Voya Financial(US:VOYA)2025-11-06 21:09Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $2,128 million, up from $1,956 million in the same period of 2024, representing a growth of 8.8%[20] - Net income for the three months ended September 30, 2025, was $272 million, compared to $98 million for the same period in 2024, reflecting a significant increase of 177.6%[21] - Basic earnings per share for the three months ended September 30, 2025, were $1.82, compared to $1.00 for the same period in 2024, an increase of 82%[21] - For the nine months ended September 30, 2025, Voya Financial achieved a net income of $514 million, contributing to a total comprehensive income of $1,231 million[28] - The company reported net investment income of $583 million for the three months ended September 30, 2025, compared to $506 million in the same period of 2024, a growth of 15.2%[21] - The total comprehensive income for the three months ended September 30, 2025, was $561 million, compared to $869 million for the same period in 2024[23] - The company reported a net income of $584 million for the nine months ended September 30, 2025, compared to $621 million for the same period in 2024, indicating a decrease of 6%[169] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $177,448 million, an increase from $163,889 million as of December 31, 2024, indicating a growth of 8.2%[18] - The total liabilities as of September 30, 2025, were $170,365 million, an increase from $157,882 million as of December 31, 2024, reflecting a growth of 7.9%[19] - As of September 30, 2025, Voya Financial reported total shareholders' equity of $6,862 million, with retained earnings showing a deficit of $1,778 million[29] - The balance of noncontrolling interest as of September 30, 2025, was $221 million[29] - The company reported reinsurance recoverable balances of $10.845 billion, net of allowance for credit losses[139] Investment Activities - The company reported net cash used in investing activities of $997 million, compared to net cash provided of $504 million in the same period of 2024[37] - The company acquired OneAmerica Financial's full-service retirement plan business for approximately $50 million in cash, with contingent consideration of up to $160 million payable in 2026[40] - The total investment income for the nine months ended September 30, 2025, was $1,727 million, up from $1,553 million in the same period of 2024[78] - The company reported a gross investment income of $605 million for the three months ended September 30, 2025, compared to $528 million in the same period of 2024[78] Shareholder Activities - The company issued common stock worth $5 million during the nine-month period, while repurchasing shares totaling $100 million[28] - Dividends on common stock amounted to $130 million for the nine months ended September 30, 2025[28] - The company declared dividends of $0.45 per share for the three months ended September 30, 2025, and $1.35 per share for the nine months ended September 30, 2025, compared to $1.25 for the same period in 2024[164] - The company repurchased a total of 1,345,732 shares of common stock during the nine months ended September 30, 2025, with a payment of $100 million for the initial shares and additional shares delivered[167] Comprehensive Income - The company’s accumulated other comprehensive income improved to $(1,778) million as of September 30, 2025, from $(2,462) million as of December 31, 2024[19] - Total comprehensive income for the three months ended September 30, 2025, was $561 million, compared to $869 million for the same period in 2024[23] - The accumulated other comprehensive income (loss) as of September 30, 2025, was $(1,778) million, slightly improved from $(1,812) million in the previous year[171] Segment Performance - The Retirement segment provides tax-deferred, employer-sponsored retirement plans and administrative services, contributing significantly to the company's overall performance[146] - The company will continue to operate through three segments: Retirement, Investment Management, and Employee Benefits, with a focus on enhancing performance metrics[145] Tax and Regulatory Matters - The effective tax rate for the three months ended September 30, 2025, was 11.4%, significantly lower than the statutory rate of 21% due to dividends received deduction and tax credits[176] - The Company expects no material impact from the One Big Beautiful Bill Act signed into law in July 2025[182] Fair Value Measurements - As of September 30, 2025, total assets measured at fair value amount to $144.621 billion, with $109.084 billion classified as Level 1 assets[95] - The fair value of U.S. corporate public securities is $7.769 billion, with $7.706 billion classified as Level 2[95] - The Company utilizes third-party commercial pricing services for fair value measurements, ensuring compliance with ASC Topic 820[99] Litigation and Claims - The Company continues to deny allegations in the Ravarino case, which involves claims of breach of fiduciary duties related to the Voya 401(k) Savings Plan[202] - The Company believes that the outcome of pending litigation and regulatory matters is unlikely to have a material adverse effect on its financial position[199]