Voya Financial reported Tuesday $292.5 billion in assets under management as of March 31, down 9.3% from Dec. 31 and down 1.9% from a year earlier.
The company's investment management segment accounted for $210.7 billion in assets under management, down 5.7% from the fourth quarter and nearly flat from the first quarter of 2019, with a 0.5% increase.
The decline in investment management AUM was attributed primarily to market depreciation, which was partially offset by positive institutional net flows of $3.1 billion, the earnings release said.
During the first quarter, Voya Financial reported a net loss of $98 million, compared to a net loss of $776 million in the fourth quarter and net income of $64 million in the year-earlier quarter.
The company reported net revenue of $1.7 billion during the first quarter, down 6.9% from the fourth quarter and down 7.5% from a year earlier.
The company published its earnings release Tuesday afternoon and will hold its quarterly earnings call Wednesday morning.
"Looking ahead, we expect that our earnings growth outlook — as with others in the industry — will be affected by the uncertainties created by COVID-19, such as the magnitude of claims, changes to employment levels and the ultimate shape of a future economic recovery," Rodney O. Martin Jr., chairman and CEO, said in a statement accompanying the earnings release. "This uncertainty makes it very difficult to confidently provide medium- and long-term earnings growth guidance."
