VOYA - Earnings call transcript Q1 2024

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Operator

Good morning. Welcome to Voya Financial's First Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the call over to Mike Katz, Executive Vice President of Finance. Please go ahead.

Michael Katz

morning. good and you, Thank Welcome to Earnings Call. Quarter Financial's First XXXX Conference Voya who all us appreciate of have We you joined this morning.

As are available for today's website materials investors.voya.com. a at on reminder, our call

Slide to Turning X.

on to the the of contain or financial measures securities of comments and the during law. are found certain Some our call GAAP press financial non-GAAP release our Reconciliations made forward-looking may statements meaning website. federal within refer available supplement in

Officer; your Executive Don are prepared Heather Now Chief Lavallee, Officer. Templin, joining me the Financial Chief our on remarks, call our we questions. and After their will take

For would the Investment of Management, have to over call like Slide that, invited Toms, our Grubka, Rob the to Workplace Solutions. With turn the Q&A heads session, Heather. we and let's to Matt I businesses, as specifically, turn also X

Heather Lavallee

and morning, Good today. us you joining thank for

we quarter As on XX% targets. operating our to EPS highlights was our target $X.XX. deliver of XXXX Slide $X.XX EPS X, and on you from up financial can delivered on our full Adjusted remain see $X.XX, year track to first we year-over-year

approximately million We dividends. capital of and share the that form shareholders $XXX generated of repurchases than and returned amount excess to more in

approved will capital on an of capital million Our Board shareholders $XXX generation our to of includes authorization our in that million and excess $XXX has a repurchase allow capital share plan return additional XXXX. That execute us plan. return to

well have targets sales track Strong for flows us achieve on our positive quarter this and XXXX. momentum to commercial revenue and

And our equity, the earnings achievement to an and spend capital our margins, long-term that to sustain while continue enhance preserving targets efficiency are deliver growth. investments We will on of strong of reflecting discipline the our businesses. attractive return the on maintaining we

X. to Turning Slide

our executing advantages establish to strategy right clear win. are with that We our competitive

few and have the market with of the workplace savings succeed distinct players group benefits we ability a positions benefits, in with retirement our strategy. both in and one to leading As

across tax sizes. markets, credibility scale have codes employer and We and

through strategy larger and distribution customers examples how way putting virtually clients, first a needs our who and providing culture new every different workplace few for mention with from our a in a a add to we've the channel, have the participants, approach diversified leading revenue we market is customers. In expanding had landing with intermediary the of those brand service. deepening segments. platform will our and retirement, just for mid-market we and smaller I relationships for evolved and and marketplace in We've expectations a reputation base customer grow revenues of the

sales capabilities are year. the up expanded plans. efforts yielding who results are added Our with mid-market almost and new we've last stop-loss, their to reach quoting smaller employers, distribution over same increasingly self-funding our XXX% medical In time

and as in-force growth with participants, achieved Solutions Health to This premiums fees we're increasing in creating the last of to has opportunities compared to revenues base. rapidly XX% participant from our year. our drive new a relationships And contributed we've deepening

share on As in are field-based business of managed advisory of XXXX. growing capture first our account economics retirement retail to we surpassed the participant greater quarter our of XX% strengthening million up also team accounts a managed X we revenues We're out plan. our with platform, account

customers strategy and sources for deeper Our with is relationships workplace growth our our building business. creating of new

foundation solutions. well-established in income and our insurance asset market and Investment Management, X. Moving third-party to competitive in leading begins income institutional In positions fixed advantage Slide with a management

asset performance With established are positioned rotations for upon U.S. and denominated this scaled global and platform capture Our flows well we increasing reach as growth, opportunities international market strength investment an our distribution for meet expansion in investment that strong private the assets markets, presence build to in assets. our with strategies increase. create presence, demand

emerge year. fund of we're to client demand. planned We've three begin billion and We private our flows insurance our in also our private markets with are And this first net executing flows with the in growth channel $X.X strategy alts, billion for markets ] the help launches seeing expansion international private news retail flows continues with new quarter. In strengthened meet distribution international further expertise us of to team $X.X quarter. with [

Turning work. outcomes communities the live to clients, drive vision Slide positive we continue colleagues our X. Voya's to and which and purpose and in for our

