Activist hedge fund Toms Capital Investment Management has taken a stake in Voya Financial and is urging the $1.1 trillion pension and insurance platform to consider a sale or carve‑out of its health‑benefit stop‑loss unit. The fund argues the underperforming insurer drags down Voya’s broader earnings, pointing to a recent $10 million operating loss in that segment, to shareholders and improve overall returns.

Voya, spun out of ING in 2014, now runs higher‑margin retirement and wealth funds, with assets under management topping $1 trillion and $360 billion actively managed. Yet its share price has barely moved in two years, leaving a market cap near $7 billion. Analysts at TD Cowen note that the stop‑loss drag has soured investor sentiment despite strong inflows, and underscores the need for strategic review.

The push arrives as asset managers race to scale. Dealogic logged $25 billion of deals in Q1, already topping last year’s total. Recent mega‑transactions include an $8.6 billion bid for Janus Henderson and Nuveen’s £9.9 billion acquisition of Schroders. TCIM, a low‑profile activist, has also pressed firms like Kellanova and Target, meaning any Voya sale could spark competitive bidding, potentially reshaping the U.S. insurance market.