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Money Management

Voya reports AUM rises 2.3% in latest quarter

Voya Financial on Tuesday reported $298.1 billion in assets under management as of Sept. 30, up 2.3% from the end of the previous quarter but down 4.3% from a year earlier.

The decline in assets for the past 12 months was partially due to the divestiture of $17.5 billion of Voya's variable annuity business on June 1, according to Voya's earnings statement.

Third-quarter retirement AUM was $151 billion, 3.5% higher than the end of the second quarter and up 12.2% from Sept. 30, 2017.

The company's retirement segment had net inflows of $516 million in the latest quarter, compared to net outflows of $134 million in the second quarter and net inflows of $1.1 billion in the third quarter 2017.

Assets under administration totaled $244.5 billion as of Sept. 30, up 3.4% from three months earlier and up 6.6% from the end of the third quarter 2017.

Voya Financial had third-quarter net income of $142 million, down 14.5% from the previous quarter and 4.4% below the quarter ended Sept. 30, 2017.

Net revenue was $2.25 billion, up 7.1% from the second quarter and 0.4% higher than from a year ago.