing and maintaining digital platforms like myVoyage and Voya Claims 360

Keeping the user experience modern is a non-negotiable activity. The myVoyage platform is central, acting as a personalized financial guidance and connected workplace benefits hub. This platform's core function is providing a consolidated view of all accounts-workplace savings, external banking, brokerage-under one login. The focus on digital engagement is underscored by the fact that Voya reported over 101 million digital interactions in 2021 alone. The platform also integrates access to medical claims for tracking out-of-pocket expenses, which ties into their health solutions administration.

Active investment management across public, private, and alternative strategies

This is where Voya Investment Management (IM) earns its fees. As of September 30, 2025, Voya IM managed $366 billion in assets, ranking them among the top-50 institutional managers globally by AUM. This activity is characterized by actively managing a diverse set of strategies for institutional and individual clients. The Multi-Sector Fixed Income team, for example, manages $43 billion across multiple strategies as of that same date.

Here is the asset breakdown for the Investment Management segment as of Q2 2025:

The firm is also actively expanding its offerings, launching its first proprietary actively managed exchange-traded funds (ETFs) in late 2025. Finance: draft the Q4 2025 capital allocation plan by next Tuesday.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Key Resources

You're looking at the core assets Voya Financial, Inc. relies on to deliver its value proposition. These aren't just line items; they represent the scale, technology, and human capital underpinning their operations as of late 2025.

The sheer scale of assets managed and administered is a primary resource, reflecting deep client trust and market presence. This scale is supported by a strong financial position, allowing for both investment and shareholder returns.

The technology backbone is crucial for delivering personalized service at this scale. Voya Financial, Inc. deploys its proprietary digital platform, myVoyage, to provide personalized financial guidance.

• myVoyage offers a consolidated view of benefits, savings, and external financial accounts.
• The platform uses data-driven insights derived from behavioral finance research.
• It provides life event journeys and hyper-personalized guidance.

The human capital supporting the investment and distribution arms is also a significant resource. The firm's ability to grow and service its client base depends on these teams.

• Voya Investment Management draws on the expertise of 300+ investment professionals.
• The firm has approximately 477 financial professionals dedicated to serving workplace and wealth management clients.
• Voya is on track to add more than 100 advisers by year-end 2025 at its new Boston Wealth Management Hub.

The extensive book of business represents recurring revenue potential and market penetration. This book is spread across various client types and segments.

• Total clients served across all segments as of September 30, 2025, reached approximately 15.7 million.
• Voya serves approximately 39,000 U.S. employers with retirement products and services.
• The Employee Benefits business covers approximately 7.5 million individuals through its stop loss, life, disability, and voluntary insurance products.

Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Value Propositions

You're looking at the core promises Voya Financial, Inc. (VOYA) makes to its customers, the things that make them choose VOYA over the competition. These value propositions are backed by significant scale and recent performance figures, so let's break down the hard numbers.

Clearing the path to financial confidence for individuals and institutions

Voya Financial, Inc. positions itself as a partner in achieving financial confidence. This is supported by the sheer size of the assets they manage and administer. As of September 30, 2025, Voya Financial had a total of $1.1 trillion in assets under management and administration (AUM&A) across the enterprise. The Investment Management segment specifically reported $366 billion in Assets Under Management (AUM) as of that same date. Furthermore, the company delivered nearly 30% growth in adjusted operating Earnings Per Share (EPS) year-over-year for the third quarter of 2025.

The scale of the core retirement business is also a key value driver. As of the second quarter of 2025, total client assets across Retirement and Investment Management surpassed $1 trillion. Total client assets specifically stood at $785 billion as of September 30, 2025, representing a 29% increase compared to September 30, 2024.

Here's a quick look at the Investment Management segment's scale as of September 30, 2025:

Holistic financial wellness via the connected digital platform myVoyage

Voya Financial offers myVoyage, a digital platform designed to provide personalized guidance and connect workplace benefits. While the platform is continuously updated, real-life customer outcomes from 2023 data illustrate its impact on decision-making. For instance, 7% of myVoyage users increased their retirement savings rate. Also, 59% of users elected supplemental health insurance through the platform. To be fair, these are historical results, but they show the tool drives action. A significant 79% of plan participants surveyed expressed a desire for help maximizing benefit dollars across workplace benefits and savings.

