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Voya Financial (VOYA) saw its loss widen to $533 million, or $2.74 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $106.80 million, or $0.50 a share. Revenue during the quarter grew 29.18 percent to $2,548.40 million from $1,972.70 million in the previous year period. Net premium earned for the quarter jumped 79.04 percent or $489.80 million to $1,109.50 million.
Total expenses increase substantiallyBenefits, losses and expenses for the quarter were at $3,200.30 million, or 288.45 percent of premium earned from $2,216 million or 357.59 percent of premium earned in the last year period. Net investment income for the quarter was almost stable at $1,181.10 million, when compared with the last year period. Meanwhile, income from fees and commission for the quarter moved up marginally by 1.47 percent or $12.30 million to $849.40 million. The company has booked a loss on investments of $701.80 million in the quarter compared with a loss of $754.10 million for the previous year period.
"During 2016, we made notable progress on the execution of our multiple initiatives to drive profitable growth in our businesses, improve margins and achieve higher returns, and we remain confident in our ability to achieve our 2018 financial targets," said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. "We concluded the year strong as operating earnings increased across many of our businesses during the fourth quarter. We generated positive net flows in Retirement, Investment Management and in Annuities’ fixed indexed and investment-only products. We also achieved in-force premium growth in Employee Benefits and had lower expense levels in Individual Life. In addition, our hedge program continued to effectively protect our Closed Block Variable Annuity capital, and the resources backing the block continued to exceed regulatory and rating agency requirements.
Assets, liabilities fallTotal assets decreased 1.84 percent or $4,014.50 million to $214,235.10 million on Dec. 31, 2016. On the other hand, total liabilities were at $200,268 million as on Dec. 31, 2016, down 0.84 percent or $1,705.80 million from year-ago. Return on assets for the quarter stood at negative 0.33 percent as compared to a negative 0.13 percent for the previous year period. Return on equity for the quarter stood at negative 3.82 percent as compared to a negative 0.66 percent for the previous year period.
Investments move up marginallyInvestments stood at $92,638.40 million as on Dec. 31, 2016, up 4.69 percent or $4,146.50 million from year-ago. Meanwhile, yield on investments went down 6 basis points to 1.27 percent in the quarter. Meanwhile, reinsurance recoverables moved down 4.39 percent or $335.70 million over the year to $7,318 million on Dec. 31, 2016.
Liability for future policy benefits, unpaid claims and claims adjustment expense was at $92,053.40 million as on Dec. 31, 2016, up 4.40 percent or $3,881.30 million from year-ago.
Total debt was at $3,549.50 million as on Dec. 31, 2016, up 2.59 percent or $89.70 million from year-ago. Shareholders equity stood at $13,967.10 million as on Dec. 31, 2016, down 14.18 percent or $2,308.70 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 0.25 percent in the quarter from 0.21 percent in the last year period.
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