Core Viewpoint - Voya Financial has demonstrated strong earnings growth and solid segmental performance, positioning itself favorably in the market despite recent stock price declines compared to industry peers [2][4][6]. Financial Performance - Voya Financial's earnings grew by 16.2% over the last five years, significantly outperforming the industry average of 4.6% [2]. - The company has a solid track record of beating earnings estimates, with an average surprise of 6.77% over the last four quarters [2]. - Despite a 4.4% decline in share price over the past six months, the industry has seen a growth of 13.6% [2]. Segment Performance - The Wealth Solutions segment is experiencing significant growth due to strong underlying business results, higher surplus income, and lower administrative expenses [5]. - The Investment Management segment is expected to benefit from improved fee revenues and higher investment capital returns [7]. - The Health Solutions segment is likely to see growth across all product lines, aided by favorable retention and the Benefitfocus acquisition [9]. Valuation Metrics - Voya Financial shares are trading at a forward price-to-book value of 1.05X, lower than the industry average of 1.96X and the Finance sector's 3.99X [6]. - The company has a Value Score of A, indicating attractive valuation compared to peers [6]. Strategic Initiatives - Voya Financial has entered a long-term strategic partnership with Allianz Global Investors to enhance its Investment Management segment [8]. - The company plans to return $800 million in excess capital to shareholders in 2024, with a recent increase in quarterly dividends by 12.5% [13]. Financial Strength - As of September 30, 2024, Voya Financial's estimated combined RBC ratio was 395%, indicating strong capital levels [12]. - The company reported cash and cash equivalents of $1.4 billion, a 75.7% increase year over year, providing financial flexibility [12]. Long-term Outlook - Favorable retention, effective capital deployment, and strong underlying business results are expected to support Voya Financial's growth in the long term [14].

Core Insights - Voya Financial reported Q3 2024 adjusted operating earnings of $2.12 per share, exceeding estimates by 4.8% and showing a year-over-year increase of 2.4% [2] - The company's adjusted operating revenues reached $1.97 billion, a 7.6% increase year-over-year, driven by higher fee income and premiums [3] Financial Performance - Net investment income decreased by 7.5% year-over-year to $506 million, while fee income rose by 10.4% to $489 million [3] - Premiums totaled $796 million, reflecting a 16.7% increase from the previous year [3] - Total benefits and expenses increased by 11.4% year-over-year to $1.8 billion [3] Segment Analysis - Wealth Solutions reported adjusted operating earnings of $211 million, up 17.8% year-over-year, primarily due to growth in fee-based revenues [4] - Health Solutions saw adjusted operating earnings decline by 56.6% year-over-year to $23 million, despite a 16% growth in annualized in-force premiums and fees [5] - Investment Management's adjusted operating earnings increased by 12.2% year-over-year to $55 million, supported by higher fee-based revenues and net inflows of $3.8 billion [6] - Corporate incurred pre-tax adjusted operating losses of $59 million, wider than the $52 million loss from the previous year [7] Financial Position - Voya Financial ended the quarter with cash and cash equivalents of $1.4 billion, a 75.7% increase year-over-year [8] - Total investments were $36 billion, down 0.4% year-over-year, while long-term debt rose by 0.2% to $2.1 billion [8] - The financial leverage ratio deteriorated by 280 basis points year-over-year to 30.6% [8] - Book value per share increased by 5.9% year-over-year to $60.96 [8] Capital Management - The company returned $0.2 billion of excess capital in Q3 2024 through $149 million in share repurchases and $44 million in common stock dividends [9] Market Outlook - Estimates for Voya Financial have trended downward recently, with a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [12] - The stock has a poor Growth Score of F, a Momentum Score of D, and a Value Score of B, resulting in an aggregate VGM Score of C [11] Industry Comparison - Voya Financial is part of the Zacks Insurance - Life Insurance industry, where Lincoln National (LNC) has gained 6.5% over the past month, reporting revenues of $4.6 billion, a year-over-year decline of 1.5% [13] - Lincoln National is expected to post earnings of $1.83 per share for the current quarter, reflecting a year-over-year increase of 26.2% [14]

Shares of Voya Financial, Inc. (VOYA) have gained 18.5% in the past three months compared with the industry’s growth of 16.5% and the Zacks S&P 500 composite’s return of 6.4%. Currently priced at $79.93, the stock is a little below its 52-week high of $84.30. This proximity underscores investor confidence. It has the ingredients for further price appreciation. VOYA Outperforms Industry & S&P in Three MonthsImage Source: Zacks Investment ResearchThe stock is trading above the 50-day and 200-day simple moving ...