XX% less choose help expensive use a right customers, and their XX% personal and our to roll myVoyage savings benefits retirement options health likely out account, employees are while elect Customers and we funds in For their who to rates. option the savings health circumstances improve our to likely guidance a continue plan more meet more financial outcomes. savings to tool choose myVoyage to increasing save to their

X,XXX the Don continue now change achievement communities, our provide legislative who for a Don? Council from more finance separation our we Education, operational among area. With at results. step April, our financial recent Voya joint respect venture like to for final our advocacy greater advance to innovation Through a to working I'd with details and on will For Economic Voya collaboration work young our are among people. new in and and a our teams. With are In highlight literacy employees, for sponsoring creating positive performance in that involved almost a support opportunities partner, India. personal partnership those national that, we colleagues, powerful this completed challenge to we

Donald Templin

you, Thank Heather.

ago. $X.XX to turn share delivered with Now on the compared of We in operating results Slide adjusted a first quarter per earnings X. our let's $X.XX year

from sources benefit of were than offset quarter across health more discipline. revenues which normalize first businesses, levels. and favorable and lower strong underwriting as loss exceptionally income Our ratios the diverse all higher expense Fee revenue reflect results

return generating And capital we million. with of adjusted also XX% of the We return due record supported to consistent operating million our First $X.XX shareholders. for quarter capital benefit, on and several was tax track generation strong million target. capital $XXX robust including XXXX. in to to Net approximately items adjusted capital and the track capital of to of earnings our noncash Excess a remain remain track $XXX GAAP on net $XXX the $X.XX income EPS in to quarter impact shareholders. operating was exceeded a cash position of income $XX generate to excess deliver above quarter the million, generation

Turning Solutions to Wealth on XX. Slide

Full consistently outcomes We our continue participant deliver quarter, customers, net value to values. and with assets our for vision improve were our first and This $XX in and ability grow improvement supporting million base. our inflows quarter-over-quarter. is the Service consistent significant a to

the inflows for to $X XXXX. half second over momentum billion expect in year, the build of service resulting net in We of full

$XXX cash a following $X which variability in were inflows outflows net in activity million quarterly net net billion. recordkeeping, plan quarter, the in flows. drive In Larger can year over were

year full $X inflows. is billion Our record-keeping in outlook net over

offset in in fee-based lower Moving XX% expenses to a balanced Higher Solutions X% increase quarter, year-over-year. business with million administrative first over investment focus resulted discipline, than investing more prior or spread-based revenues and $XXX and Wealth on our income Slide lower $XX the continued quarter. million XX. year adjusted generated the than more expense than the alternative in of earnings revenues operating

higher expect than we notables be to ex XXXX. net to full ahead, XXXX Looking X% revenues in X% year

interest While on and we enhance portfolio balances. took improved quarter yields, cash actions in income first to the

as expect spread introduced also lower. spread-based general we stable over and And assets inflows $XXX products income be to expected between increase we products Second value continue into quarter time. $XXX account to is will that trend new money million million the and

on XX Slide to Turning Health Solutions.

the season We well expand within record utilization driven our retention fees Growth workplace. sales across grow into drive Annualized first of and premiums the favorable our billion, greater target. above and grew solutions continued our adoption all quarter was a core lines. in-force $X.X to to business, product and adjacent markets in and XX% by

our XX%. largely was updated loss, results new by completion, experience XX% our total distribution to well In range. capabilities to for high XXXX the where market. reflect end was as driven our target is block, loss and of first to at enhanced XX% which nearing growth stop In expected loss, the ratio aggregate loss ratio finish is stop Premium improved down plans as our we quote quarter,

Looking will our loss on the to range. results XX% the of and ratio the metrics our premium it's growth to pricing suggested XXXX forward, finish aggregate from in-force prudent end high year we strong expect XX% updated block related to

operating and into be target Moving million ex XX. of of The adjusted on levels trailing was adjusted historically from revenue normalizing XXXX. reflects ratios lower expect Health at the fee-based basis loss retention to by we to growth favorable Solutions XX% $XX margin it to favorable XX-month end full strong year. XX% range Net XX.X% earnings the diversification offset revenue. sales, strong Slide reflects book for in a notables the growth year-over-year and operating

management. discipline and influences expenses, continued both as include our year This investing of examples on expectations in importance and investing increasing often to full as Growth in life capability reflects employers to well underwriting lead disability supplemental, is products. bundle while This growth. decisions managing

we support Additionally, key capabilities and within in Benefits to to continuing growth Administration enhance are beyond. XXXX

