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Voya Financial Inc   (VOYA)
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    Sector  Financial    Industry Life Insurance
   Industry Life Insurance
   Sector  Financial

Voya Financial Inc 's

Competitiveness


 

VOYA Sales vs. its Competitors Q4 2023



Comparing the current results to its competitors, Voya Financial Inc reported Revenue increase in the 4 quarter 2023 by 0 % year on year.
The revenue growth was below Voya Financial Inc 's competitors' average revenue growth of 16.3 %, achieved in the same quarter.

List of VOYA Competitors

With a net margin of 6.54 % Voya Financial Inc achieved higher profitability than its competitors.

More on VOYA Profitability Comparisons



Revenue Growth Comparisons




Net Income Comparison


Voya Financial Inc Net Income in the 4 quarter 2023 grew year on year by 0%, while most of its competitors have experienced a contraction in net income by -58.73 %.

<<  VOYA Stock Performance Comparisons


Voya Financial Inc 's Comment on Competitors and Industry Peers


Our Institutional Retirement Plans business competes with other large, well-established insurance companies, asset managers, record keepers and diversified financial institutions. Competition varies in all market segments as very few institutions are able to compete across all markets as we do. The following chart presents a summary of the current competitive landscape in the markets where we offer our Institutional Retirement Plans, stable value and pension risk transfer products:



Small-Mid Corporate
Primary competitors are mutual fund companies plus insurance-based providers with third-party administration relationships
Empower
Fidelity



K-12 Education
Competitors are primarily insurance-based providers that focus on school districts across the nation
AXA
VALIC



Higher Education
Competitors are 403(b) plan providers, asset managers and some insurance-based providers
TIAA-CREF
Fidelity



Healthcare & Other Non-Profits
Competition varies across 403(b) plan providers, asset managers and some insurance-based providers
TIAA-CREF
Fidelity



Government
Compete primarily with insurance-based providers but also asset managers and 457 providers
Empower
ICMA



Recordkeeping
Primarily bid against asset managers and business consulting services firms, but also compete with some payroll firms and insurance-based providers
Fidelity
AON Hewitt



Stable Value
Primarily compete with select insurance companies who are also dedicated to the Stable value market, but also with certain banking institutions
Prudential
MetLife



Pension Risk Transfer
Primarily compete with insurance companies
Principal Financial
MetLife

Our full-service Institutional Retirement Plans business competes primarily based on pricing, the breadth of our service and investment offerings, technical/regulatory expertise, industry experience, local enrollment and financial planning support, investment performance and our ability to offer industry tailored product features to meet the retirement income needs of our clients. Additionally, Voya's myOrangeMoney™ digital and mobile capabilities provide competitive advantage in the market. Regarding the large plan recordkeeping only business, we have seen consolidation among industry providers in recent years seeking to increase scale, improve cost efficiencies and enter new market segments. As a result, we emphasize our strong sponsor relationships, flexible value-added services, and technical and regulatory expertise as our competitive strengths. Additionally, we compete across all institutional markets with our broad suite of retirement readiness products, tools and services that help employers support the retirement preparedness needs of their employees. Finally, we have seen new insurance company competitors enter the stable value space because demand from participant and plan sponsors remains strong for these products. The pension risk transfer business has also seen a few new competitors enter the market to provide defined benefit de-risking solutions for institutional clients. Our long standing experience in the retirement market underscored by strong stable value expertise allows us to effectively compete against existing and new providers.

Our Annuities segment faces competition from traditional insurance carriers, as well as banks, mutual fund companies and other investment managers such as Allianz, Athene, American Equity, Lincoln and Great American. Principal competitive factors for fixed annuities are initial crediting rates, reputation for renewal crediting action, product features, brand recognition, customer service, cost, distribution capabilities and financial strength ratings of the provider. Competition may affect, among other matters, both business growth and the pricing of our products and services.

Investment Management competes with a wide array of asset managers and institutions in the highly fragmented U.S. investment management industry. In our key market segments, Investment Management competes on the basis of, among other things, investment performance, investment philosophy and process, product features and structure and client service. Our principal competitors in the Investment Management business include insurance-owned asset managers such as Principal Global Investors (Principal Financial Group), Prudential and Ameriprise, bank-owned asset managers such as J.P. Morgan Asset Management, as well as "pure-play" asset managers including PIMCO, Invesco, Wellington, Legg Mason, T. Rowe Price, Franklin Templeton and Fidelity.

The Individual Life segment competes with large, well-established life insurance companies in a mature market, where price and service are key drivers. Primary competitors include Lincoln, MetLife, Prudential, American General, Principal Financial Group, John Hancock, Transamerica and Pacific Life. Individual Life primarily competes based on service and distribution channel relationships, price, brand recognition, financial strength ratings of our insurance subsidiaries and financial stability. We have strong capabilities to monitor competition and we utilize advanced models to benchmark our product offerings against others in the industry.

Factors that could influence our ability to competitively price products while achieving targeted returns include the cost and availability of statutory reserve financing required for certain term and universal life insurance policies, internal capital funding requirements and an extended low interest rate environment.