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Money Management

Voya Financial assets up 6% for quarter, down 4.9% for year

Rodney O. Martin Jr., chairman and CEO of Voya Financial

Voya Financial on Tuesday reported $298.2 billion in assets under management as of March 31, up 6% from Dec. 31 and down 4.9% from a year earlier.

The company's retirement segment had $150.4 billion in assets under management, up 8.1% from the end of the previous quarter and down 4.5% from March 31, 2018.

Assets under administration and advisement totaled $249.2 billion as of March 31. Starting in the first quarter, Voya began including assets under its assets under administration and assets under advisement combined, according to the company's first-quarter earnings report. Voya reported $185.9 billion in assets under administration as of Dec. 31.

Voya's consolidated AUM includes assets from its investment management, retirement, employee benefits and individual life insurance segments, the earnings report said.

Starting with the first quarter, Voya no longer reports a breakout of retirement segment net flows, a spokesman said Tuesday.

During the first quarter, Voya Financial reported net income of $64 million, down from $121 million in the fourth quarter and $46 million in the year-earlier quarter.

The company reported net revenue of $2.2 billion, remaining flat from the previous quarter and up 11.7% from the first quarter of 2018.