Voya Financial Strategy and Business Model

Executive Overview

Voya Financial is a U.S.-focused financial-services company built around the workplace channel. Headquartered in New York and operating under the Voya brand since 2014, after the separation and rebranding of ING U.S., the company concentrates on retirement services, employee benefits, and investment management rather than trying to be a broad global multiline insurer. As of FY2024, Voya’s reportable segments were Wealth Solutions, Health Solutions, and Investment Management. That mix is strategically important: retirement administration and asset management generate recurring fee income, employee benefits adds underwriting earnings and daily employer relevance, and benefits-administration capabilities broaden Voya’s touchpoints with employers, employees, brokers, and carriers. Public filings and investor materials show a consistent strategic direction toward more capital-light, workplace-centered businesses where service, data, distribution, and compliance capabilities create switching costs. The company’s operating footprint is primarily in the United States, with more limited international reach through investment-management activities. In FY2024, Voya reported revenue of #N/A.

Voya Financial at a Glance

Logo
Common name	Voya Financial
Full legal name	Voya Financial, Inc.
Headquarters	New York, New York, United States
Ownership	Publicly traded; widely held by institutional and other investors, with no controlling shareholder disclosed in recent proxy materials
Ticker	VOYA
Exchange	NYSE - New York Stock Exchange
Market Cap	$8.35B
Revenue (FY2024)	#N/A
Founding / major historical milestones	Roots in ING U.S.; IPO in 2013 as ING U.S.; rebranded as Voya Financial in 2014; completed Benefitfocus acquisition in 2023
Industry or industries	Financial services; retirement plan administration; employee benefits and insurance; investment management
Key products or services	Retirement plan recordkeeping and administration, employee benefits, stop loss, supplemental health, life and disability coverage, benefits administration, institutional asset management
Geographic footprint	Primarily the United States, with selective international institutional investment-management activity
Business segments as officially reported	Wealth Solutions; Health Solutions; Investment Management
Company website	https://www.voya.com

1. What Is the Strategy of Voya Financial?

Voya does not publish its strategy in A.G. Lafley and Roger Martin’s Playing to Win language, but its FY2024 filings, investor materials, and management commentary support a clear synthesis. The company has spent years narrowing its focus toward workplace-oriented, less capital-intensive businesses where it can combine benefits, savings, and investment capabilities.

1a. What is the winning aspiration of Voya Financial?

As of FY2024, Voya’s public positioning suggests that winning means being a leading workplace-centered health, wealth, and investment partner that helps Americans build a better financial future. In practical terms, that aspiration is narrower and more concrete than a generic financial-services mission. Voya is trying to deepen relevance in employer-sponsored decision areas such as retirement plans, employee benefits, benefits administration, and institutional investment solutions. It has also emphasized improving the quality of earnings by increasing exposure to fee-based and capital-light businesses and reducing dependence on older, more balance-sheet-intensive models.
1b. Where does Voya Financial play?

Voya primarily plays in the United States, especially in employer-sponsored retirement, employee benefits, and related workplace financial solutions. Its main economic buyers are employers, plan sponsors, benefit brokers, retirement advisors, and institutional asset owners. Employees and plan participants are critical end users, but much of Voya’s distribution is business-to-business or business-to-business-to-consumer. The company also plays in institutional asset management through Voya Investment Management, including fixed income, private market, and multi-asset capabilities. It is notably less focused on broad consumer retail banking, mass-market personal insurance, or large-scale international retail expansion.
1c. How does Voya Financial plan to win?

Voya’s apparent recipe for winning is to combine trusted workplace distribution, specialized administration, and product breadth around employers and their employees. Rather than competing mainly on lowest price, it aims to win through integration and relevance: retirement administration, benefits coverage, enrollment and administration technology, participant engagement, and institutional investment expertise. The 2023 Benefitfocus acquisition reinforced this logic by adding a technology and workflow layer to the employer ecosystem. In short, Voya is trying to become more valuable to the workplace buyer by being harder to displace, more embedded in administrative processes, and able to cross-sell across adjacent needs.
1d. What capabilities must Voya Financial have in place?

