Voya Financial reported $291.3 billion in assets under management as of June 30, down 7.1% from the end of the previous quarter and down 3.2% from a year earlier, according to its earnings report released Wednesday.
The decline in assets was partially due to the divestiture of $17.5 billion of Voya's variable annuity business on June 1.
The sale of most of the firm's annuities was a "top priority for us this year," said Rodney O. Martin Jr., chairman and CEO, in a news release accompanying the earnings report. He said the transaction transformed Voya into "a simpler, more focused company with higher-growth, higher-return, capital-light businesses."
Retirement assets under management as of June 30 were $145.9 billion, up 1.5% from the quarter ended March 31 and up 12.5% from the end of the second quarter 2017.
The company's retirement segment had net outflows of $134 million in the three months ended June 30, compared to net outflows of $362 million in the prior quarter and net inflows of $280 million in the year-earlier quarter.
Assets under administration totaled $236.4 billion June 30, up 3.7% from three months earlier and up 9.4% from June 30, 2017.
Voya Financial posted net revenue of $2.1 billion in the second quarter, up 7.4% from the three-month period ended March 31 but down 3.6% from the quarter ended June 30, 2017. Net income of $166 million in the second quarter, which was down 62.8% from $446 million in the previous quarter and down 0.6% from $167 million in the year-earlier quarter.