Seeking Alpha

VOYA boosted to Buy at BTIG post-earnings

  • Ongoing business adjusted operating earnings of $307M compares to $296M a year ago. Annualized ROE of 9.9% for the first nine months of 2013 compares to 8.3% for same period in 2012. Long-term target remains 12-13%.
  • Book value per share excluding AOCI is $41.49.
  • Closed Block Variable Annuity business posts a $109M after-tax loss (not included in operating earnings). The CBVA hedging program is designed to protect regulatory capital from market movements, rather than minimizing earnings volatility - thus, when markets rise, CBVA will likely post a loss.
  • Liking the strong operating results and the improvement in CBVA, BTIG's Mark Palmer upgrades VOYA to Buy with price target of $37.
  • CC at 10 ET.
  • Q3 results, press release.
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