Voya Financial Inc.

The stable outlook reflects S&P Global Ratings' expectation that Voya and its subsidiaries will maintain very strong capital adequacy, a top-five position in its core markets, balance-sheet strength, and adequate liquidity. We could lower our ratings in the next 12-24 months if Voya maintains capital adequacy below the expected 'AA' level per our model or if Voya doesn't meet our current operating performance expectations. We could also lower our ratings if Voya has higher leverage than the levels in our base-case assumptions or if business-line concentrations 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 improvements in the business

...Voya Financial Inc.'s competitive advantage stems from a strong presence in the K-12 and higher education markets. Voya operates predominantly in the retirement and savings business. It 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. We expect Voya to maintain capital in the '##' confidence level of our capital model based on stable earnings from its key segments, and we expect this to continue without an aggressive share repurchase, dividend, or investment policy. Voya has transitioned its operating profile to one that is more reliant on capital-light and higher-growth businesses. Over the past several years, Voya's focus has pivoted from retail life and annuity insurance to health, wealth, and investment management centered on the workplace. Its ability to connect and integrate its product suite with the customer...

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