In a recent disclosure to the Securities and Exchange Commission, Voya Financial (NYSE:VOYA), Inc. revealed its assets under management (AUM) for the Investment Management (IM) segment as of September 30, 2024. The AUM totaled $341 billion, a figure released ahead of the company's quarterly earnings report scheduled for November 4, 2024.
The breakdown of the AUM by asset type shows a diverse portfolio: $98 billion in equity assets, $143 billion in public fixed income, $80 billion in private fixed income, $17 billion in alternative assets, and $3 billion in money market assets. The AUM includes $158 billion from institutional external clients, $148 billion from retail external clients, and $34 billion from the company's general account assets.
The external client assets are primarily reported on a market value basis, while the general account assets are reported on a statutory book value basis, in line with the revenues earned. This detailed financial information provides investors with a snapshot of Voya Financial's asset distribution and client base.
Voya Financial, headquartered in New York and operating under the LIFE INSURANCE [6311] standard industrial classification, is a company incorporated in Delaware with a fiscal year ending on December 31. The company's common stock and depositary shares are traded on the New York Stock Exchange under the symbols VOYA and VOYAPrB, respectively.
In other recent news, Voya Financial's third-quarter variable investment income (VII) fell significantly below the company's long-term expectations, according to Piper Sandler's analysis. In contrast, Lincoln National Corporation (NYSE:LNC) reported significant developments, with its adjusted operating income reaching $319 million. The company also reduced its board size to eleven members as part of an internal restructuring. Barclays initiated coverage on Lincoln National, assigning an Equalweight rating.
Voya Financial was downgraded from Overweight to Neutral by JPMorgan due to challenges in stop-loss margins, asset management flows, and retirement spreads. Despite the downgrade, Voya Financial's low-risk and capital-light business mix was acknowledged as a significant advantage. Voya also recently agreed to acquire OneAmerica Financial Partners' retirement recordkeeping business, a deal set to be completed on January 1, 2025.
Piper Sandler maintained its Overweight rating on Voya Financial shares, highlighting the company's progress into the third phase of its existence as a public company. Voya Financial also successfully issued $400 million in senior notes due 2034, which are fully and unconditionally guaranteed by Voya Holdings Inc., a wholly-owned subsidiary of Voya Financial.
Evercore ISI maintained an Outperform rating on Voya's stock and increased its price target to $82.00. However, Morgan Stanley downgraded Voya's stock from Overweight to Equalweight due to concerns about the performance of the Health Solutions segment. Voya Financial recently announced the appointment of Michael Katz as the new CFO, set to take his position on January 1, 2025.
InvestingPro Insights
Voya Financial's recent disclosure of its $341 billion AUM paints a picture of a robust financial institution, and InvestingPro data further supports this view. The company's market capitalization stands at $8.22 billion, reflecting its significant presence in the financial services sector.
Voya's financial health is underscored by its impressive revenue growth of 16.95% over the last twelve months, with total revenue reaching $7.73 billion. This growth is complemented by a strong gross profit margin of 54.4%, indicating efficient operations and cost management.
InvestingPro Tips highlight Voya's commitment to shareholder value. The company has maintained dividend payments for 12 consecutive years and has raised its dividend for 6 consecutive years. This consistent dividend policy, coupled with a current dividend yield of 2.15%, makes Voya an attractive option for income-focused investors.
Moreover, Voya's management has been aggressively buying back shares, which often signals confidence in the company's future prospects. The stock is currently trading near its 52-week high, with a strong return of 16.99% over the last three months, aligning with the positive AUM figures reported.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for Voya Financial, providing a deeper understanding of the company's financial position and market performance.
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