Good morning, and welcome to the Voya Financial Third Quarter 2014 Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Participants are limited to one question and one follow-up. Please note this event is being recorded. I would now like to turn the conference over to Darin Arita, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Emily, and good morning, everyone. Welcome to Voya Financial's third quarter 2014 conference call. A slide presentation for this call is available on our Web site at investors.voya.com or via the webcast. Turning to Slide 2. On today's call, we will be making forward-looking statements. Except with respect to historical information, statements made in this conference call constitute forward-looking statements within the meaning of federal securities laws, including statements relating to trends in the company's operations and financial results and the business and the products of the company and its subsidiaries. Voya Financial's actual results may differ materially from the results anticipated in the forward-looking statements as a result of risks and uncertainties, including those from time-to-time in Voya Financial's filings with the U.S. Securities and Exchange Commission. Voya Financial specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Slide 2 also notes that the call today includes non-GAAP financial measures. In particular, all references on this call to ROE, return on equity, ROC, return on capital, or other measures containing those terms or to ongoing business adjusted operating return on equity or ongoing business adjusted operating return on capital as applicable, which are each non-GAAP financial measures. An explanation of how we calculate these and other non-GAAP financial measures and the reasons we believe they are useful can be found in the quarterly investor supplement available on our Web site at investors.voya.com. Reconciliations to the most directly comparable GAAP measures are included in the press release and the quarterly investor supplement. Joining me this morning on the call are Rod Martin, Chairman and Chief Executive Officer of Voya Financial; Alain Karaoglan, Chief Operating Officer; and Ewout Steenbergen, Chief Financial Officer. After their prepared remarks, we will take your questions. With that, let's go to Slide 3, and I will turn the call over to Rod.

Thank you, Darin and good morning everyone. We appreciate you joining us today. During the third quarter, we delivered strong results and we continued to make progress toward our 2016 targets. Let's begin on Slide 4, with some key developments. First, our ROE for the 12 months ended September 30, grew 50 basis points from June 30 to 11.2%. Second, we entered into an agreement to reinsure a block of term life polices to RGA. This transaction creates excess capital and aligns with our focus on improving ROC; specifically it will improve the ROC for individual life and our ongoing business by approximately 70 basis points and 35 basis points respectively. Third, we continued to return capital to shareholders through share repurchases in addition to repurchasing shares from ING Group. We also completed $25 million accelerated share repurchase program. In total, we repurchased $325 million of our common stock during the quarter or $614 million year-to-date. We continue to believe that repurchasing shares is an effective way to manage capital and demonstrates our confidence in our plans. Fourth, as I just mentioned in September ING Group reduced its ownership stake to 32.5%. We are pleased that both established and new shareholders acquired our shares through the latest offering. And finally, on September 1st, we completed the rebranding of all of our businesses to Voya Financial. Our advertising program for our rebranding is underway and I hope you have seen our new TV commercials. If not, I encourage you to view it on our Investor Relations Web site. And while you are there, you can also see a video for the Voya Born to Save program. During the National Save for Retirement Week, we offered every baby born in the U.S. on October 20, 2014 $500 Voya mutual fund investment through…

Thank you, Rod and good morning. Turning to Slide 9, our return on equity and return on capital remain on track to meet our 2016 targets. Our return on equity was 11.2% for the trailing 12 months ended September 30th, that is up 90 basis points from 10.3% in 2013. When you remove items that we do not expect to recur at the same level, our return on equity improved 80 basis points to 10.6%. For the trailing 12 months ended September 30th, our return on capital was 9.3% that is up 70 basis points from 8.6% in 2013 and when you remove items that we do not expect to recur at the same level, our return on capital increased by 60 basis points to 8.8%. Let me highlight some examples of how our ongoing business is executing on our initiatives to reach our 2016 target. Starting with retirements on Slide 10, the return on capital was 8.9% or 8.6% when you adjust for items that we do not expect to recur at the same level. During the quarter, we continued to execute on our initiatives in retirement. For example, we retained 92% of the cases that we repriced during the quarter and we continue to reprice our book of business at or above our targeted internal rates of return. As important as repricing it, we are also focused on growth and key to this is being able to engage with plan participants on how we can help them with their retirement readiness need. Recently, we were pleased to be recognized by Dalbar as having the number one defined contribution participant web site out of roughly 50 industry sites. This is a great recognition and was based on the recent introduction of myOrangeMoney and the personal financial dash board. As…