To make that strategy work, Voya needs strong retirement recordkeeping and compliance capabilities, disciplined insurance underwriting and claims management, high-quality benefits-administration technology, institutional investment-management skills, and durable distribution relationships with brokers, consultants, and advisors. It also needs data security, regulatory compliance, actuarial and risk-management expertise, and the ability to integrate acquisitions without disrupting client service. Because switching costs in this industry often come from implementation quality and service reliability, operating discipline is as important as product breadth.
1e. What management systems does Voya Financial require?

Voya’s strategy depends on management systems that are typical of a regulated insurer and asset manager but especially important for a workplace-centered model: statutory capital management, investment and asset-liability oversight, actuarial reserving, risk and compliance controls, client-retention metrics, sales productivity tracking, service-level monitoring, and disciplined acquisition integration. For the retirement and investment businesses, flows, client retention, fee yields, and technology uptime matter. For Health Solutions, underwriting margins, claims trends, and pricing adequacy matter. At the enterprise level, capital allocation, expense efficiency, and operating simplification help determine whether the strategy produces attractive returns.

2. What Are the Current Strategic Initiatives of Voya Financial?

As of FY2024 and early 2025 company communications, Voya’s strategic agenda appears centered on a small number of concrete initiatives rather than a diffuse transformation story.

Integrating Benefitfocus and expanding the workplace ecosystem. After acquiring Benefitfocus in 2023, Voya has been working to connect benefits administration and enrollment workflows with its broader workplace offerings. The strategic logic is straightforward: if Voya can sit closer to enrollment, administration, and employee decision moments, it can strengthen retention and improve cross-sell opportunities across protection and savings products.
Building scale in retirement and workplace savings. Voya continues to emphasize retirement-plan administration, participant engagement, and growth in employer-sponsored savings. In 2024, the company announced an agreement to acquire OneAmerica Financial’s full-service retirement-plan business, underscoring its interest in scale, recordkeeping relationships, and a broader plan-sponsor base. Because transaction status can change, that deal should be understood as announced in 2024 unless confirmed as closed in current filings.
Growing Health Solutions with underwriting discipline. Public disclosures point to continued focus on products such as stop loss, supplemental health, life, disability, and related employer-benefit offerings. For Voya, growth here is not just about premium volume; it depends on pricing discipline, claims management, broker distribution, and selective expansion in employer needs such as leave and absence support.
Strengthening Investment Management in areas where capability matters. Voya has sought to grow institutional and higher-value asset-management capabilities, including fixed income and private-market-related areas, rather than chasing low-fee commodity exposures. The earlier Allianz Global Investors U.S. transaction reinforced this part of the portfolio.
Driving a more capital-light and efficient earnings mix. Voya has repeatedly highlighted productivity, expense discipline, and business mix improvement. In strategic terms, that means more fee-oriented and service-oriented earnings, tighter operating execution, and selective use of acquisitions to improve market position.
Disciplined capital deployment. Management’s actions and messaging indicate a continuing focus on balancing shareholder returns with reinvestment and targeted M&A. That is especially important for a company that operates regulated insurance businesses while also trying to keep flexibility for workplace and investment-management expansion.

3. What Is the Business Model of Voya Financial?

What customers actually buy

Voya sells a mix of services, protection products, and investment capabilities. Employers and plan sponsors buy retirement-plan administration, participant services, employee-benefit coverage, benefits administration, and related support. Employees and participants use Voya through workplace channels for enrollment, account servicing, and benefits or savings decisions. Institutional clients buy asset-management capabilities, often through consultant-led searches or specialized mandates.

What portion of the model appears recurring or repeat-driven versus one-time

Most of Voya’s business model is recurring or repeat-driven. Retirement recordkeeping and administration fees recur as long as clients stay on platform. Insurance premiums recur with employer groups and renewals. Investment-management fees recur based on assets under management, though the dollar amount moves with markets and net flows. Benefits-administration relationships also tend to be recurring once implemented. One-time economics exist in onboarding, implementation, and transaction activity, but they are not the core of the model.

How pricing power works, if at all

Pricing power appears moderate rather than absolute. In retirement and benefits administration, switching costs, service quality, compliance reliability, and integration depth can support price stability, but consultant-led RFPs and competition limit outsized pricing. In employee benefits, pricing depends on underwriting discipline, product design, claims trends, and broker relationships. In investment management, fee pressure is real in commoditized products, so Voya’s pricing power is stronger where it offers specialized fixed income, private-market, or institutional capabilities.

