Voya Financial, Inc. (NYSE:VOYA) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET

Company Participants

Michael Katz - Executive Vice President-Finance

Heather Lavallee - Chief Executive Officer

Donald Templin - Executive Vice President and Chief Financial Officer

Christine Hurtsellers - Chief Executive Officer-Voya Investment Management

Rob Grubka - Chief Executive Officer-Workplace Solutions

Conference Call Participants

Elyse Greenspan - Wells Fargo

Ryan Krueger - KBW

Alex Scott - Goldman Sachs

Suneet Kamath - Jefferies

John Barnidge - Piper Sandler

Wilma Burdis - Raymond James

Tom Gallagher - Evercore ISI

Kenneth Lee - RBC Capital Markets

Josh Shanker - Bank of America

Joel Hurwitz - Dowling & Partners

Operator

Good morning. Welcome to Voya Financial's Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the call over to Mike Katz, Executive Vice President of Finance. Please go ahead, sir.

Michael Katz

Thank you and good morning. Welcome to Voya Financial's third quarter 2023 earnings conference call. We appreciate all of you have joined us this morning. As a reminder, materials for today's call are available on our website at investors.voya.com.

Turning to slide 2. some of the comments made during the call may contain forward-looking statements or refer to certain non-GAAP financial measures within the meaning of federal securities law. GAAP reconciliations are available in our press release and financial supplement found on our website.

Now, joining me on the call are Heather Lavallee, our Chief Executive Officer and Don Templin, our Chief Financial Officer.

After their prepared remarks, we will take your questions. For the Q&A session, we have also invited the heads of our businesses, specifically, Christine Hurtsellers, Investment Management; Rob Grubka, Workplace Solutions.

With that, let's turn to slide 3, as I would like to turn the call over to Heather.

Heather Lavallee

Thanks, Mike. Let's begin on slide 4 with some key themes. Our results reflect the underlying strengths of our businesses, the benefits of our diversified revenues and our strong track record of executing on our targets, while continuing to invest for future growth. In the third quarter, we generated $1.74 per share of adjusted operating earnings, including notable items.

We remain on track to achieve our EPS target of 12% to 17% for the three-year period ending in 2024. We've taken the steps necessary to protect margins and we'll continue to be disciplined on spend as a key lever to manage our businesses. As we look ahead, the robust pipelines across all three businesses will power our growth into 2024 and beyond. Our commercial momentum continued to build in the third quarter; in Wealth Solutions, full-service recurring deposits for 10% with positive net flows in both full service and recordkeeping.