Thank you, Alain and good morning everyone. Today let me highlight some of our key financial metrics for the third quarter of 2014. Slide 17, you can see the items that affected our third quarter results relative to the second quarter. You will see that several of our segments benefited from higher prepayment and alternative investment income in addition to segments specific drivers. In Retirement, increased full service fees and lower expenses throughout the results adjusting for higher prepayment and alternative income, a more normalized quarterly earnings level would be approximately $138 million. In Annuities, lower credited interest help to increase earnings even as mortality experienced normalized from the second quarter. In Investment Management, we earned higher fee income as a result of higher average assets under management, hence the benefit of sub-advisor replacements. In Individual Life, there was unfavorable mortality driven by frequency. In Employee Benefits, the loss ratios for both Group Life and Stop Loss continue to be favorable. Looking ahead, there are some factors worth noting that we expect to affect our individual segments. In Retirement, we anticipate net outflows of $900 million to $1.1 billion in the fourth quarter due to the non-renewal of a large case that did not meet our targeted returns. In addition, we anticipate 2015 record keeping fees to have a quarterly run rate of approximately $45 million reflecting our decision to exit the defined benefit, administration business, hence non-renewal of short-term plans. In Investment Management, the fourth quarter of 2014 expenses will reflect a full effect of the disciplined investments we made in the third quarter such as expending distribution to position the business for further growth. In our closed block institutional spread products, we anticipate a $12 million non-cash expense from the accelerated recognition of the financing cost. Following our…

Thank you. We will now begin the question-and-answer session. (Operator Instructions) As a reminder participants are limited to one question and one follow-up. At this time, we will pause momentarily to assemble our roster. Our first question is from Yaron Kinar of Deutsche Bank. Please go ahead.

Good morning everybody. So I had a question on the sequential improvement in the RBC ratio 11% improvement there. Does that already include the $200 million increase to regulatory capital from the life reinsurance field?

Good morning, Yaron. This is Ewout. The expected closing date of the individual life reinsurance on section will happen later during this fourth quarter. So if you look at the RBC ratio the estimated combined RBC ratio at the end of the third quarter that does not include yet the expected $200 million of statutory capital, we will free up with that reinsurance transaction.

Okay. That's helpful. And then, my follow-up is looking at the potential for further capital deployment from here, so with $614 million of buyback security date, it seems like you have about $24 million remaining in the – about the holdco liquidity target. So how should we think about the timing and magnitude of dividends from the subsidiaries considering that $1.2 billion of excess capital sitting on the operating units. How should we think of the timing of those moving into the holdco in order to see further buybacks or other capital deployment potential?

Yaron that's a great question. And I would like to emphasize that liquidity position of the holding company will not be constrained with respect to share buyback we can do as a company going forward. And the reason is, if you look at the possible streams of liquidity that gone low to the holding company during the fourth quarter, which will see some very healthy development. You might recall that we explained at the beginning of this year that we still have 90 million nine-zero, 90 million of ordinary dividend capacity out of our Connecticut company that we will take out and upstream to the holding company during the fourth quarter. We will also have a dividend streams from our investment management entity that is not constrained and will be somewhere between $35 million and $40 million during the fourth quarter. So that's the net profits from the asset management activity. And then we were – on the net negative basis with respect to this tax sharing equalization payment during the third quarter that was a timing matter. And we expect that the tax sharing payments to the holding company will see a catch up in the fourth quarter somewhere close to $140 million in terms of positive net effect to the holding company. Of course, the holding company has some interest expenses approximately $22 million during the quarter but if you look at the net number clearly we will be in a position that the liquidity of the holding company is large enough to take any actions if there might be an opportunity.

Thank you very much.

Our next question is from Erik Bass of Citigroup. Please go ahead.

Hi. Thank you. Rod, I was just hoping you can discuss in a little bit more detail or explained in your comments earlier about the leadership change for the Retirement business and the key areas that you are focused on now that you have direct over side of the business?

Good morning Eric. Happy to do that. The immediate focus in working with the team is going to be naturally be the continued focus and expansion on margin improvement. We made very good progress but we will continue to be very vigilant about that. And then really focus as you heard us talk about Alain about an eye in others on growth. Not just growth in 2015 and 2016 but really beyond. That's the immediate focus; I'm completely plugged into the Retirement Solutions team. I'm really enjoying the activity since the announcement. I think we've had a special point in our history where the progress that we have made can – we can further accelerate that as we go forward. And is going to be a result of the focus on those two events I just mentioned.

