Voya Financial is a U.S.-focused workplace benefits and savings company built around three businesses: retirement plan administration, investment management, and employee benefits. Retirement is the largest segment — Voya administers defined contribution plans (401(k), 403(b), and 457) for roughly 45,000 employer clients across corporate, education, healthcare, and government sectors, covering nearly 10 million participant accounts. Voya earns primarily asset-based and participant-based fees for recordkeeping, plan administration, investment options, and financial wellness tools, with a smaller spread-based income stream from general account assets. Voya also runs a Wealth Management business that offers IRAs and advisory services, primarily to existing plan participants. Investment Management is the second segment, managing roughly $360B in AUM for third-party institutional and retail clients across fixed income, equities, and alternatives, with international retail distribution handled through a partnership with Allianz Global Investors. Employee Benefits is the third segment, offering stop-loss insurance, group life, group disability, and voluntary health benefits to mid-size and large employers, plus benefits administration technology through its Benefitfocus platform. The overall model is capital-light relative to traditional insurers, as Voya has exited most legacy insurance risk businesses. Growth priorities include acquiring retirement plan books from other providers (the OneAmerica deal added $60B of DC assets), expanding its financial advisory headcount to capture rollover assets, and growing insurance asset management and private fixed income within Investment Management.