Voya Monetary will cease all new life insurance coverage gross sales on Dec. 31 and retain its in-force block, the corporate introduced this week.
The choice “helps Voya’s concentrate on its higher-growth, higher-return, capital-light companies,” the corporate mentioned in a information launch accompanying third-quarter outcomes. “Retaining the block supplies worth to shareholders, together with earnings and capital diversification and not less than $1 billion of anticipated free money move from Particular person Life over the following 5 to 6 years.”
In February, Voya mentioned it could determine the destiny of its life enterprise after conducting a overview.
Voya reported third-quarter revenue of $142 million.
On a per-share foundation, the New York-based firm mentioned it had revenue of 87 cents. Earnings, adjusted for non-recurring prices, got here to $1.34 per share.
The outcomes beat Wall Road expectations. The typical estimate of 11 analysts surveyed by Zacks Funding Analysis was for earnings of $1.18 per share.
The retirement, funding and insurance coverage firm posted income of $2.25 billion within the interval. Its adjusted income was $163 million, which fell wanting Road forecasts. Eleven analysts surveyed by Zacks anticipated $297.eight million.
Voya shares have decreased 16 p.c because the starting of the 12 months. Within the remaining minutes of buying and selling on Tuesday, shares hit $41.33, a rise of roughly 2 p.c within the final 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) utilizing knowledge from Zacks Funding Analysis. Entry a Zacks inventory report on VOYA at https://www.zacks.com/ap/VOYA