Voya Financial announces second-quarter 2024 results
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) ha riportato i risultati del secondo trimestre 2024, con un reddito netto di 201 milioni di dollari (1,96 dollari per azione diluita) e guadagni operativi rettificati dopo le tasse di 223 milioni di dollari (2,18 dollari per azione diluita). L'azienda ha dimostrato una solida crescita dei ricavi basati su commissioni, compensando i minori guadagni da sottoscrizione. Voya ha generato e restituito circa 0,2 miliardi di dollari di capitale, inclusi 174 milioni di dollari in riacquisto di azioni e 40 milioni di dollari in dividendi. Il consiglio ha autorizzato un aumento del dividendo del 12,5% a 0,45 dollari per azione a partire dal terzo trimestre del 2024. Le Soluzioni Patrimoniali hanno visto un aumento dei guadagni operativi rettificati prima delle imposte, mentre le Soluzioni Sanitarie hanno subito un calo. La Gestione degli Investimenti ha mantenuto guadagni stabili. Il focus dell'azienda sulle priorità strategiche e sulla gestione del capitale continua a guidare la crescita e il valore per gli azionisti.
Voya Financial (NYSE: VOYA) reportó los resultados del segundo trimestre de 2024, con un ingreso neto de 201 millones de dólares (1,96 dólares por acción diluida) y ganancias operativas ajustadas después de impuestos de 223 millones de dólares (2,18 dólares por acción diluida). La compañía demostró un fuerte crecimiento de ingresos basado en comisiones, compensando las menores ganancias de suscripción. Voya generó y devolvió aproximadamente 0,2 mil millones de dólares de capital, incluidos 174 millones de dólares en recompra de acciones y 40 millones de dólares en dividendos. La junta autorizó un incremento del dividendo del 12,5% a 0,45 dólares por acción a partir del tercer trimestre de 2024. Soluciones de Patrimonio vio un aumento en las ganancias operativas ajustadas antes de impuestos, mientras que Soluciones de Salud experimentó una disminución. La Gestión de Inversiones mantuvo ganancias estables. El enfoque de la compañía en prioridades estratégicas y la gestión del capital continúa impulsando el crecimiento y el valor para los accionistas.
Voya Financial (NYSE: VOYA)는 2024년 2분기 실적을 발표했으며, 순이익은 2억 1천만 달러(희석 주당 1.96달러)로, 세후 조정 운영 수익은 2억 2천3백만 달러(희석 주당 2.18달러)입니다. 이 회사는 수수료 기반 수익의 강력한 성장을 보여주어, 하락한 인수 수익을 상쇄했습니다. Voya는 약 2억 달러의 자본을 창출하고 반환했으며, 여기에는 1억 7400만 달러의 자사주 매입과 4000만 달러의 배당금이 포함됩니다. 이사회는 2024년 3분기부터 주당 0.45달러로 배당금 12.5% 인상을 승인했습니다. 자산 솔루션은 세전 조정 운영 수익이 증가했으며, 건강 솔루션은 감소세를 보였습니다. 투자 관리 부문은 안정적인 수익을 유지했습니다. 회사의 전략적 우선사항과 자본 관리에 대한 집중은 성과 성장과 주주 가치를 계속해서 이끌어가고 있습니다.
Voya Financial (NYSE: VOYA) a annoncé ses résultats du deuxième trimestre 2024, avec un revenu net de 201 millions de dollars (1,96 dollar par action diluée) et un bénéfice opérationnel ajusté après impôts de 223 millions de dollars (2,18 dollars par action diluée). L'entreprise a démontré une forte croissance des revenus basés sur les frais, compensant ainsi la baisse des gains de souscription. Voya a généré et restitué environ 0,2 milliard de dollars de capital, dont 174 millions de dollars en rachats d'actions et 40 millions de dollars en dividendes. Le conseil d'administration a autorisé une augmentation de dividende de 12,5% à 0,45 dollar par action à compter du troisième trimestre 2024. Les Solutions de Patrimoine ont connu une augmentation des bénéfices opérationnels ajustés avant impôts, tandis que les Solutions de Santé ont enregistré une baisse. La Gestion des Investissements a maintenu des bénéfices stables. L'accent mis par l'entreprise sur les priorités stratégiques et la gestion du capital continue de favoriser la croissance et la valeur pour les actionnaires.
