Voya Financial posted a mixed-Q4 2024 with meaningful earnings momentum in Wealth Solutions and Investment Management, offset by higher Health Solutions losses in Stop Loss that pressured near-term margins. The company closed the OneAmerica acquisition on January 2, 2025, adding roughly $60 billion in assets and nearly $4 billion of spread-based assets under management, with an expected $200 million in revenue and $75 million of incremental operating earnings in 2025. Management framed 2025 as a transition year focused on margin recovery in Stop Loss, stronger risk selection, and the successful integration of OneAmerica, while continuing to invest in growth initiatives (leave management, wealth advisory expansion, and Sconset Re). For investors, the key takeaway is a path to higher capital generation and a return to the mid-teens ROE trajectory by 2026, aided by a combination of margin discipline, strategic acquisitions, and disciplined capital allocation. The earnings call emphasized: (1) robust flow momentum in Wealth Solutions and Investment Management, (2) a targeted 21% net effective rate increase for the January 2025 Stop Loss cohort, (3) accretive earnings from OneAmerica in 2025, (4) a plan to lift excess capital generation meaningfully in 2025 and beyond, and (5) a disciplined but opportunistic approach to M&A and partnerships to accelerate growth.