Investing.com -- Shares of Voya Financial jumped more than 5% on Thursday following a Financial Times report that activist investor Toms Capital Investment Management is pushing the company to explore a sale.

Toms Capital has built a position in Voya Financial and is urging the company to consider selling itself or divesting its health insurer division, the Financial Times reported, citing people familiar with the matter.

The hedge fund believes Voya's health benefits insurance business, which provides coverage to employers against health benefit claims, is weighing on the broader company's performance.