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MONEY MANAGEMENT

Voya Financial’s AUM inches up 1.4% in quarter, 5.9% for year

Voya Financial's assets under management totaled $287 billion as of Dec. 31, up 1.4% from Sept. 30 and up 5.9% from the year before, the money manager said in its earnings report released Wednesday.

Assets under administration for the company were $197 billion as of Dec. 31, flat from Sept. 30 but up 8.8% from Dec. 31, 2015.

Voya's retirement segment had net inflows of $803 million, compared with net inflows of $1.4 billion in the third quarter and net inflows of $557 million in the fourth quarter of 2015.

Voya Financial posted a net loss of $533 million for the quarter, vs. a net loss of $248 million for the third quarter and a net loss of $106.8 million for the fourth quarter of 2015. The company attributed the quarterly net loss to a closed block variable annuity “segment loss of $730 million (which includes a $444 million loss due to changes in the fair value of guaranteed benefit derivatives related to non-performance risk, which the company considers a non-economic factor), compared with a 4Q 2015 CBVA segment loss of $317 million, which included a $157 million loss due to non-performance risk,” according to the earnings statement.

Total operating revenue, meanwhile, was $2.51 billion, up 13.1% from the previous quarter and up 16% from the same period a year earlier.