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

Excess capital generation totaled about $775 million for 2025, including roughly $175 million in the fourth quarter, exceeding a $700 million target. Katz said adjusted return on equity expanded by more than 200 basis points to 18.6%.Chief Financial Officer Mike Katz provided additional detail, saying pre-tax adjusted operating earnings were more than $1 billion, up $168 million versus the prior year, while earnings per share rose 22% to $8.85. Fourth-quarter EPS was $1.94, up 39% year-over-year. Katz attri ...

Voya Financial (NYSE:VOYA) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsHeather Lavallee - CEOJay Kaduson - CEO of Workplace SolutionsMei Ni Chu - Head of Investor RelationsMichael Katz - CFOConference Call ParticipantsAlex Scott - Director and Senior Equity Research AnalystJimmy Bhullar - Equity Research AnalystJoel Hurwitz - Lead Life Insurance and Retirement Services Research AnalystJohn Barnidge - Managing Director and Senior Research AnalystKenneth Lee - Vice President and Se ...

Voya Financial (NYSE:VOYA) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Company ParticipantsHeather Lavallee - CEOJay Kaduson - CEO of Workplace SolutionsMei Ni Chu - Head of Investor RelationsMike Katz - CFOTom Gallagher - Senior Managing DirectorConference Call ParticipantsAlex Scott - Director and Senior Equity Research AnalystBob Huang - Vice President and Research AnalystJimmy Bhullar - Equity Research AnalystJoel Hurwitz - Lead Life Insurance and Retirement Services Research AnalystJohn Barnidg ...

Voya Financial (NYSE:VOYA) Q4 2025 Earnings call February 04, 2026 10:00 AM ET Speaker4Good morning. Welcome to Voya Financial's fourth quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your touch-tone phone. To withdraw your question, please pr ...

Core Insights - Voya Financial, Inc. (VOYA) reported fourth-quarter 2025 adjusted operating earnings of $1.94 per share, missing the Zacks Consensus Estimate by 8%, but showing a year-over-year increase of 38.5% [1][9] - The earnings growth was driven by higher earnings across all segments, partially offset by increased performance-based compensation accruals in Corporate [1] - The company’s adjusted operating revenues reached $2 billion, reflecting a 5.7% year-over-year increase [2] Financial Performance - Net investment income rose 13.4% year over year to $591 million, while fee income increased by 16.5% to $633 million [2][9] - Premiums totaled $738 million, down 6.5% from the previous year [2] - Total benefits and expenses were $1.9 billion, up 2.7% year over year [2] Segment Analysis - Retirement segment reported pre-tax adjusted operating earnings of $255 million, a 21.4% increase year over year, attributed to acquired business from OneAmerica and strong execution [4] - Employee Benefits segment narrowed its pre-tax adjusted operating loss to $10 million from a loss of $102 million in the prior year, driven by improved underwriting margins [5] - Investment Management posted pre-tax adjusted operating earnings of $72 million, a 9% increase year over year, with net inflows of $1.2 billion [6] Asset Management - As of December 31, 2025, Voya's assets under management and administration totaled $1.1 trillion [3] - Total client assets in the Retirement segment reached $797 billion, up 30% year over year [4] Capital and Debt - Voya Financial ended the quarter with cash and cash equivalents of $1.2 billion, a decrease of 12.2% year over year [8] - Long-term debt was reported at $1.5 billion, down 27.8% from the end of 2024 [10] - The financial leverage ratio improved by 330 basis points year over year to 27% [10] Capital Deployment - The company returned $120 million to shareholders through share repurchases and $44 million through common stock dividends in the reported quarter [11] - As of December 31, 2025, Voya had approximately $0.4 billion in excess capital and a remaining share repurchase authorization of $562 million [11] Full-Year Highlights - For the full year 2025, adjusted operating earnings per share were $8.85, a 22% increase year over year, although it missed the Zacks Consensus Estimate by 1.8% [12] - Adjusted operating revenues for the year increased by 3.3% to $7.7 billion [12]

Voya Financial Fourth Quarter and Full-Year 2025 Results February 4, 2026 Information contained herein is proprietary, confidential and non-public and is not for public release. Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements. 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 ...