Moving XX. on to Investment Management Slide

of as type, an multiple we manager business investment results behind diversity and with global pads international client our us, client diversified transition solutions are now provides the scale across grow. The management's investment the seeing and class a With of asset region emerging. reach of enhanced investment to platform

million We support and as positions management net insurance will Our which income institutional of asset and quarter. $XXX leading positive asset in the generated first growth. serve inflows third-party advantages, fixed in competitive client continued

First and flows approximately demand intermediary core of income. our billion income quarter generated fund, in private channels, and and growth international reflecting solutions, for $X equity included U.S. retail fixed

sentiment equities offset our to demand the across year by performance, Overall, flows in CLOs solutions. we thematic by for for In channel. the and increasing industry build Asia positive softer income in strengthening Pacific investment the fundamental Institutional, headwinds fixed and partly demand driven expect insurance net strong region were insurance and for the improving demand and throughout momentum in core domestic U.S. retail channels dollar-denominated client

reflects first adjusted Management Investment net Higher quarter, million net of and in intermediary improvement of the AllianzGI's XX. to insurance Slide sales net Adjusted markets to and interest. and higher expense year-over-year significant favorable operating discipline $XX noncontrolling equity of year. actions continued the from in improved revenue XX.X%. earnings delivered ex strong notables in this reflects and benefits revenue result markets. operating XXXX margin meaningfully The Turning

X% in a growth. by early we momentum year, to support organic encouraged inflows pipeline growth will continued and return our the are and diverse the We expect

to Turning XX. Slide

us strong capital peers. from differentiates generation Our

continue excess for still and build over record generated we growth. first We $XXX earnings, of generating of million the $XXX on quarter, capital approximately In of XX% repurchases. above capital $XXX grow to line in to our via with excess million while investing we track million on remain of including to expect longer million capital generation growth. and share business in excess track will We term, $XXX XXXX generate capital shareholders, over returned excess

to XX. Turning Slide

our meeting financial for and We XXXX. strategy on targets are focused executing our

excess We generate continue diverse XX%-plus to line conversion, capital-light free capital supported by our cash and our with in businesses.

expect return and shareholders $XXX repurchases of to the over million in We to form share dividends.

adjusted the put EPS to call the through questions. $X.XX And flows improvement us we momentum back our balance quarter the can operating meet on the the earnings First full I so that year. With expect operator to in track target your $X.XX. will of first net turn quarter year significant we of supports that, to the take

Operator

Our is Mike with first [Operator Ward Instructions] question Citigroup. from

Michael Ward

I maybe sales up the very you just saw excluding it a comment think strong was just we wondering, that It if was growth could -- seemed I in Benefitfocus? XX% like really Health? on

Rob Grubka

sure, Mike. Yes,

like year, as I'd year last had light. little clearly comparable bit were really say we we then the start. to And So you a felt to strong we do a

it's to our standpoint products. percentage team the a does the nonetheless. across work from So think look, really impressive, the execution all I But an year-over-year of testament

build. I the think as we would and distribution mix, into think continued only Benefitfocus also depth the about has better. to that's breadth I just gotten bringing say

bring workplace, Our think relevance has increased. the I workplace. the doing to only touches distribution across with has to everything increased partners we're credibility our at The and only relevance ability

to make we sure think look year, a feel about we as we'll obviously, in step forward. But as go, we of we, want back We're take about we think was opportunity in different a and you disciplined growth I'm the to a to but problems that anybody as do and a talk you sure it we good is started we'll unique as more how be moving advantage position way. about to continue solve good what the really disciplined

Heather Lavallee

Two key just And point the very sales, is is can down that Stop market. on Mike, a if I and finer growth. there Heather, had expanded Loss this strong build points we

our learning Stop quoting and And capabilities. to machine to very some we that to so we've saw AI leverage also And contributing the things to Loss able favorable be expand done sales.

able Historically, has that sales. bid this X X in [ and about percentage capability, to be we on XX% typically would allowed the have came to to business us of larger contributed new it's through decline of which the ] a -- opportunities, favorable to

