Voya Financial (VOYA) 5 Nov 242024 Q3 Earnings call transcript

Good morning. Welcome to Voya Financial's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Head of Investor Relations. Please go ahead.

morning. good and you, Thank We appreciate Third for Financial's this joining XXXX Earnings us Quarter morning Conference Voya you Call.

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

our call Chief our Officer. are on Don Financial this me Officer; and our Heather Joining Lavallee, Chief Executive Templin, morning

remarks, their take your Following questions. will we

Investment CEO will Thomas, be the businesses, our heads by Q&A of Solutions; incoming Matt our Management. Grubka, and Workplace the of For also CFO, session, CEO of specifically we joined Mike and Rob Katz,

our some during to statements Slide Investor financial and may in available federal non-GAAP materials on our are in law. Relations found of Turning website. supplement meaning certain forward-looking securities earnings available that our of financial GAAP presentation press website. contain the are our measures and to release On today's X, refer comments within the discussion reconciliations

turn to now call And the will I over Heather.

us you, you for Thank joining and thank Good Manny. today. morning,

for the X for our themes Slide to Turning key quarter.

results revenue Wealth and the improvement. we've First, we outcome to is in actions Solutions this margin delivered stronger-than-expected Investment drive quarter, implemented year of throughout the this and business strong Management

adverse Second, results a to result Health Loss Solutions. led in disappointing Stop

materially We the repricing stop-loss business margins are next year. to actively improve

strategic to track and we are of of X. full One financial America's retirement our Third, on attractiveness. business This an fit close both outstanding terms Voya, in acquisition is service January on transaction for

We to excess remain Finally, improve well we $XXX track in to are flows. in in deliver generation XXXX. on to positioned cash to capital shareholders excess and XXXX continue free strong million return capital significantly

adjusted results We quarter X. third reported to operating EPS Turning Slide of $X.XX. on

Management XX% of more offset to by by Stop quarter. compared higher in XX% results in Strength and Management supported Loss adverse X% XXXX earnings. than Investment Wealth Investment the Wealth almost Solutions in is the in third was growth EPS quarter and growth Our

underpriced we experiencing the in we this elevated which book, our are retrospect, loss ratios year. In XXXX has resulted

commercial participants full-service Wealth were continue growth to target. margin and up provide on segments weakness rates in Don within we adjusted outflows, a revenue Solutions, address full-service since and Underlying actions taking full-service the are XXXX. In XXXX in net pace across I above business. will delivered operating in and to our details moments. more decisive XX% the We quarter, surrender had sales highest be expectations the to are but at momentum key fourth level we've year-over-year quarter are build few

this that average positions markets. by market-leading resulted Reported equity outflows values total from sales continue we are sales assets. account already higher significantly largely In the and were year's driven mid-market, have government markets maintain in by XXXX, participants higher to known recent run-up the the and in in than

for Investment organic exceeding target consecutive positive Voya quarter flows growth net year. a our Management of delivered third the

and fixed Our net continuing of within expansion drivers further key channel the income institutional inflows XXXX. strength third-party been insurance in have in

both we retail growth our And margins Investment year-over-year. have continues across both in In grown and build Wealth with and inflows domestic international net Management, to channels. markets

us off $XXX takes from adversity, on year million keep shown track this target. As EPS course this our us Despite businesses return year. and results to quarter's results disappointing our this the shareholders achieving slide, other health to on full positive

Turning to Slide X.

is term improve immediate the in margins. priority top Our to significantly stop-loss

XXXX prioritizing growth book. higher the for over premium are We margins

specific renewals are new his and provide rate Don in executing remarks. substantial We both details more business. on will increases across

One also X. business. focused on remain on We track We are integrating close America to on January the

investments and drive continued execute combined of emphasis priorities, on that growth, on growth. to we capital our with allow will to our these X on key us the will excess profitable levels XXXX, generate even execution Our higher in future continue

revenues are the base build participant investments presence Workplace in you life client and this Retail our were in as our will and we we extending quarter, last invest assets told continue expand, in as XX% we competitive assets reach and model voluntary. in And and strategic year-over-year are enhance retirement we lead group over up our out-of-plan making continues to our team. and As position to growing management, that

