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Voya Financial (VOYA) Unveils Financial Target for 2024
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Voya Financial Inc. (VOYA - Free Report) has unveiled its financial plan for 2024. This leading health, wealth, and investment company estimates annual adjusted operating earnings per share growth of about 12-17% through 2024. Net revenue growth of 4-6%, margin expansion of 1-2%, and prudent capital management should help Voya Financial achieve the target.
The growth rate is based on estimated 2021 adjusted operating earnings of approximately $6.00 per share.
Voya Financial’s earnings are expected to be driven by solid performance across Wealth Solutions, Investment Management and Health Solutions. These businesses are higher-growth, higher-return, capital-light businesses, boasting a solid presence. Voya Financial expects net annual revenue growth of 2-4% in Wealth Solutions, 7-10% in Investment Management, and 5-7% in Health Solutions segments to contribute to total net revenue growth.
Voya Financial’s prudent capital management includes the realization of 90 to 100% free cash flow conversion in the next three years and operating return on equity between 14% and 16%. This Zacks Rank #3 (Hold) company has already returned $8 billion in capital to shareholders since its IPO in 2013.
The pandemic has accelerated demand from employers, employees, and institutions. Voya Financial has the scale, reach, and expertise, given the expansion of distribution network and achievement of efficiencies through automation, to capitalize on the opportunities. VOYA boasts being a premier provider of retirement plans, group provider of supplemental health products and institutionally focused asset manager.
In fact Voya Financial estimates new revenue streams from expanding technology and innovation and believes that these will support the fulfillment of its net revenue growth target.
Shares of Voya Financial have rallied 16.3% year to date, outperforming the industry’s increase of 8.8%. Focus on high-growth, high-return, capital-light businesses, solid market presence, cost savings and effective capital deployment should help retain the momentum.
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Stocks to Consider
Some better-ranked stocks from the same industry are American Equity Investment Life Holding Company , Athene Holding and Primerica (PRI - Free Report) .
American Equity sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for the company’s 2021 and 2022 earnings has moved up 3.9% and 5.1% in the past seven days. American Equity delivered a four-quarter average earnings surprise of 31.49%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2021 earnings of Athene, carrying a Zacks Rank #2 (Buy), has moved up 9.9% in the past 30 days and implies 123.7% year-over-year growth. Athene delivered a four-quarter average earnings surprise of 46.12%.
Carrying a Zacks Rank #2, the Zacks Consensus Estimate for Primerica’s 2021 and 2022 earnings has moved up 0.3% each in the past seven days. The consensus estimate indicates 22.8% and 12.8% year-over-year growth, respectively. Primerica delivered a four-quarter average earnings surprise of 3.26%.
Shares of American Equity, Athene and Primerica have gained 32%, 99.7% and 19.7%, respectively, in the same time frame.
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Voya Financial (VOYA) Unveils Financial Target for 2024
Voya Financial Inc. (VOYA - Free Report) has unveiled its financial plan for 2024. This leading health, wealth, and investment company estimates annual adjusted operating earnings per share growth of about 12-17% through 2024. Net revenue growth of 4-6%, margin expansion of 1-2%, and prudent capital management should help Voya Financial achieve the target.
The growth rate is based on estimated 2021 adjusted operating earnings of approximately $6.00 per share.
Voya Financial’s earnings are expected to be driven by solid performance across Wealth Solutions, Investment Management and Health Solutions. These businesses are higher-growth, higher-return, capital-light businesses, boasting a solid presence. Voya Financial expects net annual revenue growth of 2-4% in Wealth Solutions, 7-10% in Investment Management, and 5-7% in Health Solutions segments to contribute to total net revenue growth.
Voya Financial’s prudent capital management includes the realization of 90 to 100% free cash flow conversion in the next three years and operating return on equity between 14% and 16%. This Zacks Rank #3 (Hold) company has already returned $8 billion in capital to shareholders since its IPO in 2013.
The pandemic has accelerated demand from employers, employees, and institutions. Voya Financial has the scale, reach, and expertise, given the expansion of distribution network and achievement of efficiencies through automation, to capitalize on the opportunities. VOYA boasts being a premier provider of retirement plans, group provider of supplemental health products and institutionally focused asset manager.
In fact Voya Financial estimates new revenue streams from expanding technology and innovation and believes that these will support the fulfillment of its net revenue growth target.
Shares of Voya Financial have rallied 16.3% year to date, outperforming the industry’s increase of 8.8%. Focus on high-growth, high-return, capital-light businesses, solid market presence, cost savings and effective capital deployment should help retain the momentum.
Stocks to Consider
Some better-ranked stocks from the same industry are American Equity Investment Life Holding Company , Athene Holding and Primerica (PRI - Free Report) .
American Equity sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for the company’s 2021 and 2022 earnings has moved up 3.9% and 5.1% in the past seven days. American Equity delivered a four-quarter average earnings surprise of 31.49%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2021 earnings of Athene, carrying a Zacks Rank #2 (Buy), has moved up 9.9% in the past 30 days and implies 123.7% year-over-year growth. Athene delivered a four-quarter average earnings surprise of 46.12%.
Carrying a Zacks Rank #2, the Zacks Consensus Estimate for Primerica’s 2021 and 2022 earnings has moved up 0.3% each in the past seven days. The consensus estimate indicates 22.8% and 12.8% year-over-year growth, respectively. Primerica delivered a four-quarter average earnings surprise of 3.26%.
Shares of American Equity, Athene and Primerica have gained 32%, 99.7% and 19.7%, respectively, in the same time frame.