Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year over year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year over year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year over year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's alternative AUM reached $373 billion, contributing approximately 60% of EBITDA on a run rate basis [9] - In liquid alternatives, AMG posted record net inflows of $51 billion for the year, representing a 36% annualized organic growth rate [17] - Private markets affiliates raised $24 billion in total for the year, with an annualized organic growth rate of 18% [18] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to high-quality affiliate partnerships [6][12] - The company aims to continue investing in areas of secular growth and product innovation to enhance affiliate success and drive organic growth [12][36] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to returning capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 [13][36] - The company anticipates ongoing growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings [30][31] - AMG's reputation and capital flexibility are at an all-time high, positioning the company well for future opportunities [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][24] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [7][35] - AMG's global wealth AUM now totals over $100 billion, growing organically at more than 100% in 2025 [23] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][66] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon’s expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive growth [47][49] Question: Growth in Global Wealth Management - Management acknowledged significant growth in the U.S. wealth management platform while also recognizing opportunities for growth outside the U.S. [57][60] Question: Performance Fees Outlook - Management indicated that AQR was a double-digit contributor to EBITDA in 2025 and is expected to grow further in 2026, with a stable and predictable earning stream from performance fees [64][68]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, representing an 18% annualized organic growth rate [18] - In liquid alternatives, AMG posted record net inflows of $15 billion in the fourth quarter and $51 billion for the full year, reflecting a 36% annualized organic growth rate [17] - The company experienced net outflows of approximately $12 billion in equities for the quarter and $45 billion for the year, indicating industry headwinds [20] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [12][19] - The company aims to enhance its U.S. wealth platform, which has reached approximately $8 billion in alternative AUM, and continues to innovate in product offerings [21][22] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to return capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum in alternatives and the ongoing demand for liquid alternative strategies [12][16] - The company anticipates continued growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings in 2026 [30][66] - AMG's reputation and capital flexibility are at an all-time high, positioning the company for further success in the coming years [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5] - The company has committed over $1 billion in capital across five new investments, indicating a strong pipeline for growth [6][33] - The departure of Tom Wojcik, the CFO, was acknowledged, with management expressing confidence in the leadership team's ability to continue executing the company's strategy [14][15] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][40] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon's expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive organic growth [47][49] Question: Global Wealth Management Growth - Management discussed the significant growth in the U.S. wealth management platform and the potential for growth in international markets, emphasizing a holistic approach to wealth distribution [58][61] Question: Performance Fees Outlook - Management indicated that AQR contributed a double-digit percentage to EBITDA in 2025 and is expected to exceed 20% in 2026, with a stable and predictable earning stream from performance fees [64][66]

Ameriprise Financial Overview © 2026 Ameriprise Financial, Inc. All rights reserved. Forward-looking statements The forward-looking statements in this presentation reflect management's expectations about future events, plans and performance. These forward-looking statements and the many assumptions upon which they are based involve risks and uncertainties. A list of factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements i ...

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Core Insights - Voya Financial reported strong performance in 2025, generating $775 million in cash, significantly up from the previous year, and achieving record results in its Retirement and Investment Management segments, totaling $1 trillion in assets [5][6] - The company is entering 2026 with momentum, focusing on cash generation, strong commercial performance, and improved profitability in employee benefits [6] Revenue and Earnings - Voya set targets of $200 million in revenue growth and $75 million in earnings, significantly exceeding these goals, with retention rates around 90% [1] - The retirement business achieved close to a 40% margin in 2025, surpassing the guided range of 35% to 39%, with $28 billion in organic flows and an additional $60 billion from the OneAmerica transaction, totaling nearly $90 billion in asset growth [2] Capital Management - The company plans to direct $300 million towards share repurchases in the first half of the year, with approximately $400 million in excess capital expected by year-end [3][4] - Management emphasized balance sheet strength and flexibility in capital deployment, indicating that share repurchases do not preclude future acquisitions [3][4] Wealth Management Strategy - Voya's wealth management initiative is an expansion of existing business, generating about $200 million in revenue from retirement-related activities, which constitutes roughly 10% of the retirement business [7] - The company aims to serve the "mass affluent" participant base, leveraging its existing audience of retirement plan participants to minimize lead-generation costs [8] Investment Management Growth - Voya's investment management segment has outpaced industry growth with steady margin improvement, targeting 2% organic growth long-term [12] - A partnership with Blue Owl is set to launch a Multi-Manager Target-Date Fund in the first half of 2026, enhancing Voya's product offerings [12] Employee Benefits Performance - Employee benefits improved significantly, with pre-tax adjusted operating earnings rising from $40 million in 2024 to over $150 million in 2025, with expectations for further improvement in 2026 [14] - Voya achieved substantial rate increases, with a 21% increase on the January 2025 block and a 24% increase on the January 2026 block, maintaining premium stability year over year [15] Market Position and Future Outlook - Voya is positioned as a top-five provider in the retirement recordkeeping market, which is undergoing consolidation, with the top 10 providers controlling about 80% of assets [6] - The company anticipates continued elevated volatility in the healthcare sector, while focusing on growing cash generation and returning capital to shareholders [17]