We are on track our solution to early next year. launch new

financially transaction broader Turning our new a million million year. will $XXX strategic and first meaningful In X. distribution acquisition pretax of is to operating retirement in $XX September, of deliver platform, to strategically Slide set of least One and retirement important for opportunities has the at transaction over of announced both business. scale we America's The acquisition our This The and capabilities partnerships. earnings accretive. revenue net

presence significant increase defining our emerging further all full mid-market grow service market in share our America's our segments leading provider to tax business, and as and position advances a market retirement the retirement and One code. across segments strategy

team We to One talented are thrilled from America the to welcome Voya.

expand Turning XXXX are to in we're key year. free will Slide cash levels to this beyond the Determined X. flows actions our execute and delivering priorities taking on we

We excess in increase profitable generation expect will XXXX. the acquisition continued our capital our significantly repricing, that One America businesses across stop-loss and growth

our With Don? will and provide that, now Don more performance details on results.

Heather. you, Thank

our than Let's Slide share includes the XX. expectations. an earnings of the alternative prior income, which results delivered operating We on prepayment our $X.XX per below adjusted $X.XX in the to quarter, long-term X% effect year. was third turn of and higher This

are our Although positive our these portfolio target, deliver high-quality to of alternative investments long-term below returns returns. continues

This approximately Management. commercial Improved to in capital is markets. result of Fee unfavorable despite momentum revenues helped Wealth generation reflect Loss strong and This million support in in of Health. has income. quarter and the equity the actions Stop to a taken $XXX we've experience in Investment Wealth spread continuing margins increased year-over-year enhance

earnings primarily Third income was net noncash items. below operating adjusted due GAAP quarter to

Moving to XX. on Health Slide

to results. priority margins Stop our start near-term key our want Given by to improve addressing and Health Loss, I significantly

for blocks ratios This at influenced in high the was As favorable Heather business. that in rates both our underwriting expected the target in and very and XXXX XXXX of executed end loss low. our above the XXXX XXXX were the January the XXXX. discussed, resulted The at too of business targets range XXXX performance business of

in plain driving is expected ratio most block. increase the the XXXX categories across for frequency Higher loss

now on While disappointing, the pricing experiencing we currently elevated business are claim trends January XXXX us has enabled to the underwriting. adjust

Turning XX. to Slide

premium the and in were margin the are pursuing declining rate business us the This non-January January achieve January are in over Prioritizing by doing XXXX actively January XXXX for significantly We business. XXXX We gives growth resulted increases non over in to growth margins premium confidence in-force book. for able higher prioritizing our for higher the rates business. X%. the XXXX non-January same

XXX% underperforming average This targeting Xx the for on are are increases a we retaining focus while prior that January renewals. levels well XXXX improve year or performing blocks. on of We margins ensuring includes rate cases

We also margin new on pricing, increased growth. have prioritizing in-force over targets business our premium

we premium Because book. in-force year-over-year January are sales higher and the prioritizing rates, do expect for XXXX we lower

on more up. on will how quarter renewals and share We fourth finish sales our call

underwriting We year. are confident that our improve pricing and results underwriting next significantly actions net will

Turning unfavorable margin. also in to primarily quarter. due Health $XX the Adjusted The XX. developments results were impacted loss Stop Loss third in million Results Loss. to adjusted have ratio in Stop earnings operating operating Slide unfavorable are lower

in the actions improve are with not profitability XXXX. are we are we satisfied we will taking results, While confident our meaningfully

on Slide Turning XX. to Wealth

by customers. We deliver for continue our value improved growing outcomes to driving number of

at XXXX. approximately since participant X% base We have an our expanded CAGR

today over grow participants in over is we to America, X to One XXXX. XX% our and in add before have million expect by which material We full-service business. this will That scale factoring

respectively. and record million our Our keeping, full and expectations million third In full were net rates year. with surrender prior $XXX outflows include service in in quarter results and of service, participants $XXX line

equity values. to strong continue markets average participants impact However, surrender

we continue underlying momentum. sales Importantly, drive to

Third were were and quarter third position more we generated approximately In in its maintained sales by our the Plan decision. government at also we've years. plan highest in mid-market remains we XXXX, full-service than quarter net flows that X XX%. in recordkeeping, the large sales impacted market. delayed Xx high retention several delivered leading

to Looking on which plan positive ahead, expected the quarter, large flows place fourth visibility for in drive XXXX. will have net take we fundings several

both up billion. serves wealth customers. and growth retail year-over-year the to needs which $XX business of XX% supported invest We retail has in in continue assets, client out-of-plan our is which to in-plan management This

continue XXXX reflecting operating strong net XX. track targets, faster revenue and Wealth Moving earnings adjusted our to Slide to ahead margin. of growth Solutions

quarter $XXX adjusted XX% participant higher grow our from account A operating a and led to ahead continue million our revenues of are expectations. on earnings of expanded Fee-based Third enhancing cash has than to focus the year revenues base. general ago. spread balances on yield

target is revenues adoption spread featuring Voya helping the of income the offering. core fund date fixed as greater Also solutions

and growth. momentum targets, and future opportunity us commercial above year finish margins well profitable to positions improve creates Workplace strategy our the for to Continued actions

