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Name | Symbol | Market | Type |
---|---|---|---|
Voya Financial Inc | NYSE:VOYA-B | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.07 | -0.28% | 24.53 | 24.65 | 24.36 | 24.50 | 8,823 | 01:00:00 |
No. | ||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions USD, except per share) | 12/31/2023 | 12/31/2022 | |||||||||||||||
After-tax (1) | Per share | After-tax (1) | Per share | ||||||||||||||
Net Income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 118 | $ | 1.10 | $ | 190 | $ | 1.78 | |||||||||
Less: | |||||||||||||||||
Net investment gains (losses) | (8) | (0.08) | (8) | (0.07) | |||||||||||||
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (38) | (0.36) | (27) | (0.25) | |||||||||||||
Other adjustments (2) | (10) | (0.09) | (3) | (0.03) | |||||||||||||
Adjusted operating earnings | $ | 174 | $ | 1.63 | $ | 227 | $ | 2.13 | |||||||||
Less: | |||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (36) | (0.34) | (50) | (0.47) | |||||||||||||
Other (3) | — | — | 53 | 0.50 | |||||||||||||
Adjusted operating earnings excluding notable items | $ | 210 | $ | 1.97 | $ | 224 | $ | 2.10 |
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted) | |||||||||||||||||
Twelve Months Ended | |||||||||||||||||
(in millions USD, except per share) | 12/31/2023 | 12/31/2022 | |||||||||||||||
After-tax (1) | Per share | After-tax (1) | Per share | ||||||||||||||
Net Income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 589 | $ | 5.42 | $ | 474 | $ | 4.30 | |||||||||
Less: | |||||||||||||||||
Net investment gains (losses) (2) | (2) | (0.02) | (150) | (1.36) | |||||||||||||
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3) | (44) | (0.40) | (109) | (0.99) | |||||||||||||
Other adjustments (4) | (128) | (1.18) | (74) | (0.67) | |||||||||||||
Adjusted operating earnings | $ | 763 | $ | 7.02 | $ | 807 | $ | 7.32 | |||||||||
Less: | |||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (97) | (0.89) | (84) | (0.76) | |||||||||||||
Other (5) | (13) | (0.12) | 67 | 0.60 | |||||||||||||
Adjusted operating earnings excluding notable items | $ | 873 | $ | 8.03 | $ | 824 | $ | 7.48 |
Adjusted Operating Earnings and Notable Items | |||||||||||
Three Months Ended December 31, 2023 | |||||||||||
(in millions USD, except per share) | Amounts Including Notable Items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Amounts Excluding Notable Items | ||||||||
a | b | c = a - b | |||||||||
Adjusted operating earnings | |||||||||||
Wealth Solutions | $ | 147 | $ | (39) | $ | 187 | |||||
Health Solutions | 44 | (5) | 48 | ||||||||
Investment Management | 57 | (2) | 60 | ||||||||
Corporate | (33) | — | (33) | ||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 215 | (46) | 261 | ||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 | — | 13 | ||||||||
Adjusted operating earnings before income taxes | 202 | (46) | 248 | ||||||||
Income taxes (2) | 28 | (10) | 38 | ||||||||
Adjusted operating earnings after income taxes | $ | 174 | $ | (36) | $ | 210 | |||||
Adjusted operating earnings per share | 1.63 | (0.34) | 1.97 | ||||||||
Adjusted Operating Earnings and Notable Items | ||||||||||||||
Three Months Ended December 31, 2022 | ||||||||||||||
(in millions USD, except per share) | Amounts Including Notable Items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Other (2) | Amounts Excluding Notable Items | ||||||||||
a | b | c | d = a - b - c | |||||||||||
Adjusted operating earnings | ||||||||||||||
Wealth Solutions | $ | 145 | $ | (50) | $ | — | $ | 195 | ||||||
Health Solutions | 78 | (5) | — | 83 | ||||||||||
Investment Management | 57 | $ | (7) | — | 64 | |||||||||
Corporate | (60) | — | — | (60) | ||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 219 | (63) | — | 282 | ||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 | — | — | 13 | ||||||||||
Adjusted operating earnings before income taxes | 206 | (63) | — | 269 | ||||||||||
Income taxes (3) | (21) | (13) | (53) | 45 | ||||||||||
Adjusted operating earnings after income taxes | $ | 227 | $ | (50) | $ | 53 | $ | 224 | ||||||
Adjusted operating earnings per share | 2.13 | (0.47) | 0.50 | 2.10 |
Adjusted Operating Earnings and Notable Items | ||||||||||||||
Twelve Months Ended December 31, 2023 | ||||||||||||||
(in millions USD, except per share) | Amounts including Notable items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Other (2) | Amounts excluding Notable items | ||||||||||
a | b | c | d = a - b - c | |||||||||||
Adjusted operating earnings | ||||||||||||||
Wealth Solutions | $ | 632 | $ | (110) | $ | — | $ | 742 | ||||||
Health Solutions | 315 | (10) | (16) | 341 | ||||||||||
Investment Management | 225 | (3) | — | 228 | ||||||||||
Corporate | (208) | — | — | (208) | ||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 964 | (123) | (16) | 1,103 | ||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 48 | — | — | 48 | ||||||||||
Adjusted operating earnings before income taxes | 916 | (123) | (16) | 1,055 | ||||||||||
Income taxes (3) | 153 | (26) | (3) | 182 | ||||||||||
Adjusted operating earnings after income taxes | $ | 763 | $ | (97) | $ | (13) | $ | 873 | ||||||
Adjusted operating earnings per share | 7.02 | (0.89) | (0.12) | 8.03 |
Adjusted Operating Earnings and Notable Items | ||||||||||||||
Twelve Months Ended December 31, 2022 | ||||||||||||||
(in millions USD, except per share) | Amounts including Notable items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Other (2) | Amounts excluding Notable items | ||||||||||
a | b | c | d = a - b - c | |||||||||||
Adjusted operating earnings | ||||||||||||||
Wealth Solutions | $ | 697 | $ | (76) | $ | — | $ | 773 | ||||||
Health Solutions | 304 | (7) | 17 | 294 | ||||||||||
Investment Management | 186 | (24) | — | 210 | ||||||||||
Corporate | (253) | — | — | (253) | ||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 934 | (106) | 17 | 1,024 | ||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 26 | — | — | 26 | ||||||||||
Adjusted operating earnings before income taxes | 908 | (106) | 17 | 997 | ||||||||||
Income taxes (3) | 101 | (22) | (49) | 173 | ||||||||||
Adjusted operating earnings after income taxes | $ | 807 | $ | (84) | $ | 67 | $ | 824 | ||||||
Adjusted operating earnings per share | 7.32 | (0.76) | 0.60 | 7.48 |
Net Revenue, Adjusted Operating Margin, and Notable Items | ||||||||||||||
Twelve Months Ended December 31, 2023 | ||||||||||||||
(in millions USD) | Amounts Including Notable Items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Other (2) | Amounts Excluding Notable Items | ||||||||||
a | b | c | d = a - b - c | |||||||||||
Net revenue | ||||||||||||||
Wealth Solutions | $ | 1,881 | $ | (110) | $ | — | $ | 1,991 | ||||||
Health Solutions | 1,185 | (10) | (16) | 1,212 | ||||||||||
Investment Management | 916 | (2) | — | 918 | ||||||||||
Total net revenue | $ | 3,982 | $ | (122) | $ | (16) | $ | 4,120 | ||||||
Adjusted operating margin | ||||||||||||||
Wealth Solutions | 33.6 | % | (3.7) | % | — | 37.3 | % | |||||||
Health Solutions | 26.6 | % | (0.6) | % | (0.9) | % | 28.1 | % | ||||||
Investment Management | 24.6 | % | (0.3) | % | — | 24.9 | % | |||||||
Adjusted operating margin, excluding Corporate | 29.4 | % | (2.1) | % | (0.3) | % | 31.8 | % | ||||||
Net Revenue, Adjusted Operating Margin, and Notable Items | ||||||||||||||
Twelve Months Ended December 31, 2022 | ||||||||||||||
(in millions USD) | Amounts Including Notable Items | Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) | Other (2) | Amounts Excluding Notable Items | ||||||||||
a | b | c | d = a - b - c | |||||||||||
Net revenue | ||||||||||||||
Wealth Solutions | $ | 1,892 | $ | (76) | $ | — | $ | 1,967 | ||||||
Health Solutions | 902 | (7) | 17 | 892 | ||||||||||
Investment Management | 756 | (29) | — | 785 | ||||||||||
Total net revenue | $ | 3,550 | $ | (112) | $ | 17 | $ | 3,642 | ||||||
Adjusted operating margin | ||||||||||||||
Wealth Solutions | 36.9 | % | (2.4) | % | — | % | 39.3 | % | ||||||
Health Solutions | 33.7 | % | (0.5) | % | 1.2 | % | 33.0 | % | ||||||
Investment Management | 24.7 | % | (2.1) | % | — | 26.8 | % | |||||||
Adjusted operating margin, excluding Corporate | 33.4 | % | (1.9) | % | 0.3 | % | 35.0 | % | ||||||
Exhibit 99.2 |
Corporate Offices: | Media Contact: | Investor Contact: | ||||||||||||
Voya Financial | Christopher Breslin | Michael Katz | ||||||||||||
230 Park Avenue | 212-309-8941 | 212-309-8999 | ||||||||||||
New York, New York 10169 | Christopher.Breslin@voya.com | IR@voya.com | ||||||||||||
NYSE Ticker: | Web Site: | |||||||||||||
VOYA | investors.voya.com |
Page | Page | |||||||||||||
Consolidated | Net Revenue, Adjusted Operating Margin, Administrative | |||||||||||||
Explanatory Note on Non-GAAP Financial Information | 3 - 4 | Expenses, and Adjusted Operating Return on Capital | ||||||||||||
Key Metrics | Net Revenue and Adjusted Operating Margin | |||||||||||||
Consolidated Statements of Operations | Administrative Expenses | |||||||||||||
Consolidated Adjusted Operating Earnings Before Income Taxes | Adjusted Operating Return on Allocated Capital | |||||||||||||
Adjusted Operating Earnings Before Income Taxes by Segment (QTD) | Investment Information | |||||||||||||
Adjusted Operating Earnings Before Income Taxes by Segment (YTD) | Portfolio Results GAAP Book Value, Gross Investment Income, and | |||||||||||||
Consolidated Balance Sheets | Earned Rate by Asset Class | |||||||||||||
DAC/VOBA Segment Trends | Portfolio Results Statutory Carrying Values by Asset Class and NAIC | |||||||||||||
Consolidated Capital Structure | Ratings | |||||||||||||
Consolidated Assets Under Management, Assets Under Administration | Alternative Investment Income | |||||||||||||
and Advisement | Alternative Income and Prepayments Above (Below) Long-Term | |||||||||||||
Wealth Solutions | Expectations | |||||||||||||
Sources of Adjusted Operating Earnings Before Income Taxes | Reconciliations | |||||||||||||
and Key Metrics | Reconciliation of Adjusted Operating Earnings Before Income Taxes and | |||||||||||||
Client Assets Rollforward by Product Group | 16 - 17 | Earnings Per Common Share (Diluted) (QTD) | ||||||||||||
Health Solutions | Reconciliation of Adjusted Operating Earnings Before Income Taxes and | |||||||||||||
Sources of Adjusted Operating Earnings Before Income Taxes | Earnings Per Common Share (Diluted) (YTD) | |||||||||||||
Key Metrics | Reconciliation of Adjusted Operating Revenues | |||||||||||||
Investment Management | Reconciliation of Net Revenues by Segment | 41 - 42 | ||||||||||||
Sources of Adjusted Operating Earnings Before Income Taxes | Reconciliation of Adjusted Operating Earnings Before Income Taxes | |||||||||||||
Analysis of AUM and AUA | Excluding Notable Items by Segment | 43 - 44 | ||||||||||||
Account Value Rollforward by Source | Reconciliation of Book Value Per Common Share, Excluding AOCI, | |||||||||||||
Account Value by Asset Type | Leverage Ratio, and Adjusted Diluted Shares | |||||||||||||
Corporate | ||||||||||||||
Adjusted Operating Earnings Before Income Taxes | ||||||||||||||
Three Months Ended or As of | Year-to-Date or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD, unless otherwise indicated) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 118 | 248 | 154 | 69 | 190 | 589 | 474 | ||||||||||||||||||||||||||||||||||
Per common share (basic) | 1.13 | 2.35 | 1.50 | 0.70 | 1.95 | 5.74 | 4.70 | ||||||||||||||||||||||||||||||||||
Per common share (diluted) | 1.10 | 2.29 | 1.41 | 0.63 | 1.78 | 5.42 | 4.30 | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings: (1) | |||||||||||||||||||||||||||||||||||||||||
Before income taxes | 202 | 229 | 294 | 192 | 206 | 916 | 908 | ||||||||||||||||||||||||||||||||||
After income taxes | 174 | 189 | 243 | 158 | 227 | 763 | 807 | ||||||||||||||||||||||||||||||||||
Effective tax rate | 13.8 | % | 17.2 | % | 17.5 | % | 17.9 | % | -10.2 | % | 16.7 | % | 11.2 | % | |||||||||||||||||||||||||||
Per common share (Adjusted diluted) | 1.63 | 1.74 | 2.21 | 1.44 | 2.13 | 7.02 | 7.32 | ||||||||||||||||||||||||||||||||||
Per common share excluding notable items | 1.97 | 2.07 | 2.31 | 1.69 | 2.10 | 8.03 | 7.48 | ||||||||||||||||||||||||||||||||||
Shareholder's equity: | |||||||||||||||||||||||||||||||||||||||||
