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Quarterly Investor Supplement

September 30, 2025

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Nine Months Ended September 30, 2025. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:

Investor Contact:

Voya Financial

Mei Ni Chu

200 Park Avenue

IR@voya.com

New York, New York 10166

Web Site:

NYSE Ticker:

investors.voya.com

VOYA

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Table of Contents

Page

Page

Consolidated

Administrative Expenses and Adjusted Operating Return on Capital

Explanatory Note on Non-GAAP Financial Information

3 - 5

Administrative Expenses

31

Key Metrics

6

Adjusted Operating Return on Allocated Capital

32

Consolidated Statements of Operations

7

Investment Information

Consolidated Adjusted Operating Earnings Before Income Taxes

8

Portfolio Results GAAP Book Value, Gross Investment Income, and

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

9

Earned Rate by Asset Class

34

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

10

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Balance Sheets

11

Ratings

35

DAC/VOBA Segment Trends

12

Alternative Investment Income

36

Consolidated Capital Structure

13

Reconciliations

Consolidated Assets Under Management, Assets Under Administration

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

and Advisement

14

Earnings Per Common Share (Diluted) (QTD)

38

Retirement

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes

Earnings Per Common Share (Diluted) (YTD)

39

and Key Metrics

16

Reconciliation of Adjusted Operating Revenues and Adjusted Operating

Client Assets Rollforward by Product Group

17 - 18

Benefits and Expenses

40

Investment Management

Reconciliation of Net Revenues

41

Sources of Adjusted Operating Earnings Before Income Taxes

20

Reconciliation of Adjusted Operating Return on Common Equity

Analysis of AUM and AUA

21

Excluding AOCI and NOL DTA

42

Account Value Rollforward by Source

22

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Account Value by Asset Type

23

Leverage Ratio

43

Employee Benefits

Sources of Adjusted Operating Earnings Before Income Taxes

25

Quarterly Loss Ratio Development for Group Stop Loss

26

Key Metrics

27

Corporate

Adjusted Operating Earnings Before Income Taxes

29

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Voya Financial						Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

▪Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as the results attributable to the redeemable noncontrolling interest (referred to as the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•Income (loss) related to early extinguishment of debt;

•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and

•Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.

Adjusted Operating Revenues

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.

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Voya Financial						Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Benefits and Expenses

Adjusted operating benefits and expenses is a measure of our segment operating benefits and expenses and a non-GAAP financial measure. Each segment’s Adjusted operating benefits and expenses are calculated by adjusting Total benefits and expenses for the following items:

• Changes in market risk benefits;

• Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment;

• Expenses attributable to noncontrolling interests;

• Dividend payments made to preferred shareholders are included in adjusted operating benefits and expenses to reflect expenses related to our common shareholders;

• Other adjustments include:

• Income (loss) related to early extinguishment of debt;

• Impairment of goodwill and intangible assets;

• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments;

• Commissions paid to our broker-dealers for sales of non-proprietary products, other items where the income is passed on to third parties, which are reflected in adjusted operating revenue with the fee income related to those products and the elimination of intercompany investment expenses included in Adjusted operating benefits and expenses;

• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating benefits and expenses is Total benefits and expenses. For a reconciliation of Adjusted operating benefits and expenses to Total benefits and expenses, refer to the “Reconciliations” section of this document.

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

•Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.

•Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.

•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

•DAC/VOBA and other intangibles amortization.

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Voya Financial						Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Return on Common Equity excluding AOCI

•We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.

•The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.

•Adjusted operating return on common equity is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.

•We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.

•Please see the “Reconciliations” section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.

Net Revenue and Adjusted Operating Margin

•    Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

•    Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

•The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by “Interest credited and other benefits to contract owners / policyholders”. This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders (“loss ratio”).

•We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

Other Information    

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

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Voya Financial						Page 6 of 43

Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD, unless otherwise indicated)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders			176						162						139						93						98						477						533
Per common share (basic)			1.82						1.69						1.45						0.97						1.00						4.96						5.32
Per common share (diluted)			1.80						1.66						1.42						0.94						0.98						4.88						5.20
Adjusted operating earnings: (1)
Before income taxes			290						289						232						147						230						811						724
After income taxes			239						240						195						138						190						674						598
Effective tax rate			17.8		%				16.9		%				15.9		%				6.1		%				17.1		%				17.0		%				17.4		%
Per common share (diluted)			2.45						2.46						2.00						1.40						1.90						6.90						5.84
Return on Equity
TTM Return on Voya Financial, Inc's Equity			12.8		%				11.3		%				12.5		%				14.7		%				16.0		%				12.8		%				16.0		%
TTM Adjusted operating return on common equity excluding AOCI (1)			13.6		%				12.8		%				12.6		%				12.3		%				12.9		%				13.6		%				12.9		%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)			17.9		%				17.0		%				16.7		%				16.5		%				17.3		%				17.9		%				17.3		%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity			4,957						4,629						4,383						4,005						4,719						4,957						4,719
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI			6,123						6,084						5,952						5,855						5,919						6,123						5,919
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA			4,751						4,654						4,486						4,371						4,467						4,751						4,467
Book value per common share (including AOCI)			45.55						41.71						39.20						35.53						42.30						45.55						42.30
Book value per common share (excluding AOCI) (2)			64.18						63.18						61.87						61.31						60.96						64.18						60.96
Leverage Ratios:
Debt-to-Capital			29.8		%				31.2		%				32.4		%				38.5		%				34.6		%				29.8		%				34.6		%
Financial Leverage - excluding AOCI (2)			26.7		%				27.4		%				27.5		%				30.3		%				30.6		%				26.7		%				30.6		%
Shares:
Weighted-average common shares outstanding
Basic			96						96						96						96						98						96						100
Dilutive effects (3)			2						1						2						3						2						2						2
Diluted			97						98						98						99						100						98						102
Ending shares outstanding			95						96						96						96						97						95						97
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions (4)			80						—						—						140						149						80						495
Dividends to common shareholders			43						44						43						43						44						130						125
Total cash returned to common shareholders			123						44						43						183						193						210						620
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(4) The third quarter of 2025 includes delivery of 80% of a $100 million accelerated share repurchase arrangement which was delivered on August 11th, 2025 with the remaining 20% delivered on October 15th, 2025.

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Voya Financial						Page 7 of 43

Consolidated Statements of Operations

			Three Months Ended																														Year-to-Date
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Revenues
Net investment income			583						584						560						521						506						1,727						1,553
Fee income			616						577						570						543						540						1,763						1,570
Premiums			719						718						737						790						796						2,174						2,386
Net gains (losses)			(21)						(41)						(34)						(52)						(14)						(96)						25
Other revenues			100						100						104						134						103						304						289
Income (loss) related to consolidated investment entities			131						43						32						74						25						206						217
Total revenues			2,128						1,981						1,969						2,010						1,956						6,078						6,040
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(850)						(801)						(835)						(987)						(938)						(2,486)						(2,632)
Operating expenses			(829)						(857)						(824)						(756)						(775)						(2,510)						(2,326)
Net amortization of DAC/VOBA			(65)						(58)						(62)						(56)						(55)						(185)						(167)
Interest expense			(29)						(28)						(32)						(35)						(29)						(89)						(89)
Operating expenses related to consolidated investment entities			(48)						(49)						(43)						(56)						(43)						(140)						(147)
Total benefits and expenses			(1,821)						(1,793)						(1,796)						(1,890)						(1,840)						(5,410)						(5,361)
Income (loss) before income taxes			307						188						173						120						116						668						679
Income tax expense (benefit)			35						27						22						(1)						18						84						58
Net income (loss)			272						161						151						121						98						584						621
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest			80						(5)						(5)						24						(16)						70						51
Net income (loss) available to Voya Financial, Inc.			192						166						156						97						114						514						570
Less: Preferred stock dividends			16						4						17						4						16						37						37
Net income (loss) available to Voya Financial, Inc.'s common shareholders			176						162						139						93						98						477						533

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Voya Financial						Page 8 of 43

Consolidated Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)			542						534						506						478						472						1,584						1,451
Fee income			617						577						572						540						536						1,765						1,556
Premiums			716						720						734						780						785						2,170						2,374
Other revenue			68						69						75						99						74						211						211
Adjusted operating revenues (1)			1,942						1,900						1,888						1,897						1,867						5,731						5,591
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(781)						(761)						(782)						(975)						(845)						(2,325)						(2,478)
Operating expenses			(768)						(770)						(779)						(684)						(702)						(2,317)						(2,138)
Net amortization of DAC/VOBA			(40)						(34)						(37)						(31)						(29)						(112)						(87)
Interest expense (2)			(47)						(32)						(47)						(38)						(46)						(127)						(124)
Adjusted operating benefits and expenses (1)			(1,635)						(1,598)						(1,645)						(1,728)						(1,622)						(4,880)						(4,828)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)			307						302						243						169						245						852						764
Less: Earnings (loss) attributable to the noncontrolling interest (3)			17						13						11						23						16						41						40
Adjusted operating earnings before income taxes (1)			290						289						232						147						230						811						724

Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement			853						824						798						731						726						2,475						2,176
Investment Management			257						239						243						271						243						740						711
Employee Benefits			829						832						841						888						892						2,502						2,689
Corporate			3						5						6						8						6						14						15
Adjusted operating revenues (1)			1,942						1,900						1,888						1,897						1,867						5,731						5,591
Adjusted operating earnings before income taxes
Retirement			261						235						207						210						211						703						611
Investment Management			62						51						41						66						55						155						147
Employee Benefits			47						69						46						(102)						23						162						142
Corporate			(80)						(67)						(62)						(27)						(59)						(208)						(175)
Adjusted operating earnings before income taxes (1)			290						289						232						147						230						811						724
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

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Voya Financial						Page 9 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

			Three Months Ended September 30, 2025
(in millions USD)			Retirement						Investment Management												Employee Benefits						Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			482						12												45						3						542
Fee income			349						245												22						—						617
Premiums			—						—												716						—						716
Other revenue			22						—												46						—						68
Adjusted operating revenues (1)			853						257												829						3						1,942
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(235)						—												(546)						—						(781)
Operating expenses			(329)						(177)												(225)						(37)						(768)
Net amortization of DAC/VOBA			(28)						—												(12)						—						(40)
Interest expense (2)			—						—												—						(47)						(47)
Adjusted operating benefits and expenses (1)			(592)						(177)												(783)						(84)						(1,635)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)			261						80												47						(81)						307
Less: Earnings (loss) attributable to the noncontrolling interest			—						18												—						(1)						17
Adjusted operating earnings before income taxes (1)			261						62												47						(80)						290
			Three Months Ended September 30, 2024
			Retirement						Investment Management												Employee Benefits						Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			427						4												36						5						472
Fee income			280						238												19						—						536
Premiums			—						—												785						—						785
Other revenue			20						1												52						1						74
Adjusted operating revenues (1)			726						243												892						6						1,867
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(210)						—												(634)						—						(845)
Operating expenses			(285)						(171)												(226)						(20)						(702)
Net amortization of DAC/VOBA			(20)						—												(8)						—						(29)
Interest expense (2)			—						—												—						(46)						(46)
Adjusted operating benefits and expenses (1)			(516)						(171)												(869)						(66)						(1,622)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)			211						72												23						(60)						245
Less: Earnings (loss) attributable to the noncontrolling interest			—						17												—						(1)						16
Adjusted operating earnings before income taxes (1)			211						55												23						(59)						230
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Voya Financial						Page 10 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

			Nine Months Ended September 30, 2025
(in millions USD)			Retirement						Investment Management						Employee Benefits						Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			1,422						24						125						14						1,584
Fee income			986						718						61						—						1,765
Premiums			—						—						2,170						—						2,170
Other revenue			67						(2)						146						—						211
Adjusted operating revenues (1)			2,475						740						2,502						14						5,731
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(698)						—						(1,627)						—						(2,325)
Operating expenses			(991)						(541)						(686)						(99)						(2,317)
Net amortization of DAC/VOBA			(83)						—						(28)						—						(112)
Interest expense (2)			—						—						—						(127)						(127)
Adjusted operating benefits and expenses (1)			(1,772)						(541)						(2,340)						(226)						(4,880)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)			703						199						162						(212)						852
Less: Earnings (loss) attributable to the noncontrolling interest			—						44						—						(3)						41
Adjusted operating earnings before income taxes (1)			703						155						162						(208)						811
			Nine Months Ended September 30, 2024
			Retirement						Investment Management						Employee Benefits						Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			1,307						21						110						13						1,451
Fee income			814						689						53						—						1,556
Premiums			—						—						2,374						—						2,374
Other revenue			55						1						152						2						211
Adjusted operating revenues (1)			2,176						711						2,689						15						5,591
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(640)						—						(1,839)						—						(2,478)
Operating expenses			(864)						(522)						(684)						(69)						(2,138)
Net amortization of DAC/VOBA			(63)						—						(25)						—						(87)
Interest expense (2)			—						—						—						(124)						(124)
Adjusted operating benefits and expenses (1)			(1,566)						(522)						(2,547)						(193)						(4,828)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)			611						189						142						(178)						764
Less: Earnings (loss) attributable to the noncontrolling interest			—						43						—						(3)						40
Adjusted operating earnings before income taxes (1)			611						147						142						(175)						724
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Voya Financial						Page 11 of 43

