Hello, everyone. We had a few technical difficulties, but we are back live at the 2022 Bank of America U.S. Insurance Conference, live from Battery Park City. I was going to say One Bryant Park in New York City, where you're joined by Voya. We have a little bit of technical difficulty. Rod Martin, CEO and Chairman, is just joining us audio only. Mike Smith, Vice Chairman, CFO, he's on video. I have a bunch of questions, but I thought I would just give you a few minutes for some opening commentary. Rod, if you want to take the cue. Go right ahead. Thank you. Good afternoon, everyone. Again, I sincerely apologize for the delay, I'll be very brief. We're anxious to be part of this. We're thrilled to be part of this. We laid out our plan at Investor Day. We are very excited about what we laid out. We finished strong in 2021, and feel very, very comfortable about the momentum, the focus, and the execution that we believe we're going to deliver in 2022 and beyond. With that, and particularly mindful of time, I'm going to open it back up to you, let's jump in. Okay. First thing that I want to talk about, I've asked a few people, but I'm going to ask you. It relates to culture, enduring franchise, remote work. How do you maintain the Voya culture in a flexible work environment, especially for young people who need to learn how to do the work? If everyone is remote or at home, maybe there's no sense of team, no sense of unity. We're now in the stage where the COVID hopefully is fading away. How does Voya secure its culture among its people? Thank you. It's a great question, something we've spent a lot of time in the last two years thinking about, ideating about, and really leaning into. A couple of comments. This won't be any surprise to those of you that have followed us that Mike Smith, Mike Katz, and I have talked about culture regularly as a normal cadence in our earnings calls. We talk about culture and broadly, we talk about ESG, we talk about the World's Most Ethical Companies, we talk about DEI, we talk about the board diversity. We talk about our Voya Cares programs, these, among all the other things, we think are points of differentiation and sustainability over time. Against that backdrop is my view, I think our view, that the world has fundamentally changed as an outcome and a consequence of the pandemic. What do I mean by that? We certainly have been actively communicating and regularly seeking feedback and measuring our employee satisfaction and responsiveness to what we've been going through. As a consequence and an outcome of that, we've had over 2,000 employees in the last 2 years helping us shape where we want this to go from a business model perspective. We've chosen to adopt a hybrid model, and here's what that means to Voya. Pre-pandemic, we had 20% of our population was something we call virtually armed, so fully virtual. The good news, and frankly, one of the things that's helped us a great deal is we've been operating in that way with that 20% of our population for a long time. We had the tools and the IT and the infrastructure to support that. We, like everyone over the last 2 years, fundamentally have been operating in a virtual environment. What we've chosen to do is adopt a hybrid model. Our 20% virtual is going to grow to approximately 35%. That 35% is going to grow to about 90% with hybrid. For us, hybrid means to the extent the job is able to be done with offering a choice of location, meaning at home or in the office. About 90% of our people will either be virtual or hybrid, and that could be one day a week, two days a week, or more in the office. About 10% of our employees have expressed the desire, and we're certainly going to welcome and embrace that, to come back to the office full time as the health conditions allow that. This has been highly reinforced in, again, the feedback that we've got from our people. It's also been reinforced in recruiting we've been able to do. We very much have changed our thinking about this, and we're no longer singularly focused on the bricks and mortar where we've been. We've been able to attract and hire virtually people with no geography bounds in terms of they have to be in one of our primary locations. They can be where they're going to be as long as they've got the capacity and the skill and can deliver what we want to deliver. Couple of things that's reinforcing of this. This is what we've heard from our employees that is important to them, and again, reflected in the commitment they've made to us, I think reflected in the fact we had a record year in 2021. It's certainly what we're hearing also from employers. We will be reducing our real estate footprint, as an example, by 50%-60% over the next three years as normal leases run off. We're going to be investing in our businesses. Some won't have any geography, but those working spaces are going to be different as a consequence and an outcome of how we're going to use that space. We talk about we space versus me space and what's the purpose of being in the office, and that's to celebrate and collaborate and to communicate in a bit of a different way that gets to your point on culture and mentoring. We feel very good about it. Part of what we're seeing in terms of