Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Investor Day (November 2021)
88 slides from Voya Financial's investor day presentation, Nov 15, 2021
Slide 1: Voya Financial
FINANCIAL
Slide 2: Welcome Remarks
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. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking stat
Slide 4: Agenda
Agenda Mike Katz EVP, Finance, Strategy, and Investor Relations Welcome Remarks 5 minutes Mei Ni Chu AVP, Investor Relations Voya’s Next Chapter Rod Martin 10 minutes Chairman and Chief Executive Officer Growth Office Charlie Nelson 10 minutes Vice Chairman and Chief Growth Officer Wealth Solutions
Slide 5: Voya's Next Chapter
\ ay’ Voya’s Next Chapter Rodney O. Martin, Jr. Chairman and CEO
Slide 6: Key takeaways
Key takeaways Voya is a leading health, wealth, and investment company – that is well positioned to deliver products, solutions and technology that address our customers’ growing needs Voya’s scale, management team, award-winning brand, and culture are competitive differentiators EPS growth will be
Slide 7: 12-17% annual EPS growth through 2024
12-17% annual EPS growth through 2024 Net revenue growth Margin expansion Capital management 4-6% 1-2% 7-9% • Wealth Solutions, Investment • On track to remove all stranded • High free-cash flow Management, and Health costs from past transactions by businesses will enable Solutions to each drive yea
Slide 8: Track record and successful transformation have delivered shareholder value
Track record, and successful transformation, have delivered shareholder value – and positioned Voya for further success High free-cash flow, capital-light businesses – focused on greater outcomes for workplace and institutional clients – 2022 – 24 will lead to further value creation for shareholders
Slide 9: The needs of employees, employers, and institutions are expanding
The needs of employees, employers, and institutions are expanding – and have accelerated as a result of the pandemic 77% of employers are interested in integrated solutions across Health and Wealth 1 >65% of institutional investors plan to increase or significantly increase allocations to alternativ
Slide 10: Voya has the scale, reach, and expertise to drive growth
Voya has the scale, reach, and expertise to drive growth Top 5 Top 25 Top 5 provider of institutionally group provider of retirement plans1 focused asset supplemental manager2 health products3 1. Pensions & Investments Magazine, Defined Contribution Record Keepers Directory, April 2021. 2. Pensions
Slide 11: People, award-winning brand and culture are key differentiators
People, award-winning brand and culture are key differentiators Achieved each year Achieved each since its creation Brand association year eligible with “retirement”1 1. Kantar Added Value, Brand Tracking Study, Age 45-64, HHI $75K+, 1/4/21-10/3/21. 11
Slide 12: Key takeaways
Key takeaways Voya is a leading health, wealth, and investment company – that is well positioned to deliver products, solutions and technology that address our customers’ growing needs Voya’s scale, management team, award-winning brand, and culture are competitive differentiators EPS growth will be
Slide 13: Growth Office
Slide 14: Growth Office key takeaways
Growth Office key takeaways Our Growth Office was established to execute on our go to market strategy as we further connect Health and Wealth Our distribution is a competitive strength and will continue to power profitable revenue growth Connecting Health and Wealth will create opportunity to expand
Slide 15: The need to connect Health and Wealth benefits is clear
The need to connect Health and Wealth benefits is clear 67 of bankruptcies % ~⅓ of hardship 40 % indicate their health caused by medical withdrawals impacted by expenses1 due to unreimbursed financial stress3 medical expenses2 $293,157 Average retirement Health care costs rising 2x as fast as income
Slide 16: Employees are increasingly looking to their employers for help
Employees are increasingly looking to their employers for help on allocating benefits dollars to improve holistic outcomes More choice, responsibility, and complexity than ever before More than and more than …as a result, 1 in 3 employees 50% of employees more are looking to their didn’t fully under
Slide 17: Voya has the right solution set for employees and employers
Voya has the right solution set to help employees and employers optimize spending, saving, and benefits decisions Voya Value to Employees Voya Value to Employers 1 Facilitate holistic and personalized 1 Lessen administrative burden benefits decisioning and navigation 2 Harmonize spending, saving, an