• 59% of users elected supplemental health insurance.
• 7% of users increased their retirement savings rate.
• 79% of respondents want help maximizing benefit dollars.

Enterprise-grade retirement solutions for large-plan markets and government institutions

Voya Financial is a leading provider of retirement products and services, serving a massive base of employers and participants. As of June 30, 2025, Voya served approximately 45,000 U.S. employers and over 9.6 million retirement plan participants. The Retirement segment showed strong commercial momentum, with defined contribution net flows of approximately $12 billion in the second quarter of 2025. The pre-tax adjusted operating earnings for the Retirement segment in the second quarter of 2025 were $235 million, up from $214 million in the prior-year period, partly due to the acquired business from OneAmerica.

Top 3 group provider of supplemental health insurance in the U.S.

Voya Financial holds a strong position in the Employee Benefits space, specifically as a Top 3 Group provider of supplemental health insurance in the U.S. Through its insurance companies, Voya covers more than 7.2 million individuals via workplace supplemental products, including stop loss, life, and disability insurance, as of June 30, 2024. The underwriting discipline in this segment is evident; for example, the expected loss ratio for the 2024 stop-loss cohort was lowered by 200 basis points to 91% as of Q2 2025. The segment's pre-tax adjusted operating earnings for the third quarter of 2025 reached $47 million, up from $23 million in the prior-year period.

Access to private markets investments through the Blue Owl partnership

The partnership with Blue Owl Capital is designed to bring private market strategies into defined contribution (DC) retirement plans via Collective Investment Trusts (CITs). Blue Owl is a credit-focused alternatives manager with $273 billion in assets under management as of July 2025. This collaboration leverages Voya's significant retirement footprint, which includes serving more than nine million retirement plan participants holding over $630 billion in DC assets on its platform as of July 2025. Voya intends to use Blue Owl's direct lending and investment grade, asset-backed finance private credit strategies.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Customer Relationships

You're looking at how Voya Financial, Inc. (VOYA) manages the connections with its vast client base as of late 2025. It's a mix of high-touch human advice and scalable digital tools, which makes sense given their scale.

Advisor-supported model for retirement and wealth clients

The advisor channel remains central for Voya Financial, Inc. (VOYA) in serving both retirement and wealth management needs. They support a network of approximately 477 financial professionals across Voya Financial Advisors, Inc.. This human element is key for complex decision-making, especially as participants approach retirement.

For employer-sponsored plans, the advisor support drives growth, particularly in flexible offerings. For instance, Voya's Multiple Employer Solution (MES) plan business, which targets smaller businesses needing streamlined administration, saw a 52% year-over-year increase in funded sales as of June 30, 2025. Also, Voya finalized a new selling agreement with Edward Jones, intending to expand the reach of their comprehensive retirement tools through that advisor network.

Digital self-service and integrated experience via myVoyage

For the broader participant base, digital engagement is critical for driving better outcomes. myVoyage is Voya Financial, Inc. (VOYA)'s personalized financial-guidance and connected workplace-benefits digital platform. This platform helps employees see a consolidated view of their financial accounts and benefits coverages with one login.

The impact of this digital guidance is measurable. Participants who engage with Voya's digital tool, specifically myOrangeMoney, have shown 24% higher savings rates. This shows you that making the data accessible and actionable helps people save more effectively. Voya serves over 9.6 million retirement plan participants as of June 1, 2025, many of whom use these digital tools to manage their journey.

Dedicated sales and relationship teams for institutional clients

The institutional side relies on dedicated teams to manage large, complex relationships. Voya Financial, Inc. (VOYA) acts as a B2B partner, serving approximately 45,000 U.S. employers. Relationship leaders manage engagement across multi-product solutions, including Retirement Plans and Health Savings Accounts.

The success in this segment is reflected in new client wins, such as securing the Virginia Retirement System and another large state government plan in the first half of 2025. On the asset management front, Voya Investment Management managed $366 billion in assets as of September 30, 2025, with $167 billion specifically from Institutional external client assets in Q2 2025.

Here's a quick look at the scale of Voya Financial, Inc. (VOYA)'s client base and asset relationships:

Customer-centric approach driven by a purpose-driven culture

The underlying philosophy driving these interactions is a customer-centric approach rooted in Voya Financial, Inc. (VOYA)'s purpose. The company's aspirational vision is 'Clearing your path to financial confidence and a more fulfilling life'. This focus translates into tangible results, like the strong client growth seen in the Retirement business during the first half of 2025.

