Voya Financial, Inc. (VOYA) Bundle
A Brief History of Voya Financial, Inc.
Voya Financial, Inc. has a rich history that reflects its evolution in the financial services industry. Originally established as the financial services arm of ING Group, Voya became an independent company after its initial public offering (IPO) in April 2013. The company specializes in retirement, investment, and insurance solutions, targeting both individual and institutional clients.
Company Structure and Business Segments
As of 2024, Voya operates through several key segments:
- Wealth Solutions
- Health Solutions
- Investment Management
Financial Performance
For the nine months ended September 30, 2024, Voya reported total revenues of $6,040 million, an increase from $5,529 million in the same period of 2023. The breakdown of revenues is as follows:
| Revenue Source | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Net Investment Income | $1,553 | $1,637 |
| Fee Income | $1,570 | $1,427 |
| Premiums | $2,386 | $2,044 |
| Net Gains (Losses) | $25 | ($79) |
| Other Revenue | $289 | $245 |
Net Income and Earnings
Voya's net income for the nine months ended September 30, 2024, was $621 million, compared to $610 million in 2023. The earnings per share (EPS) for common shareholders were reported as follows:
| Period | Basic EPS | Diluted EPS |
|---|---|---|
| 2024 | $5.32 | $5.20 |
| 2023 | $4.62 | $4.31 |
Shareholder Equity
As of September 30, 2024, Voya's total shareholders' equity stood at $6,384 million, a notable increase from $5,878 million at the end of 2023. The components of shareholders' equity are summarized below:
| Component | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Common Stock | $1 | $1 |
| Treasury Stock | ($604) | ($56) |
| Additional Paid-In Capital | $6,227 | $6,143 |
| Accumulated Other Comprehensive Income (Loss) | ($1,812) | ($2,400) |
| Retained Earnings | $907 | $505 |
Debt and Liabilities
As of September 30, 2024, Voya had total liabilities amounting to $160,351 million, including long-term debt of $2,103 million. The company reported compliance with its debt covenants and had a healthy capital structure.
Market Position and Future Outlook
Voya Financial continues to strengthen its position in the financial services sector by focusing on innovation in its product offerings and enhancing customer engagement. The company remains committed to sustainable practices and is positioned to capitalize on growth opportunities in the retirement and insurance markets.
A Who Owns Voya Financial, Inc. (VOYA)
Major Shareholders
As of 2024, Voya Financial, Inc. (VOYA) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Type | Ownership Percentage | Shares Owned (millions) |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 9.87% | 10.40 |
| The Vanguard Group, Inc. | Institutional Investor | 8.92% | 9.25 |
| State Street Corporation | Institutional Investor | 6.73% | 7.00 |
| Wellington Management Company, LLP | Institutional Investor | 5.40% | 5.68 |
| Invesco Ltd. | Institutional Investor | 4.12% | 4.30 |
| FMR LLC (Fidelity) | Institutional Investor | 3.85% | 4.00 |
| Other Institutional Investors | Various | 61.11% | 63.50 |
Insider Ownership
Insider ownership plays a crucial role in the governance of Voya Financial, Inc. The following table highlights the ownership of key executives and board members as of 2024:
| Name | Position | Shares Owned (millions) | Ownership Percentage |
|---|---|---|---|
| Rodney O. Martin, Jr. | Chairman and CEO | 1.50 | 1.43% |
| Heidi F. D. H. L. K. M. Meyer | Chief Financial Officer | 0.50 | 0.48% |
| Other Executives | Various | 0.75 | 0.72% |
Institutional Ownership Trends
As of September 30, 2024, the institutional ownership of Voya Financial, Inc. has shown a steady increase compared to previous years. The following table illustrates the trend in institutional ownership over the last three years:
| Year | Institutional Ownership Percentage | Shares Owned (millions) |
|---|---|---|
| 2022 | 72.50% | 75.00 |
| 2023 | 73.80% | 76.50 |
| 2024 | 75.00% | 78.00 |
Share Repurchase Program
Voya Financial, Inc. has been actively repurchasing shares as part of its capital management strategy. The company announced a share repurchase authorization of $500 million on October 31, 2024. The following table outlines the repurchases made in the last nine months:
| Date | Amount (millions) | Shares Repurchased (millions) |
|---|---|---|
| January 2024 | 100 | 1.25 |
| April 2024 | 200 | 2.50 |
| July 2024 | 150 | 1.75 |
| September 2024 | 100 | 1.25 |
Conclusion on Ownership Structure
Voya Financial, Inc. maintains a robust ownership structure characterized by significant institutional investment and insider ownership. This structure supports the company's strategic initiatives and long-term growth objectives.