Got it. Maybe where is the progress than a little bit slower than expected and where do you see the biggest opportunity for improvement or for that long-term growth that you talk about, where do you see the biggest opportunity for that to come from?

What's evolving in the marketplace and some of the tools that we have introduced is, we've got a very unique opportunity with our plans, our plan sponsors and the breadth of our platform. And if you look at the response that we have had with myOrangeMoney or personal financial dashboard, the embracing of our plans, distributors and sponsors to out retirement readiness theme. I think there is just a very unique opportunity for our company to bring kind of a one Voya view to all of this as we go forward. What we'll continue to focus on over time is disciplined repricing of the existing book, looking for opportunities in places to win and we have had many of those as we have noted in previous calls at or better than the IRRs that we are targeting in the retirement space and frankly continue to focus on retirement readiness growth. We are investing in that area and the response of those tools and Alain mentioned just one the Dalbar rating of myOrangeMoney is really the cornerstone of what we are doing. And the response from the sponsors has been highly encouraging to us. So I think it just underscores both the opportunity we have and we all understand on this call the need that's there for our ability to help not only our customers but future customers in their retirement readiness.

Great. Thank you for the comments.

Our next question is from Suneet Kamath of UBS. Please go ahead.

Thanks and good morning. Quick follow-up to Yaron's question about holding company cash. The $200 million that you expect to free from the life reinsurance deal, are you expecting to take that up to the holding company?

Good morning, Suneet. This is Ewout. So ultimately yes that is the intension to take all of the excess statutory surplus out of the operating entities. Everything about our targeted RBC of 425% and to get that to the holding company. There might be sometimes a bit of delay because we have to wait until we file our statutory accounts before we can take ordinary dividends out of the operating entities to the holding to the largest part of those streams you will see in the second quarter of every year as I just explained also a little bit of ordinary dividend capacity we still have now in the fourth quarter out of the Connecticut entity. But that is more a delay of the liquidity moment to the holding company. What I would like to further emphasize as we have reciprocal liquidity arrangements between all of our entities and the holding company, so there is always a possibility to deal with that as well. But in terms of ordinarily course of business we will take dividends out of the entities everything about 425% RBC of the year end closing in the second quarter to the holding.

Okay. Got it. And then I guess maybe a bigger picture question as we think about just sources of free cash for your company. I think you guided in the past that the typical ratio of free cash flow to operating earnings is maybe something around 50%, which is about inline with typical life insurance company. But, if I think about your business mix, which is different and I think about some of the business mix shifts going on underneath the surface and I think about the fact that even though you have this 35% effective tax rate on a reported basis, you are not paying any cash taxes out for many years at least that's my understanding. It would seamlessly put all that together, it would suggest to me that maybe you could exceed the 50% which is your current guidance. So I don't know if I'm missing something or if there is any additional color you want to provide on that?

Suneet, you are absolutely right. That the guidance we have provided in the past was that we would expect to see as a rule of thumb, 50% of our GAAP operating earnings after tax from the ongoing business translated in free cash flow to the holding company after our holding company expenses which are mostly the interest expense. But, as you are stating in a very fair way, what we actually have seen happening this year is a percentage that is much higher. I would like to spike out that there are a couple of items that are very specific like some of the reinsurance transactions the one we did in retirement earlier this year that has a certain effect. We also have seen some positive effects of lower credit losses than we have in our plan and our expected credit losses from a long-term perspective. Having said that, we have a relooked at our guidance in this area and what we are expecting for the next 12 to 15 months is a translation which was before the 50% more now over the next 12 to 15 months in a range to 60% to 70% going forward from the GAAP operating after tax earnings to free cash flow.

Okay. That's helpful. And I guess a quick follow-up on that. You specifically said over the next 12 to 15 months but if we – and I don't want to get too far ahead ourselves, but if we just think about what's a sustainable ratio, I guess, should we expect that beyond the next 12 to 15 months that 60% to 70% would dramatically change or how should we think about that?