The culture supporting this is recognized externally. Voya Financial, Inc. (VOYA) is certified as a "Great Place to Work" by the Great Place to Work® Institute. Furthermore, the company has earned recognition as one of the World's Most Ethical Companies® by Ethisphere. This commitment to ethical and positive internal culture is presented as the foundation for building client trust.

• Certified as a "Great Place to Work" by the Great Place to Work® Institute.
• Recognized as one of the World's Most Ethical Companies® by Ethisphere.
• Achieved recognition as a "Best Place to Work for Disability Inclusion" on the Disability Equality Index.
• Focus on simplifying retirement planning and broadening accessibility.

Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Channels

You're looking at how Voya Financial, Inc. gets its products and services into the hands of customers. It's a multi-pronged approach, heavy on the workplace side, but with a growing emphasis on digital and strategic partnerships. Honestly, the numbers show where the real scale is right now.

Workplace/Employer-sponsored Plans

The core channel for Voya Financial, Inc. is definitely the employer-sponsored retirement space. This is where they achieve massive scale by embedding their solutions within companies across the U.S. As of June 30, 2025, Voya Financial, Inc. was serving approximately 45,000 U.S. employers. This massive network supports over 9.6 million retirement plan participants as of that same date.

The growth in flexible offerings is notable. For instance, funded sales within Voya's Multiple Employer Solution (MES) plan business saw a 52% year-over-year increase as of June 30, 2025. This shows the channel is adapting to smaller and mid-sized market needs. Total assets under management and administration across the company stood at over $1 trillion+ as of the second quarter of 2025.

Here's a quick snapshot of the scale within this primary channel:

• Serving approximately 45,000 U.S. employers as of June 30, 2025.
• Supporting over 9.6 million retirement plan participants.
• MES funded sales up 52% year-over-year (H1 2025).
• Total assets under management and administration over $1 trillion+.

Direct Sales Force and Network of Financial Professionals

While the employer channel provides the platform, Voya Financial, Inc. still relies on dedicated professionals to service and grow relationships. As of June 30, 2025, the company had approximately 477 financial professionals dedicated to serving workplace and wealth management clients. This team is crucial for navigating the complexities of large-plan markets and driving deeper engagement with participants.

Digital Platforms and Websites for Participant and Client Access

Technology is increasingly integrated into how Voya Financial, Inc. delivers value, moving beyond just administration. They use proprietary platforms to enhance the client experience. For example, they deploy myVoyage, which is described as a first-of-its-kind personalized financial-guidance and connected workplace-benefits digital platform. Also in use is Voya Claims 360, designed to simplify the claims process for supplemental health insurance products. These digital tools help meet the expectation for seamless, tech-enabled financial guidance.

Key Distribution Partners like Edward Jones

Expanding reach through established networks is a clear strategy. Voya Financial, Inc. recently bolstered this channel by finalizing a new selling agreement with Edward Jones in the first half of 2025. This partnership allows Edward Jones' financial advisors to offer Voya's full suite of retirement plan tools and services. To give you context, Edward Jones has about 20,000 financial advisors and serves more than 28,000 vendor-held workplace retirement plans. This deal is about meeting more people where they are-at work-through a trusted intermediary.

Institutional Channels for Investment Management

Voya Investment Management operates as a distinct channel, serving sophisticated institutional clients directly and through consultants. As of September 30, 2025, Voya Investment Management managed $366 billion of AUM (Assets Under Management) and $54 billion of AUA (Assets Under Administration). They are recognized globally, ranking among the top-50 institutional managers globally by AUM.

The institutional distribution platform is dedicated, using direct and consultant-focused sales professionals. The client base is diverse, including insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, and consultants. For the trailing twelve months ending September 30, 2025, the Investment Management segment generated an Adjusted Operating Earnings before Income Taxes (TTM) of $220 million.

Here's a breakdown of the Investment Management channel metrics as of late 2025:

Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Customer Segments

You're looking at Voya Financial, Inc. (VOYA)'s customer base as of late 2025, and it's clear they serve a massive cross-section of the American working and investing public. Honestly, their scale is what makes them a major player in the retirement space.

The core of their business revolves around guiding people to financial security, which means their customer segments are deeply tied to the workplace and institutional money management. As of September 30, 2025, Voya Financial, Inc. was serving approximately 15.7 million individual, workplace, and institutional clients in total across all segments.

