Voya Financial, Inc. (NYSE:VOYA) Q3 2023 Earnings Call Transcript

Joel Hurwitz: Great. Very helpful. Interesting on wealth, if I look at expenses for the full year, they look like the whole year will be up mid-to-high single digits. Can you just talk about actions you’re taking as you head into ’24 on expenses, and how we should think about overall growth and expenses in wealth in 2024?

Rob Grubka: Yes. Look, Heather, I think, hit a lot of the big drivers from a corporate perspective, how we’re thinking about things, whether it’s continued leverage of Voya India, the technology side of things. We’ve got a lot of work that the team is doing to continue to simplify our technology environment that will continue into next year. Importantly, as we, I think, have all said, margin is what we’re focused in on. And so we want to be at the same time, we’re managing the expense numbers, be driving the growth numbers. And in this environment, there’s pressure from spread and what’s gone on there, because we have certainly benefited prior year to this year on what has emerged there. We’re going to continue to manage that in a balanced way. But I just come back to the operating margin focus that we’ve got. And we’re going to again, have both hands on the wheel and driving both top line and expenses.

Christine Hurtsellers: Yes. And I just want to reiterate that point. And this isn’t just for wealth. It’s across the organization. It’s what we’ve done for years. And as Rob said, we’ve got two hands on the wheel in terms of expenses and we’ll lean in as needed to manage margins.

Joel Hurwitz: Okay. Thank you.

Operator: We have reached the end of our question-and-answer session. And I would now like to turn the conference call back over to Heather Lavallee for any closing comments.

Heather Lavallee: To summarize a few key messages, our results reflect the underlying strength 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. We remain on track to achieve our EPS CAGR target of 12% to 17% for the three-year period ending in 2024. As we look ahead, robust pipelines across all three businesses will power our growth into 2024 and beyond. We look forward to updating you on our progress. Thank you for joining us today.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.