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VOYA Q1 EPS rose 13% to $2.26, beating estimates by 11.8%, driven by strength across key segments.
Voya Financial saw growth in Employee Benefits and Investment Management, while Retirement lagged.
VOYA faced pressure from higher corporate costs and slower Retirement segment growth.
Voya Financial, Inc. (VOYA - Free Report) reported first-quarter 2026 adjusted operating earnings of $2.26 per share, which beat the Zacks Consensus Estimate by 11.8%. The bottom line increased 13% year over year.
The increase was driven by higher earnings across all segments, led by strong Employee Benefits and Investment Management performance and improved investment income. However, higher corporate expenses and relatively muted growth in the Retirement segment weighed on overall profitability
Behind the Headlines
Adjusted operating revenues amounted to $2 billion, which increased 3.1% year over year.
Voya Financial, Inc. Price, Consensus and EPS Surprise
Net investment income increased 1.6% year over year to $569 million. Meanwhile, fee income of $604 million increased 6% year over year. Premiums totaled $744 million, up 1% from the year-ago quarter.
Total benefits and expenses were $1.8 billion, up 0.3% from the year-ago quarter.
As of March 31, 2026, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.
Q1 Segmental Update
Retirement recorded pre-tax adjusted operating earnings of $209 million, which grew slightly from $207 million in the year-ago quarter. The increase was driven by higher assets, contributions from the OneAmerica acquisition and favorable capital market performance
Total client assets as of March 31, 2026, were $780 billion, up 12% year over year.
Employee Benefits reported a pre-tax adjusted operating earnings of $63 million, which increased 37% year over year. The improvement was driven by higher net underwriting and increased fee-based revenues.
Annualized in-force premiums and fees were $3.6 billion, relatively consistent year over year.
Investment Management posted pre-tax adjusted operating earnings, excluding noncontrolling interest, of $46 million, which increased 12% year over year. The increase was primarily driven by higher fee-based revenues, benefiting from strong business momentum and positive capital markets.
Investment Management generated net inflows of $65 million (excluding divested businesses) during the quarter
Corporate incurred pre-tax adjusted operating losses, excluding noncontrolling interest, of $61 million, slightly narrower than the loss of $62 million incurred in the year-ago quarter.
VOYA’s Financial Update
Voya Financial exited the quarter with cash and cash equivalents of $969 million, which decreased 21.2% from the 2025-end level.
Total investments were to $38.1 billion, down 1.2% from the 2025-end level.
Long-term debt at quarter-end was $1.9 billion, which increased 26% from the 2025-end level.
The financial leverage ratio, excluding AOCI, deteriorated 220 basis points year over year to 29.7%.
As of March 31, 2026, book value per share (excluding AOCI) was $66.09, which increased 6.8% year over year.
For the first quarter of 2026, Voya Financial had approximately $200 million of excess capital.
VOYA’s Capital Deployment
As of March 31, 2026, Voya Financial's excess capital position was approximately $0.65 billion.
Voya Financial returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively, in the reported quarter.
As of March 31, 2025, VOYA had a remaining share repurchase authorization of $413 million.
Voya Financial entered into a $150 million share repurchase agreement for the second quarter of 2026.
Arthur J. Gallagher & Co. (AJG - Free Report) reported first-quarter 2026 adjusted net earnings of $4.47 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 21.8% on a year-over-year basis.
Total revenues of $4.7 billion beat the Zacks Consensus Estimate by 1.4%. The top line also improved 28.1% year over year, driven by higher commissions, fees, supplemental revenues, and contingent revenues.
Brown & Brown, Inc.’s (BRO - Free Report) first-quarter 2026 adjusted earnings of $1.39 per share beat the Zacks Consensus Estimate by 2.2%. The bottom line increased 7.8% year over year. Total revenues of $1.9 billion beat the Zacks Consensus Estimate by 1.4%. The top line improved 35.4% year over year.
Adjusted EBITDAC was $731 million, up 36.6% year over year. The EBITDAC margin improved 40 basis points year over year to 38.5%.
Willis Towers Watson plc (WTW - Free Report) delivered first-quarter 2026 adjusted earnings of $3.72 per share, which beat the Zacks Consensus Estimate by 3.6%. The bottom line grew 19% year over year. Willis Towers posted adjusted consolidated revenues of $2.4 billion, up 8% year over year on a reported basis. Revenues increased 3% on an organic basis and 4% on a constant currency basis. The top line beat the Zacks Consensus Estimate by 1.1%.
Adjusted operating income totaled $537 million, up 12% year over year. Adjusted operating margin expanded 70 basis points (bps) to 22.3%. Adjusted EBITDA was $589 million, up 11% year over year. Adjusted EBITDA margin was 23.9%, which expanded 50 bps.
