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Voya Financial, Inc.’s (VOYA - Free Report) first-quarter 2021 net operating income of $1.03 per share missed the Zacks Consensus Estimate by 4.6%. Further, the bottom line declined 6.4% year over year.
Higher investment income and increased fee-based margin were offset by lower underwriting results and higher administrative expenses across its segments.
Voya Financial’s revenues of $344 million surpassed the Zacks Consensus Estimate by 45.8%. Moreover, the top line increased 52.9% from the year-ago quarter.
Assets under management and administration were $729 billion as of Mar 31, 2021.
Voya Financial, Inc. Price, Consensus and EPS Surprise
Wealth Solutions’ adjusted operating earnings of $255 million increased two-fold year over year due to $89 million of higher investment income, $35 million of higher fee-based margin, $18 million favorable change in DAC/VOBA and other intangibles unlocking and $9 million of lower administrative expenses.
Investment Management posted adjusted operating earnings of $52 million, up 30% year over year due to $24 million of increased investment capital revenues, partially offset by $1 million of lower fee-based margin, and $11 million of higher administrative expenses.
Health Solutions adjusted operating earnings were $37 million, down 39.3% year over year due to $27 million of lower underwriting results and $4 million of higher administrative expenses.
Corporate incurred adjusted operating losses of $71 million, narrower than the year-ago quarterly loss of $91 million. The improvement was due to revenues in the first quarter of 2021 from the company's transition service agreements associated with the sale of substantially all its Individual Life and legacy annuities businesses as well as lower intangibles amortization.
Share Repurchase and Dividend Update
In first-quarter 2021, Voya Financial repurchased shares worth $235 million. The company has $879 million left under its existing share buyback program as of Mar 31, 2021.
Last month, the company approved a quarterly dividend of 16.5 cents per share. The dividend will be paid out on Jun 29, 2021 to shareholders of record as on May 26.
Financial Update
Voya Financial exited the first quarter with $1.6 billion in excess capital. As of Mar 31, 2021, its book value per share was $60.39, up 12.8% year over year.
Sale of Individual Life insurance
Voya completed the sale of substantially all its Individual Life insurance and other legacy annuities businesses on Jan 4, 2021.
2021 Segment View
Investment Management is expected to achieve its 2-4% net flow organic growth target for 2021 due to a strong, unfunded pipeline.
First-quarter earnings of Alleghany Corporation , Prudential Financial, Inc. (PRU - Free Report) and Everest Re Group, Ltd. beat the respective Zacks Consensus Estimate.
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Image: Bigstock
Voya Financial's (VOYA) Q1 Earnings Miss, Revenues Beat
Voya Financial, Inc.’s (VOYA - Free Report) first-quarter 2021 net operating income of $1.03 per share missed the Zacks Consensus Estimate by 4.6%. Further, the bottom line declined 6.4% year over year.
Higher investment income and increased fee-based margin were offset by lower underwriting results and higher administrative expenses across its segments.
Voya Financial’s revenues of $344 million surpassed the Zacks Consensus Estimate by 45.8%. Moreover, the top line increased 52.9% from the year-ago quarter.
Assets under management and administration were $729 billion as of Mar 31, 2021.
Voya Financial, Inc. Price, Consensus and EPS Surprise
Voya Financial, Inc. price-consensus-eps-surprise-chart | Voya Financial, Inc. Quote
Segmental Update
Wealth Solutions’ adjusted operating earnings of $255 million increased two-fold year over year due to $89 million of higher investment income, $35 million of higher fee-based margin, $18 million favorable change in DAC/VOBA and other intangibles unlocking and $9 million of lower administrative expenses.
Investment Management posted adjusted operating earnings of $52 million, up 30% year over year due to $24 million of increased investment capital revenues, partially offset by $1 million of lower fee-based margin, and $11 million of higher administrative expenses.
Health Solutions adjusted operating earnings were $37 million, down 39.3% year over year due to $27 million of lower underwriting results and $4 million of higher administrative expenses.
Corporate incurred adjusted operating losses of $71 million, narrower than the year-ago quarterly loss of $91 million. The improvement was due to revenues in the first quarter of 2021 from the company's transition service agreements associated with the sale of substantially all its Individual Life and legacy annuities businesses as well as lower intangibles amortization.
Share Repurchase and Dividend Update
In first-quarter 2021, Voya Financial repurchased shares worth $235 million. The company has $879 million left under its existing share buyback program as of Mar 31, 2021.
Last month, the company approved a quarterly dividend of 16.5 cents per share. The dividend will be paid out on Jun 29, 2021 to shareholders of record as on May 26.
Financial Update
Voya Financial exited the first quarter with $1.6 billion in excess capital.
As of Mar 31, 2021, its book value per share was $60.39, up 12.8% year over year.
Sale of Individual Life insurance
Voya completed the sale of substantially all its Individual Life insurance and other legacy annuities businesses on Jan 4, 2021.
2021 Segment View
Investment Management is expected to achieve its 2-4% net flow organic growth target for 2021 due to a strong, unfunded pipeline.
Zacks Rank & Performance of Other Insurers
Voya Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
First-quarter earnings of Alleghany Corporation , Prudential Financial, Inc. (PRU - Free Report) and Everest Re Group, Ltd. beat the respective Zacks Consensus Estimate.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>