Voya Financial (VOYA) Tops Q1 EPS by 51c

Voya Financial (NYSE: VOYA) reported Q1 EPS of $1.70, $0.51 better than the analyst estimate of $1.19.

• Net income available to common shareholders of $8.29 per diluted share.
• Adjusted operating earnings1 of $1.70 per diluted share, after tax, including:
  • $0.66 of prepayment fees and alternative investment income above the company’s long-term expectations and
  • $(0.17) of claims due to COVID-19.
• Repurchased $235 million of common stock and retired $75 million of debt.

"During the first quarter, we delivered significant adjusted operating earnings per share growth as we executed our strategy and focused on serving the needs of our workplace and institutional clients," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. "Compared with the prior-year period, Wealth Solutions full service recurring deposits for the trailing twelve months ended March 31, 2021 grew 5%, and full service net flows were strong at $868 million in the first quarter. In Health Solutions, annualized in-force premiums in the first quarter of 2021 grew 8.6% compared with the prior-year period due to growth across all product lines. As expected, Investment Management had net outflows during the quarter, but we continue to expect to achieve our 2-4% net flow organic growth target for 2021 due to a strong, unfunded pipeline.

"We also further delivered on our capital management strategy during the first quarter as we repurchased $235 million of common stock. We continue to expect to repurchase $1 billion of common stock in 2021 — this will enable us to build upon the $7 billion in capital that we have already returned to shareholders through both share repurchases and dividends. During the quarter, we also repurchased $75 million of debt and, as of March 31, 2021, we had $1.6 billion in excess capital. As we move forward, we will continue to demonstrate our focus on being good stewards of shareholder capital.

"Also in the first quarter, we announced a new operating model to advance our growth plans, as well as ensure a customer-centric focus on health, wealth and investment solutions. We are excited about our opportunities to leverage our unique capabilities, scale and reach to meet the increasing needs and demands of both employers and their employees. We are focused on how customer and client needs will continue to evolve so that we can expand our solution set to drive a more coordinated and integrated experience through the workplace," added Martin.

For earnings history and earnings-related data on Voya Financial (VOYA) click here.

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• Magyar Bancorp (MGYR) Reports Q2 EPS of $0.30
• QNB Corp. (QNBC) Reports Q1 EPS of $0.71