Voya Financial, Inc. (NYSE:VOYA) Q3 2019 Earnings Conference Call - Final Transcript
Nov 06, 2019 • 10:00 am ET
Good morning and welcome to the Voya Financial Third Quarter 2019 Earnings Conference Call. [Operator Instructions].
I would, now like to turn the conference over to Michael Katz, Senior Vice President of Investor Relations. Please go ahead.
Thank you and good morning. Welcome to Voya Financial's Third Quarter Earnings Conference Call. We appreciate all of you who have joined us for this call. As a reminder, materials for today's call are available on our website at investors.voya.com or via the webcast. Turning to slide two. Some of the comments made during this conference call may contain forward-looking statements within the meaning of federal securities law. I refer you to this slide for more information. We will also be referring today to certain non-GAAP financial measures. GAAP reconciliations are available in our press release and financial supplement found on our website investors.voya.com.
Joining me on the call are Rod Martin, Voya Financial's Chairman and Chief Executive Officer; as well as Mike Smith, Voya's Chief Financial Officer. After their prepared remarks, we will take your questions. For that Q&A session, we have also invited the heads of our businesses specifically Charlie Nelson Retirement; Christine Hurtsellers Investment Management; and Rob Grubka Employee Benefits.
With that let's turn to slide three as I would like to turn the call over to Rod.
Rodney O. Martin, Jr.
Good morning. Let's begin on slide four with some key themes. Our results this quarter reflect the strength of our diverse business mix and our clear focus on serving workplace and institutional clients. We also continue to demonstrate the value that our high free cash flow generating businesses provide to shareholders. Normalized adjusted operating EPS for the third quarter was $1.36 per diluted share. For the nine months ended September 30, our normalized adjusted operating earnings were $3.87 which is up 11% compared with the prior period. We discussed at our Investor Day a year ago that we recognize that markets will shift rates will change and claims experience can fluctuate. We also shared last November that we are committed to the plan that we outlined including ensuring that we actively manage the levers that are within our control. In the 6-plus years that we have been a public company, we have seen markets and interest rates swing. Each time we have stayed nimble and agile to ensure that we find a way to meet the challenges and overcome them to deliver on our commitments. Our track record combined with the strong business profile and fundamentals that Voya possesses gives us confidence in achieving at least 10% normalized EPS growth for the full year 2019.
Specifically, our results for the first nine months of the year, combined with our expectations for the fourth quarter means we fully expect to achieve Our target of at least 10% normalized EPS growth in 2019. As we have previously shared our EPS growth objective will be achieved through a combination of organic growth cost savings and capital management. And we have made strong progress in all of