Voya Financial, Inc.’s VOYA higher investment income, lower fee-based margin, favorable change in DAC/VOBA, lower administrative expenses and prudent capital deployment make it worth retaining in one’s portfolio.Estimate RevisionThe Zacks Consensus Estimate for 2022 and 2023 has moved 9.6% and 0.5% north, respectively, in the past 30 days, reflecting analysts’ optimism on the stock.Earnings Surprise HistoryVoya Financial has a stellar surprise record. Its earnings beat estimates in each of the last four quarters, the average being 35.15%.Zacks Rank & Price PerformanceVoya Financial currently carries a Zacks Rank #3 (Hold). In the past year, the stock has lost 3.5% compared with the industry’s decline of 15.5%.Image Source: Zacks Investment ResearchReturn on Equity (ROE)Voya Financial’s trailing 12-month return on equity was 11.3%, up 350 basis points year over year. The figure reflects its efficiency in utilizing its shareholders’ funds.Business TailwindsVoya Financial’s earnings are driven by its solid segmental performances across Wealth Solutions, Investment Management and Health Solutions. These businesses are higher-growth, higher-return, capital-light units, boasting VOYA’s solid presence in the market.The Wealth Solutions segment is steadily witnessing significant growth on the back of continued strength in underlying business results, higher surplus income, lower credited interest, higher investment income, lower fee-based margin, a favorable change in DAC/VOBA and lower administrative expenses.The Investment Management segment should gain from higher investment capital returns owing to its overall market performance and higher fee revenues, driven by higher average equity markets and positive net flows.Voya Financial is constantly taking strategic steps to ramp up growth in its Investment Management segment. In November 2022, VOYA inked a definitive agreement to acquire Benefitfocus, Inc. The transaction is expected to boost its workplace-centered strategy and increase capacity to meet growing demand for comprehensive benefits and savings solutions at the workplace.VOYA also closed the buyout of Czech Asset Management, L.P. in November 2022. The addition supports its focus on expanding its private and alternative capabilities, a key growth initiative in Investment Management.The Health Solutions segment of Voya Financial is likely to benefit from growth across all product lines, higher underwriting results, improved investment income and lower net expenses.Voya Financial’s capital levels remain strong. VOYA exited the third quarter with excess capital of $0.7 billion, above the estimated statutory surplus of more than a 375% combined risk-based capital ratio. It also ended the said period with cash and cash equivalents of $840 million. This financial flexibility provides strength to the insurer.As of Sep 30, 2022, VOYA had $271 million remaining under a share repurchase program. In the first nine months of 2022, it deployed $1.2 billion of excess capital through a combination of share repurchases, debt redemption and common stock dividends. Capital allocation will continue to considerably contribute to 12-17% of the annual EPS growth target.Stocks to ConsiderSome better-ranked stocks from the insurance industry are W.R. Berkley Corporation WRB, Root, Inc. ROOT and Kinsale Capital Group, Inc. KNSL. While W.R. Berkley sports a Zacks Rank #1 (Strong Buy), Root and Kinsale Capital carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The bottom line of W.R. Berkley surpassed estimates in each of the last four quarters, the average being 25.63%. In the past year, the insurer has gained 31.7%.The Zacks Consensus Estimate for W.R. Berkley’s 2022 and 2023 earnings has moved 5.1% and 2.4% north, respectively, in the past 30 days.Root delivered a trailing four-quarter average earnings surprise of 22.44%. In the past year, ROOT has gained 90.7%.The Zacks Consensus Estimate for ROOT’s 2022 and 2023 earnings is pegged at a respective increase of 44.8% and 23.8% from the corresponding year-ago reported numbers.Kinsale Capital’s earnings surpassed estimates in each of the last four quarters, the average being 15.16%. In the past year, Kinsale Capital has gained 43.2%.The Zacks Consensus Estimate for KNSL’s 2022 and 2023 earnings implies a respective rise of 27.5% and 21.9% from the corresponding year-ago reported numbers. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. 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