Voya Financial (VOYA) 31 Jul 242024 Q2 Earnings call transcript

Good morning. Welcome to Voya Financial's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the call over to Mike Katz, Executive Vice President of Finance. Please go ahead.

Thank you, and good morning. Second Earnings Financial's Call. Voya to Quarter Conference XXXX Welcome joined you morning. We of have us appreciate all who this

As a reminder, on our materials for today's at call investors.voya.com. website are available

Turning Slide to X.

forward-looking made measures supplement financial the found and available meaning law. website. call the in certain securities within during federal on reconciliations of refer to our comments may Some financial contain GAAP statements of our or non-GAAP release the are press

Templin, Chief me Chief on are Executive the After Officer; prepared Financial our our their take Don joining Officer. Now your will Heather and call we Lavallee, remarks, questions.

to we For turn the the let's Rob Heather. to Q&A heads also call session, Management; Workplace Matt Grubka, have to specifically, Slide our over Toms, and turn Investment of like businesses, X, that, the as Solutions. With invited would I

thank Good joining for us you morning, and today.

second reflect Our results in on sound full our strategic capital financial execution second targeted We in track quarter and success targets achieved and XXXX. remain our achieve the results management. our to for quarter year

We and for in Workplace commercial cash to and conversion are free strong Management. our Investment with excess momentum robust we demonstrate And high growth driving and in both capital Solutions flow in XXXX. generation our line targets strategy, executing continue

Turning to Slide X.

Health. operating in second Investment revenues in Management, We Our Wealth adjusted EPS ratios generated quarter and aggregate target offsetting $X.XX. was strong loss fee-based higher than

pricing more on discuss will target order in XXXX. we by our detail, and new return business are loss renewals adjusting in Don range As to addressing to actively ratios in

of revenue while and target This to business. track year have throughout we we on deliver to invest the our is the of continuing growth a drive have actions to EPS in year headwind, taken $X.XX ratios spend, loss strong the $X.XX. control to presented the result While full remain

distribution Management revenues Workplace Management net businesses our targets grown Investment with of Solutions reflect Wealth. in earnings our Investment and businesses are These this and and and to to and maintained past high And momentum robust Diversified which resiliency. across cash excess flow several dividend in demonstrate our their strong the profitable years. increase generate driving transformation growth further channels allowed us and margins, driving line our continue revenues higher has over markets quarter. breadth have the results a capital-light capacity to capital, and of We free commercial

and investments retirement Turning Workplace employees benefits, across savings, Solutions their X. to market-leading is benefits providing health and positioned presence and uniquely their solutions. to our Slide in With while business wealth help employers employee workplace comprehensive with optimize

paths retaining and scale business, and are codes workplace growth multiple strategy we our our landing breadth solutions engagement. Across deepening tax Solutions, distribution our landing of the across enables in by expanding markets, Workplace and and driven sizes. by solution new for and Our customers, employer set by by the

full grow momentum the to with rates. retirement, market and strengthening emerging the service continue presence in retention We a in in mid-market, continued high

positive We into throughout and second XXXX of half expect flows the full-service XXXX.

are customers and expanding reach through solutions our the provide. capabilities We with we

for channel expansion largest build now sales. to HSA opportunities through administration Benefits represent on customers continue Benefitfocus. We our

employers' differentiated space. in in maximize in of renewal recent We our solution a the to are to up with value investing needed needs our this cycle. And on are enhancements management this also enhance delivering lead for most points growing XX Voluntary, to service solution customer year-over-year for platform Life Promoter Scores Net set and we meet the Group

a account Management key platform. increased Our our Managed distribution Retail shown deepening grow engagement revenues growth the through XX% managed with of continues customers year-over-year, channel. and Wealth to Wealth up are and accounts Retail is Management in adoption as

our billion retail to advisers in field serving and has of presence, assets, the platform Voya phone-based our in further expand Advisor and $XXX and customers. investing with our out-of-plan professionals. team for wealth are needs our both our over plans with total in-plan We client

for position anchor, grounded X. strategies we Voya on across Management's delivering distributed exceptional are that continued focused globally retail institutional strong strategic Slide to solutions and investment diversified Investment Turning institutional in investment growth are income our With performance. and fixed us as markets.