our focus as a company on this intersection of health and wealth in the workplace is we're hearing from employers, we're hearing from intermediaries, and we're certainly hearing from employees that increasingly some variation of this is important, and this is where we're trying to provide solutions. I'll pause there and then let either Mike Katz, Mike Smith jump in, or we'll certainly open it up to questions. Well, Mike, you want me to go on to the next one? Let's just go on. I think Rod answered it really completely. Okay. I think just maybe one last thing on it is just that over the course of the pandemic, our organizational health measures have actually improved, right? We survey people regularly. We've seen the metrics go up. We think we've found a way to operate remotely, and it's only going to get stronger as we start letting people come back in the office periodically to do the activities that Rod referenced. Let's talk about some of your goals. You laid out a three-year EPS growth plan for a 12%-17% annual EPS CAGR over the next 3 years. A lot of the valuations of life insurance, I don't want to brand you a life insurance business, but they're low because people doubt the free cash flow conversion. You're promising 7%-9% EPS growth just from capital management. A couple things I wanted to clarify. The 7%-9%, is that a combination of share retirement as well as interest income reduction? Or is that just the share retirement portion? Two, can we put a number on what that means? What is free cash flow conversion rates at Voya On a normalized year? Sure. The short answer to the first question is yes, it's really just share repurchase is what we've got built in there, right? That's what we're thinking about, and that's the contribution over the course of the plan in our models, right, will be in that range. We have a lot of flexibility to accelerate or slow down, depending on what we see as the opportunities and the needs. If you look back over our history, we've bought back over $8 billion of shares since our IPO. I think just the relationship of that to our market cap and even our initial market cap, I think that's an incredibly strong story and shows how focused we've been on ensuring that we're delivering shareholder value. The second question in terms of the conversion rate, we generated organically about $1 billion of cash flow last year in 2021, and that was roughly 100% of earnings on an adjusted operating basis. We expect to see cash flow conversion in the 90%-100% range. Two of the three businesses will be at that range. The investment management business is a gap in cash are basically the same. The wealth business is a fairly high conversion rate. That's in that 90%-100%. The health business is a little bit less than that, but it's also relatively small in the grand scheme of things. The health business is a 75%-85% conversion rate. When you pull that together, you get to the 90%-100% for Voya in total. We've delivered that, I think, consistently, as shown by our ability to return to shareholders capital as well as entering the year with $1.5 billion of excess that we can deploy over the course of the year. Look, you've pared down Voya into three major businesses, benefits, investment management, retirement. When I look at benefits, I really think it's really two businesses. There's the medical stop loss business and there's the traditional benefits business as well. It feels like you have a very good market share in medical stop loss. cut that out of benefits, maybe the market share or the scalability in the remaining group benefits part of the business isn't so great compared to some of your competitors. I feel scale is an important part of this business. Why is Voya better suited at size to be the best owner of that business? Looking, for some of the products, there's some very aggressive growth outlooks, less so for the life and disability portion. Right. Maybe you can talk to your view of that half of the business. Maybe I just speak generally about the health business overall because we think they are connected, if not necessarily in the customer's mind per se. They have helped us build distribution relationships, right, with the intermediaries who dominate the market in both voluntary group life as well as in stop-loss. As I think back to how we got up and running in the supplemental health voluntary business, it was because we were able to basically leverage our relationships with some of the largest intermediaries that we had built in stop-loss. That got us a hearing, and then we were able to deliver a superior experience to customers. That's how our voluntary business has grown from fifteenth in the league tables to top five, right? On the group life side, that is a packaging opportunity. We see increasingly customers to bring together both their group life and disability as well as their supplemental. We think if you don't have group life, it's going to be increasingly difficult to offer supplemental benefits, and frankly, vice versa. If you have group life without a robust supplemental package, I think that's going to be a bit of a challenge. We think they're complementary. The group life business will be a relatively slow-growing business. We've been