Why the business mix matters

The business mix matters because Voya is not a pure insurer and not a pure asset manager. Wealth Solutions and parts of Investment Management are relatively capital-light and fee-oriented, but they are exposed to market levels, participant behavior, and fee competition. Health Solutions adds underwriting risk and claims volatility, but it also creates employer relevance and can diversify earnings away from asset-based markets. A broader workplace mix can make client relationships stickier if Voya executes well.

What drives gross margin, operating margin, and cash generation

For Voya, traditional industrial-style gross margin is not the main lens. Operating performance is driven more by fee yields, assets or accounts administered, underwriting margins, claims ratios, net investment income, spread income where relevant, and operating expense efficiency. Cash generation depends on earnings from the operating businesses, dividends from regulated subsidiaries to the holding company, capital requirements, debt service, and the timing of working-capital-like items in administration and claims. In a financial-services company, capital availability and regulatory constraints matter as much as accounting earnings.

Revenue model

Voya’s revenue model is a blend of recurring premiums, administrative fees, per-participant or per-employee service fees, asset-based management fees, and investment income. That makes it neither a subscription software company nor a purely transaction-based business. The economics are closest to a multi-line financial-services platform with a strong workplace orientation.

4. What Products and/or Services Does Voya Financial Sell?

Voya’s offerings span several adjacent categories that reinforce its workplace strategy.

Retirement and workplace savings solutions. These include plan recordkeeping, plan administration, participant communications, and related services for employer-sponsored retirement plans. This category is strategically central because it creates long-lived relationships with plan sponsors and participants.
Employee benefits and protection products. Voya offers employer-oriented benefits such as stop loss, supplemental health, life, disability, and related coverage. These products matter because they deepen employer relationships and can provide underwriting earnings if priced well.
Benefits administration and enrollment capabilities. Through Benefitfocus and related capabilities, Voya has exposure to the technology and workflow side of benefits administration. This may be smaller than core insurance or retirement lines in absolute revenue, but it is strategically important because it can influence client stickiness and cross-sell.
Investment management. Voya Investment Management serves institutional clients and other channels with active investment strategies, including fixed income and other specialist capabilities. This segment adds fee income, institutional relationships, and product expertise beyond traditional insurance operations.

Strategically, the workplace franchises appear to be the center of gravity. Investment Management is important both for diversification and for higher-value institutional capabilities, while benefits-administration technology increases the relevance of the overall platform.

5. What Are the Key Competitors or Peers of Voya Financial?

Because Voya operates across retirement, employee benefits, and asset management, no single competitor overlaps the entire company. The relevant peer set changes by business line.

Empower — A major U.S. retirement-plan recordkeeper and a direct competitor in employer-sponsored retirement administration and participant services.
Fidelity Investments — A large competitor in workplace retirement, participant engagement, and broader financial-services relationships, with significant scale advantages.
Principal Financial Group — A close peer across retirement, employee benefits, and asset management, especially in employer and plan-sponsor markets.
TIAA — A strong competitor in retirement solutions, particularly in education, nonprofit, and institutional channels.
Prudential Financial — A broad financial-services peer with overlap in workplace, institutional, and retirement-oriented offerings.
Lincoln Financial Group — A competitor in group protection, retirement, and workplace solutions, especially where employers buy multiple products.
Unum Group — A direct competitor in employee benefits, especially disability, life, leave-related services, and other employer-sponsored protection products.
MetLife — A large-scale competitor in employee benefits and group insurance with broad employer distribution.
Alight — More of a benefits-administration and outsourcing competitor or substitute than a full-line peer, but relevant because administration platforms influence employer relationships.
Janus Henderson — Not a whole-company rival to Voya, but a useful business-model comparable for the Investment Management segment, especially in active institutional asset management.

6. What Is the Marketing Strategy of Voya Financial?

Voya’s marketing strategy appears to be distribution-led and trust-led rather than mass-consumer-led. The company does use brand marketing to support awareness and credibility, but much of its commercial success depends on being chosen in consultant-led, advisor-led, broker-led, or employer-led decisions.

In practice, that means several layers of marketing matter:

Channel marketing to brokers, benefit consultants, retirement advisors, and institutional consultants.
Account-based and field-oriented marketing for employers and plan sponsors, where buying cycles are longer and more consultative.
Participant and employee engagement marketing through digital communications, enrollment periods, and financial-wellness content.
Thought leadership around retirement readiness, workplace benefits, and financial security, which helps support trust in a regulated, low-error-tolerance category.

