Voya Financial Inc (VOYA) 2023 Q2 法說會逐字稿

Good morning, and welcome to Voya Financial's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Voya Financial 2023 年第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在想將電話轉給財務執行副總裁邁克·卡茨 (Mike Katz)。請繼續。

Thank you, and good morning. Welcome to Voya Financial's Second Quarter 2023 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.

謝謝你，早上好。歡迎參加 Voya Financial 2023 年第二季度收益電話會議。我們感謝今天早上加入我們的所有人。謹此提醒，今天電話會議的材料可在我們的網站 Investors.voya.com 上獲取。

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.

轉向幻燈片 2。電話會議期間發表的一些評論可能包含前瞻性陳述或提及聯邦證券法含義內的某些非 GAAP 財務措施。 GAAP 調節表可在我們網站上的新聞稿和財務補充資料中找到。

Now joining me on the call are Health 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; and Rob Grubka, Workplace Solutions.

現在加入我電話會議的是我們的首席執行官 Health Lavallee；以及我們的首席財務官唐·坦普林 (Don Templin)。在他們準備好發言後，我們將回答您的問題。在問答環節，我們還邀請了我們的業務負責人，特別是投資管理部的 Christine Hurtsellers；和 Rob Grubka，工作場所解決方案。

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

接下來，讓我們轉到幻燈片 3，因為我想將電話轉給 Heather。

Good morning. Voya Financial has delivered strong second quarter results as we continue to drive earnings and sales momentum across our businesses, prudently manage expenses and generate high free cash flow. We are well on track to achieve our 12% to 17% EPS CAGR target over the 3-year Investor Day period ending in December 2024. We're focused on executing our plan, driving organic growth and integrating our new businesses, which are delivering valuable revenue diversification and attractive opportunities for future growth. We head into the second half of 2023, focused on our customers and confident in our ability to generate profitable growth. Our confidence is driven by the proven resilience of our businesses and the strong track record that we have built by consistently delivering results across a wide range of economic conditions.

早上好。 Voya Financial 在第二季度取得了強勁的業績，我們繼續推動整個業務的盈利和銷售勢頭，審慎管理費用並產生高額自由現金流。我們有望在截至2024 年12 月的三年投資者日期間實現12% 至17% 的EPS 複合年增長率目標。我們專注於執行我們的計劃，推動有機增長並整合我們的新業務，這些業務正在提供寶貴的收入多元化和未來增長的誘人機會。進入 2023 年下半年，我們將專注於客戶，並對我們實現盈利增長的能力充滿信心。我們的信心來自於我們業務的久經考驗的韌性以及我們通過在各種經濟條件下始終如一地交付成果而建立的良好業績記錄。

Let's move to Slide 4 with some key themes. For the second quarter, we delivered adjusted operating EPS of $2.21, which is 30% higher year-over-year. Our results reflect the strength of Voya's diversified business model, continued sales momentum and disciplined expense management. For Wealth Solutions, Full Service net flows were $400 million, with growth in recurring deposits helping to offset elevated participant surrenders.

讓我們轉到幻燈片 4，其中包含一些關鍵主題。第二季度，我們的調整後運營每股收益為 2.21 美元，同比增長 30%。我們的業績反映了 Voya 多元化業務模式、持續銷售勢頭和嚴格的費用管理的實力。對於 Wealth Solutions，全方位服務淨流量為 4 億美元，經常性存款的增長有助於抵消參與者退保的增加。

While recordkeeping delivered a strong quarter with net inflows exceeding $3.5 billion. Wealth Solutions delivered another outstanding quarter, driven by strength in Stop Loss, annualized in-force premiums and fees grew 22% year-over-year. In Investment Management, net outflows reflected the difficult market backdrop, especially among institutional clients, while continued strength in international retail helped to offset some of this effect.

雖然記錄保存表現強勁，淨流入超過 35 億美元。在止損實力的推動下，Wealth Solutions 再次表現出色，年化有效保費和費用同比增長 22%。在投資管理領域，淨流出反映了困難的市場背景，尤其是機構客戶，而國際零售業的持續強勁有助於抵消部分影響。

We generated approximately $200 million of capital this quarter, and our free cash flow conversion rate remained above 90%. Because of our confidence in our continued ability to consistently generate strong free cash flows, we are doubling our common stock dividend this quarter to $0.40 or approximately 2% yield. We've also resumed share repurchases, deploying $162 million this quarter as part of our consistent emphasis on returning capital to shareholders in a disciplined manner.

本季度我們產生了約 2 億美元的資本，自由現金流轉化率保持在 90% 以上。由於我們對持續產生強勁自由現金流的能力充滿信心，我們將本季度的普通股股息增加一倍，達到 0.40 美元或約 2% 的收益率。我們還恢復了股票回購，本季度部署了 1.62 億美元，作為我們一貫強調以嚴格的方式向股東返還資本的一部分。

Our Board has provided a further $500 million repurchase authorization to facilitate our continued execution on this approach. In a few moments, Don will share more on our results and performance.

我們的董事會已進一步提供 5 億美元的回購授權，以促進我們繼續執行這一方法。稍後，Don 將分享更多關於我們的成果和表現的信息。

Our strong results this quarter demonstrate the value of the diversified business model we have built during the past several years. Slide 5 shows how our revenues are balanced among underwriting, spread and fee-based sources with our fee revenues further diversified across markets. This diversification, coupled with our continued focus on expense management, has allowed us to achieve consistently strong operating performance, even as business and macroeconomic conditions have changed quarter-to-quarter.

我們本季度的強勁業績證明了我們在過去幾年中建立的多元化業務模式的價值。幻燈片 5 顯示了我們的收入如何在承保、價差和收費來源之間實現平衡，同時我們的收費收入在各個市場上進一步多元化。這種多元化，加上我們對費用管理的持續關注，使我們能夠實現持續強勁的經營業績，即使業務和宏觀經濟狀況逐季變化。

Turning to Slide 6. For the past several quarters, we've been sharing progress on our strategic investments, the results that they are already generating and the growth opportunities they present for the future. We recently marked the first anniversary of our Allianz Global Investors acquisition, which has been a tremendous success for Voya Investment Management. The incoming growth franchise continues to generate exceptionally strong net flows, especially in Asian markets.

轉向幻燈片 6。在過去的幾個季度中，我們一直在分享我們的戰略投資的進展、它們已經產生的結果以及它們為未來帶來的增長機會。最近，我們慶祝了收購 Allianz Global Investors 一周年，這對 Voya Investment Management 來說是一次巨大的成功。即將到來的增長特許經營權繼續產生異常強勁的淨流量，尤其是在亞洲市場。

Building on this success, and consistent with the plans we discussed last quarter, we have recently launched an investment-grade credit fund and several equity funds in the international markets, capitalizing on the extensive distribution capabilities that we now have in Europe and Asia, we see international markets as a powerful driver of future revenue and earnings growth.

在此成功的基礎上，並根據我們上季度討論的計劃，我們最近在國際市場推出了投資級信貸基金和多個股票基金，利用我們目前在歐洲和亞洲擁有的廣泛分銷能力，我們將國際市場視為未來收入和盈利增長的強大推動力。

Our integration of Benefitfocus is on track. This strategic vision it presents for the future of workplace benefits and savings is gaining traction in the marketplace with strong growth in bookings and a growing pipeline of opportunities contributing to sales momentum. With Benefitfocus, Voya is building a market-leading workplace platform for our customers, connecting their benefits and savings programs to create a comprehensive workplace experience for their employees while driving operational and cost efficiencies for their HR departments.

我們對 Benefitfocus 的整合已步入正軌。它提出的關於未來工作場所福利和節省的戰略願景正在市場上獲得關注，預訂量強勁增長，並且不斷增加的機會有助於銷售勢頭。通過 Benefitfocus，Voya 正在為我們的客戶構建市場領先的工作場所平台，將他們的福利和儲蓄計劃聯繫起來，為員工創造全面的工作場所體驗，同時提高人力資源部門的運營和成本效率。

Finally, just yesterday, we took full ownership of our Indian technology and operations joint venture. Voya India has been a tremendous growth story for Voya with close to 2,000 employees just 4 years after we founded it with our local joint venture partner. And now as a wholly owned subsidiary of Voya, it will drive even further innovation across our entire company.

最後，就在昨天，我們完全擁有了我們的印度技術和運營合資企業。 Voya India 是我們與當地合資夥伴共同創立 Voya 印度公司的一個巨大成長故事，僅 4 年後就擁有近 2,000 名員工。現在，作為 Voya 的全資子公司，它將推動我們整個公司的進一步創新。

Turning to Slide 7. By living our purpose and vision every day, we are driving positive outcomes for our clients, supporting our colleagues and serving the communities in which we live and work. The growing adoption of Voya's myVoyage app across our client base provides a great example of our purpose and vision brought to life in a very tangible way. This first-of-its-kind platform uses personalized guidance and comprehensive data to drive better decision-making when it comes to workplace benefits and savings and prudent financial outcomes for our customers.

