Voya Financial to Acquire OneAmerica Financial’s Retirement Plan Business
Slice of Finance Team
09/19/2024
Key Highlights:
- Voya to acquire OneAmerica Financial’s full-service retirement plan business by Jan. 2025.
- Transaction adds $47 billion in assets, expanding Voya’s Wealth Solutions footprint.
- Voya’s retirement plan assets to reach $580 billion, covering 7.9 million participants.
- Acquisition enhances Voya’s distribution and advisor relationships.
- Expected to close January 2025, pending regulatory approval.
Source: Business Wire
Quotes
“ "This acquisition fully aligns with Voya’s relentless focus on customer satisfaction, leveraging the strength and expertise of two dedicated organizations." ”
Rob Grubka, CEO, Workplace Solutions at Voya Financial
Our Take:
This acquisition solidifies Voya Financial’s position as a leader in the retirement and wealth management space. By adding significant assets and expanding its reach into new market segments, Voya is positioning itself to offer comprehensive solutions across all segments. The focus on expanding distribution and deepening relationships with advisors highlights Voya’s strategic intent to provide more competitive workplace benefits and savings options. This acquisition represents a meaningful step in the company’s growth strategy and long-term commitment to its clients.