Marketing is important, but it does not appear to be Voya’s primary differentiator. The real differentiation comes from service reliability, product breadth, broker and advisor relationships, administration capabilities, and the ability to embed into employer workflows.

7. What Are the Key Customer Segments of Voya Financial?

Voya serves several customer groups, and understanding the distinction between buyer, influencer, and end user is important.

Employers and plan sponsors. These are major economic buyers for retirement plans, employee benefits, and administration services. They include corporate, public-sector, education, healthcare, nonprofit, and other institutional employers.
Employees, plan participants, and policyholders. These users enroll in benefits, hold retirement accounts, and interact with Voya’s platforms and service teams. They influence retention and wallet share even when they are not the original buyer.
Brokers, consultants, and advisors. These are crucial channel partners and buying influencers, especially in employee benefits and retirement-plan selection.
Institutional asset owners. For Investment Management, the key customers include pension plans, insurers, endowments, foundations, and other institutional investors.
Carriers and ecosystem participants. In benefits administration, Voya’s platform-related capabilities can also touch carriers and other ecosystem participants, not just employers.

Overall, Voya is diversified across customer types, but it is still meaningfully concentrated in the U.S. workplace economy. Employment trends, wage trends, advisor relationships, and employer benefit spending therefore matter more to Voya than pure consumer retail-finance trends.

8. What Is the Sales Model of Voya Financial?

Voya uses a hybrid sales model that combines direct enterprise selling with intermediary-led distribution and digital participant engagement.

Direct enterprise sales. Large employers, plan sponsors, and institutional mandates are typically pursued by dedicated sales and relationship teams.
Broker and consultant channels. In employee benefits, brokers and consultants are influential gatekeepers. In retirement, advisors and consultants often shape or formalize plan-sponsor selection through RFP processes.
Institutional consultant-driven sales. Investment Management competes through institutional sales teams, consultant relationships, specialist capabilities, and performance track records.
Digital and workplace engagement. Once an employer relationship is won, employees and participants are reached through enrollment workflows, account portals, communications, and service interactions.

This channel structure has several implications. It can slow sales cycles and compress pricing because intermediaries increase transparency, but it also broadens reach and raises the value of service quality. It creates consultant opportunities in sales-force design, channel economics, broker strategy, retention programs, and cross-sell architecture.

9. In What Geographies Does Voya Financial Operate?

Voya is primarily a United States company. Its core retirement, benefits, and insurance activities are centered on U.S. employers, U.S. employees, and U.S. regulatory frameworks. That matters strategically because Voya is not trying to build a globally diversified retail-insurance footprint. Its risk profile is therefore more tied to U.S. employment, benefits demand, regulation, and capital markets.

Its physical footprint is mainly offices, service centers, technology operations, and regulated operating entities rather than plants or logistics networks. For Investment Management, Voya can serve institutional clients beyond the United States, but the company remains much more U.S.-concentrated than global insurance or asset-management giants.

In short, Voya’s geography is broad within the U.S. workplace market but relatively concentrated at the country level.

10. Who Are the Owners of Voya Financial?

Voya is a public company listed under the ticker VOYA. As of the latest proxy cycle, no controlling shareholder was disclosed. Ownership is broadly institutional, with large asset managers such as The Vanguard Group, BlackRock, and State Street typically among the largest holders, although exact positions change over time.

11. How Is Voya Financial Organized?

As of FY2024, Voya publicly reported three main operating segments: Wealth Solutions, Health Solutions, and Investment Management. That reporting structure is useful, but it does not tell the whole strategic story because Voya’s workplace strategy cuts across segment lines. An employer relationship may involve retirement services, employee benefits, and administration touchpoints that sit in different parts of the organization.

At a practical level, the company combines customer-facing business lines with centralized corporate functions such as finance, risk, legal, compliance, technology, and capital management. The legal structure is also more complex than the segment slide suggests, because regulated insurance activities, advisory activities, and service businesses operate through different subsidiaries and oversight frameworks.

This kind of organization is common in financial services: reporting segments reflect external disclosure, while real execution depends on coordinated product, distribution, service, and risk functions.