轉向幻燈片 7。通過每天踐行我們的目標和願景，我們正在為我們的客戶帶來積極的成果，支持我們的同事並為我們生活和工作的社區提供服務。我們的客戶群越來越多地採用 Voya 的 myVoyage 應用程序，這提供了一個很好的例子，說明我們以切實可行的方式實現了我們的目標和願景。這個同類首創的平台使用個性化指導和全面數據，在工作場所福利、儲蓄以及客戶審慎的財務成果方面推動更好的決策。

Our purpose and action is also positively impacting our communities through our annual National Day of Service that we held in May, Voya employees volunteered over 13,000 hours; and helped over [250] (corrected by company after the call) nonprofits across the U.S. Our purpose and the actions that we take to bring it to life continue to underpin our strong culture.

我們的目標和行動還通過 5 月份舉行的年度全國服務日對我們的社區產生了積極影響，Voya 員工志願服務時間超過 13,000 小時；並幫助了美國各地的 [250] 多個（由公司在電話會議後更正的）非營利組織。我們的宗旨以及我們為實現這一宗旨而採取的行動繼續支撐著我們強大的文化。

With that, Don will now provide more details on our performance and results. Don?

這樣，Don 現在將提供有關我們的表現和結果的更多詳細信息。大學教師？

Thank you, Heather. Now let's turn to our results on Slide 9. We delivered $2.21 of adjusted operating EPS in the second quarter, which was 30% higher year-over-year. The Health Solutions business led our exceptional growth with another strong quarter of favorable net underwriting. While second quarter GAAP net income was $154 million, we generated approximately $200 million of excess capital in the quarter. This was because a majority of the differences between after-tax adjusted operating earnings and net income were noncash in nature.

謝謝你，希瑟。現在讓我們看看幻燈片 9 上的結果。第二季度調整後的運營每股收益為 2.21 美元，同比增長 30%。健康解決方案業務引領我們的非凡增長，又一個強勁的季度淨承保表現良好。雖然第二季度 GAAP 淨利潤為 1.54 億美元，但我們在本季度產生了約 2 億美元的超額資本。這是因為稅後調整後營業收益與淨利潤之間的大部分差異本質上是非現金的。

Turning to Wealth Solutions. We're focused on improving financial outcomes for our customers and clients, consistent with our purpose, vision and values. This is supporting our ability to generate positive net cash flows and grow assets over the long term. Specifically, we have generated over $9 billion of Full Service net inflows over the past 5 years, including over $400 million in the second quarter. Full Service recurring deposits grew 9.5% on a trailing 12-month basis, supported by favorable case retention. We continue to expect deposit growth to exceed 10% for the full year. In recordkeeping, we generated over $3.5 billion of net inflows in the second quarter which includes a large case funding.

轉向財富解決方案。我們專注於改善客戶和委託人的財務成果，這與我們的宗旨、願景和價值觀相一致。這支持了我們長期產生正淨現金流和增加資產的能力。具體而言，過去 5 年我們創造了超過 90 億美元的全方位服務淨流入，其中第二季度超過 4 億美元。在有利的案件保留的支持下，全方位服務經常性存款在過去 12 個月的基礎上增長了 9.5%。我們繼續預計全年存款增速將超過 10%。在記錄保存方面，我們在第二季度產生了超過 35 億美元的淨流入，其中包括大宗資金。

Turning to Slide 11. Wealth Solutions generated $174 million of adjusted operating earnings in the quarter. Net revenues ex notables grew 1.5% on trailing 12-month basis, due to higher spread-base revenues. Given the rapid rise in interest rates we experienced elevated spread income last year and the first part in this year. This quarter some of that benefit is normalizing due to policyholder behavior in response to the current yield environment, less variable to fixed transfers and higher crediting rates. Higher credited rates represent our actions to pass on the benefits of higher rates to our policyholders.

轉向幻燈片 11。Wealth Solutions 本季度調整後營業利潤為 1.74 億美元。由於利差收入增加，扣除知名人士的淨收入在過去 12 個月的基礎上增長了 1.5%。鑑於利率的快速上升，我們去年和今年上半年的利差收入都增加了。本季度，由於保單持有人對當前收益率環境的反應、固定轉移的可變性較小以及較高的計入利率，部分收益正在正常化。更高的信用利率代表我們將更高利率的好處傳遞給保單持有人的行動。

Looking ahead, we expect overall net revenues to increase given growth in fee-based revenues heading into the second half of the year, and we remain focused on the overall profitability of our book. As planned, administrative expenses were $23 million lower than first quarter. And our adjusted operating margin remains in our target range, demonstrating our ability to manage spend while investing in our business.

展望未來，鑑於下半年收費收入的增長，我們預計整體淨收入將增加，並且我們仍然關注賬簿的整體盈利能力。按照計劃，管理費用比第一季度減少 2300 萬美元。我們調整後的營業利潤率仍保持在目標範圍內，這表明我們有能力在投資業務的同時管理支出。

Our Wealth Solutions business has a strong and diverse unfunded pipeline. This diversification gives us confidence in continuing to grow the business while delivering on our financial targets.

我們的財富解決方案業務擁有強大且多樣化的無資金渠道。這種多元化使我們有信心在實現財務目標的同時繼續發展業務。

Turning to Health Solutions. In the second quarter, annualized in-force premiums and fees were 16% higher year-over-year, excluding Benefitfocus, well above our long-term target of 7% to 10%. We saw growth across all product lines supported by strong sales and favorable retention. Our aggregate loss ratio was 64% on a trailing 12-month basis driven by very favorable net underwriting experience in Stop Loss. Within Group Life, we experienced loss ratios above our 77% to 80% targeted range due to greater severity. However, claims frequency was in line with our expectations. Looking ahead, we expect full year total aggregate loss ratios to be below 70% to 73%. And due to the favorability in Stop Loss during the first half of the year.

轉向健康解決方案。第二季度，年化有效保費和費用同比增長 16%（不包括 Benefitfocus），遠高於我們 7% 至 10% 的長期目標。我們看到，在強勁的銷售和良好的保留率的支持下，所有產品線都實現了增長。由於止損方面非常有利的淨承保經驗，我們過去 12 個月的總損失率為 64%。在團體人壽保險中，由於嚴重程度較高，我們的損失率高於 77% 至 80% 的目標範圍。然而，索賠頻率符合我們的預期。展望未來，我們預計全年總損失率將低於 70% 至 73%。以及由於上半年止損的青睞。

Turning to Slide 13. We had a record earnings quarter in Health Solutions with adjusted operating earnings, excluding notables of $124 million. Net revenue growth ex notables was 43% on a trailing 12-month basis, reflecting core business growth. Adjusted operating margin ex notables was 35.8% on a trailing 12-month basis, benefiting from the strong underwriting performance.

轉向幻燈片 13。我們的健康解決方案季度收益創歷史新高，調整後的運營收益（不包括重要資產）為 1.24 億美元。過去 12 個月的扣除重要資產後的淨收入增長為 43%，反映了核心業務的增長。受益於強勁的承保業績，過去 12 個月的調整後營業利潤率（扣除重要資產）為 35.8%。

Looking ahead, we expect full year margins to be at the high end of our 27% to 33% target range. Our leading brand and differentiated workplace value proposition continues to resonate and drive momentum with our distribution partners, employer clients and customers.

展望未來，我們預計全年利潤率將達到 27% 至 33% 目標範圍的上限。我們的領先品牌和差異化的工作場所價值主張繼續與我們的分銷合作夥伴、雇主客戶和消費者產生共鳴並推動發展勢頭。

Moving to Slide 14. Investment Management has a multi-decade track record of generating significant value for our clients across different market cycles. However, we're not immune to the headwinds that are facing the industry, and this impacted flows in the quarter. Institutional net outflows of $3.8 billion reflect softer client demand and strategic decisions by us to strengthen our active equity team earlier in the year. That said, we have seen a pickup in institutional client demand in the third quarter, and we are well positioned to benefit from this demand given our long track record and top decile fixed income investment performance.

轉向幻燈片 14。投資管理擁有數十年在不同市場週期為客戶創造巨大價值的記錄。然而，我們也不能倖免於行業面臨的逆風，這影響了本季度的流量。機構淨流出 38 億美元反映了客戶需求疲軟以及我們今年早些時候為加強主動股票團隊而做出的戰略決策。也就是說，我們看到第三季度機構客戶需求有所回升，鑑於我們的長期業績記錄和頂尖的十分之一固定收益投資業績，我們處於有利地位，可以從這種需求中受益。

International retail net flows since we began our strategic partnership with AllianzGI are now over $5 billion and led to another quarter of positive retail net inflows.