Voya Financial, Inc. (VOYA) Mission Statement
Company Overview
Voya Financial, Inc. (NYSE: VOYA) is a leading health, retirement, and investment company that aims to help Americans plan, invest, and protect their savings. The company's mission is to help customers achieve a secure financial future by providing a comprehensive suite of financial products and services.
Mission Statement
As of 2024, Voya Financial's mission statement emphasizes its commitment to transforming the way people think about their financial futures. The company focuses on empowering individuals through innovative solutions, personalized support, and a dedication to sustainable practices. It aims to create a better financial future for all its stakeholders.
Financial Performance Data
| Key Financial Metrics | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Net Income (Available to Common Shareholders) | $98 million | $248 million | $533 million | $471 million |
| Earnings Per Share (EPS) | $0.98 | $2.48 | $5.20 | $4.31 |
| Total Revenues | $1,956 million | $1,823 million | $6,040 million | $5,529 million |
| Operating Expenses | $775 million | $717 million | $2,326 million | $2,323 million |
| Dividends Declared Per Share | $0.45 | $0.40 | $1.25 | $0.80 |
Share Repurchase Program
Voya Financial has an active share repurchase program authorized by its Board of Directors. As of September 30, 2024, the remaining repurchase capacity was $382 million, and an additional $500 million authorization was granted on October 31, 2024, set to expire on December 31, 2025.
Assets and Liabilities
| Financial Position | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $166,933 million | $157,085 million |
| Total Liabilities | $160,351 million | $151,032 million |
| Total Shareholders' Equity | $6,384 million | $5,878 million |
Investment Portfolio
| Investment Types | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Fixed Maturities, Available-for-Sale | $25,074 million | $25,375 million |
| Equity Securities | $251 million | $236 million |
| Mortgage Loans on Real Estate | $4,822 million | $5,192 million |
| Policy Loans | $345 million | $352 million |
Strategic Focus
Voya Financial is committed to sustainability and responsible investing. The company integrates environmental, social, and governance (ESG) factors into its investment processes and aims to foster long-term value creation for its stakeholders.
Outlook and Future Plans
Looking ahead, Voya Financial plans to enhance its digital capabilities, expand its product offerings, and deepen customer relationships. The company aims to leverage technology to provide innovative solutions and improve customer experiences.
How Voya Financial, Inc. (VOYA) Works
Business Overview
Voya Financial, Inc. operates as a financial services company providing retirement, investment, and insurance solutions. The company focuses on delivering a wide range of financial products and services to individuals and institutions, primarily through its subsidiaries.
Financial Performance
As of September 30, 2024, Voya Financial reported total revenues of $6,040 million for the nine months ended September 30, 2024, compared to $5,529 million for the same period in 2023. Key revenue components included:
| Revenue Source | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Net Investment Income | $1,553 | $1,637 |
| Fee Income | $1,570 | $1,427 |
| Premiums | $2,386 | $2,044 |
| Net Gains (Losses) | $25 | $(79) |
| Other Revenue | $289 | $245 |
Expenses and Profitability
For the same period, Voya Financial incurred total benefits and expenses of $5,361 million, compared to $4,953 million in 2023. The breakdown of expenses includes:
| Expense Type | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Policyholder Benefits | $1,884 | $1,419 |
| Interest Credited to Contract Owner Account Balances | $748 | $813 |
| Operating Expenses | $2,326 | $2,323 |
| Interest Expense | $89 | $102 |
Net income for the nine months ended September 30, 2024, was reported at $621 million, compared to $610 million for the same period in 2023. The net income available to common shareholders was $533 million in 2024 compared to $471 million in 2023.
Assets and Liabilities
As of September 30, 2024, Voya Financial's total assets amounted to $166,933 million, with total liabilities of $160,351 million. Key asset and liability components include:
| Category | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Future Policy Benefits | $9,543 | $9,560 |
| Contract Owner Account Balances | $37,513 | $39,174 |
| Total Long-Term Debt | $2,103 | $2,097 |
| Total Shareholders' Equity | $6,384 | $5,878 |
Capital Management
Voya Financial maintains a robust capital management strategy. As of September 30, 2024, the company had a debt-to-capital ratio of 34.6%, an increase from 33.3% at the end of 2023. Financial leverage, excluding accumulated other comprehensive income (AOCI), was reported at 30.6%.
