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Company > Voya Financial: Business Model, SWOT Analysis, and Competitors 2023

Voya Financial: Business Model, SWOT Analysis, and Competitors 2023

Published: Jun 19, 2023

Inside This Article


    In this blog article, we will delve into Voya Financial's business model, conducting a comprehensive SWOT analysis, and examining its competitors in the year 2023. Voya Financial is a leading provider of retirement plans, investment management, and employee benefits for individuals and businesses. By analyzing its strengths, weaknesses, opportunities, and threats, we will gain insights into its current position and future prospects. Additionally, we will explore the competitive landscape to understand the challenges and opportunities that lie ahead for Voya Financial in the financial services industry.

    What You Will Learn:

    • Who owns Voya Financial and its ownership structure
    • The mission statement of Voya Financial and its core values
    • How Voya Financial generates revenue and its business model
    • An explanation of the Voya Financial Business Model Canvas
    • The main competitors of Voya Financial in the industry
    • A SWOT analysis of Voya Financial, including its strengths, weaknesses, opportunities, and threats.

    Who owns Voya Financial?

    Ownership structure of Voya Financial

    Voya Financial is a publicly traded company, meaning that its ownership is distributed among individual and institutional shareholders who hold shares of its stock. As of [insert date], the ownership structure of Voya Financial is as follows:

    1. Institutional shareholders: The majority of Voya Financial's ownership is held by institutional investors such as mutual funds, pension funds, and other investment firms. These institutions often hold significant stakes in the company, which gives them a say in the decision-making process.

    2. Individual shareholders: Individual investors, including retail investors and employees, also own shares of Voya Financial. These individuals may have purchased the company's stock through brokerage accounts or as part of their compensation packages if they are employees of Voya Financial.

    3. Exchange-traded funds (ETFs): ETFs are investment funds that trade on stock exchanges, and they may hold a portion of Voya Financial's shares as part of their portfolio. This indirect ownership through ETFs allows investors to gain exposure to Voya Financial without directly purchasing its stock.

    4. Company insiders: Executives, directors, and other employees of Voya Financial may also own shares of the company. These individuals often receive stock options or grants as part of their compensation packages or may have purchased shares on the open market.

    It is important to note that the ownership structure of Voya Financial can change over time as shareholders buy or sell their shares. Publicly traded companies like Voya Financial are required to disclose their ownership structure periodically in regulatory filings, offering transparency to investors and the general public.

    What is the mission statement of Voya Financial?

    Voya Financial's mission statement

    Voya Financial is a leading provider of retirement plans, investment solutions, and employee benefits. The company's mission statement reflects its commitment to helping individuals and organizations achieve financial wellness and security.

    Voya Financial's mission statement can be summarized as follows:

    "Empowering individuals and organizations to achieve financial security and retirement readiness."

    Voya Financial aims to empower individuals by providing them with the knowledge, tools, and resources they need to make informed financial decisions. The company believes that everyone should have the opportunity to achieve financial security, regardless of their current circumstances.

    Additionally, Voya Financial recognizes the importance of retirement readiness. As people are living longer and facing evolving financial challenges, it is crucial to plan and save for retirement effectively. Voya Financial's mission statement emphasizes the importance of helping individuals and organizations prepare for retirement, ensuring they have the financial resources necessary to enjoy a comfortable and fulfilling retirement.

    To fulfill its mission, Voya Financial offers a comprehensive range of products and services, including retirement plans, investment solutions, annuities, life insurance, and employee benefits. The company strives to provide innovative and personalized solutions that meet the unique needs of its clients.

    Voya Financial also places a strong emphasis on corporate social responsibility. The company is committed to making a positive impact on the communities it serves through various philanthropic initiatives. By aligning its mission with social responsibility, Voya Financial aims to create a lasting and meaningful difference in the lives of individuals and organizations.

    In conclusion, Voya Financial's mission statement reflects its dedication to empowering individuals and organizations to achieve financial security and retirement readiness. Through its comprehensive range of products and services, the company aims to provide the knowledge, tools, and resources necessary for individuals to make informed financial decisions and plan for a secure retirement. Additionally, Voya Financial's commitment to corporate social responsibility demonstrates its desire to make a positive impact on the communities it serves.

    How does Voya Financial make money?

    Overview of Voya Financial

    Voya Financial is a leading provider of retirement, investment, and insurance solutions in the United States. With a strong focus on helping individuals plan for their financial future, Voya offers a range of products and services that cater to various needs and goals. But how exactly does Voya Financial generate its revenue? Let's delve into the different ways the company makes money.