Michael Ward

And but I then maybe indication in I XQ to and don't retail, that to guess more Curious you're the solid. outlook towards of fairly be the bolstering maybe investment work be date, know, players excess some flows on inflows? cash to, the for institutional any some seeing looking for maybe that if outlook could put might management,

Michael Katz

talked are Mike, market by strong volatility, at point how volatility the of That's The thanks we've environment an a seen narrative are markets likely that as and for the growth bit. inflection the where in quarter. And is an with rate, question. persistent the point we to higher market the environment internationally the growth. environment, and a Fed already inflection has about even that just let the act. as Certainly the in lower domestically, categorize We rate institutions seeing opposed to encouraged referenced, inflows around the killed lower you me last retail turn and more inflows. end first year,

our So quarter, say, performance, billion-plus continues last in when look investment which which referenced and pipeline. at look $XX we still strong that place be to at we again, we pipeline,

XQ quite in confidence that that the as growth builds X-plus are rate And We second we achieving and move visibility confident used word organic the your improve. quarter, activity build we've into percent a growth past we institutional X-plus around percent. seen, And the rate. have on into

Heather Lavallee

you both for we in that outlook. to have quarter is in do point that within management behind look confidence work about year at Eric Matt's is two we is secondly asset very and XQ, the client me very transition for delivered the into the we really strong do, And recognize we feel the We to a with comment visibility results transition strong and the if and emphasize Maybe still speaks that leadership during builds did to the full successful year good that us. have [indiscernible]. but we Matt

Operator

is Our KBW. from with Ryan next Krueger question

Ryan Krueger

sales, concerned that I are have on to your first, a And what Loss can higher extent a detail Stop the very provide had XXXX follow-up driving guess, on think the I Loss you Loss. then claims? in Stop medical pricing? the follow-up you what some underestimated is additional as strong may to trend Stop just you you

Rob Grubka

saw Yes, the of of a really one. I'll start loss driving with was the cohort first the the From there complete nature XQ perspective, what 'XX more we ratio business.

As last results well incredibly about what that and the was it year showing year impacted talking and in good about of sort And showing we then. recall, in business. started year of block we XXXX the year, continued the focused the of and second ran quarter you'll were then cohort start on during the

at low running to block, and ran me XX%. is say 'XX Easy here The for

'XX So we're up impacted range. that the and finishing the higher ending is that block the as end we how of quarter, look and at how at the

the to help said And see at comments, question, modeling in put your underwriting so end the range. gap. quarter-to-quarter bridge and give best of how to we view in second connect prudent part we to to this Don you which and the considerations out to be his that We'll obviously the margin, -- feel it's continue in of the and guide the that plays higher

of much where loss where a But two business you ratio aligned you tighter expectation that were perspective. year we as got at today about think we're are a ago, versus cohorts from

more got just get fourth and started reserving. quarter, getting versus at Now third you've into to look much as obviously, again, we're experience we 'XX,

dynamic And so the half credibility of reserving versus that plays the year. the out builds at that how back of

rates on as to pricing better little at years, around things bit the consistent prior before that we win few targets. the the step rates that activity back, new drove, was last do than we then But a set business that. consistent years were but the with we like guidance renewal And year, renewal lapse the the

and pause I'll that, see. with So

Heather Lavallee

Yes.

build and track this also the materials, managing the period the business, effectively we have just we while record strong plan 'XX loss business to the And term. long of very saw over that one there have thing I how going this that disciplined a a approach we highlighting in to you over a think as emphasize the is to the price long Rob time, continue was examples I and would growing to book ratios in do forward. of we

Ryan Krueger

type actions you And take same Are so, the withdrawals. retain any assets are wealth. those then somewhat seeing it trying to participant to if Shifting elevated within of to of on more trends still you're Voya? there

Rob Grubka

sure. Yes,

incorporated. guidance of the a year, account you at about that. the of I how to meaningful come our from last the perspective flow that's play from really on this area think, of to to guided income, And perspective or impact then you we and spread views have you start general year, behavior participant both when that we're So seen giving think there, it, end the guiding we consistent things the most for also light look that's the a how piece net outcomes and most at of out

introductions. think we As again, to we're talked about trying do, last about what new we quarter, product

the they're build a obviously, or time general value account choices over introductions consumer decision we the decisions. and and taking, that are and both So complex as help are time when are going about happening. those to stable product in point making Those actions a will be and happening think it's

Voya who to on Heather We talk turn about they're potentially forward. doing And and guidance provide be we're what to to with, there and depending bit thinking little here working to moving how retail education I'll we're over the about that a within again, want and team. advice it thoughtful

Heather Lavallee

Yes.

