Fortune partnered with Great Place to Work to analyze survey feedback representing nearly 155,000 U.S. employees.

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Employees say:"I love the culture—volunteerism is really important here and I love that. I love the mindset my team has of working hard and performing quality work; but also have fun and be kind to each other, lead with compassion and understanding. Benefits are great, pay is competitive, and work life balance is real. I feel trusted and respected by my peers and leaders to use my judgment and make the right decisions for my customers. I truly enjoy working here."

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Employees say:"I love the financial support from this company. This is my first employer where I feel like the company actually cares about the wellbeing of the employees with benefits like the student loan assistance, generous 401k match and pension plan. I also enjoy my department a lot and how many opportunities we get to be involved with larger projects, as well as opportunities to lead meetings to develop our leadership &amp; collaboration skills. The volunteer time is also a huge plus for me, it is nice to see the company want to give back."

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Employees say:"I love Voya! This is the very best company I have ever worked for, and my loyalty will always be with them. My manager is amazing and supports my dreams here at Voya. Very encouraging and positive. I run to my computer every morning and it's a blessing in itself to work here! I'm proud to say I'm a Voya employee as they put the customer and employees first. We focus on teamwork and always keep the vision in mind. The benefits are phenomenal and I'm confident they give us all the tools we need to be successful. We also have additional training websites for those who want to grow in the organization at no cost! This is unheard of!"

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Employees say:"The support that this company gives women is incredible. Full access to programs like Maven truly shows how much the company cares for women and recognizes the need to provide additional support. Regardless on how difficult things might get at work, the support I have via Maven and other benefits help me to show up to work at my best. I also am a very big fan of the paid volunteer time - it is enough hours to feel that I truly can give back to my community and have a presence. It also allows me to set a great example to my children on social responsibility."

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Employees say:"We love to experiment with new ways of doing things. We strive for better efficiency and better experiences for both our customers and ourselves. The company recognizes that we are human and our experiences are vital to connecting with the people we partner with and service."

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

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Employees say:"They create an atmosphere where all individuals are accepted for who they are, both in their professional lives and personal lives. Being honest about who you are, being open about who you are is a beautiful way to spend eight hours daily."

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Employees say:"I feel the Voya Cares group is what makes Voya Financial unique in our industry. We really care about people with disabilities and special needs. This team makes a point to discuss this underserved group in our society and how we can look to help individuals and families with these certain circumstances plan for a better retirement future and have their companies help make this happen."

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Employees say: 
 
"The Voya culture is exceptional and continuously reinforced, and the company is very successful. The leadership is extremely talented and visionary—the response to the pandemic was immediate and effective, and Voya has reiterated its commitment to offering a hybrid working environment and not enforcing a full return to the office. Combining forward-thinking business sense with compassion and disability and inclusion, Voya Cares® sets the company apart and seems to resonate with prospective clients as an appealing differentiator."

GPTW Financial Services & Insurance Large 2023-Voya Financial

Employees say: 
 
"The company has a history of giving back to the community, which really brings the employees together and makes you very proud to work for Voya Financial. I love that we can pick a cause to donate to and the company will match your donation. Also, the company gives you 40 hours a year to volunteer, which shows to really want their employees to participate in giving back to their communities—and not just with money but actually helping out."

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Employees say: 
 
“I think their ability to adapt is unique. I feel this is a great place to work because in the pandemic and even now while things are getting better Voya is listening to their employees preference to where they would like to work from. They might prefer all employees return to the office, but I feel valued and heard because of the work from home opportunity they are giving.” 
 
Read the Great Place to Work review .

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“There is a healthy culture here from the bottom to the top, you can count on others to operate within an inclusive, diverse culture and trust comes easier. I appreciate the opportunities to grow in my career and be my true self at work.”

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Employees say:  
“They've provided me with the means to have a career, care for my family, feel a sense of accomplishment, and so much more. From day one, I've been accepted fully and considered for promotions and advancement based on my skillset and work ethic.”

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Employees say: 
 
"This job has allowed me to balance family life with work. Due to this job, I am allowed to still play a very active role in my children's life. I can be present during the first day of school or be part of school activities."

This year's Fortune 500 marks the 66th running of the list.

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The financial services company offers retirement savings plans, investment management, and life and employee benefit insurance to corporations and individuals.

