Voya Financial sees Stop Loss loss ratio rising to 90%-105% for January 2024 policy
Voya Financial said claims on its January 2024 Stop Loss policy year are running worse than expected, raising the expected loss ratio to 90%-105% from 86%, and it cut its fourth-quarter 2024 Health Solutions net underwriting gain estimate. The company also said Robert Grubka, CEO of Workplace Solutions, will leave at the end of 2024, and that it expects 2025 Stop Loss in-force premiums to fall 10% to 20%.
- January 2024 Stop Loss loss ratio now expected at 90%-105%, up from 86% as of September 30, 2024, based on claims through November 30, 2024
- Fourth-quarter 2024 Health Solutions net underwriting gain (GAAP pre-tax) estimate cut to a loss of $85 million to a gain of $140 million, from $180 million to $220 million
- Annualized in-force premiums for January 2025 policy year expected to decline 10% to 20% versus January 2024; Company still expects 2024 capital returns of approximately $800 million
- Robert Grubka, CEO of Workplace Solutions, will depart at the end of 2024