Consolidated Balance Sheets

			Balances as of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Assets
Total investments			38,199						37,579						37,703						35,024						36,094
Cash and cash equivalents			1,157						1,179						868						1,399						1,457
Assets held in separate accounts			111,950						107,278						98,948						101,676						103,532
Premium receivable and reinsurance recoverable, net			10,835						10,965						11,144						11,284						11,486
Short term investments under securities loan agreement and accrued investment income			1,437						1,418						1,459						1,438						1,678
Deferred policy acquisition costs, Value of business acquired			2,435						2,472						2,505						2,148						2,173
Current and deferred income taxes			1,890						1,997						2,046						2,146						1,967
Other assets (1)			4,885						4,908						4,920						3,880						3,893
Assets related to consolidated investment entities			4,660						4,640						4,357						4,894						4,653
Total Assets			177,448						172,436						163,950						163,889						166,933
Liabilities
Future policy benefits and contract owner account balances			49,337						49,665						49,763						46,436						47,056
Liabilities related to separate accounts			111,950						107,278						98,948						101,676						103,532
Payables under securities loan agreements, including collateral held			1,375						1,128						1,486						1,309						1,368
Short-term debt			586						447						1						399						397
Long-term debt			1,518						1,657						2,103						2,103						2,103
Other liabilities (2)			3,192						3,155						3,048						3,218						3,294
Liabilities related to consolidated investment entities			2,407						2,553						2,240						2,741						2,601
Total Liabilities			170,365						165,883						157,589						157,882						160,351
Mezzanine Equity
Redeemable noncontrolling interest			221						215						214						219						198
Shareholders' Equity
Preferred stock			—						—						—						—						—
Common stock			1						1						1						1						1
Treasury stock			(883)						(796)						(788)						(754)						(604)
Additional paid-in capital			6,316						6,321						6,299						6,266						6,227
Retained earnings (deficit)			1,301						1,170						1,052						954						907
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI			6,735						6,696						6,564						6,467						6,531
Accumulated other comprehensive income			(1,778)						(2,067)						(2,181)						(2,462)						(1,812)
Total Voya Financial, Inc. Shareholders' Equity			4,957						4,629						4,383						4,005						4,719
Noncontrolling interest			1,905						1,709						1,764						1,783						1,665
Total Shareholders' Equity			6,862						6,338						6,147						5,788						6,384
Total Liabilities, Mezzanine Equity and Shareholders' Equity			177,448						172,436						163,950						163,889						166,933
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.

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Voya Financial						Page 12 of 43

DAC/VOBA Segment Trends

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Retirement
Balance as of Beginning-of-Period			1,410						1,422						1,044						1,048						1,053						1,044						1,064
Additions related to business acquisitions(1)			—						—						390						—						—						390						—
Deferrals of commissions and expenses			16						15						15						16						15						46						47
Amortization			(28)						(27)						(27)						(20)						(20)						(82)						(63)
Balance as of End-of-Period			1,398						1,410						1,422						1,044						1,048						1,398						1,048
Deferred Sales Inducements as of End-of-Period			22						22						22						22						22						22						22
Employee Benefits
Balance as of Beginning-of-Period			241						237						234						229						222						234						211
Deferrals of commissions and expenses			11						11						13						16						16						35						42
Amortization			(12)						(7)						(9)						(11)						(8)						(28)						(25)
Balance as of End-of-Period			241						241						237						234						229						241						229
Total
Balance as of Beginning-of-Period			1,651						1,659						1,278						1,277						1,275						1,278						1,275
Additions related to business acquisitions(1)			—						—						390						—						—						390						—
Deferrals of commissions and expenses			27						26						28						32						31						81						89
Amortization			(40)						(34)						(37)						(31)						(29)						(111)						(87)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment			1,638						1,651						1,659						1,278						1,277						1,638						1,277
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)			797						821						846						870						896						797						896
Balance as of End-of-Period, including businesses exited through reinsurance or divestment			2,435						2,472						2,505						2,148						2,173						2,435						2,173
(1) Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025.
(2) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses.

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Voya Financial						Page 13 of 43