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Getting workers ready for retirement is the focus of Voya Financial, which provides workplace benefits and savings solutions and technologies in the United States and internationally. The company operates through three segments: wealth solutions, health solutions, and investment management. Voya serves some 39,000 U.S. employers and over 7 million individual retirement plan participants and has approximately 450 financial professionals serving retail and workplace clients. The company was formerly known as ING U.S. and changed its name to Voya Financial in April 2014. Voya Financial was founded in 1975.

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Voya Financial (VOYA): Company Profile, Stock Price, News, Rankings

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Voya Financial

voya financial

Good morning. Welcome to Voya Financial's First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would now like to turn the call over to May Nie Chew, Head of Investor Relations.

Good morning and thank you for joining us for Voya Financial's first quarter twenty twenty five earnings conference call. As a reminder, materials for today's call are available on our website at investors.voya.com. We will begin with prepared remarks by Heather Lavalli, our Chief Executive Officer and Mike Katz, our Chief Financial Officer. Following the prepared remarks, we will take your questions. I'm also joined on this call by the heads of our businesses, specifically Jay Cadison, CEO of Workplace Solutions and Matt Toms, CEO of Investment Management.

Turning to our earnings presentation materials that are available on our website. On Slide two, some of the comments made during today's discussion may contain forward looking statements and refer to certain non GAAP financial measures within the meaning of federal securities law. GAAP reconciliations are available in our press release and financial supplement found on our Investor Relations website. And now, I will turn the call over to Heather.

Good morning and thank you for joining us today. Let's turn to slide four.

Let me start with what continues to differentiate Voya, especially in today's environment. Our capital light businesses generate diverse revenue streams and have allowed us to consistently generate free cash flow across all market cycles. Our strong capital and liquidity positions support our healthy balance sheet, giving us confidence even in adverse markets. And the need for innovative, value added workplace solutions supported by top notch asset management continues to grow. For these reasons, Voya offers a resilient and relevant business model with a clear commitment to creating long term value for our stakeholders, making us a compelling investment opportunity.

Turning to highlights from the quarter on page five. I'm encouraged by the results we delivered across our businesses, which were driven by continued execution against our strategic priorities. In Wealth Solutions and Investment Management, we delivered strong commercial results, highlighting continued momentum into 2025. In Wealth Solutions, we achieved defined contributions organic net flows of approximately $30,000,000,000 Additionally, we added $60,000,000,000 in assets from the OneAmerica acquisition, which closed in January. Together, these results are a clear indicator of our focused execution and competitive differentiation.

Momentum is strong in 2025 with a 7% increase in full service known sales in the first quarter as compared to the prior year. We also have robust commitments in the large and mega space set to fund in 2025 and 2026, particularly in large corporate and tax exempt markets. In Investment Management, we generated net cash flows of $7,700,000,000 representing 2.5% organic growth in the quarter. Our strong net flows were across a breadth of strategies, including both institutional and retail markets. Additionally, our investment platforms, including fixed income, private assets and multi asset, continue to demonstrate strength.

Our pipeline remains strong and diverse, supporting our objective of achieving our long term organic growth target of over 2%. We improved margins in Health Solutions in the first quarter. Our goal is to stabilize our stop loss experience and while early, we are off to a good start. Before I turn it over to Mike, I want to take a moment to acknowledge the broader environment in which we are operating. Economic signals have been mixed and market volatility has remained elevated, which leads us to proceed with caution.

This is a more complex environment than we've seen in some time and we remain mindful of this backdrop. But our results this quarter underscore the strength of our business model and our ability to focus on the levers that matter most: commercial momentum, cash generation, and maintaining a healthy balance sheet. Finally, I want to recognize our team. In a dynamic environment, their focus and execution continue to make a real difference. With that, Mike will now provide more details on our performance and results.

Let's turn to our financial results on Slide seven. We reported $2 of adjusted operating earnings per share in the first quarter, a 13% increase over the prior year. Results reflect the progress we are making on our near term priorities. This includes favorable performance in Health Solutions, earnings contributions from One America and strong commercial momentum across both Wealth Solutions and Investment Management. Offsetting this, alternative income was $0.15 below our long term expectations at an annualized return of approximately 5%.

We expect second quarter alternative returns to be below long term expectations due to the current macro environment. We generated approximately $200,000,000 of cash in the quarter, above our 90% target. GAAP net income was below cash generation due to non cash items emerging in the quarter. With that, let me turn to our segment results. Turning to Wealth Solutions on Slide eight.

