Voya Q3 2024 Earnings Report
Key Takeaways
Voya Financial announced its third-quarter 2024 financial results, with net income available to common shareholders at $98 million, or $0.98 per diluted share, and after-tax adjusted operating earnings of $190 million, or $1.90 per diluted share. The company is focused on improving profitability in Health Solutions through rate increases and expanding its market position with the acquisition of OneAmerica Financial's retirement plan business.
Net income available to common shareholders was $98 million, or $0.98 per diluted share.
After-tax adjusted operating earnings reached $190 million, or $1.90 per diluted share.
Wealth Solutions and Investment Management showed strong results, offsetting higher loss ratios in Health Solutions.
The board authorized repurchase of an additional $500 million of common stock.
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Forward Guidance
Looking forward, Voya expects to significantly increase excess capital generation in 2025 driven by continued growth in core businesses, repricing actions in Stop Loss, and additional earnings from the OneAmerica acquisition.
Positive Outlook
- Continued growth in core businesses
- Repricing actions in Stop Loss
- Additional earnings from the OneAmerica acquisition
- Strategic acquisition of OneAmerica's full-service retirement plan business will further strengthen our market position
- Executing substantial rate increases in our Stop Loss business during the fourth-quarter, which we expect will improve profitability in Health Solutions in 2025
Challenges Ahead
- Higher loss ratios in Health Solutions
- Unfavorable change in Net investment gains (losses) in the current quarter due to interest rate movements
- Global market risks, including general economic conditions, our ability to manage such risks, and interest rates
- Liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs
- Strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships