Voya Q3 operating profit hits $2.60 a share on Retirement earnings

Voya Financial (VOYA) said on Nov. 2 that its third-quarter adjusted operating earnings were $2.60 per share, up from $2.45 a year earlier. The figure was below the $2.64 consensus estimate compiled by Finnhub.

Revenue was also below estimates. Adjusted operating revenues were $1.94 billion, against a $1.97 billion estimate.

Voya is a retirement, employee benefits and investment management company that supports more than 18 million customer relationships.

Net income available to common shareholders was $193 million, or $2.09 per diluted share, compared with $176 million, or $1.80 per diluted share, a year earlier. The company said the increase was primarily due to lower losses on businesses exited.

Here's how the company did:

• Adjusted operating EPS: $2.60 vs. $2.45 a year earlier
• Adjusted operating revenues: $1.94 billion vs. $1.97 billion expected
• Net income per diluted share: $2.09 vs. $1.80 a year earlier

Segment results

Retirement pre-tax adjusted operating earnings were $266 million, up from $261 million a year earlier. The company cited revenue growth supported by commercial momentum and continued operating efficiencies.

Investment Management pre-tax adjusted operating earnings, excluding noncontrolling interest, were $58 million, compared with $62 million a year earlier. The decrease was primarily driven by lower investment capital income.

Employee Benefits pre-tax adjusted operating earnings were $51 million, up from $47 million. The increase includes a $12 million favorable annual assumption update.

Corporate pre-tax adjusted operating losses, excluding noncontrolling interest, were $87 million, compared with $80 million. Results included about $25 million of severance expense tied to actions to create a more efficient cost structure.

CEO Heather Lavallee said: "Voya delivered a strong third quarter, reflecting the improvement we expected in the second half and continued execution across our businesses."

According to its SEC filings, revenue has fallen in each of the last three quarters, from $2.13 billion in the third quarter of 2025 to $1.90 billion in the second quarter of 2026.

Capital returns

The Board of Directors authorized a 21% increase in the quarterly common stock dividend, to 57 cents per share, beginning in the fourth quarter of 2026. It also authorized a $500 million increase in the share repurchase authorization, in addition to about $163 million of remaining capacity as of Sept. 30, 2026.

The company said it generated about $225 million of excess capital in the quarter and returned about $150 million to shareholders through dividends and share repurchases. It also made the final $20 million payment related to the OneAmerica transaction, which it said marked the transaction's completion.