XX. Moving to Slide on Investment Management

on delivering focus Management have a turnaround Investment solutions. executed in with a We exceptional

inflows Our billion. clients year. our demand year-to-date as well This have the of by $X for with responded our organic over X% evidenced exceeds greater growth expectation net

quarter included the Third net net of inflows, flows. third consecutive quarter billion of $X.X representing positive

positions leading in management as to competitive a advantage. insurance distribution and as well as fixed third-party serve institutional Our asset income reach continue our

net demand for income. flows were strong In core Institutional, cash by positive billion $X.X of fixed driven

grow our continue business. We to insurance preeminent asset management

AUM and result, billion manage we clients XX clients. of a now with $XX for As over over globally partner third-party

billion inflows momentum retail, business In international business. by in U.S. flows continued positive were cash our intermediary $X.X driven and of net improved in significantly

Turning to Slide XX.

compared earnings today growth. million with We were year operating for the in investment in quarter results management to $XX are million delivering strong more prior the quarter. runway third $XX Adjusted

retail by and equity coupled quarter markets. momentum Third year-over-year. Higher net institutional with in were were strong driven international revenues markets, commercial revenues up U.S. favorable and

XX% approximately discipline. to improved strong and margin operating business expense momentum Adjusted on

positions asset to support leading continue leverage in asset further we and ahead, Looking management and client institutional income insurance our to fixed growth. third-party

XX. Slide to Turning

$XXX us $XX $XXX the executed Our in repurchased share million. $XXX as shares, capital including continues part repurchase million of to quarter was generation program September. capital return Total a peers. in We from million million of accelerated differentiate

target that a deliver on into capital of year. million entered also $XXX We this our XXbX-X return ensures program we

authorization $XXX by rate were third of X% Board we expect the by million recent of with continued our upgraded repurchase issuance. capital early the well debt quarter, the the a issued debt senior $XXX In in we retire XXXX. Additionally, XXXX for in the -- to debt share million, positioning return proceeds increased us coupon and maturing at

ratio our within forma range. well XX%, pro On basis, the leverage is target a

the the incremental We from now have payments liquid debt the deployed refinancing interest XXXX. between largely high-quality quarter first and of will offset offering in debt investments. the the short-term, This across proceeds

Slide XX. to Turning

adjusted of to positioned well next significantly earnings meaningfully improve of net underwriting XXXX. OneAmerica results. least are the Heather Wealth Strong earlier. and me Management Stop shared are to targets. margin and Investment in actions Loss business improvement expected capital remind Let at we year improve The results of should $XX in you are and Repricing contribute themes operating pretax addition million driving of -- revenue and key generation ahead

will the that, to the your questions. With turn call to I back take operator

Instructions] is from first [Operator KBW. Ryan question Krueger with Our

was My claim could first XX% loss the of hoping X XXXX? on trends I loss what into and you're provide more -- was that underlying Stop type you the for have seeing built you pick inflation on loss. color

Ryan, it's Heather.

Let me start.

They've we a story well for said the as Stop as and call, Loss our in on performance year. the Management Wealth Investment with our disappointed we're our First, return business what tremendous masked as is results. our really capital

specific the business And But and pricing we assumptions on your which XX% had to that completion our take time, book throughout ratio were XX% we XX% how actuarial loss emerged at paid think that 'XX you was really quarter, only to question, about to the of between back complete. as projected on 'XX that If the claims a factoring the we to claims time. book get second year. in at have

about block. the assumption. of think it talked think trend about, reserve to on our where into repricing is well, elevated going third we we've talk business is talked what And as X% at about different which trends. it all take about top first across we're would the dollar medical factored and do claim X%, X/X the doing about you This somewhere what about end what this heard medical a the drove complete, about for leveraging of and quarter, is between through book of of there's is, are we -- know I over we I as that the that, pricing, you of effect that's as on margin in and ability And our really Don favoring growth. When actively we day, higher we're categories. rate at the improvement confident saw the margin I way all significantly a significant really in drive new increases to both point If at renewals claims we're and are claims end underwriting on business, premium the

target you then the target XX% XXXX? be are still loss ratio to the pricing optimistic And do you get think in XX% back you Or could will your the likely to actions. above with

