
Voya Financial is at an inflection point. More than three years of strategic missteps and inaction under the current management and Board have left this high-quality franchise significantly undervalued — with no credible plan to create value for shareholders going forward.
That is why TCIM, one of Voya's largest shareholders, is launching a No Confidence Campaign, a tangible mechanism for shareholders to send a clear message to leadership:
the status quo is no longer acceptable.


From Heather Lavallee's CEO-Elect appointment until TCIM's public involvement, Voya underperformed peers by ~37pts in total shareholder returns and traded below 8x forward earnings – counterintuitively lower than its multiple as a capital-intensive life insurer.


Media reports and comments from Voya's peers and competitors at a recent industry conference indicate that Voya is unwilling to genuinely engage with credible, interested third parties on value-creating opportunities.


Voya's leadership earned massive 2025 pay — over $16.2 million for the CEO and more than $7.5 million each for the CFO and the stop-loss business head — while the Board lowered performance targets amid stop-loss pressure, raising concerns about inadequate oversight.


Voya’s disregard for transparent shareholder communication and lack of focus on doing what is best for all shareholders has left TCIM with no other choice than to take our concerns directly to our fellow investors.
Okapi Partners
info@okapipartners.com
Longacre Square Partners
TCIM@longacresquare.com