Voya Financial ( (VOYA) ) has released its Q3 earnings. Here is a breakdown of the information Voya Financial presented to its investors.
Voya Financial, Inc. is a prominent company in the health, wealth, and investment sectors, known for providing comprehensive financial services to individual, workplace, and institutional clients.
The third-quarter 2024 financial results of Voya Financial reveal strong performance in its Wealth Solutions and Investment Management segments, which helped balance out the challenges faced in the Health Solutions segment due to higher loss ratios.
Key financial highlights include a net income of $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 announced a $500 million stock repurchase authorization, reflecting its robust capital generation. Additionally, Voya is poised to acquire OneAmerica Financial’s retirement plan business, which will close in January 2025, enhancing its market position.
Despite some setbacks in the Health Solutions segment, Voya’s strategic pricing actions and acquisition plans are expected to enhance profitability and growth. The company’s focus on expanding its distribution and strengthening client relationships is evident in its ongoing investments and strategic acquisitions.
Looking forward, Voya Financial is optimistic about increasing capital generation in 2025, driven by growth in core businesses and the integration of the OneAmerica acquisition. The company remains committed to meeting the evolving needs of its clients while maintaining shareholder value.