12. How Does Voya Financial Operate?

On a day-to-day basis, Voya creates value through a combination of distribution, administration, underwriting, investment, and service operations.

Win and retain employer and institutional relationships. Sales teams, brokers, consultants, and advisor channels help bring in new plans, benefits groups, and institutional mandates.
Implement and administer accounts and programs. That includes onboarding employers and participants, handling enrollment, maintaining records, supporting compliance, and processing ongoing transactions.
Underwrite and manage risk. In Health Solutions, Voya prices risk, manages claims, and monitors loss trends. In retirement and insurance businesses, it also manages investment risk, behavior risk, and operational risk.
Manage assets and investment portfolios. Voya invests general-account assets where relevant and manages client assets through its investment-management operations.
Service clients and participants. Retention depends heavily on accurate administration, digital usability, contact-center performance, employer service, and advisor support.

The main operational complexities are not manufacturing bottlenecks; they are regulatory compliance, cyber and data security, claims discipline, technology integration, service quality, and the ability to migrate or integrate acquired books of business without client disruption.

13. What Are the Growth Opportunities for Voya Financial?

Voya’s most plausible growth opportunities follow directly from its workplace-centered strategy.

Deeper wallet share in existing employer relationships. If Voya can sell more than one service into the same employer, such as retirement plus benefits plus administration, client economics can improve without proportionate acquisition cost.
Scaling retirement administration. Larger recordkeeping scale can improve economics, deepen participant relationships, and strengthen relevance with advisors and plan sponsors.
Expanding the value of Benefitfocus. Benefits administration can be more than a standalone technology capability; it can become a control point for enrollment, data, and cross-sell across workplace offerings.
Growing higher-value employee benefits. Product categories such as stop loss, supplemental health, and leave-related solutions can provide growth if underwriting remains disciplined.
Institutional investment-management growth. Specialized active capabilities, particularly where Voya has differentiated expertise, offer a better path than competing head-on in the lowest-fee passive categories.
Productivity and operating leverage. Better technology integration, service automation, and process simplification can support margin expansion even if top-line growth is moderate.

Management-stated priorities and public transactions support these opportunities, but there are real constraints: fee pressure in retirement and asset management, claims volatility in benefits, integration risk from acquisitions, cyber and compliance demands, and the fact that much of Voya’s business depends on intermediary relationships rather than pure direct demand generation.

14. What Is the History of Voya Financial?

Voya’s modern corporate history begins with ING U.S., the American arm of Dutch financial-services group ING. The business was taken public in 2013 as ING U.S., Inc. as ING separated assets following the post-financial-crisis restructuring of the parent company.

In 2014, ING U.S. rebranded as Voya Financial, marking its transition to an independent public company with a distinct U.S.-focused identity. Over the following years, Voya simplified its portfolio and shifted its strategic center toward workplace benefits, retirement, and investment management rather than trying to remain a broader collection of legacy insurance activities.

That strategic reshaping continued through selective transactions. A 2022 transaction involving Allianz Global Investors’ U.S. business expanded Voya’s investment-management scale and capabilities. In 2023, Voya completed its acquisition of Benefitfocus, adding benefits-administration technology and stronger connections to employer enrollment workflows.

In 2024, Voya announced an agreement to acquire OneAmerica Financial’s full-service retirement-plan business, illustrating the company’s continued interest in building scale in workplace retirement. Taken together, Voya’s history is less about founding-era entrepreneurship and more about corporate separation, portfolio reshaping, and strategic focus.

15. What Is the Technology Strategy of Voya Financial?

Technology is strategically important at Voya, but mainly as an operating and client-enablement layer rather than as a standalone software business. In retirement and benefits, the product is inseparable from the platform: recordkeeping systems, enrollment workflows, participant portals, employer administration tools, data integration, and service automation all influence retention and economics.

The Benefitfocus acquisition made the technology story more visible. It added benefits-administration and enrollment capabilities that can help Voya sit closer to the employer workflow, the employee decision moment, and the broker-carrier ecosystem. That matters because control of the workflow can be as valuable as the underlying insurance or savings product.

Internally, Voya’s technology priorities likely include cybersecurity, data governance, process automation, digital self-service, and integration across acquired or legacy platforms. In a regulated financial-services model, technology is central to compliance, service accuracy, and scalability. The strategic aim is not simply lower cost; it is better retention, more cross-sell, and fewer operational errors in a high-trust business.

