Voya Financial (NYSE: VOYA) was once a major individual annuity carrier in the United States, operating under the ING U.S. name before its 2014 rebranding. In 2018-2019, Voya sold its entire individual annuity and life insurance business to exit that market. Today Voya is a workplace benefits and group retirement company – they manage 401(k), 403(b), and 457 plans, but they no longer issue or distribute individual fixed, indexed, or variable annuities to retail buyers. If you hold a Voya individual annuity, your contract was transferred to Venerable Holdings or Resolution Life.
Voya Financial at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Voya Financial, Inc. |
| Ticker | NYSE: VOYA |
| Former Name | ING U.S., Inc. (rebranded as Voya Financial in April 2014) |
| Founded | 1975 (as ING U.S.); Voya brand launched 2014 |
| Headquarters | New York, New York |
| Ownership | Public company (NYSE: VOYA) |
| Individual Annuity Status | EXITED – sold to Venerable Holdings (2018) and Resolution Life (2019) |
| Current Business | Group retirement (401k/403b/457), workplace benefits, investment management |
| AM Best Rating | Withdrawn April 2019 (at Voya’s request, following individual annuity exit) |
Voya’s Business and Annuity Background
Voya Financial was spun off from the Dutch financial conglomerate ING Group and listed on the NYSE as ING U.S. in May 2013. In 2014 the company rebranded as Voya Financial. At that time, Voya was a broad financial services company offering individual life insurance, individual annuities (variable, fixed indexed, and fixed), and group retirement and investment management.
In 2018, Voya completed the sale of its individual annuity business and closed block variable annuity portfolio to Venerable Holdings – a consortium backed by Apollo Global Management, Crestview Partners, and Reverence Capital Partners. In 2019, Voya sold its individual life insurance in-force block to Resolution Life. These transactions represented a complete exit from retail individual insurance products.
Voya requested withdrawal of its AM Best ratings in April 2019, consistent with its exit from the retail insurance market. The company today focuses on workplace benefits, group retirement plan administration (401k, 403b, 457), and investment management. Verify current information at voya.com.
If you hold an individual annuity that was issued by Voya (or its predecessor ING U.S. / ReliaStar Life Insurance Company), your contract was transferred to Venerable Holdings and your policy administration and guaranteed payments are handled by Venerable. Contact Venerable directly for contract service.
What Does Voya Offer Today?
- Group Retirement Plans – 401(k), 403(b), and 457(b) plan administration and recordkeeping for employers. This is Voya’s primary business today.
- Workplace Benefits – Voluntary benefits including disability, life, and supplemental health products through employer channels.
- Investment Management – Voya Investment Management provides institutional and retail mutual funds and managed accounts.
Voya does NOT offer new individual MYGAs, FIAs, variable annuities, or SPIAs to retail buyers through independent agents or direct channels.
Who Does Voya Serve Today?
- Employers who use Voya to administer their 401(k), 403(b), or 457 group retirement plans.
- Employees participating in a workplace retirement plan administered by Voya.
- Institutional investors using Voya Investment Management.
Voya is not an option for retail buyers seeking individual fixed annuities, MYGAs, or indexed annuities. For individual annuity products, compare current rates from 20+ A-rated carriers using our rate comparison tool.
What Happened to My Voya Annuity?
If you purchased an individual annuity through Voya or ING U.S. (or its subsidiary ReliaStar Life Insurance Company), your contract was part of the 2018 transaction with Venerable Holdings. Your policy guarantees, surrender schedule, and payment rights transferred with the contract. The contractual guarantees that were in your original policy remain in effect – the new owner (Venerable) assumed those obligations legally.
If you cannot locate your policy or need to update contact information, reach out to Venerable Holdings, which now administers the former Voya individual annuity block. Your state guaranty association also provides a backstop up to applicable limits if needed.
Voya Pros and Cons
Pros (Historical / Workplace Context)
- Strong employer retirement plan platform – Voya is a leading 401(k)/403(b) recordkeeper
- Broad workplace benefits offering for HR managers consolidating vendors
- Investment management capabilities through Voya Investment Management
Cons (for Annuity Buyers)
- No individual annuity products – completely exited this market in 2018-2019
- AM Best ratings withdrawn April 2019
- Not accessible through independent agents or IMOs for annuity products
- Former policyholders serviced by Venerable – not by Voya
Frequently Asked Questions About Voya Financial
Can I buy a new annuity from Voya?
No. Voya exited the individual annuity market in 2018 and does not issue new individual fixed, indexed, or variable annuity contracts. To purchase an individual annuity, compare rates from A-rated independent-channel carriers using our live rate table or request a quote.
Who administers my former Voya annuity?
Individual annuities originally issued by Voya Financial (or ING U.S. / ReliaStar Life Insurance Company) were transferred to Venerable Holdings in 2018. Venerable is responsible for administering those contracts, processing withdrawals, and honoring the guaranteed terms in your original policy. Contact Venerable for all policy service matters related to former Voya individual annuities.
Is Voya a good company for my 401(k)?
Voya is one of the larger workplace retirement plan recordkeepers in the U.S. and has a solid reputation in group retirement administration. If your employer uses Voya to administer your 401(k) or 403(b), that is a workplace benefit decision – it is unrelated to whether Voya offers individual annuity products. For information on rolling a 401(k) into an annuity at retirement, see our guide on annuities in a retirement income plan.
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