We generated $2.00 $7,000,000 of adjusted operating earnings in the quarter. This represents growth of 11% year over year. Our results reflect higher fee based revenues as we continue to organically grow both participant and AUM balances. We added over $60,000,000,000 of assets with One America and retained approximately 90% of plans consistent with our expectations. Additionally, we generated approximately $30,000,000,000 of total defined contribution net inflows in the first quarter.

This included net inflows in record keeping driven by large wins in healthcare and government markets. Full service net flows before One America were also positive, driven by strength in emerging markets. While we are encouraged by first quarter results, equity markets will affect our second quarter AUM balances and in turn revenues. Looking forward, our relentless focus remains on driving value through our retirement solutions and the support we bring to our customers, which now exceeds 9,000,000 participant accounts. Turning to investment management on slide nine.

Adjusted operating earnings were $41,000,000 in the first quarter. Higher management fees across both institutional and retail channels were offset by lower investment capital returns and increased seasonal expenses. In the quarter, we generated $7,700,000,000 of net inflows across a breadth of clients, strategies and channels. We generated $5,200,000,000 of institutional net inflows. This included the launch of a private equity fund, demand for core fixed income and private credit strategies in the insurance channel and the launch of three CLOs.

First quarter retail net inflows of $2,500,000,000 included positive flows, both domestically and through international channels. Looking ahead, we have a competitive track record of long term investment performance. Our focus is on ensuring we continue to deliver for our clients and remain a trusted partner for their current and future business. Turning to Health Solutions on Slide 10. Adjusted operating earnings for Health Solutions were $46,000,000 in the quarter.

In stop loss, positive prior year reserve developments drove the favorable results as first quarter experience supported lower expected loss ratios. The January 2024 cohort is now over 90% complete as of March 31 and will be near complete early in the third quarter. Our estimated loss ratio for the January 2025 stop loss cohort is 87%. It is early in the development of this block as we expect experience will be more credible in the third and fourth quarter of this year. Turning to Group Life.

Elevated claims were driven by higher claims frequency in January, which normalized in February and March. Involuntary, while claims experience was in line with expectations, we increased reserves in light of the uncertain environment and the potential impact that may have on utilization. This quarter demonstrates progress in meaningfully improving margins in Health Solutions. Turning to slide 11, our balance sheet remains strong. We ended the quarter with excess capital of approximately $150,000,000 and a RBC ratio of 385%.

As planned, we repaid approximately $400,000,000 of debt in February, bringing our leverage ratio comfortably within our target range. Capital generated was strong in the quarter and fully funded our investment in One America. We also returned capital to shareholders in the form of common stock dividends. In the second quarter, we expect to further strengthen our excess capital. Looking ahead, we believe companies with healthy balance sheets and high free cash flow businesses are well positioned to navigate volatile environments and drive value for their shareholders.

Turning to slide 12. We generate strong free cash flow while delivering an attractive return on equity. Our ability to generate consistent strong free cash flows is driven by how we operate our three businesses, including through challenging macro environments like today. Our diversified revenue streams, expense discipline and healthy balance sheet gives us confidence as we continue to execute on our key priorities and deliver for our stakeholders. I'll now turn it back to

Thanks, Mike. We've made progress on our key priorities in the first quarter. These results underscore not only the strength of our complementary capital light businesses, but also the trust our clients, customers and distribution partners continue to place in us. The work we do in guiding our customers through market uncertainty highlights our purpose and has never been more important.

With that, I'll turn the call over to our operator so we can take your questions.

Thank you. We will now begin the question and answer session. One moment while we poll for questions. Our first question is from Ryan Krueger with KBW. Please proceed.

Hey, thanks. Good morning. My first question is on wealth earnings. You had guided to 35% to 39% margin coming into the year. You were in the upper half of that in the first quarter despite what is typically higher expenses.

Can you give us some more color was there anything unusual that benefit the results this quarter or do you think this is a reasonable run rate going forward acknowledging that the market is uncertain, but I guess if the market remains if the market is kind of has normal returns the rest of the year, do you think, is there anything unusual that benefit the quarter? Is this a good starting point?

Thanks Ryan. Mike will take your question.

