The stock of Voya Financial rose 7.5 % in premarket trading on Wednesday after being added to the S&P MidCap 400 Index.
The company, which went public on the New York Stock Exchange in 2013, assists consumers with retirement planning. It has a market capitalization of more than $7 billion as of Tuesday.
Voya will take the position of CoreSite Realty, which will be acquired by American Tower in a deal scheduled to close soon. The new index goes into effect on December 28.
Because it is now included in more funds and derivative portfolios benchmarked against the index, passive investors who manage trillions of dollars will have to incorporate it in their portfolios.
Voya turned a $142 million profit in the third quarter, up from a $333 million loss the year before, thanks to funds from divestitures in the reporting period. Losses from terminated activities dragged down the previous quarter.
The company announced this month that it intends to increase adjusted operating earnings per share by 12 % to 17 % between now and 2024.
Before its spinoff, Voya was a subsidiary of the Dutch-based ING Group. In 2014, it was given its current name.