Voya Financial, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Voya Financial, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

Voya Financial, Inc. (VOYA-PB) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Voya Financial, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Voya Financial, Inc. is incorporated in Delaware. The company's principal business address is 230 Park Avenue, New York, NY 10169.

Why It Matters

For investors and stakeholders tracking Voya Financial, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on Voya Financial's financial health and operational performance during the first quarter of 2024. The detailed financial information within the report is crucial for understanding the company's current standing and future prospects in the life insurance and financial services sector.

Risk Assessment

Risk Level: low — Voya Financial, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance trends.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-06 — Filing Date (Filed as of date)
• 123 — Public Document Count (Public Document Count)
• 2024-01-01 — Quarter Start Date (Fiscal Year Quarter Dates)

Key Players & Entities

• Voya Financial, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• 230 PARK AVENUE (address) — Business address street 1
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10169 (postal_code) — Business address zip
• 212-309-8200 (phone_number) — Business phone

FAQ

Industry Context

Voya Financial operates in the life insurance and financial services industry.

Regulatory Implications

The filing is a standard 10-Q report required by the SEC for publicly traded companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and disclosures.
2. Analyze segment performance and any changes in financial condition.
3. Compare Q1 2024 results with prior periods and analyst expectations.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, following the year-end 10-K filing.

Key Financial Figures

• $0.01 — n-Cumulative Preferred Stock, Series B, $0.01 par value Indicate by check mark whet

Filing Documents

• voya-20240331.htm (10-Q) — 4890KB
• exhibit101executiveofficer.htm (EX-10.1) — 78KB
• exhibit102awardagreement.htm (EX-10.2) — 75KB
• exhibit103chairmanawardagr.htm (EX-10.3) — 46KB
• a2024q1voyaex311.htm (EX-31.1) — 12KB
• a2024q1voyaex312.htm (EX-31.2) — 12KB
• a2024q1voyaex321.htm (EX-32.1) — 5KB
• a2024q1voyaex322.htm (EX-32.2) — 5KB
• voya-20240331_g1.jpg (GRAPHIC) — 145KB
• 0001535929-24-000050.txt (&nbsp;) — 24814KB
• voya-20240331.xsd (EX-101.SCH) — 109KB
• voya-20240331_cal.xml (EX-101.CAL) — 156KB
• voya-20240331_def.xml (EX-101.DEF) — 820KB
• voya-20240331_lab.xml (EX-101.LAB) — 1381KB
• voya-20240331_pre.xml (EX-101.PRE) — 1090KB
• voya-20240331_htm.xml (XML) — 5595KB

FINANCIAL INFORMATION (UNAUDITED) PAGE

PART I. FINANCIAL INFORMATION (UNAUDITED) PAGE

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Statements of Changes in Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements: 11 1. Business, Basis of Presentation and Significant Accounting Policies 11 2. Investments (excluding Consolidated Investment Entities) 13 3. Derivative Financial Instruments 23 4. Fair Value Measurements (excluding Consolidated Investment Entities) 27 5. Deferred Policy Acquisition Costs and Value of Business Acquired 35 6. Reserves for Future Policy Benefit and Contract Owner Account Balances 36 7. Reinsurance 39 8. Separate Accounts 41 9. Segments 42 10. Share-based Incentive Compensation Plans 45 11. Shareholders' Equity 47 12. Earnings per Common Share 48 13. Accumulated Other Comprehensive Income (Loss) 49 14. Revenue from Contracts with Customers 50 15. Income Taxes 51 16. Financing Agreements 52 17. Commitments and Contingencies 54 18. Consolidated and Nonconsolidated Investment Entities 56 19. Goodwill and Other Intangible Assets 61

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 63

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 92

Controls and Procedures

Item 4. Controls and Procedures 94

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 94

Risk Factors

Item 1A. Risk Factors 94

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 95

Other Information

Item 5. Other Information 95

Exhibits

Item 6. Exhibits 95 Exhibit Index 96 Signature 97 2 Table of Contents NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including "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. Factors that may cause actual results to differ from those in any forward-looking statement also include

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Voya Financial, Inc. Condensed Consolidated Balance Sheets March 31, 2024 (Unaudited) and December 31, 2023 (In millions, except share and per share data) March 31, 2024 December 31, 2023 Assets: Investments: Fixed maturities, available-for-sale, at fair value (amortized cost of $ 26,979 and $ 27,690 as of 2024 and 2023, respectively; net of allowance for credit losses of $ 22 and $ 17 as of 2024 and 2023, respectively) $ 24,561 $ 25,375 Fixed maturities, at fair value using the fair value option 1,913 2,076 Equity securities, at fair value 219 236 Short-term investments 176 213 Mortgage loans on real estate (net of allowance for credit losses of $ 26 as of 2024 and 2023) 5,092 5,192 Policy loans 349 352 Limited partnerships/corporations 1,708 1,621 Derivatives 378 311 Other investments 64 64 Securities pledged (amortized cost of $ 1,330 and $ 1,232 as of 2024 and 2023, respectively) 1,227 1,160 Total investments 35,687 36,600 Cash and cash equivalents 995 937 Short-term investments under securities loan agreements, including collateral delivered 1,014 1,015 Accrued investment income 421 411 Premium receivable and reinsurance recoverable (net of allowance for credit losses of $ 22 and $ 28 as of 2024 and 2023, respectively) 11,828 11,982 Deferred policy acquisition costs and Value of business acquired 2,222 2,250 Deferred income taxes 2,178 2,160 Goodwill 748 748 Other intangibles, net 861 857 Other assets (net of allowance for credit losses of $ 1 as of 2024 and 2023) 2,418 2,372 Assets related to consolidated investment entities ("CIEs"): Limited partnerships/corporations, at fair value 2,881 2,861 Cash and cash equivalents 181 181 Corporate loans, at fair value using the fair value option 1,500 1,404 Other assets 61 174 Assets held in separate accounts 98,636 93,133 Total assets $ 161,631 $ 157,085 The accompanying notes are an integral part of these Condensed Consolidated Financial

Business

Business Voya Financial, Inc. and its subsidiaries (collectively, the "Company") is a financial services organization that offers a broad range of retirement services, group insurance and supplemental health products, investment management services and mutual funds primarily in the United States. P roducts and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management . Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Condensed Consolidated Financial Statements. On January 24, 2023, the Company acquired all outstanding shares of Benefitfocus, Inc. ("Benefitfocus"), pursuant to an agreement and plan of merger (the "Merger Agreement") entered into on November 1, 2022. The acquisition expands the Company's capacity to meet the growing demand for comprehensive benefits and savings solutions and increases its ability to deliver innovative solutions for employers and health plans. The total purchase consideration for the acquisition was $ 595 , of which $ 583 was paid in cash ($ 558 paid by the Company and $ 25 of the cash acquired was used to fund the transaction). Net assets acquired as part of this transaction included cash of $ 49 , goodwill of $ 319 , intangible assets of $ 275 , deferred tax assets of $ 45 and assumed lease liabilities of $ 91 . Intangible assets primarily include customer relationships of $ 190 with a useful life of 15 years, and software of $ 70 with a useful life of 5 years. The revenues, expenses, assets and liabilities of the business acquired are reported in the Health Solutions segment. On August 1, 2023, the Company acquired all remaining equity interest in VFI SLK Global Services Private Limited previously held by SLK Software Private Limited ("SLK") and renamed the entity as Voya Global Services Private Limited ("

View Full Filing

View this 10-Q filing on SEC EDGAR