Let deliver inside of and we've breadth wealth And of solutions education we're is a our and on participant business a and to real today, them a that take view of got do me We going retail both advice needs, holistic we've just add wealth. the ways got plan. we've out participants. got plan serve of for strong that in point that is management to a combination

one you in are We our when this the -- areas about investments of hear talk Don growth. is

back and and plan, out We are serve continuing help to our retirement. through customers' invest to to in links capabilities clients to our our of really it purpose needs to

one updates say to I we well. continue this in how We'll expand is stay on our So support would tuned. are of as capabilities to capabilities continuing well within strong in-plan provide our on out-of-plan

Operator

Research. next Autonomous is from Our question with Carmichael Wes

Wesley Carmichael

I Loss. on one had another just Stop

I just accretive smaller you to you go a margin kind that curious I'm market business relative that, of of some being it to loss Or is mentioned those you ratio? think down the able think employers. kind to lower price similar is basis, on to and of do a price kind if [indiscernible]?

Rob Grubka

them about a to is expand space. an important this as deliberate think similar. think the about perspective to day, continue we've from opportunity At the capability got experience I just underwriting being do just things some standpoint, that in we from the of No, We end talent an did foundation.

into get deductible lower You levels.

But wanted of a to claims of into play. make get different you right so drivers in had people And the we claim sure we and set severity.

that's to in of and start as to more sales years, of starting XX% story, what not continue a be of think the to material would from our a is in would time. build piece as that Loss We Stop historically and will that margin of capability think coming X the come anything be the material sales about that roughly than so I for X really the really we're see a going to to different experienced. over we've build think And it of way drive something over to I this which overall But benefits expansion.

Wesley Carmichael

pipeline I billion Investment do kind think back that kind XXXX, highlighted just And thinking or do your I could half some on think of even towards funding to and curious Matt. that, $XX you pointed quarter later? hear comments, of out heard to last pipeline, to But in think the moves you in I you about of move cuts of if Fed Management, perspective the then place Just remains your the that there. 'XX

Matthew Toms

Yes. Thanks, Wes.

seeing is institutional on or stability may and the that we're the already market On asset And it still while of disappoint retail the The relative That side, builds movement confidence stability is a base, period, over the for We've the Fed horizon. of both institutional short-term an the more a thing. important again, if internationally. domestically the build. base. within seen staying extended lowering volatility

preeminent And seeing really created this a we've on that ours articles insurance fixed year that paused side, side, year, the of income. allocations industry headwind pension there's is and seen that has around space, last business of lot into the the insurance where a increased through we're expand which a accelerated to

seeing for We That's engagement products, see point increase next inflection client are performance. there. the our got Again, a business. strong we've in us really strong to

strong. second improve. But distribution the starting breadth that for is really They're And and to again, quarter as products the of we all back, step it's again, channels. outlook

As election, we an from hard to the a look second activity forecast, to to undertake. there's has half, Fed know the

a harmful really declining. the volatility, today. point, high stability would level announcements that's have is highlight just and not at to rates want I We activity. It's of But to been client

Operator

is with Evercore from Our next ISI. Gallagher question Tom

Thomas Gallagher

you're heading First And question, it your for 'XX. over renewal what line? where Or into was to and close are for pricing about with we're you renewal getting a plans? Loss. Rob, above normally entering assume Stop this past season do I what rate thinking get? year. Did did just in what you medical into just this on business year that you get follow-up in and pricing

you current to usual? more push Just would your through than experience, rate expect given

Rob Grubka

Yes.

