Michael S. Smith is chief financial officer (CFO) of Voya Financial, Inc. (NYSE: VOYA), which helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.7 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. As of Dec. 31, 2017, Voya had $555 billion in total assets under management and administration.
Smith, who became CFO in November 2016 and also serves on Voya’s Executive Committee, is responsible for strategic finance, capital management, actuarial, tax, insurance investments, controllership, financial reporting, procurement operations, expense management, treasury and investor relations. Smith has held several leadership roles during his tenure at Voya. Since 2009, he has overseen Voya’s legacy variable annuity business, which is now known as the Closed-Block Variable Annuity segment.
Prior to becoming CFO, Smith served as chief executive officer (CEO) of Insurance Solutions at Voya since January 2014. In this role, he led Voya’s Individual Life and Employee Benefits businesses to achieve higher returns on capital, introduce new technologies and generate greater value for Voya’s customers, distribution partners and shareholders. Under Smith’s leadership, both the Individual Life and Employee Benefits businesses generated higher returns on capital. He also oversaw significant in-force premium growth in Employee Benefits and successfully shifted the company’s Individual Life sales to indexed life insurance products.
From May 2012 to January 2014, Smith served as Voya’s chief risk officer (CRO). As CRO, he was responsible for overseeing the enterprise-wide and business-level risk monitoring and management program for the company. He joined Voya in 2009 as CFO and CRO of Annuities, and subsequently served as CEO of Annuities.
Prior to joining Voya, Smith held several leadership positions at Lincoln Financial Group, where he ultimately served as head of profitability and risk management of the company’s Retirement Solutions business. He also served as CFO and CRO of Lincoln Life and Annuities, from 2004 to 2006, and as CFO for Lincoln Financial Distributors, from 2003 to 2004.
Smith holds bachelor’s degrees in economics and Russian studies from the University of Michigan and attained Fellowship in the Society of Actuaries in 1990. He is a member of the American Academy of Actuaries and has been a CFA® Charterholder since 2003. Smith serves on the boards of LL Global, Inc., the parent organization of LIMRA and LOMA, as well as People’s Light & Theatre Company.