自我們與 AllianzGI 建立戰略合作夥伴關係以來，國際零售淨流量現已超過 50 億美元，並導致零售淨流入又一個季度出現正值。

We are building on this momentum with the recent launch of an investment-grade credit usage. With this product, we look to drive additional flows into higher-margin U.S. dollar-denominated retail strategies that are in strong demand internationally.

我們正在利用這一勢頭，最近推出了投資級信貸用途。通過該產品，我們希望推動更多資金流入國際上需求強勁的利潤率較高的美元計價零售策略。

We continue to grow our assets under management which were $324 billion as of June 30. The growth in assets under management was impacted by planned outflows related to our strategic partnership with Venerable, which reached its 5-year anniversary. Approximately $2 billion of institutional assets now remain, which we expect to wind down over time.

截至 6 月 30 日，我們的管理資產規模持續增長，達到 3,240 億美元。管理資產的增長受到我們與 Venerable 戰略合作夥伴關係五週年相關計劃資金流出的影響。目前仍有大約 20 億美元的機構資產，我們預計這些資產將隨著時間的推移而減少。

Turning to Slide 15. Investment Management delivered adjusted operating earnings of $50 million in the second quarter, net of AllianzGI's noncontrolling interest. Net revenues grew 24% ex notables on a trailing 12-month basis, driven by the addition of AllianzGI assets. On a trailing 12-month basis, second quarter adjusted operating margin ex notables was 26.4%. We reduced expenses in the second quarter by $23 million. This was in line with our guidance and our full year expense outlook supports our target to improve 2023 margins by at least 100 basis points on a market neutral basis.

轉向幻燈片 15。投資管理公司第二季度調整後營業利潤為 5000 萬美元，扣除 AllianzGI 的非控股權益。在 AllianzGI 資產增加的推動下，過去 12 個月的淨收入增長了 24%（扣除知名人士）。以過去 12 個月為基礎，第二季度調整後的扣除重要資產的營業利潤率為 26.4%。我們第二季度的開支減少了 2300 萬美元。這符合我們的指引，並且我們的全年費用展望支持我們在市場中立的基礎上將 2023 年利潤率提高至少 100 個基點的目標。

Looking ahead, our well-diversified investment offering, strong investment performance and attractive product pipeline in the private and alternative space, position us well for greater scale or return to positive net flows in 2024 and further margin expansion.

展望未來，我們在私人和另類領域的多元化投資產品、強勁的投資業績和有吸引力的產品線，使我們能夠在 2024 年擴大規模或恢復正淨流量，並進一步擴大利潤率。

Turning to Slide 16. Over the last 12 months, we generated excess capital in line with our free cash flow guidance and deployed over $1 billion of capital. In the second quarter, we generated and deployed approximately $200 million of capital. We opportunistically repurchased $162 million of shares in the quarter. We have increased our share repurchase authorization and doubled our quarterly common stock dividend, reflecting confidence in our continued strong free cash flow generation.

轉向幻燈片 16。在過去 12 個月中，我們根據自由現金流指導產生了超額資本，並部署了超過 10 億美元的資本。第二季度，我們產生並部署了約 2 億美元的資本。本季度我們趁機回購了價值 1.62 億美元的股票。我們增加了股票回購授權，並將季度普通股股息增加了一倍，反映出我們對持續強勁的自由現金流產生的信心。

Looking ahead, we expect to fund our August debt maturity of $140 million with excess capital, as we continue to balance debt extinguishment and share repurchase activity to manage leverage to the midpoint of our 25% to 30% target range.

展望未來，我們預計將用超額資本為8 月份到期的1.4 億美元債務提供資金，同時我們將繼續平衡債務清償和股票回購活動，將槓桿率控制在25% 至30% 目標範圍的中點。

Yesterday, we took ownership of the 51% partnership interest in Voya India that we did not already own. We made a payment of approximately $50 million in connection with the closing. As Heather indicated, we expect immediate financial benefits from this action as well as significant strategic opportunities in the future. Our balanced approach to capital allocation, which includes reinvestment in our business, is driving long-term profitable growth and shareholder value.

昨天，我們取得了 Voya India 51% 的合夥權益，但我們尚未擁有該權益。我們為成交支付了約 5000 萬美元。正如希瑟所指出的，我們預計這一行動將帶來直接的經濟效益，並在未來帶來重大的戰略機遇。我們平衡的資本配置方法（包括對業務的再投資）正在推動長期盈利增長和股東價值。

Turning to Slide 17. We remain on track to achieve our adjusted operating EPS growth target of 12% to 17% over the 3-year period ending in 2024. We are focused on integrating our strategic assets and driving value from our partnerships. Our diversity of revenue and track record of managing through challenging macroeconomic environments gives us confidence in achieving our growth objectives. And we continue to generate and deploy capital to create ongoing value for our shareholders.

轉向幻燈片17。我們仍有望在截至2024 年的三年期內實現調整後的運營每股收益增長12% 至17% 的目標。我們專注於整合我們的戰略資產並從我們的合作夥伴關係中推動價值。我們的收入多樣性以及在充滿挑戰的宏觀經濟環境中的管理記錄使我們對實現增長目標充滿信心。我們繼續產生和部署資本，為股東創造持續的價值。

With that, I will turn the call back to the operator so that we can take your questions.

這樣，我會將電話轉回給接線員，以便我們回答您的問題。

(Operator Instructions) Our first question comes from Wes Carmichael with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的韋斯·卡邁克爾。

First question is on Health and the results were really strong in the quarter, the Stop Loss loss ratio, that's always fun to say, was really favorable. So just wondering if there's any way you can help us with kind of the run rate earnings power in that? And maybe just how much that might contribute to overall EPS growth. I know you said you expected the kind of consolidated loss ratio to be below your target, but any help there would be great.

第一個問題是關於健康狀況，本季度的業績非常強勁，止損比率（這總是很有趣的）非常有利。所以想知道是否有什麼方法可以幫助我們提高運行率盈利能力？也許這對整體每股收益增長有多大貢獻。我知道您說過您預計綜合損失率會低於您的目標，但任何幫助都會很大。

Wes. We'll let Rob start your question on Stop Loss, and then I'll ask Don to speak to the impact on EPS. Rob?

韋斯.我們將讓 Rob 開始您關於止損的問題，然後我將請 Don 談談對每股收益的影響。搶？

Yes. Great. I appreciate that you like to say Stop Loss loss ratio, it's always fun. Look, as we have talked about the last couple of quarters, 2022 experience is what's driving this. So as we think about 1-year product, as a reminder, we're going to go through a renewal cycle here in the fall for the whole book. But what has happened in this year is that 2022 experience is it just has continued to mature and ultimately run better than we would have anticipated. At time of pricing, you're seeing the alignment of that actual experience and the reserving catch up to one another.

是的。偉大的。我很欣賞你喜歡說止損損失比率，這總是很有趣。看，正如我們在過去幾個季度所討論的那樣，2022 年的經驗是推動這一趨勢的因素。因此，當我們考慮一年期產品時，提醒一下，我們將在秋季對整本書進行更新周期。但今年發生的事情是，2022 年的經驗是它不斷成熟，最終運行得比我們預期的更好。在定價時，您會看到實際體驗和預訂之間的一致性。

And so as we think about the next couple of quarters, absent material change in the experience that we've seen, we would continue to expect to be at the, call it, the lower end or under our 77% to 80% traditional guidance around Stop Loss. And so then as we sort of toggle into next year after the renewal cycle, we'll start the process over of exceeding how experience plays itself out.

因此，當我們考慮接下來的幾個季度時，如果我們所看到的體驗沒有發生重大變化，我們將繼續期望處於（所謂的）低端或低於我們的 77% 至 80% 傳統指導圍繞止損。因此，當我們在更新周期之後切換到明年時，我們將重新開始超越經驗發揮作用的過程。

But again, over time, I still think that 77% to 80% is how we want to think about the business as we move forward. This -- the block of business that over the last handful of years, obviously, we've grown from a top line perspective. We've been doing that in a really disciplined way focused on not just growing as fast as we can, but also balancing out the profitability growth. We've improved margins. So I'd say top line has been growing fast. We've been growing the bottom line margin even faster. But it's a competitive space.

但隨著時間的推移，我仍然認為 77% 到 80% 是我們在前進過程中思考業務的方式。顯然，在過去的幾年裡，我們從營收的角度來看，這個業務板塊已經不斷發展。我們一直在以一種非常嚴格的方式做到這一點，不僅注重盡可能快的增長，而且注重平衡盈利能力的增長。我們提高了利潤率。所以我想說，收入一直在快速增長。我們的利潤率增長得更快。但這是一個競爭空間。

Again, we'll go through renewal cycle and be able to talk more about that as we get into third and fourth quarter of what that looks like. But the fundamentals are really strong. And as we play out, I gave you a little bit of a guidance on how I would think about third and fourth quarter, and I'll stop there and let Don chime in.

