VOYA
Voya Financial
Finance/Real Estate, Event Driven/Special Sit
08/04/2014
Presented
| Date | 07/27/2014 |
| Price | $36.85 |
| Market Cap | $9.36B |
| Ent Value | $18.95B |
| P/E Ratio | 4.91x |
| Book Value | $66.59 |
| Div Yield | 0.1% |
| Shares O/S | 0.00M |
| Ave Daily Vol | 1,520,000 |
| Short Int | 1.41% |
Current
| Price | $81.78 |
| Market Cap | $8.04B |
| Voya Financial, Inc. operates as a retirement, investment, and insurance company in the United States. The company has five segments: Retirement, Annuities, Investment Management, Individual Life, and Employee Benefits. The Retirement segment offers tax-deferred employer-sponsored retirement savings plans and administrative services in corporate, education, healthcare, and government markets; and rollover individual retirement accounts and other retail financial products, as well as financial advisory services to individual customers. This segment sells its products to small companies, corporations, and government entities directly, as well as through third-party administrators, wirehouse affiliated brokers, registered investment advisors, independent sales agents, and consulting firms. The Annuities segment provides fixed and indexed annuities, tax-qualified mutual fund custodial products, and payout annuities for pre-retirement wealth accumulation and post retirement income management through independent marketing organizations, affiliated and independent broker-dealers, banks, independent insurance agents, and pension professionals. The Investment Management segment offers fixed income, equity, multi-asset, and alternative products and solutions to individual and institutional customers directly, as well as through consultant channel, banks, broker-dealers, and independent financial advisers. The Individual Life segment provides wealth protection and transfer opportunities through universal, variable, whole life, and term products. The Employee Benefits segment offers stop loss, group life, voluntary employee-paid, and disability products through brokers, consultants, and its direct sales team. The company was formerly known as ING U.S., Inc. and changed its name to Voya Financial, Inc. on April 7, 2014. The company was incorporated in 1999 and is headquartered in New York, New York. Voya Financial, Inc. is a former subsidiary of ING Insurance International B.V. |
Publicly traded companies mentioned herein: American International Group Inc (AIG), ING Groep NV (INGA NA), Voya Financial Inc (VOYA)
Highlights
The presenter is long shares of Voya Financial (VOYA), the former ING US life insurance operation. He explained how ING was forced to spin the business off following the Dutch government stepping in to bail it out, and after two secondary offerings its stake in VOYA is down to 43%. He noted that VOYA had historically had some of the worst life insurance returns in the industry, and under ING it appeared as though the company was “run for market share and brand,” and funded with intercompany loans. However, the management team that turned around AIG’s life insurance business came in, and has done a great job thus far. Overall, he sees the potential for shares of VOYA to double from present levels, and outlined his bullish thesis as follows:
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