Q2 2024 Voya Financial Inc Earnings Call Transcript
Key Points
- Voya Financial Inc (VOYA) achieved its financial targets for the second quarter and remains on track to meet its full-year EPS target of $8.25 to $8.45.
- The company demonstrated strong excess capital generation and high free cash flow conversion, allowing for an increase in dividends.
- Voya Financial Inc (VOYA) reported robust growth in fee-based revenues in Wealth and Investment Management, offsetting higher loss ratios in Health.
- The company saw positive net inflows of $4.8 billion in Investment Management, driven by strong demand for core fixed income and retail private equity funds.
- Voya Financial Inc (VOYA) continues to expand its reach with customers through Benefitfocus, which has become the largest channel for HSA sales and has shown significant improvement in Net Promoter Scores.
- Higher-than-target aggregate loss ratios in Health, particularly in Stop Loss, have been a headwind, with the total aggregate loss ratio at 72.9%, above the target range of 69% to 72%.
- The company expects higher loss ratios in Health to persist throughout the year, impacting underwriting performance.
- Full Service and recordkeeping net outflows were $597 million and $1 billion, respectively, in the second quarter.
- The transfer of $14 billion in assets under management to Venerable is expected to impact revenues, although it has been factored into current guidance.
- Participant surrenders in Wealth have been elevated, influenced by higher equity markets, which increase the average account values of each participant surrender.
Good morning. Welcome to Voya Financial's second-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 second-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
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