同樣，我們將經歷更新周期，並在進入第三和第四季度時能夠更多地討論這一點。但基本面確實很強大。當我們比賽結束時，我給了你們一些關於我如何看待第三季度和第四季度的指導，我就到此為止，讓唐插話一下。

Yes. And Wes, before I pivot to Don, I'll just reiterate the point that Rob made is the premium growth. So that is something, while we expect, over time, the loss ratio to normalize, you can expect that premium growth to persist. But Don, maybe hit the second half of Wes' question.

是的。 Wes，在我轉向 Don 之前，我只想重申 Rob 提出的觀點，即保費增長。因此，雖然我們預計隨著時間的推移，損失率會正常化，但您可以預期保費增長將持續存在。但是唐，也許回答了韋斯問題的後半部分。

Yes. I think just from a sort of earnings power or an EPS perspective, you'll recall at the end of the first quarter that we had guided to high single-digit EPS growth for the year. And recall that was off of 30% EPS growth in the prior year. We feel really confident about that being at the high end of that single-digit earnings growth range. And in fact, I would say the strong results in health give us confidence that we're probably pushing up into low double digits as opposed to the high single-digit range.

是的。我認為，僅從盈利能力或每股收益的角度來看，您會記得在第一季度末，我們指導今年每股收益實現高個位數增長。回想一下，去年每股收益增長 30%。我們對處於個位數盈利增長范圍的高端感到非常有信心。事實上，我想說，健康方面的強勁成果讓我們有信心，我們可能會推高至低兩位數，而不是高個位數範圍。

So we have a lot of confidence. The business is executing really well. And then as you think about sort of our 3-year guide for the EPS CAGR, we gave a range of 12% to 17% over a 3-year period ending in 2024. The strong 2022 and the strong 2023 gives us a lot of confidence that we'll be also at the high end of that range.

所以我們有很大的信心。業務執行得非常好。然後，當您考慮我們的每股收益複合年增長率3 年指南時，我們給出了截至2024 年的3 年期間12% 至17% 的範圍。強勁的2022 年和強勁的2023 年為我們提供了很多我們相信我們也將處於該範圍的高端。

That's all really helpful. And then just maybe pivoting to Investment Management. Just wondering if you can provide maybe a little color on the flow pipeline for the balance of the year? And maybe just your thoughts on how you're viewing your flow performance versus the industry. It looked like on the slide that maybe the gap versus an organic growth rate versus peers has narrowed a little bit. So just your thoughts there would be great.

這一切都非常有幫助。然後可能會轉向投資管理。只是想知道您是否可以為今年剩餘時間的流程管道提供一點顏色？也許只是您對如何看待自己的流程性能與行業相比的想法。從幻燈片上看，有機增長率與同行的差距可能已經縮小了一些。所以只要你的想法就會很棒。

Yes. Thanks Wes. Christine will give you some color on why we're optimistic for our flows as looking forward.

是的。謝謝韋斯。克里斯汀（Christine）將為您解釋為什麼我們對未來的流量持樂觀態度。

Yes, certainly, Wes. So just to kind of put into context, certainly, challenging industry overall for institutional flows and we're not immune. But when you think specifically about sort of the near term and then longer run. Near term, we've made some very conscious strategic decisions. I mean you've heard us on previous quarters, talk a little bit about off-ramp versus on-ramp and that sort of thing. And so specifically, what are those? We did combine the fundamental equity teams of our acquired AGI business is with our fundamental equity team really to have best-in-class and focused investors and strategy there.

是的，當然，韋斯。因此，就某種背景而言，當然，機構流動對整個行業提出了挑戰，我們也不能倖免。但當你具體考慮短期和長期時。近期，我們做出了一些非常有意識的戰略決策。我的意思是，您在前幾個季度聽過我們談論過一些關於出口匝道與入口匝道之類的事情。那麼具體來說，那些是什麼？我們確實將收購的 AGI 業務的基本股權團隊與我們的基本股權團隊合併在一起，真正擁有一流且專注的投資者和戰略。

So that's just a natural outcome as far as some synergies that can cause a little bit of client disruption, if you will, very conscious, formidable strong equity franchise going forward. But more importantly, we've also talked about the NNIP relationship. We did have some outflows related to that, and we do see a little bit of headwind as a result of that into the next quarter. So that's sort of the frame. But again, what I want to remind you of, and I'll throw this back to your observation and your question around the momentum in institutional flows.

因此，就一些協同效應而言，這只是一個自然結果，可能會導致一點點客戶干擾，如果你願意，非常有意識地，強大的強大股權特許經營權向前發展。但更重要的是，我們還討論了 NNIP 關係。我們確實有一些與此相關的資金外流，而且我們確實看到下一季度會出現一些阻力。這就是框架。但我想再次提醒您的是，我將把這一點帶回到您對機構資金流動勢頭的觀察和問題。

Conscious decisions by us to really fortify and strengthen our business. So what do I mean? Like that chart shows you the institutional flows over a period. But if you'll recall, we delivered positive organic growth for 7 straight years. And if you look at that chart, what's changed? What's changed is the international retail really helping to drive higher basis point, higher margin business. And so I'm super excited because the same company that delivered those institutional flows is only better today because we have the global distribution partnership and newly acquired capabilities.

我們做出明智的決定，真正鞏固和加強我們的業務。那麼我的意思是什麼？就像該圖表顯示一段時間內的機構流動一樣。但如果您還記得的話，我們已經連續 7 年實現了正有機增長。如果您查看該圖表，會發現發生了什麼變化？發生的變化是國際零售業確實有助於推動更高基點、更高利潤率的業務。所以我非常興奮，因為提供這些機構流程的同一家公司今天只會更好，因為我們擁有全球分銷合作夥伴關係和新獲得的能力。

So private markets, you hear us talk about that insurance asset management. And again, just really fortified retail to really have an opportunity to garner flows out of Asia, which is the fastest-growing region globally for asset management. Overall, I couldn't be more excited. '23 is complex. And a lot of that is just our conscious decision to strengthen and fortify our business. So what I see is, I see going into '24 though, a lot of upside, definitely 2% to 4%, outpacing the organic growth of the industry and continuing to expand our operating margin.

所以私募市場，你聽到我們談論保險資產管理。再說一次，只有真正加強零售業，才能真正有機會吸引資金流出亞洲，因為亞洲是全球資產管理增長最快的地區。總的來說，我非常興奮。 '23 很複雜。其中很多只是我們有意識的決定，以加強和加強我們的業務。所以我看到的是，進入 24 年，我看到了很大的上升空間，肯定是 2% 到 4%，超過了行業的有機增長，並繼續擴大我們的營業利潤率。

Our next question is from Ryan Krueger with KBW.

我們的下一個問題來自 KBW 的 Ryan Krueger。

First, I just had a follow-up. Can you give any more color on how much NNIP impacted institutional outflows in the current quarter? And any more perspective on how to size how that could impact the third quarter?

首先，我剛剛進行了跟進。您能否進一步說明 NNIP 對本季度機構資金流出的影響有多大？關於如何衡量這對第三季度的影響還有更多觀點嗎？

Yes. Thanks, Ryan. Christine will take that.

是的。謝謝，瑞安。克里斯汀會接受的。

Sure. Thank you, Ryan. So NNIP was part of the outflows in the second quarter and then (inaudible) we're looking at a competitors on the institutional side. This seems to be an industry trend. But as far as NNIP, specifically, it will continue to be a headwind to our flows into the third quarter. But again, what I am seeing, in addition to really just the foundation I talked about is in our core businesses, our pipeline and opportunities are actually growing. So we are seeing a shift in momentum. I mean, Ryan, clients were terrified of real estate, clients were sort of sitting in cash and really not sure what to do. We're seeing a movement now into fixed income into credit. We're starting to see more engagement and signs of life from our insurance clients that we have in terms of the commercial real estate, which quite frankly, was a bad word for insurance companies for a period of time. But I think that, again, clients are getting more confident about the macro environment starting to deploy capital.

當然。謝謝你，瑞安。因此，NNIP 是第二季度資金流出的一部分，然後（聽不清）我們正在尋找機構方面的競爭對手。這似乎是一個行業趨勢。但具體而言，就 NNIP 而言，它將繼續成為我們第三季度資金流入的阻力。但我再次看到，除了我談到的核心業務的基礎之外，我們的渠道和機會實際上正在增長。因此，我們看到勢頭髮生了轉變。我的意思是，瑞安，客戶對房地產感到恐懼，客戶手裡拿著現金，真的不知道該怎麼辦。我們現在看到固定收益轉向信貸的趨勢。我們開始看到我們的保險客戶對商業房地產的參與度和活力跡象越來越多，坦率地說，這在一段時間內對保險公司來說是一個壞詞。但我認為，客戶對宏觀環境越來越有信心，開始部署資本。

So overall, still have those NNIP headwinds, working really hard to overcome them, just seeing the growing momentum in the pipeline. And again, I see this as -- just think about this as 2023. Just look at what this business has done in the past and it's going to do in 2024. And I'm just very confident that we're going to hit organic growth targets over the long run.