Slide 18: Maria's journey
Maria’s journey 18
Slide 19: Workplace strategy focused on delivering integrated benefits
Workplace strategy focused on delivering integrated benefits to improve customer outcomes Deepen existing relationships Grow the Revenue customer base growth Expand offerings 19
Slide 20: Driving growth by deepening existing relationships
Driving growth by deepening existing relationships Category Growth lever Growth drivers • Deepen employee adoption Connection across of existing solutions solutions drives Deepen existing • Broaden employer engagement and relationships utilization of solutions utilization Grow the Revenue customer b
Slide 21: Channels to expand utilization of solutions and increase adoption
Extensive workplace relationships provide channels to expand utilization of solutions and increase adoption Broaden employer utilization Deepen employee adoption of solutions Health and Wealth Solutions Employers with 3+ solutions from 30% to 40% Health customers who are Wealth customers from 10
Slide 22: Driving growth by growing the customer base
Driving growth by growing the customer base Category Growth lever Growth drivers • Deepen employee adoption of Connection across existing solutions solutions drives Deepen existing • Broaden employer utilization engagement and relationships of solutions utilization • Expand distribution partner Work
Slide 23: Leading workplace benefits brand with expanding distribution network
Leading workplace benefits brand with broad, deep, and expanding distribution network across the U.S. Experienced and expansive distribution network Tenured sales force 16 years Average client tenure Longstanding distribution relationships High level of advisors with repeat recommendations 23
Slide 24: Fueling growth via multi-dimensional distribution partnerships
Fueling growth via multi-dimensional distribution partnerships Breadth Depth Firm Wealth Health Investments Mercer 72K 3,300 1,100 Willis Towers Watson Licensed Firms Benefit Solution Aon Distributors Partners Gallagher USI Voya currently sees over 50% of all RFPs in the Lockton $9 trillion define
Slide 25: Driving growth through expanded offerings
Driving growth through expanded offerings Category Growth lever Growth drivers • Deepen employee adoption of Connection across existing solutions solutions drives Deepen existing • Broaden employer utilization engagement and relationships of solutions utilization • Expand distribution partner Workpl
Slide 26: Connecting and integrating workplace benefits solutions
Connecting and integrating workplace benefits solutions Health Solutions Opportunity to expand offerings into adjacencies and grow new revenue streams Investment Solutions Wealth Solutions 26
Slide 27: Connecting and integrating workplace benefits solutions
Connecting and integrating workplace benefits solutions Health Solutions Investment Solutions Opportunity to expand offerings into adjacencies and Wealth grow new revenue streams Solutions Voya Cares Health Account Solutions (HSA, FSA, COBRA) myHealth& Wealth 27
Slide 28: Growth Office key takeaways
Growth Office key takeaways Our Growth Office was established to execute on our go to market strategy as we further connect Health and Wealth Our distribution is a competitive strength and will continue to power profitable revenue growth Connecting Health and Wealth will create opportunity to expand
Slide 29: Wealth Solutions
Wealth Solutions Heather Lavallee CEO, Wealth Solutions
Slide 30: Wealth Solutions key takeaways
Wealth Solutions key takeaways Leading retirement solutions provider with scale across markets, and a proven track record of delivering results Uniquely positioned to accelerate revenue growth while improving holistic customer outcomes at the workplace and beyond Changing the way customers engage wi
Slide 31: Voya has delivered continued financial performance since 2018
Voya has delivered continued financial performance since 2018 Adjusted Operating Earnings1 Net Revenues Adjusted Operating Margin ($ million) ($ million) excluding notable items2 2018 margin elevated, prior year margins were in the range of 33 to 36% 37.3% 35.6% 14% 9% CAGR 1,029 CAGR 2,264 701 1,77
Slide 32: Industry leader at scale outpacing peers in organic growth
We are an industry leader at scale and have outpaced our peers in organic growth DC Participant Accounts DC Organic Growth1 (Year-end, million) ('18 - '20 CAGR) 6.1 9% 5.6 3x peer growth 5.1 3% 2018 2019 2020 Voya Top Peers 2 1. PLANSPONSOR DC Recordkeeper Survey; data as of 12/31/20; published July
