Voya Financial, Inc. (VOYA) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $248.10 million, or $ 1.23 a share in the quarter, against a net profit of $40.30 million, or $0.18 a share in the last year period.
Revenue during the quarter plunged 31.60 percent to $2,528.50 million from $3,696.40 million in the previous year period. Net premium earned for the quarter dropped 35.62 percent or $402.10 million to $726.70 million.
Total expenses come down
Benefits, losses and expenses for the quarter were at $2,884.40 million, or 396.92 percent of premium earned from $3,616.10 million or 320.35 percent of premium earned in the last year period. Operating loss for the quarter was $355.90 million, compared with an operating income of $80.30 million in the previous year period.
Net investment income was at $1,163.40 million for the quarter, up 5.42 percent or $59.80 million from year-ago period. Meanwhile, income from fees and commission for the quarter moved down marginally by 1.59 percent or $13.90 million to $857.90 million. The company has booked a loss on investments of $367.70 million in the quarter compared with a gain of $299.10 million for the previous year period.
Assets, liabilities remain almost stable
Total assets were almost stable over the past one year at $218,622.20 million on Sep. 30, 2016.
Return on assets was negative at 0.09 percent in the quarter against a positive 0.07 percent in the last year period. Return on equity was negative at 1.54 percent in the quarter against a positive 0.23 percent in the last year period.
Investments move up
Investments stood at $97,352.40 million as on Sep. 30, 2016, up 6.92 percent or $6,302.40 million from year-ago. Meanwhile, yield on investments went down 2 basis points to 1.20 percent in the quarter.
Meanwhile, reinsurance recoverables were almost stable over the year to $7,305.10 million on Sep. 30, 2016.
Liability for future policy benefits, unpaid claims and claims adjustment expense was at $91,406 million as on Sep. 30, 2016, up 4.02 percent or $3,531.50 million from year-ago.
Total debt was at $3,548.50 million as on Sep. 30, 2016, up 2.60 percent or $89.80 million from year-ago. Shareholders equity stood at $16,155.40 million as on Sep. 30, 2016, down 6.34 percent or $1,093.20 million from year-ago. As a result, debt to equity ratio went up 2 basis points to 0.22 percent in the quarter from 0.20 percent in the last year period.
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