因此，總體而言，仍然存在 NNIP 的阻力，需要非常努力地克服它們，只是看到管道中不斷增長的勢頭。再說一次，我認為這是——把它想像成 2023 年。看看這個企業過去做了什麼，以及 2024 年將會做什麼。我非常有信心，我們將實現有機增長長期增長目標。

Yes. And maybe just to reiterate a point there that Christine made on NNIP. Number one, this was as expected. You've heard us talk about the off-ramp and then the significant on-ramp with AGI. This has been built into the forecast. And just a reminder, while there are negative flows for -- from NNIP their revenue protections in '23.

是的。也許只是重申 Christine 在 NNIP 上提出的觀點。第一，這符合預期。您已經聽過我們談論 AGI 的出口匝道和重要的入口匝道。這已納入預測。只是提醒一下，雖然 NNIP 的收入保護在 23 年出現了負流量。

And then on Wealth, do you view the spread income that you generated in the second quarter as a reasonable run rate going forward? Or could there be some additional downside from here?

然後在財富方面，您認為第二季度產生的利差收入是否是一個合理的未來運行率？或者這裡還會有一些額外的缺點嗎？

Sure. Rob, do you want to take that?

當然。羅布，你想接受這個嗎？

Sure. Yes. Thanks, Ryan. Yes, so as we -- and Don really, I think, hit the main point when I -- just to put context on the spread dynamics and what's going on. It's easy to sort of think about the gross investment yield side of the story and think about, okay, you can make crediting rate decisions. And what we've seen emerge over the last couple of quarters to your question, is this behavior piece of our policyholders. And so what are they doing that's different than they did 12 months ago, there's just been some material changes there. So as we think about, is that going to change this quarter? Is it going to change next quarter? Is the market environment, if it stays the way it is, how long does it persist? There's more questions than answers at this stage.

當然。是的。謝謝，瑞安。是的，所以當我們——我認為唐真的切中要點時——只是為了了解傳播動態和正在發生的事情的背景。人們很容易思考故事的總投資收益率，並思考，好吧，你可以做出信用利率決定。對於你的問題，我們在過去幾個季度中看到的情況是我們的保單持有人的這種行為。那麼他們所做的事情與 12 個月前不同，只是發生了一些實質性變化。因此，正如我們所思考的那樣，這種情況會在本季度發生變化嗎？下個季度會改變嗎？市場環境如果保持現狀，還能持續多久？在此階段，問題多於答案。

So as we look at it, doing the step back, obviously, spread is an important part of how we make money in the business and how we set targets. But I just sort of do the step back and say, boy, we figured this out since we've been a public company on how to continue to hit operating margins that meet our expectations and your expectations so that 36% to 40%, we feel good about staying in that range throughout the rest of the year. And I think as we get past, what in '22, was a really quick and rapid run-up in spread income. That will sort of start to fall off and then our opportunity to kind of get back into net revenue growth being in that 2% to 4%, we feel good about as we get through this period of time. And so the nuances, I think this quarter and the next couple of quarters is really around the client policyholder behavior piece.

因此，當我們回顧這一點時，顯然，價差是我們如何在業務中賺錢以及如何設定目標的重要組成部分。但我只是退後一步說，天哪，自從我們成為一家上市公司以來，我們就想出了這個問題，即如何繼續達到滿足我們和您的期望的營業利潤率，以便 36% 到 40%，我們在今年餘下的時間裡保持在這個範圍內感覺良好。我認為，隨著我們過去，22 年的利差收入確實快速增長。這將開始下降，然後我們有機會恢復淨收入增長 2% 到 4%，我們對度過這段時間感到滿意。因此，我認為本季度和接下來的幾個季度的細微差別實際上是圍繞客戶保單持有人行為的。

But I'll just come back to we still net-net, feel good about when you look at it in totality, the revenue piece of the story, the spread piece is obviously a piece of that and then the fee income and then how are we going to manage expenses. And so we feel good about being at the right overall margin level and so the pieces and parts here were just -- we're a little bit cautious on overly being precise around this client policyholder behavior piece of things.

但我會回到我們仍然是網絡，當你從整體上看時，感覺很好，故事的收入部分，傳播部分顯然是其中的一部分，然後是費用收入，然後是如何我們要管理開支。因此，我們對處於正確的整體利潤水平感到滿意，因此這裡的各個部分只是 - 我們對客戶保單持有人行為的過度精確有點謹慎。

And maybe one build on Rob's comment is you've heard us talk for a number of years about the revenue diversification within our Wealth business. And the fact that we've got the combination of spread, equity market, participant-based surrenders and that diversification has allowed us to continue to navigate through different cycles as it will going forward.

也許基於 Rob 的評論，您多年來一直聽到我們談論我們的財富業務中的收入多元化。事實上，我們將利差、股票市場、基於參與者的退保和多元化相結合，使我們能夠繼續在未來的不同周期中航行。

Our next question is from Erik Bass with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Erik Bass。

Can you talk about the decision to buy in India JV and maybe provide a little bit more color on what this business does and what the transaction means for the company moving forward?

您能否談談購買印度合資企業的決定，並可能提供更多有關該業務的業務以及該交易對公司未來發展意味著什麼的信息？

Yes. Sure, Erik. I'm happy to take your questions. So if you do a step back in 2019, we established a joint venture with an India technology company called SLK that really focused on establishing a global operations and technology center. The strategic rationale for doing this was to build out capabilities to help us drive efficiency, scale and innovation. And specifically thinking about building out capabilities in infrastructure support, application development, data analytics security as well as just operational efficiency. And so we did that in 2019 and has been, I think, really a great strategic move for us. And during that time, really how you see it reflected is, it is embedded in the operating margins of our businesses. So in our -- what Rob just mentioned, our ability to maintain operating margins for a number of years. This is what has been one of the key capabilities. And so for us to acquire the really other half the 51% of it, we just consider that a very logical next step to acquire full ownership of a great capability.

是的。當然，埃里克。我很高興回答你的問題。因此，如果你回顧 2019 年，我們與一家名為 SLK 的印度科技公司成立了一家合資企業，該公司真正專注於建立全球運營和技術中心。這樣做的戰略理由是增強能力，幫助我們提高效率、規模和創新。特別考慮構建基礎設施支持、應用程序開發、數據分析安全以及運營效率方面的能力。所以我們在 2019 年就這麼做了，我認為這對我們來說確實是一個偉大的戰略舉措。在那段時間裡，你真正看到的反映是，它嵌入到我們業務的營業利潤中。因此，正如羅布剛才提到的，我們有能力維持多年的營業利潤率。這是關鍵能力之一。因此，對於我們來說，要獲得真正的另一半（即 51％），我們認為這是獲得一項強大功能的完全所有權的非常合乎邏輯的下一步。

It allows us to have these employees as Voya employees, very strategically aligned. And then lastly, how to think about it on a go-forward basis is we see this as a capability we can expand and is going to help be a contributor to operating margin improvement within our asset management business. And as we continue to drive innovation and think about technology advancements, automation, AI, that kind of capability, we just -- we're really, really pleased with Voya India. So hopefully, that gives you some context.

它使我們能夠讓這些員工成為 Voya 員工，在戰略上非常一致。最後，如何在未來的基礎上考慮這一點，我們認為這是一種我們可以擴展的能力，並將有助於為我們的資產管理業務的運營利潤率改善做出貢獻。當我們繼續推動創新並思考技術進步、自動化、人工智能等能力時，我們對 Voya India 感到非常非常滿意。希望這能為您提供一些背景信息。

Yes. And then if I could switch to recordkeeping. It's a very strong quarter for flows, and we've seen some public announcements recently on some nice wins. So I was hoping you could just talk about the outlook for this business. And maybe one of those announced deals are kind of have hit in the P&L and what are still to come?

是的。然後我是否可以轉向記錄保存。這是一個流量非常強勁的季度，我們最近看到了一些關於一些不錯的勝利的公開聲明。所以我希望你能談談這個行業的前景。也許其中一項已宣布的交易對損益表產生了影響，接下來還會發生什麼？

Yes. No, Rob can certainly take your question. And I think this is a good place where diversification of markets plays out well. So Rob?

是的。不，羅布當然可以回答你的問題。我認為這是一個市場多元化發揮良好作用的好地方。那麼羅布?

