Voya Financial (NYSE: VOYA) reported Q2 EPS of $1.13, $0.04 better than the analyst estimate of $1.09.

• Second-quarter 2018 net income available to common shareholders of $0.96 per diluted share
• Second-quarter 2018 adjusted operating earnings1 of $1.13 per diluted share, after-tax, reflecting:
  • $(0.13) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking, and
  • $0.06 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income above the company’s long-term expectations.
• Second-quarter 2018 adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking)1 up 20% compared with the second quarter of 2017
• Company completes annuities transaction, reducing market and insurance risk and positioning Voya to expand its higher-growth, higher-return, capital-light businesses
• Continued progress on $1.5 billion share repurchase plan:
  • $500 million of shares repurchased in the second quarter to achieve the previously announced plan to repurchase $1 billion of shares by June 30
  • $500 million of share repurchases planned for the second half of 2018
• Strong excess capital of $699 million as of June 30, 20182

“Our second-quarter results demonstrate our commitment to growth, operational excellence and continued good stewardship of shareholder capital,” said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “A top priority for us this year was closing the transaction to sell the majority of our annuities businesses. Through this transaction, which we completed on June 1, we have significantly reduced market and insurance risk — transforming Voya into a simpler, more focused company with higher-growth, higher-return, capital-light businesses. At the same time, we continue to execute on our other 2018 priorities, which include several cost-saving, capital and growth initiatives. Our commitment to achieving these priorities is demonstrated in our financial results this quarter.

“Excluding DAC/VOBA and other intangibles unlocking, our adjusted operating earnings grew 20% compared with the second quarter of 2017. We are executing on our plans to achieve $1.30 to $1.40 per share of adjusted operating earnings and our targeted cost savings of $110 to $130 million by the end of the second quarter of 2019.

“During the second quarter, we delivered on our plan to repurchase $1 billion of Voya shares by June 30, 2018. We intend to buy back an additional $500 million of our common stock by the end of 2018 as we continue to generate greater value for Voya\'s shareholders. As a more focused, simpler company, we are now better positioned to drive greater customer and shareholder value and achieve our vision to be America\'s Retirement Company,” added Martin.

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