ING US, which is currently 43%-owned by ING Group, announced today it has changed its name to Voya Financial, Inc. This change is the latest in a multi-step rebranding process that will continue throughout 2014.
Today’s change affects the publicly traded parent company that serves as the umbrella corporation for Voya Financial’s operating companies.
Voya Financial’s various operations, including its Retirement Solutions, Investment Management and Insurance Solutions businesses, are scheduled to rebrand in May and September, according to a phased plan.
ING Group has previously announced its intention to divest its remaining stake in ING U.S. over time, in line with its strategy to separate and divest its insurance and investment management businesses.
In this context, ING Group sold shares of ING U.S. through an initial public offering in May 2013 and a follow-on offering in October 2013.
ING Group further reduced its stake in ING U.S. in March 2014 and subsequently deconsolidated its remaining 43% minority stake in the company that is now moving forward under the name Voya Financial.