    Retirement Plans

    One of Voya's primary sources of revenue comes from managing retirement plans for individuals and businesses. The company offers a comprehensive suite of retirement solutions, including 401(k) plans, 403(b) plans, and Individual Retirement Accounts (IRAs). By partnering with employers and individuals, Voya acts as a custodian for retirement assets, providing investment management, record-keeping, and administrative services. In return, Voya earns fees based on the assets under management and the services it provides.

    Investment Management Services

    Voya Financial also generates revenue by offering investment management services to institutional and individual clients. The company's team of experienced investment professionals manages and oversees a diverse range of investment products, including mutual funds, annuities, and managed accounts. Through these investment vehicles, Voya aims to deliver competitive returns while effectively managing risks for its clients. The fees charged for managing these investments contribute significantly to Voya's overall revenue.

    Insurance Products

    Another significant revenue stream for Voya Financial is its offering of insurance products. The company provides a wide range of insurance solutions, including life insurance, annuities, and employee benefits. These products help individuals and businesses protect against financial risks and provide financial security in various life stages. By collecting premiums from policyholders, Voya earns revenue from insurance policies it underwrites and administers.

    Ancillary Services

    Voya Financial also generates revenue through various ancillary services related to its core business lines. These services include financial planning and advisory services, asset allocation guidance, and retirement income planning. By providing these value-added services, Voya enhances its relationships with clients and creates additional revenue streams beyond its core products.


    In summary, Voya Financial generates its revenue through a diverse range of sources. By offering retirement plans, investment management services, insurance products, and ancillary services, Voya caters to the financial needs of individuals and businesses. Through the fees earned from managing retirement assets, investment products, and insurance policies, Voya continues to thrive as a leading provider in the financial services industry.

    Voya Financial Business Model Canvas Explained

    Introduction to Voya Financial

    Voya Financial is a leading retirement, investment, and insurance company that provides individuals and businesses with a wide range of financial products and services. With a focus on helping people plan, invest, and protect their savings, Voya Financial has established itself as a trusted partner in achieving financial wellness.

    Understanding the Business Model Canvas

    The Business Model Canvas is a strategic tool that allows organizations to describe, design, challenge, and pivot their business models. It provides a visual representation of how different elements of a business work together to create value and generate revenue. By analyzing and understanding each component of the canvas, companies can gain insights into their business operations and identify areas for improvement or innovation.

    Key Components of Voya Financial's Business Model Canvas

    1. Customer Segments: Voya Financial targets a diverse range of customer segments, including individuals planning for retirement, employers seeking retirement benefit solutions, and institutional investors looking for investment management services. By identifying and understanding the unique needs and preferences of each segment, Voya Financial can tailor its products and services to better serve its customers.

    2. Value Proposition: Voya Financial's value proposition revolves around helping individuals achieve financial security and empowering businesses to provide comprehensive retirement benefits to their employees. By offering a wide range of retirement, investment, and insurance products, Voya Financial aims to deliver personalized solutions that meet the specific financial goals of its customers.

    3. Channels: Voya Financial utilizes multiple channels to reach its customers. These include its online platform, financial advisors, employer-sponsored retirement plans, and partner distribution networks. By leveraging a mix of digital and traditional channels, Voya Financial ensures that its products and services are accessible to a broad customer base.

    4. Customer Relationships: Building strong customer relationships is a core aspect of Voya Financial's business model. The company focuses on delivering exceptional customer service, providing personalized financial advice, and offering educational resources to empower its customers in making informed financial decisions. By nurturing long-term relationships, Voya Financial aims to become a trusted advisor for its customers' financial needs.

    5. Revenue Streams: Voya Financial generates revenue through various streams, including fees from retirement plan administration, asset management fees, insurance premiums, and advisory fees. By diversifying its revenue sources, Voya Financial mitigates risks and ensures a stable financial performance.

    6. Key Activities: Voya Financial engages in various key activities to deliver its value proposition. These include retirement planning services, investment management, insurance underwriting, customer acquisition and retention, product development, and regulatory compliance. By excelling in these activities, Voya Financial ensures the seamless execution of its business model.

    7. Key Resources: Voya Financial relies on key resources such as its technology infrastructure, investment expertise, customer data analytics, brand reputation, and strategic partnerships. These resources enable Voya Financial to deliver high-quality products and services while maintaining a competitive advantage in the market.

    8. Key Partnerships: Voya Financial collaborates with various partners, including financial advisors, employers, distribution networks, and technology providers. These partnerships enhance Voya Financial's reach, distribution capabilities, and product offerings, allowing the company to serve its customers more effectively.