Thanks Yes, Ryan, Mike. question. is your this for

XX% we're we're to just obviously targeting as So this we're business. Heather much an the mentioned, as higher in rate what renewals XX% and new Xx season on the over absolutely targeting going pricing increase for on

just think as head Maybe to about few a things your around XXXX. try you to get

comments, mentioned non-January when a reduction rate business, in-force we you that at resulted were That block. to able higher in an his As the Don XX% increase X%. premium look on particular in of approximately get

don't conflate the got we're We aiming to book, what we're is January XXXX. what on as shooting non-January, non-January I the non-January to want and relates listeners Now which it for different. for the

out another where go XXXX, able of premium do to which into approximately go You we an rate were get also resulted we in-force and can in reduction to XXXX back that. and X%. go was needed to example That

Now was January that's 'XX 'XX. business. flat for full to roughly the specific It year into the

A time little this it bit is a industry different Voya bit issue an of versus more was issue. a then that

So think premium to down that reasonable I think for and XXXX. it's be Loss very likely Stop just stepping back, will

just bottom in that on we're material As is why understand mentioned, focused why confident margin the we results, in year. we're that's the fully and drives that the cash Heather what improvement next generation super and line

Wes question Autonomous next Research. Our from is with Carmichael

up in shock question for versus But like that I or that looks regarding had just if change of a any was understand believe thinking there's targets retention remain on on recently. announcement. book your I part to It renewal your unchanged financial the wanted I business. OneAmerica. lapse

does unchanged. Thanks higher lapses. it's for It is for Wes, Mike. Yes, the million question. $XX affect

which will So persistency One the that result. lower XX% this typically wealth, mentioned very strong approximately We is expect plans we're see for in retaining a we and of in America Don business. do his the remarks

might what's in business the this on. remind $XX in as that would embedded talked I million. I that that technology think approximately about moving the that XX% around we is though, announcement we're

So America has we the have. same technology One technology is the

And should help That in should help the so transition. persistency. that in the

structured from that deal a finally, well. protects earn-out with perspective then And we've as an earn-out retention and this as

extent the lighter the retention than we hoped for would to same. billion So $XXX the have is what earnout might that do

We we're we've business into like feel technology, transitioning baked got the like million. and we lapse similar we right And so protections. the right $XX assumption believe the the how got onto we

And participants, to Yes. their excited things place bringing And market, going in great the business can for is the very, reputation by levels them enhance already of a be the America platform. digital tools to they in able them that about I be roadmap for Heather, and they Wes, it's One from book if service some of had just which on to liked on able we're strategic to we this about add, One of the America very perspective. have high super really a one the we're accelerate

welcome clients we excited talented Devoy be more January. to America One team One couldn't the in in and America the welcome So

question second is guidance. My EPS Okay. the on

think roughly XX%. CAGR implies earnings in was years? with the to can operating us there updated share X-year XX% and XXXX. Is share prior per how I we your think insight any the few for should $X guide about of think I next for EPS that you

we growth baseline think should how and with So help going forward? rate any about the

absolutely. Yes, Wes, Mike, again.

But that across. now, sure think beyond. we I shared in we in X as important the middle it's to the make want as and 'XX season material, think guide through right I that on planning we there's concepts get and working we of early right the We're a bit speak.

to add one, going year. your to America, $XX of think, on question million One next that's earnings I

which finally, to The generation piece per also growth just with just is earnings repricing, management and from we expect, then but Wealth on the solutions Solutions. organic the only second normal not third doing share. work and we from cash investment piece to expect health respect improve, that we're now both the materially right And

