Voya Financial, Inc. · NYSE:VOYA

Voya Financial — Voya Investment Management — Q1 2021 Earnings Presentation

12 slides from Voya Financial's earnings presentation, April 2021

  1. Slide 1: Voya Investment Grade Credit Quarterly Update

    Voya Investment Grade Credit Quarterly Update Quarter Ending March 31, 2021 1604265 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.

  2. Slide 2: 1Q21 Fixed Income Returns

    1Q21 Fixed Income Returns Sector Returns: Q1 2021 15% 10% 5% 1.78% 1.33% 0.87% 0.86% 0% -0.80% -1.10% -1.84% -5% -4.25% -4.26% -4.54% -4.65% EM Local -6.68% -10% Agency MBS EM $ Sov Treasuries CMBS Bank Loans EM $ Corp IG Corp Voya IG Credit CRTs CLOs High Yield Past performance is no guarantee of f

  3. Slide 3: Investment Grade Corporate Market Summary

    Investment Grade Corporate Market Summary Change (bp) Index Excess Return U.S. Corporate Investment Grade OAS (bps) Sectors OAS QTD YTD QTD YTD Corporate 91 -5 -5 0.95 0.95 400 Communications 109 -11 -11 1.57 1.57 Transportation 100 -15 -15 1.39 1.39 350 Airlines 163 -88 -88 4.29 4.29 Railroads 92 -

  4. Slide 4: NN (L) US Credit: Performance

    NN (L) US Credit: Performance Summary Data as of 03/31/21 Total return approach, offering a comprehensive approach to investing in the full range of investment grade U.S. corporate bonds 11.84 11.29 8.73 7.96 7.43 7.44 6.91 6.20 6.51 5.99 6.60 6.07 4.91 5.04 5.35 Q 1Y 3Y Y 10 Y Si T I i 10/01/09 Gro

  5. Slide 5: Performance Attribution

    Performance Attribution 1Q21 Attribution Attribution Commentary 0 Key contributors to outperformance:  Consistent with our approach, security selection drove -50 outperformance for the quarter with strong contributions coming from Financials and Industrials, while Utilities -100 modestly contribute

  6. Slide 6: Portfolio Positioning

    Portfolio Positioning Current Quarter vs. Index Change from Last Quarter Top-10 Issuers Financials Financials Absolute Basic Ind. Basic Ind. BAC 3.30% Cap Goods Cap Goods VZ 3.10% Comm. Comm. JPM 2.70% Cons. Cyc. Cons. Cyc. AAPL 2.10% Cons. Non-Cyc. Cons. Non-Cyc. ABBV 2.00% Energy Energy T 1.70% Te

  7. Slide 7: Corporate Debt Growth Rate Subdued, Keep an Eye on M&A

    Corporate Debt Growth Rate Subdued, Keep an Eye on M&A Corporate Debt Growth Rate M&A Related Corporate Issuance Downgrades Occurring From A to BBB 25 300 $ bn 25% 120 Downgrades within A Announced/Pending 113 Downgrades from A to BBB Actual 108 Downgrades within BBB % of Total (RHS) 20 Downgrades t

  8. Slide 8: Move Higher in Rates Attracts more Yield-Based Demand

    Move Higher in Rates Attracts more Yield-Based Demand IG Spreads Resilient in Rate Spike, Yields Rate-Driven Outflows Failed to IG Performs Well in Below-Avg. but to Grind Higher Materialize for IG Rising Inflation 400 2.5 70 US IG OAS (LHS) Short 4% Base US 10Y Intermediate Case US IG Excess Fwd 12

  9. Slide 9: Investment Grade Corporate Market Outlook Summary

    Investment Grade Corporate Market Outlook Summary Strong fundamentals to further IG Continues to Offer Attractive Security Selection Opportunities support positive macro story Relative Yields Remain in BBB, Front-End Issuers 2.5%  1Q21 earnings expected to show strong 2.27% 300 growth  Leverage re

  10. Slide 10: Appendix

    Appendix 10 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.

  11. Slide 11: Fixed Income Market Review: Sources and Indices

    Fixed Income Market Review: Sources and Indices Slides 2: Index Definitions Treasuries as represented by Bloomberg/Barclays U.S. Treasury Index Agency MBS as represented by Bloomberg/Barclays Securitized – U.S. MBS Index CMBS as represented by Bloomberg/Barclays Securitized – Non-Agency CMBS: Agg El

  12. Slide 12: Disclosure

    Disclosure All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. High-Yield Securities, or “junk bonds”, are rated lower than investment-grade bonds because there is a greater possibility that the issuer may be unable to make int

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