ING U.S. Inc., which is being rebranded as Voya Financial, offered its first earnings report since the company was separated from the Dutch-based ING Groep N.V.
“Today is a landmark day for us …,” Chairman and CEO Rodney O. Martin Jr. said during an earnings call Thursday morning.
Voya Financial became a separate, publicly traded company from the Dutch financial services giant and had its initial public offering of stock on May 2.
Operating earnings after taxes for the quarter were $166.8 million, or 73 cents per share, compared with $155.9 million, or 68 cents per share, during the same period a year ago.
The company had a net loss during the quarter of $212 million, or 92 cents per share, compared with a net loss of $505.2 million, or $2.20 per share, during the same period a year ago.
The 92-cents-per-share loss trailed an estimated 84-cents-per-share loss expected by BTIG analyst Mark Palmer. However, the company’s before-tax operating earnings of $285 million was within the range of $270 million and $290 million the company had announced earlier, Palmer wrote in a research note to investors.
The company’s retirement segment had net flows of $1.4 billion, and investment management had net flows of $3.2 billion. Net flows are a measure of funds into the business minus surrenders, or money taken out.
Sales of individual life insurance totaled $29 million.
Voya Financial had total assets under management of $258 billion. The combined total of assets that Voya Financial manages and administers is $481 billion.
“Ultimately, the strong performance of equity markets benefits our business, our customers, and our other stakeholders,” Martin said. “This is important to us as we help Americans become retirement ready by addressing their asset accumulation, asset protection, and asset distribution needs.”
Voya Financial priced about 65.2 million shares of common stock at $19.50 during the initial public offering.
ING U.S. serves about 13 million individual and institutional customers in the United States. The New York-based company has 7,000 employees across the nation and provides retirement plans, IRA rollovers and transfers, institutional management, mutual funds, alternative investments, life insurance, annuities and other products and services.
The company has about 1,730 employees in Connecticut, of which about 1,650 work in the Windsor office. Others work at home.
Shares of Voya Financial were trading at $26.19, up 22 cents, Thursday morning.