Voya Financial authorizes additional $500M of share repurchases
"Our capital position continues to be strong. During the fourth quarter, we entered into a $500 million accelerated share repurchase agreement, and we have received authorization from the board of directors to repurchase an additional $500 million of common stock, bringing our current authorization to just over $1 billion. While we incurred a one-time charge related to the reduction of our deferred tax assets, they remain a key source of value for Voya's shareholders. As a result of tax reform, we expect our effective tax rate for adjusted operating earnings to decline from 32% to 18-to-20%. Lower rates will increase adjusted operating earnings per share and we believe they will also support overall economic growth. As we begin 2018, we have a number of initiatives and priorities in place to make Voya a simpler, more valuable company that is well positioned for continued growth. Through the previously announced agreement to sell the majority of our CBVA segment and Annuities business, we will both significantly reduce risk and put Voya in a strong position to expand upon the growth that we've achieved. We are actively engaged in the important work needed to complete the transaction as well as to build upon the many financial, operational and cultural accomplishments that we've achieved over the past several years," said chairman and CEO Rodney Martin, Jr.