Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Investor Day (November 2018)
87 slides from Voya Financial's investor day presentation, Nov 13, 2018
Slide 1: Investor Day 2018
Investor Day 2018 Exhibit 99.2 Voya Financial, Inc. | Investor Day 2018
Slide 2: Introduction
Introduction Mike Katz Senior Vice President, Investor Relations and Enterprise FP&A
Slide 3: Forward-Looking and Other Cautionary Statements
Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not i
Slide 4: Agenda
Agenda 1 Welcome Remarks and Video Mike Katz 1:00 – 1:10 p.m. 2 Voya’s Next Chapter – Growth Rod Martin 1:10 – 1:25 p.m. 3 Retirement Charlie Nelson 1:25 – 1:45 p.m. 4 Employee Benefits Rob Grubka 1:45 – 2:05 p.m. 5 Voya Cares Heather Lavallee / Bill Harmon 2:05 – 2:15 p.m. 6 Presentation Break 2:15
Slide 5: Voya's Next Chapter – Growth
Voya’s Next Chapter – Growth Rod Martin Chairman and Chief Executive Officer
Slide 6: Investor Day Key Takeaways
Investor Day Key Takeaways Team track record, brand, and culture are differentiators Organic growth, cost savings, and capital deployment provide clear path for future EPS growth and higher valuation Voya has three high-growth, high-return, capital-light complementary businesses focused on the workp
Slide 7: Financial Updates We Will Discuss Today
Enterprise ROE Target1 EPS Growth Target for 2019 – 2021 Higher Annual Dividend Financial Updates We Will Discuss Today 10%+ Annual Target 1%+ Dividend Yield by mid-2019 13 – 15% Measure excludes deferred tax assets and accumulated other comprehensive income but includes all other sources of shareho
Slide 8: Deliberate Steps to De-Risk and Position Voya for Growth
5 ongoing businesses and CBVA ING U.S. rebranded to Voya Financial Established ROE and ROC targets by segment Primary component of IPO raised $600 million of capital Valuation depressed due to capital-intensive businesses Deliberate Steps to De-Risk and Position Voya for Growth at Attractive Returns
Slide 9: Voya Today – Complementary Businesses
Voya Today – Complementary Businesses Well Positioned to Serve Workplace Participants and Institutions 3Q’18 TTM Adjusted Operating Earnings by Segment (excludes DAC/VOBA unlocking): $1,305 million1 49% 18% 12% 21% Investment Management Retirement Employee Benefits Individual Life Committed to being
Slide 10: Winning Culture Attracts Customers and Talent
Winning Culture Attracts Customers and Talent Named one of Fortune’s World’s Most Admired Companies in the Securities and Asset Management Industry Fifth consecutive year as one of the World’s Most Ethical Companies Named Employer of the Year: Champion Award and a Best Place to Work for Disability I
Slide 11: Americans Increasingly Looking to the Workplace for Solutions
Americans Increasingly Looking to the Workplace for Solutions that Voya Provides Market of markets retirement plans: 401(k), 457, and 403A(b) tax codes IRAs, brokerage accounts Equities, fixed income, and target date funds Invest Voluntary products Group Life Stop Loss Protect Financial education (i
Slide 12: Valuable Distribution Relationships Drive Business
Valuable Distribution Relationships Drive Business Through Workplace and Institutions, with Opportunity to Do More Retirement Investment Management Employee Benefits Examples Financial Advisors / Wealth Managers Consultants / Brokers Direct Institutional Product Partners / Integrated Platforms 12,00
Slide 13: Our Competitive Advantages Align with Significant Market Opportunities
Our Competitive Advantages Align with Significant Market Opportunities Key Competitive Advantages Significant Market Opportunity Brand and Culture Size and Scale Operating Efficiency Distribution Relationships Focused Business Portfolio Embed Technology 50% Of American Households with Defined Contri
Slide 14: Growth, Cost Savings, and Capital Deployment Will Generate Value
Growth, Cost Savings, and Capital Deployment Will Generate Value for Shareholders Increase recurring deposits in high margin full service Retirement Drive higher margin sales of specialty asset classes in Investment Management Expand Investment Management assets in Retirement channels Further growth
Slide 15: Business Mix, Growth Prospects Merit Higher Valuation
Business Mix, Growth Prospects and Significantly Reduced Tail Risk Merit Higher Valuation S&P 500 ~15.0x 10% 6.9x 10%+ (Ex-DTA) Life Insurance 7.0 – 8.0x Mid-to-high single digits Retirement & Asset Management 8.0 – 8.5x Mid-to-high single digits Forward P/E Multiple Upside P/E Multiple1,2 Forward E
Slide 16: Investor Day Key Takeaways
