ING U.S. reported total assets under management of $267 billion as of Sept. 30, a 2.3% increase from the end of the second quarter and a 10.5% increase from a year earlier.
In its Nov. 6 earnings statement, ING U.S.'s Chairman and CEO Rodney O. Martin Jr. said the rise in AUM was “driven in part by positive net flows in both our retirement and investment management businesses.”
The company saw net inflows of $234 million into its retirement management business, driven by strong flows in stable value, compared with net inflows of $442 million in the previous quarter and inflows of $1.4 billion during the same period the year prior, confirmed company spokesman Christopher Breslin. Meanwhile, net inflows for the firm's investment management business totaled $1.8 billion in the third quarter, compared to inflows of $3.1 billion in the second quarter and inflows of $2.5 billion in the third quarter of 2012.
Assets under administration were $227 billion, up 2.7% from the end of the last quarter and up 5.3% from a year earlier.
Total revenue for the third quarter was $913 million, down 1.7% from the previous quarter but up 3% from the year-ago quarter. Net income was $347 million, up from an $82 million loss in the second quarter but down 5.4% from the year-ago quarter.
ING U.S. plans to change its name to Voya Financial next year now that it has spun off from its former Dutch parent ING Group NV.