Yes. Hey Ryan. So the only piece I'd really call out in the quarter was that the spread based assets were a little higher than what we would have expected. I think it's reasonable to think that spread based assets will continue to moderate down. However, we have seen some offsets in April just given the macro volatility where there's been more variable to fixed transfers than what we've seen in the past.

If I think about wealth just more broadly on the outlook, obviously, when America plays a role, Ryan, you just talked about the macro piece, we give the sensitivity. So that'll play out as it plays out. And then there'll be some expense seasonality in wealth. You can look at last year as a proxy. Wouldn't go as far as what we saw last year on the drop in expenses, because we are making some targeted investments, not a dramatic amount, but when you're looking at expense changes, there's a small offset from there.

So that's how I would think about the second quarter.

Great. Thanks. And then just a quick one on voluntary. I think you alluded you added some reserves for a potential uptick in utilization. Can you give a little bit more detail on why you did that?

And then also, is the high 40s loss ratio still a good expectation there?

Ryan, I'll ask Mike to start with your question and then perhaps Jay can add a broader view of how we're looking at the voluntary business going forward.

Yes, Ryan. So you're thinking about it right with respect to just strengthening some of the reserves given the economic uncertainty that we are just surrounding all of us right now. So we did increase IBNR in the quarter for the potential higher utilization that may occur later this year. We do use IBNR as a way to try to smooth out results. But just as a reminder, a lot of the experience comes in, in the fourth quarter.

That's typically when our clients and customers are looking at open enrollment. They're reminded they have these benefits. And so we won't really know until the end of the year exactly how this lands. And so as you mentioned, those high 40s is a way to start to think about where the utilization is, like what happened in the first quarter is very consistent with that. And then we added a couple of points to strengthen reserves.

You'll see that reveal itself in second quarter. You'll see it reveal itself in third quarter. And then we'll update you in the fourth quarter on things, how things ultimately land.

And Jay, a little bit of a forward view on how we think about voluntary?

Sure, Ryan. Thanks for the question. I appreciate it. When we think about voluntary, it's important to note that Voya right now is a top three leader in the voluntary and self help marketplace. It's a marketplace that's rapidly expanding.

Overall, we think about the value that we're bringing to our customers in this space. We understand the customer value journey. Right now, we're continuing to look to for ways to improve the member experience. In addition to that, I'd call out that in oneonetwenty five open enrollment, we deployed some new guidance tools to support our customers and this had a direct impact in driving up participation rates by 18%. We like the business and we think right now we're well positioned.

Our next question is from Tom Gallagher with Evercore ISI. Please proceed.

Good morning. First question is on stop loss. So I guess I just wanted to get a better handle on this 87% estimated loss for the 25% accident year. Can you talk a bit about how you arrive at that estimate? Are you using are there any like leading indicators of the underlying book of business you have that you're tracking?

Or is it more a general medical loss cost inflation estimate that informs you of that 87% number?

Thanks, Tom. I'll ask Mike to tee that up, but really start I think with 24% which gives you a bit more of a walk to 25%. So Mike?

Yes. And Tom, thanks for the question. As Heather mentioned, stop loss continues to be a very high priority for Heather, Jay and I. We've taken the difficult lessons that were learned in 2024 and really put them into practice late last year as well as this year. That applies to both how we're reserving for this business, but also how we're pricing it.

And as Heather just mentioned, I'm just going to touch on '24 briefly and then I'll get to your question on '25. We did reduce the expected loss ratio from 95 to 93% for that January 2024 cohort. And that's really due to the fact that as we're looking at experience in the quarter that that's coming through better than what we reserve for. As I mentioned in the material that we just covered, we estimate that we're approximately 90% complete coming out of the first quarter and we expect that book to almost fully complete in late second, early third quarter. Now as it relates to that 25 business that you asked about, Tom, I would really think about it more around how is this performing relative to the 2024 cohort and the work that we did both on where we set rates and how we performed our risk selection.

As a reminder, we achieved a 21% average net effective increase for that January 2025 business. We believe that's above expected medical trend. We achieved even higher rates for underperforming cases. We also improved our underwriting, including our approach to known claims, which was a key driver of the elevated loss ratios last year. And so I would think of it more as kind of a leap off from '24 Tom, than necessarily a lot of leading indicators.

But when we step back and think about this business, the annual renewable nature of it allows us to take these type of decisive actions around rates and risk selection, Still early in the completion of the book and so we'll continue to put these insights gained into practice and keep you and our investors fully posted on how things emerge.

