Piper sees ‘number of catalysts on the horizon into 2025’ for Voya Financial

Piper Sandler believes Voya Financial is firmly establishing what the 3rd phase of its public company history will look like. 2025 is when medical stop loss improvement should be seen following 1/1/25 re-pricing for 80% of the book, the firm says, adding that IM and Wealth distribution has turned in a markedly better way than the other life insurers with sizable asset management operations. Piper believes the decision to begin pre-announcing variable investment income performance could be something others in its coverage begin to mimic when the headwind begins to turn to tailwind. Further, the firm thinks valuation remains the most compelling of the fee-focused companies in its coverage. Overall, Piper sees a number of catalysts and likes the OneAmerica transaction. The firm has an Overweight rating on the shares with a price target of $84.