Our driving XXXX net institutional half the supporting client for responding in driven are of our expectations, the the were organic our and inflows clients growth with outlook insurance demand, for greater X% flows for growth breadth by first strong relationships. year. Strong of

with distribution robust international we income of leadership, our refined new continues and franchise in and strategy, strengthen services growth to and the products While And our subadvisory investment a channel institutional, globally intermediary retail and support channels. distribution continue to flows. and scale intermediary

to continue focused solutions launch our adjacent to Voya private and in funds, and expand continued by also X alternative second of differentiated the plans XXXX on growth during private funds strategies growth. the Investment half of sustainable into including enters for We and second long-term XXXX. position half Management delivering execution

we Voya, for and purpose vision the outcomes and living to clients, and are positive drive Turning we colleagues in communities which our to X. our At live Slide work.

are are For education, savings influence financial about guidance having making example, we to comprehensive on their positive and benefits. the improving by decisions a and access our customers

that our provide we expanding country. With We that, support National Day with a set and celebrated performance of Service, details over our Voya employees And charitable emotional solutions organizations customers to of Don? well-being. are more mental events now on in in also diverse results. across the that benefited available of XXth participating Don and will caregiving, our health XX% May, annual the

Thank you, Heather.

our second with on We XX. year in a Now Slide let's turn ago. $X.XX earnings compared of operating to delivered $X.XX the adjusted share results quarter per

in Wealth results lower fee-based by Management, offset Investment Health. in higher underwriting margins and Our reflect

our this expect the said, ratios elevated XXXX year. actively That data to the range are higher ratios loss to target incorporating next in January we to loss We year. Health persist claims return into pricing

in actions, management spend, track operating diligence to on helping adjusted is remain XXXX. on $X.XX to focus on of us Our including achieve $X.XX EPS

our more and lower costs. million income $XXX integration of prior robust quarter, and full target. $XXX on the quarter And was XX% net million, we to favorable year. GAAP at due the the above gains track compared in consistent $XXX Excess capital with million quarter remains investment approximately to acquisition generation for remain in Second generate our $XXX million to generating track record year

XX. Wealth Turning Slide to on

value improve We for customers, growth driving and outcomes continue assets to deliver our in participants. both and

recordkeeping as X Our CAGR participant Service representing in growth outflows a count assets client XXXX. June Full X% contribution exceeds $XXX over respectively, million, have million $X XX. $XXX of quarter. to and and Defined were grown billion, net since second the billion

increasing net are improved. even retirement, each for While average positive a do counterintuitive flows have values of surrender the our account surrender improved by markets rates they a though participant net effect equity on have

by all We XX% the to sales continue of quarter year-over-year. mid-market retain Service where the Xx are in sales higher up, plans powered are and Full

the in Looking net the of forward, to strong we second Service continue build flows half Full and expect for a positive year. pipeline

markets to our favorable of the Moving and actions $XXX participants in equity X% consistent to year, generated revenues strong Slide fees This and reflect Wealth higher due Net XXXX. management Fee-based adjusted XX. meaningfully discipline. in and higher expense earnings operating by than in driven million markets. quarter. the growth strong strong revenues prior was second year-over-year, were

income environment helped the higher the current rates spread guidance offset lower have forward in For rate curve the our follow to assume actions income, margin we has to The prospectively. of spread-based effect drive provided spread assets.

outcome is net margin of discipline Our XX.X% adjusted revenue operating spend. on the an and of growth

The did second guidance quarter. contributes which some timing for next expense benefits quarter for the expenses, we include providing higher administrative to are

capabilities taken actions and be have to spend investing with the in still Retail while business to This and our includes disciplined Wealth continue growth. mid-market We our integrate further Management. for

Slide XX on to Turning Health.

XX% Our total is aggregate primarily the range. our within driven loss to quarter, loss for target range. above XX% the our Loss, focus to to ratios XX% which ratio loss was immediate targeted second by ratios return aggregate were Stop In XX% XX.X%, to

rate we in on modest. Voya the good achieved Loss. track about this Stop record on the non-January XXXX While impact a the will be year's business, strong feel results has increases

book an correct XXXX above also team that loss experienced were target. helped XXXX when We have ratios our the in

our confident XXXX. achieve ability target we ratios are result, loss a As to in in

can to for We continue of the robust market greater adoption Loss is and as growing a as a the find repriced natural companies to due and health it plans. be attractive inflation premium remains solutions. business care growth mid-market by has In-force tailwind growth medical voluntary fundamentals Stop employee supported is expanded the self-fund and their move of to in success capabilities, quoting annually,

exceptionally Moving results favorable million second ranges. when earnings to loss well to below in Slide were operating This target XX. Health XXXX, ratios in compares quarter. were $XX adjusted the

confident our restore ability Looking our our while Health ahead, continuing to with range XXXX, we target back ratios loss feel to grow profitably in business. to

global investment enabling a investment allowing with generated organic deliver expectation opportunities today net on $X.X transformation us positive fixed our retail channels, income to momentum and net strong new Management inflows meet for billion was growth Investment in core and X% strong of approximately to saw approximately private led business income. This track putting enhanced continued scale the income cash full solutions, for our $X into intermediary demand diversified to successful second demand In flows we institutional, U.S. platform positive by XX. the on solutions of billion. Moving for The $X fund to a quarter, growth positive We cash markets. in and return significant an in year. growth of Slide improvement retail, insurance is us fixed channel. In our results of including manager to both international the reflect core and billion in and net of equity flows

