On October 31, 2023, Voya Financial Inc (VOYA, Financial), a leading health, wealth, and investment company, announced its financial results for the third quarter of 2023. The company reported a net income available to common shareholders of $2.29 per diluted share. The after-tax adjusted operating earnings were $1.74 per diluted share, reflecting the continued benefit of Voya's diversified revenue streams and strong margins.
Financial Performance
Voya Financial Inc (VOYA, Financial) reported a net income available to common shareholders of $248 million, or $2.29 per diluted share, for the third quarter of 2023. This is a significant increase from the $166 million, or $1.57 per diluted share, reported in the third quarter of 2022. The increase was primarily due to gains within businesses exited, net investment gains, and lower acquisition and integration costs, partially offset by lower after-tax adjusted operating earnings.
The company's after-tax adjusted operating earnings for the third quarter of 2023 were $189 million, or $1.74 per diluted share. This is a decrease from the $210 million, or $1.97 per diluted share, reported in the third quarter of 2022. The decrease was largely due to lower net underwriting results, partially offset by higher fee income.
Segment Results
Voya's Wealth Solutions segment reported pre-tax adjusted operating earnings of $179 million for Q3 2023, up from $128 million in the prior-year period. The Health Solutions segment reported pre-tax adjusted operating earnings of $53 million, down from $154 million in the prior-year period. The Investment Management segment reported pre-tax adjusted operating earnings of $49 million, up from $38 million in the prior-year period.
Capital Generation and Deployment
Voya deployed approximately $0.3 billion in excess capital in the third quarter of 2023, including $140 million in debt redemption, approximately $50 million to acquire interest in an India joint venture, and $96 million in share repurchases and common stock dividends. The company generated approximately $0.8 billion of excess capital during the trailing 12 months (TTM) ended Sept. 30, 2023. As of Sept. 30, 2023, Voya had approximately $0.4 billion of excess capital.
CEO Commentary
In the third quarter of 2023, we continued to execute on our strategic priorities and delivered $1.74 per diluted share of after-tax adjusted operating EPS, which reflects the benefit of our diversified revenue streams and prudent expense management," said Heather Lavallee, chief executive officer, Voya Financial.
For more detailed financial information, readers can visit Voya’s investor relations website at investors.voya.com.
Explore the complete 8-K earnings release (here) from Voya Financial Inc for further details.