Investor Day Key Takeaways Team track record, brand, and culture are differentiators Organic growth, cost savings, and capital deployment provide clear path for future EPS growth and higher valuation Voya has three high-growth, high-return, capital-light complementary businesses focused on the workp
Slide 17: Retirement
Retirement Charlie Nelson Chief Executive Officer, Retirement and Employee Benefits
Slide 18: Retirement Key Takeaways
Retirement Key Takeaways Clear strategy for continued profitable growth while capturing share in a consolidating industry Further strengthen collaboration across businesses to deepen customer relationships and improve customer financial outcomes Leading retirement solutions provider serving a large
Slide 19: Retirement Outlook
Retirement Outlook Annual Targets Targeted Annually 2019 – 2021 Full Service Recurring Deposits Growth (Trailing Twelve Months) 10 – 12% Pre-tax Adjusted Operating Earnings Growth 4 – 7%
Slide 20: Industry Leading Provider of Retirement Solutions
$435B of AUM/AUA1 Scale Provider in the Defined Contribution Market: #3 by number of Plans2 #5 by number of Participants2 #6 by total Assets2 >49,000 DC Plans3 ~5.2 million Participant Accounts3 Sizeable Retail Business Providing Wealth Management, Advisory, and IRA: ~1,800 Advisors Voya Financial A
Slide 21: Well Positioned to Capture Increasing Share in a Consolidating Industry
Well Positioned to Capture Increasing Share in a Consolidating Industry ~50% ~75% Industry Asset Growth1 ($ trillion) 25% 6% CAGR Top 10 Provider Share of Industry Assets2 Voya’s Rank3 #10 #6 2007 – 2017 CAGR for Total Defined Contribution market excluding Federal Thrift; Cerulli Defined Contributio
Slide 22: Delivered Significant Improvement in Financial Performance Since 2015
Delivered Significant Improvement in Financial Performance Since 2015 Relatively Flat $711 $725 8.7% 13.4% Return on Capital2 Unlevered Adjusted Operating Earnings (Normalized)1 ($ million) Administrative Expenses ($ million) +470 bps 8% CAGR Customer Accounts 15% Pre-tax. Excludes (i) unlocking of
Slide 23: Investing in Initiatives to Improve Customer Experience
While Investing In and Executing on Initiatives to Improve the Customer Experience and Position Voya for Further Growth Improved Digital Capabilities Award winning¹ participant website driving higher savings rates and improved outcomes Greater Collaboration across Businesses Provides greater outcome
Slide 24: Customers Choose Voya for Brand, Breadth, and Holistic Approach
Customers Choose Voya for Our Brand, Breadth of Solutions, and Holistic Approach to Retirement Recognized Brand; ranked #2 DC provider by advisors Reputation for: Quality of solutions Customer service Ease of doing business Brand & Reputation Micro to Mega Corporate, Tax Exempt, IRA, non-qualified W
Slide 25: Need for Retirement Solutions Driving Opportunity for Growth
Need for Retirement Solutions Driving Significant Opportunity for Growth Under Covered Under Served Under Saved More than 30 million private sector workers in the U.S. do not have access to a workplace retirement plan2 47% of small, private sector workers do not have access to a DC plan2 There are o
Slide 26: Strategic Priorities to Capture Greater Share
Voya is Well Positioned to Capture Greater Share of the Opportunity Through Our Strategic Priorities 1 Expand and Deepen Distribution Partnerships 2 Strengthen Collaboration across our Business 3 Innovate with Purpose to Drive Improved Financial Outcomes
Slide 27: Expand Network of Distribution Partners
Expand Our Network of Distribution Partners and Deepen Relationships to Drive Further Sales Growth Expand number of advisors by over 33% to penetrate new and existing firm relationships Grow wholesaling teams 30% while improving productivity levels Expand Distribution Relationships Deepen use of adv
Slide 28: Strengthen Collaboration Across Our Businesses
Strengthen Collaboration Across Our Businesses to Retain, Attract, and Deepen Customer Relationships Investment Management Grow Retirement assets leveraging in Investment Management solutions Evolve products and solutions to meet growing needs for income and wealth preservation Employee Benefits Inc
Slide 29: Continue to Drive Efficiency and Improve Financial Outcomes
Continue Culture of Operational Excellence Further implement robotics process automation and expand digital service solutions Improve Financial Outcomes through Innovation Further optimize digital design and experience through learnings from The Voya Behavioral Finance Institute Expand “Health and W