That's target that was retention completed was Look, the And in that's expectations. we So part also question. bring thing year, XX% renewal other in think the as And it. set of right clarity we're key I to is we it a of the book cycle, the -- just line more than I'd of our with much of add roughly. piece losing line normal the to the sort the with very usual is benchmark. that in

You little renewal expect. would -- it. always tension as to bit vacillate process, a around there's so But the you

say played have expected. factors would played I to those and So two would relatively we out in close what

think will about perspective so tell inflationary future, as trends, every the getting I is I'm you with traditional we you, year, we It's it business it. even medical more that in sort think about Now should of The trend rate. about thinking take leverage a risk being higher than trend.

so sort with the standpoint, bring alignment we into every that process it, making there's we And sure. alluded for have through to on we'll screw turn quarter as a rigor the the I disciplined go go clarity execution team Heather and year, half on the always element that's be sure from turn, and through of the same we'll that

done You of a can it lot it grow. a is time expect process. over We've that. market of a team But period I and continues wouldn't as also the that the confidence long think shifts. about to in have and This dramatic

Heather Lavallee

do bit is this And but you to Tom, there's be product. that know I And this go maybe, looking year just claims much why product first, is the build we Rob's so can built-in period. a on at which like We're the protections me when in volatile, look back pricing, know is, little setting know, a comment not this one experience, just we're for clarification, Tom prior over X-year we we back.

against the going really annually fact it, diversification. forward. reinsurance the value, has term, that really expect we demonstrated large that think contribution that fact opportunities ability over to I we continue to Stop we The to long reprice to And the and shareholder claims have and strong Loss creates growth use nice protect

Thomas Gallagher

follow-up do think that of just the guess, us map used. the and help the billion think know, number you you've and I -- the should how the I $XX out on and into can the service deposits My for how and sort translating keeping full in if $XX of then recordkeeping guidance, But how pipeline. and split we you've should flow into sort -- is billion that full nets $XX you I the, between out. billion persistency wealth $X into billion and $X about is don't pipeline that about we record all of how the think billion service that how your overall

Rob Grubka

but From that about question, also Tom. it's clear. the quarter. for I'll hopefully a crystal make keeping. Yes. maybe we've just million things the first flow great talked We for implemented, service, perspective, billion record to sure of try $X part in $X some again $XX No, billion reiterate obviously, full

So impact and ending in for net result of you just of see sort the the that point quarter. the

spread story think we you've guide like. will got and forward, so general the around in service the we account, As tried on the of guidance more like parts, look think obviously about piece also the what we've particular, pieces activity full to moving next is provide which feel a quarter and given I we've

we've the that. business much fundamentals to activity, So as I on I visible possibly about make can. tried new high level But think of good we as feel

of really from flow year. emerge second that know, the As quarter-to-quarter larger and the get of you net we foreshadowed in little bit, guide where but full about, market, swinging Don's is we again, for end things the year as the good in the you'll half feel see comments, a the really you

Heather Lavallee

the well you really beyond And story organic is I flow keep about when growth mind, think story. strong would in the

in this participant saw gave quarter, you You growth. the we

macro it organically, goes very long also We've asset the We've business. done to a participants. to period to of it we've different So over plan growth. environments of back continued diversification and revenue driven navigate counts, we've driven We've all really this time. drive been able

this business cash to $XXX million we the expect year. contribution from of flow And that free in finally, capital as significant is the generate towards

Operator

with next James. is Wilma Raymond from Our question Burdis

Wilma Jackson Burdis

of refinancing discuss you would about $XXX how could been upcoming please impacts can us Most versus in February just you help have the one one. potential Could maturity think you questions XXXX. million debt excess this. you of We have understand my But which the but walk down. quick address of answered, $XXX million capital, paying financial

Donald Templin

Sure, Wilma.

$XXX rightly the As XXXX. you of early maturing debt approximately noted, in have part of have we million

evaluating situation. how we'll flexibility but manage handle guess that that I We up, have offer are currently we to considerable maturity, optionality might and I

balance positioned. Our well is sheet

leverage Our XX%. ratio XX% as is to know, is XX%. our you And target

as noted, range. are generating of comfortably and also we're million have So excess capital in $XXX we consistently And capital. that you

yet forward, So on a not of going think decision move I how a good have we're made to flexibility we lot there. we've but

communicate that to expect coming in able I that time. good But get isn't would next strength forced choose will that a certainty us that make to that to feel have we we the think and around of that around We the it sit we position and from be more a pathway. debt quarters to decision now. plan at that right you on

Wilma Jackson Burdis

Just a repurchases Would no? on if table be share pausing I or the follow-up, can. quick

Donald Templin

returning committed to $XXX of to million We've this year capital shareholders.

my steadfast. And in is commitment view, so that

Operator

Our is Suneet from with next Kamath question Jefferies.

