Voya Financial announced that it will bring the full administration of Leave, Paid Family and Medical Leave (PFML) and Short‑Term Disability (STD) claims in‑house, a move that will allow the company to manage the entire claims process for these benefits and integrate it with its supplemental health and life insurance products.
The new in‑house model will take effect for new business on January 1 2026. Existing Voya Leave Management and Short‑Term Disability employer groups will transition to the in‑house system throughout 2026 and 2027, ensuring a phased rollout that minimizes disruption for current clients.
Voya’s strategy to bundle leave management with other employee‑benefit offerings is designed to provide a seamless experience for employers and employees, reduce administrative friction, and improve claim turnaround times. By consolidating PFML and STD claims under its own operations, the company expects to lower costs, streamline processes, and create a more cohesive service offering for its workplace‑wealth customers.
The announcement follows Voya’s Q4 2025 earnings, in which the company reported an adjusted EPS of $1.94—$0.17 below consensus—while revenue rose to $2.11 billion, beating expectations by $0.10 billion. Management highlighted that the 2026 priorities include improving margins in the employee‑benefits segment, a focus that aligns with the in‑house claims initiative.
"Leave of absence events often happen at times of stress, uncertainty or a significant life change. By bringing leave and disability claims administration in house, we can better simplify the experience for employees, provide more consistent support and deliver a more human approach when it matters most," said Maleiha Russell, Vice President of Life and Disability.
"We delivered strong results in 2025, exceeding our targets for adjusted pre‑tax earnings and cash generation, reflecting the strength of our diversified businesses, our disciplined execution, and the focus on our customers. Our priorities for 2026 are clear and compelling, growing excess cash generation, maintaining balance sheet strength and capital flexibility, driving continued commercial momentum in retirement and investment management, and further improving margins in employee benefits. These priorities and our continued focus on execution accelerate our growth strategy and create meaningful value for our customers and shareholders," added Heather Lavallee, Chief Executive Officer.
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