Total Voya Financial, Inc. Common Shareholders' Equity | 3,581 | 2,515 | 3,085 | 3,342 | 2,737 | 3,581 | 2,737 | ||||||||||||||||||||||||||||||||||
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI | 5,981 | 6,048 | 5,876 | 5,887 | 5,792 | 5,981 | 5,792 | ||||||||||||||||||||||||||||||||||
Book value per common share (including AOCI) | 34.80 | 23.93 | 29.19 | 34.03 | 28.16 | 34.80 | 28.16 | ||||||||||||||||||||||||||||||||||
Book value per common share (excluding AOCI) (2) | 58.12 | 57.55 | 55.59 | 59.95 | 59.59 | 58.12 | 59.59 | ||||||||||||||||||||||||||||||||||
Leverage Ratios: | |||||||||||||||||||||||||||||||||||||||||
Debt-to-Capital | 33.3 | % | 40.1 | % | 37.7 | % | 36.1 | % | 40.0 | % | 33.3 | % | 40.0 | % | |||||||||||||||||||||||||||
Financial Leverage - excluding AOCI (2) | 27.8 | % | 27.8 | % | 29.2 | % | 29.5 | % | 29.5 | % | 27.8 | % | 29.5 | % | |||||||||||||||||||||||||||
Shares: | |||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||||||||||||||||||||
Basic (3) | 104 | 106 | 103 | 98 | 97 | 103 | 101 | ||||||||||||||||||||||||||||||||||
Dilutive effect of warrants (3) | — | — | 4 | 9 | 7 | 3 | 7 | ||||||||||||||||||||||||||||||||||
Other dilutive effects (4) | 3 | 3 | 3 | 3 | 2 | 3 | 2 | ||||||||||||||||||||||||||||||||||
Diluted | 107 | 108 | 110 | 110 | 107 | 109 | 110 | ||||||||||||||||||||||||||||||||||
Adjusted Diluted (2) | 107 | 108 | 110 | 110 | 107 | 109 | 110 | ||||||||||||||||||||||||||||||||||
Ending shares outstanding | 103 | 105 | 106 | 98 | 97 | 103 | 97 | ||||||||||||||||||||||||||||||||||
Returned to Common Shareholders: | |||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares, excluding commissions | 158 | 54 | 162 | — | — | 374 | 750 | ||||||||||||||||||||||||||||||||||
Dividends to common shareholders | 42 | 42 | 21 | 20 | 19 | 125 | 80 | ||||||||||||||||||||||||||||||||||
Total cash returned to common shareholders | 200 | 96 | 183 | 20 | 19 | 499 | 830 | ||||||||||||||||||||||||||||||||||
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document. | |||||||||||||||||||||||||||||||||||||||||
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document. | |||||||||||||||||||||||||||||||||||||||||
(3) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the second quarter of 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-quarter issuance. Beginning in the third quarter of 2023, the shares are included in Basic shares outstanding. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. |
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Net investment income | 522 | 547 | 545 | 545 | 548 | 2,159 | 2,281 | ||||||||||||||||||||||||||||||||||
Fee income | 489 | 489 | 474 | 464 | 451 | 1,916 | 1,742 | ||||||||||||||||||||||||||||||||||
Premiums | 673 | 682 | 677 | 685 | 612 | 2,717 | 2,423 | ||||||||||||||||||||||||||||||||||
Net gains (losses) | 7 | (7) | (56) | (16) | (47) | (72) | (686) | ||||||||||||||||||||||||||||||||||
Other revenues | 82 | 81 | 86 | 78 | 31 | 327 | 148 | ||||||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities | 46 | 31 | 145 | 79 | (40) | 301 | 22 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,819 | 1,823 | 1,871 | 1,835 | 1,555 | 7,348 | 5,930 | ||||||||||||||||||||||||||||||||||
Benefits and expenses | |||||||||||||||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (804) | (799) | (682) | (751) | (693) | (3,036) | (2,528) | ||||||||||||||||||||||||||||||||||
Operating expenses | (773) | (717) | (770) | (836) | (673) | (3,096) | (2,542) | ||||||||||||||||||||||||||||||||||
Net amortization of DAC/VOBA | (57) | (57) | (57) | (59) | (56) | (230) | (240) | ||||||||||||||||||||||||||||||||||
Interest expense | (30) | (31) | (39) | (32) | (30) | (132) | (134) | ||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | (53) | (47) | (60) | (16) | (20) | (176) | (58) | ||||||||||||||||||||||||||||||||||
Total benefits and expenses | (1,717) | (1,651) | (1,608) | (1,694) | (1,472) | (6,670) | (5,502) | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 102 | 172 | 263 | 141 | 83 | 678 | 428 | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (17) | (74) | 28 | 12 | (54) | (51) | (5) | ||||||||||||||||||||||||||||||||||
Net income (loss) | 119 | 246 | 235 | 129 | 137 | 729 | 433 | ||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (3) | (16) | 77 | 46 | (57) | 104 | (77) | ||||||||||||||||||||||||||||||||||
Net income (loss) available to Voya Financial, Inc. | 122 | 262 | 158 | 83 | 194 | 625 | 510 | ||||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | 4 | 14 | 4 | 14 | 4 | 36 | 36 | ||||||||||||||||||||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 118 | 248 | 154 | 69 | 190 | 589 | 474 | ||||||||||||||||||||||||||||||||||
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Consolidated Adjusted Operating Earnings Before Income Taxes | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||||||||||||||
Net investment income and net gains (losses) | 463 | 489 | 498 | 482 | 460 | 1,932 | 1,901 | ||||||||||||||||||||||||||||||||||
Fee income | 487 | 489 | 478 | 468 | 455 | 1,922 | 1,765 | ||||||||||||||||||||||||||||||||||
Premiums | 666 | 663 | 669 | 675 | 601 | 2,673 | 2,378 | ||||||||||||||||||||||||||||||||||
Other revenue | 70 | 76 | 76 | 73 | 31 | 295 | 139 | ||||||||||||||||||||||||||||||||||
Adjusted operating revenues (1) | 1,686 | 1,717 | 1,721 | 1,697 | 1,547 | 6,822 | 6,183 | ||||||||||||||||||||||||||||||||||
Adjusted operating benefits and expenses | |||||||||||||||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (715) | (730) | (656) | (689) | (648) | (2,790) | (2,566) | ||||||||||||||||||||||||||||||||||
Operating expenses | (694) | (671) | (691) | (731) | (614) | (2,786) | (2,383) | ||||||||||||||||||||||||||||||||||
Net amortization of DAC/VOBA | (30) | (29) | (30) | (31) | (30) | (120) | (122) | ||||||||||||||||||||||||||||||||||
Interest expense (2) | (33) | (44) | (37) | (47) | (37) | (161) | (177) | ||||||||||||||||||||||||||||||||||
Adjusted operating benefits and expenses | (1,471) | (1,475) | (1,414) | (1,498) | (1,328) | (5,858) | (5,248) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1) | 215 | 242 | 307 | 200 | 219 | 964 | 934 | ||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 | 14 | 13 | 8 | 13 | 48 | 26 | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 202 | 229 | 294 | 192 | 206 | 916 | 908 |
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 686 | 702 | 705 | 684 | 669 | 2,776 | 2,778 | ||||||||||||||||||||||||||||||||||
Health Solutions | 764 | 768 | 775 | 774 | 649 | 3,082 | 2,582 | ||||||||||||||||||||||||||||||||||
Investment Management | 228 | 233 | 226 | 229 | 215 | 916 | 756 | ||||||||||||||||||||||||||||||||||
Corporate | 9 | 14 | 15 | 11 | 15 | 48 | 67 | ||||||||||||||||||||||||||||||||||
Adjusted operating revenues (1) | 1,686 | 1,717 | 1,721 | 1,697 | 1,547 | 6,822 | 6,183 | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 147 | 179 | 174 | 132 | 145 | 632 | 697 | ||||||||||||||||||||||||||||||||||
Health Solutions | 44 | 53 | 124 | 94 | 78 | 315 | 304 | ||||||||||||||||||||||||||||||||||
Investment Management | 45 | 49 | 50 | 33 | 42 | 177 | 158 | ||||||||||||||||||||||||||||||||||
Corporate | (34) | (52) | (53) | (68) | (59) | (207) | (251) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 202 | 229 | 294 | 192 | 206 | 916 | 908 | ||||||||||||||||||||||||||||||||||
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes dividend payments made to preferred shareholders. |
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
(in millions USD) | Wealth Solutions | Health Solutions | Investment Management | Corporate | Consolidated | ||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||
Net investment income and net gains (losses) | 419 | 31 | 6 | 7 | 463 | ||||||||||||||||||||||||
Fee income | 248 | 17 | 222 | — | 487 | ||||||||||||||||||||||||
Premiums | — | 666 | — | — | 666 | ||||||||||||||||||||||||
Other revenue | 19 | 50 | (1) | 2 | 70 | ||||||||||||||||||||||||
Adjusted operating revenues (1) | 686 | 764 | 228 | 9 | 1,686 | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | |||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (223) | (491) | — | — | (715) | ||||||||||||||||||||||||
Operating expenses | (295) | (220) | (170) | (9) | (694) | ||||||||||||||||||||||||
Net amortization of DAC/VOBA | (21) | (9) | — | — | (30) | ||||||||||||||||||||||||
Interest expense (2) | — | — | — | (33) | (33) | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | (539) | (720) | (170) | (42) | (1,471) | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1) | 147 | 44 | 57 | (33) | 215 | ||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | — | — | 13 | 1 | 13 | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 147 | 44 | 45 | (34) | 202 | ||||||||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Wealth Solutions | Health Solutions | Investment Management | Corporate | Consolidated | |||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||
Net investment income and net gains (losses) | 423 | 31 | (1) | 7 | 460 | ||||||||||||||||||||||||
Fee income | 228 | 18 | 209 | — | 455 | ||||||||||||||||||||||||
Premiums | — | 601 | — | — | 601 | ||||||||||||||||||||||||
Other revenue | 18 | (1) | 6 | 8 | 31 | ||||||||||||||||||||||||
Adjusted operating revenues (1) | 669 | 649 | 215 | 15 | 1,547 | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | |||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (224) | (424) | — | — | (648) | ||||||||||||||||||||||||
Operating expenses | (278) | (140) | (158) | (38) | (614) | ||||||||||||||||||||||||
Net amortization of DAC/VOBA | (23) | (7) | — | — | (30) | ||||||||||||||||||||||||
Interest expense (2) | — | — | — | (37) | (37) | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | (524) | (571) | (158) | (75) | (1,328) | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1) | 145 | 78 | 57 | (60) | 219 | ||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | — | — | 14 | (1) | 13 | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 145 | 78 | 42 | (59) | 206 | ||||||||||||||||||||||||
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document. | |||||||||||||||||||||||||||||
(2) Includes dividend payments made to preferred shareholders. |
Twelve Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
(in millions USD) | Wealth Solutions | Health Solutions | Investment Management | Corporate | Consolidated | ||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||
Net investment income and net gains (losses) | 1,737 | 135 | 33 | 28 | 1,932 | ||||||||||||||||||||||||
Fee income | 966 | 75 | 881 | — | 1,922 | ||||||||||||||||||||||||
Premiums | — | 2,673 | — | — | 2,673 | ||||||||||||||||||||||||
Other revenue | 74 | 198 | 2 | 21 | 295 | ||||||||||||||||||||||||
Adjusted operating revenues (1) | 2,776 | 3,082 | 916 | 48 | 6,822 | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | |||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (895) | (1,895) | — | — | (2,790) | ||||||||||||||||||||||||
Operating expenses | (1,162) | (839) | (690) | (96) | (2,786) | ||||||||||||||||||||||||
Net amortization of DAC/VOBA | (88) | (33) | — | — | (120) | ||||||||||||||||||||||||
Interest expense (2) | — | — | — | (161) | (161) | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | (2,144) | (2,767) | (690) | (256) | (5,858) | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1) | 632 | 315 | 225 | (208) | 964 | ||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | — | — | 49 | (1) | 48 | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 632 | 315 | 177 | (207) | 916 | ||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Wealth Solutions | Health Solutions | Investment Management | Corporate | Consolidated | |||||||||||||||||||||||||
Adjusted operating revenues | |||||||||||||||||||||||||||||
Net investment income and net gains (losses) | 1,756 | 134 | 3 | 8 | 1,901 | ||||||||||||||||||||||||
Fee income | 953 | 76 | 736 | — | 1,765 | ||||||||||||||||||||||||
Premiums | — | 2,378 | — | — | 2,378 | ||||||||||||||||||||||||
Other revenue | 70 | (6) | 17 | 59 | 139 | ||||||||||||||||||||||||
Adjusted operating revenues (1) | 2,778 | 2,582 | 756 | 67 | 6,183 | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | |||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (886) | (1,680) | — | — | (2,566) | ||||||||||||||||||||||||
