Voya Financial Inc.

The stable outlook reflects that S&P Global Ratings expects Voya and its subsidiaries to maintain a top-five market position in its core markets, as well as its improved balance-sheet strength, capital adequacy, and adequate liquidity position. We may lower our ratings in the next 12-24 months if Voya doesn't meet our current operating performance expectations or if it maintains a lower-than-expected ('AA') level of capital adequacy according to our model. Additionally, we could lower the ratings if VOYA has higher leverage than our base-case assumptions, or if business-line concentrations meaningfully increase. We are unlikely to raise our ratings in the next 12-24 months because we do not expect meaningful improvements in the business or financial risk profiles that would outpace

...Voya Financial Inc.'s competitive advantage stems from a strong presence in the K-12 and higher education markets. The company is predominantly in the retirement and savings business. Voya is a top-five player in the K-12 and higher education markets, small corporate sales, and stop-loss sales. The company maintains very strong capital, per our model, and we expect this to continue over our projection period. Our risk-based capital (RBC) model suggests Voya will be able to maintain very strong capital through 2022, based on stable earnings generation without aggressive investment policy. Its strong financial flexibility reflects expanded and proven access to capital markets. We expect Voya to maintain financial leverage below 30% and fixed-charge coverage of at least 6x over our projection horizon....

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