Deal Potential Has Been A Hot Topic

Research evidence excerpt

Deal Potential Has Been A Hot Topic

Insurance: Life Insurance

Voya Financial

TD SECURITIES (USA) LLC COMPANY UPDATE

July 2, 2026

Price: $92.71 (07/1/2026) Deal Potential Has Been A Hot Topic

Price Target: $112.00 (Prior $100.00)

BUY (1)

Andrew Kligerman THE TD COWEN INSIGHT

212 468 8440

M&A is now a VOYA investor focus following TOMS Capital’s (TCIM) recent letter urging

andrew.kligerman@tdsecurities.com

the Board to launch a “formal strategic review,” after its 4/23 call for a full sale or stop-loss

Daniel Bergman business divestiture. In our prior note (here) and initiation (here), we deem VOYA as a strong

617 946 3747 fundamental investment and secondly a credible takeout candidate, given its manageable

dan.bergman@tdsecurities.com

size and clean liability profile.

Alfred Miller

212 468 8453 Investors Concerned, as Activism Has Raised the Stakes

alfred.miller@tdsecurities.com

Investor concerns over VOYA’s execution, long-term stock performance, valuation gap, and

Jeff Tong debatably "low-bar" pay metrics have intensified since TCIM surfaced.

212 468 8450

jeff.tong@tdsecurities.com Since CEO Heather Lavallee took over on 1/1/23, VOYA’s 60% total return is in line with life

peers—but pre-TCIM (assuming buying began one month before announcement), it lagged

Adittya Parthasarathy, CFA

(18% vs. peers’ 40%). Core results remain solid, though stop-loss underwriting has weighed on212 468 8449

adittya.parthasarathy@tdsecurities.com performance.

Key Data Shares are up 22% since TCIM surfaced and 38% since 3/22, potentially helped by TCIM

Symbol NYSE: VOYA buying.

Beta: 0.90

TCIM Presses for a Sale; Valuation Is the Battleground

52-Week Range: $92.71-$65.51

Market Cap: $8.4B In its June 1 letter, TCIM urged the Board to address VOYA’s persistent discount and explore