Suneet Kamath

talked was some think I quarter additional of pretty discipline expenses you about had solutions. fourth quarter on visible. wealth the it call, expense the like this in looked And kind

of savings front to and those able were elsewhere? are Or So it cost still make in just investments offset those you with of investments us? sort

Heather Lavallee

question. It's the thanks Heather, that. Suneet, for I'll Yes, take

couple of So things. a

do workplace. That achieve was I able teams business. The across about terms long saves. in disciplined able quarter a to expenses the about some the being of across combining to took some while allowing you think the in As we've is that we got to expense track expense know, businesses, being us those in meaningful acquisitions is way of invest things and record would our Rob still

I meaningful. for to We Voya continue something expenses, turn on strong is this to we're Don advantage our broadly is to to is across businesses, quite the color add some muscle from India -- that us But to it time. but which additional and something to more take may continue lean into we a of going time

Donald Templin

Yes.

the As is this of optimizing We lean categories our say but out XXXX. in mentioned, did Heather expenses few disciplined keep a doesn't that I business that. I and strong model. thoughtful to the significant expenses taking expense One trying would us. that have a in very in, put muscle is we from for us track and operating sort the reduce be record a around of would reductions of continuously maybe. And

for us significant think divestitures years. we several over model, last operating So the we our it's some to look had at appropriate have

are to focused have business been that systems And the that it's in is repositioned office appropriate. back support and making the the place new so we on as we very sure

The second expense area around where we've been very driving focused is synergies.

both So there. teams we and in actions expenses past leveraging the that in obviously Health in driving value. the We're transaction drive real the to had and Benefitfocus are we've and the meaningful transaction reductions taken incremental IM in AllianzGI

Voya India, that, ownership India, the real benefits full mentioned seeing took So of we're of we and Heather that.

in maybe finally, benefiting reflected reduction of mention I'd then we footprint, real then that in And that's us and and have the been also optimization our ongoing estate expenses.

Heather Lavallee

did And to as the make I didn't Suneet, answer we upfront question appropriate just investments is close your expected.

Suneet Kamath

the XXX(k) we some terms money and participant of quarters. for color And the past that? then business are and just in difference I side, the get plan retirement tax-exempt going meaningful guess can been these of trends you is just like as talking age the kind well the the And If are there? between on that previously on it moving now It couple Are at elsewhere. withdrawal business? then wealth that that in these as the unpack there on withdrawals about kept we've XXX(k) of folks any what's seems participant

Rob Grubka

Yes, Suneet.

about been a we've number yes, for So quarters of talking now. it

to that as first manner out quarter. We that will probably guided continue consistent would to in the we've year full play expectation on a

it and do obviously, as best the back can So we've can, step do [indiscernible] peeling we we you well. and been

is What about think individuals these cohorts. different for you What is age the on? situation going

is who's talking about through still money thing You advisers decisions you in are service? the things look, -- are are the about separated there activity also And have the on going obviously, about I influence and just behind? that look think and driving They've main across that left providers the getting think from talked of flows, on annuity we've the is those apparent. as industry historically

of insurance is that have That's a that just product the rate to story banking outside products. have piece fixed they of didn't people and used options

there's want a more your to and alluded there some this want you to of and about older, Heather think how it. The conservatively money I I you demand. where get element And little obviously, think you you already. as allocate an was thing bit pent-up

evolve sponsors, the how plan to our versus on for is I but education also product the partner to think lean continue distribution the set there's only us and continue that support retail control the have this think and not we're an continue But to and work around better in capabilities solutions advice partners. to area we and we to we to going those where with want opportunity we own story. decisions to

a As that we you can and it's continue complex can we better work involved players to of think point, a with. imagine, lot there's decision

Heather Lavallee

elevated point when I just equity surrenders account the reminder deposits can't within tend offset And grown and would because to just that that we necessarily just contributions higher the markets, participant their see in a just have the come that. see just you ongoing recurring values to quarter,

vendors on there certainly that of ]. participants in impact was So the some quarter [ first

