Voya Financial, Inc. (VOYA), an established financial services organization, declared on Wednesday its agreement with OneAmerica Financial, Inc., a prominent mutual insurance company, to acquire OneAmerica's full-service retirement plan business.
The financial details pertaining to the transaction, expected to finalize on January 1, 2025, remain undisclosed.
This acquisition will significantly enhance Voya's full-service retirement operations within its Wealth Solutions division, offering a strategic expansion that complements Voya's existing suite of products. This includes competitive administration of employee stock ownership plans and new avenues to broaden Voya's distribution network.
The deal will augment Voya's assets by approximately $47 billion within its full-service Emerging and Mid-Market segments, and add around $15 billion in recordkeeping assets.
Upon completion, Voya's Wealth Solutions Defined Contribution client assets will increase to $580 billion, with the total number of retirement plans and participants expected to reach 60,000 and 7.9 million, respectively.
