NEW YORK, March 9, 2015 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA) announced today the closing of ING Group's underwritten public offering of approximately 32.0 million shares of Voya Financial common stock as well as Voya Financial's repurchase of approximately 13.6 million shares of its common stock. In completing these transactions, ING Group has exited its stake in Voya Financial common stock.
"The completion of these transactions represents an important and significant milestone in Voya Financial's progress and success as an independent company," said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. "Since our initial public offering in May 2013, we have executed on our plan to profitably grow our businesses – and deliver greater value to our shareholders and our customers."
In 2014, Voya Financial achieved its original Ongoing Business Adjusted Operating Return on Equity target two full years ahead of plan, and in 2015, announced a new target for 2018. The company also has significantly improved its financial profile, as evidenced by Standard & Poor's and Moody's Investors Service recently upgrading their ratings on Voya Financial and several of its insurance subsidiaries. In addition, Voya Financial has generated substantial excess capital, which has enabled the company to repurchase $1.4 billion of its common stock.
"We are excited about our plans to drive further value at Voya Financial, to achieve greater returns for our shareholders, and to ensure that we are well positioned to serve our clients' retirement readiness needs," Martin added. "We also are grateful to ING Group for their partnership and support over the past several years and we wish them much success in the future."
Citigroup and BofA Merrill Lynch acted as joint book-running managers and underwriters for the offering. ING Group continues to hold warrants that are exercisable for 26,050,846 shares of Voya Financial common stock at an exercise price of $48.75, in each case subject to adjustments.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement CompanyTM and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 6,500 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit voya.com or view our Voya Financial Interactive Company Profile. Follow Voya Financial on Facebook and Twitter @Voya.
SOURCE Voya Financial, Inc.