Operating expenses | (1,101) | (569) | (570) | (142) | (2,383) | ||||||||||||||||||||||||
Net amortization of DAC/VOBA | (93) | (29) | — | — | (122) | ||||||||||||||||||||||||
Interest expense (2) | — | — | — | (177) | (177) | ||||||||||||||||||||||||
Adjusted operating benefits and expenses | (2,081) | (2,278) | (570) | (319) | (5,248) | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1) | 697 | 304 | 186 | (253) | 934 | ||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | — | — | 27 | (1) | 26 | ||||||||||||||||||||||||
Adjusted operating earnings before income taxes (1) | 697 | 304 | 158 | (251) | 908 | ||||||||||||||||||||||||
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document. | |||||||||||||||||||||||||||||
(2) Includes dividend payments made to preferred shareholders. |
Balances as of | |||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Total investments | 36,600 | 36,257 | 37,561 | 38,703 | 39,110 | ||||||||||||||||||||||||
Cash and cash equivalents | 937 | 829 | 1,195 | 724 | 919 | ||||||||||||||||||||||||
Assets held in separate accounts | 93,133 | 85,491 | 88,851 | 84,569 | 80,174 | ||||||||||||||||||||||||
Premium receivable and reinsurance recoverable, net | 11,982 | 11,765 | 12,131 | 12,438 | 12,426 | ||||||||||||||||||||||||
Short term investments under securities loan agreement and accrued investment income | 1,426 | 1,349 | 1,506 | 1,691 | 1,604 | ||||||||||||||||||||||||
Deferred policy acquisition costs, Value of business acquired | 2,250 | 2,278 | 2,304 | 2,333 | 2,363 | ||||||||||||||||||||||||
Current and deferred income taxes | 2,170 | 2,448 | 2,171 | 2,126 | 2,228 | ||||||||||||||||||||||||
Other assets (1) | 3,967 | 4,217 | 4,170 | 4,191 | 3,578 | ||||||||||||||||||||||||
Assets related to consolidated investment entities | 4,620 | 4,631 | 4,727 | 4,433 | 4,204 | ||||||||||||||||||||||||
Total Assets | 157,085 | 149,265 | 154,616 | 151,208 | 146,606 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Future policy benefits and contract owner account balances | 48,734 | 49,506 | 50,583 | 51,493 | 52,174 | ||||||||||||||||||||||||
Liabilities related to separate accounts | 93,133 | 85,491 | 88,851 | 84,569 | 80,174 | ||||||||||||||||||||||||
Payables under securities loan agreements, including collateral held | 1,121 | 1,190 | 1,301 | 1,328 | 1,302 | ||||||||||||||||||||||||
Short-term debt | 1 | 2 | 143 | 143 | 141 | ||||||||||||||||||||||||
Long-term debt | 2,097 | 2,095 | 2,095 | 2,094 | 2,094 | ||||||||||||||||||||||||
Other liabilities (2) | 3,327 | 3,397 | 3,394 | 3,350 | 3,290 | ||||||||||||||||||||||||
Liabilities related to consolidated investment entities | 2,619 | 2,625 | 2,721 | 2,544 | 2,434 | ||||||||||||||||||||||||
Total Liabilities | 151,032 | 144,306 | 149,088 | 145,521 | 141,609 | ||||||||||||||||||||||||
Mezzanine Equity | |||||||||||||||||||||||||||||
Allianz noncontrolling interest | 175 | 173 | 171 | 166 | 166 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||||||||||||
Common stock | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Treasury stock | (56) | (307) | (248) | (77) | (39) | ||||||||||||||||||||||||
Additional paid-in capital | 6,143 | 6,664 | 6,695 | 6,693 | 6,643 | ||||||||||||||||||||||||
Retained earnings (deficit) | 505 | 302 | 40 | (118) | (201) | ||||||||||||||||||||||||
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI | 6,593 | 6,660 | 6,488 | 6,499 | 6,404 | ||||||||||||||||||||||||
Accumulated other comprehensive income | (2,400) | (3,533) | (2,791) | (2,545) | (3,055) | ||||||||||||||||||||||||
Total Voya Financial, Inc. Shareholders' Equity | 4,193 | 3,127 | 3,697 | 3,954 | 3,349 | ||||||||||||||||||||||||
Noncontrolling interest | 1,685 | 1,659 | 1,660 | 1,567 | 1,482 | ||||||||||||||||||||||||
Total Shareholders' Equity | 5,878 | 4,786 | 5,357 | 5,521 | 4,831 | ||||||||||||||||||||||||
Total Liabilities, Mezzanine Equity and Shareholders' Equity | 157,085 | 149,265 | 154,616 | 151,208 | 146,606 | ||||||||||||||||||||||||
(1) Includes Other assets, Goodwill, and Other intangibles, net. | |||||||||||||||||||||||||||||
(2) Includes Other liabilities and Derivatives. |
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Wealth Solutions | |||||||||||||||||||||||||||||||||||||||||
Balance as of Beginning-of-Period | 1,068 | 1,075 | 1,082 | 1,088 | 1,095 | 1,088 | 1,118 | ||||||||||||||||||||||||||||||||||
Deferrals of commissions and expenses | 16 | 15 | 15 | 16 | 16 | 63 | 64 | ||||||||||||||||||||||||||||||||||
Amortization | (21) | (22) | (22) | (22) | (23) | (88) | (93) | ||||||||||||||||||||||||||||||||||
Balance as of End-of-Period | 1,064 | 1,068 | 1,075 | 1,082 | 1,088 | 1,064 | 1,088 | ||||||||||||||||||||||||||||||||||
Deferred Sales Inducements as of End-of-Period | 22 | 22 | 22 | 22 | 24 | 22 | 24 | ||||||||||||||||||||||||||||||||||
Health Solutions | |||||||||||||||||||||||||||||||||||||||||
Balance as of Beginning-of-Period | 208 | 201 | 194 | 190 | 182 | 190 | 164 | ||||||||||||||||||||||||||||||||||
Deferrals of commissions and expenses | 12 | 15 | 14 | 13 | 15 | 54 | 55 | ||||||||||||||||||||||||||||||||||
Amortization | (9) | (7) | (8) | (8) | (7) | (33) | (29) | ||||||||||||||||||||||||||||||||||
Balance as of End-of-Period | 211 | 208 | 201 | 194 | 190 | 211 | 190 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Balance as of Beginning-of-Period | 1,276 | 1,275 | 1,276 | 1,279 | 1,278 | 1,279 | 1,282 | ||||||||||||||||||||||||||||||||||
Deferrals of commissions and expenses | 29 | 30 | 29 | 29 | 31 | 117 | 119 | ||||||||||||||||||||||||||||||||||
Amortization | (30) | (29) | (30) | (31) | (30) | (120) | (122) | ||||||||||||||||||||||||||||||||||
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment | 1,275 | 1,276 | 1,275 | 1,276 | 1,279 | 1,275 | 1,279 | ||||||||||||||||||||||||||||||||||
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1) | 975 | 1,002 | 1,029 | 1,057 | 1,084 | 975 | 1,084 | ||||||||||||||||||||||||||||||||||
Balance as of End-of-Period, including businesses exited through reinsurance or divestment | 2,250 | 2,278 | 2,304 | 2,333 | 2,363 | 2,250 | 2,363 | ||||||||||||||||||||||||||||||||||
(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses. |
Balances as of | |||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||||||||||||||
Financial Debt | |||||||||||||||||||||||||||||
Senior bonds | 1,747 | 1,746 | 1,887 | 1,498 | 1,496 | ||||||||||||||||||||||||
Subordinated bonds | 349 | 349 | 349 | 737 | 737 | ||||||||||||||||||||||||
Other debt | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||
Total Financial Debt | 2,098 | 2,097 | 2,238 | 2,237 | 2,235 | ||||||||||||||||||||||||
Other financial obligations (1) | 312 | 325 | 326 | 335 | 265 | ||||||||||||||||||||||||
Total Financial Obligations | 2,410 | 2,422 | 2,564 | 2,572 | 2,500 | ||||||||||||||||||||||||
Mezzanine Equity | |||||||||||||||||||||||||||||
Allianz noncontrolling interest | 175 | 173 | 171 | 166 | 166 | ||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||
Preferred equity (2) | 612 | 612 | 612 | 612 | 612 | ||||||||||||||||||||||||
Common equity (Excluding AOCI) | 5,981 | 6,048 | 5,876 | 5,887 | 5,792 | ||||||||||||||||||||||||
Total Equity (Excluding AOCI) | 6,593 | 6,660 | 6,488 | 6,499 | 6,404 | ||||||||||||||||||||||||
Accumulated other comprehensive income (AOCI) | (2,400) | (3,533) | (2,791) | (2,545) | (3,055) | ||||||||||||||||||||||||
Total Voya Financial, Inc. Shareholders' Equity | 4,193 | 3,127 | 3,697 | 3,954 | 3,349 | ||||||||||||||||||||||||
Noncontrolling interest | 1,685 | 1,659 | 1,660 | 1,567 | 1,482 | ||||||||||||||||||||||||
Total Shareholders' Equity | 5,878 | 4,786 | 5,357 | 5,521 | 4,831 | ||||||||||||||||||||||||
Capital | |||||||||||||||||||||||||||||
Capitalization (3) | 6,291 | 5,224 | 5,935 | 6,191 | 5,584 | ||||||||||||||||||||||||
Adjusted Capitalization excluding AOCI (4) | 10,863 | 10,914 | 10,883 | 10,804 | 10,552 | ||||||||||||||||||||||||
Leverage Ratios | |||||||||||||||||||||||||||||
Debt-to-Capital (5) | 33.3 | % | 40.1 | % | 37.7 | % | 36.1 | % | 40.0 | % | |||||||||||||||||||
Financial Leverage excluding AOCI (6) | 27.8 | % | 27.8 | % | 29.2 | % | 29.5 | % | 29.5 | % | |||||||||||||||||||
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax. | |||||||||||||||||||||||||||||
(2) Includes Preferred stock par value and additional paid-in-capital. | |||||||||||||||||||||||||||||
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | |||||||||||||||||||||||||||||
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI. | |||||||||||||||||||||||||||||
(5) Total Financial Debt divided by Capitalization. | |||||||||||||||||||||||||||||
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document. |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
(in millions USD) | General Account | Separate Account | Institutional/Mutual Funds | Total AUM - Assets Under Management | AUA - Assets Under Administration & Advisement (2) | Total AUM and AUA | |||||||||||||||||||||||||||||
Wealth Solutions (1) | 31,327 | 89,485 | 85,743 | 206,555 | 337,764 | 544,319 | |||||||||||||||||||||||||||||
Health Solutions | 1,817 | 16 | — | 1,833 | — | 1,833 | |||||||||||||||||||||||||||||
Investment Management | 34,740 | 27,694 | 259,267 | 321,701 | 56,043 | 377,744 | |||||||||||||||||||||||||||||
Eliminations/Other (3) | (33,144) | (24,062) | (10,804) | (68,010) | (42,373) | (110,383) | |||||||||||||||||||||||||||||
Total AUM and AUA | 34,740 | 93,133 | 334,206 | 462,079 | 351,434 | 813,513 | |||||||||||||||||||||||||||||
(1) Includes wrapped funds as well as unwrapped Voya-managed funds. | |||||||||||||||||||||||||||||||||||
(2) Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed. | |||||||||||||||||||||||||||||||||||
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA. |
Voya Financial | Page 15 of 45 |
Three Months Ended or As of | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Sources of operating earnings before income taxes: | |||||||||||||||||||||||||||||||||||||||||
Gross investment income | 413 | 422 | 427 | 430 | 432 | 1,692 | 1,667 | ||||||||||||||||||||||||||||||||||
Investment expenses | (17) | (18) | (19) | (19) | (20) | (74) | (79) | ||||||||||||||||||||||||||||||||||
Credited interest | (221) | (223) | (221) | (218) | (220) | (884) | (873) | ||||||||||||||||||||||||||||||||||
Net margin | 175 | 181 | 187 | 192 | 192 | 734 | 716 | ||||||||||||||||||||||||||||||||||
Other investment income (1)(2) | 60 | 57 | 52 | 57 | 60 | 226 | 235 | ||||||||||||||||||||||||||||||||||
Investment spread and other investment income, excluding alts/prepays above/below expectations | 234 | 238 | 239 | 249 | 252 | 960 | 951 | ||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (39) | (24) | (14) | (33) | (50) | (110) | (76) | ||||||||||||||||||||||||||||||||||
Investment spread and other investment income | 195 | 214 | 225 | 216 | 202 | 850 | 875 | ||||||||||||||||||||||||||||||||||
Full service fee based revenue | 150 | 150 | 143 | 136 | 134 | 579 | 571 | ||||||||||||||||||||||||||||||||||
Recordkeeping and other fee based revenue (2) | 113 | 109 | 109 | 107 | 105 | 438 | 433 | ||||||||||||||||||||||||||||||||||
Total fee based margin | 262 | 259 | 252 | 243 | 238 | 1,016 | 1,003 | ||||||||||||||||||||||||||||||||||
Net underwriting gain (loss) and other revenue | 5 | 2 | 4 | 4 | 5 | 15 | 13 | ||||||||||||||||||||||||||||||||||
Net revenue (3) | 462 | 475 | 481 | 463 | 445 | 1,881 | 1,892 | ||||||||||||||||||||||||||||||||||
Administrative expenses | (236) | (216) | (228) | (251) | (223) | (931) | (867) | ||||||||||||||||||||||||||||||||||
Net commissions | (58) | (58) | (57) | (56) | (55) | (229) | (232) | ||||||||||||||||||||||||||||||||||
DAC/VOBA and other intangibles amortization | (21) | (23) | (23) | (23) | (23) | (90) | (95) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | 147 | 179 | 174 | 132 | 145 | 632 | 697 | ||||||||||||||||||||||||||||||||||
Adjusted Operating Margin TTM | 33.6 | % | 33.8 | % | 31.9 | % | 33.1 | % | 36.9 | % | |||||||||||||||||||||||||||||||
Adjusted Operating Margin Excluding Notables TTM | 37.3 | % | 37.8 | % | 37.7 | % | 38.6 | % | 39.3 | % | |||||||||||||||||||||||||||||||
