Voya Financial, Inc.

Good morning. Welcome to Voya Financial's second quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star two. Participants are limited to one question and one follow-up question. Please note this event is being recorded. I would now like to turn the call over to Mike Katz, Executive Vice President of Finance. Please go ahead.

Thank you and good morning. Welcome to Voya Financial's second quarter 2024 earnings conference call. We appreciate all of you who have joined us this morning. As a reminder, materials for today's call are available on our website at investors.voia.com. Turning to slide two, some of the comments made during the call may contain forward-looking statements or refer to certain non-GAAP financial measures within the meaning of federal securities law. GAAP reconciliations are available in our press release and financial supplement found on our website. Joining me on the call are Heather LaValley, our Chief Executive Officer, and Don Templin, our Chief Financial Officer. After their prepared remarks, we will take your questions. For the Q&A session, we have also invited the heads of our businesses, specifically Matt Toms, Investment Management, and Rob Grupka, Workplace Solutions. With that, let's turn to slide three, as I would like to turn the call Over to Heather.

Good morning and thank you for joining us today. Our second quarter results reflect our success in strategic execution and sound capital management. We achieved our financial targets in the second quarter and remain on track to achieve our targeted full year results for 2024. We are executing our strategy, driving robust growth and commercial momentum in both workplace solutions and in investment management. And we continue to demonstrate strong excess capital generation and high free cash flow conversion in line with our targets for 2024. Turning to slide five, our second quarter adjusted operating EPS was $2.18. We generated strong fee-based revenues and wealth in investment management, offsetting higher than target aggregate loss ratios in health. As Don will discuss in more detail, we are actively addressing loss ratios by adjusting pricing on new business and renewals in order to return to our target range in 2025. While loss ratios have presented a headwind, we remain on track to deliver our full-year EPS target of $8.25 to $8.45. This is the result of the strong actions we have taken throughout the year to drive revenue growth and control spend while continuing to invest in the business. We have grown net revenues in line with our targets and maintained strong margins, driving higher earnings in investment management and wealth. These results reflect the transformation of our workplace solutions and investment management businesses over the past several years. Diversified revenues and robust commercial momentum across a breadth of markets and distribution channels are driving profitable growth and resiliency. And our capital light and high free cash flow businesses continue to demonstrate their capacity to generate excess capital, which has allowed us to further increase our dividend this quarter. Turning to slide six, with market leading presence across retirement and employee benefits, Our workplace solutions business is uniquely positioned to help employers optimize their investments in workplace benefits and savings while providing their employees with comprehensive health and wealth solutions. Our strategy enables multiple paths for growth in the workplace by landing and retaining customers, by expanding our solution set, and by deepening our engagement. Across workplace solutions, we are landing new business driven by the scale and breadth of our solutions and distribution across markets, tax codes, and employer sizes. We continue to grow in full-service retirement with a strengthening presence in the mid-market, continued momentum in the emerging market, and high retention rates. We expect positive full-service flows throughout the second half of 2024 and into 2025. We are expanding our reach with customers through the solutions and capabilities we provide. We continue to build on expansion opportunities through benefit focus. Benefits administration customers now represent our largest channel for HSA sales. We are also delivering on the customer service enhancements needed to maximize the value of this platform with net promoter scores of 26 points year over year for our most recent renewal cycle. And to enhance our solution set in group life and voluntary, we are investing in lead management to meet employers' growing needs for a differentiated solution in this space. Our deepening engagement with customers is shown through the increased adoption of managed accounts and growth in our retail wealth management platform. Managed account revenues are up 30% year over year, and retail wealth management continues to grow as a key distribution channel. We are investing in our advisor platform and our retail presence with plans to further expand our team of field and phone-based professionals. Foy has over $100 billion in total client assets with our advisors serving both the in-plan and out-of-plan wealth needs for our customers. Turning to slide seven, Boyd Investment Management's diversified and globally distributed investment strategies position us for continued growth across institutional and retail markets. With institutional fixed income as our strategic anchor, we are focused on delivering exceptional solutions that are grounded in strong investment performance. Our clients are responding with greater demand, driving strong net inflows and growth expectations supporting our outlook for 2% organic growth for the year. Strong flows in insurance for the first half of 2024 were driven by the breadth of our institutional client relationships, while our income and growth franchise continues to support robust international retail flows. And with a refined intermediary channel strategy and new distribution leadership, We continue to scale and strengthen our distribution of investment products and services globally in the institutional, sub-advisory, and intermediary channels. We also continue to expand into adjacent private and alternative strategies by delivering differentiated solutions and continued growth in our private funds, including plans to launch three funds during the second half of 2024. BOYA Investment Management enters the second half of 2024 focused on execution and position for long-term sustainable growth. Turning to slide eight, at BOYA, we are living our purpose and vision to drive positive outcomes for our clients, colleagues, and the communities in which we live and work. For example, by improving access to comprehensive financial guidance and education, we are having a positive influence on the decisions our customers are making about their savings and benefits. We are also expanding the solutions available to our customers that support caregiving, mental health, and emotional well-being. And in May, we celebrated our 11th annual National Days of Service with over 70% of VOIA employees participating in events that benefited a diverse set of charitable organizations across the country. With that, Don will now provide more details on our performance and results. Don?