to next XXXX impact the general approximately were and current assets additional administration. September. expected lower flows will remaining transfers solutions. These legacy a guidance, months to the billion unchanged. These starting this remains be assets to reflected to transfer our our which reminder, connected the in in over $X in Venerable of under continue assets These assets of As runoff under annuity $XX fee have in generally on management billion complete divestiture no XX in an management index-oriented and is account

income and management asset in growth. and third-party positions and as will continued advantages, support institutional insurance leading asset client serve Our fixed competitive

to delivered interest. of earnings Turning Management in AllianzGI's noncontrolling Investment $XX the operating million net adjusted quarter, of XX. second Slide

quarter remain assets in was favorable equity to Second expanding of X% markets. on for discipline and XXXX. expense year-over-year, insurance margins basis under intermediary net XXX XX-month track investing growth full growth. We year achieve continued trailing higher operating least reflecting management revenues on basis, a and operating a in strong goal our XX% by points reflecting on Adjusted were at while basis margin

year. and We outlook growth are momentum, for organic for investment pipeline will strong X% commercial expect we the performance encouraged diverse our and by support our our

Turning to Slide XX.

generation us capital Our from differentiates strong peers.

million of capital We excess dividends. growth. of and track we record In generating continue of $XX to while earnings, quarter, $XXX of above including capital to of our for second build million repurchases investing XX% still share shareholders, returned the million $XXX on

As our Heather dividend by is of mentioned, record we driven to time. in Raising our also and our generation. XX.X%. is $X.XX business grow mix over increased by dividend track our It regularly step high or cash consistent another free quarterly dividend the confidence

our XX% ratio Our targeted sits XX% leverage of comfortably today. in to range

have debt to to in ahead, of subject Looking we $XXX maturing market which intend refinance, we conditions. million XXXX,

track confident keeping revenue address quarter. to lower-than-expected achieve profitability remain target business meet the in a growth expanded Wealth into to on we with Turning transformed us we In margins. diversified Investment strong clear In $X.XX. operating organic growth Slide global delivered the EPS adjusted plan performance. full have to $X.XX X% Management, second ability are our of year XX. our Health, Management asset to actions and a manager, and have in we underwriting to

questions. over Finally, in call return and the the operator of to track we generate million in are share on I shareholders $XXX excess we so to take XXXX. With turn can your the of that, repurchases that capital and form will dividends back to

Barnidge [Operator John with Sandler. Instructions] Our first question Piper is from

Can the about for lead the in opportunity was maybe investment out, set the that path talk to you Health management there? and called delivery

sure. Yes,

context market we've the we point partnership we've then lead employers. I'll a provide, it's seen, you experience to the had a approach solution pain what is learned real management where an is give So is just around that for area a and

when is think those of frequency sort So goes you both higher on activity of leave that frequency sure. versus about than short-term long-term for disability, the much of disability,

the and an clarity leaves, aligned like what handoffs with And so there's where, communication a manager, goes and it's be for HR standpoint, and communication of experience employer who out employee's to opportunity the needing an well. from stay team, and their things not to on communicated area lot

in completely a we a ever capability, And the building can the them important employer good experience our out what for our is way and embedded so ultimately that platforms, calling in have we're experience then throughout. in really deliver and ingrained a to our more be here employee and own such

a us, excited So teams market investment fewer decision wanted really think emerge for it. look important going opportunity and and HR long-term really the investment, at we're bundling about from We of that where really as certainly it's in and to a to we the and will providers. this more but solutions, to get is more smart one a

spectrum. Yes. build our only drive better serving on workplace we're their workplace And is outcomes that is best a critical part the helping ensure the would John, for then and that Rob's employers I employees have to this strategy the of comments to across really

when the running? think do would related what's be, this management be follow-up up and time for investment for and will it you frame My lead

things be Yes, to next we're then but following fully actually transition year. going year, to more the position a in

some throughout things other time coming does first months, technology that a We'll any just that does So then the but the invest it time in most continue refinement get out, XX always right have the plus there's we'll little we're implement technology and work experience. do and to we does. of doing we'll takes work It make. what investment and to like

question Wells with Elyse Fargo. Greenspan Our next is from

the the you and to the pointed comment and Wealth. In back flows prepared the Can just in third that My is quarter? transpire the remarks, year. you of fourth in just the first you on within expect flows to half how on pipeline would question your positive

Yes, sure.

talked as quarter, the on about the year. last second even all half focusing So we was about of it

to for want point just I of us. a So make that's sure consistency

start recordkeeping, we're line around obviously, big Service is long guidance implement us, coming or thing Full So We and for with what's for we $X deconvert recordkeeping. let the me billion talk And across about recordkeeping. the Full why actually the both, time see at in I'll here, is Service, but see lengthy. recordkeeping, $X reinforcing it. billion which But and to

knowing Service are but have up few activity And fruition, X%. in on perspective, that out and those than in going we those the so really the the material. and a on ins perspective a called both here, I outs, points to it obviously is Full out. And insight strong to more and come we things RFP had

moving certainly So the front is door well.