Slide 30: Retirement Key Takeaways
Retirement Key Takeaways Clear strategy for continued profitable growth while capturing share in a consolidating industry Further strengthen collaboration across businesses to deepen customer relationships and improve customer financial outcomes Leading retirement solutions provider serving a large
Slide 31: Employee Benefits
Employee Benefits Rob Grubka President, Employee Benefits
Slide 32: Employee Benefits Key Takeaways
Employee Benefits Key Takeaways Focused on fast growing markets with profitable products that meet customer needs Further growth by delivering solutions that improve financial wellness in the workplace Track record of growing revenue with attractive returns
Slide 33: Employee Benefits Outlook
Employee Benefits Outlook Annual Targets Targeted Annually 2019 – 2021 In-Force Premium Growth 7 – 10% Pre-tax Adjusted Operating Earnings Growth 7 – 10% Total Aggregate Loss Ratio (Trailing Twelve Months) 71 – 74%
Slide 34: Focused Employee Benefits Provider with Proven Success
6.1 million lives covered across 2,100 active employers Focused Employee Benefits provider: #6 largest Stop Loss provider² Growing Voluntary provider Maintaining market share in Group Life with average employer of 1,000 lives³ Growing share of premium with top intermediaries Focused Employee Benefit
Slide 35: Excludes Disability and other. Pre-tax. Excludes (i) unlocking of DAC/VOBA and other intangibles and
Excludes Disability and other. Pre-tax. Excludes (i) unlocking of DAC/VOBA and other intangibles and (ii) prepayments and alternatives income to the extent such income is above or below our long-term expectations. This measure as presented is a non-GAAP financial measure. For a reconciliation of thi
Slide 36: A "Must Quote" Stop Loss Provider in Growth Market
A “Must Quote” Stop Loss Provider in Growth Market Industry earned premium of ~$17B in 2017 #6 largest provider3 Industry expected to grow as medical cost inflation remains high Protects employers with self-funded health plans from large catastrophic health claims Voya limits exposure through reinsu
Slide 37: Outpacing Industry in High Growth Voluntary Market
Industry earned premium of ~$6B in 2017 Industry expected to grow as employees look to reduce financial exposure from high deductible health plans Protect customers from unexpected medical emergencies Growing appetite from employers to broaden their Employee Benefit offering Currently 40% of Employe
Slide 38: Maintaining Market Share in Group Life
Industry earned premium of ~$27B in 2017 Industry growth correlated with inflation and job creation Group Life protects financial wellness with annual opportunity for employees to establish and adjust protection Maintaining Market Share in Group Life Group Life In-Force Premium1 ($ million) Industry
Slide 39: Employers Choose Employee Benefits for Expertise, Brand, and Service
Employers Choose Employee Benefits for Our Expertise, Brand, and Service Target Market: 500+ lives Experienced and consultative sales team sells all solutions Ability to efficiently integrate with 90+ benefit technology partners Expertise Connection of products and technology enhances customer exper
Slide 40: Health and Wealth Convergence Driving Opportunity for Voluntary
The “Health and Wealth” Convergence Driving Opportunity for Voluntary Solutions 2018 Employer Health Benefits Survey, Kaiser Family Foundation. 2017 Year-End HSA Market Statistics & Trends Executive Summary, Devenir (2/22/18). Industry defined as including critical illness, accident and hospital ind
Slide 41: Strategic Priorities to Capture Greater Share
Voya is Well Positioned to Capture Greater Share of the Opportunity Through Our Strategic Priorities 1 Growing Our Premium with Top Intermediaries as They Drive Consolidation 2 Continue Leveraging our Leadership Position in Stop Loss to Deliver Voluntary Growth 3 Maximize the Enterprise Opportunity
Slide 42: Growing Share with Top Intermediaries
Focus on Growing Share with Top Intermediaries While Leveraging Stop Loss Leadership Position to Grow Sales in Voluntary Product CAGR Voluntary 62% Group Life 12% Stop Loss 8% Voya has Grown Share of EB Premium with Top 10 Intermediaries1 McKinsey & Company. Voya’s expertise in Stop Loss creates opp
Slide 43: Maximize the Enterprise Opportunity for Financial Wellness
Maximize the Enterprise Opportunity to Help Employees Optimize Financial Wellness Voya’s Health Savings and Spending Accounts creates opportunities for Retirement and Investment Management Extending cutting-edge Retirement guidance tools that quantitatively address trade-offs, helping employees opti