Slide 33: Diversified revenue profile delivers results through economic cycles
Our diversified revenue profile continues to help us deliver results through various economic cycles Wealth Solutions revenue mix: Scale and diversity by client type: Participant-driven / fee-for-service revenue Full Service investment spread $1,913 million1 Full Service fee based revenue 1. Year 20
Slide 34: Customers choose Voya because we are a different kind of company
Customers choose Voya because we are a different kind of company Brand and unique culture Ease of doing business Purposeful innovation ■ Ranked #1 brand for retirement ■ Trusted partnerships with advisors, ■ Award-winning digital properties association1 TPAs, and consultants ■ Expanded solutions set
Slide 35: Three main drivers to grow operating earnings
We are focused on three main drivers to grow operating earnings Accelerate commercial momentum ● Grow partnerships ● Expand key markets ● Cross-serve with Health Solutions Drive operational efficiency ● Automation & Artificial Intelligence ● Unit cost ● Onboarding Deepen existing relationships ● Ass
Slide 36: Commercial momentum in Defined Contribution will fuel revenue growth
Acceleration of strong commercial momentum in our Defined Contribution business will fuel revenue growth Grow partnerships Expand key markets Cross-serve with Health Solutions Advisor, TPA, and consultant Accelerate growth in Connect the unconnected Health partner expansion strategic segments and We
Slide 37: Deepen relationships by supporting participants through critical decisions
Deepen existing relationships by supporting participants through critical decisions, while maintaining our focus on the workplace Participant Transition Service and Advisory Solutions: Advisory Consolidate Solutions Asset Assets Managed Recapture Accounts Voya new assets (2020) $2.1 billion $1.8 bil
Slide 38: Best-of-breed investments and proprietary solutions
Deepen existing relationships by delivering best-of-breed investments while building on strength of proprietary solutions Track record of successful Offering our clients the best of Voya IM partnership Voya Investment Management (IM) complemented by the best of partners’ investment solutions $8b+ An
Slide 39: Operational efficiency improves sponsor and employee experience
Our drive to improve operational efficiency also leads to better sponsor and employee experience Continuing our evolution to a highly agile, responsive, Leads to better and efficient operating model, so we can improve Improves customer operating margin and reinvest in growth efficiency experience On
Slide 40: Changing the way customers engage with health and wealth
Changing the way customers engage with their health and wealth A place to harmonize A way to optimize A path to improve your savings decision-making holistic outcomes • Connecting-the-unconnected • Making sense of competing • Science-tested digital experience workplace benefits financial needs • Mob
Slide 41: Strategic plan to drive Wealth Solutions net revenue growth
Our strategic plan will help us drive Wealth Solutions’ net revenue growth while maintaining margins 2021E-2024E Wealth Solutions Net Revenue ($ millions) 2 – 4% 2 – 4% (2) – (3)% 2% per year per year 1,913 per year per year Accelerate Fee pressure to commercial moderate from momentum 1bp to ~0.
Slide 42: Wealth Solutions outlook
Wealth Solutions outlook Targeted Annually Financial Targets 2022 – 2024 Full Service Recurring Deposits Growth1 10 – 12% Net Revenue Growth excluding notable items2 2 – 4% Adjusted Operating Margin excluding notable items3 34 – 36% 1. On a trailing twelve month basis. 2. Net investment spread, tota
Slide 43: Wealth Solutions key takeaways
Wealth Solutions key takeaways Leading retirement solutions provider with scale across markets, and a proven track record of delivering results Uniquely positioned to accelerate revenue growth while improving holistic customer outcomes at the workplace and beyond Changing the way customers engage wi
Slide 44: Health Solutions
Slide 45: Health Solutions key takeaways
Health Solutions key takeaways Continued 7-10% top line growth while maintaining strong margin, primarily driven by core market growth in Stop Loss and Voluntary, with opportunity to reach smaller employers Sustainable competitive advantage derived from ability to improve employer and employee cost
Slide 46: Focused health solutions provider in the mid-to-large market
Focused health solutions provider with proven success in the mid-to-large market1 2021E Annualized In-Force Premium Focused “Must-Quote” Health Solutions and Fee Revenue2 provider Health Account Solutions — Stop Loss meets the needs of employers Supplemental Health + through workplace medical plan
