Voya Financial, which has operations in Des Moines, reported a third-quarter loss of $248 million, or $1.24 per share, compared with net income of $40 million, or 18 cents per share, in the year-ago quarter. The life insurance and retirement savings company attributed the loss primarily to two items: a $322 million loss related to its annual review of actuarial assumptions and models during the quarter, and a $123 million loss due to changes in the fair value of guaranteed benefit derivatives related to its closed block of variable annuity policies. The company also cited the impact of low interest rates on its ongoing business. CEO Rodney Martin Jr. said Voya plans to achieve at least $100 million in annual cost savings in 2018 and subsequent years through an emphasis on less capital-intensive products and greater migration to an information technology cloud environment. The company also expects to achieve operational synergies from the combination of its annuities and individual life businesses, which it announced during the third quarter. To read the full earnings release, click here.