Exhibit 99.1

 

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Voya Financial Announces Fourth-Quarter and Full-Year 2017 Results

Board of Directors Authorizes an Additional $500 Million of Share Repurchases

NEW YORK, Feb. 13, 2018 – Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the fourth-quarter and full-year 2017.

On Dec. 21, 2017, Voya Financial announced that it had entered into an agreement whereby it will divest substantially all of its Closed Block Variable Annuity (CBVA) segment and its Annuities business. As a result, the assets and liabilities related to the businesses to be sold have been classified as held for sale and the related results of operations have been classified as discontinued operations. Certain variable and fixed annuity products that will be retained by Voya following the completion of the transaction — as well as stranded costs that were previously allocated to the business held for sale — are currently recorded in Corporate. All prior periods have been revised to reflect these changes.

For the fourth quarter of 2017, Voya Financial reported:

 

   

4Q 2017 net loss available to common shareholders of $17.64 per diluted share1, which reflects:

 

   

A $14.58 per diluted share, after-tax, loss from discontinued operations, which includes a $13.44 per diluted share write down of assets of businesses held for sale to fair value less costs to sell; and

 

   

A $3.06 per diluted share, after-tax, loss from continuing operations, excluding non-controlling interest—included in this loss is an estimated one-time $3.78 per diluted share loss related to the reduction in the carrying value of deferred tax assets due to the lower corporate tax rate established by the Tax Cuts and Jobs Act. The reduction in Voya’s deferred tax assets reflected in continuing operations includes the impact of the tax rate change on all of the company’s businesses (continuing and discontinued) and a reduction in deferred tax liabilities previously reported within accumulated other comprehensive income.

 

   

4Q 2017 adjusted operating earnings2 of $0.87 per diluted share, after-tax, which includes $0.06 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income, in aggregate, above the company’s long-term expectations. Adjusted operating earnings excludes the results of the Annuities segment that is being divested.

 

 

1  For the three months ended December 31, 2017 and 2016, weighted-average fully diluted common shares outstanding were 179.4 million and 194.6 million, respectively. For periods in which there is a net loss available to common shareholders, the adjusted 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 adjusted operating earnings per share calculation. The number of weighted-average diluted shares used to calculate adjusted operating earnings per diluted share for the three months ended December 31, 2017 and 2016 were 182.9 million and 197.1 million, respectively.
2  Adjusted operating earnings is a non-GAAP financial measure. 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 Voya’s Quarterly Investor Supplement.

 

1


The following information was filed by Voya Financial, Inc. (VOYA) on Tuesday, February 13, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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