Core Insights - Voya Financial reported a revenue of $316 million for Q4 2025, marking an 81.6% year-over-year increase, while EPS was $1.94 compared to $1.50 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $332.41 million, resulting in a surprise of -4.94%, and the EPS also missed the consensus estimate of $2.11 by -7.97% [1] Financial Performance Metrics - Total Assets Under Management (AUM) and Assets Under Administration (AUA) in Retirement reached $796.51 billion, slightly above the estimated $795.27 billion [4] - Client Assets in Retirement - Full Service were reported at $281.02 billion, below the average estimate of $284.85 billion [4] - Client Assets in Retirement - Recordkeeping were $446.99 billion, exceeding the estimated $441.68 billion [4] - Total Defined Contribution Client Assets were $728.01 billion, slightly above the average estimate of $726.52 billion [4] - Net investment income revenue was $591 million, surpassing the average estimate of $529.72 million, reflecting a year-over-year increase of 13.4% [4] - Fee income revenue was $633 million, below the average estimate of $655.66 million, but showed a year-over-year increase of 16.6% [4] - Premiums revenue was $738 million, which is a decrease of 6.6% compared to the previous year and below the estimated $791.44 million [4] - Adjusted Operating Revenues for Investment Management totaled $290 million, exceeding the average estimate of $260.16 million, with a year-over-year increase of 7% [4] - Adjusted Operating Revenues for Investment Management - Fee income was $250 million, slightly above the average estimate of $248.31 million, reflecting a 5.5% year-over-year increase [4] - Adjusted Operating Revenues for Corporate - Net investment income and net gains were $5 million, below the average estimate of $5.75 million, showing a year-over-year decrease of 37.5% [4] - Adjusted Operating Revenues for Corporate - Total was $6 million, slightly above the average estimate of $5.75 million, but represented a 25% decrease compared to the year-ago quarter [4] Stock Performance - Voya's shares returned +0.2% over the past month, underperforming the Zacks S&P 500 composite's +1.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - Voya Financial reported quarterly earnings of $1.94 per share, missing the Zacks Consensus Estimate of $2.11 per share, representing an earnings surprise of -7.97% [1] - The company posted revenues of $316 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 4.94%, compared to year-ago revenues of $174 million [2] - Voya has surpassed consensus EPS estimates three times over the last four quarters, indicating a generally positive trend in earnings performance [2] 分组2 - The current consensus EPS estimate for the coming quarter is $2.13 on revenues of $315.62 million, and for the current fiscal year, it is $10.02 on revenues of $1.38 billion [7] - The Zacks Industry Rank for Insurance - Life Insurance is currently in the top 12% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8] - Voya shares have increased about 4% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3]