Full Service Revenue (4) | |||||||||||||||||||||||||||||||||||||||||
Full Service Investment Spread and other investment income | 187 | 206 | 214 | 206 | 194 | 813 | 840 | ||||||||||||||||||||||||||||||||||
Full Service Fee Based Revenue | 150 | 150 | 143 | 136 | 134 | 579 | 572 | ||||||||||||||||||||||||||||||||||
Total Full Service Revenue | 336 | 356 | 357 | 343 | 327 | 1,392 | 1,412 | ||||||||||||||||||||||||||||||||||
Client Assets | |||||||||||||||||||||||||||||||||||||||||
Fee Based (5) | 457,089 | 423,118 | 429,958 | 408,688 | 387,961 | 457,089 | 387,961 | ||||||||||||||||||||||||||||||||||
Spread Based (6) | 31,327 | 32,136 | 32,699 | 33,242 | 33,881 | 31,327 | 33,881 | ||||||||||||||||||||||||||||||||||
Investment-only Stable Value | 35,188 | 35,450 | 37,354 | 37,781 | 38,148 | 35,188 | 38,148 | ||||||||||||||||||||||||||||||||||
Retail Client Assets (7) | 27,923 | 25,867 | 26,570 | 25,757 | 24,908 | 27,923 | 24,908 | ||||||||||||||||||||||||||||||||||
Eliminations (7) | (7,208) | (6,998) | (7,639) | (7,574) | (7,511) | (7,208) | (7,511) | ||||||||||||||||||||||||||||||||||
Total Client Assets (5) | 544,319 | 509,572 | 518,941 | 497,895 | 477,386 | 544,319 | 477,386 | ||||||||||||||||||||||||||||||||||
(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Effective third quarter 2023, Other investment income includes investment income on cash balances that was previously reported in Recordkeeping and other fee-based revenue. This reclassification was made in order to better align interest-sensitive revenues. Historical periods have been recast to conform with the current quarter’s presentation. | |||||||||||||||||||||||||||||||||||||||||
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | |||||||||||||||||||||||||||||||||||||||||
(4) Excludes Net underwriting gain (loss) and other revenue. | |||||||||||||||||||||||||||||||||||||||||
(5) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change. | |||||||||||||||||||||||||||||||||||||||||
(6) Spread Based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | |||||||||||||||||||||||||||||||||||||||||
(7) Effective first quarter of 2023, includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change. |
Voya Financial | Page 16 of 45 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Full Service - Corporate markets | |||||||||||||||||||||||||||||||||||||||||
Client Assets, beginning of period | 94,059 | 96,492 | 91,615 | 85,965 | 80,126 | 85,965 | 99,689 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 1,630 | 1,431 | 1,343 | 1,770 | 1,603 | 6,174 | 5,529 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 2,430 | 2,549 | 2,587 | 2,850 | 2,108 | 10,416 | 9,194 | ||||||||||||||||||||||||||||||||||
Total Deposits | 4,060 | 3,980 | 3,930 | 4,621 | 3,710 | 16,591 | 14,722 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (4,537) | (3,368) | (3,244) | (3,477) | (2,900) | (14,627) | (11,910) | ||||||||||||||||||||||||||||||||||
Net Flows | (477) | 612 | 686 | 1,144 | 811 | 1,964 | 2,812 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 8,939 | (3,044) | 4,191 | 4,506 | 5,028 | 14,593 | (16,535) | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Corporate markets | 102,522 | 94,059 | 96,492 | 91,615 | 85,965 | 102,522 | 85,965 | ||||||||||||||||||||||||||||||||||
Full Service - Tax-exempt markets | |||||||||||||||||||||||||||||||||||||||||
Client Assets, beginning of period (1) | 79,663 | 81,906 | 79,022 | 76,672 | 73,102 | 76,672 | 87,985 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 453 | 273 | 271 | 323 | 887 | 1,320 | 2,043 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 1,050 | 1,036 | 1,079 | 1,100 | 1,061 | 4,265 | 4,100 | ||||||||||||||||||||||||||||||||||
Total Deposits | 1,502 | 1,309 | 1,350 | 1,424 | 1,948 | 5,585 | 6,143 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (4,482) | (1,793) | (1,633) | (2,586) | (1,807) | (10,495) | (6,002) | ||||||||||||||||||||||||||||||||||
Net Flows | (2,980) | (484) | (283) | (1,162) | 141 | (4,910) | 141 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 6,175 | (1,758) | 3,167 | 3,513 | 3,428 | 11,096 | (11,456) | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Tax-exempt markets (1) | 82,858 | 79,663 | 81,906 | 79,022 | 76,672 | 82,858 | 76,672 | ||||||||||||||||||||||||||||||||||
Full Service - Total | |||||||||||||||||||||||||||||||||||||||||
Client Assets, beginning of period (1) | 173,723 | 178,398 | 170,637 | 162,636 | 153,228 | 162,636 | 187,674 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 2,083 | 1,704 | 1,615 | 2,094 | 2,489 | 7,495 | 7,571 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 3,480 | 3,585 | 3,666 | 3,951 | 3,169 | 14,682 | 13,294 | ||||||||||||||||||||||||||||||||||
Total Deposits | 5,562 | 5,289 | 5,281 | 6,044 | 5,658 | 22,176 | 20,865 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (9,020) | (5,162) | (4,877) | (6,062) | (4,706) | (25,122) | (17,912) | ||||||||||||||||||||||||||||||||||
Net Flows | (3,457) | 127 | 403 | (18) | 952 | (2,945) | 2,953 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 15,114 | (4,803) | 7,358 | 8,019 | 8,456 | 25,689 | (27,991) | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Full Service Total (1) | 185,379 | 173,723 | 178,398 | 170,637 | 162,636 | 185,379 | 162,636 | ||||||||||||||||||||||||||||||||||
Full Service - Client Assets | |||||||||||||||||||||||||||||||||||||||||
Fee-based (1) | 154,394 | 141,947 | 146,077 | 137,792 | 129,171 | 154,394 | 129,171 | ||||||||||||||||||||||||||||||||||
Spread-based | 30,985 | 31,776 | 32,321 | 32,845 | 33,466 | 30,985 | 33,466 | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Full Service Total (1) | 185,379 | 173,723 | 178,398 | 170,637 | 162,636 | 185,379 | 162,636 | ||||||||||||||||||||||||||||||||||
(1) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change. |
Voya Financial | Page 17 of 45 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Recordkeeping (1) | |||||||||||||||||||||||||||||||||||||||||
Client Assets, beginning of period | 276,869 | 279,669 | 267,038 | 254,957 | 241,241 | 254,957 | 283,744 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 2,662 | 4,683 | 4,590 | 2,332 | 979 | 14,266 | 8,101 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 4,446 | 4,964 | 4,857 | 5,504 | 3,778 | 19,775 | 17,632 | ||||||||||||||||||||||||||||||||||
Total Deposits | 7,108 | 9,646 | 9,447 | 7,836 | 4,758 | 34,041 | 25,734 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (6,352) | (6,653) | (5,847) | (7,747) | (5,327) | (26,604) | (24,967) | ||||||||||||||||||||||||||||||||||
Net Flows | 756 | 2,993 | 3,600 | 89 | (569) | 7,437 | 766 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 20,495 | (5,794) | 9,030 | 11,993 | 14,285 | 35,724 | (29,552) | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Recordkeeping | 298,120 | 276,869 | 279,669 | 267,038 | 254,957 | 298,120 | 254,957 | ||||||||||||||||||||||||||||||||||
Total Defined Contribution (2) | |||||||||||||||||||||||||||||||||||||||||
Client Assets, beginning of period | 450,591 | 458,068 | 437,675 | 417,593 | 394,469 | 417,593 | 471,417 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 4,745 | 6,386 | 6,205 | 4,425 | 3,469 | 21,761 | 15,673 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 7,925 | 8,548 | 8,523 | 9,455 | 6,947 | 34,456 | 30,926 | ||||||||||||||||||||||||||||||||||
Total Deposits | 12,670 | 14,935 | 14,728 | 13,880 | 10,416 | 56,218 | 46,599 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (15,371) | (11,814) | (10,724) | (13,810) | (10,033) | (51,726) | (42,879) | ||||||||||||||||||||||||||||||||||
Net Flows | (2,701) | 3,120 | 4,004 | 70 | 383 | 4,492 | 3,719 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 35,609 | (10,596) | 16,389 | 20,012 | 22,741 | 61,414 | (57,542) | ||||||||||||||||||||||||||||||||||
Client Assets, end of period - Total Defined Contribution | 483,499 | 450,591 | 458,068 | 437,675 | 417,593 | 483,499 | 417,593 | ||||||||||||||||||||||||||||||||||
Defined Contribution Investment-only Stable Value (SV) (3) | |||||||||||||||||||||||||||||||||||||||||
Assets, beginning of period | 35,450 | 37,354 | 37,781 | 38,148 | 38,944 | 38,148 | 40,246 | ||||||||||||||||||||||||||||||||||
Transfers / Single deposits | 290 | 90 | 345 | 323 | 435 | 1,048 | 2,742 | ||||||||||||||||||||||||||||||||||
Recurring deposits | 1,232 | 109 | 70 | 112 | 440 | 1,523 | 1,002 | ||||||||||||||||||||||||||||||||||
Total Deposits | 1,522 | 199 | 416 | 435 | 875 | 2,572 | 3,744 | ||||||||||||||||||||||||||||||||||
Surrenders, benefits, and product charges | (2,311) | (2,043) | (1,338) | (1,146) | (1,269) | (6,838) | (2,529) | ||||||||||||||||||||||||||||||||||
Net Flows | (788) | (1,844) | (923) | (710) | (394) | (4,265) | 1,215 | ||||||||||||||||||||||||||||||||||
Interest credited and investment performance | 526 | (60) | 496 | 344 | (402) | 1,306 | (3,314) | ||||||||||||||||||||||||||||||||||
Assets, end of period - Defined Contribution Investment-only SV | 35,188 | 35,450 | 37,354 | 37,781 | 38,148 | 35,188 | 38,148 | ||||||||||||||||||||||||||||||||||
Retail Client Assets (1)(4) | 27,928 | 25,872 | 26,575 | 25,762 | 24,913 | 27,928 | 24,913 | ||||||||||||||||||||||||||||||||||
Other Assets (5) | 4,912 | 4,657 | 4,584 | 4,250 | 4,243 | 4,912 | 4,243 | ||||||||||||||||||||||||||||||||||
Eliminations (1) | (7,208) | (6,998) | (7,639) | (7,574) | (7,511) | (7,208) | (7,511) | ||||||||||||||||||||||||||||||||||
Total Client Assets (6) | 544,319 | 509,572 | 518,941 | 497,895 | 477,386 | 544,319 | 477,386 | ||||||||||||||||||||||||||||||||||
(1) Effective first quarter of 2023, includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change. | |||||||||||||||||||||||||||||||||||||||||
(2) Total of Full Service and Recordkeeping. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors. | |||||||||||||||||||||||||||||||||||||||||
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans. | |||||||||||||||||||||||||||||||||||||||||
(6) Effective first quarter of 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change. |
Voya Financial | Page 19 of 45 |
Three Months Ended | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Sources of operating earnings before income taxes: | |||||||||||||||||||||||||||||||||||||||||
Gross investment income | 25 | 25 | 25 | 24 | 24 | 99 | 96 | ||||||||||||||||||||||||||||||||||
Investment expenses | (1) | (1) | (1) | (1) | (1) | (4) | (4) | ||||||||||||||||||||||||||||||||||
Credited interest | (12) | (12) | (12) | (12) | (12) | (49) | (52) | ||||||||||||||||||||||||||||||||||
Net margin | 12 | 12 | 12 | 11 | 11 | 47 | 41 | ||||||||||||||||||||||||||||||||||
Other investment income | 12 | 14 | 12 | 12 | 14 | 50 | 50 | ||||||||||||||||||||||||||||||||||
Investment spread and other investment income, excluding alts/prepays above/below expectations | 24 | 25 | 24 | 23 | 24 | 97 | 90 | ||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (5) | (2) | — | (2) | (5) | (10) | (7) | ||||||||||||||||||||||||||||||||||
Investment spread and other investment income | 20 | 23 | 23 | 21 | 19 | 87 | 83 | ||||||||||||||||||||||||||||||||||
Fee based margin (1) | 56 | 57 | 58 | 53 | 3 | 224 | 17 | ||||||||||||||||||||||||||||||||||
Net underwriting gain (loss) and other revenue | 197 | 184 | 261 | 233 | 202 | 875 | 802 | ||||||||||||||||||||||||||||||||||
Net revenue (2) | 272 | 264 | 342 | 306 | 225 | 1,185 | 902 | ||||||||||||||||||||||||||||||||||
Administrative expenses | (131) | (122) | (128) | (124) | (71) | (506) | (276) | ||||||||||||||||||||||||||||||||||
Premium taxes, fees and assessments | (37) | (37) | (37) | (35) | (27) | (147) | (126) | ||||||||||||||||||||||||||||||||||
Net commissions | (51) | (45) | (46) | (44) | (43) | (186) | (167) | ||||||||||||||||||||||||||||||||||
DAC/VOBA and other intangibles amortization | (9) | (7) | (8) | (8) | (7) | (33) | (29) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | 44 | 53 | 124 | 94 | 78 | 315 | 304 | ||||||||||||||||||||||||||||||||||
Adjusted Operating Margin TTM | 26.6 | % | 30.6 | % | 38.0 | % | 36.2 | % | 33.7 | % | |||||||||||||||||||||||||||||||
Adjusted Operating Margin Excluding Notables TTM | 28.1 | % | 32.2 | % | 35.8 | % | 33.5 | % | 33.0 | % | |||||||||||||||||||||||||||||||
Group life: | |||||||||||||||||||||||||||||||||||||||||