And Tom, if I can just emphasize three key points that Mike hit on is number one, twenty five, it is early. We'll know more in the third and fourth quarter. Second is that our teams are maintaining the same level of focus and discipline into 2025 heading into 2026 that we carried into the oneonetwenty five. And I'll say again, I'm proud of this team. This is a top priority and is a big lever for us to continue to drive cash generation.

That's very helpful. Appreciate it. It makes a lot of sense building off of '24 and then you believe you're getting rate in excess of loss cost trend. That all makes sense to me. Do you have any surveillance tracking mechanism on the underlying claims experience of the book where you've provided the stop loss?

So at least, we'll say by 2Q, you might get a sense for certain claims emergence are likely to hit your limit or not, where your claims would kick in? Or is it more you don't really have any visibility until the claims hit you, if you know what I mean? Like is there any visibility you even have on the underlying before they get to your attachment point? Or is it more you just you're informed at after you get to attachment?

Yes. No, let me I'll start with that, Tom. It's Heather. So first, as you can imagine, Mike and I continue to stay very close to this with the team as is Jay. So a couple of things that I would say is we continue to look at seeing very, very early how our claims coming in for '25.

We do get what's called a 50% notice report. So we are getting reports when claims are approaching 50% of the deductible. So there is some early view. We also have some ability to look at first dollar trend through our benefit focused business where in that business, we get a view of just seeing how first dollar trend is coming in. It may not necessarily be on the same clients we have stop loss, but it does give us some early view.

And I think the final thing I would mention is we are certainly continuing to stay close to our advisors to see how our trends emerging in the broader health sector, just again, some of the uncertainty that we've seen over the years. So, you know, we're going to continue to be very close to this.

Our next question is from Joel Hurwitz with Dowling and Partners. Please proceed.

Hey, good morning. I wanted to go back to voluntary real quick in the top line. So the top line slowed in the quarter, up a little less than 4% year over year. You've had several years of exceptional growth in that business. Is this more just you reaching scale and more difficult comparisons?

Or is there something else driving the lower top line coming out of oneonetwenty five?

Yes. It's Heather. Let me start on that is really in 2024, we had some very large wins in voluntary that didn't repeat coming into the 2025 season. But let me turn it to Jay to just give you a view of what he's seeing in the market.

Yes, that's right. It's a good question. Thanks, Joel. Listen, the voluntary business right now, our pipeline is exactly where we want it at this point in the year. There were some lower jumbo cases that came in Q1 versus same period last year.

But in terms of the activity and the pipeline, and the persistency of the book, we like where the business is. So I think commercial momentum is strong and again, these large jumbo cases are lumpy and as they come through, we'll take advantage of them with appropriate pricing, but we like where the business is right now.

Got it. And then just shifting gears, in the past you've talked about building out retail wealth capabilities. Can you just provide an update on the plans there to try to capture that opportunity? And then should we be thinking about some sort of investments impacting expenses in wealth over the rest of 2025 and maybe into 2026?

Yes. Let me start on that, because it's something that I've talked about on prior calls is we said that we're making very modest investments in building out retail wealth management capabilities that are already baked into the expense forecast for the wealth business. Specifically, what I've talked about is that we are hiring additional field and phone based advisors. Today, we have over four twenty advisors that are dedicated to our tax exempt business, very, very strong foundation. We're also making modest investments within support our advisors.

So we think that's important. And lastly, I'm going to turn it over to Jay, but this is one of the reasons I hired Jay is he's got a real extensive background in retail wealth management and we see this as an important capability in the coming months and years to be able to support our clients and really expand our broader wealth capability. But Jay?

Thanks for the question. Yes, we've got a strong foundation. If you think about the existing business today, with four fifty advisors, both field based and sales test based, we've got a great opportunity to provide holistic advice at the workplace, which is exactly what our clients are asking for. In addition to that, as we think about, the business that we have, it's great synergies inside our wealth business. We like where we're at.

We like some of the tools that we've been bringing to the team and to the marketplace. And we see this as a tremendous opportunity to kind of capture what is a growing part of the business in the industry. We're well positioned. Like I said, I'd also like the team that we have. We've in my early days here at the firm, I've seen some great talent on the field, but we've also had a great chance to recruit some top talent in the marketplace.