Slide 44: Employee Benefits Key Takeaways
Employee Benefits Key Takeaways Focused on fast growing markets with profitable products that meet customer needs Further growth by delivering solutions that improve financial wellness in the workplace Track record of growing revenue with attractive returns
Slide 45: Voya Cares
Voya Cares® Heather Lavallee President, Tax-Exempt Markets Bill Harmon President, Corporate Markets
Slide 46: Voya Cares – Helping People with Special Needs and Caregivers
Voya Cares – Helping People with Special Needs and Caregivers Plan for the Future They Envision Vast and underserved community – over 100 million Americans Intersects our culture and business expertise – a differentiator driving business results Voya Cares is an extension of our mission to serve all
Slide 47: Voya Cares Serves a Vast and Underserved Community
Voya Cares Serves a Vast and Underserved Community an estimated 56.7 million people — will be affected by a special need or disability in their lifetime1 Americans 100 million+ people have friends and family with disabilities1 1 in 6 workers in the U.S. assist with caregiving2 9 out of 10 caregivers
Slide 48: Voya Cares is Designed to Serve Over 100 Million Americans
Debilitating disease Multiple Sclerosis Muscular Dystrophy Mental Health Voya Cares is Designed to Serve the Over 100 Million Americans Who are Impacted by a Disability Congenital disorder Down syndrome Autism Fragile X Catastrophic event Stroke Heart Attacks Accidents Aging population Alzheimer's P
Slide 49: Voya Cares Guides Employers and Employees
Serving clients how, when, and where they wish to be served Voya Cares Guides Employers and Employees Through the Special Needs Financial Planning Journey Voya Cares Online Resource Center Digital, Phone, and Local Advisor Education Holistic Planning Support (Phone or In-Person) Boost employee reten
Slide 50: Special Needs Financial Planning Journey
Voya Cares Guides Employers and Employees Through the Special Needs Financial Planning Journey Perfect intersection between our culture and our business expertise Investing Planning Protecting
Slide 51: Embedding Special Needs Planning in Retirement Participant Experience
Embedding Special Needs Planning Throughout the Retirement Participant Experience Special needs planning for you or a loved one Potential for additional Social Security benefits at retirement Eligibility Additional Benefits Model Social Security Disability Income (SSDI) benefit for additional income
Slide 52: Voya Cares Impact on a Caregiver, Advisor, and Employer
Voya Cares Impact on a Caregiver, Advisor, and Employer
Slide 53: Voya Cares – Helping People with Special Needs and Caregivers
“ Voya Cares – Helping People with Special Needs and Caregivers Plan for the Future They Envision Vast and underserved community – over 100 million Americans Intersects our culture and business expertise – a differentiator driving business results Voya Cares is an extension of our mission to serve a
Slide 54: Investment Management
Investment Management Christine Hurtsellers Chief Executive Officer, Investment Management
Slide 55: Investment Management Key Takeaways
Investment Management Key Takeaways Continue building on our strong performance track record Enabling growth with attractive specialty and retirement capabilities Our investment capabilities and client value proposition appeal to a broad range of investors and provide multiple avenues for growth
Slide 56: Investment Management Outlook
Investment Management Outlook Annual Targets Targeted Annually 2019 – 2021 Net Flows as % of Beginning of Period Commercial AUM (excludes General Account and Market Appreciation) 2 – 4% Pre-tax Adjusted Operating Earnings Growth 5 – 8% Operating Margin (including Capital) 30 – 32%
Slide 57: Diversified Asset Manager Delivering Specialty and Retirement Capabilities
88 61 15 27 10 9 55 48 51 24 13 19 Diversified Asset Manager Delivering Specialty and Retirement Capabilities to a Broad Range of Clients Diversified Asset Base1 ($ billion) Broad Range of Clients2 ($ billion) Voya General Account Retirement Providers2 Domestic Institutions Retail Intermediaries Thi
Slide 58: Adjusted Operating Earnings and Margin
Bar chart numbers calculated as of 10/16/2018 Adjusted Operating Earnings (Normalized)2 ($ million) Adjusted Operating Margin (Normalized)2 2015 3Q’18 TTM 28.0% 2015 3Q’18 TTM Need 2018 forecasts Flows? Third metric will be included; will look like other segment slides Asset Under Management1 ($ bil