very clear about that, and we're fine with that. Think of that as a ballast in the boat, if you will. It's not going to swing wildly from one period to the next. It's not going to grow fast. It's also not going to decline rapidly. We feel good about our position there. One last just for those who aren't super familiar with Voya. On the disability side, we do sell disability, long-term disability, and short-term. We reinsure all of the long-term disability. We don't keep any of that. We work with a partner to bring those packages together. We think we have a nice set of businesses alongside a decent but growing and potentially rapidly growing Health Savings Account business, and feel good about the overall package in the health business and will be a great foundation for us to continue to build our health and wealth story. Okay. Very good. Let's talk about the medical stop loss growth plan. 10% to 13% annual premium growth through 2024, where the five-year CAGR on that segment has been six. What's the natural industry growth rate of this business? That takes employment trends and medical cost inflation into consideration, and obviously, guidance implies a material step-up from the core customer base in 2022. I mean, obviously, you're taking share. How competitive is the market, and how do you plan to take that share? Yeah, Josh, I think we view the stop-loss business as in terms of the absolute growth of the market itself, the number of self-insured employers and so on is not. I mean, it's there, it's discernible, but it's not been huge. What drives the growth of the stop-loss business is medical inflation. Full stop. If you think about where we operate, we sell to employers with 500 employees and up. They tend to have fairly high deductibles. When we pay a claim, it's because an individual has had a very serious, very medically intensive set of care interventions. The deductibles will be in the neighborhood of $250,000 to $400,000, that range. One can imagine that the amount of inflation in the medical care at that end of the spectrum has actually historically been around double digits. It's in the neighborhood of 10%. It varies from year to year, and certainly in the current environment, that's probably going to be a little bit even more accelerated as all things go. We view the stop-loss as largely being driven by growth in the underlying business, not so much by taking tremendous market share. We will, I expect, pick up some. That's our intention, and that'll help charge it a bit more. Primarily, we're going to look to maintain market share, maintain margin, and be disciplined in our underwriting and pricing. I think that will serve us well and deliver some fairly significant growth for the health business overall, which we think will grow at about 7% to 10%. Great. HSAs, I think I remember when the big deal was 2006 when President Bush signed the Tax and Health Care Act into law, HSAs were the next big thing. Here we are, I guess 15 years later, it still hasn't killed, but maybe it's the next big thing. Why haven't HSAs fulfilled their much-wanted opportunity? If you come in and try and make that a new product that's going to drive growth, why are you going to be more successful than the last 15 years where the product really hasn't found its footing? Well, I'm not sure I totally agree that it hasn't found its footing. I think there's just significant growth in the number of customers that have HSAs. We're seeing growth in those that are choosing HSAs. They don't develop big balances, right? I think that's probably the potential misunderstanding is that lots of folks have used them as kind of an alternative to the old flexible spending account. I think that stems from just a lack of good communication from the carriers and employers who are relying on the carriers to help people understand what these products can really be used for. In particular for folks who are toward the higher end of the income spectrum, these can become very attractive retirement savings that can be used to cover healthcare expenses well into the future, right? I think it's incumbent upon us, and we're building tools to help people understand the trade-off between health care savings and retirement savings and optimize that balance as well as to make better choices around their underlying medical plan. We're partnering with a number of folks as well as building. I think what will happen in the coming years is we and others will increasingly get better at communicating the advantages of these products to individuals. We'll get better at helping people understand the long-term aspect of them, and I think that will lead to some level of ongoing growth. It's going to grow rapidly for us because we're starting at a very small base. I mean, we have in the hundreds of clients with HSAs. We're going to try to make that High hundreds and then thousands and then 10 thousands, right? That's going to be a bit of a slow build over a number of years. Changing course a little bit, let's talk about group retirement. I know there's two businesses there. There's the record keeping only business, and there's the full service business. You don't make much money on the record keeping assets, but you do great on the full