Voya Financial To Buy OneAmerica Financial's Full-service Retirement Plan Business

(RTTNews) - Voya Financial, Inc. (VOYA), a financial services provider, announced on Wednesday that it has agreed with OneAmerica Financial, Inc., a mutual insurance company, to acquire its full-service retirement plan business.

The financial terms of the transaction to be closed on January 1, 2025, are not revealed.

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.

This includes competitive employee stock ownership plan administration and new opportunities to expand Voya's distribution footprint.

The transaction will add around $47 billion of assets to Voya's full-service Emerging and Mid-Market segments. It will also add around $15 billion of recordkeeping assets.

Post transaction, Voya's Wealth Solutions Defined Contribution client assets will grow to $580 billion, with a total retirement plan and participant count reaching 60,000 and 7.9 million, respectively.