Consolidated Capital Structure

			Balances as of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Financial Debt
Senior bonds			1,754						1,753						1,753						2,151						2,149
Subordinated bonds			349						349						349						349						349
Other debt			1						2						2						2						2
Total Financial Debt			2,104						2,104						2,104						2,502						2,500
Other financial obligations (1)			289						305						298						304						325
Total Financial Obligations			2,393						2,409						2,402						2,806						2,825
Mezzanine Equity
Redeemable noncontrolling interest			221						215						214						219						198
Equity
Preferred equity (2)			612						612						612						612						612
Common equity (Excluding AOCI)			6,123						6,084						5,952						5,855						5,919
Total Equity (Excluding AOCI)			6,735						6,696						6,564						6,467						6,531
Accumulated other comprehensive income (AOCI)			(1,778)						(2,067)						(2,181)						(2,462)						(1,812)
Total Voya Financial, Inc. Shareholders' Equity			4,957						4,629						4,383						4,005						4,719
Noncontrolling interest			1,905						1,709						1,764						1,783						1,665
Total Shareholders' Equity			6,862						6,338						6,147						5,788						6,384
Capital
Capitalization (3)			7,061						6,733						6,487						6,507						7,219
Adjusted Capitalization excluding AOCI (4)			11,254						11,029						10,944						11,275						11,219
Leverage Ratios
Debt-to-Capital (5)			29.8		%				31.2		%				32.4		%				38.5		%				34.6		%
Financial Leverage excluding AOCI (6)			26.7		%				27.4		%				27.5		%				30.3		%				30.6		%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.

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Voya Financial						Page 14 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of September 30, 2025
(in millions USD)			General Account						Separate Account						Institutional/Mutual Funds						Total AUM - Assets Under Management						AUA - Assets Under Administration & Advisement (2)						Total AUM and AUA
Retirement (1)			32,994						107,602						165,962						306,558						478,263						784,821
Investment Management			36,503						30,757						299,041						366,300						53,527						419,827
Employee Benefits			1,906						19						—						1,925						—						1,925
Eliminations/Other (3)			(34,900)						(26,428)						(13,016)						(74,344)						(43,605)						(117,949)
Total AUM and AUA			36,503						111,950						451,987						600,439						488,185						1,088,624
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

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Retirement

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Voya Financial						Page 16 of 43

Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

			Three Months Ended or As of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income (1)			429						431						425						379						390																		1,664						1,587
Investment expenses			(19)						(20)						(19)						(18)						(17)																		(76)						(68)
Credited interest			(231)						(229)						(228)						(209)						(211)																		(897)						(855)
Net Margin			179						182						178						152						162																		691						664
Alternative investment income (1)			42						42						22						33						20																		139						82
Other investment income (1)(2)			27						26						28						28						31																		109						114
Investment spread and other investment income			248						250						228						213						213																		939						860
Full Service Fee-based revenue			225						201						204						181						174																		811						654
Recordkeeping and other fee-based revenue			140						133						128						121						122																		522						468
Total Fee-based margin			365						334						332						302						296																		1,333						1,121
Net underwriting gain (loss) and other revenue			5						8						7						5						7																		25						18
Net revenue (3)			618						592						567						519						516																		2,296						1,999
Administrative expenses			(254)						(259)						(261)						(223)						(219)																		(997)						(909)
Net commissions			(74)						(71)						(71)						(66)						(65)																		(282)						(247)
DAC/VOBA and other intangibles amortization			(28)						(28)						(28)						(20)						(21)																		(104)						(85)
Adjusted operating earnings before income taxes			261						235						207						210						211																		913						758
Adjusted Operating Margin TTM			39.8		%				39.3		%				39.7		%				39.9		%				37.9		%
Full Service Revenue (4)
Full Service Investment spread and other investment income			236						235						212						198						197																		883						801
Full Service Fee-based revenue			225						201						204						181						174																		811						654
Total Full Service Revenue			461						437						416						379						370																		1,693						1,454
Client Assets
Fee-based			689,147						662,433						601,790						524,476						520,167																		689,147						520,167
Spread-based (5)			32,994						33,220						33,306						29,768						30,052																		32,994						30,052
Investment-only Stable Value			36,245						36,678						36,157						34,557						34,744																		36,245						34,744
Retail Client Assets			34,799						33,000						30,670						31,214						31,223																		34,799						31,223
Eliminations (6)			(8,365)						(8,087)						(7,743)						(7,811)						(7,693)																		(8,365)						(7,693)
Total Client Assets			784,821						757,244						694,180						612,205						608,493																		784,821						608,493
(1) Gross investment income for prior periods has been recast to include total prepayment fees, including the amount above or below expectations previously reported separately. Other investment income for prior periods has been recast to exclude Alternative investment income, which is now reported separately and includes the amount above or below long-term expectations that was previously reported separately. See page 36 for additional detail on Alternative investment income. There was no change to the previously reported total Investment spread and other investment income.
(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Excludes Net underwriting gain (loss) and other revenue.
(5) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(6) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.

