Exhibit 99.1

 

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Voya Financial Announces Third-Quarter 2017 Results

Board of Directors Authorizes an Additional $800 Million of Share Repurchases

NEW YORK, Oct. 31, 2017 – Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the third quarter of 2017.

 

   

3Q 2017 net income available to common shareholders of $0.81 per diluted share1, which reflects:

 

   

A gain of $0.51 per diluted share, after-tax2, in the Closed Block Variable Annuity (CBVA) segment due to changes in the fair value of guaranteed benefit derivatives related to nonperformance risk (which the company considers a non-economic factor) and the annual review of actuarial assumptions and models for the segment. The CBVA segment, which is in run-off and not included in operating earnings, is supported by a hedge program that is primarily designed to mitigate the impacts of market movements on regulatory and rating agency capital resources, creating an accounting asymmetry with U.S. GAAP financial results.

 

   

A loss of $0.71 per diluted share, after-tax, (operating and non-operating, excluding CBVA) from the annual review of actuarial assumptions and models.

 

   

3Q 2017 operating earnings2,3 of $0.51 per diluted share, after-tax, which includes:

 

   

$0.65 per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking—changes in guaranteed minimum interest rate (GMIR) provisions for certain retirement plan contracts with fixed investment options and unlocking due to annual assumption updates in Individual Life were partially offset by favorable annual assumption updates in Retirement (excluding GMIR effects) and Annuities.

 

   

$0.03 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income, in aggregate, above the company’s long-term expectations.

 

   

3Q 2017 segment results include:

 

   

Retirement net inflows of $1.1 billion, reflecting growth in Corporate and Tax-Exempt markets;

 

   

Investment Management net inflows of $1.5 billion (excluding variable annuity outflows and sub-advisor replacements);

 

 

 

1  For the three months ended September 30, 2017 and 2016, weighted-average fully diluted common shares outstanding were 182.4 million and 199.6 million, respectively. For periods in which there is a net loss available to common shareholders, the operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the operating earnings per share calculation. The number of weighted-average diluted shares used to calculate operating earnings per diluted share for the three months ended September 30, 2016 was 201.5 million.
2  Voya Financial assumes a 32% tax rate on operating earnings and all components of operating earnings described as “after-tax.” A 35% tax rate is applied to all non-operating items, including CBVA results. The 32% tax rate for operating earnings and components reflects the estimated benefit of the dividend received deduction related to the company’s Retirement, Investment Management, Annuities, Individual Life and Employee Benefits segments.
3  Operating earnings and adjusted operating earnings are non-GAAP financial measures; information regarding the non-GAAP financial measures included in this press release, and reconciliations to the most comparable U.S. GAAP measures, are provided under the “Use of Non-GAAP Financial Measures” section of this release, and in the “Reconciliations” section of the Quarterly Investor Supplement.

 

1


The following information was filed by Voya Financial, Inc. (VOYA) on Tuesday, October 31, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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