XXXX. So more around affect again, come get those going think QX to pieces into But the about as specifics. how -- to that the we main that are call X are we

is Our Barclays. Alex from Scott next with . question

Justin expansion across international is from U.S. sort quick on think you the Allianz I partnership organic a any X.X% just how wondering has And I for the how distribution had provide was split Investment is an question This updates question, of of been Management available? on sort as first segment. if can Alex. break can you developing. that out the My addition, should if about and we on

overall I'll into the Very Thanks, picture. with Justin. is dive that a flow Matt. bit. happy This

the part level beyond the exciting and is, $X.X in retail channel. a, international mentioned, our which And alluded to the X%-plus there. what's the in We're at $X.X international strength to I'll that year we it's you actually of continue to a billion. breadth As organic to But target growth there. see about build X%. start over of channels billion you this

income you have we and resonate both continues preeminent monetize business the know, We growth very as and strongly, that a that franchise, in U.S. grow and but look to also internationally, to

So of international a that's key pillar component. our

there's dollar-based of Globally fixed income, well, for as fixed course, income. demand

-- fixed kind fixed strong both capabilities, very income. from waved private that's public have and and to a of We we're income

seeing the tuned build for second half XXXX. that stay that. We're So in of

year-to-date. And to multi-assets standpoint, more around insurance channels, private breadth quite in intermediary And both the that More of helping that's an income, from fixed platform broadly on driving U.S. come that That's with, growth. what's flows, billion and that strong. We are margin driving think that's there's and investment across XXXX that. though, growth. $X-plus assets, course,

result. the with happy quite So

maybe can solutions keeping. follow-up. in flows on well, record quick corporate a tax-exempt the the and comment pipeline across I business was sort ask just if can net of wealth I you if for as And wondering

sure. Yes,

Wealth over we've business, equity to the last in light guided markets. of of bit we've quarters, in what seen couple we're a in going as little the So the come here because

think you about the the increase really out the commercial transfer in we supplemental As in row, deposit momentum, what though, point the is I'd XX% materials.

that That's we sales. and translated emerging. growth So really good feel about XX% in in

couple As lot within the has we've we prior at really space. momentum talked about strong government mid-market quarters of been and maintain Xx the a the for versus of growth in year, here, a

and view, have positive think we material, full service the close billion to We expect think about to $X to didn't guide we really 'XX. quarter. as look expect about next We'll to we we given that strong flow a recordkeeping. put be forward into As in but fourth really ahead, turn a again, And really strong do the a in year put to we'll working hard as previously. that that pipeline really as strong participant growth we've on look and that

on the the that flow think good the I we're go-forward view, into seeing system. and So perspective, feel we come things about

just as commercial this able build do a year. only Rob's second, the strong And we're That's to think you proud good incredibly team. not about and but on we to for about momentum can, is if the deliver that earnings very, feel margin, building, point, I very we're the just of X

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

you full growth that on is Walt much of versus service? you did America? excluding to pipeline. I just how First, in I Walt participant wanted record follow keeping One say And just Don, year, the up next expect so, if XX% hear

for chime come It's recordkeeping. the Certainly, different Rob. service you. just of momentum size meaningful won't segments. that it the would both how is versus is of it split representative size think a But cases in one. on in part you This record I'll it's Yes. keeping, that just in. of out full given about in difference I

from the ability last number contain as discipline obviously, And we that about about the think years think in range perspective. we the and over had on really expense good, to had that a bring participant technology growth we've we how feel being we've as of position that ourselves X% we the

in capability work way. would really a scale also a on of and thoughtful, the way. growth helping a say America to only lot not years with integrate organic over deal quick last I done disciplined We've And few us bring but

very team proud really think, growth, the we well the disciplined that So do and I expenses is how that is execute to focused to something to we're we be into manage positioned forward. look But of. really do but a the against future. really We in we way got feel that, on like as

And shifting it. Stop then to Loss. Got

they over look target your thin ratio rising have like a suggest XX% You But past if they'll to look and a premium at I several loss pretty to continue expenses filings, XX% to XX% be years XX% at ratio. margins loss and the peers. commission rate below been

years. color that lower? over any trended and the past margins Just hasn't some color on several maybe why ratio have moved where target targeted loss

of take variables element. Yes. to Well, obviously of about around look, think margin products there's consideration into to the and an expense getting a when number the commission we distribution is

continue we we've as a operational overall We expense to. an the XX% Again, we're well. the and we around That's where is scale, effectively strive as to, advantage to and is perspective business well. from discipline Obviously, our of where scale to XX% to expense that got take going to do expect get to get that efficiently, it view of as scale. piece

of ebb flow And their that and what managed and dynamics things that always frankly, number distribution do on all are are always doing the an are we've involved. for that going expectations partners it those a of are So is crores across we market Those there's years. are.

with Tom Gallagher from ISI. is Evercore question next Our

double quick single-digit will in the Just The push through if amount a environment the rate guess, while having just -- I of few on competitive top line. you one, the Loss, allow Stop I ones declines could. still first to

be -- all seeing based do But would part saw from setup, you the you and you're I and it what what the you experience the what from comparable? 'XX of pricing were on directionally of sort do middle you I say, will think that in was think implying there.