Slide 47: Track record of strong financial performance
Track record of delivering strong financial performance, including top and bottom line growth at high returns Annualized Adjusted Operating Earnings2 Adjusted Operating Margin In-Force Premium and Fees1 ($ millions) excluding notable items3 ($ millions) 2,493 216 33.7% 11% 1,939 CAGR 160 29.9% 9% 18
Slide 48: Well-positioned in faster-growing solutions within the benefits market
Voya is well-positioned in attractive and faster-growing solutions within the benefits market TOTAL MARKET VOYA GROWTH 2018A-2021E 2022E-2024E Market Size ($ billions) 2018A-2020A CAGR CAGR CAGR 1 Stop Loss1 26+ 17% 7% 10-13% Life and Disability 52+ 3% 4% 2-4% Supplemental Health2 7+ 9% 21% 10-14% H
Slide 49: Increase in healthcare costs driving demand for Voya's solutions
Increase in healthcare costs for employers is driving increased demand for Voya’s solutions The cost of providing health coverage has Percentage of workers covered under self-funded grown much faster than GDP health plans has grown significantly, especially amongst smaller employers1 Health Costs as
Slide 50: Helping employers manage healthcare costs is fueling Stop Loss growth
Voya’s ability to help employers manage healthcare costs is fueling growth in Stop Loss Voya’s Stop Loss will grow at a 10-13% CAGR, driven by continued core market growth and down-market expansion $1,800 Voya in-force premiums 10-13% $1,600 CAGR ($ millions) $1,400 $1,200 $1,000 $800 2018A 2019A 20
Slide 51: Helping employees with increased healthcare costs
Voya is positioned to help employees with their increased healthcare costs, and complex choices in benefits Healthcare affordability has declined as premium growth outpaces wage growth 55% 27% Premiums1 Wages1 1. Percentage increase between 2010-2020; 2020 Employer Health Benefits Annual Survey, Kai
Slide 52: Employee demand driving growth in benefits solutions
Employee demand to protect and improve overall financial wellness is driving growth in our benefits solutions Group Life and Disability increasingly sold alongside Sustained growth in Supplemental Health fueled by Supplemental Health (30% of sales in 2021) new groups, employee election growth, and p
Slide 53: Launch of Health Account Solutions positions Voya in a growth market
The launch of Health Account Solutions positions Voya in another growth market at the intersection of Health and Wealth HSA market growth expected to accelerate through 20231 Foundation For Future Growth 140 42 120 36 Voya’s Total view of healthcare spending, HSA Value Number of accounts (millions)
Slide 54: myHealthandWealth connects enrollment decisions
Voya’s myHealthandWealth, a market first, connects enrollment decisions 54
Slide 55: Medical Claim Integration
Furthering our tech innovation, Voya’s Medical Claim Integration connects core medical claim records to Supplemental Health Product to Product Integration Intuitive Claim Model Medical Claim Integration File a claim, we’ll check to see if We anticipate and pay upfront for We are developing the abili
Slide 56: Key drivers behind 7-10% annual net revenue growth
Key drivers behind our 7-10% annual net revenue growth 2021E-2024E Health Solutions Net Revenue ($ millions) 1 – 2% 7 – 10% 5 – 6% 1 – 2% per year per year per year per year 764 2021E Health Core Market Adjacent Market Expanding 2024E Health Solutions Revenue1 Growth Growth Offerings Solutions Reven
Slide 57: Health Solutions outlook
Health Solutions outlook Targeted Annually Financial Targets 2022 – 2024 In-Force Premium Growth 7 – 10% Net Revenue Growth excluding notable items1 7 – 10% Adjusted Operating Margin excluding notable items2 27 – 33% 1. 2021 revenue baseline adjusted for notable items, please refer to the appendix f
Slide 58: Health Solutions key takeaways
Health Solutions key takeaways Continued 7-10% top line growth while maintaining strong margin, primarily driven by core market growth in Stop Loss and Voluntary, with opportunity to reach smaller employers Sustainable competitive advantage derived from ability to improve employer and employee cost
Slide 59: Investment Management
FINANCIAL
Slide 60: Investment Management key takeaways
Investment Management key takeaways Leading institutional asset manager with breadth and scale across multiple asset classes Path for continued profitable growth focuses on three strategic growth pillars: private markets and alternatives; fixed income; and ESG Our technology will enable scaling of c
Slide 61: A leading institutionally-focused asset manager
