Voya to Bring Health and Wealth Mgmt Units Closer

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Voya Financial plans to better connect its wealth management business with its health business in a bid to grow revenues over the next three years, according to news reports.

The company posted $7.6 billion in net revenue in 2020, up 2.2% from the prior year, but plans to grow that by between 4% and 6% through 2024, Voya executives said last week during the company’s Investor Day, according to FA-IQ sister publication Ignites.

Charlie Nelson, Voya’s chief growth officer, said that doing so will in part come from drawing the wealth and health business lines closer together, the publication writes. Doing so is particularly important given rising costs and the fact that the average healthcare savings gap in retirement is now around $290,000, he said, according to Ignites.

Heather Lavallee, chief executive officer of Voya’s wealth solutions, said the firm also plans to “deepen existing client relationships” in its health and wealth units, according to the publication.

Voya’s goal is to boost the portion of employer clients using three or more of its workplace platform products or services by 10%, to 40%, and double the portion of clients who use both its health offerings and its wealth management services to 20%, Lavallee said, according to Ignites.

Nelson, who previously headed Voya’s retirement plan business, took over as chief growth officer this spring to better integrate the firm’s business lines in order “to expand Voya’s reach in the workplace,” the company said earlier this year, according to the publication.

Voya CEO Rod Martin said that the firm can hit the growth targets without acquisitions, Ignites writes.

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