And so the team we have heading into the second quarter is a really strong one that's got a lot of experience. So overall, really excited about the business and like we're at.

Our next question is from Elyse Greenspan with Wells Fargo. Please proceed.

Hi, thanks. Good morning. Last quarter you guys were talking about, right, $750,000,000, I think, of free cash flow for the year and using that 90% conversion and obviously there's some investments this year in leave management. I know Mike, you said that translated into around slightly less than $8 per share of earnings this year. Does anything change relative to that figure with the Q1 results?

I would assume there's some upside on stop loss, but anything else you would point out and if you want to update, thinking relative to the $8 per share?

Yes. Hi, Elyse. So yes, we did share some implicit guidance based on normal markets last quarter. And while we're not sharing guidance, you can use that as a place to start with your outlook. You just talked about some of the things that we need to think about.

You need to think about macro sensitivities is really the biggest piece, and make sure that you're adjusting for that particularly on the wealth and investment management business. As it relates to health, we did release reserves in the quarter that certainly will help the calendar year. As you look forward, I would think about the stop loss business really being 87% of the premium that we're receiving each quarter is kind of the base case. For Group Life, we talked about in the prepared remarks, that was elevated in January. It's normalized in February, March and it has in April.

So I would think of that getting back to the normal range in the second quarter. And then voluntary, we talked about with some of Ryan's questions. The second thing I would think about is the seasonal expenses. We alluded to that on the wealth side. There'll be some seasonality there, not at the levels that we saw last year, but there will be seasonality.

With Health, you can look at last year as a good proxy for how much we expect that to drop in the second quarter. And then for I'm you should actually expect a little more seasonality. We had elevated seasonality this quarter, first quarter, given some of the performance that we had in the fourth quarter and the compensation related to that. And then maybe the last piece I'd call out is just the commercial momentum in the quarter. We had approximately $30,000,000,000 of flows in retirement.

We had $7,700,000,000 of positive flows in investment management. So that'll certainly help the calendar year results.

Thanks. And then, my follow-up, I guess, want to go back to stop loss and just if you could just provide a little color on I guess what changed in the quarter that really drove you guys taking down that loss ratio right considering it was revised up throughout last year? And then my second I guess part of that question is just, would the expectations still be where you see things today that you expect to get back to target margins within stop loss that's in 2026?

Yes, Elyse. It's just experience. We reserve for 95% level and coming out of the quarter, appropriate amount of reserves is a 93% level. So it's just really how the experience is emerging with respect to what we reserve for. So it's just that simple.

As you think about that target range, I would kind of bifurcate it into two elements. First, like what are we pricing for? And then second, when do we expect to report, our earnings at a loss ratio consistently in that range? On the former, I mean, that's how we're pricing today. That's what we did going into January 2025 business.

That's what we're doing throughout the year. But we continue to expect a two step process here. As Heather mentioned earlier, that '25 business, we'll know a lot more about it at the end of this year. So that will give us a sense of how things are going to ultimately end up. And so I would continue to think two step process, but we continue to have our hand on the wheel fully with respect to what we're pricing.

And I would just reiterate, Elyse, what we shared with Tom is, again, it's early on stop loss. We're going to know more going into the third and fourth quarter. This is our best thinking right now on loss ratio. Stay tuned. We'll continue to update you on the results.

Our next question is from Wes Carmichael with Autonomous Research. Please proceed.

Hey, good morning. A couple of questions on wealth. On One America that closed with the $60,000,000,000 of assets, but I just wanted to ask on the mix because I think when you'd previously talked about it, there were maybe more assets coming into full service, but it appears maybe some of that shifted toward record keeping, if I'm not mistaken. So just curious if that changed relative to your expectation?

Yes. It's really just how the reporting is coming in, Wes, during the TSA period. So no real change to how we look at this, like from an earnings revenue perspective on that full service record keeping splits. It's just the way it's coming over to us. We expect that will get adjusted as we get to the point where that's no longer a TSA and it's fully in our arms.

Yes. And the broader step back, Wes, is just on One America. We continue to feel good about the estimates that we gave on the revenue, the earnings, the retention coming in right in line. Again, was based on first quarter results, what we saw. But I'd love for Jay to make just a few comments on what he's saying because he's been out in front of One America clients recently.

Voya Financial (VOYA) Q1 2025 Earnings Call Transcript

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