Voya Financial (VOYA) Canaccord Genuity's 46th Annual Growth Conference summary

Business Overview and Strategy

• Operates a scaled workplace platform serving over 18 million customers through more than 50,000 employers and institutions, holding leadership in retirement, investment management, and employee benefits.

• Diversified earnings are driven by three complementary businesses: Retirement, Employee Benefits, and Investment Management, with a focus on holistic workplace solutions and cross-sell synergies.

• Generates over 90% free cash flow, supporting ongoing investment in growth and shareholder value.

• Retirement is the largest and most profitable business, with high client retention and industry-leading margins.

• Wealth management expansion and digital self-service are key growth priorities.

Market Trends and Growth Drivers

• Employers increasingly seek financial advice and integrated wellness solutions for employees, creating new service opportunities.

• Employees face complex benefit decisions and rising medical costs, driving demand for supplemental offerings.

• Continued demand for US dollar-denominated investment products, especially in Asia, and growing allocations to private markets.

• Organic participant growth in retirement business has reached nearly 40% over two years.

• Wealth management revenues represent 10% of the business, with further organic growth expected.

Business Unit Performance and Integration

• Retirement business represents 71% of adjusted operating earnings, with $792B in defined contribution assets and over 10 million participant accounts.

• Investment Management holds $377B in AUM, ranking #1 in private placement management and top 10 in insurance asset management.

• Employee Benefits platform has $3.6B in premiums, growing at 8% CAGR since 2021, and ranks top 3 in group supplemental health and stop loss.

• Investment management delivers strong performance, with 83% of assets beating benchmarks over three years.

• Fee-based revenues account for 60% of the business, supporting stable growth.