Yes. No, great point, Heather. This is one where we're really excited about what we've got sort of in hand, unfunded in some ways -- in some places, but what you saw in the quarter was a particular case that came in. It wasn't the only one, but it was a rather large one. And then as we think about ahead, there is more to come, both in '23 as well as a pipeline into '24 and '25. So we feel good about the activity that we've seen in that space. This has been a story that's just continued to sort of build momentum and Voya's presence in this part of the market.

是的。不，很好，希瑟。我們對我們手頭的東西感到非常興奮，在某些方面，在某些地方，沒有資金，但你在本季度看到的是一個特殊的案例。雖然只有一個，但是相當大。然後，當我們思考未來時，將會有更多的事情發生，無論是在 23 年，還是在 24 和 25 年的管道中。所以我們對在那個空間看到的活動感覺很好。這個故事一直在持續增強 Voya 在這部分市場的影響力。

We feel like we've certainly turned the corner on ability and right to win in this space, and we'll continue to leverage that ability and right to win as we think about the large, middle and small end of the marketplace, we're going to squeeze all of these opportunities into new innovation, new ways to serve and think about driving the outcomes that we're all trying to strive for.

我們覺得我們肯定已經扭轉了在這個領域獲勝的能力和權利，當我們考慮大、中、小型市場時，我們將繼續利用這種能力和權利獲勝，我們”我們將把所有這些機會融入到新的創新、新的服務方式中，並思考推動我們所有人努力爭取的成果。

So we're excited about the activity that we've seen, again, a lot in hand, and we're always working the pipeline of opportunities, but we feel really good about the progress that we're making in that space.

因此，我們對我們所看到的活動感到很興奮，再次，我們一直在努力尋找機會，但我們對我們在該領域取得的進展感到非常滿意。

Our next question comes from the line of Tom Gallagher.

我們的下一個問題來自湯姆·加拉格爾（Tom Gallagher）。

And on the $7 billion of divestitures in Investment Management in the quarter. Can you comment on -- Don, I think you had referenced it and mention, I believe was it mainly venerable. And I think you said there were $2 billion of assets remaining that could outflow from that transaction. Anyway, I guess it's the third quarter in a row where you've seen some negative impact from that line item. Can you comment on what drove that? And is there any tail left on that, that we're going to likely see in the coming quarters?

以及本季度 70 億美元的投資管理資產剝離。你能評論一下嗎——唐，我想你已經提到過它並提到，我相信它主要是令人尊敬的。我想你說過還有 20 億美元的剩餘資產可能會從該交易中流出。無論如何，我想您已經連續第三個季度看到該訂單項帶來了一些負面影響。您能評論一下是什麼推動了這一點嗎？我們在未來幾個季度可能會看到這一點，還有什麼線索嗎？

Yes. Thanks, Tom. Christine will take your questions.

是的。謝謝，湯姆。克里斯汀將回答你的問題。

Sure, Tom. And so just very quickly, like a step back around what is in that other category is that it would include fixed account flows for Voya and divested businesses. So kind of traditional general account. And part of those went to Venerable as part of the, obviously, an incredibly strategic deal and beneficial for Voya in the divesting of our Variable Annuity business as well as Resolution. So how to think about what happens? The Venerable contract, as expected when we did the deal, they had a 5-year contract with Voya Investment Management for us to manage their general account assets. And not unexpectedly, when you think about private equity-owned companies, strategic value for them, and certainly, they -- with Apollo and Athene, they have in-house capabilities to manage assets. So it wasn't unexpected for us and it certainly is captured in our operating margin targets, our revenue targets and forecast.

當然，湯姆。因此，很快，就像退一步討論其他類別中的內容一樣，它將包括 Voya 和剝離業務的固定賬戶流量。這是一種傳統的普通賬戶。其中一部分交給了 Venerable，顯然是一項令人難以置信的戰略交易的一部分，並且對 Voya 有利的是剝離我們的可變年金業務和決議。那麼如何思考會發生什麼？ Venerable合約，正如我們交易時預期的那樣，他們與Voya Investment Management簽訂了一份為期5年的合約，讓我們管理他們的普通賬戶資產。毫不奇怪，當你考慮私募股權公司的戰略價值時，當然，他們——阿波羅和雅典娜，擁有管理資產的內部能力。因此，這對我們來說並不意外，而且它肯定反映在我們的營業利潤目標、收入目標和預測中。

And so how to think about the remaining relationship that Don referenced with Venerable on the general account side? I mean, certainly, some of those assets are likely to remain. I mean, this was -- we've been a strong performer and have some pretty differentiated capabilities, but also some of them, such as commercial real estate potentially, we are the servicer of those assets and they're sticky and less liquid. So I don't really want to speak specifically to a client sort of forward-looking view. But again, incredibly manageable when you think about everything we've done. And then just quickly, what I'd like to also just kind of pivot to is just to remind everybody, this business, 5, 6 years ago, we were managing over $90 billion of Voya general account assets. That's now less than $40 billion.

那麼如何看待唐所說的與尊者在總賬方面剩下的關係呢？我的意思是，當然，其中一些資產可能會保留下來。我的意思是，我們一直是一個表現強勁的公司，擁有一些相當差異化的能力，但也有一些能力，例如潛在的商業房地產，我們是這些資產的服務者，它們具有粘性且流動性較差。所以我真的不想專門向客戶談論前瞻性觀點。但同樣，當你想到我們所做的一切時，這一切都非常容易管理。然後很快，我也想提醒大家，這個業務，5、6 年前，我們管理著超過 900 億美元的 Voya 普通賬戶資產。現在還不到 400 億美元。

What have we done in the meantime? We've really focused on growing our external client business. You hear us say we have over 60 insurance clients today. But just from an outside-in proof point for you, there was a recent industry report that came out that shows that we ranked #3 in the United States as the asset manager for outsourced private fixed income capabilities. So think private debt, commercial real estate; number three, Voya Investment Management. So again, this is a proof point. Our focus is pivoted forward, continuing to focus on that insurance DNA that we have, to continue to grow that client base in that business.

在此期間我們做了什麼？我們確實專注於發展外部客戶業務。您聽說我們現在有 60 多個保險客戶。但僅從外向內的證據來看，最近發布的一份行業報告顯示，我們作為外包私人固定收益能力的資產管理公司在美國排名第三。所以想想私人債務、商業房地產；第三名，Voya投資管理公司。再說一遍，這是一個證明點。我們的重點是向前發展，繼續專注於我們擁有的保險 DNA，繼續擴大該業務的客戶群。

And maybe just kind of build is -- sorry, Tom, I just was going to do the reminder that the Venerable transaction was a really good deal for Voya and our shareholders. So just kind of doing that look back. But I'll turn it back to you, Tom, for a follow-on.

也許只是一種構建 - 對不起，湯姆，我只是想提醒大家，Venerable 交易對 Voya 和我們的股東來說是一筆非常划算的交易。所以只是回顧一下。但我會把它轉回給你，湯姆，作為後續的內容。

Heather and Christine. Yes, just a follow-up on that. I hear you and I don't think anyone is going to have issues with the merits of that transaction whatsoever. I think from re-rating overall capital freeing up perspective was quite attractive. Just trying to get a sense for the remaining legacy for both that and also the deal with Resolution. So is it like -- are we likely to see a continuation of outflows? I assume this, we're not going to see $7 billion again. This seems fairly sizable. But is it likely we're going to see a continuation of outflows coming through those divestitures related to those, would you say? Or do you think we've seen the vast majority of them already happen?

希瑟和克里斯汀。是的，只是後續行動。我聽到了你的聲音，我認為任何人都不會對該交易的優點有任何疑問。我認為從重新評估整體資本釋放的角度來看是相當有吸引力的。只是想了解一下剩餘的遺產以及與決議的交易。那麼，我們是否可能會看到資金持續外流？我認為，我們不會再看到 70 億美元了。這看起來相當大。但您認為，我們是否可能會看到通過與這些相關的資產剝離而繼續出現資金外流？或者您認為我們已經看到其中絕大多數已經發生了？

Yes. Christine will speak to it.

是的。克里斯汀將對此發表講話。

Yes, absolutely, Tom. Probably the best thing to do would be to look at the announcements around the Resolution deal. So we manage assets for Resolution Life. And as part of that deal, we have a schedule of retaining general account assets. So I think that, that expires, it was 7 years. So I think that expires in 2027. And it has been on a glide path down and so what started at $24 billion is now $15 billion.

是的，絕對是，湯姆。最好的辦法可能是查看有關決議交易的公告。因此，我們為Resolution Life 管理資產。作為該交易的一部分，我們制定了保留普通賬戶資產的時間表。所以我認為，那已經過期了，已經7年了。所以我認為這個期限將於 2027 年到期。而且它一直在下滑，所以最初的 240 億美元現在是 150 億美元。

So just to size that for you. But again, just expected built into our financial forecast, again, nothing performance related. We have a great relationship, both with Venerable and Resolution. Certainly, it has been an area of focus to serve them well and will continue to be, and again, I'm super excited when you think about sort of the insurance shops that we have that we're -- again, complicated year. It's sort of again sort of the front 2 story, right? So some legacy businesses and the pivot too is really our insurance practice and then also, we have a strategic relationship with Allianz Life and their portfolio. So that has been seen as a growing part of our business, which is exciting as well.