    9. Cost Structure: Voya Financial incurs various costs to operate its business. These include employee salaries, technology investments, marketing expenses, regulatory compliance costs, and distribution fees. By managing its cost structure efficiently, Voya Financial aims to maximize profitability while delivering value to its customers.


    Voya Financial's Business Model Canvas provides a comprehensive overview of the company's strategic approach to delivering financial services. By focusing on customer segments, value proposition, channels, customer relationships, revenue streams, key activities, key resources, key partnerships, and cost structure, Voya Financial ensures that it can adapt to market dynamics, meet customer needs, and drive sustainable growth in the financial industry.

    Which companies are the competitors of Voya Financial?


    When it comes to financial services, competition is fierce. Voya Financial, a leading provider of retirement, investment, and insurance solutions, is no exception. In this section, we will explore some of the key competitors of Voya Financial and analyze how they compare in terms of products, services, and market presence.

    Competitor 1: Prudential Financial Inc.

    Prudential Financial Inc. is one of the largest financial services companies in the United States and a major competitor of Voya Financial. Like Voya, Prudential offers a wide range of retirement planning and investment products, including annuities, mutual funds, and life insurance policies. Both companies have a strong presence in the retirement planning market and cater to individuals and businesses alike.

    However, Prudential has a distinct advantage in terms of its global reach and diversified product offerings. With operations in more than 40 countries, Prudential has a broader international presence compared to Voya, which primarily operates within the United States. Additionally, Prudential's extensive portfolio includes asset management, real estate investments, and group insurance, giving them a competitive edge in terms of product diversity.

    Competitor 2: Fidelity Investments

    Fidelity Investments is another key competitor of Voya Financial, particularly in the retirement planning and investment sectors. Fidelity is renowned for its robust suite of investment products, including mutual funds, individual retirement accounts (IRAs), and brokerage services. They also offer comprehensive retirement planning tools and resources to help individuals achieve their financial goals.

    Unlike Voya and Prudential, Fidelity does not have a significant focus on insurance solutions. Instead, they excel in providing investment options and financial advisory services. Fidelity's reputation as a trusted investment advisor and their vast array of investment choices make them a formidable competitor in the market.

    Competitor 3: TIAA

    TIAA, also known as the Teachers Insurance and Annuity Association of America, is a prominent competitor of Voya Financial in the retirement and insurance sectors. TIAA primarily serves individuals working in the academic, research, medical, and cultural fields. They offer retirement plans, annuities, and life insurance products tailored to the unique needs of their target market.

    Similar to Voya, TIAA has a strong reputation for providing retirement planning solutions. However, TIAA's focus on serving specific industries gives them a niche advantage. They have deep expertise in retirement plans for educators and healthcare professionals, which distinguishes them from Voya and other competitors.


    Voya Financial faces stiff competition from industry giants like Prudential Financial Inc., Fidelity Investments, and TIAA. Each of these competitors brings its own strengths and unique offerings to the market. Prudential's global reach and diversified product portfolio give them an edge, while Fidelity's extensive investment options and financial advisory services make them a formidable opponent. TIAA's specialization in serving specific industries sets them apart. As the financial services industry continues to evolve, Voya Financial must stay agile and innovative to maintain its competitive position in the market.

    Voya Financial SWOT Analysis


    • Strong brand recognition: Voya Financial is a well-established company with a strong brand presence in the financial services industry. The company's reputation for providing reliable and trustworthy services has helped it build a loyal customer base.
    • Diverse product portfolio: Voya Financial offers a wide range of financial products and services, including retirement planning, investment management, and employee benefits. This diverse portfolio enables the company to cater to the varying needs of its customers and generate multiple revenue streams.
    • Robust distribution network: The company has a well-developed distribution network that includes financial advisors, brokers, and institutional partners. This extensive network allows Voya Financial to reach a large customer base and expand its market share.
    • Strong financial performance: Voya Financial has consistently delivered strong financial results, with steady revenue growth and healthy profit margins. This financial stability provides the company with the resources necessary to invest in new technologies, expand its product offerings, and pursue strategic acquisitions.


    • Heavy reliance on the U.S. market: While Voya Financial has a strong presence in the U.S., it is heavily dependent on the domestic market for its revenue. This overreliance on a single market exposes the company to risks associated with economic downturns or regulatory changes that could negatively impact its operations.
    • Limited international presence: Unlike some of its competitors, Voya Financial has a limited international presence. This lack of global diversification makes the company more vulnerable to fluctuations in the U.S. market and reduces its ability to tap into growth opportunities in other regions.
    • Legacy systems and processes: Voya Financial operates on legacy systems and processes, which can be inefficient and less adaptable to changing market demands. This could hinder the company's ability to innovate and respond quickly to emerging trends or customer needs.