Financial Performance - Voya Financial reported Adjusted Operating Earnings Before Income Taxes for the year ended December 31, 2025, highlighting a focus on core business performance [4]. - The company emphasized the importance of Adjusted Operating Revenues, which are calculated by adjusting Total Revenues for specific items, providing a clearer view of segment performance [6]. - Adjusted Operating Return on Common Equity excluding AOCI was noted as a key measure for assessing returns for common shareholders, excluding variable components due to interest rate changes [11]. - The report included a detailed reconciliation of Adjusted Operating Earnings Before Income Taxes to the U.S. GAAP measure, ensuring transparency in financial reporting [5]. - Voya Financial reported a net income of $136 million for Q4 2025, up from $93 million in Q4 2024, representing a 46% year-over-year increase [12]. - Adjusted operating earnings before income taxes for Q4 2025 were $226 million, compared to $147 million in Q4 2024, marking a 54% increase [14]. - The effective tax rate for Q4 2025 was 17.1%, up from 6.1% in Q4 2024 [12]. - Voya Financial's total shareholders' equity reached $4.953 billion as of December 31, 2025, compared to $4.005 billion a year earlier, reflecting a 24% increase [12]. - The company reported a TTM return on equity of 13.3% as of December 31, 2025, compared to 14.7% a year earlier [12]. - For the twelve months ended December 31, 2025, Voya Financial reported adjusted operating earnings of $1,038 million, an increase from $870 million in the previous year, resulting in an adjusted operating earnings per share of $8.85 compared to $7.25 [48]. Revenue and Expenses - The company reported a significant focus on net revenue, which includes investment spread and other investment income, fee-based margin, and net underwriting gain or loss [11]. - Adjusted Operating Benefits and Expenses were analyzed, excluding items related to exited businesses and early extinguishment of debt, to provide a clearer picture of operational efficiency [8]. - Total revenues for Q4 2025 were $2.111 billion, slightly down from $2.010 billion in Q4 2024, while year-to-date revenues increased to $8.189 billion from $8.050 billion [13]. - Total benefits and expenses for the year-to-date ending December 31, 2025, were $7,352 million, compared to $7,251 million in 2024 [49]. - Operating expenses for the twelve months ended December 31, 2025, totaled $3,168 million, compared to $2,822 million in 2024, indicating an increase of 12.3% [18]. Investment Performance - The company is actively managing its investment portfolio, with a focus on net investment gains and losses, which are critical for overall financial performance [7]. - Net investment income for Q4 2025 was $591 million, up from $521 million in Q4 2024, indicating a 13% increase [13]. - Net investment income and net gains for the twelve months ended December 31, 2025, were $2,123 million, up from $1,928 million in 2024, marking a growth of 10.1% [18]. - Voya Financial's alternative investment income for the twelve months ended December 31, 2025, was $205 million, up from $148 million in the previous year [45]. Capital Structure and Assets - Voya Financial's capital structure and assets under management were highlighted, indicating a robust financial position and growth potential [13]. - Total assets as of December 31, 2025, reached $178,859 million, up from $163,889 million as of December 31, 2024, indicating a growth of 9.1% [19]. - Total liabilities increased to $171,820 million as of December 31, 2025, compared to $157,882 million a year earlier, representing an increase of 8.8% [19]. - The company's total financial debt decreased to $2,104 million as of December 31, 2025, down from $2,502 million a year earlier, reflecting a reduction of 15.9% [21]. - Total shareholders' equity as of December 31, 2025, was $6,817 million, an increase from $5,788 million a year earlier, representing a growth of 17.7% [19]. Segment Performance - Adjusted operating earnings before income taxes for the Retirement segment were $959 million for the twelve months ended December 31, 2025, compared to $820 million in 2024, showing a growth of 17% [18]. - Adjusted operating earnings before income taxes for the Retirement segment reached $959 million for the twelve months ended December 31, 2025, up from $820 million in 2024, indicating a growth of 17% [41]. - The adjusted return on capital for the Retirement segment was 21.9% for the three months ended December 31, 2025, compared to 20.6% in the same period of 2024, showing an improvement of 1.3 percentage points [41]. - The adjusted operating earnings before income taxes for the Employee Benefits segment increased significantly to $152 million for the three months ended December 31, 2025, compared to $40 million in the same period of 2024, marking a growth of 280% [41]. Client Assets and Flows - Total client assets reached $796,508 million as of December 31, 2025, compared to $612,205 million a year earlier, reflecting a significant increase of 30.1% [24]. - Client Assets in Recordkeeping increased to $446,988 million as of December 31, 2025, from $340,254 million a year earlier, indicating a growth of 31.3% [25]. - Total Deposits for Full Service in Q4 2025 were $7,468 million, an increase from $6,699 million in Q4 2024, marking a rise of 11.5% [25]. - The total net flows for the company in the fourth quarter of 2025 were $1,151 million, compared to a negative flow of $(2,520) million in the previous quarter [30]. Future Outlook - Future outlook includes strategic initiatives aimed at market expansion and potential acquisitions to enhance growth opportunities [11]. - The company achieved an Adjusted Operating Margin of 39.8% for the three months ended December 31, 2025, consistent with the previous quarter, indicating stable operational efficiency [24].