Upgrade to SI Premium - Free Trial

Voya Financial (VOYA) Tops Q2 EPS by 4c

August 1, 2018 4:19 PM

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

“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.


Earnings Guidance Management Comments

Next Articles