Suneet, what will really drive the increase is the performance improvements of the ongoing business. So as you are seeing the ongoing businesses are doing well, they are improving the return on capital and we have plans to further improve that to our targets in 2016 onwards because the 2016 targets are of course just a point in time and we certainly expect that our targets can go further after 2016. So if the performance of the ongoing business is improving that means that both better performance on a GAAP and statutory basis, so we will see higher statutory income. The holding company expenses will remain the same and that it will mean that the translation of GAAP to stat earnings and free cash flow should improve over time. I'm not going to give you a kind of end stage because that's very much depends on the mix of business, the level of sales, where the sales was happening other specific drivers, so the management actions with respect to how much capital we can free up. So there is many, many factors that can influence this particular percentage going forward. But in terms of trends, you should expect that these trends will continue to go up as much as in line with all of the other performance improvements we are planning to make for the ongoing business.

Okay, understood. Thanks very much.

Our next question is from Tom Gallagher of Credit Suisse. Please go ahead.

First, Ewout just a follow-up to Suneet's question on the amount of excess capital, so the – and your plans for I guess getting it up to the holdco and then ultimately doing something with that. But, so it's a $1.2 billion today in the subsidiaries and after the life block deal closes it will go to a $1.4 billion. Should we -- now I know there is ordinary dividend restrictions which would prevent you from taking $1.4 billion up to the holdco in the second quarter of 2015 or at least I think there is? But, would be seeking extraordinary dividend approval to get all that up or how should I be thinking about that?

I think that's a very fair question Tom. If you look at the $1.2 billion to $1.4 billion a part of that improvement has transpired through statutory income that is available as ordinary dividend in the future. And a part as transpired through reduction of required capital for example based on some of those reinsurance transactions. I cannot give you a precise answer today how we are going to try to get all of the excess over 425% RBC to the holding company. There are several ways we are studying right now. What I can say to you is we absolutely have the intension that that is not permanent excess statutory capital in the operating entities and that we will find ways ultimately to get that to the holding company and will be available for return to shareholders for growth of the business or other opportunities.

And with the preference given where your stock is still be heavily weighted to buybacks?

Tom, its Rod. We think as long as our book value is less than one and group still has an outstanding position, it's a very effective use of capital. But we naturally are beginning to think about other considerations of that including expansion of dividend and further investment in the business. And so we will keep you updated with our capital plan thinking as we did a year ago around the first quarter of next year. But all of those remain very actively on the table and we are excited to be in the position we are in to have that discussion.

Okay. Thanks Rod. And then just one quick follow-up if I could, so your life insurance business we've now had two of the last three quarters had weak mortality. And I guess I just two sub-questions related to that any reason to think that won't recur. And then secondly, I believe when you IPOed the actual to expected was around 100% and I presume that somewhat worse than 100%. And I don't know if that 100% is actual to expected accounting assumptions and if it is, is there any reason to think we should be worried about any balance sheet implications to that. Thanks.

Tom, this is Ewout. If you look at the mortality result so far this year, I would like to point out that we saw unfavorable mortality in the first quarter, very favorable mortality in the second quarter and again, unfavorable mortality in the third quarter. We are of course studying those results in a lot of detail and we are very comfortable as management that is within our normal actuarial fluctuations we might expect on the block of business we have today. So there is nothing out of the ordinary what we see in terms of volatility of the mortality results. Going back to your actual to expected question Tom, I think the actual to expected ratios you have seen in the past were based on our planned assumption. And planned assumption is more what are expecting to happen in the current year in the future year, which is not the same as the actual to expected on the price basis which was really what we expected when we priced and sold those products. So I can give you those percentages on a price basis. If you look at the third quarter, the actual to expected was close to 95% and that was mostly due to elevated term life mortality which was mostly frequency so in the mid-90% of the elevated number. Last quarter when we had favorable mortality the actual to expected on the price basis was more in the mid-80%. So what you should expect as a kind of normalized run rate around a 90% if we see normal mortality 90% actual to expected on a price basis.

Got it. And then, I guess finally related to that then Ewout then there shouldn't be any real accounting concerns here from balance sheet standpoint given that you are still sub-100%?

We are studying our mortality assumptions every year we do that for all of our businesses in the third quarter as we review our assumptions and there is no concern with respect to the mortality assumption we have today and we haven't a lot large adjustment during this particular quarter.

Okay. Thanks.

Our next question is from Ryan Krueger of KBW. Please go ahead.

Hey, thanks. Good morning. I had a question on the retirement record keeping fee run rate of $45 million next year. Are there any natural expense offsets that we should expect from those fees coming down?

