ING U.S. Inc., a retirement investment and insurance company, will change its name to Voya Financial as part of a rebranding effort this year.
The publicly listed holding company will start using the new name April 7. On May 1, ING U.S. Investment Management will become Voya Investment Management, and the Employee Benefits business will begin using the Voya Financial brand. All the other U.S. ING businesses will start using the Voya name in September.
"Voya is an abstract name coined from the word 'voyage.' It reflects momentum and optimism, and a view towards the future," Ann Glover, chief marketing officer of ING U.S., said in a press statement. "The name also reminds us that a secure financial future is more than simply reaching a destination; it's about a journey to financial empowerment, and taking control along the way in order to create positive experiences."
The name change comes about one year after ING U.S. made its initial public offering as part of a program conducted by its Dutch parent, ING Group N.V. to divest certain global businesses. ING U.S. common stock trades under the ticker symbol "VOYA" on the New York Stock Exchange. ING Group currently owns about 57 percent of the outstanding common stock of ING U.S Inc., and expects to completely divest its ownership by December 31, 2016.
As the rebranding process continues through the summer, both the ING U.S. and Voya Financial names will be in use. The company decided to stagger the rebranding to accomplish an orderly transition for its 13 million individual institutional customers. Other than the name, nothing will change as a result of the rebranding with respect to customer accounts or policies, or the manner in which clients and financial professionals work with the company.