Toms Capital Investment Management announced on April 23 2026 that it is urging Voya Financial Inc. to explore a sale, marking the first major public push for a divestiture since the company’s shift to a capital‑light, fee‑based business model.
Voya’s transformation has moved it away from legacy life‑insurance blocks toward a focus on retirement, employee‑benefits and investment‑management services. The acquisition of OneAmerica Financial’s retirement‑plan business in January 2025 has bolstered the Wealth Solutions segment and helped the company build a more fee‑centric revenue base.
Financially, Voya reported Q1 2025 net income of $139 million, down from $234 million in Q1 2024, while Q4 2025 adjusted earnings per share rose 38.5 % year‑over‑year to $1.94 but missed the Zacks Consensus Estimate by 8 %. Revenue in Q4 2025 increased 5.7 % to $2.89 billion, driven by a 13.4 % rise in net investment income and a 16.5 % jump in fee income. The Wealth Solutions segment’s adjusted operating margin climbed to 39.7 % from 35.7 % in the prior year, reflecting the impact of the OneAmerica acquisition and a higher mix of fee‑based products.
The health‑benefits insurance division, however, has been a drag on performance. Adjusted operating earnings in the segment fell to $46 million in Q1 2025 from $59 million in Q1 2024, underscoring the challenges the unit faces in a competitive market and its misalignment with Voya’s capital‑light strategy.
Toms Capital argues that a sale or divestiture of the underperforming health‑insurance business could unlock shareholder value, especially given Voya’s current valuation. The company trades at a price‑to‑earnings ratio of 12.11×, below many peers, and insider selling of $1 million in the past three months has added to concerns about the company’s future prospects.
Investors have responded positively to the activist’s call, reflecting confidence that a strategic realignment could improve Voya’s valuation and focus on its core fee‑based businesses.
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