Good morning, Ryan. If you look at the reduced run rate with respect to the fee revenue, let me first say we are very committed to the record keeping business. It's a very important part of all our business and is really an integral part of our retirement readiness proposition we bring to the market. With that, if we look at the reduced record keeping fee income we expect in the future, which is partially due to some cases that has left us as well as the sunset of the defined benefit business over time, which will be a very controlled reduction. We expect that we are able to take a large part of the expenses out mostly the direct expenses that will come in over time because there is always a bit of delay because those customers will leave gradually and then we are able to take those expenses out. But in direct expenses and think about approximately 2/3rds of the expenses on those particular cases, our direct expenses we are convinced that we are able to take out over time for to be in line with the reduced fee income on the record keeping.

Okay. Thanks. And then could you give us as you have in the past the components of the $4.9 billion of CBVA available resources and then I guess as a secondary part of that. How should we think about the impact there from the 8.5% of participation so far in the GMIB annuitization offer?

If you look at the available resources of $4.9 billion let me give you the underlying components. So $2.9 billion are the statutory reserves for living benefits, $400 million are the statutory reserves for the death benefits. So in combination this is called the AG43 reserves, $3.3 billion. Then we have cash flow testing reserves of $500 million and that means that we have other unassigned assets or $1.1 billion. So $1.1 billion or other unassigned assets which are all hard assets on top of the AG43 reserves and on top of the cash flow testing reserves. With respect to the capital impact regarding the enhanced annuitization offer for the GMIB, we do not expect that in the short-term there is going to be a material capital impact and a material impact on the available resources. What will happen is, those policies will be converted into general account polices so the assets go from separate account to general, there will be straight payout annuities. There won't be any market risk any more. We can reduce the hedge programs accordingly and those payout annuities will drop off statutory income over time and that's the way how those policies ultimately after the conversion will translate into some capital benefit for the company. So don't expect any short-term impact, material impact on capital – but that capital benefit will come in gradually over time.

Okay. Got it. Thanks a lot.

Our next question is from Nigel Dally of Morgan Stanley. Please go ahead.

Great. Thanks. Good morning. Just wanted to follow up on the CBVA and the policyholder assumption changes. First, would break down the 170 million gain that you had between utilization and assets and perhaps you could provide some color as to how you changed those assumptions? Thanks.

Good morning, Nigel. We have decided not to give a specific numerical explanation of the underlying components. But, I can explain to you some of the main drivers and the reasons why we have made the assumption update as we have disclosed to you this morning. So let me especially zoom into the policyholder behavior assumptions, which has three elements, the utilization of the withdrawal benefits, then we have the lapses assumption and we have the annuitization of the income benefits. If you look at the utilization of the withdrawal benefits for life, we are looking at our own experience and we have supplemented that by an external actuarial study that was done for us, which really is also based on some more rich industry data. So if we look at those experiences and our own experience also has become more credible, we see delay in the timing that people start with their utilization of the withdrawal benefits and that is a change we have put through in terms of assumptions during this quarter. If you look at the lapse assumption before we told you that we are looking at a very large set of data with respect to lapse experience from 2006 to current and that lapse experience over time was very different we saw higher lapses between 2006 and 2009 and lower lapses trending after 2009 to current. We have enough credible data that we wanted to update lapse assumption through more heavily weighted experience of the last three years, so that was a negative in terms of the assumption update financial impact. What we believe that's a very positive step because that particular assumption is now very much based on the most recent experience and we had enough credible data to do that. And then on the annuitization, we made a change last year, there wasn't any large change this year, we earned generally in line with the previous assumption. So I hope that helps Nigel in terms of directionally what were the underlying movements and the reasoning’s we follow as management.

Great. Very helpful. Thanks.

Our next question is from Eric Berg of RBC Capital Markets. Please go ahead.

Thanks very much and good morning. I would like to start on Slide 25 in the middle column – the middle panel updated, the stacked column chart, where you are showing $2.7 billion in total. How should be – why are you showing this? In other words, I obviously can read the heading corporate and closed block capital. But, why have you chosen to show us this? What is this – how should we think about this $2.7 billion figure? What is its meaning and significance to investors in your company?

