Voya Financial, which has operations in Windsor, said its first-quarter net income benefited from a turnaround in its closed-block variable annuity business.
Net income for the quarter was $258.1 million, or 98 cents per diluted share, up from a loss of $212 million, or 92 cents, in the prior-year quarter. Product sales increased from $156.7 million to $251.8 million.
The year-over-year improvement was largely due to Voya’s variable annuities business, which no longer sells new policies, incurring a $310 million loss in its operating earnings in the first quarter of 2013. That business earned an operating profit of $13 million in the recent quarter.
Voya was formerly called ING U.S. The company officially rebranded itself in April.
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