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Voya Financial (VOYA) Tops Q2 EPS by 30c

August 5, 2020 4:21 PM

Voya Financial (NYSE: VOYA) reported Q2 EPS of $1.09, $0.30 better than the analyst estimate of $0.79.

Second-quarter 2020 adjusted operating earnings2 of $0.15 per diluted share, after tax; Normalized for the following items, second-quarter 2020 adjusted operating earnings were $1.09 per diluted share, after tax:

Voya continues to demonstrate financial strength, with $668 million in excess capital as of June 30, 2020

Previously announced sale of Voya's Individual Life and other legacy non-retirement annuities businesses expected to close by Sept. 30, 2020 and provide $1.5 billion in deployable capital

"With a strong balance sheet, Voya remains well positioned and continues to demonstrate our financial strength. We had $668 million of excess capital as of June 30, 2020, and we continue to benefit from our high free cash flow business mix. In addition, we have now achieved the $250 million in cost savings we had previously targeted by the end of 2020. Our prior success in achieving cost savings gives us momentum as we begin to address the stranded costs associated with the Individual Life and other legacy non-retirement annuities businesses transaction. We continue to expect that transaction will provide approximately $1.5 billion in deployable capital and it is on track to be completed by Sept. 30, 2020.

"Voya continues to stand apart in our industry because of the emphasis we have placed on our core values. Diversity, inclusion, and equality are foundational elements of the Voya culture — this has earned us a number of recognitions that help set us apart in the industry, however, we are committed to doing more. At a time when the societal challenges can seem daunting, we have an obligation to help — to combat racism, injustice, and discrimination, while setting an example for the greater community. Our commitment to caring for our employees, clients and all of the communities that we serve is core to our culture and we look forward to sharing our continued efforts and progress," added Martin.

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

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