August 6, 2014

Voya reverses 2Q loss

Retirement, investment and insurance products provider Voya Financial, which has Windsor operations, reversed its year-ago second quarter loss thanks largely to improvements in its closed-block variable annuity segment.

Voya, formerly called ING U.S., booked $246 million in net income, or 96 cents per diluted share, up from a loss of $33 million, or 33 cents, in the second quarter of 2013.

The recent quarter included an after-tax loss of $55 million in the company's closed-block variable annuity segment. That was an improvement over the segment's $220 million loss a year ago.

Voya also increased its fee-based margin, due to higher assets under management; it also had higher underwriting gains in its individual life and employee benefits segments.

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