In a bid to redefine the financial journey, ING U.S. has announced that it will be rebranding as Voya Financial.
While the announcement was made Thursday, ING U.S. does not plan on incorporating the new name or logo until 2014, as it awaits the completion of its IPO.
ING Group, the company’s Dutch parent, announced last year that it was planning to spin off its US arm through an initial public offering—where Voya will register as the company’s stock ticker. The divestiture of the US part of the business along with a ING Direct and a Dutch mortgage lender had to take place in order to get approval for a 2008 bailout.[more]
In 2011, the company began an extensive process to source a new name and logo, soliciting ideas from employees, key customers and several design firms. With the help of branding consultancy Interbrand (brandchannel’s parent company), ING U.S. sifted through more than 5,000 name suggestions before deciding on Voya.
The name is an abstract take on “voyage,” Ann Glover, ING U.S. chief marketing officer told Ad Age. “The Voya name reminds us that a secure financial future is about more than just reaching a destination. Preparing for it should be like taking a voyage and having positive experiences along the way,” she noted in the company’s press release.
While the company is rebranding verbally (with the new name and language) and visually (with a new logo that dispenses with its iconic orange lion but keeps the optimistic color), its retirement, investment and insurance services and commitment to customers will remain the same.
“Our vision is to help working Americans prepare for the important financial journey they face,” Rodney Martin Jr., CEO of ING U.S. stated in the release. “We want to be known as the company that understands and supports their diverse needs as they seek to advance their retirement readiness—in essence, to be America’s Retirement Company. We intend for the Voya Financial brand to become synonymous with this goal.”
Until the IPO—which is expected to bring in more than $600 million, Bloomberg reports—is finalized, don’t expect to see too many changes. While the company will be eventually dropping its famed orange lion logo for the streamlined (but still orange) letters of Voya, Ad Age notes that the New York Marathon the brand sponsors will continue to be known as the ING New York Marathon for at least another year.
In the meantime, until Voya comes along in 2014, it’s business as usual—as witnessed by the company’s latest U.S. campaign, about “orange money,” that debuted last month.