Yes, certainly, Tom.

severity is is and when certainly what challenge performing. up given helps this we're a the a about just set unique look you at of worst It it, year honestly obviously, for we cases are bit little that think the unique, seeing. the As every

really things we easy that as the underscore it into it our actions ability of have make data, sitting got makes also a we've it poorly going we're as and taking. quickly but of going the we're things rate us are expectations. that things the pricing that why of turned as it There's confidence talked to the more fact here business, build balancing about clear and today, Does after the it that it why we're maybe think about we just we're and running versus after lot book gives that are running within

seeing Obviously, today. of and having And there's the think of modest we alluded business market on book there. I balance we're Mike we're the the feel given like a how as interactions is how to, impact expectation it

increase put believe the we can pricing execute effectively. Tom, Loss we in the very simply meaningful So that Stop on

let's objective while a to Got it get the and to XX% long of or call you. takes? maybe it about Is going pricing the improvement XQ year? about margin in as you'll And will -- is, then in target tuner element -- just possible execute we the XX% earn-in you how first is Loss, to just expected, see earning do that the to half it, gradual Stop take and it see we and or talk of think if XX% it a are -- the cadence how that

come to going in. claims Tom, look, that there's are

about, would the increases and lot These the these Heather rating land we code that But ZIP -- be confidence estimates. Don, that XX% if -- best back estimates. Rob are have we that of we a have in there's target. are been So in talking

that We the through through need to get So we renewals, now need we the how to need see to pricing. get lands.

your to we're the it's happens we as think through. -- modest on Rob premium, think I what decline, I question about suggested, halfway to a expect but

lands XX% is in So year rational place it more I then very XXXX. that land to but code, a what we're calendar come, to ZIP -- in think targeting

Our Berges Raymond from next James. question Wilma with is

to that just my just question, you year I for clarify when little a -- the wanted ratio, asked Loss guys think of XX% policy kind about bit but so is XXXX. talk I Stop Tom

of about XXXX. the think first I little So bit be should Or related guess you if off question, just that? think should Is And maybe modestly half kind premiums. that 'XX? does of a could that about then should you through the how we in mean about it? to how said talk we they that

Mike it's again. Will,

thinking happening think as about just right, So yes, happened gives confidence to color what in I try back pricing piece. bit 'XX us just now with We 'XX on to well the give Jan the premium as respect the and a season. it that as moving in into right you're what of happened what's we're through

with give play. come piece how particular done that we've not cohorts sense, in the to in Loss into investor other The happening supplement a what's different is only Stop you the the quarter, but do all

Jan, both XXXX. XXXX, able non-Jan -- XXXX, see to all for X, and be you'll So

on repricing but X% we're the to be place, non-Jan you if similar 'XX about it so this in we're now to And kind business. the a when of gets talking about That you that's trying specific very now. January success right XXXX factor And next We needed business. we the why January non-jan actively non-Jan we're the that business. on And feel got we is 'XX That's XXXX into business up that? XXXX. that is January coming

And right now. of that the generation right and that rate pick cash that January can off be next have XXXX we XX%, get improvement year, business now, that meaningful will increases the we best we the for of believe which in drive kind

AGI the the bit strategy? expect and discuss a also growth . could Okay. performance might about you acquired. in has talk And little what just maybe And income you impact then if kind of

some performance performance change call start provided the And I'll drives Wilma. on incoming what materials there. notice out Thanks, to the I growth. in want you'll short-term in that.

you part group blend growth actually less that X/X homogeneous convertible if But incoming a high-yield a its many competes X/X equity. spaces. think is strategy about the bonds much it's versus and than That's of So X/X that other strategy, peer success. of bonds,

have inherently of that with it rally performing And very a product a -- seen the will but product. characteristic rate. the for decile a lower relative to well the performance we've equity beta to Longer continues is extremely term, top income the generation key product during product is is like distribution this have This high the course, peers.