Voya Financial (NYSE: VOYA) berichtete über die Ergebnisse des zweiten Quartals 2024 mit einem Nettoergebnis von 201 Millionen Dollar (1,96 Dollar pro verwässerter Aktie) und nachsteuerlich bereinigten Betriebsergebnissen von 223 Millionen Dollar (2,18 Dollar pro verwässerter Aktie). Das Unternehmen zeigte ein starkes Wachstum der honorarbasierten Einnahmen, was die niedrigeren Underwriting-Gewinne ausglich. Voya generierte und gab etwa 0,2 Milliarden Dollar Kapital zurück, darunter 174 Millionen Dollar für Aktienrückkäufe und 40 Millionen Dollar an Dividenden. Der Vorstand genehmigte eine Dividenden Erhöhung von 12,5% auf 0,45 Dollar pro Aktie ab dem dritten Quartal 2024. Wealth Solutions konnte eine Erhöhung der vorsteuerlich bereinigten Betriebsergebnisse verzeichnen, während Health Solutions einen Rückgang erlebte. Investment Management erzielte stabile Erträge. Der Fokus des Unternehmens auf strategische Prioritäten und Kapitalmanagement sorgt weiterhin für Wachstum und Shareholder Value.
- Net income increased to $201 million ($1.96 per diluted share) from $154 million ($1.41 per diluted share) in Q2 2023
- Fee-based revenue growth in Wealth Solutions and Investment Management
- Board authorized a 12.5% dividend increase to $0.45 per share
- Generated and returned approximately $0.2 billion of capital to shareholders
- Wealth Solutions client assets up 12% year-over-year to $581 billion
- Health Solutions annualized in-force premiums and fees grew 16% to $3.9 billion
- Investment Management reported net inflows of $4.8 billion, driving 1.6% organic growth
- After-tax adjusted operating earnings decreased to $223 million from $243 million in Q2 2023
- Health Solutions pre-tax adjusted operating earnings declined to $60 million from $124 million
- Health Solutions net revenues for TTM ended June 30, 2024, declined 4.5% compared to prior-year period
Voya Financial's Q2 2024 results demonstrate resilience amidst a challenging environment. The company reported
Key positives include:
- Strong fee-based revenue growth in Wealth Solutions and Investment Management, offsetting lower underwriting gains in Health Solutions.
- Impressive
12% year-over-year increase in total client assets to$581 billion , driven by equity market appreciation. - Continued focus on capital return, with
$174 million in share repurchases and$40 million in dividends. - A
12.5% increase in quarterly dividend to$0.45 per share, signaling management's confidence in future cash flows.
However, investors should note the decline in Health Solutions earnings due to lower Stop Loss net underwriting gains. This volatility in underwriting results is a inherent risk in the insurance business and warrants monitoring.
Overall, Voya's capital-light business model and strong free cash flow generation position it well for sustainable growth and shareholder returns. The company's strategic focus on employers, employees and intermediaries appears to be yielding positive results, though execution will be key in maintaining this momentum.
Voya's Q2 2024 results offer valuable insights into broader market trends. The
The company's success in generating net inflows of
However, the challenges faced in the Health Solutions segment, particularly in Stop Loss underwriting, may be indicative of broader industry pressures. As healthcare costs continue to rise, insurers may face increased volatility in this line of business.
Voya's focus on fee-based revenues and capital-light businesses aligns with a broader industry shift towards more predictable income streams and higher return on equity. This strategy appears to be paying off, as evidenced by the growth in Wealth Solutions and Investment Management segments.
The increase in dividend and continued share repurchases also reflect a broader trend among financial services firms of returning capital to shareholders in a low interest rate environment. This could potentially support valuations across the sector.
-
Second-quarter 2024 net income available to common shareholders of
$201 million $1.96 $223 million $2.18 - Results demonstrate the benefit of our diversified revenue streams as fee-based revenue growth offset lower underwriting gains. Results also reflect our continued diligence on spend.
-
The focus on returning capital to shareholders and strength in excess capital generation continues:
-
Generated and returned approximately
$0.2 billion $174 million $40 million -
Board of directors has authorized an increase to the common stock dividend of
$0.05 12.5% , to$0.45
-
Generated and returned approximately
“During the quarter, we executed on our strategic priorities, centered on the growing needs of employers, employees and intermediaries, which has enabled us to advance our growth plans and create positive outcomes for all of our stakeholders,” said Heather Lavallee, chief executive officer, Voya Financial. “We continue to deliver strong fee-based revenues in Wealth and Investment Management, and remain confident in the leading market position of our Health business.
