Voya Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Voya Financial, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

Voya Financial, Inc. (VOYA-PB) filed a Annual Report (10-K) with the SEC on February 23, 2024. Voya Financial, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Life Insurance, SIC code 6311. Voya Financial, Inc. is incorporated in Delaware. The company's headquarters are located at 230 Park Avenue, New York, NY.

Why It Matters

For investors and stakeholders tracking Voya Financial, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Voya Financial's performance, financial health, and strategic direction for the past fiscal year. Investors and analysts can use this report to assess the company's financial stability, profitability, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: medium — Voya Financial, Inc. shows moderate risk based on this filing. The company operates in the Life Insurance sector, which is subject to regulatory changes and market fluctuations that could impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Voya Financial's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (As of date)
• 6311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Voya Financial, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• February 23, 2024 (date) — Filing date
• 230 Park Avenue, New York, NY (location) — Business address
• Life Insurance (industry) — Standard Industrial Classification
• DE (location) — State of incorporation

FAQ

Risk Factors

• Market Risks [high — market]: The company is exposed to various market risks, including interest rate fluctuations, equity market volatility, and credit risk, which could adversely affect its financial results.
• Regulatory Environment [medium — regulatory]: Changes in laws and regulations, particularly those affecting the insurance and financial services industries, could impact Voya Financial's operations and profitability.
• Operational Risks [medium — operational]: The company faces operational risks related to its information technology systems, data security, and the ability to attract and retain qualified personnel.

Industry Context

Voya Financial operates within the financial services sector, with a primary focus on retirement, investment management, and insurance solutions.

Regulatory Implications

The company is subject to extensive regulation by state insurance departments and federal agencies, impacting its product offerings, capital requirements, and business practices.

What Investors Should Do

1. Analyze Voya Financial's revenue streams and profitability drivers for FY2023.
2. Assess the company's balance sheet strength and capital adequacy ratios.
3. Evaluate the identified risk factors and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — n-Cumulative Preferred Stock, Series B, $0.01 par value Securities registered pursu
• $813.5 billion — , 2023, on a consolidated basis, we had $813.5 billion in total assets under management ("AUM"
• $6.6 billion — "AOCI") and noncontrolling interest, of $6.6 billion. For the year ended December 31, 2023
• $678 million — r ended December 31, 2023, we generated $678 million of Income (loss) from continuing operat
• $916 million — ing operations before income taxes, and $916 million of Adjusted operating earnings before i
• $9.3 billion — result, we have returned approximately $9.3 billion of capital to our shareholders since ou
• $595 million — s for a total purchase consideration of $595 million. Benefitfocus helps organizations simpl
• $544.3 billion — ipants. Wealth Solutions has a combined $544.3 billion of AUM and AUA as of December 31, 2023
• $73.3 billion — tail assets under advisement), of which $73.3 billion were in proprietary assets. Our Retir
• $632 million — erating earnings before income taxes of $632 million for the year ended December 31, 2023. O
• $185.4 billion — ion Core Products* Full Service Plans $185.4 billion** Small-Mid Corporate 401(k) Voya MAP S
• $298.1 billion — Voya Framework Recordkeeping Business $298.1 billion Mid-Large Corporate 401(k) *** Governm
• $40.1 billion — l Markets 409A **** Stable Value/Other $40.1 billion***** All Markets All tax codes Separate
• $5.6 billion — icipant services. We have approximately $5.6 billion of total assets and liabilities in non-

Filing Documents

• voya-20231231.htm (10-K) — 7661KB
• a2023q4voyaex1039separatio.htm (EX-10.39) — 41KB
• a2023q4voyaex191voyafinanc.htm (EX-19.1) — 188KB
• a2023q4voyaex211listofsubs.htm (EX-21.1) — 234KB
• a2023q4voyaex231eyconsent.htm (EX-23.1) — 10KB
• a2023q4voyaex311.htm (EX-31.1) — 12KB
• a2023q4voyaex312.htm (EX-31.2) — 12KB
• a2023q4voyaex321.htm (EX-32.1) — 5KB
• a2023q4voyaex322.htm (EX-32.2) — 5KB
• a2023q4voyaex97voyafinanci.htm (EX-97) — 65KB
• voya-20231231_g1.jpg (GRAPHIC) — 145KB
• voya-20231231_g2.jpg (GRAPHIC) — 176KB
• 0001535929-24-000035.txt (&nbsp;) — 37580KB
• voya-20231231.xsd (EX-101.SCH) — 162KB
• voya-20231231_cal.xml (EX-101.CAL) — 269KB
• voya-20231231_def.xml (EX-101.DEF) — 1278KB
• voya-20231231_lab.xml (EX-101.LAB) — 2184KB
• voya-20231231_pre.xml (EX-101.PRE) — 1663KB
• voya-20231231_htm.xml (XML) — 7906KB

Risk Factors

Item 1A. Risk Factors 25

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

Reserved

Item 6. Reserved 45

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 89

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 94

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 206

Controls and Procedures

Item 9A. Controls and Procedures 206

Other Information

Item 9B. Other Information 208 PART III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 208

Executive Compensation

Item 11. Executive Compensation 208

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 208

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 208

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 208 PART IV.

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 209 Exhibit Index 210

Signatures

Signatures 214 2 Table of Contents NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, our ability to manage such risks and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations, and (vii) other factors described in Part I, Item 1A. Risk Factors. The risks included here are not exhaustive. Current reports on Form

Business

Item 1. Business For the purposes of this discussion, the terms "Voya," "the Company," "we," "our," and "us" refer to Voya Financial, Inc. and its subsidiaries. We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through our retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products. We are also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in U.S. markets and a large and growing business managing retail and institutional equity, fixed income, and blended strategies for clients in Europe and Asia. Serving the needs of approximately 15.2 million workplace customers as of December 31, 2023, we are committed to responsible business practices centered on our culture of service to our customers, colleagues and communities. Our approximately 9,000 employees (as of December 31, 2023), throughout the U.S. and in our global services hub in India, are united by our Company's purpose: fighting together for everyone's opportunity for a better financial future. We offer our products and services through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists throughout the U.S., and also offer investment management services to international clients through our distribution partnership with Allianz Global Investors U.S. LLC ("AllianzGI"). We provide our workplace benefits and savings products to employers across every segment of the U.S. economy, in private, public, and tax-exempt markets, from small businesses with fewer than 50 employees to the largest corporations and public-sector employers in the country. Through our retirement platform and associated retail wealth capabilities, we reach approximately sev

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View this 10-K filing on SEC EDGAR