    • Growing demand for retirement solutions: The aging population and increasing life expectancy have created a growing demand for retirement planning and income solutions. Voya Financial is well-positioned to capitalize on this opportunity by leveraging its expertise in retirement planning and offering tailored solutions for individuals and employers.
    • Expansion into emerging markets: With its strong brand and diverse product portfolio, Voya Financial has the potential to expand its presence in emerging markets. These markets offer significant growth opportunities due to their rapidly expanding middle class and increasing demand for financial services.
    • Technological advancements: The financial services industry is undergoing a digital transformation, with advancements in technology reshaping how customers interact with their financial providers. Voya Financial can seize this opportunity by investing in innovative technologies, such as artificial intelligence and robo-advisory platforms, to enhance customer experience and streamline its operations.


    • Intense competition: The financial services industry is highly competitive, with numerous players vying for market share. Voya Financial faces competition from both traditional financial institutions and emerging fintech companies, which could potentially erode its market position and put downward pressure on its pricing.
    • Regulatory changes: The financial services industry is subject to extensive regulations, and changes in regulatory requirements can significantly impact the operations of companies like Voya Financial. Adapting to new regulations and compliance standards may require substantial investments and could pose challenges for the company.
    • Economic downturns: Voya Financial's business is tied to the overall health of the economy. Economic downturns, such as recessions or market volatility, can negatively impact the company's financial performance and reduce customer demand for its products and services.

    Key Takeaways

    • Voya Financial is owned by its shareholders, who are individuals and institutional investors that hold shares of the company's stock.
    • The mission statement of Voya Financial is to help Americans plan, invest, and protect their savings to achieve financial security and retirement readiness.
    • Voya Financial makes money through various sources, including fee-based revenue from asset management and advice services, insurance premiums, and fees from retirement plan administration.
    • The Business Model Canvas of Voya Financial outlines its key activities, resources, partnerships, customer segments, value propositions, channels, cost structure, and revenue streams.
    • Some of the competitors of Voya Financial include companies like Prudential Financial, Lincoln Financial Group, and Principal Financial Group.
    • In a SWOT analysis, Voya Financial's strengths include its strong brand recognition and diversified product offerings, while its weaknesses may include regulatory challenges. Opportunities for the company lie in the growing retirement planning market, while threats may come from economic downturns and increasing competition.


    In conclusion, Voya Financial is owned by its shareholders, with no single majority owner. The company's mission statement is to make a secure financial future possible for all individuals and institutions they serve. Voya Financial generates revenue through its various business segments, including retirement, investment management, employee benefits, and individual life insurance. By leveraging its resources and strong brand presence, Voya Financial has established a solid business model that focuses on providing holistic financial solutions and exceptional customer service.

    When examining Voya Financial's business model canvas, it becomes evident that the company's key partners, activities, and resources are centered around delivering comprehensive financial services and products to its customers. This includes collaborating with financial advisors, employers, and institutional clients to ensure the best possible outcomes for their financial goals.

    However, Voya Financial operates in a highly competitive industry. Some of its notable competitors include Prudential Financial, MassMutual, and Principal Financial Group. These companies also offer a range of financial services and products, making the market challenging and dynamic.

    A SWOT analysis of Voya Financial reveals its strengths lie in its strong brand reputation, diversified business segments, and focus on customer-centric solutions. However, the company also faces challenges such as regulatory changes, market volatility, and increasing competition. To stay ahead, Voya Financial must continue to innovate, adapt to industry changes, and enhance its customer experiences.

    Overall, Voya Financial is a prominent player in the financial services sector, driven by its mission, robust business model, and commitment to providing financial security to individuals and institutions. While facing competition and potential obstacles, the company is well-positioned to navigate the evolving landscape and continue delivering value to its stakeholders.


    What is a SWOT analysis for a finance company?

    A SWOT analysis for a finance company involves assessing its strengths, weaknesses, opportunities, and threats in order to determine its current position and future prospects. Here's an example of a SWOT analysis for a finance company:


    1. Established reputation and brand recognition in the finance industry.
    2. Strong team of experienced and knowledgeable financial professionals.
    3. Diverse range of financial products and services offered.
    4. Access to extensive financial resources and capital.
    5. Effective risk management strategies in place.