versus a emerging obviously, On it, more side market, of the it's fluid recordkeeping.

a So more. Services, out we out it little are that you that, can And up prior called being us. And known prior momentum, also Xx is tends But obviously, to see the ebb as and sales at XX%. I'd within flow which out government, what I'd Xx was coming bit year. that build what we call call Full broadly the And year. mid-market, around then

case what's So coming the in or being lapses in And about we've lapses really X%. we view in a into material front around got motion good door. and participant then talked the

point about know about move a in momentum the an participant then where we're we as So this think at finally, feel continued And really has year, we as the activity, been the talked lot. And level activity. forward. is about We've as case again, area good participants elevated. lapse we

to expect continue it We be.

So giving into that's guidance. and we're numbers built you the that the

So there. I'll pause

sales And the I the known point only Elyse, build that to about point all made just think across Rob markets. XX% I'd is up emphasize or on,

the that in and half market a guidance. second flow position continue we to have So leadership confidence in

of does the guidance, quarter, is of a X% imply right, question then slowdown second the we in for just second you the conservatism within guide? the in IM full And some in I year. flow year the to half target year my the flows the somewhat at expecting X% Are there? the within there's on look flows slowdown level the see net second Investment If Management of half. a that back want maybe

obviously very in billion the We're and billion the Elyse. Thanks, the for $X.X $X.X with year. happy quarter

private look flows diversity difficult The repeatable business. And for the and look institutional meaningful momentum There's and nearly also quarter U.S. on number retail very flows, on We mover. his then rest breadth the lastly, come still pleased to flows second of lumpy. also We in build But target where for in our in the longer both a of the we prepared we and mentioned that's the rate of to growth look. big the each, if really expect insurance are breadth multiple of X%, is a what across launches and by beyond is forecast. international for and those times, give prior a we're X% billion quarter-to-quarter $X want forward year, of the we remarks, As pension that forward, to are both around we've we look Don activities the sustainable that side. that, channels, that fund backward year Those pointed the trying the forward in that our growth the of confidence. billion out half those confidence the term. And mentioned both this some rate that have momentum and builds flow $X.X quarters. we're

I other the that and the team of pleased strength proud year. Matt and And I results delivered. the Really, the for really add, point with comment would investment full transformation would of the quarterly Matt's performance. is the on add just guide the have really

the really that giving solutions, it goes investment the us So breadth the really year outlook. to have in demand confidence and full the of we performance

next Tom Evercore is from ISI. Our question Gallagher with

on the Health questions business. few A

plus increases how plays are what interplay this would XXXX. how I 'XX When you line top that those planning expect we're do curious top one you to out Stop on and think Loss? XX% But going is, you between into to presume line? First of see variables. the to about kind renewals, what you about rate think see not when you

Tom. Yes, sure. Thanks,

-- Loss of higher end what that laid Stop to and the loss we of we're out, on is So guiding sort expect ratio we've to see.

going you question, is an take your to giving increase you and without just, pressure you imagine to from what into as a really very perspective. What to renewal rate. XXXX, transition we're targeting on, So and similar number, to get a going do in that's put overall we're I exact can go out XXXX the to back

business different. you of in growth the the reinforcing point flat was is we And XX% think I -- at basically been about well, obviously that environment, what of very X% growth saw what to this given in in started Stop But our Loss. time have so Overall, we've size overall.

it on will push than so that? we it the And as be same point, we expect less be Probably but rate, X. don't at to

But it. So we grow to plays as in where as that say. the we as rate. we imagine, the it a the And business, be, through the we out. how how it able quarter want go book obviously, to of you itself expect to we're back prioritize bit and come fourth getting dial little deliberately. to you and see that plays we'll going and completely get expect would and give to We'll think fourth more get about see We'll us as quarter in still be out third we third margin perspective

noticed growth margin growth? Net assuming think But Benefitfocus Rob. you little how is Appreciate Promoter mentioned that's Heather, But is Benefitfocus. revenue on down you a color, plus in maybe I'm Health playing comment business. and overall, I out, fee helpful margin just XX% Scores. in that into That's that the can I maybe is the And year-over-year. translating bit mainly on how it. My was follow-up

