Voya Financial Inc Stock Price, News & Analysis

Voya Financial (NYSE: VOYA) has achieved a significant milestone, surpassing $100 billion in assets across various multiple employer solutions. This represents a 15% increase from the previous year, highlighting Voya's strong position in the evolving market for Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), and Employer Aggregation Programs.

To support this growth, Voya has created new positions focused on driving engagement with advisors and plan sponsors. The company's Wealth Solutions business has seen notable expansion, with 34% of total employer-sponsored Defined Contribution plans now participating in multiple employer plan solutions. Voya also serves as the recordkeeper for the first 403(b) Pooled Employer Plan following the SECURE Act 2.0 legislation, catering to nonprofit organizations and healthcare entities.

Voya Financial, Inc. (NYSE: VOYA) has launched the Voya Capital Preservation Fund, a new Stable Value solution for defined contribution plan participants. This bank Collective Investment Trust (CIT) aims to protect principal investment while offering competitive yield, low return volatility, and daily liquidity. The Fund is currently invested in a group annuity contract issued by Voya Retirement Insurance and Annuity Company (VRIAC), managed by Voya Investment Management.

Stable Value investments have gained popularity due to their ability to protect against financial losses in rising interest rate environments. Total Stable Value investments reached approximately $882 billion in 2023. Voya remains a leader in these solutions with about $40 billion in total Stable Value assets under management and administration.

Voya Financial (NYSE: VOYA) reported second-quarter 2024 results with net income of $201 million ($1.96 per diluted share) and after-tax adjusted operating earnings of $223 million ($2.18 per diluted share). The company demonstrated strong fee-based revenue growth, offsetting lower underwriting gains. Voya generated and returned approximately $0.2 billion of capital, including $174 million in share repurchases and $40 million in dividends. The board authorized a 12.5% dividend increase to $0.45 per share starting Q3 2024. Wealth Solutions saw increased pre-tax adjusted operating earnings, while Health Solutions experienced a decline. Investment Management maintained stable earnings. The company's focus on strategic priorities and capital management continues to drive growth and shareholder value.

Voya Financial (NYSE: VOYA) has announced a 12.5% increase in its common stock dividend to $0.45 per share for the third quarter of 2024, payable on Sept. 26, 2024. The board also declared dividends on two preferred stock series: a semi-annual dividend of $38.79 per share on Series A 7.758% fixed-rate reset non-cumulative preferred stock, and a quarterly dividend of $13.3750 per share on Series B 5.35% fixed-rate reset non-cumulative preferred stock. Both preferred stock dividends are payable on Sept. 16, 2024. The record date for all dividends is Aug. 27, 2024.

Voya Investment Management and OBL BankServices, Inc. (OBLBS) have entered into a preferred-vendor agreement to provide Ohio community banks with a commercial and industrial (C&I) loan-acquisition and risk-management program. The Voya Senior Loan Bank Advisory Program aims to help community and small regional banks access the $1.4 trillion senior loan market.

The program offers banks a turnkey solution combining education, preparation, and implementation. It leverages Voya's market leadership, experience, and credit risk management capabilities while allowing banks to maintain independent research and decision-making. Participating banks can build portfolios individually or cooperatively, benefiting from loan diversification, asset growth, interest and fee income, and floating rate assets.

OBLBS will receive compensation from Voya for its services, including up to 5.0 basis points based on Target Portfolio Commitments to the Programs.

Voya Financial's new survey reveals insights into retirement savings trends across generations. Key findings include:

• Americans start saving for retirement at an average age of 28, but 64% wish they had begun before 25.
• Gen Z leads in early saving, starting at around 20 years old.
• Millennials begin at 24, while Gen X and Baby Boomers start later at 30 and 32, respectively.
• All generations express a desire to have started saving earlier.
• 76% of Gen Z and 73% of millennials seek guidance on retirement savings amounts.

The survey also highlights economic concerns impacting retirement savings, with inflation (61%) and everyday living expenses (54%) cited as major factors. Voya emphasizes the importance of employer-sponsored retirement plans and features like automatic enrollment to encourage earlier saving.

Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) announced their monthly distributions for June 2024. IGA will distribute $0.085 per share, while IDE will distribute $0.100 per share, both payable on July 15, 2024.

The distributions come from various sources, including net investment income, realized capital gains, and potentially return of capital. IGA's distribution is 31.15% from net investment income and 68.85% from long-term capital gains. IDE's distribution is 13.28% from net investment income and 86.72% from long-term capital gains.

Both funds have shown positive performance, with IGA reporting a 6.21% average annual total return at NAV for the five-year period ended June 28, 2024, and IDE reporting 5.92% for the same period.

Voya Financial celebrates the 10th anniversary of its myOrangeMoney retirement calculator, designed to help users translate their retirement savings into estimated monthly income.

According to Voya, 90% of Americans consider having a guaranteed retirement income crucial. The myOrangeMoney tool has significantly impacted user behavior, with 32% of users making changes to their savings strategies and resulting in a 24% increase in retirement savings compared to non-users. The tool has evolved with enhancements, leveraging behavioral finance to provide actionable insights for users. Voya continues to support retirement planning through educational tools, personalized financial guidance, and innovative retirement income solutions.

Voya Financial (NYSE: VOYA) has elected William J. Mullaney to its board of directors, effective July 5, 2024. Mullaney brings nearly 40 years of experience in the retirement, life, annuities, and insurance sectors. He recently worked as a managing director at Deloitte Consulting’s Insurance practice and previously led MetLife’s U.S. retirement and insurance businesses. At Voya, Mullaney will join the Audit, Technology, Innovation and Operations, and Nominating, Governance and Social Responsibility Committees. CEO Heather Lavallee praised Mullaney's extensive industry experience and leadership in innovative business solutions.