Voya Financial's assets under management totaled $284 billion as of March 31, up 1.8% from three month earlier, and up 1.6% from the year before, said its earnings report released Wednesday.
Assets under administration hit $202 billion as of March 31, down 17.5% from three months earlier and down 13.7% from a year earlier. The primary driver for the drop in AUA was the non-renewal of certain retirement plans.The company's retirement segment had net inflows of $661 million in the first quarter, compared to net outflows of $202 million in the fourth quarter and net inflows of $44 million during the first quarter of 2014.
Net income for the first quarter totaled $185.5 million, well below $1.395 billion the previous quarter and down from $258.1 million in the first quarter of 2014. The gain in net income in the fourth quarter was due to the release of a tax valuation allowance that did not repeat in the first quarter. Total operating revenue, meanwhile, was $2.161 billion during the quarter, flat from the previous quarter but down 1.5% from the same quarter a year ago.