Retirement Plan Participants

This group is the engine of the Wealth Solutions business. These are the employees whose retirement accounts Voya Financial, Inc. manages day-to-day. You're looking at significant scale here; as of September 30, 2025, Voya Financial, Inc. served over 9.7 million retirement plan participants. This massive base is supported by relationships with a large number of employers who sponsor these plans.

U.S. Employers

Voya Financial, Inc. partners with businesses of all sizes to offer these retirement plans. As of the third quarter of 2025, they were servicing approximately 45,000 U.S. employers. This includes small, mid-sized, and large corporations. They are actively growing in the mid-sized market, for instance, seeing a 52% year-over-year increase in funded sales within their Multiple Employer Solution (MES) plan business as of June 30, 2025. This suggests a strong focus on providing scalable solutions for growing businesses.

Institutional Investors Seeking Investment Management Solutions

The Investment Management segment caters to sophisticated entities looking for active management across various asset classes. These clients are served through a dedicated sales and service platform consisting of direct- and consultant-focused professionals. As of September 30, 2025, the preliminary Assets Under Management (AUM) attributed to Institutional external clients stood at $173 billion. This segment is part of the overall Investment Management AUM, which reached approximately $366 billion at that same date.

Individual Retail Clients for Wealth and Investment Products

This segment includes individual investors who access Voya Financial, Inc.'s investment products, often through intermediary channels like broker-dealers and independent financial advisers. This distribution platform relies on business development and wholesale forces. For the Investment Management segment as of September 30, 2025, the AUM from Retail external clients was $156 billion. This shows a substantial commitment to the direct-to-investor or intermediary-advised retail market alongside their institutional focus.

Government and Not-for-Profit Entities

Voya Financial, Inc. actively serves the public sector, including state and local government entities offering plans like 403(b) and 457 plans. They've recently secured major institutional wins, such as adding the Virginia Retirement System and another large state government plan in the first half of 2025, demonstrating success in delivering enterprise-grade retirement solutions to this segment. They also service the 501(c)(3) nonprofit space, having served as the recordkeeper for the first 403(b) Pooled Employer Plan following the SECURE Act 2.0 legislation.

Here's a quick look at how the Investment Management AUM breaks down by external client type as of September 30, 2025:

To give you a better picture of the overall Investment Management client base, here are the key figures from that same date:

• Total Investment Management Preliminary AUM: $366 billion.
• Total assets under management and administration across Retirement and Investment Management: Over $1.09 trillion as of September 30, 2025.
• Total client assets across all segments (Retirement, IM, EB) as of June 30, 2025: $757 billion.
• Voya also has approximately 477 financial professionals serving workplace and wealth management clients as of June 30, 2025.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Cost Structure

The Cost Structure for Voya Financial, Inc. centers heavily on claims management, integration expenses from recent acquisitions, and ongoing investment in its digital capabilities to support its workplace solutions. You need to watch these areas closely as they directly impact margin expansion.

Significant costs for integrating the OneAmerica retirement business

The acquisition of OneAmerica Financial, Inc.'s full-service retirement plan business, which closed on January 2, 2025, introduced immediate and ongoing costs. The upfront purchase price for this deal was $50 million. The integration process itself is a multi-year endeavor, planned to run through 2025 and potentially into 2026. To offset these integration efforts and associated operational expenses, Voya projected the acquisition would contribute approximately $75 million in pre-tax adjusted operating earnings in 2025. The total cost structure related to this integration includes the initial outlay plus the deferred consideration, which is up to $160 million payable in the second quarter of 2026, contingent on persistency and transition incentives.

Here's a quick look at the key financial figures tied to that major integration:

Claims and underwriting expenses in the Employee Benefits segment

For the Employee Benefits segment, the primary cost driver is claims and underwriting risk, which Voya monitors closely, especially given trends in employee health. Data as of June 30, 2025, reflects the current state of these costs, including the impact of the OneAmerica acquisition. While specific dollar amounts for total claims expenses for 2025 aren't immediately available, the underlying trends in utilization point to upward cost pressure. For instance, data reviewed for a 2025 report showed that between 2022 and 2024, the average number of chronic condition claims per person rose by 17%. Mental health claims specifically saw a larger increase during that period, jumping 31%. These utilization trends directly feed into the loss ratios that management must manage through premium setting.