Eric, let me explain it bit. So if we point investors and analysts to our statistical supplement, what you will see there on Page 7 is an allocation of the different components of our capital to the ongoing business and our segments as well as the allocation of our capital to the closed block variable annuity. And then we have one column that is called corporate and other closed blocks. That is quite large number, the $2.7 billion what you see there. And we have received questions in the past of what doest that $2.7 billion exactly mean, what are the underlying components so that you and investors better understand the different elements and how that is really driving some of the main management decisions of the company. So why is that relevant? You use that this is highlighting the $1.2 billion of excess RBC over our 425% target level. So when we allocate capital to our segments we do that on the basis of an RBC level of 425%. So in other words from a GAAP capital allocation, we immediately take out any excess capital over 425% although from a legal entity perspective it might still be in the operating entities. From a capital allocation perspective it's already taken out and showing up in the corporate and other closed block area. We also here are highlighting holding company liquidity as well as some of the capital for the other closed blocks, this is the closed block institutional spread products and other closed blocks and that the remaining element what you see there is a small part which is more intangibles and other moving items. So why are we disclosing this? This is purely to be more transparent to give you more details and a better explanation of that large numbers. So that you can see how that can benefit the company and our shareholders in the future.

I guess I should have asked the question a little bit differently, let me try it like this. In the past – in the recent past you said that your excess capital, I believe you said correct me if I'm wrong, your excess capital is now in excess of a certain number $1.7 billion, how does that number relate to any of the numbers here on Page 25?

Eric, how that relates to that is the following. So the light blue part of that bar, the $1.2 billion is a relevant number, if you look at the guidance we have provided before with respect to the excess capital, we will generate as a company between now and 2016, which is the latest guidance more than $1.7 billion. So you have to look at the $1.2 billion then you have to add the $200 million from the reinsurance from section from individual life that is not showing up in this number yet. And maybe you have to add the amount of capital we have already retuned to shareholders so far which is a number a little bit over $600 million. So if you add up those numbers you can clearly see that we are at a point that we have achieved the target of more than $1.7 billion. So what we are planning to do is, after year end and we have closed our annual accounts go back to you and the market to provide new guidance with respect to the excess capital we are expecting to generate going forward. But, the $1.2 billion in this bar graph is the relevant element adds to the benefit of some of the transactions and what we have already done in buybacks and other ways to return of capital to shareholders. And those elements are relevant – relative to the free cash flow target we have provided before.

Last question is for Rod. Rod, you have a number of initiatives underway to try to turnaround what has been now I guess two quarters – two quarters of outflows in your retirement business. As you think about the different initiatives that you have as you have taken operational leadership of this unit, as you think about the different initiatives that you've put in place to try to turn the flows positive. What would you focus on? What is – what are the most important initiatives to fix these negative flows?

Eric good morning.

Good morning.

Couple of things that I have reinforced. And one is we are about half-way through the journey of the repricing and as you can see and as we will continue to communicate, we are staying very vigilant about that discipline. And we are doing everything possible to our new business at or above our targets. But, if we cannot achieve that we are not and we have guided on each and every call that you should expect flows to move from period to period and in fact, we did so just on this call was Ewout's previous comment. What is emerging that is very encouraging to me or the value-added service that we have been introducing. We have talked about one of the cornerstone of that being myOrangeMoney, the personal financial dashboard and the digital tools, the fact that it was recognized by Dalbar as Ewout, I'm sorry as Alain spoke about earlier is I think just – something we are very excited about. And frankly the team has been working on it is very excited about. But, more specifically Eric, the customers, the plan sponsors, and the corporations are all recognized the need to help participants grow in their savings and the deferral rate. And these tools in the early stages are working in a way that we are very excited about. So we've got two things happening as you know. We got to stay disciplined about the renewals and the run-off of that book of business. And I wish, I could snap my fingers and simply say we are through the 5 to 6 year period, we aren't that simply a process that is going to take that period of time and we will stay and we have been vigilant on that pricing piece. And the second part is, being responsive in listening to our customers and plan participants about what their needs are and how we are responding with the tools that I talked about. Those two events are happening and we think are leading to as you can see improve ROC performance, it's not non-linear and it will continue to be that way. But, we have made very good progress in the aggregate initiatives and specifically with retirement to this point.

This concludes our question-and-answer session. I would like to turn the conference call back over to Rod Martin for any closing remarks.

Emily, thank you. We are excited about our continued transformation. We've made tremendous progress over the past nearly two years. We continue to have confidence in both our plan and our ability to execute it. And we are excited to see the introduction of the Voya Financial brand to the marketplace. We will continue to execute on our plans to establish Voya as a new kind of financial services company, one that's committed to changing the way people think about retirement. Thank you and good day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.