Benzinga | Nov 15, 2021 01:04PM EST

Voya Financial Sees Adj. Operating EPS Growth Rate Of 12%-17%

Voya Financial, Inc. (NYSE:VOYA), announced today its plans to achieve an adjusted operating earnings per share (EPS) annual growth rate of 12-17% through 2024. Voya's plans to grow EPS will be driven by net revenue growth, margin expansion, and capital management. Senior management will discuss further details about Voya's strategy and financial targets at the company's 2021 investor day beginning at approximately 1 p.m. ET today.

"This is an exciting time at Voya as we begin our next chapter of growth," said Rodney O. Martin, Jr., chairman and chief executive officer of Voya Financial, Inc. "We have strong revenue growth opportunities, we are focused on driving margin expansion, and we will continue to take a disciplined approach to capital management.

"Our significant financial, operational and cultural transformation has enabled Voya to become a purpose-driven health, wealth and investment company with a clear focus on serving the workplace and institutions. Voya is now poised to drive greater success by providing valuable solutions that are centered on the growing needs of our customers and clients.

"With the increasing demands of employers, their employees, and institutions, we are well positioned to help all of our clients and customers with their specific needs, whether that may be maximizing their benefit spend, building and protecting short and long-term savings, or generating risk-adjusted returns that go beyond traditional investment strategies. This -- along with the increasing technology and analytics capabilities that we will provide to our clients -- will lead to better outcomes for our customers and drive Voya's top-line growth.

"We also will continue to take a disciplined approach to capital management. Over the next three years, and including our deferred tax assets, we expect to realize 90 to 100 percent free cash flow conversion. Our ability to generate significant excess capital gives us opportunities to invest in our business, while also building upon the almost $8 billion in capital that we have returned to shareholders since our IPO in 2013," added Martin.

Voya's 12-17% EPS annual growth target is based off expected full-year 2021 adjusted operating earnings of approximately $6.00 per share, excluding notable items1. Voya's plans also include achieving an operating return on equity of between 14% and 16%.

"Collectively, our scale, customer-centric approach, and high free-cash flow businesses will enable us to drive both top and bottom-line growth as we deliver further value for all of our stakeholders," concluded Martin.