Voya Financial, Inc. (NYSE:VOYA) Q1 2024 Earnings Conference Call May 1, 2024 10:00 AM ET

Company Participants

Mike Katz - Executive Vice President, Finance
Heather Lavallee - Chief Executive Officer
Don Templin - Chief Financial Officer
Matt Toms - Head, Investment Management
Rob Grubka - Head, Workplace Solutions

Conference Call Participants

Mike Ward - Citigroup
Ryan Krueger - KBW
Wes Carmichael - Autonomous Research
Tom Gallagher - Evercore ISI
Wilma Burdis - Raymond James
Suneet Kamath - Jefferies
Nick Annitto - Wells Fargo
Kenneth Lee - RBC Capital Markets

Operator

Good morning. Welcome to Voya Financial's First Quarter 2024 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.

Mike Katz

Thank you, and good morning. Welcome to Voya Financial's first quarter 2024 earnings conference call. We appreciate all of you who 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 Matt Toms, Investment Management; and 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

Good morning, and thank you for joining us today.

As you can see from our first quarter highlights on Slide 4, we delivered on our financial targets. Adjusted operating EPS was $1.77, up 23% year-over-year, and we remain on track to deliver our full year 2024 EPS target of $8.25 to $8.45. We generated excess capital of approximately $200 million, and returned more than that amount to shareholders in the form of share repurchases and dividends. Our Board has approved an additional $500 million share repurchase authorization that will allow us to execute on our capital return plan. That capital plan includes the generation and return to our shareholders of $800 million of excess capital in 2024.