A leading, top 251 institutionally-focused asset manager with a preeminent fixed income franchise and diverse capabilities Assets Under Management Assets Under Management by asset class1 by channel1 Top 25 for U.S. Institutional Client Assets 138 61 Top 10 for Core+ Fixed Income 113 $253 $253 Top 10
Slide 62: Track record of strong financial performance
Track record of delivering strong financial performance Assets Under Management1 Adjusted Operating Earnings2 Adjusted Operating Margin3 ($ billion) ($ million) Margin roughly in-line due to the impact of previous divestitures 30.1% 29.5% 260 225 205 3% 203 CAGR 9% 3% 25.8% 25.3% 166 181 CAGR CAGR e
Slide 63: Six consecutive years of positive net inflows
On track for six consecutive years of overall positive net inflows, driven by strength in the institutional platform $24Bn of cumulative overall net flows since $33Bn of cumulative Institutional net flows 2016, or average Organic Growth of 2.7% since 2016, or average Organic Growth of 6.9% % Organic
Slide 64: Sustaining strong long-term investment performance
Sustaining strong long-term investment performance is critical to the ongoing success of our franchise Strong investment performance Performance Highlights across our Public Strategies % AUM Above Benchmark or Peer Median1 Fixed Strong, active Fixed Income franchise strongly Income outperforming pas
Slide 65: Growth Pillar 1: Fast-growing Alternatives subsectors
Growth Pillar 1: Voya competes in fast-growing Alternatives subsectors Alternatives growth fueled by increasing client ~30-60% of all Private Market AUM is allocation and demand for yield strategies1 international2 ($ trillions) $17.2 $10.7 10% North 42% CAGR 52% America 69% 71% 20% Asia & 2020A 202
Slide 66: Growth Pillar 1: Scaling Private Markets and Alternatives
Growth Pillar 1: Scaling our Private Markets and Alternatives strategies, both domestically and internationally Private Markets and Alternatives International Assets Under Management1 100 34% 79 8% CAGR of total Voya IM 9 AUM by 2024 $23 10 2021E 2024E Billion 418 337 1 2 49% 7% CAGR APAC Canada of
Slide 67: Growth Pillar 2: Leveraging Global Fixed Income franchise
Growth Pillar 2: Leveraging the scale in our Global Fixed Income franchise to address insurance channel opportunity $182Bn Scaled Fixed Strong growth in Voya Non-Affiliated Income Franchise GA Insurance Assets1 ($ billions) ($ billions) Key capabilities include: $25 2021E at $50 Over the last 6 quar
Slide 68: Growth Pillar 2: Workplace opportunity for IM capabilities
Growth Pillar 2: Workplace provides further opportunity for IM flagship capabilities – with new strategies as growth catalysts Target Date HRA Suites Voya IM Capabilities Support Rainy day Offerings Health & Wealth Business fund in HSA case of emergency High Saving more Core Strategies: Target Dat
Slide 69: Growth Pillar 3: Proprietary approach to ESG
Growth Pillar 3: Taking proprietary, deliberate approach to ESG, leveraging authentic cultural DNA and strong client relationships Voya Cultural DNA ESG Integration into Client Demand & Solutions Investment Process Examples 100% of Voya IM employees Investment platforms innovating New renewabl
Slide 70: Expense discipline and operational efficiency will expand margins
Our expense discipline and operational efficiency will expand margins and improve client experiences Continuing our evolution to a tech-enabled, client-focused, and more Improving Expanding Client efficient operating model to drive margin improvement Margins Experience Private Markets & Alternatives
Slide 71: Significant revenue growth opportunity
Significant revenue growth opportunity 2021E-2024E Voya Investment Management Net Revenue ($ millions) 2 – 3% 5 – 7% 3 – 4% per year per year per year 714 2021E Investment Privates & Organic Growth 2024E Investment Management Alternatives from Other Management Revenue1 Markets Revenue 1. Excludes no
Slide 72: Investment Management outlook
Investment Management outlook Targeted Annually Financial Targets 2022 – 2024 Net Flows as % of Beginning of Period External Client AUM1 2 – 4% Net Revenue Growth excluding notable items2 5 – 7% 1% growth per year to Adjusted Operating Margin Growth excluding notable items 29% in 2024 1. Excludes Ge
Slide 73: Investment Management key takeaways
Investment Management key takeaways Leading institutional asset manager with breadth and scale across multiple asset classes Path for continued profitable growth focuses on three strategic growth pillars: private markets and alternatives; fixed income; and ESG Our technology will enable scaling of c
Slide 74: Financial Update