Premiums | 152 | 150 | 157 | 157 | 151 | 616 | 593 | ||||||||||||||||||||||||||||||||||
Benefits | (122) | (118) | (135) | (134) | (124) | (509) | (473) | ||||||||||||||||||||||||||||||||||
Other (3) | (2) | (4) | (2) | (3) | (1) | (11) | (6) | ||||||||||||||||||||||||||||||||||
Total Group life | 28 | 29 | 20 | 21 | 26 | 97 | 114 | ||||||||||||||||||||||||||||||||||
Group Life Loss Ratio (Interest adjusted) (4) | 80.5 | % | 78.4 | % | 86.1 | % | 84.9 | % | 82.3 | % | 82.5 | % | 89.5 | % | |||||||||||||||||||||||||||
Group stop loss: | |||||||||||||||||||||||||||||||||||||||||
Premiums | 368 | 368 | 359 | 358 | 314 | 1,454 | 1,230 | ||||||||||||||||||||||||||||||||||
Benefits | (281) | (307) | (225) | (251) | (226) | (1,064) | (934) | ||||||||||||||||||||||||||||||||||
Other (3) | (2) | (10) | (1) | (1) | (1) | (15) | (5) | ||||||||||||||||||||||||||||||||||
Total Group stop loss | 85 | 51 | 133 | 106 | 87 | 375 | 292 | ||||||||||||||||||||||||||||||||||
Stop loss Loss Ratio | 76.4 | % | 83.3 | % | 62.6 | % | 70.1 | % | 72.0 | % | 73.2 | % | 75.9 | % | |||||||||||||||||||||||||||
Voluntary Benefits, Disability, and Other | 84 | 104 | 108 | 106 | 93 | 402 | 397 | ||||||||||||||||||||||||||||||||||
Net underwriting gain (loss) and other revenue | |||||||||||||||||||||||||||||||||||||||||
Premiums | 689 | 692 | 689 | 688 | 626 | 2,757 | 2,457 | ||||||||||||||||||||||||||||||||||
Benefits | (487) | (494) | (423) | (450) | (420) | (1,853) | (1,636) | ||||||||||||||||||||||||||||||||||
Other (3) | (6) | (14) | (5) | (4) | (4) | (29) | (19) | ||||||||||||||||||||||||||||||||||
Total Net underwriting gain (loss) and other revenue | 197 | 184 | 261 | 233 | 202 | 875 | 802 | ||||||||||||||||||||||||||||||||||
Total Aggregate Loss Ratio TTM (4) | 67.2 | % | 66.3 | % | 63.9 | % | 66.3 | % | 68.9 | % | 67.2 | % | 68.9 | % | |||||||||||||||||||||||||||
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | |||||||||||||||||||||||||||||||||||||||||
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | |||||||||||||||||||||||||||||||||||||||||
(4) Loss Ratio calculation excludes $57M of favorable reserve release in third quarter of 2022 related to our annual assumption update. |
Voya Financial | Page 20 of 45 |
Three Months Ended or As of | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Sales by Product Line: | |||||||||||||||||||||||||||||||||||||||||
Group life and Disability | 14 | 4 | 14 | 104 | 23 | 135 | 126 | ||||||||||||||||||||||||||||||||||
Stop loss | 25 | 67 | 25 | 343 | 20 | 460 | 409 | ||||||||||||||||||||||||||||||||||
Voluntary and Other (1) | 11 | 12 | 43 | 90 | 13 | 157 | 149 | ||||||||||||||||||||||||||||||||||
Total sales by product line | 50 | 83 | 82 | 538 | 56 | 752 | 684 | ||||||||||||||||||||||||||||||||||
Total gross premiums and deposits | 766 | 762 | 765 | 761 | 687 | 3,054 | 2,724 | ||||||||||||||||||||||||||||||||||
Annualized In-force Premiums and Fees by Product Line: | |||||||||||||||||||||||||||||||||||||||||
Group life and Disability | 905 | 917 | 925 | 912 | 833 | 905 | 833 | ||||||||||||||||||||||||||||||||||
Stop loss | 1,500 | 1,490 | 1,461 | 1,457 | 1,258 | 1,500 | 1,258 | ||||||||||||||||||||||||||||||||||
Voluntary and Other (1) | 926 | 936 | 941 | 930 | 689 | 926 | 689 | ||||||||||||||||||||||||||||||||||
Total annualized in-force premiums and fees by product line | 3,331 | 3,343 | 3,327 | 3,300 | 2,780 | 3,331 | 2,780 | ||||||||||||||||||||||||||||||||||
Assets Under Management by Fund Group: | |||||||||||||||||||||||||||||||||||||||||
General account | 1,817 | 1,854 | 1,870 | 1,829 | 1,866 | 1,817 | 1,866 | ||||||||||||||||||||||||||||||||||
Separate account | 16 | 15 | 15 | 15 | 14 | 16 | 14 | ||||||||||||||||||||||||||||||||||
Total AUM | 1,833 | 1,869 | 1,886 | 1,844 | 1,880 | 1,833 | 1,880 | ||||||||||||||||||||||||||||||||||
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products. |
Voya Financial | Page 22 of 45 |
Three Months Ended | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Sources of operating earnings before income taxes: | |||||||||||||||||||||||||||||||||||||||||
Investment capital and other investment income, excluding alts/prepays above/below expectations | 9 | 9 | 9 | 8 | 8 | 35 | 33 | ||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (2) | (2) | — | 2 | (9) | (2) | (29) | ||||||||||||||||||||||||||||||||||
Investment spread and other investment income | 6 | 7 | 9 | 10 | (1) | 33 | 3 | ||||||||||||||||||||||||||||||||||
Fee based margin (1) | 221 | 226 | 217 | 218 | 216 | 883 | 753 | ||||||||||||||||||||||||||||||||||
Net revenue (2) | 228 | 233 | 226 | 229 | 215 | 916 | 756 | ||||||||||||||||||||||||||||||||||
Administrative expenses (3) | (170) | (170) | (163) | (186) | (158) | (690) | (570) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 57 | 63 | 63 | 42 | 57 | 225 | 186 | ||||||||||||||||||||||||||||||||||
Adjusted Operating Margin TTM | 24.6 | % | 24.9 | % | 24.7 | % | 23.4 | % | 24.7 | % | |||||||||||||||||||||||||||||||
Adjusted Operating Margin Excluding Notables TTM | 24.9 | % | 25.5 | % | 26.4 | % | 25.4 | % | 26.8 | % | |||||||||||||||||||||||||||||||
Fee based margin (1) | |||||||||||||||||||||||||||||||||||||||||
Investment advisory and administrative revenue | 222 | 224 | 218 | 216 | 209 | 881 | 736 | ||||||||||||||||||||||||||||||||||
Other fee based margin | — | 2 | (1) | 2 | 6 | 3 | 17 | ||||||||||||||||||||||||||||||||||
Fee based margin | 221 | 226 | 217 | 218 | 216 | 883 | 753 | ||||||||||||||||||||||||||||||||||
Reconciliation to Adjusted operating earnings before income taxes | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | 57 | 63 | 63 | 42 | 57 | 225 | 186 | ||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 | 14 | 14 | 9 | 14 | 49 | 27 | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | 45 | 49 | 50 | 33 | 42 | 177 | 158 | ||||||||||||||||||||||||||||||||||
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | |||||||||||||||||||||||||||||||||||||||||
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes expenses attributable to investment capital results above (below) long-term expectations. |
Voya Financial | Page 23 of 45 |
Three Months Ended | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Client Assets: | |||||||||||||||||||||||||||||||||||||||||
External Clients | |||||||||||||||||||||||||||||||||||||||||
Institutional | 148,722 | 147,904 | 156,435 | 164,443 | 161,502 | 148,722 | 161,502 | ||||||||||||||||||||||||||||||||||
Retail | 138,239 | 128,120 | 131,391 | 126,212 | 121,833 | 138,239 | 121,833 | ||||||||||||||||||||||||||||||||||
Subtotal External Clients | 286,961 | 276,024 | 287,826 | 290,654 | 283,335 | 286,961 | 283,335 | ||||||||||||||||||||||||||||||||||
General Account | 34,740 | 35,792 | 36,154 | 36,934 | 38,028 | 34,740 | 38,028 | ||||||||||||||||||||||||||||||||||
Total Client Assets (AUM) | 321,701 | 311,816 | 323,980 | 327,589 | 321,363 | 321,701 | 321,363 | ||||||||||||||||||||||||||||||||||
Assets under Advisement and Administration (AUA) | 56,043 | 55,066 | 57,326 | 56,310 | 55,601 | 56,043 | 55,601 | ||||||||||||||||||||||||||||||||||
Total AUM and AUA | 377,744 | 366,882 | 381,306 | 383,899 | 376,963 | 377,744 | 376,963 | ||||||||||||||||||||||||||||||||||
Investment Advisory and Administrative Revenues (1) | |||||||||||||||||||||||||||||||||||||||||
External Clients | |||||||||||||||||||||||||||||||||||||||||
Institutional | 87 | 90 | 91 | 92 | 90 | 360 | 352 | ||||||||||||||||||||||||||||||||||
Retail | 112 | 111 | 103 | 99 | 95 | 425 | 284 | ||||||||||||||||||||||||||||||||||
Subtotal External Clients | 199 | 201 | 194 | 191 | 185 | 785 | 636 | ||||||||||||||||||||||||||||||||||
General Account | 18 | 19 | 19 | 20 | 20 | 76 | 80 | ||||||||||||||||||||||||||||||||||
Total Investment Advisory and Administrative Revenues (AUM) | 217 | 219 | 213 | 211 | 205 | 860 | 717 | ||||||||||||||||||||||||||||||||||
Administration Only Fees | 5 | 5 | 5 | 5 | 5 | 20 | 20 | ||||||||||||||||||||||||||||||||||
Total Investment Advisory and Administrative Revenues | 222 | 224 | 218 | 216 | 209 | 881 | 736 | ||||||||||||||||||||||||||||||||||
Revenue Yield (bps) (1) | |||||||||||||||||||||||||||||||||||||||||
External Clients | |||||||||||||||||||||||||||||||||||||||||
Institutional | 23.9 | 23.5 | 22.7 | 22.6 | 22.1 | 23.2 | 20.7 | ||||||||||||||||||||||||||||||||||
Retail | 34.1 | 33.7 | 32.1 | 31.6 | 31.1 | 32.9 | 22.1 | ||||||||||||||||||||||||||||||||||
Revenue Yield on External Clients | 28.7 | 28.2 | 26.8 | 26.5 | 26.0 | 27.6 | 21.3 | ||||||||||||||||||||||||||||||||||
General Account | 20.3 | 20.6 | 20.8 | 20.8 | 20.8 | 20.6 | 21.0 | ||||||||||||||||||||||||||||||||||
Revenue Yield on Client Assets (AUM) | 27.8 | 27.4 | 26.2 | 25.8 | 25.3 | 26.8 | 21.3 | ||||||||||||||||||||||||||||||||||
Revenue Yield on Advisement and Administrative Only Assets (AUA) | 3.4 | 3.2 | 3.5 | 3.7 | 3.7 | 3.5 | 3.6 | ||||||||||||||||||||||||||||||||||
Total Revenue Yield on AUM and AUA (bps) | 24.1 | 23.7 | 22.8 | 22.6 | 22.3 | 23.3 | 18.8 | ||||||||||||||||||||||||||||||||||
Revenue Yield on Client Assets (AUM) TTM | 26.8 | 26.2 | 25.8 | 23.1 | 21.3 | 26.8 | 21.3 | ||||||||||||||||||||||||||||||||||
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. |
Voya Financial | Page 24 of 45 |
Three Months Ended | Twelve Months Ended or As of | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Institutional AUM: | |||||||||||||||||||||||||||||||||||||||||
Beginning of period AUM | 147,904 | 156,435 | 164,443 | 161,503 | 160,720 | 161,503 | 148,921 | ||||||||||||||||||||||||||||||||||
Inflows | 4,197 | 4,258 | 4,911 | 5,739 | 8,249 | 19,106 | 24,470 | ||||||||||||||||||||||||||||||||||
Outflows | (9,588) | (9,620) | (8,694) | (6,683) | (7,904) | (34,585) | (20,796) | ||||||||||||||||||||||||||||||||||
Net flows - Institutional | (5,390) | (5,361) | (3,783) | (945) | 345 | (15,480) | 3,675 | ||||||||||||||||||||||||||||||||||
Change in Market Value | 8,269 | (2,178) | 2,829 | 5,171 | 2,341 | 14,090 | (19,689) | ||||||||||||||||||||||||||||||||||
Other (Including Acquisitions / Divestitures) | (2,060) | (991) | (7,054) | (1,286) | (1,903) | (11,391) | 28,595 | ||||||||||||||||||||||||||||||||||
End of period AUM - Institutional | 148,722 | 147,904 | 156,435 | 164,443 | 161,503 | 148,722 | 161,502 | ||||||||||||||||||||||||||||||||||
Organic Growth (Net Flows/Beginning of period AUM) | -3.6 | % | -3.4 | % | -2.3 | % | -0.6 | % | 0.2 | % | -9.6 | % | 2.5 | % | |||||||||||||||||||||||||||
Market Growth % | 5.6 | % | -1.4 | % | 1.7 | % | 3.2 | % | 1.5 | % | 8.7 | % | -13.2 | % | |||||||||||||||||||||||||||
Retail AUM: | |||||||||||||||||||||||||||||||||||||||||
Beginning of period AUM | 128,120 | 131,391 | 126,212 | 121,833 | 118,016 | 121,833 | 76,908 | ||||||||||||||||||||||||||||||||||
Inflows | 8,409 | 9,138 | 7,894 | 8,361 | 7,203 | 33,803 | 18,783 | ||||||||||||||||||||||||||||||||||
Outflows | (8,444) | (8,093) | (7,773) | (8,019) | (7,400) | (32,329) | (21,384) | ||||||||||||||||||||||||||||||||||
Net flows - Retail | (36) | 1,046 | 122 | 342 | (198) | 1,474 | (2,601) | ||||||||||||||||||||||||||||||||||
Net Money Market Flows | 190 | 56 | 64 | (36) | 51 | 273 | 197 | ||||||||||||||||||||||||||||||||||
Change in Market Value | 10,935 | (3,369) | 7,013 | 4,242 | 3,232 | 18,820 | (15,633) | ||||||||||||||||||||||||||||||||||
Net Flows from Divested Businesses | (536) | (490) | (516) | (515) | (497) | (2,058) | (2,156) | ||||||||||||||||||||||||||||||||||
Other (Including Acquisitions / Divestitures) | (435) | (513) | (1,503) | 346 | 1,229 | (2,104) | 65,119 | ||||||||||||||||||||||||||||||||||
End of period AUM - Retail | 138,239 | 128,120 | 131,391 | 126,212 | 121,833 | 138,239 | 121,833 | ||||||||||||||||||||||||||||||||||
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM) | — | % | 0.8 | % | 0.1 | % | 0.3 | % | -0.2 | % | 1.2 | % | -3.4 | % | |||||||||||||||||||||||||||
Market Growth % | 8.5 | % | -2.6 | % | 5.6 | % | 3.5 | % | 2.7 | % | 15.4 | % | -20.3 | % | |||||||||||||||||||||||||||
Net Flows: | |||||||||||||||||||||||||||||||||||||||||
Institutional Net Flows | (5,390) | (5,361) | (3,783) | (945) | 345 | (15,480) | 3,675 | ||||||||||||||||||||||||||||||||||
Retail Net Flows | (36) | 1,046 | 122 | 342 | (198) | 1,474 | (2,601) | ||||||||||||||||||||||||||||||||||