Strategic investment of $50 million to insource Leave Management

Voya Financial, Inc. is making strategic investments within its Health Solutions business to enhance its offerings, specifically mentioning leave management and short-term disability. Although the search results confirm a $50 million upfront cost for the OneAmerica acquisition, the specific dollar amount for an investment solely dedicated to insourcing Leave Management is not explicitly detailed as a standalone $50 million figure in the context of 2025 spending. The focus remains on driving sales and retention through enhanced capabilities in this area.

Technology and digital platform development and maintenance

Maintaining and advancing Voya's digital platforms is a significant operational expense, though management actively works to control run-rate costs. The company has focused on operational excellence to decrease run-rate costs despite labor and software inflation, which creates room to increase investment in technology for future growth. Key technology integration efforts in 2025 included successfully integrating the AGI U.S. and Voya IM systems. The goal is to enhance business processes and risk management through technology, including developing a foundation for Voya's GenAI program. The firm relies on platforms like myVoyage for personalized financial guidance and Voya Claims 360 to simplify the claims process.

Employee compensation and distribution partner commissions

Compensation and commissions represent a substantial variable cost, particularly in the distribution channels supporting the Wealth Solutions and Employee Benefits segments. The 2024 Omnibus Incentive Plan governs equity and cash-based awards designed to attract and retain key personnel. For employee retirement plans, the company's matching contribution structure is a direct compensation cost. For example, in the Voya 401(k) Savings Plan, the Company matches up to 6% of eligible compensation each pay period. In one illustration provided for a participant with $48,000 in annual eligible compensation, the maximum company match potential for the year would be based on a per-pay-period match of $2,000. Distribution partner commissions scale with sales success across Voya's workplace and institutional channels.

Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Canvas Business Model: Revenue Streams

You're looking at how Voya Financial, Inc. actually brings in the money, which is key to understanding its valuation, so let's break down the real numbers from late 2025.

Fee-based revenues from Retirement and Investment Management assets

A huge chunk of Voya Financial, Inc.'s revenue comes from fees tied to the assets it manages, especially in the Retirement and Investment Management segments. This is the stable, capital-light engine. For instance, by the end of Q2 2025, total client assets across Retirement and Investment Management had hit a milestone of $1.09 trillion, with the Retirement segment alone showing total client assets up 30% year-over-year to $757 billion as of June 30, 2025. The Investment Management side saw strong momentum, reporting net inflows of $1.8 billion in Q2 2025, which grew to $3.9 billion in net inflows for Q3 2025.

Here's a look at how the core asset-based businesses performed in the middle of the year:

Investment advisory and administrative fees on client assets

These fees are directly linked to the assets under management (AUM) and administration, so when AUM grows-like the 30% surge in Retirement client assets in Q2 2025-the fee revenue follows. The Investment Management segment's TTM net revenue growth was 7.2% as of June 30, 2025, driven by those net inflows and positive capital markets. The focus here is on consistent fee collection, which is why you see management prioritizing organic growth and strong flow generation across institutional and retail channels.

Premiums and fees from Employee Benefits

The Employee Benefits business generates revenue primarily through premiums for products like Stop Loss insurance. While management is prioritizing margin recovery over top-line growth here, the scale is still significant. For the trailing twelve months ending June 30, 2025, the annualized in-force premiums and fees for Employee Benefits declined 6% year-over-year to $3.6 billion. This is a segment where underwriting discipline directly impacts the recognized revenue quality, so you see management taking a firm stance on pricing.

The revenue streams from this segment include:

• Premiums collected for Stop Loss coverage.
• Fees from Group Life and Voluntary benefits products.
• Underwriting gains from favorable claims development.

Spread-based income from assets under management

Spread-based income comes from the difference between the investment returns Voya earns on assets supporting its insurance and annuity products and the interest credited back to policyholders. This revenue source is sensitive to interest rates. While the Q2 2025 total revenues of $1,981 million reflected lower consolidated investment entities income compared to the prior year, the overall business mix is designed to be resilient. The company's guidance for full-year 2025 excess capital generation is set to exceed $700 million, indicating strong underlying cash generation that supports the balance sheet, even with variable investment income.

You'll want to watch the next quarter's results for any shift in spread income as the interest rate environment evolves. Finance: draft 13-week cash view by Friday.