ING U.S. (Soon To Be Voya Financial) Announces First Ever Earnings

by Categorized: Uncategorized Tagged: , , , Date:

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.

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by Politico.com, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (businessjournalism.org, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.