Benefitfocus, IRS service that the quick Care level. to Act So let done. start one and be Affordable a they with around the Within provide on reporting needs me there's fee

other let high quarter, And got so that normal the so into blip as around business. Heather and on wouldn't I in seasonality. And anything than Benefitfocus fees I'll maybe excitement level hit a that the read first just there's we've in

heard strategic Tom, particularly our of prepared it going the just HSA really But that for driver the is I'll really able my talking our remarks, years to participant ecosystem, It's to across gets driver capabilities you And be the build Yes, maybe now drive is us broader brings in about like we've but sub-Health the a in of X.X across broadly beyond Benefitfocus to of workplace. we're center on as health it's the all we Benefitfocus. good -- fee sales. solutions. a workplace the also in within been at significant engagement sales, revenues a more

So beyond the capabilities. up to fee show I the bigger years just really that go these in it's from within the back that capabilities in strategic emerge revenues Health, will coming

from is with question Bhullar next Our Jimmy JPMorgan.

a on Loss Because been I go that little have medical question Could I just now. the medical then a are cohorts driving of bad by on -- year and on the almost what more we've are about a Stop into bit Stop First, detail think talking performance? a that. you couple Loss. follow-ups actually year But for

sure. helpful. give then high you level certainly the Yes, me it's deeper can pull I'll where

So at changed then look XXXX. first the this as got or been was as into and we and what sort we we the finished, quarter of Jimmy, biggest expected has year driver again, had quarter, from talked about things in

So case. the that's still

you that always in up. for the XX% results month as XX% the about range, but firm think business. So can of line end of time at sort that finish really up seeing XX-ish-plus There's lower the and we're to it being

to and move expectations then how we as and performance you connect be heated we that given won't really that's that before levels 'XX set of up the we completion really use at our the close 'XX so the this we and business. the getting And end, renewal that deductible and a that the point in happen saw to was at what forward. And targets surprise

we've so given to very really of the where running the of best our in guess XX% our that this And early experience. you It's that's -- at that is then influences point. XX% 'XX 'XX the and that's view guide

of you're really has the emerged. XX% talking about experience So

to go. got you another XX% So

as show really So first have we it we'll learn some get quarter, then quarter. in more itself, we'll will completion into and more Fourth third quarter.

helpful about it. business, XX% of that the on think the we sort broadly about think But ratio being XX% I more and aggregate I XX% that's about about full again, of as to think of. talked the XX% pieces step underlying to we year, then hopefully, back loss the north So Health

view so would XX% our between And and about at is point. that this I XX% think best

-- up [ And you years, that repricing XX renew the and the then you're like XX% it in that ] that's assuming I still first is a assuming reasonable you given 'XX, price at normal margin, price will to margin a for and think, not like, with X/X. where be 'XX basis? reported happens almost business at margin normal, That assume what of your a to might the reported 'XX might year on be get

Yes. Jimmy. on the push appreciate No. that, I

and I think plans it into back loss the expectation to our ratio As range. about get is target would and

So absolutely as XX%, and the expectation. orders, the to is that the that we XX% think about marching goal

as to Now will the competitive. But see update quarters, to things we X XX%. ultimately with market, very the best to get going and how it's a to to main you it's continue can. We'll hard strive want to we walk point over XX% quarter play or we're the away out I next is

ratios and Yes. in loss rate also while year the And as in a track loss the within record X the a and of has managing the appendix range. came the a to actually track growth XX% have of we've more this to driving that get team business, able Rob Jimmy, his that about, the XX% ratio just being if I because managing record loss those of add provided can as build below. points, ratios increases we've team Many were elevated. years, And talked few

do will is why of folks has medical the terms I terms the trend on we year. But There's away and the trend the And we this and Don have earnings a do self-fund. to book, of execute for the able it more continue in so us, step confidence that our to ability why the really I headwinds, and And we point have that to protections have on of goes the reprice back natural it of take the for that and like broader continued be fact emphasized going to more to net are team incredible in Health book and we be secular business choosing reinsurance think to And expect we we the be call, on growth employers a this that business? to it it see also like on the increases. forward. positive to business

is Ryan question KBW. from next with Our Krueger

I had directly one XXXX Can tell just more Stop you on ratio to the development, just if Loss, us, Stop XXXX year-to-date? is maybe remove Loss you just what ask.

it at Well, in the ultimately that the XX% given given as that experience, look, looking just won't this to about think more should range we're at early really of you XX% point, 'XX, how we've I actual you, up. say nature that finished

actual the experience And just so lot that's the later in influencing year. develop what we see don't today. until see a you Again, higher of deductibles, as a reminder, the

you we've can it's So months, talk there. what be back about point. that's I X we'll seen at how But the and clearest more answer we'll obviously, give able be this and to evolved from in

Okay.

