Voya Financial(VOYA) - 2022 Q4 - Annual Report

Investment Management - As of December 31, 2022, the Investment Management segment managed $258.5 billion for third-party institutional and individual investors, with $99.7 billion in private and alternative asset solutions[106] - The Investment Management segment generated adjusted operating earnings before income taxes of $158 million for the year ended December 31, 2022[110] - Total assets under management (AUM) as of December 31, 2022, were $321.4 billion, with net inflows of $1,073.9 million for the year[119] - The fixed income platform managed $138.3 billion in public assets, with net outflows of $2,218.4 million, while private fixed income managed $83.3 billion with net inflows of $5,017.8 million[119] - The equities platform had $83.4 billion in AUM, experiencing net outflows of $1,214.5 million[119] - The alternatives platform managed $16.4 billion, with net outflows of $511.0 million[119] - The retail client segment accounted for $121.9 billion in AUM, with net outflows of $2,600.8 million, while the institutional client segment had $161.5 billion in AUM with net inflows of $3,674.7 million[119] - The AllianzGI Transaction completed on July 25, 2022, enhanced the international scale and distribution of investment products[107] - The company serves approximately 336 institutional clients, representing $161.5 billion of AUM primarily in separately managed accounts and collective investment trusts[121] Employee and Workforce - As of December 31, 2022, Voya had approximately 6,100 employees, with 99% being full-time and U.S.-based[125] - The acquisition of Benefitfocus on January 24, 2023, increased the employee base by approximately 1,100, with about half located in Charleston, SC[126] - Females and people of color represent 65% of the workforce, with 3% self-identifying as members of the disabled/special needs community[127] - The Executive Committee is 50% diverse, while the Board of Directors is 64% diverse[128] - Approximately 58% of the workforce is fully remote, and 41% are hybrid workers[125] - Voya maintains robust learning programs through its Learning Center to support employee development[130] - The Total Rewards offering includes competitive compensation, benefits, and development opportunities to attract and retain talent[131] Regulatory Compliance and Cybersecurity - The company is committed to conducting business in an ethically, economically, socially, and environmentally responsible manner[133] - As of December 31, 2022, the Total Adjusted Capital of each insurance subsidiary exceeded statutory minimum Risk-Based Capital levels[153] - Voya does not anticipate regulatory action as a result of its 2022 IRIS ratio results[156] - The NAIC adopted the Insurance Data Security Model Law to enhance cybersecurity measures for insurers, with several states already implementing it[159] - The NYDFS has established comprehensive cybersecurity requirements for financial services companies, mandating strong cybersecurity programs[159] - In 2023, cybersecurity risk management will remain a significant focus for governments and regulatory bodies[160] - The SEC and FINRA regulate the company's variable insurance and mutual fund products, which are classified as securities[169] - The DOL's revised fiduciary interpretation and prohibited transaction exemption may not materially impact the company, despite potential future amendments[166] Data Privacy and Environmental Compliance - The company is subject to various federal and state regulations, including those related to anti-money laundering and financial transparency under the USA PATRIOT Act[179] - Compliance with privacy laws, including the Gramm-Leach-Bliley Act, is required to protect personal information and ensure data security[184] - The company must adhere to state cybersecurity standards, including those mandated by the NYDFS and the NAIC Model Law[185] - The California Consumer Privacy Act (CCPA) established a privacy framework effective January 1, 2020, with potential statutory damages for non-compliance[186] - The California Privacy Rights Act (CPRA) was approved in November 2020 to amend the CCPA and create a new data protection authority[188] - The General Data Protection Regulation (GDPR) became effective on May 25, 2018, imposing strict requirements on handling personal data of EU residents[190] - The company is subject to the Health Insurance Portability and Accountability Act (HIPAA), requiring safeguards for protected health information[189] - The company conducts environmental assessments prior to closing new commercial mortgage loans to minimize unexpected environmental liabilities[195] - The company may face increased operational and compliance costs due to evolving data privacy laws and regulations[187] - The company is required to implement effective programs to detect and prevent identity theft as per new regulations[187] - The company may be liable for environmental cleanup costs under federal and state laws, impacting the valuation of commercial mortgage loans[194] Financial Reporting - The company files periodic reports with the SEC, which can be accessed through the SEC's website[197] - The company provides access to financial information and reports on its investor relations website without charge[198]