Slide 75: Financial Update key takeaways
Financial Update key takeaways Clear path to continued EPS growth via net revenue growth, margin expansion, and disciplined capital management Capital management philosophy aimed at accelerating strategy and enhancing shareholder value Business mix, risk profile, and strong free cash flow generation
Slide 76: Strong financial performance track record
Strong financial performance track record +74% since 2018 or 20% CAGR $1.52 $6.00 ($ millions) $1.03 $3.45 +11% CAGR +9% CAGR 2018A Adjusted Net revenue growth Net share 2021E Adjusted Operating EPS1 and cost saves repurchases Operating EPS1 1. Adjusted Operating EPS as presented is a non-GAAP measu
Slide 77: Clear path to 12-17% annual EPS growth
Clear path to 12 – 17% annual EPS growth over the three year plan EPS Growth Contributors Continued Sharp Focus on Managing Expenses 2022-2024 Remaining stranded costs of approximately $50 million2 expected to be resolved by the Net revenue growth 4 – 6% end of 2022 Margin expansion 1 – 2% Our d
Slide 78: Favorable revenue mix and risk profile
Favorable revenue mix and risk profile 2021E Net Revenue1 Favorable Risk Profile ■ Significant diversification of revenue sources helps 25 navigate various macro environments % 20% ■ No meaningful variable annuity exposure 45 53% % ■ No long-term care 27% ■ Individual Life divestiture and VA transac
Slide 79: Business mix generates strong free cash flow
Voya business mix generates strong free cash flow 2021E Business Mix Projected Free Cash Flow Adjusted Operating Earnings1 Conversion by Segment Investment Wealth Solutions 90 – 100% Management 16% Investment Management 90 – 100% Health Solutions 75 – 85% $1,119 Health 23% Million1 Corporate / Tax A
Slide 80: Free cash flow gives flexibility to deploy capital
Strong free cash flow generation gives flexibility to deploy capital to accelerate our strategic vision Near-term Target Capital Capital Management Priorities Deployment1 Strategy Maintain dividend yield above 1%, with flexibility to increase further 15-20% Measured approach to share repurchases
Slide 81: Deferred Tax Assets a key source of value
Deferred Tax Assets will continue to be a key source of value for the foreseeable future Deferred Tax Asset Attributes Voya Implied Valuation ex-DTA $68.16 $8.93 ~$1 billion NPV projected at year end 2021 $59.23 50-60% will be used within 5 years Statutory expiration of deferred tax assets wil
Slide 82: Business mix suggests a higher valuation multiple
Voya’s high free cash flow, high return, and capital-light business mix suggest a higher valuation multiple for VOYA Traditional Asset Workplace Life Insurers Managers Benefit Providers S&P 500 (Ex-DTA) Forward P/E Multiple Upside FY-1 P/E 9.1x 6.5x – 12.5x 15.0x – 28.5x 18.5x – 46.5x ~22.0x Multipl
Slide 83: Financial Update key takeaways
Financial Update key takeaways Clear path to continued EPS growth via net revenue growth, margin expansion, and disciplined capital management Capital management philosophy aimed at accelerating strategy and enhancing shareholder value Business mix, risk profile, and strong free cash flow generation
Slide 84: Appendix
Appendix 84
Slide 85: Earnings estimates assumptions and annual sensitivities
Earnings estimates assumptions and annual sensitivities 8% annual equity market total return 6% annual separate account return (equity/fixed blended rate) Assumptions Interest rates follow forward curve 2021 Forecasts and 2022-2024 Targets reflect September 30, 2021 equity market levels $5
Slide 86: Adjusted Operating Earnings, Net Revenue, Margin, and Notable Items
Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items For the Year Ending December 31, 2018 Investment Income Net of Investment Management For the Year Ending Variable and Incentive Performance Fees Net of For the Year Ending December 31, 2018, Compensation Above (Be
Slide 87: Adjusted Operating Earnings, Net Revenue, Margin, and Notable Items
Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items For the Nine Months Ending September 30, 2021 and the Full Year 2021 Forecast Investment Investment Income Management For the Nine Months Net of Performance Fees Ending Variable and Incentive Net of Variable Full
Slide 88: Strong investment performance across Investment Management Public Strategies
Strong investment performance across our Investment Management Public Strategies % AUM Above Benchmark or Peer Median1 93 98 90 87 87 92 33 30 35 Fixed Multi-Asset Equity Income 3 Year 5 Year 10 Year Metrics presented are based on a prescribed criteria to measure each asset class based on its respec