"We had strong net revenue growth and remained disciplined on our spend management while investing in the growth of our businesses. Our capital-light and high free-cash flow businesses generated approximately
"I’m proud of our substantial progress and the momentum we are building by executing on our strategy. We are taking the decisive actions necessary to address challenges and capitalize on growth opportunities. And we continue to be guided by our purpose, vision and a relentless focus on our customers to distinguish Voya in the marketplace.”
____________________________
1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable |
Second-Quarter 2024 Consolidated Results
Second-quarter 2024 net income available to common shareholders was
Second-quarter 2024 after-tax adjusted operating earnings were
Business Segment Results
Wealth Solutions
Wealth Solutions second-quarter 2024 pre-tax adjusted operating earnings were
Total client assets as of June 30, 2024 were
Net revenues for the trailing twelve months (TTM) ended June 30, 2024 grew
Adjusted operating margin for the TTM ended June 30, 2024 was
Excluding notable items, for the TTM ended June 30, 2024, net revenues grew
Health Solutions
Health Solutions second-quarter 2024 pre-tax adjusted operating earnings were
Health Solutions second-quarter 2024 annualized in-force premiums and fees grew
Net revenues for the TTM ended June 30, 2024 declined
Adjusted operating margin for the TTM ended June 30, 2024 was
Excluding notable items, for the TTM ended June 30, 2024, net revenues grew
Investment Management
Investment Management second-quarter 2024 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were
Investment Management had net inflows of
Net revenues for the TTM ended June 30, 2024 grew
Adjusted operating margin for the TTM ended June 30, 2024 was
Excluding notable items, for the TTM ended June 30, 2024 net revenues grew
Corporate
Corporate second-quarter 2024 pre-tax adjusted operating losses, excluding Allianz's noncontrolling interest, were
Capital
For the second-quarter 2024, the company generated approximately
Additional Financial Information and Earnings Call
More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, July 31, 2024, at 10 a.m. ET, to discuss the company’s second-quarter 2024 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at 1 p.m. ET on August 1, 2024.
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with over 9,000 employees who are focused on achieving Voya’s aspirational vision: "Clearing your path to financial confidence and a more fulfilling life." Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the
Use of Non-GAAP Financial Measures
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable
- Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations;
- Income (loss) related to businesses exited or to be exited through reinsurance or divestment;
- Income (loss) attributable to noncontrolling interests to which we are not economically entitled;
- Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
-
Other adjustments include items which are not indicative of normal operations, performance of our segments, current Operating expense fundamentals, or do not reflect cash-settled expenses. These items vary widely in timing, scope and frequency between periods as well as among companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. These may include:
- Income (loss) related to early extinguishment of debt;
- Impairment of goodwill and intangible assets;
- Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;
- Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and
- Other items such as capital or organizational restructurings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:
- Investment spread and other investment income.
- Fee-based margin.
- Net underwriting gain (loss).
- Administrative expenses.
- Net commissions.
- DAC/VOBA and other intangibles amortization.
Net Revenue and Adjusted Operating Margin
- Adjusted operating margin is defined as Adjusted operating earnings before income taxes divided by net revenue.
- Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).
- We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations.
- We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, our ability to manage such risks, and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024, and in our Quarterly Report on Form 10-Q for the three months ended June 30, 2024, to be filed with the SEC on or before August 9, 2024.