Net Flows from Divested Businesses | (536) | (490) | (516) | (515) | (497) | (2,058) | (2,156) | ||||||||||||||||||||||||||||||||||
Total Net Flows | (5,962) | (4,806) | (4,178) | (1,118) | (350) | (16,063) | (1,082) | ||||||||||||||||||||||||||||||||||
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements | (5,426) | (4,316) | (3,662) | (602) | 147 | (14,005) | 1,074 | ||||||||||||||||||||||||||||||||||
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) | -2.0 | % | -1.5 | % | -1.3 | % | -0.2 | % | 0.1 | % | -4.9 | % | 0.5 | % | |||||||||||||||||||||||||||
Voya Financial | Page 25 of 45 |
Balances as of | |||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||
Equity | 22,789 | 21,164 | 23,803 | 24,470 | 22,943 | ||||||||||||||||||||||||
Fixed Income - Public | 49,128 | 49,486 | 54,186 | 59,786 | 57,532 | ||||||||||||||||||||||||
Fixed Income - Privates | 63,899 | 64,516 | 65,795 | 67,126 | 67,809 | ||||||||||||||||||||||||
Alternatives | 12,907 | 12,738 | 12,651 | 13,060 | 13,218 | ||||||||||||||||||||||||
Money Market | — | — | — | — | — | ||||||||||||||||||||||||
Total | 148,722 | 147,904 | 156,435 | 164,443 | 161,502 | ||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
Equity | 68,711 | 62,420 | 67,759 | 63,429 | 60,244 | ||||||||||||||||||||||||
Fixed Income - Public | 65,612 | 62,126 | 60,278 | 59,638 | 58,480 | ||||||||||||||||||||||||
Fixed Income - Privates | 365 | 396 | 437 | 455 | 483 | ||||||||||||||||||||||||
Alternatives | 1,368 | 1,217 | 1,042 | 902 | 822 | ||||||||||||||||||||||||
Money Market | 2,183 | 1,961 | 1,875 | 1,788 | 1,803 | ||||||||||||||||||||||||
Total | 138,239 | 128,120 | 131,391 | 126,212 | 121,833 | ||||||||||||||||||||||||
General Account | |||||||||||||||||||||||||||||
Equity | 129 | 226 | 237 | 237 | 237 | ||||||||||||||||||||||||
Fixed Income - Public | 17,815 | 18,181 | 18,696 | 19,286 | 19,748 | ||||||||||||||||||||||||
Fixed Income - Privates | 14,634 | 14,976 | 14,886 | 14,826 | 14,942 | ||||||||||||||||||||||||
Alternatives | 1,707 | 1,815 | 2,003 | 2,226 | 2,378 | ||||||||||||||||||||||||
Money Market | 456 | 593 | 333 | 360 | 724 | ||||||||||||||||||||||||
Total | 34,740 | 35,792 | 36,154 | 36,934 | 38,028 | ||||||||||||||||||||||||
Combined Asset Type | |||||||||||||||||||||||||||||
Equity | 91,628 | 83,810 | 91,799 | 88,136 | 83,424 | ||||||||||||||||||||||||
Fixed Income - Public | 132,554 | 129,794 | 133,160 | 138,710 | 135,760 | ||||||||||||||||||||||||
Fixed Income - Privates | 78,898 | 79,887 | 81,118 | 82,406 | 83,234 | ||||||||||||||||||||||||
Alternatives | 15,981 | 15,770 | 15,696 | 16,189 | 16,418 | ||||||||||||||||||||||||
Money Market | 2,639 | 2,554 | 2,207 | 2,148 | 2,527 | ||||||||||||||||||||||||
Total | 321,701 | 311,816 | 323,980 | 327,589 | 321,363 | ||||||||||||||||||||||||
Total Private and Alternative Assets | 94,879 | 95,657 | 96,814 | 98,595 | 99,652 | ||||||||||||||||||||||||
% of Private and Alternative Assets / Total AUM | 29.5 | % | 30.7 | % | 29.9 | % | 30.1 | % | 31.0 | % | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Interest expense (excluding Preferred stock dividends) (1) | (29) | (30) | (33) | (33) | (33) | (125) | (142) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | (4) | (14) | (4) | (14) | (4) | (36) | (36) | ||||||||||||||||||||||||||||||||||
Stranded costs net of TSA revenue | — | — | — | — | — | — | (9) | ||||||||||||||||||||||||||||||||||
Pension expense (2) | (11) | (11) | (11) | (11) | (11) | (44) | (41) | ||||||||||||||||||||||||||||||||||
Other (3) | 11 | 3 | (6) | (11) | (12) | (3) | (25) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | (33) | (52) | (54) | (69) | (60) | (208) | (253) | ||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest | 1 | — | — | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | (34) | (52) | (53) | (68) | (59) | (207) | (251) | ||||||||||||||||||||||||||||||||||
(1) Includes other operating expenses related to financing agreements. | |||||||||||||||||||||||||||||||||||||||||
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | |||||||||||||||||||||||||||||||||||||||||
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. |
Voya Financial | Page 29 of 45 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Net Revenue Excluding Notable Items | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | |||||||||||||||||||||||||||||||||||||||||
Investment spread and other investment income | 234 | 238 | 239 | 249 | 252 | 960 | 951 | ||||||||||||||||||||||||||||||||||
Fee based margin | 262 | 259 | 252 | 243 | 238 | 1,016 | 1,003 | ||||||||||||||||||||||||||||||||||
Net underwriting gain (loss) and other revenue | 5 | 2 | 4 | 4 | 5 | 15 | 13 | ||||||||||||||||||||||||||||||||||
Wealth Solutions Net Revenue | 502 | 499 | 495 | 496 | 495 | 1,991 | 1,967 | ||||||||||||||||||||||||||||||||||
Health Solutions | |||||||||||||||||||||||||||||||||||||||||
Investment spread and other investment income | 24 | 25 | 24 | 23 | 24 | 97 | 90 | ||||||||||||||||||||||||||||||||||
Fee based margin | 56 | 57 | 58 | 53 | 3 | 224 | 17 | ||||||||||||||||||||||||||||||||||
Net underwriting gain (loss) and other revenue | 197 | 200 | 261 | 233 | 202 | 891 | 785 | ||||||||||||||||||||||||||||||||||
Health Solutions Net Revenue | 277 | 283 | 343 | 309 | 230 | 1,212 | 892 | ||||||||||||||||||||||||||||||||||
Investment Management | |||||||||||||||||||||||||||||||||||||||||
Investment capital and other investment income | 9 | 9 | 9 | 8 | 8 | 35 | 33 | ||||||||||||||||||||||||||||||||||
Fee based margin | 221 | 226 | 217 | 218 | 216 | 883 | 753 | ||||||||||||||||||||||||||||||||||
Investment Management Net Revenue | 230 | 235 | 226 | 227 | 224 | 918 | 785 | ||||||||||||||||||||||||||||||||||
Total Net Revenue Excluding Notable Items (1) | 1,008 | 1,016 | 1,064 | 1,032 | 949 | 4,120 | 3,642 | ||||||||||||||||||||||||||||||||||
Adjusted Operating Earnings Excluding Notable Items | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 187 | 202 | 188 | 166 | 195 | 742 | 773 | ||||||||||||||||||||||||||||||||||
Health Solutions | 48 | 71 | 125 | 97 | 83 | 341 | 294 | ||||||||||||||||||||||||||||||||||
Investment Management | 60 | 66 | 62 | 41 | 64 | 228 | 210 | ||||||||||||||||||||||||||||||||||
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1) | 295 | 339 | 375 | 303 | 342 | 1,311 | 1,277 | ||||||||||||||||||||||||||||||||||
Corporate | (33) | (52) | (54) | (69) | (60) | (208) | (253) | ||||||||||||||||||||||||||||||||||
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest | 261 | 287 | 321 | 234 | 282 | 1,103 | 1,024 | ||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items | 13 | 14 | 13 | 8 | 13 | 48 | 26 | ||||||||||||||||||||||||||||||||||
Total Adjusted Operating Earnings Excluding Notable Items (1) | 248 | 273 | 308 | 226 | 269 | 1,055 | 997 | ||||||||||||||||||||||||||||||||||
Adjusted Operating Margin Excluding Notable Items | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 37.2 | % | 40.5 | % | 38.0 | % | 33.4 | % | 39.3 | % | 37.3 | % | 39.3 | % | |||||||||||||||||||||||||||
Health Solutions | 17.5 | % | 25.2 | % | 36.3 | % | 31.3 | % | 36.0 | % | 28.1 | % | 33.0 | % | |||||||||||||||||||||||||||
Investment Management | 25.9 | % | 27.9 | % | 27.4 | % | 18.0 | % | 28.6 | % | 24.9 | % | 26.8 | % | |||||||||||||||||||||||||||
Total Adjusted Operating Margin Excluding Corporate and Notable Items | 29.2 | % | 33.3 | % | 35.2 | % | 29.4 | % | 36.0 | % | 31.8 | % | 35.0 | % | |||||||||||||||||||||||||||
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items | 25.9 | % | 28.2 | % | 30.2 | % | 22.7 | % | 29.7 | % | 26.8 | % | 28.1 | % | |||||||||||||||||||||||||||
Adjusted Operating Margin Excluding Notable Items TTM | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 37.3 | % | 37.8 | % | 37.7 | % | 38.6 | % | 39.3 | % | |||||||||||||||||||||||||||||||
Health Solutions | 28.1 | % | 32.2 | % | 35.8 | % | 33.5 | % | 33.0 | % | |||||||||||||||||||||||||||||||
Investment Management | 24.9 | % | 25.5 | % | 26.4 | % | 25.4 | % | 26.8 | % | |||||||||||||||||||||||||||||||
Total Adjusted Operating Margin Excluding Corporate and Notable Items | 31.8 | % | 33.4 | % | 34.6 | % | 34.4 | % | 35.0 | % | |||||||||||||||||||||||||||||||
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items | 26.8 | % | 27.7 | % | 28.5 | % | 27.7 | % | 28.1 | % | |||||||||||||||||||||||||||||||
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. |
Voya Financial | Page 30 of 45 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Wealth Solutions | (236) | (216) | (228) | (251) | (223) | (931) | (867) | ||||||||||||||||||||||||||||||||||
Health Solutions | (131) | (122) | (128) | (124) | (71) | (506) | (276) | ||||||||||||||||||||||||||||||||||
Investment Management | (170) | (170) | (163) | (186) | (158) | (690) | (570) | ||||||||||||||||||||||||||||||||||
Stranded costs net of TSA revenue (1) | — | — | — | — | — | — | (9) | ||||||||||||||||||||||||||||||||||
Total Administrative Expenses (1)(2) | (537) | (508) | (519) | (561) | (452) | (2,127) | (1,722) | ||||||||||||||||||||||||||||||||||
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | |||||||||||||||||||||||||||||||||||||||||
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level. |
Voya Financial | Page 31 of 45 |
Twelve Months Ended | |||||||||||||||||||||||||||||
(in millions USD, unless otherwise indicated) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||||||||||||||
Wealth Solutions | |||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes - before interest | 632 | 630 | 579 | 602 | 697 | ||||||||||||||||||||||||
Income tax expense | 79 | 80 | 71 | 77 | 98 | ||||||||||||||||||||||||
Adjusted Operating Earnings - before interest and after income taxes | 553 | 550 | 508 | 525 | 599 | ||||||||||||||||||||||||
Adjusted Operating effective tax rate (1) | 11.9 | % | 13.5 | % | 13.3 | % | 10.9 | % | 12.7 | % | |||||||||||||||||||
Adjusted Operating effective tax rate TTM | 12.5 | % | 12.7 | % | 12.2 | % | 12.8 | % | 14.1 | % | |||||||||||||||||||
Average Capital | 3,496 | 3,557 | 3,619 | 3,679 | 3,710 | ||||||||||||||||||||||||
Ending Capital (2) | 3,395 | 3,460 | 3,470 | 3,520 | 3,670 | ||||||||||||||||||||||||
Adjusted Return on Capital | 15.8 | % | 15.4 | % | 14.0 | % | 14.2 | % | 16.1 | % | |||||||||||||||||||
Health Solutions | |||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes - before interest | 315 | 349 | 450 | 376 | 304 | ||||||||||||||||||||||||
Income tax expense | 66 | 73 | 95 | 79 | 64 | ||||||||||||||||||||||||
Adjusted Operating Earnings - before interest and after income taxes | 249 | 275 | 355 | 297 | 240 | ||||||||||||||||||||||||
Adjusted Operating effective tax rate (1) | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||||||
Adjusted Operating effective tax rate TTM | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||||||
Average Capital | 1,172 | 1,039 | 877 | 698 | 591 | ||||||||||||||||||||||||
Ending Capital (2) | 1,153 | 1,230 | 1,289 | 1,263 | 662 | ||||||||||||||||||||||||
Adjusted Return on Capital | 21.2 | % | 26.5 | % | 40.5 | % | 42.6 | % | 40.6 | % | |||||||||||||||||||
Investment Management | |||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes - before interest | 177 | 174 | 163 | 153 | 158 | ||||||||||||||||||||||||
Income tax expense | 37 | 37 | 34 | 32 | 33 | ||||||||||||||||||||||||
Adjusted Operating Earnings - before interest and after income taxes | 140 | 137 | 129 | 121 | 125 | ||||||||||||||||||||||||
Adjusted Operating effective tax rate (1) | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||||||
Adjusted Operating effective tax rate TTM | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||||||
Average Capital | 809 | 800 | 757 | 673 | 582 | ||||||||||||||||||||||||
Ending Capital (2) | 847 | 798 | 806 | 810 | 797 | ||||||||||||||||||||||||
Adjusted Return on Capital | 17.3 | % | 17.2 | % | 17.0 | % | 17.9 | % | 21.5 | % | |||||||||||||||||||
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment. | |||||||||||||||||||||||||||||
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. |
Voya Financial | Page 33 of 45 |
Three Months Ended or As of | Year-to-Date or As of | |||||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 12/31/2023 | |||||||||||||||||||||||||||||||||||||||||
Invested Assets | ||||||||||||||||||||||||||||||||||||||||||||
