Voya Financial Inc., formerly ING U.S., reported strong net earnings for the first quarter of the year on Wednesday compared with a net loss a year ago.
Net income for the quarter was $258 million, or 98 cents per diluted share, compared with a net loss of $212 million, or 92 cents per share, during the same period in 2013.
Operating earnings after tax for the quarter was $150 million, or 57 cents per share, compared with $167 million, or 73 cents per share, during the same period in 2013.
The Retirement segment had quarterly earnings of $115 million, down 17 percent from $138 million during the first quarter of 2013. Retirement had greater administrative expenses during the first quarter compared with a year ago. The company said earnings were also down in the segment because it made investments in the business.
Annuities had quarterly earnings of $55 million, up 2 percent from $54 million last year.
Investment Management earnings was up markedly to $50 million during the quarter from $30 million last year. The segment had growth from strong net flows — more money deposited than paid by the company — and appreciation in equity markets.
The Individual Life insurance business segment had the most significant decline in quarterly earnings to $31 million from $51 million. Sales in the life insurance business were down as a result of deliberate pricing actions. There was also an unfavorable mortality rate during the quarter.
The company has about 1,730 employees in Connecticut, of which about 1,650 work in the Windsor office. Others work at home.
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