Voya Financial, Inc.’s VOYA third-quarter 2020 net operating income of $1.19 per share missed the Zacks Consensus Estimate by 15.6%. Moreover, the bottom line declined 12.5% year over year. The results reflect poor performance in Retirement and Employee Benefits segments, offset by decent performance in Investment Management.Total revenues declined 31.6% year over year to $128 million. Moreover, the top line missed the Zacks Consensus Estimate of $242 million by 47.1%.Net investment income increased 16.4% to $800 million in the quarter.Fee income increased 2.6% year over year to $507 million. Premiums rose 6.9% to $604 million.Total benefits and expenses increased 28.4% year over year to $2.2 billion, due to higher operating expenses, net amortization of DAC/VOBA and interest credited and other benefits to contract owners/policyholders.Assets under management and administration were $657 billion as of Sep 30, 2020.Voya Financial, Inc. Price, Consensus and EPS Surprise Voya Financial, Inc. price-consensus-eps-surprise-chart | Voya Financial, Inc. QuoteSegmental UpdateRetirement’s adjusted operating earnings of $25 million decreased 78.6% year over year due to unfavorable DAC/VOBA and other intangibles, lower bank sweep revenues and credited hardship distribution and loan fees. This was offset by fall in administrative expenses.Investment Management posted adjusted operating earnings of $47 million, up 2.2% year over year due to higher investment capital revenues primarily due to higher private equity results in the current quarter. This was offset by higher administrative expenses and lower fee-based margin.It generated $1.8 billion of institutional net flows in the third quarter, which soared 445.2% year over year.Employee Benefits’ adjusted operating earnings were $56 million, down 1.7% year over year due to higher administrative expenses. This was offset by improved underwriting results and higher investment income.Corporate incurred adjusted operating losses of $88 million, narrower than the year-ago quarterly loss of $98 million, owing to lower administrative expenses.Financial UpdateAs of Sep 30, 2020, cash and cash equivalents were $1 billion, down 8.9% year over year.As of Sep 30, 2020, total investments were $56.1 billion, up 3.5% year over year.At the third-quarter end, long-term debt was $3 billion, up 0.03% from 2019 end.Adjusted debt to capital deteriorated 330 basis points to 33.7% from 2019 end.As of Sep 30, 2020, book value per share (excluding AOCI) was $36.15, down 12.5% from 2019 end.Voya Financial exited the third quarter with $642 million in excess capital.Estimated combined RBC ratio was 455% as on Sep 30, 2020.Dividend UpdateLast month, the company approved a quarterly dividend of 15 cents per share. The dividend will be paid out on Dec 28, 2020, to shareholders on record as of Nov 30.Zacks RankVoya Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other InsurersThird-quarter earnings of CNA Financial CNA, AXIS Capital Holdings AXS and Markel MKL beat the respective Zacks Consensus Estimate.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Axis Capital Holdings Limited (AXS): Free Stock Analysis Report CNA Financial Corporation (CNA): Free Stock Analysis Report Markel Corporation (MKL): Free Stock Analysis Report Voya Financial, Inc. (VOYA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research