Slide 59: Customers Choose Investment Management for Performance and Culture
True to style Disciplined investment process Risk controlled Consistent Long-Term Investment Performance Long-tenured investment teams (averaging 10 years with Voya) Socially responsible Foundational values of Stewardship & Service Client-Partnership Approach Shaped by Voya’s Award-Winning, Ethical
Slide 60: Strategic Priorities to Capture Greater Share
Voya is Well Positioned to Capture Greater Share of the Opportunity Through Our Strategic Priorities 1 Continue Strong Investment Performance 2 Apply Specialty Capabilities to Target Significant Market Opportunity and Support Margins 3 Leverage Retirement Capabilities Through Enterprise Collaboratio
Slide 61: Reliable Long-Term Investment Performance Will Lead to Future Success
% AUM Above Benchmark or Peer Median1 3 Year 5 Year 10 Year Strategic Priorities Maintain “true to style,” “disciplined,” and “risk controlled” investment approach 1 Invest in purposeful innovation to enhance investment insights 2 Build on team-approach while continuing to cultivate top talent 3 As
Slide 62: Higher Margin Specialty Capabilities Differentiate Our Business
Higher Margin Specialty Capabilities Differentiate Our Business to Capture Greater Share of Market Opportunities Voya IM Specialty Capabilities (AUM)1 ($ billion)1 13% CAGR Specialty Net Flows ($ billion) $1.9 $3.2 $2.9 $2.12 Continued development of hard-to-replicate investment capabilities that de
Slide 63: $4 Trillion Actively-Managed Defined Contribution Opportunity
$4 Trillion Actively-Managed Defined Contribution Opportunity1 Multi-Asset Active Fixed Income Active Equity Alternatives Product evolution to meet growing needs for income and wealth preservation 1 Partner with Retirement and Employee Benefits to engage clients holistically 2 Use data analytics to
Slide 64: Investment Management Key Takeaways
Investment Management Key Takeaways Continue building on our strong performance track record Enabling growth with attractive specialty and retirement capabilities Our investment capabilities and client value proposition appeal to a broad range of investors and provide multiple avenues for growth
Slide 65: Technology & Innovation
Technology & Innovation Maggie Parent Chief Administrative Officer
Slide 66: Technology and Innovation a Key Enabler to Grow Efficiently
Technology and Innovation a Key Enabler to Our Strategy to Grow Efficiently Increase recurring deposits in high margin full service Retirement Drive higher margin sales of specialty asset classes in Investment Management Expand Investment Management assets in Retirement channels Further growth in wo
Slide 67: Technology and Innovation Key Takeaways
Technology and Innovation Key Takeaways Technology supports growth by improving sales productivity as well as customer experience and financial outcomes Specific use of robotics to improve efficiency and the customer experience Our simplified and scalable infrastructure will enable us to accelerate
Slide 68: Building on a Strong Foundation
Building on a Strong Foundation Investment Management Employee Benefits Improved Digital Capabilities Scalable Platform Simplified IT Infrastructure
Slide 69: Now Positioned to Grow Efficiently and Enhance Customer Experiences
Now Positioned to Grow Efficiently and Enhance Customer Experiences Analytics Behavioral Finance Customer Experience Robotic Process Automation Data and Analytics Growth and Efficiency Sentiment Voice Analysis Artificial Intelligence Machine Learning New Technologies
Slide 70: Improving Customer Experience and Financial Outcomes in Retirement
Retirement Participant Average Savings Rate Before After Key Drivers of Improvement Enhanced customer experience during online enrollment Increased personalization of myOrangeMoney Optimized the pre-set savings rates based on behavioral finance research Opportunities to Drive More Value Further expa
Slide 71: Enhancing Sales Productivity in Investment Management
Key Drivers of Improvement Applied proprietary analytics to: Help sales people better identify and prioritize opportunities Decrease meetings required to onboard new clients Better position products to meet client needs Opportunities to Drive More Value Expand these capabilities more broadly across
Slide 72: Improving Efficiency and Customer Experience in Employee Benefits
Key Drivers of Improvement Installed simplified straight-through processing Triaged large portion of claims that are straightforward and can be paid more efficiently Identified and eliminated causes of repeat errors Opportunities to Drive More Value Prioritizing similar enhancements for other proces