anything us some is sense that's on that? come for the rate pace $XX the how of you expected can over through like venerable And give [indiscernible] fee the what of on of kind leave, billion the that to will On next AUM year? the

for of our This passive of seen lower course, for Ryan, back business the products. quant largely related, and this time. divestiture XXXX the was Yes, fee equity annuity we've question. some coming thanks Venerable, in

last AUA, rate a over year XXXX. blend anticipate that, products. The The half of book, billion average the second this of of half We've being our $XX the to billion So $X as total coordinate. will billion in years remainder Don so We be AUA. the mentioned, of $X of X-plus so $X half below AUM, with fee meaningfully mid billion as think in AUM been that and the Venerable AUA. as working closely

and are assets guidance. been mentioned, embedded earnings, assets to continues impact, legacy primary as revenue company. the runoff the are guidance that the not in financial Don in these the both importantly, part fully And have in Now our been fully embedded of and initiative has be of growth

So U.S. that the we areas growth The institutional planned in well-coordinated. more clearly currently. the that are growth areas again, intermediary are for, driving international referenced something we've

question Our Burdis Raymond with James. Wilma from is next

you earnings? that the And about was 'XX? decision due the that coming million guys Could in on have talk impact of XXXX to $XXX refinance will XQ any debt

Wilma. Thanks, Yes.

So that as coming that's XXXX. in early we you know, $XXX due million have

fully about well balance our to the As refinance based we really that was really, I how sheet prudent positioned. said, we decision expect was And amount. to the We've is balance position upon sheet. the full that that very -- been fact

leverage XX%. ratio is Our

it's question that amount. I I in to that barrier? full to comfortably And barriers at refinancing could about So a be think point people range no a really of what asked the sometimes see this XX%. XX%

then into from improvement see any EPS expect tailwinds XXXX we growth, -- the looking Loss the Stop business? in And should

bit a missed I sorry, I'm little that. of

Yes, Stop into from XXXX to normalize? tailwinds possible Loss EPS growth, are there starting any

to Yes, that our will results Rob had And we've very range, target doing helpful target aggregate the getting fully when Loss. to with headwind successful they're for sure. that XX% XX%. and obviously in EPS be range that ratio of and are loss around year us to expect, beneficial The XXXX. committed been this that, and have that We team really that delivered we've Stop

going would we'll on And for 'XX. that is say the this expecting revenues the as prior And our actively I is both double more you years. this and close would as digits I particularly over and we well that is at we're come more actual EPS growth, within manage year. our from of guidance look give build one we're as and to helping spend of to team the ability Wilma, growth to into thing things you I one think, drive our know capital proud if we're what back And of EPS

Our with Research. Wes question is next from Carmichael Autonomous

a slowdown I had question little of half EPS second to it a a the reiteration on at guide, the there's least to the year, of bit imply in relative that second the the seems quarter. of sequential

that range? little to might of coming drivers you midpoint there the other any but be point there to get compression that I Wealth, think of in kind maybe bit can are a of earnings

there's have One starting guess couple for EPS a the put questions what guidance. point was we of out deck I come out. that Yes. the actually is that since

actuals people remainder the forward the So tried that starting of want EPS mean, and items And think transparent for of very the is to point a make are for considerations the quarter. I first that sort third providing look for impacting X XXXX sure both I the that we've I of guidance the the look, for that then know year. modeling be to months around

that as of impact So guidance. could is XX a of that potentially the information Page as on the lot items that deck well

we an then So you been but expectations, And sensitivities we're Page favorable, item closely. we about alternatives, very we're watching close obviously, -- but on long-term our underwriting, that think closely. they've to markets as XX. Health that are is that have monitoring been Equity have performing watching well.

managing expenses, of are management taking and an those the year. team believe that things are done I investing the the $X.XX. think, job $X.XX I the of So growth the actions, still delivering amazing remainder to around that But impacting in view has really,

it, Don. Got

it be So basis, Is based to about right? half on the of a way actuals forward, first think then normalized that the will on and going it? that's right XXXX,

a alts not our sort basis. actual X Yes. months. mean the point is normalized, for on the normalized assume the of starting long-term But for X% I first actual, assumptions

bit a second in quarter fourth should the it follow-up, about Like third I make the was The should sure Rob, to Stop first And below on Loss, like want the it thinking XX% just I in Understood. XX%. the and the a then I'm in like to it XX% in quarter? little just think, quarter bit over right? over correctly, come we just XX%, XX%, think mathematically my little

the up have XX% you've Yes. help. to XX%, at that end to got To

on context first so And I'd the you again, emerged. how experience of back second the and give quarter is, timing to

emerge of in and the And we so 'XX. there's occurred 'XX that then what first book that in initially And quarter the aligning catch-up more were across data came second tightly that. given seeing on an in element more

up numbers a pushed bit. those that So

the You about ending But that quarters. just a can getting think big was within point part right. it again, the of

is And and through bit [indiscernible] again, to year in a XX% XX% second. the showed the quarters pace the itself round. what so But we more first

Kamath from is next Our Suneet with Jefferies. question

you Stop what's imagine on bigger. happening correct? I'd to Rob, XXXX now Loss, what guess, had is happened similar in is to when much book I So Because the the

really to we improving out going figure trying So business when right precedent the if this I'm that's think just to use about forward?

