The acquisition will see Voya’s wealth solutions defined contribution client assets increase to $580bn. Credit: Around the World Photos/Shutterstock.

Voya Financial has signed a definitive agreement to buy OneAmerica Financial’s full-service retirement plan business for an undisclosed sum.  

This move is expected to enhance Voya’s full-service retirement business, adding around $47bn of assets to its emerging and mid-market segments and around $15bn of recordkeeping assets to the large market segment. 

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The acquisition will see Voya’s wealth solutions defined contribution client assets increase to $580bn, with the total retirement plan and participant count hitting 60,000 and 7.9 million, respectively.  

It aligns with Voya’s goals to expand its workplace solutions businesses and support a greater number of participants with their workplace benefits and savings needs. 

OneAmerica Financial’s full-service retirement plan business includes a range of plans such as 401(k), 403(b), 457, non-qualified deferred compensation plans and employee stock ownership plans.  

This deal not only brings new capabilities to Voya’s product suite but is also expected to present opportunities to broaden its distribution network and deepen existing advisor relationships. 

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The services Voya provides to workplace benefits and savings plans will be further expanded through this acquisition, which encompasses OneAmerica Financial’s employee stock ownership programme.  

This addition is set to enhance Voya’s reach across the advisor community and bring in new intermediary relationships to help extend the company’s footprint. 

Voya Financial CEO Heather Lavallee said: “This announcement is an exciting opportunity to add scale and new capabilities to our Wealth Solutions business that will help advance our growth strategy by offering workplace benefits and savings solutions to more individuals.  

“Voya is a purpose-driven company focused on supporting improved financial outcomes for our customers. OneAmerica is equally passionate about enabling financial security for their customers, making them a strong fit for Voya.” 

The acquisition is slated for completion on 1 January 2025, contingent on standard closing conditions such as regulatory clearances.  

This February, Voya launched Voya Protect, a supplemental health insurance solution powered by Ansel Health, to streamline the claims process for employees and simplify administration for employers.