Voya Financial is under pressure from an activist shareholder to examine a sale of the whole company or parts of its $1.1tn pensions and insurance operations, reported Financial Times.
Toms Capital Investment Management, a US hedge fund, has taken a stake in Voya and is pressing the group to look at strategic options, sources said.
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Those options include putting the company up for sale or separating its weaker health insurance unit.
The source said that the hedge fund views Voya’s employer health benefits claims business as a drag on the rest of the group.
The stop-loss division recorded an operating loss of $10m in the final quarter of 2025.
Voya, separated from Dutch bank ING in 2014, is focused mainly on retirement and wealth businesses that generate higher earnings.
Its share price has been little changed over the past two years, leaving the company with a market capitalisation of close to $7bn.
The group has reported stronger inflows than peers and recently moved beyond $1tn in assets across its broader retirement and investment platform.
Of that total, $360bn is actively managed.
Voya has for some time been viewed as a possible acquisition candidate, with several large insurers that also run asset management operations seeking greater scale through transactions.
TCIM was set up in 2017 by former members of London hedge fund GLG Partners. The firm rarely runs public activist campaigns and tends to engage privately.
It has, however, recently taken positions and sought strategic changes at Kellanova, US Steel, Kenvue and Target.
Last month, a consortium led by Nelson Peltz’s Trian Fund Management prevailed over Victory Capital in a bidding war for investment house Janus Henderson, sealing an $8.6bn deal.
Earlier this year, UK asset manager Schroders agreed to be acquired by rival Nuveen for £9.9bn.
Earlier this year, portfolio managers from the GAM Global Opportunities and Global Special Situations Funds urged Liontrust Asset Management to begin a “strategic review” with a view to selling the company.
