Q1 2024 Voya Financial Inc Earnings Call Transcript
Key Points
- Voya Financial Inc (VOYA) reported a 23% year-over-year increase in adjusted operating EPS to $1.77, aligning with financial targets and projecting a full year 2024 EPS target of $8.25 to $8.45.
- Generated approximately $200 million in excess capital and returned over $200 million to shareholders through share repurchases and dividends, with an additional $500 million share repurchase authorization approved.
- Strong sales momentum and positive flows in the quarter, with mid-market sales in Retirement up nearly 300% from the previous year and a 17% growth in in-force premiums and fees in Health Solutions.
- Investment Management saw $1.3 billion of insurance channel net flows and is executing expansion strategies with three private fund launches planned for the year.
- Continued focus on strategic execution, expense discipline, and prudent capital management, while investing in growth and innovation, including enhancements in AI and machine learning for quoting capabilities.
- Lower underwriting income in Health Solutions as loss ratios normalize from previously favorable levels.
- Net outflows of $312 million in recordkeeping, despite a positive overall outlook for the year.
- Concerns about potentially underestimating medical trends in 2024 Stop Loss pricing, despite strong sales growth.
- Participant withdrawals in Wealth Solutions remain elevated, influenced by higher equity markets and external factors such as fixed rate options outside of Voya.
- The need for ongoing investment in retail wealth management and advice capabilities to better retain and manage out-of-plan participant assets.
Good morning. Welcome to Voya Financial's First Quarter 2024 Earnings Conference Call. (Operator Instructions). Please note this event is being recorded.
I would now like to turn the call over to Mike Katz, Executive Vice President of Finance. Please go ahead.
Thank you, and good morning. Welcome to Voya Financial's First Quarter 2024 Earnings Conference Call. We appreciate all of you who have joined us this morning. As a reminder, materials for today's call are available on our website at investors.voya.com.
Turning to Slide 2. Some of the comments made during the call may contain forward-looking statements or refer to certain non-GAAP financial measures within the meaning of federal securities law. GAAP Reconciliations are available in our press release and financial supplement found on our website.
Now joining me on the call are Heather Lavallee, our Chief Executive Officer; and Don Templin, our Chief Financial Officer. After their prepared remarks, we will take your questions. For
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