所以只是為你調整大小。但同樣，這只是我們財務預測中的預期，與業績無關。我們與尊者和決心都有著很好的關係。當然，為他們提供良好的服務一直是一個重點領域，並且將繼續如此，當你想到我們擁有的保險商店時，我感到非常興奮，我們又是一個複雜的一年。這有點像前面 2 的故事，對吧？因此，一些傳統業務和支點實際上是我們的保險業務，而且我們與安聯人壽及其投資組合建立了戰略關係。因此，這已被視為我們業務中不斷增長的一部分，這也令人興奮。

Our next question comes from Suneet Kamath with Jefferies.

我們的下一個問題來自 Jefferies 的 Suneet Kamath。

I wanted to start on the excess capital, which I think is $500 million sort of flat quarter-over-quarter. Should we view that as sort of fully deployable capital? Or should we think about second half capital deployment really being a function of the capital that you generate.

我想從多餘的資本開始，我認為它是 5 億美元，與上一季度持平。我們是否應該將其視為一種完全可部署的資本？或者我們應該考慮下半年的資本部署實際上是您產生的資本的函數。

Thanks, Suneet, Don will take your question.

謝謝，蘇尼特，唐會回答你的問題。

Sure. So maybe let me start with just reminding folks that we have a strong and long track record of returning capital to shareholders and we've been thoughtful, balanced and disciplined around that. The other thing that we've done consistently is we've retired debt we've been repurchasing shares so that we can prudently manage our balance sheet and our leverage ratio. So that's sort of the backdrop.

當然。因此，也許讓我首先提醒大家，我們在向股東返還資本方面擁有良好且長期的記錄，並且我們對此一直深思熟慮、平衡和自律。我們一貫做的另一件事是我們已經償還了我們一直在回購股票的債務，以便我們可以審慎地管理我們的資產負債表和槓桿率。這就是背景。

Obviously, there were some headwinds or some uncertainties around the economy, macroeconomics heading into 2023. Some of those still exist. So we've been thoughtful and maybe a little bit prudent around having a lot of excess capital here, the $500 million. We think that's a really good position to be in. You'll recall that we repurchased shares and we retired debt. We had a debt -- senior debt maturing in August. And so for the second quarter, we were very focused on repurchasing shares. So that's the activity that consumed our capital in the second quarter.

顯然，進入 2023 年，經濟、宏觀經濟存在一些阻力或不確定性。其中一些仍然存在。因此，我們對於擁有大量過剩資本（5 億美元）一直是深思熟慮的，也許還有些謹慎。我們認為這是一個非常好的位置。您會記得我們回購了股票並償還了債務。我們有一筆債務——高級債務，將於八月到期。因此，在第二季度，我們非常關注股票回購。這就是第二季度消耗我們資本的活動。

In the third quarter, there's a natural point to retire some debt. So to manage debt. So there will be $140 million of that $500 million that's going to be used to retire that debt. And then you should expect that given our capital light, high free cash flow generation business that we are going to generate significant excess capital next quarter -- or I mean, this quarter, next quarter and into the future and that excess capital, we plan to return to our shareholders through share repurchases.

第三季度是償還部分債務的自然時機。所以要管理債務。因此，這 5 億美元中的 1.4 億美元將用於償還債務。然後你應該預期，鑑於我們的資本輕、自由現金流生成業務高，我們將在下個季度產生大量的過剩資本——或者我的意思是，本季度、下個季度以及未來，我們計劃產生大量的過剩資本通過股票回購來回報股東。

So there will be periods where there may be a little heavier on share repurchase versus debt Retirement or a little heavier on debt Retirement versus share repurchase, but we are steadfastly committed to returning capital to shareholders. And in fact, we had the Board authorized an increase in our share repurchase authorization by another $500 million taking us to about $609 million of availability.

因此，在某些時期，股票回購與債務退休可能會稍微重一些，或者退休與股票回購之間的債務可能會重一些，但我們堅定地致力於向股東返還資本。事實上，我們已獲得董事會授權，將股票回購授權再增加 5 億美元，使我們的可用資金達到約 6.09 億美元。

Got it. That makes sense. Maybe just a follow-up there. So should we assume that the majority of the capital that you generate going forward will be used for buybacks? Because I thought in the prepared remarks, there was a comment around being a little bit more balanced in terms of capital deployment. So I just wanted to flesh that out a little bit.

知道了。這就說得通了。也許只是後續行動。那麼我們是否應該假設您未來產生的大部分資本將用於回購？因為我認為在準備好的發言中，有一個關於在資本配置方面更加平衡的評論。所以我只是想充實一點。

Yes. I think that reference was really we have $140 million of senior debt that's maturing in August. So this month, so we wanted to make sure that people didn't overlook that. But yes, we're big believers in returning capital to shareholders. We think that's a really, really important part of an investment thesis in Voya. So I think you should be thinking that we will be deploying that excess capital to share repurchase, but we are going to continue to manage our leverage metric. I mentioned that we're going to probably kind of work to the middle of that 25% to 30% range, but we don't have to do that immediately. I mean we're going to do that on a measured and paced way.

是的。我認為這個參考實際上是我們有 1.4 億美元的優先債務將於 8 月份到期。所以這個月，我們想確保人們不會忽視這一點。但是，是的，我們堅信向股東返還資本。我們認為這是 Voya 投資論文中非常非常重要的一部分。因此，我認為您應該認為我們將部署多餘的資本來回購股票，但我們將繼續管理我們的槓桿指標。我提到過我們可能會在 25% 到 30% 範圍的中間進行工作，但我們不必立即這樣做。我的意思是，我們將以一種有節制、有節奏的方式來做到這一點。

And I think you can also expect us to continue to be balanced and how we've invested in our business to drive growth just as we have done over the past number of years. So completely reiterating Don's point around share repurchase is going to be an important lever to drive EPS growth going forward.

我認為您還可以期望我們繼續保持平衡，以及我們如何投資我們的業務以推動增長，就像我們過去幾年所做的那樣。因此，完全重申唐關於股票回購的觀點將成為推動每股收益增長的重要槓桿。

(Operator Instructions) Our next question comes from John Barnidge with Piper Sandler.

（操作員說明）我們的下一個問題來自 John Barnidge 和 Piper Sandler。

My question, you talked about a strong pipeline for Wealth Solutions ended '24 and even '25. Where does that visibility come from? Because you talk about the right to win. Is it coming from previous Retirement providers that customers anticipate are exiting due to lack of scale? Or is it related to the liability consolidation we're seeing in the industry?

我的問題是，您談到了 24 年甚至 25 年結束的財富解決方案的強大渠道。這種可見性從何而來？因為你談論的是獲勝的權利。它是否來自客戶預期因缺乏規模而退出的以前的退休服務提供商？或者這與我們在行業中看到的負債整合有關？

Yes. Thanks, John. We'll let Rob speak to your question. But again, it goes back to what we talk about as the diverse markets we're in from different tax codes and sizes where we've had competitive positioning. But Rob, love for you to elaborate.

是的。謝謝，約翰。我們會讓羅布回答你的問題。但同樣，這又回到了我們所談論的多元化市場，我們擁有不同的稅法和規模，在這些市場中我們擁有競爭地位。但是羅布，喜歡你詳細說明。

Yes. No, yes, great question, John. I mean, look, the visibility or opportunities. These -- especially in that recordkeeping market, at the plan level, the complexity as you sit back and think about like, okay, large plan is just a large plan, but likely it's plans of plans of plans. They've got a lot going on within their benefit environment. You think about whether it's a state-based plan and what they're trying to aggregate together, bring together and you can start to get a feel for like, okay, yes, there's complexity here because it's not just all one sort of flavor of vanilla. There's a little Baskin-Robbins mixed in this where there's a lot of different flavors of plans, and they're carrying a lot of history with them.

是的。不，是的，很好的問題，約翰。我的意思是，看看，知名度或機會。這些——特別是在記錄保存市場中，在計劃層面上，當你坐下來思考時，複雜性就像，好吧，大計劃只是一個大計劃，但很可能是計劃中的計劃的計劃。他們的福利環境中發生了很多事情。你想想這是否是一個基於州的計劃，以及他們試圖將什麼整合在一起，整合在一起，你可以開始感覺到，好吧，是的，這裡很複雜，因為它不僅僅是一種風格香草。這裡有一點巴斯金-羅賓斯的混合，有很多不同風格的計劃，而且它們承載著很多歷史。

And so that's a little bit of context on just like, okay, well, what brings these things to market is going to be like falling down on maintaining that and the continuity of the service. The experience, how do you integrate these things together depending on what any particular plan provider does, they may be doing things on their own from a digital perspective? And how do you integrate with those environments?

