ING US Will Begin Transition to Voya Financial in Second Quarter
January 13, 2014 by Best's News Service
NEW YORK – ING U.S. Inc. will change its name to Voya Financial Inc. in April, followed by a rebranding period through September as its Dutch parent ING Group N.V. divests certain global businesses.
ING U.S., a publicly listed holding company, will change its name to Voya Financial on April 7. ING U.S. Investment Management will become Voya Investment Management and Employee Benefits on May 1. All other ING U.S. business and legal entities will begin using the Voya Financial brand on Sept. 1, the company said in a statement.
Between April and September, the company will go by both names, ING U.S. and Voya Financial. By staggering the rebranding this way, the company hopes to make it an orderly transition for its 13 million individual and institutional customers, ING (NYSE: VOYA) said.
“Even though our name and logo will be different, the vision we have to be America’s retirement company and our commitment to helping customers advance their retirement readiness remains the same,” Rodney O. Martin Jr., chairman and chief executive officer of ING U.S., said in the statement.
About $1.3 billion was raised in the May initial public offering of ING U.S. as it prepared its evolution from a subsidiary to an independent U.S. company. The pricing for the IPO was about 65.2 million shares of common stock at a price to the public of $19.50 per share (Best’s News Service, May 3, 2013).
The company’s parent, Netherlands-based ING Group N.V., owns about 57% of the outstanding common stock of ING U.S. It plans to completely divest its ownership by Dec. 31, 2016.
ING Group N.V. announced in 2009 it would divest its insurance businesses and has sold its insurance and investment operations in Canada, Australia and New Zealand, and Latin America. It also sold a large portion of activities in Asia (Best’s News Service, Aug. 26, 2013).
In December, it completed the sale of ING Life Korea to Korean private equity firm MBK Partners for 1.27 billion euros (US$1.74 billion) (Best’s News Service, Dec. 24, 2013).
ING U.S. was formed as a result of acquisitions dating back to the 1970s. In 2001, ING brought its brand to the United States through advertising.
As Voya Financial, the company will begin a “new era,” ING U.S. said. The company chose the name “Voya” from the word “voyage” to signal the company’s future outlook. “The name also reminds us that a secure financial future is more than simply reaching a destination,” Ann Glover, chief marketing officer, said in the statement. “It’s about a journey to financial empowerment and taking control along the way in order to create positive experiences.”
A “distinctive shade” of the color orange will also be an important part of the company’s new identity. “We’re partial to the color orange,” Glover said. “It’s differentiating, optimistic, and part of our heritage in the U.S.”
The company, which has 7,000 employees, launched a new creative concept called “Orange Money” in March 2013 to highlight the importance of managing retirement funds.
On the afternoon of Jan. 13, shares of ING U.S. Inc.’s stock were trading at $35.43, down 4.09% from the previous close.
Companies of ING USA Life Group have a Best’s Financial Strength Rating of A (Excellent