service. For the record keeping, in my mind, maybe I'm wrong, I have a sense for maybe I'm wrong. The record keeping has a value because of the balance it provides the overall portfolio. I think without any record keeping, it would be more expensive for you to run the investment part of that business over time. It does feel like there's a huge amount of consolidating on the record keeping only. It's becoming an economies of scale business. Should we expect that record keeping only business, which really doesn't add that much to the bottom line anyways, but has this balance effect, gets bid away over time by cheaper providers? Is there any risk in that happening? Are there concerns that we should have as Voya shareholders? Let me start it. In Wealth Solutions we're a top five provider of retirement products. We've got more than 51,000 institutional clients, 6.1 million individual plan participants. When you include everyone that we touch across both our benefits and our retirement business, we've got access to over 20 million participants. Now, we've done this organically, and we've posted in the last, Mike Katz, I guess three years, close to adding 1 million of new participants and a growth rate of about 9% annually, which is three times that of other top providers over that period. Our record keeping fundamentals have remained strong, building on the $32 billion in positive net flows we generated in the prior three-year period, from 2019 to 2021. It is an important part of the picture. We've done this organically. We've got a very aggressive pipeline. It is lumpy, as you point out. It comes in and it's periodic in terms of how these come in. There's only so many that come due for renewal at a given point in time, and that's why it's not a ratable quarterly piece, but we do think a very important piece. The majority of the fees that we generate, maybe another important point in our record keeping business, is linked to the number of participants, which remains a good revenue and earnings diversifier for Voya. Mike Smith or Mike Katz, let me pause there and feel free to add. Just maybe a couple of thoughts. First, you're right, Josh. I don't know that I think of the record keeping business as ballast so much as it helps us be on more the leading edge of the capabilities and the technology needed, right? Is that these are some of the largest companies in the U.S. or the world, and so they're among the most demanding clients. They enable us to work with them to make sure that we're building the kind of capabilities we need. We're able to build that into our systems and make that available to lots of other clients, right? It's not necessarily, in many cases, they're not custom builds or they're only slightly custom. That's an important part of the record keeping business. Second is price is important, but so are capabilities, so is service, so is culture. These are long-term relationships, and we think that when we talked about culture and the things that distinguish us, we see that making a significant difference as well in our approach to large clients. They want long-term partners that they're going to be comfortable with. I think that gives us, we're well positioned to take advantage of that, let's put it that way. When we look at your platform in the retirement space, visually, side by side, is the technology from the user experience remarkably better than your peers? You may be a little bit biased in that assessment. In terms of competing for business, is that a message that our employees are going to love this? You've just built a better platform for them over time. Let me start. It's a really good question. I've used that term many times over the nearly 10 years now I've been here. That is a battle well fought, never won. Voya introduces something and some other company that's one of the key competitors will change something, and it'll be similar. Then they might jump ahead a bit, and we do the same. One of the points that Mike just made that I think is a really key point, being in the record keeping business and being among the top five or six players in the marketplace, those are core capabilities that you have to have to be considered in that RFP process. When you narrow down from whatever number you start with to two finalizing companies, the differentiation in data security, technology, digital tools, all of the kind of numeric kind of things you measure, they're pretty darn similar. Candidly, increasingly, this is where we see culture and some of the other pieces that you'll hear us talk about, like our focus on ESG and our diversity, equity, and inclusion, and our Ethisphere inclusion, and so forth are Increasingly, our Voya Cares program, some of the real points of differentiation of why people are, in our view, increasingly choosing Voya. Back to you. Okay, I have a question coming in from the audience, a lot of places. I think it reverts back a little bit to the culture and remote work question and into my next question. The question is: As Voya reduces its office footprint, how does that change its views about office CRE loan investments in its portfolio? Mike, do you want to start? Look, I think the role of the office is going to change. I think the owners of that