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Summary of Voya Financial's Conference Call Company Overview - **Company**: Voya Financial - **Industry**: Life Insurance and Investment Management Key Messages and Financial Performance - **Exceptional Year in 2025**: Voya reported cash generation of $775 million, significantly up from the previous year, and achieved record commercial results in Retirement and Investment Management, with combined assets of $1 trillion in these sectors [2][3] - **Growth Momentum**: The company anticipates continued growth in cash generation into 2026, driven by commercial growth in retirement and investment management, alongside improvements in employee benefits margins [3][4] - **Strong Balance Sheet**: Voya maintains a robust balance sheet and cash-generative businesses, allowing flexibility in capital deployment, including $300 million allocated for share repurchases in the first half of the year [3][4] Retirement Business Highlights - **Record Performance**: The retirement business achieved a margin of close to 40%, exceeding the target range of 35%-39%, with record organic growth of $28 billion in flows, plus an additional $60 billion from the OneAmerica acquisition [6][9] - **Participant Growth**: Voya added nearly 2 million participants, bringing the total to approximately 10 million, indicating strong retention and scale in the retirement sector [6][9] - **Investment in Wealth Management**: Voya is focusing on expanding its wealth management capabilities to serve clients more holistically, leveraging its existing participant base [7][22] OneAmerica Acquisition Insights - **Successful Integration**: Voya exceeded revenue and earnings targets from the OneAmerica acquisition, achieving $200 million in revenue growth and $75 million in earnings, with strong client retention [11][12] - **Market Positioning**: Voya is positioned as a net consolidator in the retirement space, with opportunities for further acquisitions as the industry consolidates [12][13] Wealth Management Strategy - **Established Business**: Voya's wealth management business generates $200 million in existing revenues, representing about 10% of the overall business, with plans to grow this segment by adding advisors and enhancing digital tools [22][23] - **Targeting Mass Affluent**: The focus is on serving the mass affluent market, particularly millennials who lack access to financial advisors, by providing guidance and digital tools for retirement planning [28][29] Employee Benefits and Stop Loss Business - **Claims Environment**: The stop loss business is experiencing increased claims volatility, prompting Voya to adopt a more conservative approach to reserving [50][56] - **Rate Increases**: Voya successfully implemented a 21% rate increase for the January 2025 business and a 24% increase for January 2026, reflecting the broader market trend [53][54] - **Market Demand**: There is a growing demand for stop loss products as employers seek to manage healthcare costs, with RFPs for these products increasing significantly [55][62] Investment Management Performance - **Organic Growth**: Voya's investment management segment has outpaced industry growth, with a focus on expanding relationships in the insurance channel and increasing private and alternative investments [42][44] - **Active ETFs Launch**: The launch of active ETFs is part of Voya's strategy to enhance its investment management offerings and leverage its retirement and wealth management businesses [43][48] Capital Return Strategy - **Consistent Capital Return**: Voya is committed to returning capital to shareholders through share repurchases and dividends, while also pursuing bolt-on acquisitions [73][75] - **High Return on Equity**: The company is achieving a return on equity close to 19%, making it an attractive investment opportunity [73][75] Conclusion - Voya Financial is positioned for continued growth in 2026, driven by strong performance in its retirement and investment management businesses, strategic acquisitions, and a commitment to returning capital to shareholders. The company is actively engaging with younger generations to enhance financial planning and retirement savings, while navigating challenges in the stop loss market.