Yes.

wouldn't the it perspective look, getting So of about from think going after I a and we're rate achieving similar rate.

-- the different end we'll time that in so then this talked is a lot that different? point but book Absolutely. What just and 'XX 'XX bigger? it -- a or ago, we about And had you point. this beyond from lot range range, a a have 'XX to So move the ran the higher start at is of there. Is bit Is call ran the well. also

was just that book a so and market the there the in I dynamic call would out. different And

set what getting different, I well 'XX the cases got an in that well got but mean great, on a running tend running going rate do of kind Well, right? in based You've would really you've was when really, normal so environment. not that? see achieving we is a And different as and book mix business by not just super cases to that running business bad and of and your from as

barbell business So it cohorts than bit look those always is more what barbelled different. a was a very because

very today, I'd aligned is that. was why. did get. what had X/X we than And we though, what and go we as clear confidence been business renewal around we've give got view rate we a As we market seen about then very do from We're sit decent to we're what here as our understand for in and we We've execution, what got higher We're to clear significantly trying achieve retention. distribution. on think to X/X. point and you underwriting We the what we

start give is market moving. to we're competitors. those hearing also other things so the the And confidence from noise We're that you give confidence, the moving, me

might you get me alone traditional in there stop or year. But And so let going Heather, don't a than to in I we're we more rate think want to on? add

thing our Rob to back with confidence do that XXXX. same XXXX to we're so action in in what is I want I is that was the this on same midyear that the into demonstrating ability execution is heading Suneet, I fact able to and The team now that rate only execute the management that think add, is and of And amount incredible that increases. the gives already

I kind Okay. Solutions. what's referenced driving spread-based Can me in And then just assets just you pivoting Don, Wealth maybe remind think that? decline of a in you Wealth. to

general we've around putting what now talked over AUM. level what the color, give credit if ahead of But and as though, well. of we account, to been great great and start, want how a disciplined team result. and and we've X I'd smarter on a results. Matt may we result, -- reposition well, as a around like, cash quarters lot more reflecting gotten and the they've of lapses Don it's the go I'll of We've pressure at done number look, add seeing look to Yes. and you around the overall well, about quarters participant We've flow. that had manage

of alluded perspective get seeing we've to to forward and what million before, the $XXX as curve to and and the as that So as then But seek we us think forward a in out we'll in, been factors it's number move we $XXX about continuation then guidance, I a think of action back the been out take participants to view I from a range. million actions, continue forward.

amount one thought, you driven up that to equity and but that asset talking wanted be withdrawals, by the being of just affecting higher sort guys that about I withdrawals sort of wouldn't last because our clarify markets nominal the thing. conversations drives I the were of thing spread-based night, Okay.

spread-based to relative a little confused just was So -- I piece. I by that the commentary

I'll in that. take and Heather. It's Yes. jump

equity been to there elevated see So that what going are you're in is to markets, balances referring that account higher. participant we've

do surrender, see you're they participant surrenders. to a when going higher So

so point that of to for And one the XQ. that things was we would

have to rates were about for other think higher what result seeing point, account surrenders sort crediting the general is the to that's products. of separate from the in I your of the assets being year lower that we general which a account, able of first talking get that half is been participants

in would team bit point to But Now half expect quarter. participant on surrender did what see in that the which again, incredibly results. general returns our back normalizing. is we strong we go participant mentioned, really a start the and generate to then rates we'll account, able elevated we rates second you guide begin to that to our best and some pleased spread is being ability general is But with see what is strong I we're to real to the a on account, to overall our giving point Matt's the drive still marginal second happens Rob revenues see what improvement with on surrenders interest Wealth we're

from Joel Our next & Partners. with is question Hurwitz Dowling

Wealth retention there? assets follow-up drive on anything year? the or Can where is a to, you the I And number us that question. then business to you Just spread expect a do new end higher you guess, to there actually could spread give the of business

we've number ending AUM point. on think absolute given don't I an Yes. the

to bit say you is a spend of of rate offering. you. Look, could get a help we've with the team level well little math and number and I'm the of also time I a handful what as a what there. of months, evolution from the pretty introduced activity to off-line, new improvement of think it both or drive seen over our me We've here activity perspective, to quarters, product let value stable reasonable product fixed as over last tried IR a assume number, think I will you've consistent validate last the sure

make educate, facing in a or We continue to do help focused help and employees how stay remain decisions decision either to they're guide plan. go we when on

influences seen and not actually What with may you necessarily think around We the sticking that data focus people about. in Something managed we've product. around and account. about is talked staying highlighted the the

that's they making, advice they're to so bit and be getting to decisions And guidance used they stickier, around lever. a get tend a so the once

certainly the and data. different how also the business. approaches talked think simple number got study study I us. there's to that of a the going we've point educating actions. Retail about this. important we and no marketing We're help to answer We here And the on is Management highlighted then focus We're to Wealth taking different

in or important they in out at called us So form, material, one as a that's million really shape $XXX lever touch assets. we our for the of

so even XXX employees that focused but can that not help educate, for the while before again only plan time then employees, to we've in how opportunity leave, and And important And got that it's at really engage that. us lever outside they're they in and decision a well on plan. of guide of

