Voya: From Orange to Origami
December 15, 2016 by Kerry Petcher
Almost four years after its IPO, Voya (formerly ING-US) has rebranded, retooled itself as a fixed indexed annuity shop and launched an ad campaign featuring origami rodents that talk. But it is still searching for the right mix of products, personnel and organizational structure.
So, what’s up at Voya Financial? Like its fellow life insurers, Voya enjoyed two sharp increases in its stock price in 2016—once at mid-year when Treasury yields rose and again after Donald Trump’s surprise election as U.S. president last month. Investors expect Trump to bring new spending programs, higher interest rates, deregulation and a lower corporate tax rate.
Voya was already getting the benefit of the doubt from the top insurance rating agency. Even though the $466 billion firm reported a $248 million net loss in 3Q2106, and despite lingering anxiety over the risks lurking in its closed block of variable annuities, A.M. Best upgraded Voya’s long-term issuer credit rating to A+ last month, citing its “favorable market position in selected life insurance, employee benefits and [institutional and individual] retirement markets.”
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