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Voya Financial						Page 17 of 43

Retirement Client Assets Rollforward by Product Group

			Three Months Ended or As of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Full Service - Client Assets
Fee-based			248,945						237,544						218,347						178,983						179,238																		248,945						179,238
Spread-based			32,709						32,933						33,010						29,464						29,740																		32,709						29,740
Client Assets, end of period - Full Service Total			281,654						270,477						251,357						208,448						208,978																		281,654						208,978
Full Service - Total
Client Assets, beginning of period			270,477						251,357						208,448						208,978						199,196																		208,978						173,723
Transfers / Single deposits			1,910						2,174						2,413						2,848						2,361																		9,345						8,366
Recurring deposits			5,272						5,396						6,063						3,852						3,965																		20,583						15,743
Total Deposits			7,182						7,571						8,475						6,699						6,326																		29,927						24,108
Surrenders, benefits, and product charges			(10,104)						(8,692)						(9,304)						(7,152)						(6,547)																		(35,252)						(28,362)
Net Flows			(2,922)						(1,121)						(828)						(453)						(222)																		(5,324)						(4,254)
Interest credited and investment performance			14,099						20,241						(3,809)						(78)						10,005																		30,453						39,510
Transfer due to business acquisition			—						—						47,547						—						—																		47,547						—
Client Assets, end of period - Full Service Total			281,654						270,477						251,357						208,448						208,978																		281,654						208,978
Recordkeeping
Client Assets, beginning of period			419,669						378,366						340,254						335,774						319,819																		335,774						276,869
Transfers / Single deposits			4,272						15,107						34,611						7,772						3,751																		61,762						9,046
Recurring deposits			6,567						7,291						8,380						6,203						5,397																		28,441						22,090
Total Deposits			10,839						22,399						42,991						13,974						9,148																		90,203						31,137
Surrenders, benefits, and product charges			(18,949)						(9,667)						(12,759)						(9,211)						(9,372)																		(50,586)						(31,944)
Net Flows			(8,110)						12,732						30,232						4,763						(224)																		39,617						(807)
Interest credited and investment performance			23,276						28,570						(5,200)						(283)						16,179																		46,363						59,713
Transfer due to business acquisition			—						—						13,080						—						—																		13,080						—
Client Assets, end of period - Recordkeeping			434,835						419,669						378,366						340,254						335,774																		434,835						335,774
Total Defined Contribution (1)
Client Assets, beginning of period			690,146						629,723						548,702						544,753						519,015																		544,753						450,591
Transfers / Single deposits			6,182						17,282						37,024						10,619						6,113																		71,107						17,412
Recurring deposits			11,839						12,688						14,443						10,054						9,362																		49,024						37,833
Total Deposits			18,021						29,970						51,467						20,674						15,474																		120,132						55,245
Surrenders, benefits, and product charges			(29,053)						(18,358)						(22,063)						(16,364)						(15,920)																		(85,838)						(60,306)
Net Flows			(11,032)						11,611						29,404						4,310						(445)																		34,293						(5,061)
Interest credited and investment performance			37,375						48,811						(9,009)						(361)						26,184																		76,816						99,223
Transfer due to business acquisition			—						—						60,627						—						—																		60,627						—
Client Assets, end of period - Total Defined Contribution			716,489						690,146						629,723						548,702						544,753																		716,489						544,753
(1) Total of Full Service and Recordkeeping.

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Voya Financial						Page 18 of 43

Retirement Client Assets Rollforward by Product Group

			Three Months Ended or As of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period			36,678						36,157						34,557						34,744						33,985																		34,744						35,450
Transfers / Single deposits			94						814						1,629						1,118						192																		3,655						788
Recurring deposits			367						145						554						139						137																		1,205						1,818
Total Deposits			462						959						2,183						1,257						329																		4,861						2,606
Surrenders, benefits, and product charges			(1,716)						(707)						(1,024)						(1,435)						(895)																		(4,882)						(5,940)
Net Flows			(1,254)						252						1,159						(178)						(566)																		(21)						(3,334)
Interest credited and investment performance			821						270						440						(9)						1,325																		1,522						2,628
Assets, end of period - Defined Contribution Investment-only SV			36,245						36,678						36,157						34,557						34,744																		36,245						34,744
Retail Client Assets (2)			34,803						33,004						30,675						31,218						31,228																		34,803						31,228
Other Assets (3)			5,648						5,503						5,368						5,538						5,462																		5,648						5,462
Eliminations (4)			(8,365)						(8,087)						(7,743)						(7,811)						(7,693)																		(8,365)						(7,693)
Total Client Assets			784,821						757,244						694,180						612,205						608,493																		784,821						608,493
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(3) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(4) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue.