So will having around focused executing we're take an on it actions, impact. but that a of number

retain you that on capture What Management. from Okay. even seeing assets retirement? are Wealth sticking out-of-plan ability or at on the assets Retail to And maybe

Yes, sure.

of guess. sort bit it's So of a a X I stories,

workplace. the As decision that's the the long business, strategic -- around retail the we've advisor a made to that's been tax focused been focused team exempt They've in asset of keep part market. the long

as side the of full a service comparable. And And record but when you so that's house, results get around call our not to we market area to certainly there well. are where would only opportunity, -- so within of the really we strong corporate ton retention there's keeping think the

me opportunity lot see so perspective, we from more as we've a a let to a some lot add room people team. But if investment, comments. look both a technology wants see got of overarching of that Heather we impact grow And to and of at the that

specifically drive would year-over-year sup, to retail is mean and improving investing Rob been for XX% advisers, in talk assets. where we talking in you to investor point a about outcome Yes. as for growth. technology it's and areas about that this is you field customers. But the better them see retail and assets, experience what a we're I you'll if one better mentioned, the And for adding have growth of we've it's the look tone-based I

that's of shows the one up. so And that areas it

products. outside. products the competitive our additional some the then And we products. proprietary retirement got participants IRA We solutions we We've growth to have also fees, some to still necessarily are able allows life to offer our generate also in broker-dealer, to have don't those of we're companies' that those like across annuities incur other sold advisers and where that in tail but risk -- participate other

and pull, meet a continue So consumer, going of be looking back at needs is more the lot day, guidance. the end holistic which end are the and it focus to for for advice education, of right to of and for the to levers us different goes a to us, doing this to

Our next with question is Citi. from Mike Ward

composition a of the more was Super could this little there's Management the wondering inflows. maybe just around quarter? color we dig I the any Investment bit rebound, came hoping into if I guess, assets in strong that

bit Yes, you. little unpack me that Mike, let for a

breadth, and very the So pension Fixed the obviously, income through insurance really out. billion happy we the mentioned channel quarter. with $X.X stood the flow for

very institutional fixed the we we performance at growing, as more And we in strong the strong on have on right income side. intermediary We side. forward, believe look the demand quite the retail time cycle where see the are

Also standout. clearly continues our a privates and income, alts perform fixed So well. quite to businesses

launches the We underlying the was really, to continue of and driver. And the the the business. at our there. of inclusion change coming That's retail have U.S. we quarter fund new then key bigger grow year, the on capabilities end more

broader of back ago. retail international the on of the strategies of has acquired years a So array we quite been couple strong

to U.S., our continue business fund income the have interval model fixed Within marketplace. private we're seeing -- business, business resonate and our equity our secondary in the

driving breadth the that. it's really, So that's

array I the private in income, as of broad I'm both more retail is As equities. we fixed of that excited a well expanding look about internationally, institutional one, there future been products, that see and into it's we I'd through the the have mentioned oriented. forward, same coming. The space

excited about quite So that.

was I of and office resolutions any discuss on guys the And Awesome. loan what portfolio you update could executed your commercial you're quarter? mortgage in maybe you then any that terms in hoping seeing

Yes.

a of So it be story continues to resilience.

is stabilize finding market a a level I clearing valuation think to bottom the and equity overall starting there. a of bit

and seen some into bottoming. actually read see You've

lot movement. and in through, manage think our we visibility see quarter, of million over our well higher-quality has well be portfolio of quarter, not very in what to hold just our to scores you real that $X positioning, a delta well. If is improved. the continue we be our ratings going the always well diversified, experienced the individual and continues direction AVR to very performing up change but properties the CM coverages and don't portfolio, managed. same our really high-quality From So a about the There's a what

turn now concludes Heather Lavallee This remarks. to for our would conference back closing question-and-answer call like session. I over any the to

are strategic our business of benefit we financial positioned well on achieve remain mix, the focused With targets capital-light to and Voya's execution. diversified

ratios deliver XXXX. necessary Loss full targets, year to improve our our financial in We action track the business and are on are to taking Stop loss in our

exceeding capital and growth, we discipline We meet to in invest have continuing while to and you forward in momentum and commercial we focus, management, prudent updating expectations needs. Thank focus and innovating strong service relentless our be our spend you, to on our customer their on and will look progress.

does conference. This today's conclude

at thank lines your disconnect this may and you You time, for your participation.