Slide 73: Using Robotics and Process Automation to Improve Efficiency
Key Drivers of Improvement Implemented robotics process automation to: Eliminate manual and repetitive steps and increase reliability Improve quality of customer interactions with Voya Opportunities to Drive More Value Further implement robotics process automation across all businesses Exploring opp
Slide 74: Technology and Innovation Key Takeaways
Technology and Innovation Key Takeaways Technology supports growth by improving sales productivity as well as customer experience and financial outcomes Specific use of robotics to improve efficiency and the customer experience Our simplified and scalable infrastructure will enable us to accelerate
Slide 75: Financial Update
Financial Update Mike Smith Chief Financial Officer
Slide 76: Key Takeaways
Key Takeaways Favorable risk profile, high quality of earnings, and strong free cash flow characteristics underscore confidence in enhanced dividend policy Deferred tax asset is a key source of value Organic growth, cost savings, and share repurchases provide clear path for future EPS growth
Slide 77: Clear Path for Future EPS Growth at Attractive Returns
Run-Rate Amount Timing By Announced $110 – 130 million 2Q’19 December 2017 $20 million from Individual Life End of 2019 3Q’18 Earnings Call $100 million incremental End of 2020 Today EPS Growth Contributors Cost Savings Build-Up Organic Growth 2 – 7% Cost Savings 3 – 5% Share Repurchases 3 – 5% Tota
Slide 78: Strong Financial Performance Track Record
Both 2015 and 2018 periods have been further adjusted to exclude Investment Management adjusted operating earnings associated with the fixed and variable annuities business that Voya sold to VA Capital LLC on June 1, 2018. Excludes (i) unlocking of DAC/VOBA and other intangibles and (ii) prepayments
Slide 79: Favorable Revenue Mix and Risk Profile
Favorable Revenue Mix and Risk Profile Diversified Adjusted Operating Revenue (Normalized)1 Favorable Risk Profile Significant earnings driven by fees with little risk capital Diversification benefit from Individual Life and Employee Benefits businesses No meaningful variable annuity exposure No lon
Slide 80: High Quality Business Mix
Retirement 75 – 85% Investment Management 90 – 100% Employee Benefits 75 – 85% Individual Life 70 – 80% Corporate / Tax Asset Utilization Benefit 0 – 5% Total Free Cash Flow Conversion 85 – 95% ~80% of adjusted operating earnings from high-growth / high-return lines Projected Free Cash Flow Conversi
Slide 81: Improved Economics and Strong Cash Flow
Improved Economics and Strong Cash Flow Experienced Management Team Capable of Delivering Further Value Improves free cash flow generation Individual Life delivering $1+ billion in 5-6 years Individual Life free cash flow conversion increases to 70-80% One-time initiatives No capital strain from new
Slide 82: High Free Cash Flow Businesses Give Confidence in Raising Dividend
Our High Free Cash Flow Businesses Give Confidence in Raising Dividend which Potentially Expands Investor Base 1%+ Dividend Yield by mid-2019 Near-Term Target Capital Deployment1 Strategy Broaden Investor Base with Higher Dividend Yield Common Stock Dividends Share Repurchase, Organic Growth, and Po
Slide 83: Deferred Tax Assets are a Key Source of Value
Deferred Tax Assets are a Key Source of Value ~$1.2 billion NPV projected at year end 2018 50-60% will be used within 5 years Statutory expiration of deferred tax assets will not have an impact on NPV in most scenarios Deferred Tax Asset Attributes Voya Implied Valuation ex-DTA Implied forward P/E m
Slide 84: Key Takeaways
Key Takeaways Favorable risk profile, high quality of earnings, and strong free cash flow characteristics underscore confidence in enhanced dividend policy Deferred tax asset is a key source of value Organic growth, cost savings, and share repurchases provide clear path for future EPS growth
Slide 85: Q&A
Voya Financial, Inc. | Investor Day 2018 Q&A PLAN | INVEST | PROTECT
Slide 86: Closing Remarks
Closing Remarks Rod Martin Chairman and Chief Executive Officer
Slide 87: Investor Day Key Takeaways
Investor Day Key Takeaways Team track record, brand, and culture are differentiators Organic growth, cost savings, and capital deployment provide clear path for future EPS growth and higher valuation Voya has three high-growth, high-return, capital-light complementary businesses focused on the workp