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Investment Management

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Voya Financial						Page 20 of 43

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																																				Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital income (1)			11						4						5						5						3																		25						21
Other investment income (1)			1						1						1						1						1																		4						6
Investment spread and other investment income			12						5						6						6						4																		29						27
Fee-based margin (2)			245						234						237						265						239																		981						912
Net revenue (3)			257						239						243						271						243																		1,010						939
Administrative expenses			(177)						(174)						(190)						(182)						(171)																		(723)						(691)
Adjusted operating earnings before income taxes, including noncontrolling interest			80						65						53						89						72																		287						246
Adjusted Operating Margin TTM			28.5		%				28.0		%				28.1		%				28.3		%				26.3		%
Fee-based margin (2)
Investment advisory and administrative revenue			245						237						236						237						238																		955						912
Other fee-based margin			—						(3)						1						27						1																		25						1
Fee-based margin			245						234						237						265						239																		981						912
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest			80						65						53						89						72																		287						246
Less: Earnings (loss) attributable to the noncontrolling interest (4)			18						14						12						22						17																		66						56
Adjusted operating earnings before income taxes			62						51						41						66						55																		220						192
(1) Investment capital income, which is now reported separately from Other investment income, includes the amount above or below long-term expectations that was previously reported separately. See page 36 for additional detail on Alternative investment income, including Investment capital income. There was no change to the previously reported total Investment spread and other investment income
(2) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

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Voya Financial						Page 21 of 43

Investment Management Analysis of AUM and AUA

			Three Months Ended or as of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Client Assets:
External Clients
Institutional			173,442						166,833						161,220						156,568						158,288																		173,442						158,288
Retail			156,355						156,329						147,025						149,214						148,243																		156,355						148,243
Subtotal External Clients			329,797						323,162						308,245						305,782						306,531																		329,797						306,531
General Account			36,503						36,428						36,734						33,576						33,989																		36,503						33,989
Total Client Assets (AUM)			366,300						359,589						344,978						339,358						340,520																		366,300						340,520
Assets under Advisement and Administration (AUA)			53,527						53,530						50,162						50,247						51,154																		53,527						51,154
Total AUM and AUA			419,827						413,119						395,140						389,605						391,674																		419,827						391,674
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional			92						89						89						90						90																		359						348
Retail			130						125						124						125						126																		505						476
Subtotal External Clients			222						214						213						215						216																		864						824
General Account			18						19						19						17						17																		73						70
Total Investment Advisory and Administrative Revenues (AUM)			240						232						232						233						234																		937						895
Administration Only Fees			4						5						5						5						4																		19						17
Total Investment Advisory and Administrative Revenues			245						237						236						237						238																		955						912
Revenue Yield (bps) (1)
External Clients
Institutional			21.6						21.7						22.1						22.7						23.3																		22.0						23.3
Retail			33.1						33.2						33.0						33.6						33.5																		33.2						33.3
Revenue Yield on External Clients			27.1						27.2						27.4						28.0						28.3																		27.4						28.2
General Account			20.1						20.3						20.6						20.4						20.2																		20.3						20.2
Revenue Yield on Client Assets (AUM)			26.4						26.5						26.7						27.2						27.5																		26.7						27.4
Revenue Yield on Advisement and Administrative Only Assets (AUA)			3.3						3.5						3.6						3.5						3.3																		3.5						3.1
Total Revenue Yield on AUM and AUA (bps)			23.4						23.6						23.8						24.2						24.3																		23.7						24.0
Revenue Yield on Client Assets (AUM) TTM			26.7						26.9						27.0						27.2						27.4																		26.7						27.4
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

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Voya Financial						Page 22 of 43

