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Voya
🇺🇸 NYSE:VOYA
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•
Mar 31, 2020

Voya Q1 2020 Earnings Report

Voya's first quarter results were announced, revealing a net loss but growth in normalized adjusted operating earnings per share.

Key Takeaways

Voya Financial reported a net loss available to common shareholders of $(98) million, or $(0.71) per diluted share, but normalized adjusted operating earnings per share grew 26% year-over-year, driven by record earnings in Employee Benefits and strong organic growth in each of its businesses. The company had $612 million of excess capital as of March 31, 2020, and is on track to achieve targeted cost savings of at least $250 million by the end of 2020.

Net loss available to common shareholders was $(98) million, or $(0.71) per diluted share.

Adjusted operating earnings were $115 million, or $0.83 per diluted share, after tax.

Normalized adjusted operating earnings were $151 million, or $1.10 per diluted share, after tax.

Excess capital was $612 million as of March 31, 2020.

Total Revenue
$166M
Previous year: $148M
+12.2%
EPS
$1.1
Previous year: $1.07
+2.8%
Total AUM
$538B
Previous year: $538B
+0.0%
Gross Profit
$1.67B
Previous year: $2.19B
-23.8%
Cash and Equivalents
$612M
Previous year: $806M
-24.1%
Total Assets
$156B
Previous year: $163B
-4.3%

Voya

Voya

Voya Revenue by Segment

Forward Guidance

Voya expects that its earnings growth outlook will be affected by the uncertainties created by COVID-19, such as the magnitude of claims, changes to employment levels, and the ultimate shape of a future economic recovery. The company will revisit its earnings growth guidance ranges, including the previously shared $1.80 to $1.90 EPS guidance for the fourth quarter 2021, as it gains improved visibility. Voya expects the closing of the sale of its Individual Life and other legacy non-retirement annuities businesses by Sept. 30, 2020 and targeted cost savings of at least $250 million by the end of 2020 remain on track.

Positive Outlook

  • Targeted cost savings of at least $250 million by the end of 2020 remain on track.
  • The sale of Individual Life and other legacy non-retirement annuities businesses is expected to close by Sept. 30, 2020.
  • Executing on organic growth plans.
  • Executing on cost savings plans.
  • Executing on capital management plans.

Challenges Ahead

  • Earnings growth outlook will be affected by uncertainties created by COVID-19.
  • Magnitude of claims is uncertain.
  • Changes to employment levels are uncertain.
  • The ultimate shape of a future economic recovery is uncertain.
  • Medium and long-term earnings growth guidance is uncertain.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Voya