Voya Financial adds William Mullaney to board

NEW YORK - Voya Financial, Inc. (NYSE: NYSE:VOYA), a prominent player in the health, wealth, and investment sectors, has announced the appointment of William J. Mullaney to its board of directors, a move effective as of last Monday. Mullaney's election is expected to bring a wealth of knowledge and experience to the company, particularly in the areas of retirement, life, annuities, and insurance.

With a career spanning nearly four decades, Mullaney has established a solid reputation in the industry. His most recent role was as a managing director at Deloitte Consulting's Insurance practice, where he provided advisory services on a variety of business and retirement subjects.

His expertise also includes a significant tenure as the president of MetLife (NYSE:MET), Inc.'s U.S. business, overseeing the company's retirement and insurance operations in the United States.

In his new capacity at Voya, Mullaney will contribute to the Audit, Technology, Innovation and Operations Committee as well as the Nominating, Governance and Social Responsibility Committee. Heather Lavallee, CEO of Voya Financial, expressed confidence in Mullaney's ability to support the company's ongoing growth strategy through his extensive experience and innovative approach to business and customer solutions.

Mullaney's board experience extends to several other organizations, including his current roles at the Automobile Association of America Northeast Club and FINEOS Corporation (OTCMKTS: FNCHF). His past board memberships include the Insurance Information Institute, Insurance Institute for Highway Safety, and Property and Casualty Insurers of America, among others.

His academic credentials include a Bachelor of Arts from the University of Pittsburgh, an MBA from Pace University, and a Chartered Life Underwriter designation from The American College.

Voya Financial, with its commitment to ensuring a secure financial future for individuals and institutions, employs approximately 9,000 people and serves over 15.2 million clients. The company has been recognized for its ethical, socially responsible business practices and has been certified as a Great Place to Work. This appointment is based on a press release statement.

In other recent news, Voya Financial has displayed a robust performance in the first quarter of 2024, with a significant 23% year-over-year increase in adjusted operating earnings per share (EPS) to $1.77.

Keeping its financial targets on track, the company aims to meet its full-year EPS target range of $8.25 to $8.45. Moreover, Voya has announced a new $500 million share repurchase authorization, reflecting its commitment to return $800 million of excess capital to shareholders within the year.

Piper Sandler, after a recent meeting with Voya Financial's top management, has maintained its Overweight rating on the company with a steady price target of $86.00. The firm sees potential areas for improvement in Voya's various business segments that could stabilize and increase earnings per share (EPS) estimates over time. Voya's valuation was also described as attractive, further emphasized by its inclusion in Piper Sandler's Triple Select Stocks report.

These recent developments reflect Voya's strategic focus on workplace strategy and investment management. Despite noting a decline in revenue yields in the Investment Management sector due to a mix shift, the company's expansion into lower deductible levels in its stop-loss business is expected to contribute to sales growth.

InvestingPro Insights

Voya Financial, Inc. (NYSE: VOYA) has been making strategic moves, such as the recent appointment of William J. Mullaney to its board of directors, to bolster its position in the competitive financial services sector. This move comes at a time when the company is displaying robust financial health according to real-time data from InvestingPro.

InvestingPro Data indicates that Voya Financial has a solid market capitalization of $7.05 billion, which reflects its significant presence in the industry. Further highlighting its financial stability, the company boasts a competitive P/E ratio of 9.65, which is even more attractive when adjusted for the last twelve months as of Q1 2024, coming down to 8.47.

This suggests that investors have confidence in the company's earnings potential relative to its share price. Moreover, Voya has demonstrated impressive revenue growth, with a 20.85% increase over the last twelve months as of Q1 2024.

InvestingPro Tips reveal strategic corporate actions that may interest investors. Voya Financial has been aggressively buying back shares, signaling management's belief in the company's value. Furthermore, Voya has raised its dividend for 5 consecutive years and has maintained dividend payments for 12 consecutive years, which could be particularly appealing to income-focused investors.

For those interested in additional insights, there are more InvestingPro Tips available for Voya Financial, which can be accessed at https://www.investing.com/pro/VOYA. Readers looking to deepen their analysis can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of valuable investment information.

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