Voya Financial (VOYA) Bank of America Securities Financial Services Conference summary

Leadership and organizational updates

• CEO tenure is two and a half years, with deep experience across business lines.

• CFO recently appointed, recognized for driving key acquisitions and integrations.

• Leadership changes made in response to stop-loss challenges, including new heads for Workplace Solutions and finance oversight.

• Emphasis on blending technical expertise with new perspectives to challenge assumptions.

• Leadership team expresses strong confidence in current structure and future direction.

Financial performance and capital management

• Wealth earnings up 30% and investment management earnings up 20% year over year.

• $800 million returned to shareholders through buybacks and dividends, reducing excess capital cushion to $200 million.

• Capital return initiatives slowed in early 2025 to support strategic investments and maintain balance sheet strength.

• Plan to generate and deploy $750 million in 2025, maintaining a $200 million capital cushion.

• Debt maturities will be managed primarily through refinancing, with flexibility due to strong cash generation.

Stop-loss business and repricing strategy

• Stop-loss repricing and risk selection are top priorities after disappointing 2024 results.

• 21% average rate increase implemented, with a 16% reduction in the book and persistency in the 60s.

• Two-step repricing process aims to restore target loss ratio range by 2026.

• Leadership changes and finance oversight introduced to improve discipline and risk management.

• Expecting a 5-15% improvement in loss ratio for 2025, with further progress anticipated in 2026.