ING U.S. is changing its name to Voya Financial as part of its move to become an independent company, the company announced today.
ING U.S., a provider of retirement and insurance products, is branching off from its Amsterdam-based parent company, ING Group. A major focus of Voya will be retirement planning although the company will handle retirement, investment and insurance products.
Voya is undertaking an IPO and it will be 18 to 24 months before the new name is in place, according to the company. The new name will not be used until the IPO is complete.
The new name comes from the word voyage, to convey that ING U.S. wants to people on their voyage to retirement rather than just selling products, says ING U.S. CEO Rodney O. Martin Jr.
“The Voya name reminds us that a secure financial future is about more than just reaching a destination,” says Ann Glover, chief marketing officer of ING U.S. “Preparing for it should be like taking a voyage and having positive experiences along the way.”
Since November 2009, ING Group has been in the process of a global divestment program that includes a planned diverstiture of ING U.S. in an initial public offering in which ING Group is selling a portion of the ownership interest over time, Glover says. ING U.S.'s new brand identify is a part of that process.