This acquisition will expand Voya’s full-service retirement offerings within Wealth Solutions, adding capabilities to its existing product range. The deal includes the administration of competitive employee stock ownership plans and offers new opportunities to grow Voya’s distribution network and strengthen its relationships with advisers.
OneAmerica Financial’s full-service retirement plan business covers 401(k), 403(b), 457, non-qualified deferred compensation plans, and employee stock ownership plans. The transaction brings approximately $47 billion in assets to Voya’s full-service Emerging and Mid-Market segments and bolsters the firm’s position in the Large Market by adding around $15 billion of recordkeeping assets. Post-acquisition, Voya’s Wealth Solutions Defined Contribution client assets will increase to $580 billion, with total retirement plans numbering 60,000 and participant count rising to 7.9 million.
This agreement will broaden the scope of services Voya currently provides across all markets, tax codes, and employer sizes, including OneAmerica Financial’s employee stock ownership programmes. It will also enhance Voya’s connections with advisers, deepening intermediary relationships and expanding its market reach.
Heather Lavallee, CEO of Voya Financial, said: “This is an exciting opportunity to scale and enhance our Wealth Solutions business, advancing our growth strategy by offering more workplace benefits and savings solutions. Voya is a purpose-driven organisation focused on delivering improved financial outcomes for our customers. OneAmerica shares our commitment to financial security, making them a strong fit for Voya.”
Scott Davison, chairman, president, and CEO of OneAmerica Financial, added, “We are placing our retirement business with a company that can deliver industry-leading solutions. For 60 years, we have been dedicated to serving the retirement market, and Voya is well-positioned to continue that legacy. This move offers great prospects for our customers and associates, while allowing OneAmerica to focus on its core product lines with significant growth potential.”
The transaction is expected to close on 1 January 2025, subject to regulatory approvals and customary closing conditions.