Financial Data and Key Metrics Changes - The company reported adjusted operating EPS of $1.90, a 9% increase compared to Q3 2023, driven by nearly 20% growth in Wealth Solutions and over 10% growth in Investment Management earnings [8][18] - Third quarter GAAP net income was below adjusted operating earnings primarily due to non-cash items [19] - Total capital return in the quarter was $193 million, including $149 million in share repurchases [31] Business Line Data and Key Metrics Changes - Wealth Solutions earnings were $211 million, an 18% increase year-over-year, with full-service sales up 25% year-over-year [26][24] - Investment Management achieved $3.8 billion in net inflows, marking the third consecutive quarter of positive net flows, exceeding the organic growth target for the year [28][27] - Health Solutions reported adjusted operating earnings of $23 million, significantly impacted by unfavorable loss ratio developments in Stop Loss [22] Market Data and Key Metrics Changes - The company maintained a leading position in the government market by participants and assets, with full-service net outflows of $222 million [24] - Retail client assets increased over 20% year-over-year to $31 billion, supported by investments in the retail wealth management business [25] - The mid-market sales for the year were significantly higher than total sales in 2023, indicating strong commercial momentum [10] Company Strategy and Development Direction - The company is focused on improving Stop Loss margins by prioritizing higher margins over premium growth for the 2025 book, with targeted average rate increases of 100% for January 2025 renewals [12][21] - The acquisition of OneAmerica's retirement business is expected to close on January 1, 2025, contributing at least $75 million of adjusted pretax operating earnings in the first year [15][33] - Continued emphasis on profitable growth and integration of the OneAmerica business is expected to enhance market share and operational capabilities [13][16] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Stop Loss results but highlighted strong performance in Wealth and Investment Management, indicating a robust capital return story for the year [35] - The company is confident in its ability to improve underwriting margins and achieve targeted loss ratios through active repricing and strategic actions [82][39] - Management anticipates significant improvements in excess capital generation in 2025, driven by Stop Loss repricing and the OneAmerica acquisition [17][33] Other Important Information - The company has a strong focus on integrating technology from OneAmerica to enhance service delivery and participant engagement [46][100] - The company issued $400 million of senior debt at a 5% coupon rate, with plans to retire maturing debt in early 2025 [32] Q&A Session Summary Question: Can you provide more color on the underlying claim trends in Stop Loss? - Management noted disappointment with Stop Loss results, with elevated claims across all categories driving reserve assumptions. They are actively repricing the book to improve margins [36][37] Question: Will the loss ratio likely remain above the target in 2025? - Management is targeting a 77% to 80% loss ratio for 2025, with significant rate increases expected to improve margins [39][40] Question: What is the expected impact of the OneAmerica acquisition on retention? - Management expects lower persistency for the OneAmerica business, around 90%, but believes the transition to similar technology will help maintain service levels [44][46] Question: How should we think about EPS guidance for the next few years? - Management indicated that the guidance includes contributions from OneAmerica and expects organic growth from both Investment Management and Wealth Solutions to support future EPS growth [48] Question: Can you comment on the distribution expansion from the Allianz partnership? - Management expressed satisfaction with the flow picture, highlighting strong demand in both US and international markets, contributing to net inflows exceeding organic growth targets [51][52] Question: What is the expected participant growth in Wealth Solutions? - Management anticipates a 15% participant growth in Wealth Solutions for 2025, with strong momentum in both recordkeeping and full-service segments [58][59]

Voya Financial, Inc. (VOYA) reported third-quarter 2024 adjusted operating earnings of $2.12 per share, which beat the Zacks Consensus Estimate by about 4.8%. The bottom line increased 2.4% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Behind the HeadlinesAdjusted operating revenues amounted to $1.97 billion, which increased 7.6% year over year. The increase was driven by higher fee income, premiums and other revenues.Net investment income decreased 7.5% year over y ...

Voya Financial (VOYA) reported $289 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 2.9%. EPS of $2.12 for the same period compares to $2.07 a year ago.The reported revenue represents a surprise of -9.11% over the Zacks Consensus Estimate of $317.98 million. With the consensus EPS estimate being $2.05, the EPS surprise was +3.41%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Voya Financial (VOYA) came out with quarterly earnings of $2.12 per share, beating the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.41%. A quarter ago, it was expected that this retirement, investment and insurance company would post earnings of $2.19 per share when it actually produced earnings of $2.27, delivering a surprise of 3.65%.Over th ...

Voya FinancialPage 16 of 45 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|-----------|-----------|------------------------------------------|-------------|-----------|------------------------------------------|-----------| | (in millions USD) | 6/30/2024 | 3/31/2024 | Three Months Ended or As of \n12/31/2023 | \n9/30/2023 | 6/30/2023 | Twelve Months Ended or As of \n6/30/2024 | 6/30/2023 | | Full Service - Corporate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 —————————————————————— FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35897 Voya Financial, Inc. | (Exact name of registrant as specified in its charter) | | | | | --- | --- ...

Exhibit 99.2 Quarterly Investor Supplement March 31, 2024 This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2024. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission's website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited. Corporate Offices: Investor Contact: Voya Financial Michael K ...