So That very happy about that. continues.

our to partnership that meet has Alliance generation in and AGI appreciate and partnership internationally broadly, to we build continue helped is with And part GI, key future, client income to product that and what into a for have the that resonates need. investment the very is specific just in performance and today more flows solutions be the of the earlier the question, AGI. a what Allianz we with world-class clear, both these success

that enjoyed our also it, building have is income thematic we point momentum and products array since where the both continuing finer growth future transaction. XXXX we on a both forward excitement about and we growth path, globally, but To public we equities look income and as to of the fixed private put today, And a really have important but that together.

Our Jefferies. is Suneet next Kamath question from with

this similar but to of what because think I line. implications more where with. have specific? of a to reprice an your a issue and thinking of you your Voya-specific in you X think you're Loss. with experience. And is it's answers the referred it sort Or Voya as XXXX of grow would Stop for you made sort also a that do back I seeing of to sort 'XX thing Starting top that comment think ability you're the dealing earlier, Is had Mike, issue now think that industry-wide I

Heather. it's Suneet, Yes,

one. on me Let start that

the successfully to again. -- message our do to gives in was increase double specific, to execute over XXXX, was ability key you confidence get really a think but in on the a if more So to we bit that us Voya think XXXX. able XXXX be And book that to back it the once

And Specific just a we've as of the profitably a done long a maybe really and to reminder year, factors. to X this that for business of we said, time. ratios record as very really managing everybody, book effectively got we've well into long of targets period there's track loss this

did the of which book First to fact we we're underprice is that working 'XX the actively correct. business,

is mentioned, believe claims, we a of bit elevated more higher Dave, the Rob issue seeing also an we're which industry as now. right And

to impacts coming higher is a are cost the we is are that and point margin our improve claims Tom which able to range, underwriting ultimately ratios Maybe our medical. claims into impact seeing target to appropriately be We inflation had final and as of us efforts the within question, back that the of factoring back to get higher within the in gives loss our repricing confidence hopefully 'XX-year.

Got it.

like where today to And a maybe to Can it's as like has of has maybe give over how then years, pivot just asset of looked what wanted couple the how what I picture it Okay. America. past the of from? flow asset growth and you the get the there, growth looked a One looks been sense just us sense coming to

loss. color America. you can experience little to around Rob. This a had a plan One in is they've Voya's than it his sure. Yes, X give what and bit I Look, alluded of Mike retention higher answers of

That's gone distribution years. partnerships they on of and range. years. about delivery relationships build that in built over what of on low to that continuing their strengthening Part focused XX% been on a So for is a think service they've number in few

story flow rates. retention was planned bit their those given more complicated But a little

think we preparing line the capabilities to importantly, in get alluded As a can relationships into establishing we and we a about X/X. of we those times, as bringing both there's very the sales drive that own to with for SAP much we continue relationship couple bring ahead, that capabilities that future, they new firms so close and of additional we've top on that on retention they're focused number like look our there's

we've And that's over a joining team got great Voya. coming and then

important client the service that's plan we've a deliver feather this be business. to on that and going already of about the Voya Wealth into momentum excited basis, teams a we and we're those call core day-to-day the really management that about part commercial on that broader So talked within how

Nick Our Fargo. next question from Wells is with

any there Or Most call of I just broad. just Loss. that guess regions another is my states questions you out on guess, I specific running, or were answered are hot? it But that Is can here. guys Stop

chime in one. I'll that Yes. on

is the expectations. and as there's within then are at we've run actions, of parts about of So that book an we think running loss book there's alluded that to, elevated a and it well And the business of X/X the looking as at ratios.

what drivers. that So X/X the the think of as are about peeling business, we back

a number your from with regions we go very Don doing alluded Are factoring industries is? data think medical healthy So to and business, about yes what how being we're we at the looking or that of a that as carrier targeted to different things case on driving that the got his certain opening to again, at elements but Again, we a in got, of is who of we what level, the comments. certain underlying there question. There's in after those we're mix and all experience things.

first team into in back the of the is fourth yes, data quarter the understanding of as will and the development and peel quarter. that drivers come, the obviously, further -- and get more doing But we

want And underscore on just a to I point Rob's case-by-case just basis.

looking state, at look et we'll day, by And the case. underwriters end so for at of are each region, the although mean, things at cetera, individual this the I

Heather I as elevated good disappointed also right see it's claims, to now. that think, the in mentioned, but