因此，這就是一些背景信息，好吧，好吧，將這些東西推向市場的原因將是在維護這些東西和服務的連續性方面失敗。經驗，如何根據任何特定計劃提供商的做法將這些東西整合在一起，他們可能從數字角度自己做事情？您如何與這些環境集成？

So I won't belabor that, but you get the point that there's just a lot of complexity in them as they get bigger, and it's not just a one size fits all. And so you've got to have the capability to bring these things, integrate these things and do it in a way that is consistent and feels cohesive to not only the employer, but ultimately, their employees who may have assets in more than one place is their careers have evolved and so on. So that's a little bit of like what brings it to market.

所以我不會詳細說明這一點，但你會明白，隨著它們變得越來越大，它們就會變得越來越複雜，而且它並不是一刀切的。因此，你必須有能力帶來這些東西，整合這些東西，並以一種一致的方式來做，不僅讓雇主感到有凝聚力，而且最終也讓他們的員工感到有凝聚力，因為他們可能在多個地方擁有資產他們的職業生涯已經發展等等。這有點像將其推向市場的原因。

And then there's an element of people need to make sure from a fiduciary duty perspective, they're doing their duty and they're going to go to market, test market and understand that they've got the pricing they think they should or not. So those are a couple of the bigger dynamics. But again, as you step back and we think about the look through and me talking about stuff that's 2025 and trust me, there's things that are probably 2026 in-house right now of thinking about those sorts of opportunities and then it's execution. And it takes a while with that level of complexity I just described to bring these things on board, make sure the integrations and things happen in the way that they need to and sort of there, you see and feel the complexity and then sometimes the timing uncertainty that comes with whether things are coming or going in the book, those are just dynamics that are evolving and how the teams are working to bring something on board and/or exit something.

然後，人們需要從信託責任的角度確保他們正在履行自己的職責，他們將進入市場，測試市場並了解他們已經獲得了他們認為應該或不應該的定價。這些是一些更大的動態。但同樣，當你退後一步，我們思考一下整個過程，我談論的是 2025 年的事情，相信我，現在可能有 2026 年內部的事情，考慮這些機會，然後是執行。在我剛才描述的複雜程度下，需要一段時間才能將這些東西加入進來，確保集成和事情以它們需要的方式發生，在那裡，你會看到並感受到復雜性，有時還有時間安排書裡的事情是來還是去都會帶來不確定性，這些只是不斷發展的動態，以及團隊如何努力引入某些東西和/或退出某些東西。

So those are things that we think we do well, whether they're coming or going because we want to earn the right to get a new opportunity in the future. So the teams drive incredibly hard to deliver on what we need to deliver on there. And again, I think we built a lot of credibility over the last several years and Heather was a big piece of that. Heather, do you want to add anything else there?

因此，這些都是我們認為我們做得很好的事情，無論它們是來還是去，因為我們希望贏得未來獲得新機會的權利。因此，團隊非常努力地交付我們需要交付的東西。再說一次，我認為我們在過去幾年中建立了很大的信譽，希瑟是其中的重要組成部分。希瑟，你還想補充什麼嗎？

The only thing I would add on it is just the trends with SECURE Act and the growth and the strength we have in the emerging markets and the team continues to drive success. And then, again, we talk about the diversification of markets and being #1 in the government market, and we've seen a lot more consolidation in that space. It just goes to really the strength of Rob's team across different tax codes, different size plans. And so I think all of those factor into the confidence we have in the pipeline.

我唯一要補充的是《安全法案》的趨勢以及我們在新興市場的增長和實力，以及團隊繼續推動成功。然後，我們再次談論市場的多元化以及在政府市場中的第一名，並且我們在該領域看到了更多的整合。這真正體現了 Rob 團隊在不同稅法、不同規模計劃方面的實力。因此，我認為所有這些因素都會影響我們對管道的信心。

Maybe my follow-up question will be sticking with Wealth. You talked about diversification across different tax codes. We have the potential for student loan payments resuming. How do you think through that impacting demand out of some of those tax codes? And is it actually an opportunity to think through debt relief solutions that can be partnered into it?

也許我的後續問題將繼續圍繞財富。您談到了不同稅法的多元化。我們有可能恢復學生貸款付款。您如何看待其中一些稅法對需求的影響？這實際上是一個思考可以與之合作的債務減免解決方案的機會嗎？

Rob, do you want to take that?

羅布，你想接受這個嗎？

Yes. No. Look, John, it's a great question. Again, doing the step back on it, there's so many things that get in the way of the consumer knowing where to allocate their paycheck. And as you alluded to, student debt is a big part of the puzzle they're trying to figure out whether it's excess medical things come up or family situations that vary across a wide variety of things. That whole short-term and/or near term or long term in this case on the student debt piece of things, but there's a lot to think through.

是的。不，聽著，約翰，這是一個很好的問題。再說一遍，有很多事情妨礙消費者知道如何分配他們的薪水。正如你所提到的，學生債務是他們試圖弄清楚是否是過多的醫療問題或因各種原因而變化的家庭情況所造成的難題的一個重要組成部分。在這種情況下，整個短期和/或近期或長期都是關於學生債務的事情，但還有很多事情需要考慮。

I think this is actually one of the elements you're going to ask it in the context of Wealth, but we do the step back and think about our strategy to bring the workplace benefits and savings together, this is an area where I get excited, I think the team collectively gets excited about well, how does Benefitfocus and their capabilities fit into this? And how do we think about that connected experience. And whether it's something that Voya is providing a particular solution to or we're partnering with someone to do it. This is an area where we think there's going to be ever more opportunity for us to get creative, get more thoughtful in how we come at helping consumers, the employees ultimately figure these things out and evaluate their options.

我認為這實際上是您在財富背景下要問的要素之一，但我們退後一步，思考我們將工作場所福利和儲蓄結合在一起的策略，這是我感到興奮的領域，我認為團隊集體對此感到興奮，Benefitfocus 及其能力如何適應這一點？我們如何看待這種互聯體驗。無論是 Voya 提供特定解決方案還是我們正在與某人合作來做這件事。我們認為，在這個領域，我們將有更多的機會發揮創造力，更加深思熟慮地幫助消費者，讓員工最終弄清楚這些事情並評估他們的選擇。

There are plenty of solutions how to evaluate them and think about them in the context of everything else and employees trying to balance out. I think that's a big problem to solve, which equates to a big opportunity for companies like us. So I'm optimistic that there's going to be a lot of innovation on this front, and I think we're going to get smarter, faster given the assets that we have in place here at Voya now.

有很多解決方案可以評估它們，並在其他一切和員工試圖平衡的背景下思考它們。我認為這是一個需要解決的大問題，這對於像我們這樣的公司來說意味著一個巨大的機遇。因此，我樂觀地認為，這方面將會有很多創新，而且考慮到我們現在在 Voya 擁有的資產，我認為我們會變得更聰明、更快。

Yes. And maybe a final build before we close as you think across the Health and Wealth, we are seeing that and integrated guidance drives better outcomes and connect the experience for employees drives better engagement. And that's really what -- kind of why we exist as a company is to help our customers improve their outcomes.

是的。也許在我們結束之前的最終版本中，正如您對健康和財富的思考一樣，我們看到綜合指導可以帶來更好的結果，並將員工的體驗聯繫起來可以提高敬業度。這就是我們作為一家公司存在的真正原因是為了幫助我們的客戶改善他們的成果。

This concludes our question-and-answer session. I would now like to turn the conference call back over to Heather Lavallee for any closing comments.

我們的問答環節到此結束。現在，我想將電話會議轉回希瑟·拉瓦利 (Heather Lavallee)，徵求結束意見。

To summarize, we will continue to be relentless in executing on our plan, focused on revenue growth, margin expansion and prudent capital management. We remain confident in our growth objectives, including the 3-year EPS CAGR target of 12% to 17% that we have reaffirmed today. Our confidence is driven by the proven benefits of our diversified business model and our track record of delivering results. We remain focused on delivering outstanding service, innovative solutions and a market-leading experience for our customers with even more in store for the future. We look forward to updating you on our progress. Thank you for joining us today.

總而言之，我們將繼續堅持不懈地執行我們的計劃，重點關注收入增長、利潤率擴張和審慎的資本管理。我們對我們的增長目標仍然充滿信心，包括我們今天重申的 12% 至 17% 的 3 年 EPS 複合年增長率目標。我們的信心源於我們多元化業務模式的已被證實的優勢以及我們交付成果的記錄。我們仍然專注於為客戶提供卓越的服務、創新的解決方案和市場領先的體驗，並為未來做好準備。我們期待向您通報我們的最新進展。感謝您今天加入我們。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。