VOYA-IR VOYA-CF
Consolidated Statement of Operations |
|||||||
|
Three Months Ended |
||||||
(in millions USD, except per share) |
6/30/2024 |
|
6/30/2023 |
||||
|
|
|
|
||||
Revenues |
|
|
|
||||
Net investment income |
$ |
518 |
|
|
$ |
545 |
|
Fee income |
|
517 |
|
|
|
474 |
|
Premiums |
|
790 |
|
|
|
677 |
|
Net gains (losses) |
|
(4 |
) |
|
|
(56 |
) |
Other revenues |
|
98 |
|
|
|
86 |
|
Income (loss) related to consolidated investment entities |
|
114 |
|
|
|
145 |
|
Total revenues |
|
2,033 |
|
|
|
1,871 |
|
Benefits and expenses |
|
|
|
||||
Interest credited and other benefits to contract owners/policyholders |
|
(843 |
) |
|
|
(682 |
) |
Operating expenses |
|
(752 |
) |
|
|
(770 |
) |
Net amortization of DAC/VOBA |
|
(56 |
) |
|
|
(57 |
) |
Interest expense |
|
(30 |
) |
|
|
(39 |
) |
Operating expenses related to consolidated investment entities |
|
(76 |
) |
|
|
(60 |
) |
Total benefits and expenses |
|
(1,757 |
) |
|
|
(1,608 |
) |
Income (loss) before income taxes |
|
276 |
|
|
|
263 |
|
Income tax expense (benefit) |
|
41 |
|
|
|
28 |
|
Net income (loss) |
|
235 |
|
|
|
235 |
|
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest |
|
30 |
|
|
|
77 |
|
Net income (loss) available to Voya Financial, Inc. |
|
205 |
|
|
|
158 |
|
Less: Preferred stock dividends |
|
4 |
|
|
|
4 |
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders |
$ |
201 |
|
|
$ |
154 |
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: |
|
|
|
||||
Basic |
$ |
2.00 |
|
|
$ |
1.50 |
|
Diluted |
$ |
1.96 |
|
|
$ |
1.41 |
|
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted) |
|||||||||||||
|
Three Months Ended |
||||||||||||
(in millions USD, except per share) |
6/30/2024 |
|
6/30/2023 |
||||||||||
|
After-tax (1) |
Per share |
|
After-tax (1) |
Per share |
||||||||
Net Income (loss) available to Voya Financial, Inc.'s common shareholders |
$ |
201 |
|
$ |
1.96 |
|
|
$ |
154 |
|
$ |
1.41 |
|
Less: |
|
|
|
|
|
||||||||
Net investment gains (losses) |
|
16 |
|
|
0.16 |
|
|
|
(30 |
) |
|
(0.27 |
) |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment |
|
(29 |
) |
|
(0.28 |
) |
|
|
(17 |
) |
|
(0.15 |
) |
Other adjustments (2) |
|
(9 |
) |
|
(0.09 |
) |
|
|
(41 |
) |
|
(0.38 |
) |
Adjusted operating earnings |
$ |
223 |
|
$ |
2.18 |
|
|
$ |
243 |
|
$ |
2.21 |
|
Less: |
|
|
|
|
|
||||||||
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation |
|
(10 |
) |
|
(0.09 |
) |
|
|
(11 |
) |
|
(0.10 |
) |
Adjusted operating earnings excluding notable items |
$ |
232 |
|
$ |
2.27 |
|
|
$ |
253 |
|
$ |
2.31 |
|
Note: Totals may not sum due to rounding. |
(1) For adjusted operating earnings, we apply a |
(2) 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 June 30, 2023, also includes a |
Adjusted Operating Earnings and Notable Items |
|||||||||
Three Months Ended June 30, 2024 |
|||||||||
(in millions USD, except per share) |
Amounts Including
|
Alternative
|
Amounts Excluding
|
||||||
|
a |
b |
c = a - b |
||||||
Adjusted operating earnings |
|
|
|
||||||
Wealth Solutions |
$ |
214 |
|
$ |
(8 |
) |
$ |
222 |
|
Health Solutions |
|
60 |
|
|
(3 |
) |
|
63 |
|
Investment Management |
|
50 |
|
|
(1 |
) |
|
51 |
|
Corporate |
|
(53 |
) |
|
— |
|
|
(53 |
) |
Adjusted operating earnings before income taxes |
|
271 |
|
|
(12 |
) |
|
283 |
|
Income taxes (2) |
|
48 |
|
|
(3 |
) |
|
50 |
|
Adjusted operating earnings after income taxes |
$ |
223 |
|
$ |
(10 |
) |
$ |
232 |
|
Adjusted operating earnings per share |
|
2.18 |
|
|
(0.09 |
) |
|
2.27 |
|
Note: Totals may not sum due to rounding. |
