Voya Financial to acquire OneAmerica Financial’s retirement plan business
Voya Financial and OneAmerica Financial, a diversified mutual insurance organization, announced that the companies have entered into a definitive agreement for Voya to acquire OneAmerica Financial’s full-service retirement plan business. The acquisition adds strategically attractive scale to Voya’s full-service retirement business within Wealth Solutions, providing Voya with a broader set of capabilities that complement its existing product suite, including competitive employee stock ownership plan administration, and new opportunities to expand Voya’s distribution footprint and deepen its existing advisor relationships.
OneAmerica Financial’s full-service retirement plan business comprises 401(k), 403(b), 457, non-qualified deferred compensation plans and employee stock ownership plans. The transaction adds approximately $47 billion of assets to Voya’s strategically important full-service Emerging and Mid-Market segments and extends the firm’s leadership position in the Large Market by adding approximately $15 billion of recordkeeping assets. As a result of the acquisition, Voya’s Wealth Solutions Defined Contribution client assets will grow to $580 billion, with total retirement plan and participant count reaching 60,000 and 7.9 million, respectively.
The transaction expands the services Voya provides to workplace benefits and savings plans it serves today across all markets, tax codes and employer sizes. This includes OneAmerica Financial’s competitive employee stock ownership program and the benefits of its broad reach across the advisor community, bringing new and increased intermediary relationships to help expand Voya’s footprint.
“This announcement is an exciting opportunity to add scale and new capabilities to our Wealth Solutions business that will help advance our growth strategy by offering workplace benefits and savings solutions to more individuals. Voya is a purpose-driven company focused on supporting improved financial outcomes for our customers. OneAmerica is equally passionate about enabling financial security for their customers, making them a strong fit for Voya.” – Heather Lavallee, CEO, Voya Financial.
“OneAmerica Financial is placing its retirement business in the hands of an organization that can deliver industry-leading offerings. For 60 years, we have been committed to serving the retirement market by helping our customers face every day with greater certainty. Voya is the firm to deliver on that commitment. We see this as a great opportunity for our customers and the OneAmerica Financial associates that will continue to grow with Voya, while we will focus on our remaining core product lines where we see tremendous growth potential.” – Scott Davison, chairman, president and CEO of OneAmerica Financial.
The transaction is expected to close on Jan. 1, 2025, subject to customary closing conditions, including regulatory approvals.