Operator

question next Our Wells is Fargo. with ] from Nick [

Unknown Analyst

had Elyse. are Most answered, for follow-up back a our to questions just On going but Loss. Stop of

just guys coming of of think Is Or that there sales or for that is that percent new the that you target said as of kind book? forward of dynamic? going kind lower are overall I market. from an a XX%

Rob Grubka

I I I a Look, state the would current say would a then No. bet at of in questions, a about just earlier about business margin not. be think expectation? growing continue But one think It's part. would different it bringing to back have again, meaningful we'll it's and that state. to more

or that's this a think concerned but I it within about variable stage, from Stop that at state. about dynamic you to you need current changing Loss, the modeling, about So be a as worried think isn't --

Unknown Analyst

XQ, on there, guys just sensor you a seemed quarter? alts, guess for I than And like expectation this better a as follow-up it any peers some bit is held little up

Matthew Toms

quarter, the in confidence X% this makeup this for quarter, materials provide is our take We Nick, average did the range I'll in the long-term Close to alternatives year. portfolio. stated Matt. in the the we the first of that. Yes, around additional information

and is the portfolio, heavy towards up see by than that the we've referenced in the we better we the think dispersion within held -- skew a it correct driven you'll I'd higher of quality is You industry materials, what private a view the equity. say bit

at think diverse, forward second reasonably Always And to of while above that close real entire that X% we to a that's provided X% exactly into X% we that encouraging think the But will us. valuations in. on QX. as historically where estate number for different the there's of look hard alt's to And than We book. quarter, low bit within commercial but number look returns come in a that, our It's year. tailwind, know is comfortable the we're peers. a

Operator

with next is Lee Capital from Our RBC Kenneth question Markets.

Kenneth Lee

picking management. this year, out whether nicely investment it one of last on shift? whether quarter. mix due they slight call last or there yields Just couple quarters particular were the anything Revenue pretty just Wondering to in to was up was decline a

Matthew Toms

Yes. Thanks, Ken.

recent stability as It's a on It we you look as There's industry trend. Let always mix different counter We've me a flows different out, in referred as at over forward. year our you increasing provide some quarters. seen time. to, as detail been that. really, projecting shift. more point yield the revenue We're is

number that insurance think growing. quarters. channels about if of Retail helped last the support the and has We we And think institutional over about

have that ultimately, change a moving is inflection in And the or do will improvement, You We around. can driving influence that some mentioned. the margin not view move point yield an as that revenue this as we forward.

the playing through the how on on overall business. base is top both and the happy that's expense line So

Kenneth Lee

just may. more, if And one I

In that the forward within we any help how to of terms of international kind size out quarter flows over perhaps from net And should terms Management, net about the the us in contribution trajectory the way inflows term? of the in contribution could any you the AGI distribution? near retail Investment think

Matthew Toms

to across a Yes. incoming The the different products. that. is component the No, growth provide to AGI and happy contributor balanced that. It's strong

small I breadth activity there the really think story of more engagement what seen client the the is majority that. we've broadly. and in But

So with growth particularly we're the Asian market. in and still income component, the happy

business, across domestic the mentioned cap income, Don multi-asset and core improved comments. seeing in we're income the better in haven't side. small our the on demand better performance engagement his really fixed model and seeing uptake there In strategies, we're fixed equity market, in Also in the that

historically the we're But domestic more more that So balance breadth again, more international, right when the and international was it now. together improve. seeing of than pairing

Operator

Heather Lavallee call session. question-and-answer would closing turn our the concludes remarks. for to I like any now This to conference back over

Heather Lavallee

targeted for the our in a summarize full targets To financial delivered results on track messages, you. to and our first key achieve on quarter year remain Thank few XXXX. we

strong expense prudent continuing robust workplace execution, management, capital forward focused on investment growth. you with strength while discipline to on our across solutions commercial and to updating we strategic remain remains in Our look pipelines progress. Thank you, and We invest and management.

Operator

conclude will This you. conference. Thank today's

time, You for you may and at disconnect your lines thank this your participation.

Voya Financial (VOYA) 1 May 242024 Q1 Earnings call transcript