Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Voya Financial, Inc. is a U.S.-based financial services company that operates primarily in the retirement, investment management, and employee benefits industries. The company focuses on helping individuals, employers, and institutions plan, invest, and protect their financial futures. Its core offerings center on retirement savings solutions, asset management services, and health and protection benefits, with revenue primarily generated through fee-based advisory services, asset-based fees, and premium income.
Voya traces its origins to the U.S. retirement and insurance businesses of ING Group. In 2013, the company completed its initial public offering, and in 2014 it formally rebranded from ING U.S. to Voya Financial, Inc., becoming a fully independent, publicly traded company. Since then, Voya has strategically shifted away from capital-intensive insurance underwriting toward higher-return, capital-light businesses, positioning itself as a focused provider of retirement and investment solutions in the U.S. market.
Business Operations
Voya operates through several core business segments that collectively drive its earnings and cash flow. Its largest segment, Wealth Solutions, provides retirement plan services, recordkeeping, investment products, and advisory services to employers, institutional clients, and individual participants. Another key segment, Investment Management, operates primarily through its asset management subsidiary and generates revenue from managing assets for institutional and retail clients across public and private markets.
The company also maintains a Health Solutions segment, which offers employee benefits such as stop-loss insurance, group life insurance, and supplemental health products, largely to mid-sized and large employers. Voya’s operations are predominantly domestic, with the vast majority of revenue generated in the United States. Key subsidiaries include Voya Retirement Insurance and Annuity Company, Voya Investment Management, and Voya Employee Benefits, which collectively house the company’s regulated insurance, asset management, and benefits administration activities.
Strategic Position & Investments
Voya’s strategic direction emphasizes growth in capital-efficient, fee-based businesses, particularly retirement services and asset management. The company has pursued targeted acquisitions and partnerships to expand scale, enhance distribution, and deepen capabilities in defined contribution retirement plans, outsourced chief investment officer (OCIO) services, and private credit and alternatives within its investment management platform.
Notable strategic actions include acquisitions to expand its retirement plan administration footprint and the continued build-out of Voya Investment Management’s private markets and fixed income capabilities. Voya has also invested in digital tools and data analytics to improve participant engagement and plan sponsor services. The company continues to reduce exposure to legacy, capital-intensive insurance liabilities while redeploying capital toward share repurchases, dividends, and organic growth initiatives aligned with its long-term strategic priorities.
Geographic Footprint
Voya Financial’s operations are primarily concentrated in the United States, which represents its principal market for retirement services, investment management, and employee benefits. The company is headquartered in New York, United States, and maintains additional major offices in states such as Colorado, Iowa, Massachusetts, and Connecticut, supporting its nationwide client base.
While Voya does not have a broad international consumer presence, its investment management business serves global institutional clients, and its assets under management may include international investments. The company’s geographic exposure outside the U.S. is largely indirect and investment-related rather than operational, reflecting its strategic focus on the domestic retirement and benefits market.
Leadership & Governance
Voya Financial is led by an executive team with extensive experience in financial services, asset management, and insurance. The leadership team emphasizes disciplined capital allocation, customer-centric product design, and a strategic focus on long-term retirement outcomes. Governance is overseen by an independent board of directors, consistent with public company and SEC filing requirements.
Key executives include:
- Heather Lavallee – Chief Executive Officer
- Jeffrey J. Brown – Chief Financial Officer
- Rizwan Bukhari – Chief Investment Officer
- Catherine McCarthy – Chief Communications Officer
- Paula Papanek – Chief Risk Officer
- Paul Quaranto – Chief Legal Officer and Corporate Secretary
The leadership philosophy centers on simplifying financial decision-making for clients while maintaining strong risk management and regulatory compliance across all business lines.