So as that for for we're to case we're that able that pricing. take effect we're each underwriting business,

question Josh next Bank is with of Shanker Our America. from

just volume you what I question. competitors? want it share talk Loss took your given in unit to Stop about you or in your share underpricing. another XXXX as was from gains market grow said you Unfortunately, Did your help XXXX,

Josh. Thanks, Yes.

clear a loss -- very as that from the as given the we to, we're hit look, alluded we didn't perspective. That's has So rate seeing. Heather obviously mark ratios

but relative much we got seen fast, certainly a was certainly, outsized As on we that the prior you We've past. sales what new growth rates. been volume do in was perspective we've think than it faster the growing about, to differently, would okay,

a area asked an for that's we do-over that, obviously, So on that.

From year. a perspective, of given the very 'XX in in, strong, very, an developed later the experience that area 'XX came renewal being calendar in again, where that's sequence

So claims just and business the operates about that's way the that we known earlier, would but have wish more we develop.

So those the X were those rate things drivers. really contribute to when we the talk getting about need we not

Yes. more drive it volume? Did

experience the what here. telling Heather I advantage to the and the same and As we drive are that book actions certainly, we're size we're sit and point, do. seeing at us But claims today, the we to leveraging that scale, are here taking Mike alluding the of

but So the not be lower we as engage this XXXX, is should expect will we business supplement, in the in repricing? that equivalent generation have new in data to Or it you XXXX?

Mike's right bifurcate where book look, growth book we're to 'XX. that's right getting rate come such the or it's in to meaningfully and and rather Well, renewal the improving back think margin go. the Heather that will just want new get and things than we We whether really I'd try it. to and focus on comments I'd the business the

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

on products into potential is transaction. about to America question base that investment portfolio for the talk My and opportunity Can you the repositioning. One cross-sell franchise across

some Rob for maybe portfolio, respect So cross-sell think as the us, have in I John. portfolio. this to does And investment the piece. I'll hit drive with But earlier positioned very the a shared opportunity conservatively we just material year, that

time. I words maybe you share I the would is think with over

are assets. held-to-maturity these Obviously,

going that a will take But helpful Is driver opportunities exist, can And to opportunity that. as so. to year? assume over you don't going think so of we're us. advantage for be that next reinvest we'll be time, I look for big to to again, those

John, to the we around going we've where bringing be on to, is when think, book business. cross-sell, capability think meaningfully area got useful your about an we're a hone of Voya I'd ESOP Yes. question really And board I in that's that on

be would tip the that so the of sphere. And probably

on how can be participants don't we wealth. on transaction. term ongoing And and are and the that going got investment and them XXX,XXX more we've long an when and talked to support way to in obviously retail forget, way the early in and this consistent board the past, engage on with business with continue about there talk close management advise important and making another participants We've coming we'll the really wealth guide we a how decisions we financial focus

is market how in open cross-sell that the you my question and the follow-up around segment Benefitfocus then in enrollment the nonrenewing? franchise? view another do to margin share with sales. book And health around there of you're in And the is opportunity solutions a over

Yes.

an of So renewing. element on not really every quickly year, there's

Think nature Some renewable of and reasons business. give of more cases, that a Stop always . someone competitive, getting are, they is just the just about product whatever of impact in rate because the book sometimes Loss. is don't a ongoing we XX-ish there's like That's competitive the of the that percent marketplace.

be think view again, book sit we ultimate best on will of So the is the view here, business what given that you as we've impact our of that. I

open job As They're is through sit another X/X here Benefitfocus, that. on it today. excellent positioning They're great question going enrollment cycle. of we think enrollment themselves doing about we great as the for an

and we've think time execution, to in about of grow next can that before, the leads back really a years We going that way. materially over proud few a we drive on direction. the business relationships So really all the and talked of over revenue direction service good the is right building intermediaries in

time, other products they running what as we only at continue has them across about are the as but And the been then this successful going think holistically emerge do opportunities the look to think We execution, on at about the a just As in and leverage to point we not portfolio. to focus well. the that our those enrollment. in future opportunities

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

the day. and Thank to you thank on loss around stop to been everyone the improving closing businesses. priorities core us to a great our the drive generating joining continuing have growth profitable and on you. near-term our for call, America I'd you going for like continue today. to we've margin joining quarter we're across One the And Thank deal next us, update

conference. concludes today's Thank This you.

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