kind of property are going to have to adapt to the new environment. We will still have space. We will have less in some locations. We will also have locations where maybe we develop a concentration of employees and we have rental space, or we have temporary space. I think we continue to feel good about commercial real estate as an investment. There are plenty of companies who have a different view than we do, right? That are looking forward to, in their view, going back to the way things were. We think there's a future that will operate differently for us. I'm not going to say that they're wrong or we're right. We just think this is the best thing for us. I don't think there's a read-through for us right now in terms of CRE or our view of that as an asset class. We think there are plenty of opportunities for those knowledgeable in the space to do well for their investors. Let's talk about the investment management performance. It's been absolutely stellar on the fixed income side. We can say exactly what Tim said before. Now, I think that over a five-year or 10-year period, the market has rewarded FANG and technology. Certain styles have worked consistently, and that's been almost a one-way trade, just as interest rates have been going down for a very, very long time, and that may change over time. Two questions with regard to equities. Are you making changes? Maybe it's the wrong time to make changes. Don't change horses in midstream just when things are turning around. As customers are concerned about their performance, how do you increase the stickiness of those customers who are worried about equity performance? Where do we stand on the equity book? What Voya looks at is the future there. Mike? Josh, you're referring to the equity investment in our investment management? Yes. Is that- Yes, that's right. I think the way I'd start that is just to point to, I think as you look at investment performance over the last several years for investment management, outstanding as I think you said. The equity side it has been okay. It has been kind of average at best. We have seen a little pressure on the equity side, but we've made a number of changes recently. We've added the AI capability as a small shop that we brought on board a couple of years ago. We've brought on, recently, a small cap team. I think there are opportunities for us to continue to improve our performance in the coming months and years. It's not going to be a dramatic shift in philosophy or performance. We think that being more of a stable, steady manager that maybe doesn't swing for the fences when things are great, but also does pretty well when things are not going well, that's going to be a philosophy that serves us well over the long run for investment management. All right. We lost a little bit there, but that's all right. Let me give one more- Sorry about that. No, no problem. It's not you. It's the connection. One more question. Obviously, you've sold a lot of blocks of business and whole lines of business over time to be a much simpler organization. Given your lower risk profile compared to your peers today, it does seem like you might be able to bear a higher debt load. How much capital is required for your growth plans? What do you think is the appropriate debt load? Could you maintain a higher debt load than you are today? I know that initially, when you did receive those funds, you did lower the debt load initially. If we're looking at it through your view, none of your competitors or investor funds are having anywhere near 100% free cash flow conversion business. Is this requiring the rating agencies to come around to understand why your business is different, and then you'll be able to bear a higher debt load afterwards? Or do you sort of have to hold their hands and walk them to it? Look, I think the rating agencies are patient, they're deliberate. I think they developed a view over the long term that the models that they have work and are reliable. Our target leverage is 30%, as we measure it. We share it every quarter, to give investors an understanding of where we are in terms of debt. Ratings are important to us commercially. We think we need to stay about where we are in order to participate in several of the markets that we play in. We think the leverage that we're currently holding is consistent with that. To the extent that rating agency views evolve, and I think when the new accounting standards come in place, there probably will be some changes in the way they measure it. We'll take a look at where we need to be at that point in time, and we'll go forward from there. Given our excess capital position and our current leverage, we got great flexibility to do what we need to do in order to find opportunities to grow. I think that's a great place to be and really optimistic about where we can take it in the future. We're cut short a little bit on time. We started a little bit late. I'm going to let you go right there. I know you have a meeting to run to, a meeting, and so do I. Thank you for the time today, and if you have any more questions for Voya, email them to me, I can send them over. AXIS is coming up next, and to Mike and Rod, and thank you very much. Thank you all. Thank you. Good day.