16. What Is the Finance Strategy of Voya Financial?

Voya’s finance strategy is closely tied to its corporate strategy. Over time, management has reshaped the company toward a more capital-light and fee-oriented earnings mix, which can support greater flexibility in capital allocation and potentially reduce exposure to some legacy balance-sheet risks. In other words, finance strategy at Voya is not just about leverage; it is about what kinds of businesses deserve capital.

As of FY2024, the company’s financial priorities appear to include maintaining strong liquidity and capital across regulated entities, supporting ratings and risk capacity, returning excess capital to shareholders through dividends and share repurchases, and preserving room for selective acquisitions that deepen the workplace strategy. For a company like Voya, the relevant finance lenses include statutory capital, holding-company liquidity, business mix, fee earnings, underwriting returns, and disciplined expense management.

This approach supports the broader strategy in two ways. First, it helps Voya keep investing in growth businesses such as retirement, benefits, and technology-enabled administration. Second, it avoids tying too much capital to businesses that do not strengthen the workplace thesis or generate attractive returns.

17. What Major Acquisitions Has Voya Financial Made?

Voya is not best understood as a serial roll-up acquirer. Its M&A pattern has been selective and strategic, aimed at strengthening capabilities in targeted parts of the portfolio.

Benefitfocus (completed in 2023). This was one of Voya’s most important recent acquisitions. The deal added benefits-administration and enrollment technology, expanding Voya’s role in employer workflows and supporting cross-sell across workplace offerings.
Transaction involving Allianz Global Investors’ U.S. business (completed in 2022). This expanded Voya Investment Management’s scale and capabilities. Strategically, it reinforced Voya’s effort to make investment management a stronger institutional and specialist business.
Benefit Strategies (completed in 2020). This transaction added capabilities in consumer-directed and benefits-administration-related areas, fitting Voya’s longer-term interest in workplace benefits infrastructure.
OneAmerica Financial’s full-service retirement-plan business (announced in 2024). This announced deal highlights Voya’s interest in retirement scale, client relationships, and recordkeeping growth. Because public transaction status can change over time, it should be described as announced in 2024 unless current company filings confirm completion.

The pattern is consistent: Voya uses M&A primarily to build scale in retirement, add workflow-enabling technology, and strengthen capabilities in chosen institutional or workplace niches.

18. How Companies Like Voya Financial Leverage Independent Consultants through Umbrex

Umbrex has built a global community of more than 8,000 independent management consultants based in more than 50 countries. These consultants are alumni of McKinsey, Bain, BCG, and other top firms. Companies like Voya use Umbrex when they need that caliber of talent for a focused initiative but do not need a full consulting team and its overhead. For a company with Voya’s mix of workplace strategy, regulated operations, technology integration, and capital allocation choices, independent consultants can be especially useful for targeted, high-value projects.

Benefitfocus integration PMO. Build and run a post-merger integration office focused on operating model decisions, synergy tracking, client retention, and platform rationalization.
Workplace cross-sell strategy. Design a practical plan to increase attachment rates across retirement, employee benefits, and administration services within existing employer relationships.
Retirement acquisition integration. Support client migration, service-model redesign, and distribution retention for an announced or completed retirement-book acquisition such as the OneAmerica transaction.
Broker and consultant channel redesign. Segment intermediaries, redesign coverage models, and improve economics across benefits brokers, retirement advisors, and institutional consultants.
Health Solutions profitability improvement. Diagnose underwriting, pricing, claims, and expense drivers in stop loss and other benefits lines and identify margin-improvement opportunities.
Participant engagement and retention. Redesign enrollment, education, and service journeys to improve retirement participation, savings behavior, digital adoption, and rollover capture where appropriate.
Investment Management growth strategy. Evaluate which institutional channels, product capabilities, and consultant relationships offer the best risk-adjusted growth opportunities.
Technology and data roadmap. Prioritize platform integration, workflow automation, service modernization, and data governance across workplace and benefits-administration systems.
AI use-case assessment. Identify and sequence high-value artificial intelligence opportunities in service operations, claims workflows, underwriting support, and advisor or participant communications.
Capital allocation and portfolio review. Assess tuck-in acquisition targets, divestiture logic, and enterprise investment priorities in support of Voya’s capital-light workplace strategy.