Voya Financial announces first-quarter 2024 results

NEW YORK–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today its first-quarter 2024 financial results:

First-quarter 2024 net income available to common shareholders of $234 million, or $2.24 per diluted share, and after-tax adjusted operating earnings¹ of $185 million, or $1.77 per diluted share.

Results reflect strong fee-based revenue growth across all businesses and continued expense management.

Continued strength in excess capital generation and focus on returning capital to shareholders:
- Generated and returned approximately $0.2 billion of capital in first-quarter 2024, including $172 million in share repurchases and $41 million in common stock dividends.
- Board of directors authorizes repurchase of an additional $500 million of common stock.

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“In the first quarter of 2024, adjusted operating EPS grew 23% compared with the prior-year period, reflecting the strength of our diversified revenues and expense discipline,” said Heather Lavallee, chief executive officer, Voya Financial. “We executed on our strategic priorities, delivered record sales in Health Solutions, drove sequential improvement in Wealth Solutions full-service net flows and returned Investment Management to positive flows. Diligent expense management reduced our administrative expenses compared with the prior-year period, while we continued to invest in the future growth of our businesses. Our high free-cash flow businesses generated approximately $200 million of excess capital in the quarter, and we returned more than that amount to our shareholders in the form of dividends and share repurchases.