    1. High competition within the finance industry.
    2. Limited geographical presence or market penetration.
    3. Reliance on a few key clients or industries.
    4. Potential challenges in adapting to rapidly changing regulatory frameworks.
    5. Limited technological infrastructure or outdated systems.


    1. Expanding into emerging markets or untapped customer segments.
    2. Utilizing advancements in technology to improve operational efficiency and customer experience.
    3. Developing new financial products or services to cater to evolving customer needs.
    4. Collaborating with fintech startups to leverage their innovative solutions.
    5. Acquisition or partnership opportunities to expand market reach.


    1. Economic downturns or financial market instability.
    2. Increasing regulatory scrutiny and compliance requirements.
    3. Cybersecurity risks and data breaches.
    4. Potential disruption from new entrants or disruptive technologies.
    5. Fluctuating interest rates and currency exchange rates.

    It's important to note that this is just an example, and a SWOT analysis should be tailored to the specific circumstances and goals of each finance company.

    How do you write a financial SWOT analysis?

    To write a financial SWOT analysis, follow these steps:

    1. Identify your strengths:
    • Consider your financial resources, such as a strong cash flow, low debt levels, or a diverse investment portfolio.
    • Evaluate your competitive advantage, such as unique products or services, a strong brand reputation, or a loyal customer base.
    • Analyze your financial performance, including consistent profitability, high return on investment, or strong financial ratios.
    1. Determine your weaknesses:
    • Assess any financial challenges or limitations, such as high debt levels, low liquidity, or low profitability.
    • Evaluate any areas where you lack resources, expertise, or competitive advantage.
    • Consider any negative market trends or external factors that may impact your financial position.
    1. Identify opportunities:
    • Evaluate any potential market changes, such as emerging technologies, new customer segments, or industry growth.
    • Identify any financial strategies or initiatives that can improve your financial position, such as expanding into new markets, diversifying your product/service portfolio, or acquiring a competitor.
    • Consider any potential partnerships, alliances, or collaborations that can enhance your financial capabilities.
    1. Analyze threats:
    • Identify any potential risks or challenges in your financial environment, such as economic downturns, increasing competition, or regulatory changes.
    • Evaluate any weaknesses or vulnerabilities that may hinder your financial performance.
    • Consider any external factors, such as changes in consumer behavior, market trends, or technological advancements that may impact your financial position negatively.
    1. Summarize and prioritize:
    • Summarize the key points from each section of the SWOT analysis.
    • Prioritize the most significant strengths, weaknesses, opportunities, and threats based on their potential impact on your financial performance.
    • Use the analysis to develop strategies and action plans to capitalize on strengths, overcome weaknesses, seize opportunities, and mitigate threats.

    Remember, a financial SWOT analysis should be regularly reviewed and updated to reflect changes in your financial position and the external environment.

    What are the weaknesses of a financial SWOT analysis?

    There are several weaknesses of a financial SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis:

    1. Subjectivity: Financial SWOT analysis relies heavily on the perceptions and opinions of individuals conducting the analysis. This subjectivity can lead to biased assessments and inaccurate results.

    2. Lack of quantitative data: Financial SWOT analysis often lacks concrete quantitative data, as it primarily focuses on qualitative factors. This can limit the depth and accuracy of the analysis, especially when dealing with complex financial issues.

    3. Limited scope: Financial SWOT analysis primarily focuses on internal factors (strengths and weaknesses) and external factors (opportunities and threats) related to finance. This narrow focus may overlook other critical aspects of the business, such as marketing, operations, or human resources.

    4. Lack of context: Financial SWOT analysis may fail to consider the broader economic, industry, or market conditions that can significantly impact the financial performance of a company. Ignoring these contextual factors can lead to incomplete or misleading conclusions.

    5. Overemphasis on weaknesses: Financial SWOT analysis often dedicates more attention to identifying weaknesses rather than capitalizing on strengths or opportunities. This can create a negative bias and hinder strategic decision-making.

    6. Inability to predict future events: While financial SWOT analysis helps identify current strengths and weaknesses, it is not designed to accurately predict future financial outcomes. It relies on assumptions and estimates, which may not always align with actual outcomes.

    7. Lack of actionability: The analysis may highlight financial issues or potential opportunities, but it may not provide clear guidance on how to address them effectively. This can limit the usefulness of the analysis in driving actionable strategies and outcomes.

    What is the mission statement of VOYA financial?

    The mission statement of VOYA Financial is: "To make a secure financial future possible—one person, one family, one institution at a time."

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