Book Values, Gross investment income and Earned rate (1) | Book Value | BV % | Gross Investment Income | Earned Rate (annualized) | Book Value | BV % | Gross Investment Income | Earned Rate (annualized) | Book Value | BV % | Gross Investment Income | Earned Rate (annualized) | ||||||||||||||||||||||||||||||||
Public corporate | 10,872 | 29.0 | % | 150 | 5.5 | % | 11,099 | 29.0 | % | 140 | 5.1 | % | 10,872 | 29.0 | % | 585 | 5.1 | % | ||||||||||||||||||||||||||
Private credit | 7,894 | 21.0 | % | 78 | 4.0 | % | 8,138 | 21.0 | % | 92 | 4.6 | % | 7,894 | 21.0 | % | 348 | 4.4 | % | ||||||||||||||||||||||||||
Securitized (2)(3) | 10,036 | 27.0 | % | 151 | 6.2 | % | 10,046 | 26.0 | % | 153 | 6.2 | % | 10,036 | 27.0 | % | 616 | 6.1 | % | ||||||||||||||||||||||||||
Commercial mortgage loans | 5,190 | 14.0 | % | 61 | 4.7 | % | 5,343 | 14.0 | % | 63 | 4.8 | % | 5,190 | 14.0 | % | 245 | 4.7 | % | ||||||||||||||||||||||||||
Municipals | 859 | 2.0 | % | 8 | 3.9 | % | 862 | 2.0 | % | 8 | 3.8 | % | 859 | 2.0 | % | 35 | 3.9 | % | ||||||||||||||||||||||||||
Short-term / Treasury | 436 | 1.0 | % | 5 | 4.7 | % | 475 | 1.0 | % | 5 | 4.5 | % | 436 | 1.0 | % | 20 | 4.5 | % | ||||||||||||||||||||||||||
Equity securities | 175 | — | % | 3 | 8.4 | % | 268 | 1.0 | % | 6 | 9.7 | % | 175 | — | % | 19 | 7.8 | % | ||||||||||||||||||||||||||
Policy loans | 353 | 1.0 | % | 4 | 5.1 | % | 368 | 1.0 | % | 5 | 5.7 | % | 353 | 1.0 | % | 20 | 5.9 | % | ||||||||||||||||||||||||||
Derivatives | (9) | — | % | 3 | N/A | (10) | — | % | 3 | N/A | (9) | — | % | 12 | N/A | |||||||||||||||||||||||||||||
Book Values and Gross Investment Income before variable components | 35,806 | 96.0 | % | 464 | 5.2 | % | 36,591 | 95.0 | % | 477 | 5.3 | % | 35,806 | 96.0 | % | 1,901 | 5.2 | % | ||||||||||||||||||||||||||
Book Values and Gross Investment Income on variable components | ||||||||||||||||||||||||||||||||||||||||||||
Limited partnership | 1,662 | 4.0 | % | 3 | 0.8 | % | 1,814 | 5.0 | % | 24 | 5.4 | % | 1,662 | 4.0 | % | 73 | 4.2 | % | ||||||||||||||||||||||||||
Prepayment / Other fee income | N/A | N/A | 2 | — | % | N/A | N/A | 2 | — | % | N/A | N/A | 7 | — | % | |||||||||||||||||||||||||||||
Book Values and Gross Investment Income (variable) | 1,662 | 4.0 | % | 5 | — | % | 1,814 | 5.0 | % | 25 | — | % | 1,662 | 4.0 | % | 80 | — | % | ||||||||||||||||||||||||||
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings | 37,469 | 100.0 | % | 469 | 5.0 | % | 38,405 | 100.0 | % | 502 | 5.3 | % | 37,469 | 100.0 | % | 1,981 | 5.2 | % | ||||||||||||||||||||||||||
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives. | ||||||||||||||||||||||||||||||||||||||||||||
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. |
Voya Financial | Page 34 of 45 |
Three Months Ended or As of (1) | |||||||||||||||||||||||||||||||||||
(in millions USD) | 9/30/2023 | 06/30/2023 | 03/31/2023 | 12/31/2022 | |||||||||||||||||||||||||||||||
Statutory Carrying Value | Statutory Value | SV % | Statutory Value | SV % | Statutory Value | SV % | Statutory Value | SV % | |||||||||||||||||||||||||||
Public corporate | 11,196 | 29.0 | % | 11,576 | 30.0 | % | 11,983 | 30.0 | % | 12,282 | 30.0 | % | |||||||||||||||||||||||
Private credit | 7,981 | 21.0 | % | 7,968 | 21.0 | % | 7,944 | 20.0 | % | 8,014 | 20.0 | % | |||||||||||||||||||||||
Securitized | 10,035 | 26.0 | % | 10,305 | 27.0 | % | 10,647 | 27.0 | % | 10,688 | 26.0 | % | |||||||||||||||||||||||
Municipals | 862 | 2.0 | % | 911 | 2.0 | % | 921 | 2.0 | % | 952 | 2.0 | % | |||||||||||||||||||||||
Short-term / Treasury | 772 | 2.0 | % | 483 | 1.0 | % | 485 | 1.0 | % | 978 | 2.0 | % | |||||||||||||||||||||||
Total Fixed maturities | 30,846 | 81.0 | % | 31,243 | 81.0 | % | 31,979 | 81.0 | % | 32,914 | 81.0 | % | |||||||||||||||||||||||
Commercial mortgage loans | 5,336 | 14.0 | % | 5,335 | 14.0 | % | 5,315 | 13.0 | % | 5,412 | 13.0 | % | |||||||||||||||||||||||
Limited partnership | 1,625 | 4.0 | % | 1,620 | 4.0 | % | 1,794 | 5.0 | % | 1,774 | 4.0 | % | |||||||||||||||||||||||
Equity securities | 396 | 1.0 | % | 425 | 1.0 | % | 462 | 1.0 | % | 464 | 1.0 | % | |||||||||||||||||||||||
Total | 38,204 | 100.0 | % | 38,624 | 100.0 | % | 39,549 | 100.0 | % | 40,565 | 100.0 | % | |||||||||||||||||||||||
NAIC Ratings | |||||||||||||||||||||||||||||||||||
Fixed Maturities: | |||||||||||||||||||||||||||||||||||
NAIC 1 | 16,226 | 53.0 | % | 16,248 | 52.0 | % | 16,413 | 51.0 | % | 17,016 | 52.0 | % | |||||||||||||||||||||||
NAIC 2 | 13,335 | 43.0 | % | 13,788 | 44.0 | % | 14,337 | 45.0 | % | 14,662 | 45.0 | % | |||||||||||||||||||||||
NAIC 3 and below | 1,285 | 4.0 | % | 1,207 | 4.0 | % | 1,229 | 4.0 | % | 1,237 | 4.0 | % | |||||||||||||||||||||||
Total Fixed maturities | 30,846 | 100.0 | % | 31,243 | 100.0 | % | 31,979 | 100.0 | % | 32,914 | 100.0 | % | |||||||||||||||||||||||
Commercial Mortgage Loans: | |||||||||||||||||||||||||||||||||||
CML 1 | 3,793 | 71.0 | % | 3,866 | 72.0 | % | 3,993 | 75.0 | % | 4,246 | 78.0 | % | |||||||||||||||||||||||
CML 2 | 1,117 | 21.0 | % | 1,054 | 20.0 | % | 905 | 17.0 | % | 1,067 | 20.0 | % | |||||||||||||||||||||||
CML 3 and below | 426 | 8.0 | % | 415 | 8.0 | % | 417 | 8.0 | % | 100 | 2.0 | % | |||||||||||||||||||||||
Total Commercial mortgage loans | 5,336 | 100.0 | % | 5,335 | 100.0 | % | 5,315 | 100.0 | % | 5,412 | 100.0 | % | |||||||||||||||||||||||
(1) Presented one quarter in arrears based on the timing of our statutory filings. |
Voya Financial | Page 35 of 45 |
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Wealth Solutions | |||||||||||||||||||||||||||||||||||||||||
Average alternative investments | 1,537 | 1,613 | 1,615 | 1,659 | 1,614 | 1,606 | 1,608 | ||||||||||||||||||||||||||||||||||
Alternative investment income | 4 | 21 | 30 | 11 | (5) | 66 | 91 | ||||||||||||||||||||||||||||||||||
Health Solutions | |||||||||||||||||||||||||||||||||||||||||
Average alternative investments | 171 | 199 | 179 | 125 | 160 | 169 | 164 | ||||||||||||||||||||||||||||||||||
Alternative investment income | — | 3 | 4 | 1 | (1) | 7 | 8 | ||||||||||||||||||||||||||||||||||
Investment Management | |||||||||||||||||||||||||||||||||||||||||
Average alternative investments | 318 | 326 | 325 | 318 | 316 | 322 | 337 | ||||||||||||||||||||||||||||||||||
Alternative investment income | 5 | 5 | 8 | 9 | (2) | 27 | 1 | ||||||||||||||||||||||||||||||||||
Voya Financial | Page 36 of 45 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Alternative Income Above (Below) Long-Term Expectations (1) | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | (31) | (16) | (7) | (26) | (41) | (79) | (54) | ||||||||||||||||||||||||||||||||||
Health Solutions | (5) | (2) | — | (2) | (5) | (10) | (7) | ||||||||||||||||||||||||||||||||||
Investment Management | (2) | (2) | — | 2 | (9) | (2) | (29) | ||||||||||||||||||||||||||||||||||
Total | (38) | (20) | (7) | (26) | (55) | (91) | (90) | ||||||||||||||||||||||||||||||||||
Prepayments Above (Below) Long-Term Expectations (1) | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | (8) | (8) | (7) | (7) | (9) | (31) | (22) | ||||||||||||||||||||||||||||||||||
Health Solutions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Investment Management | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | (8) | (8) | (7) | (7) | (9) | (31) | (22) | ||||||||||||||||||||||||||||||||||
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1) | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | (39) | (24) | (14) | (33) | (50) | (110) | (76) | ||||||||||||||||||||||||||||||||||
Health Solutions | (5) | (2) | — | (2) | (5) | (10) | (7) | ||||||||||||||||||||||||||||||||||
Investment Management | (2) | (2) | — | 2 | (9) | (2) | (29) | ||||||||||||||||||||||||||||||||||
Total | (46) | (28) | (14) | (34) | (64) | (122) | (112) | ||||||||||||||||||||||||||||||||||
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return, which for 2023 and 2022 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2023 and 2022 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation. |
Voya Financial | Page 38 of 45 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions USD, except per share) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before income taxes | After income taxes (1) | Per share (2) | Before income taxes | After income taxes (1) | Per share (2) | Before income taxes | After income taxes (1) | Per share (2) | Before income taxes | After income taxes (1) | Per share (2) | Before income taxes | After income taxes (1) | Per share (2) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) available to Voya Financial, Inc.'s common shareholders | 118 | 1.10 | 248 | 2.29 | 154 | 1.41 | 69 | 0.63 | 190 | 1.78 | |||||||||||||||||||||||||||||||||||||||||||||||||
Plus: Net income (loss) attributable to noncontrolling interests | (3) | (0.03) | (16) | (0.14) | 77 | 0.70 | 46 | 0.42 | (57) | (0.54) | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (4) | 0.04 | (14) | (0.13) | (4) | (0.04) | (14) | (0.13) | (4) | (0.04) | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) | 102 | 119 | 1.11 | 172 | 246 | 2.28 | 263 | 235 | 2.14 | 141 | 129 | 1.18 | 83 | 137 | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment gains (losses) (3) | (10) | (8) | (0.08) | 42 | 43 | 0.40 | (38) | (30) | (0.27) | (9) | (7) | (0.06) | (10) | (8) | (0.07) | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4) | (60) | (38) | (0.36) | (68) | 38 | 0.35 | (21) | (17) | (0.15) | (33) | (26) | (0.23) | (34) | (27) | (0.25) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (3) | (3) | (0.03) | (16) | (16) | (0.14) | 77 | 77 | 0.70 | 46 | 46 | 0.42 | (57) | (57) | (0.54) | ||||||||||||||||||||||||||||||||||||||||||||
Dividend payments made to preferred shareholders | 4 | 4 | (0.04) | 14 | 14 | 0.13 | 4 | 4 | 0.04 | 14 | 14 | 0.13 | 4 | 4 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Other adjustments (5) | (30) | (10) | (0.09) | (28) | (21) | (0.19) | (52) | (41) | (0.38) | (70) | (56) | (0.51) | (26) | (3) | (0.03) | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings | 202 | 174 | 1.63 | 229 | 189 | 1.74 | 294 | 243 | 2.21 | 192 | 158 | 1.44 | 206 | 227 | 2.13 | ||||||||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (46) | (36) | (0.34) | (29) | (23) | (0.21) | (14) | (11) | (0.10) | (34) | (27) | (0.25) | (63) | (50) | (0.47) | ||||||||||||||||||||||||||||||||||||||||||||
Other (6) | — | — | — | (16) | (13) | (0.12) | — | — | — | — | — | — | — | 53 | 0.50 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | 248 | 210 | 1.97 | 273 | 224 | 2.07 | 308 | 253 | 2.31 | 226 | 185 | 1.69 | 269 | 224 | 2.10 | ||||||||||||||||||||||||||||||||||||||||||||
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Per share calculations are based on un-rounded numbers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Includes a one-time tax benefit of $92 million related to a divested business for the three months ended September 30, 2023. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended December 31, 2023, also includes $20 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities. For the three months ended June 30, 2023, also includes a $13 million, after-tax, impairment related to a vacated leased building. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) Includes changes in certain legal and other reserves not expected to recur at the same level and favorable tax adjustments primarily related to foreign tax credits. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Financial | Page 39 of 45 |
Twelve months ended | |||||||||||||||||||||||
(in millions USD, except per share) | 12/31/2023 | 12/31/2022 | |||||||||||||||||||||
Before income taxes | After income taxes (1) | Per share (2) | Before income taxes | After income taxes (1) | Per share (2) | ||||||||||||||||||
Income (loss) available to Voya Financial, Inc.'s common shareholders | 589 | 5.42 | 474 | 4.30 | |||||||||||||||||||
Plus: Net income (loss) attributable to noncontrolling interests | 104 | 0.96 | (77) | (0.70) | |||||||||||||||||||
Less: Preferred stock dividends | (36) | (0.33) | (36) | (0.33) | |||||||||||||||||||
Income (loss) | 678 | 729 | 6.71 | 428 | 433 | 3.93 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Net investment gains (losses) (3) | (15) | (2) | (0.02) | (190) | (150) | (1.36) | |||||||||||||||||