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Voya Financial Q1 Earnings Beat Estimates, Revenues & Premiums Rise Y/Y
Key Takeaways
Voya Financial, Inc. (VOYA - Free Report) reported first-quarter 2026 adjusted operating earnings of $2.26 per share, which beat the Zacks Consensus Estimate by 11.8%. The bottom line increased 13% year over year.
The increase was driven by higher earnings across all segments, led by strong Employee Benefits and Investment Management performance and improved investment income. However, higher corporate expenses and relatively muted growth in the Retirement segment weighed on overall profitability
Behind the Headlines
Adjusted operating revenues amounted to $2 billion, which increased 3.1% year over year.
Voya Financial, Inc. Price, Consensus and EPS Surprise
Voya Financial, Inc. price-consensus-eps-surprise-chart | Voya Financial, Inc. Quote
Net investment income increased 1.6% year over year to $569 million. Meanwhile, fee income of $604 million increased 6% year over year. Premiums totaled $744 million, up 1% from the year-ago quarter.
Total benefits and expenses were $1.8 billion, up 0.3% from the year-ago quarter.
As of March 31, 2026, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.
Q1 Segmental Update
Retirement recorded pre-tax adjusted operating earnings of $209 million, which grew slightly from $207 million in the year-ago quarter. The increase was driven by higher assets, contributions from the OneAmerica acquisition and favorable capital market performance
Total client assets as of March 31, 2026, were $780 billion, up 12% year over year.
Employee Benefits reported a pre-tax adjusted operating earnings of $63 million, which increased 37% year over year. The improvement was driven by higher net underwriting and increased fee-based revenues.
Annualized in-force premiums and fees were $3.6 billion, relatively consistent year over year.
Investment Management posted pre-tax adjusted operating earnings, excluding noncontrolling interest, of $46 million, which increased 12% year over year. The increase was primarily driven by higher fee-based revenues, benefiting from strong business momentum and positive capital markets.
Investment Management generated net inflows of $65 million (excluding divested businesses) during the quarter
Corporate incurred pre-tax adjusted operating losses, excluding noncontrolling interest, of $61 million, slightly narrower than the loss of $62 million incurred in the year-ago quarter.
VOYA’s Financial Update
Voya Financial exited the quarter with cash and cash equivalents of $969 million, which decreased 21.2% from the 2025-end level.
Total investments were to $38.1 billion, down 1.2% from the 2025-end level.
Long-term debt at quarter-end was $1.9 billion, which increased 26% from the 2025-end level.
The financial leverage ratio, excluding AOCI, deteriorated 220 basis points year over year to 29.7%.
As of March 31, 2026, book value per share (excluding AOCI) was $66.09, which increased 6.8% year over year.
For the first quarter of 2026, Voya Financial had approximately $200 million of excess capital.
VOYA’s Capital Deployment
As of March 31, 2026, Voya Financial's excess capital position was approximately $0.65 billion.
Voya Financial returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively, in the reported quarter.
As of March 31, 2025, VOYA had a remaining share repurchase authorization of $413 million.
Voya Financial entered into a $150 million share repurchase agreement for the second quarter of 2026.
VOYA’s Zacks Rank
Voya Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Arthur J. Gallagher & Co. (AJG - Free Report) reported first-quarter 2026 adjusted net earnings of $4.47 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 21.8% on a year-over-year basis.
Total revenues of $4.7 billion beat the Zacks Consensus Estimate by 1.4%. The top line also improved 28.1% year over year, driven by higher commissions, fees, supplemental revenues, and contingent revenues.
Brown & Brown, Inc.’s (BRO - Free Report) first-quarter 2026 adjusted earnings of $1.39 per share beat the Zacks Consensus Estimate by 2.2%. The bottom line increased 7.8% year over year. Total revenues of $1.9 billion beat the Zacks Consensus Estimate by 1.4%. The top line improved 35.4% year over year.
Adjusted EBITDAC was $731 million, up 36.6% year over year. The EBITDAC margin improved 40 basis points year over year to 38.5%.
Willis Towers Watson plc (WTW - Free Report) delivered first-quarter 2026 adjusted earnings of $3.72 per share, which beat the Zacks Consensus Estimate by 3.6%. The bottom line grew 19% year over year. Willis Towers posted adjusted consolidated revenues of $2.4 billion, up 8% year over year on a reported basis. Revenues increased 3% on an organic basis and 4% on a constant currency basis. The top line beat the Zacks Consensus Estimate by 1.1%.
Adjusted operating income totaled $537 million, up 12% year over year. Adjusted operating margin expanded 70 basis points (bps) to 22.3%. Adjusted EBITDA was $589 million, up 11% year over year. Adjusted EBITDA margin was 23.9%, which expanded 50 bps.