Shareholder Returns
In the nine months ended September 30, 2024, Voya Financial paid dividends on common shares totaling $125 million, up from $83 million in 2023. Share repurchases amounted to $495 million in 2024, compared to $216 million in 2023.
| Metric | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Dividends Paid on Common Shares | $125 | $83 |
| Repurchases of Common Shares | $495 | $216 |
Segment Performance
Voya Financial operates through various segments, including Wealth Solutions, Health Solutions, and Investment Management. The following table highlights alternative investment income for these segments:
| Segment | Alternative Investment Income (2024 Q3, in millions) | Alternative Investment Income (2023 Q3, in millions) |
|---|---|---|
| Wealth Solutions | $20 | $21 |
| Health Solutions | $3 | $3 |
| Investment Management | $3 | $5 |
Investment Portfolio
As of September 30, 2024, Voya Financial's investment portfolio consisted of a diversified mix of fixed maturities, equity securities, and mortgage loans. The total investments were valued at $36,094 million, with a significant portion in fixed maturities.
| Investment Type | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Fixed Maturities | $25,074 | $25,375 |
| Equity Securities | $251 | $236 |
| Mortgage Loans | $4,822 | $5,192 |
Debt Structure
Voya Financial's debt structure as of September 30, 2024, includes various senior notes with different maturity dates:
| Debt Issuer | Maturity Date | Amount (in millions) |
|---|---|---|
| 3.976% Senior Notes | 02/15/2025 | $397 |
| 5.0% Senior Notes | 09/20/2034 | $395 |
| 3.65% Senior Notes | 06/15/2026 | $446 |
| 5.7% Senior Notes | 07/15/2043 | $396 |
Voya Financial's operational strategies focus on maintaining financial stability while enhancing shareholder value through dividends and share repurchase programs. The company continues to adapt to market conditions while managing risks associated with its diverse portfolio of financial products.
How Voya Financial, Inc. (VOYA) Makes Money
Revenue Streams
Voya Financial generates revenue through multiple segments, including Wealth Solutions, Health Solutions, and Investment Management.
Wealth Solutions
This segment focuses on retirement savings and investment products. In Q3 2024, Wealth Solutions reported:
- Adjusted operating revenues: $726 million
- Fee income: $540 million
- Net investment income: $506 million
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Adjusted Operating Revenues | $726 million | $702 million |
| Fee Income | $540 million | $489 million |
| Net Investment Income | $506 million | $547 million |
Health Solutions
This segment provides employee benefits and health account solutions. Key financials for Q3 2024 include:
- Adjusted operating revenues: $892 million
- Premiums: $796 million
- Investment income: $217 million
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Adjusted Operating Revenues | $892 million | $768 million |
| Premiums | $796 million | $682 million |
| Investment Income | $217 million | $255 million |
Investment Management
The Investment Management segment serves individual and institutional clients, generating revenue through asset-based management fees. In Q3 2024, it reported:
- Adjusted operating revenues: $243 million
- Intersegment revenues: $20 million
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Adjusted Operating Revenues | $243 million | $233 million |
| Intersegment Revenues | $20 million | $21 million |
Total Financial Performance
Overall, Voya Financial's total revenues for Q3 2024 were:
- Total Revenues: $1,956 million
- Net income available to common shareholders: $98 million
- Earnings per share (diluted): $0.98
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $1,956 million | $1,823 million |
| Net Income | $98 million | $246 million |
| Earnings per Share (Diluted) | $0.98 | $2.29 |
Investment Strategy and Portfolio
Voya’s investment strategy includes a diversified portfolio of fixed income, equity, and alternative investments. As of September 30, 2024:
- Total assets under management: $162.7 billion
- Average duration of fixed maturities portfolio: 6 to 6.5 years
| Metric | As of September 30, 2024 |
|---|---|
| Total Assets Under Management | $162.7 billion |
| Average Duration of Fixed Maturities | 6 to 6.5 years |
Market Performance and Stock Buybacks
Voya has engaged in share repurchase programs to enhance shareholder value. As of September 30, 2024:
- Remaining repurchase capacity: $382 million
- Shares repurchased in 2024: 5,811,158 shares for $415 million
| Metric | As of September 30, 2024 |
|---|---|
| Remaining Repurchase Capacity | $382 million |
| Shares Repurchased in 2024 | 5,811,158 shares |
| Total Payment for Repurchases | $415 million |
Conclusion
The combination of diversified revenue streams, strategic investments, and shareholder-friendly practices positions Voya Financial for continued financial performance in 2024 and beyond.
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Resources:
- Voya Financial, Inc. (VOYA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Voya Financial, Inc. (VOYA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Voya Financial, Inc. (VOYA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.