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4) | (182) | (44) | (0.40) | (138) | (109) | (0.99) | |||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 104 | 104 | 0.96 | (77) | (77) | (0.70) | |||||||||||||||||
Dividend payments made to preferred shareholders | 36 | 36 | 0.33 | 36 | 36 | 0.33 | |||||||||||||||||
Other adjustments (5) | (180) | (128) | (1.18) | (111) | (74) | (0.67) | |||||||||||||||||
Adjusted operating earnings | 916 | 763 | 7.02 | 908 | 807 | 7.32 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (123) | (97) | (0.89) | (106) | (84) | (0.76) | |||||||||||||||||
Other (6) | (16) | (13) | (0.12) | 17 | 67 | 0.60 | |||||||||||||||||
Adjusted operating earnings excluding notable items | 1,055 | 873 | 8.03 | 997 | 824 | 7.48 | |||||||||||||||||
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | |||||||||||||||||||||||
(2) Per share calculations are based on un-rounded numbers. | |||||||||||||||||||||||
(3) Includes a $45 million revaluation gain on the Voya India investment for the twelve months ended December 31, 2023. There was no tax expense associated with this gain. | |||||||||||||||||||||||
(4) Includes a one-time tax benefit of $92 million related to a divested business for the twelve months ended December 31, 2023. | |||||||||||||||||||||||
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the twelve months ended December 31, 2023, also includes $27 million, after-tax, of severance costs, a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities, and a $13 million, after-tax, impairment related to a vacated leased building. For the twelve months ended December 31, 2022, also includes a $25 million, after-tax, impairment to the fair value of a wholly-owned office building. | |||||||||||||||||||||||
(6) In 2023, includes changes in certain legal and other reserves not expected to recur at the same level. In 2022, includes changes in certain other reserves not expected to recur at the same level, favorable tax adjustments primarily related to foreign tax credits, and COVID-19 Impacts. | |||||||||||||||||||||||
Voya Financial | Page 40 of 45 |
Three Months Ended | Year-to-Date | ||||||||||||||||||||||||||||||||||||||||
(in millions USD) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,819 | 1,823 | 1,871 | 1,835 | 1,555 | 7,348 | 5,930 | ||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||
Net investment gains (losses) | (23) | 40 | (46) | (14) | (17) | (44) | (215) | ||||||||||||||||||||||||||||||||||
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment | 60 | 21 | 2 | 30 | 16 | 113 | (123) | ||||||||||||||||||||||||||||||||||
Revenues (loss) attributable to noncontrolling interests | 37 | 22 | 128 | 60 | (44) | 247 | (33) | ||||||||||||||||||||||||||||||||||
Other adjustments | 59 | 24 | 67 | 60 | 54 | 211 | 121 | ||||||||||||||||||||||||||||||||||
Total adjusted operating revenues | 1,686 | 1,717 | 1,721 | 1,697 | 1,547 | 6,822 | 6,183 | ||||||||||||||||||||||||||||||||||
Adjusted operating revenues by segment | |||||||||||||||||||||||||||||||||||||||||
Wealth Solutions | 686 | 702 | 705 | 684 | 669 | 2,776 | 2,778 | ||||||||||||||||||||||||||||||||||
Health Solutions | 764 | 768 | 775 | 774 | 649 | 3,082 | 2,582 | ||||||||||||||||||||||||||||||||||
Investment Management | 228 | 233 | 226 | 229 | 215 | 916 | 756 | ||||||||||||||||||||||||||||||||||
Corporate | 9 | 14 | 15 | 11 | 15 | 48 | 67 | ||||||||||||||||||||||||||||||||||
Total adjusted operating revenues | 1,686 | 1,717 | 1,721 | 1,697 | 1,547 | 6,822 | 6,183 |
Voya Financial | Page 41 of 45 |
Page | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
(in millions USD) | Reference | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||||
Wealth Solutions | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | page 8 | 686 | 702 | 705 | 684 | 669 | 2,776 | 2,778 | ||||||||||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (223) | (226) | (224) | (222) | (224) | (895) | (886) | |||||||||||||||||||||||||||||||||||||
Net revenue | page 15 | 462 | 475 | 481 | 463 | 445 | 1,881 | 1,892 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (39) | (24) | (14) | (33) | (50) | (110) | (76) | |||||||||||||||||||||||||||||||||||||
Net revenue excluding notable items | page 29 | 502 | 499 | 495 | 496 | 495 | 1,991 | 1,967 | ||||||||||||||||||||||||||||||||||||
Health Solutions | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | page 8 | 764 | 768 | 775 | 774 | 649 | 3,082 | 2,582 | ||||||||||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (491) | (504) | (433) | (467) | (424) | (1,895) | (1,680) | |||||||||||||||||||||||||||||||||||||
Net revenue | page 19 | 272 | 264 | 342 | 306 | 225 | 1,185 | 902 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (5) | (2) | — | (2) | (5) | (10) | (7) | |||||||||||||||||||||||||||||||||||||
Group Life Covid-19 impacts | — | — | — | — | — | — | (40) | |||||||||||||||||||||||||||||||||||||
Other adjustments to net underwriting gain (loss) and other revenue (1) | — | (16) | — | — | — | (16) | 57 | |||||||||||||||||||||||||||||||||||||
Net revenue excluding notable items | page 29 | 277 | 283 | 343 | 309 | 230 | 1,212 | 892 | ||||||||||||||||||||||||||||||||||||
(1) Includes changes in certain legal and other reserves not expected to recur at the same level. |
Voya Financial | Page 42 of 45 |
Page | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
(in millions USD) | Reference | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | page 8 | 228 | 233 | 226 | 229 | 215 | 916 | 756 | ||||||||||||||||||||||||||||||||||||
Net revenue | page 22 | 228 | 233 | 226 | 229 | 215 | 916 | 756 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (2) | (2) | — | 2 | (9) | (2) | (29) | |||||||||||||||||||||||||||||||||||||
Net revenue excluding notable items | page 29 | 230 | 235 | 226 | 227 | 224 | 918 | 785 | ||||||||||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted operating revenues | page 8 | 1,686 | 1,717 | 1,721 | 1,697 | 1,547 | 6,822 | 6,183 | ||||||||||||||||||||||||||||||||||||
Interest credited and other benefits to contract owners/policyholders | (715) | (730) | (656) | (689) | (648) | (2,790) | (2,566) | |||||||||||||||||||||||||||||||||||||
Corporate Adjusted operating revenues (1) | (9) | (14) | (15) | (11) | (15) | (48) | (67) | |||||||||||||||||||||||||||||||||||||
Net revenue | 962 | 972 | 1,050 | 998 | 885 | 3,982 | 3,550 | |||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations | (46) | (28) | (14) | (34) | (64) | (122) | (112) | |||||||||||||||||||||||||||||||||||||
Group Life Covid-19 impacts | — | — | — | — | — | — | (40) | |||||||||||||||||||||||||||||||||||||
Other adjustments | — | (16) | — | — | — | (16) | 57 | |||||||||||||||||||||||||||||||||||||
Net revenue excluding notable items | page 29 | 1,008 | 1,016 | 1,064 | 1,032 | 949 | 4,120 | 3,642 | ||||||||||||||||||||||||||||||||||||
(1) Includes primarily TSA Revenue. |
Voya Financial | Page 43 of 45 |
Page | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
(in millions USD) | Reference | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||||
Wealth Solutions | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | page 15 | 147 | 179 | 174 | 132 | 145 | 632 | 697 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (39) | (24) | (14) | (33) | (50) | (110) | (76) | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | page 29 | 187 | 202 | 188 | 166 | 195 | 742 | 773 | ||||||||||||||||||||||||||||||||||||
Health Solutions | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes | page 19 | 44 | 53 | 124 | 94 | 78 | 315 | 304 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (5) | (2) | — | (2) | (5) | (10) | (7) | |||||||||||||||||||||||||||||||||||||
Group Life Covid-19 impacts | — | — | — | — | — | — | (40) | |||||||||||||||||||||||||||||||||||||
Other (1) | — | (16) | — | — | — | (16) | 57 | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | page 29 | 48 | 71 | 125 | 97 | 83 | 341 | 294 | ||||||||||||||||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | page 22 | 57 | 63 | 63 | 42 | 57 | 225 | 186 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation | (2) | (3) | 1 | 2 | (7) | (3) | (24) | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest | page 29 | 60 | 66 | 62 | 41 | 64 | 228 | 210 | ||||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items | 13 | 14 | 14 | 9 | 14 | 49 | 27 | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | 47 | 52 | 49 | 31 | 50 | 180 | 182 | |||||||||||||||||||||||||||||||||||||
(1) Includes changes in certain legal and other reserves not expected to recur at the same level. |
Voya Financial | Page 44 of 45 |
Page | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
(in millions USD) | Reference | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | page 27 | (33) | (52) | (54) | (69) | (60) | (208) | (253) | ||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest | page 29 | (33) | (52) | (54) | (69) | (60) | (208) | (253) | ||||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items | 1 | — | — | (1) | (1) | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | (34) | (52) | (53) | (68) | (59) | (207) | (253) | |||||||||||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest | page 7 | 215 | 242 | 307 | 200 | 219 | 964 | 934 | ||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||
Total Notable Items Adjustments | (46) | (45) | (14) | (34) | (63) | (139) | (89) | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest | 261 | 287 | 321 | 234 | 282 | 1,103 | 1,024 | |||||||||||||||||||||||||||||||||||||
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items | 13 | 14 | 13 | 8 | 13 | 48 | 26 | |||||||||||||||||||||||||||||||||||||
Adjusted operating earnings excluding notable items | page 29 | 248 | 273 | 308 | 226 | 269 | 1,055 | 997 | ||||||||||||||||||||||||||||||||||||
Voya Financial | Page 45 of 45 |
Three Months Ended or As of | Year-to-Date or As of | ||||||||||||||||||||||||||||||||||||||||
(in whole dollars) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
Book value per common share, including AOCI | 34.80 | 23.93 | 29.19 | 34.03 | 28.16 | 34.80 | 28.16 | ||||||||||||||||||||||||||||||||||
Per share impact of AOCI | 23.32 | 33.62 | 26.40 | 25.92 | 31.43 | 23.32 | 31.43 | ||||||||||||||||||||||||||||||||||
Book value per common share, excluding AOCI | 58.12 | 57.55 | 55.59 | 59.95 | 59.59 | 58.12 | 59.59 | ||||||||||||||||||||||||||||||||||
Debt to capital ratio | 33.3 | % | 40.1 | % | 37.7 | % | 36.1 | % | 40.0 | % | 33.3 | % | 40.0 | % | |||||||||||||||||||||||||||
Capital impact of adding noncontrolling interest | -7.6 | % | -10.3 | % | -8.9 | % | -7.3 | % | -8.4 | % | -7.6 | % | -8.4 | % | |||||||||||||||||||||||||||
Impact of adding other financial obligations and treatment of preferred stock (1) | 10.0 | % | 11.3 | % | 10.4 | % | 9.8 | % | 9.9 | % | 10.0 | % | 9.9 | % | |||||||||||||||||||||||||||
Capital impact of excluding AOCI | -7.9 | % | -13.3 | % | -10.0 | % | -9.1 | % | -12.0 | % | -7.9 | % | -12.0 | % | |||||||||||||||||||||||||||
Financial leverage ratio excluding AOCI | 27.8 | % | 27.8 | % | 29.2 | % | 29.5 | % | 29.5 | % | 27.8 | % | 29.5 | % | |||||||||||||||||||||||||||
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted) | |||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - Basic | 104.0 | 105.8 | 103.0 | 97.7 | 97.3 | 102.7 | 100.7 | ||||||||||||||||||||||||||||||||||
Dilutive effect of warrants | — | — | 4.0 | 8.9 | 7.2 | 3.3 | 7.2 | ||||||||||||||||||||||||||||||||||
Other dilutive effects (2) | 2.8 | 2.7 | 2.8 | 2.9 | 2.2 | 2.8 | 2.3 | ||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - Diluted | 106.9 | 108.4 | 109.8 | 109.6 | 106.7 | 108.8 | 110.2 | ||||||||||||||||||||||||||||||||||
Dilutive effect of the exercise or issuance of stock-based awards (3) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - Adjusted Diluted (3) | 106.9 | 108.4 | 109.8 | 109.6 | 106.7 | 108.8 | 110.2 | ||||||||||||||||||||||||||||||||||
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | |||||||||||||||||||||||||||||||||||||||||
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation. |
1 Year Voya Financial Chart |
1 Month Voya Financial Chart |
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