Voluntary sales totaled $8.8 billion in 2019, up 4.5% compared to the previous year’s results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“Every year we recognize those companies that led the industry in voluntary sales growth,” says Nick Rockwell, president of Eastbridge. “Among large companies ($150+ million in voluntary sales), Voya Financial is the fastest growing company, based on 2019 voluntary sales, garnering a 22% increase over 2018 results for total voluntary sales of $170 million.”
Voluntary sales for the industry increased by 4% in 2018 and 7% in 2017 over the prior year, while Voya’s sales increased 27% in 2018 and 8% in 2017. “Sustaining growth that is faster than the industry average for three years in a row is not an easy feat for any company, but it is especially difficult in the large-carrier category. We congratulate Voya Financial for their tremendous achievement,” adds Rockwell.
“Voya is proud to have earned this distinction from Eastbridge Consulting Group as the fastest growing company based on 2019 voluntary sales in the large-carrier category. These results are a testament to the hard working men and women on our Employee Benefits team,” said Rob Grubka, president, Voya Employee Benefits. “The convergence of health and wealth has shifted the workplace benefits landscape. Employers are increasingly looking for supplemental insurance offerings that they can easily integrate into their workplace benefits and financial wellness programs that their employees will value. At Voya, we continue to focus on helping Americans balance between living for today, while preparing for the future.”
Carriers participating in Eastbridge’s annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible for the Voluntary Sales Growth Leader recognition. A company must also have exceeded the overall industry growth rate for each of the last three years and lead in sales growth for the current year. The category parameters can change from year to year as the market grows. For the current year, small companies are those generating over $10 million but under $50 million in new business sales, while mid-size companies are those with new business annualized premium (NBAP) of $50 million to $149.9 million and large companies those with NBAP of $150 million or more.
All carriers participating in the voluntary/worksite sales survey receive a free copy of the survey findings, including company-specific results. If you are a carrier that is not participating and would like to be included in next year’s survey, please email the company at [email protected] or call
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.5 billion in revenue in 2019. The company had $538 billion in total assets under management and administration as of March 31, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit www.voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.