(Bloomberg) — Voya Financial Inc., the U.S. insurer and investment manager that was spun off from ING Groep NV, announced a $750 million share buyback and increased its profitability target.
Chief Executive Officer Rodney Martin plans a 2018 operating return on equity of 13.5 percent to 14.5 percent, the New York-based company said Tuesday in a statement. The previous range for that year was 13 percent to 14 percent, and ROE was about 12.1 percent in 2014.
Voya is focusing on growth in investment-management and some retirement operations that can be less capital-intensive than annuities or life insurance. Last month, the company announced the hiring of Charles Nelson as CEO of the retirement unit. Martin has committed to as much as $350 million in investments to boost profitability, and Voya has said it will discuss those plans further at an investor day presentation Tuesday.