(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a |
(2) For adjusted operating earnings, we apply a |
Adjusted Operating Earnings and Notable Items |
|||||||||
Three Months Ended June 30, 2023 |
|||||||||
(in millions USD, except per share) |
Amounts Including
|
Alternative
|
Amounts Excluding
|
||||||
|
a |
b |
c = a - b |
||||||
Adjusted operating earnings |
|
|
|
||||||
Wealth Solutions |
$ |
174 |
|
$ |
(14 |
) |
$ |
188 |
|
Health Solutions |
|
124 |
|
|
— |
|
|
125 |
|
Investment Management |
|
50 |
|
|
1 |
|
|
49 |
|
Corporate |
|
(53 |
) |
|
— |
|
|
(53 |
) |
Adjusted operating earnings before income taxes |
|
294 |
|
|
(14 |
) |
|
308 |
|
Income taxes (2) |
|
52 |
|
|
(3 |
) |
|
54 |
|
Adjusted operating earnings after income taxes |
$ |
243 |
|
$ |
(11 |
) |
$ |
253 |
|
Adjusted operating earnings per share |
|
2.21 |
|
|
(0.10 |
) |
|
2.31 |
|
Note: Totals may not sum due to rounding. |
(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a |
(2) For adjusted operating earnings, we apply a |
Net Revenue, Adjusted Operating Margin, and Notable Items |
||||||||||||
Twelve Months Ended June 30, 2024 |
||||||||||||
(in millions USD) |
Amounts
|
Alternative
|
Other (2) |
Amounts
|
||||||||
|
a |
b |
c |
d = a - b - c |
||||||||
Net revenue |
|
|
|
|
||||||||
Wealth Solutions |
$ |
1,958 |
|
$ |
(85 |
) |
$ |
— |
|
$ |
2,043 |
|
Health Solutions |
|
1,130 |
|
|
(10 |
) |
|
(16 |
) |
|
1,157 |
|
Investment Management |
|
929 |
|
|
(6 |
) |
|
— |
|
|
935 |
|
Total net revenue |
$ |
4,017 |
|
$ |
(101 |
) |
$ |
(16 |
) |
$ |
4,135 |
|
|
|
|
|
|
||||||||
Adjusted operating margin |
|
|
|
|
||||||||
Wealth Solutions |
|
37.1 |
% |
|
(2.6 |
)% |
|
— |
|
|
39.7 |
% |
Health Solutions |
|
19.1 |
% |
|
(0.7 |
)% |
|
(1.1 |
)% |
|
20.9 |
% |
Investment Management |
|
25.6 |
% |
|
(0.6 |
)% |
|
— |
|
|
26.2 |
% |
Adjusted operating margin, excluding Corporate |
|
29.4 |
% |
|
(1.7 |
)% |
|
(0.3 |
)% |
|
31.4 |
% |
Note: Totals may not sum due to rounding. |
(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a |
(2) Includes changes in certain legal and other reserves not expected to recur at the same level. |
Net Revenue, Adjusted Operating Margin, and Notable Items |
||||||||||||
Twelve Months Ended June 30, 2023 |
||||||||||||
(in millions USD) |
Amounts
|
Alternative
|
Other (2) |
Amounts
|
||||||||
|
a |
b |
c |
d = a - b - c |
||||||||
Net revenue |
|
|
|
|
||||||||
Wealth Solutions |
$ |
1,812 |
|
$ |
(167 |
) |
$ |
— |
|
$ |
1,979 |
|
Health Solutions |
|
1,183 |
|
|
(15 |
) |
|
57 |
|
|
1,142 |
|
Investment Management |
|
862 |
|
|
(27 |
) |
|
— |
|
|
889 |
|
Total net revenue |
$ |
3,857 |
|
$ |
(209 |
) |
$ |
57 |
|
$ |
4,010 |
|
|
|
|
|
|
||||||||
Adjusted operating margin |
|
|
|
|
||||||||
Wealth Solutions |
|
31.9 |
% |
|
(5.8 |
)% |
|
— |
% |
|
37.7 |
% |
Health Solutions |
|
38.0 |
% |
|
(0.8 |
)% |
|
3.0 |
% |
|
35.8 |
% |
Investment Management |
|
24.7 |
% |
|
(1.7 |
)% |
|
— |
|
|
26.4 |
% |
Adjusted operating margin, excluding Corporate |
|
32.2 |
% |
|
(3.4 |
)% |
|
1.0 |
% |
|
34.6 |
% |
Note: Totals may not sum due to rounding. |
(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a |
(2) Includes changes in certain other reserves not expected to recur at the same level. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730959702/en/
Media Contact:
Donna Sullivan
860-580-2980
Donna.Sullivan@voya.com
Investor Contact:
Michael Katz
212-309-8999
IR@voya.com
Source: Voya Financial, Inc.
FAQ
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