Voya Financial(US:VOYA)2024-05-06 20:22Financial Performance - Total revenues for the three months ended March 31, 2024, increased to $2,051 million, up from $1,835 million in the same period of 2023, representing a growth of 11.8%[20] - Net income available to Voya Financial, Inc.'s common shareholders for Q1 2024 was $234 million, compared to $69 million in Q1 2023, reflecting a significant increase of 238.8%[20] - Basic earnings per share for Q1 2024 was $2.29, compared to $0.70 for Q1 2023, indicating a substantial rise of 227.1%[20] - Net income for the three months ended March 31, 2024, was $251 million, compared to $83 million for the same period in 2023, representing a significant increase[31] - Total comprehensive income for Q1 2024 was $212 million, up from $637 million in Q1 2023, indicating a decrease primarily due to other comprehensive losses[28] - Adjusted operating earnings before income taxes for Q1 2024 totaled $224 million, up from $192 million in Q1 2023, representing a 16.7% increase[143] Assets and Liabilities - Total assets as of March 31, 2024, were $161,631 million, an increase from $157,085 million as of December 31, 2023, marking a growth of 2.9%[18] - Total liabilities increased to $155,760 million as of March 31, 2024, from $151,032 million as of December 31, 2023, which is an increase of 3.8%[18] - The balance of shareholders' equity as of March 31, 2024, was $5,697 million, a decrease from $5,521 million as of March 31, 2023[28] - As of March 31, 2024, total discretionary rate setting products amounted to $35,155 million, a decrease from $35,856 million as of December 31, 2023[128] Cash Flow and Investments - Cash flows from operating activities increased to $231 million in Q1 2024, compared to $156 million in Q1 2023, reflecting improved operational efficiency[31] - Cash and cash equivalents increased to $995 million as of March 31, 2024, from $937 million as of December 31, 2023, reflecting a growth of 6.2%[18] - The company reported net gains of $43 million in Q1 2024, compared to a loss of $16 million in Q1 2023, indicating a turnaround in performance[20] - The company’s total investments decreased to $35,687 million as of March 31, 2024, from $36,600 million as of December 31, 2023, a decline of 2.5%[16] Shareholder Returns - The company repurchased $172 million worth of common stock in Q1 2024, reflecting a commitment to returning value to shareholders[31] - Dividends paid on common stock increased to $41 million in Q1 2024, up from $20 million in Q1 2023, indicating a stronger dividend policy[31] - The Company declared dividends of $0.40 per share for Q1 2024, compared to $0.20 per share in Q1 2023, representing a 100% increase[150] Segment Performance - Wealth Solutions segment reported adjusted operating revenues of $719 million in Q1 2024, up from $684 million in Q1 2023, a growth of 5.1%[145] - Health Solutions segment adjusted operating revenues increased to $905 million in Q1 2024 from $774 million in Q1 2023, marking a significant rise of 16.9%[145] - Investment Management segment adjusted operating earnings before income taxes rose to $53 million in Q1 2024, compared to $42 million in Q1 2023, an increase of 26.2%[143] Regulatory and Compliance - The Company is currently assessing the impact of the SEC's new climate-related disclosure rules, which will be phased in starting with the annual report for the year ending December 31, 2025[48] - The Company intends to adopt ASU 2024-01 regarding stock compensation on January 1, 2025, without expecting a material impact on financial results[43] - The Company is in the process of determining the impacts of adopting ASU 2023-09 on income tax disclosures, effective after December 15, 2024[44] Risk Management - The company has determined that no allowance for credit losses is warranted for its securities, as unrealized losses are interest rate related and the company does not intend to sell these investments[62] - The company continuously evaluates mortgage loans based on current information, ensuring properties perform at acceptable levels to secure debt[66] - The company reported a total of $5,118 million in delinquent commercial mortgage loans as of March 31, 2024, compared to $5,218 million as of December 31, 2023, indicating a decrease in overall delinquency[77] Legal and Litigation - The Company continues to deny allegations in a class action lawsuit regarding breaches of fiduciary duties and intends to defend the case vigorously[187] - The company estimates the aggregate range of reasonably possible losses from litigation and regulatory matters to be up to approximately $100 million as of March 31, 2024[185]