Investment Management Account Rollforward by Source

			Three Months Ended or as of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Institutional AUM:
Beginning of period AUM			166,833						161,220						156,568						158,288						152,165																		158,288						147,904
Inflows			12,780						6,665						10,460						8,925						7,341																		38,829						25,158
Outflows			(9,219)						(5,713)						(5,272)						(6,923)						(5,566)																		(27,128)						(26,866)
Net flows - Institutional			3,560						952						5,187						2,001						1,775																		11,701						(1,706)
Change in Market Value			4,341						5,622						(345)						(1,361)						4,814																		8,257						16,092
Other (Including Acquisitions / Divestitures)			(1,292)						(961)						(191)						(2,361)						(466)																		(4,804)						(4,001)
End of period AUM - Institutional			173,442						166,833						161,220						156,568						158,288																		173,442						158,288
Organic Growth (Net Flows/Beginning of period AUM)			2.1		%				0.6		%				3.3		%				1.3		%				1.2		%																7.4		%				-1.2		%
Market Growth %			2.6		%				3.5		%				-0.2		%				-0.9		%				3.2		%																5.2		%				10.9		%
Retail AUM:
Beginning of period AUM			156,329						147,025						149,214						148,243						150,341																		148,243						128,120
Inflows			11,408						11,093						12,774						11,092						11,013																		46,367						38,449
Outflows			(11,091)						(10,218)						(10,279)						(9,739)						(8,952)																		(41,327)						(32,984)
Net flows - Retail (1)			317						874						2,496						1,353						2,060																		5,040						5,464
Net Money Market Flows			(38)						49						117						64						65																		192						292
Change in Market Value			7,072						8,984						(4,816)						1,314						3,604																		12,553						22,052
Net Flows from Divested Businesses (2)			(6,397)						(259)						(374)						(316)						(7,404)																		(7,346)						(9,214)
Other (Including Acquisitions / Divestitures)			(927)						(344)						388						(1,444)						(424)																		(2,326)						1,527
End of period AUM - Retail			156,355						156,329						147,025						149,214						148,243																		156,355						148,243
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)			0.2		%				0.6		%				1.7		%				0.9		%				1.4		%																3.4		%				4.3		%
Market Growth %			4.5		%				6.1		%				-3.2		%				0.9		%				2.4		%																8.5		%				17.2		%
Net Flows:
Institutional Net Flows			3,560						952						5,187						2,001						1,775																		11,701						(1,706)
Retail Net Flows			317						874						2,496						1,353						2,060																		5,040						5,464
Net Flows from Divested Businesses			(6,397)						(259)						(374)						(316)						(7,404)																		(7,346)						(9,214)
Total Net Flows			(2,520)						1,567						7,310						3,038						(3,569)																		9,394						(5,456)
Net Flows excluding Net Flows from Divested Businesses			3,877						1,826						7,683						3,354						3,835																		16,741						3,757
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)			1.2		%				0.6		%				2.5		%				1.1		%				1.3		%																5.5		%				1.4		%
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarters of 2024 and 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.

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Voya Financial						Page 23 of 43

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Institutional
Equity			29,404						27,457						22,375						24,056						23,662
Fixed Income - Public			61,776						56,899						57,182						55,645						56,276
Fixed Income - Privates			69,611						68,818						67,245						64,095						65,126
Alternatives			12,651						13,659						14,418						12,772						13,224
Money Market			—						—						—						—						—
Total			173,442						166,833						161,220						156,568						158,288
Retail
Equity			77,684						78,699						70,634						73,784						74,186
Fixed Income - Public			73,976						72,870						71,625						70,854						69,648
Fixed Income - Privates			123						277						311						334						351
Alternatives			1,995						1,876						1,910						1,850						1,739
Money Market			2,576						2,606						2,544						2,392						2,319
Total			156,355						156,329						147,025						149,214						148,243
General Account
Equity			125						112						138						129						135
Fixed Income - Public			18,272						17,870						18,071						16,832						16,926
Fixed Income - Privates			15,973						16,271						16,574						14,375						14,500
Alternatives			1,712						1,615						1,650						1,681						1,686
Money Market			421						560						300						559						742
Total			36,503						36,428						36,734						33,576						33,989
Combined Asset Type
Equity			107,213						106,268						93,147						97,969						97,983
Fixed Income - Public			154,024						147,639						146,878						143,331						142,850
Fixed Income - Privates			85,707						85,366						84,130						78,804						79,976
Alternatives			16,359						17,150						17,979						16,304						16,649
Money Market			2,997						3,166						2,844						2,951						3,061
Total			366,300						359,589						344,978						339,358						340,520
Total Private and Alternative Assets			102,066						102,516						102,109						95,108						96,625
% of Private and Alternative Assets / Total AUM			27.9		%				28.5		%				29.6		%				28.0		%				28.4		%

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Employee Benefits

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Voya Financial						Page 25 of 43

Employee Benefits Sources of Adjusted Operating Earnings before income taxes

			Three Months Ended																																				Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income			27						27						27						26						26																		107						101
Investment expenses			(1)						(1)						(1)						(1)						(1)																		(4)						(4)
Credited interest			(11)						(11)						(12)						(12)						(12)																		(46)						(49)
Net margin			15						14						14						14						12																		57						47
Alternative investment income (1)			7						7						3						5						3																		22						10
Other investment income (1)			1						1						1						1						1																		4						6
Investment spread and other investment income			34						31						27						27						26																		119						96
Fee-based margin (2)			54						56						56						57						57																		223						226
Net underwriting gain (loss) and other revenue			195						216						206						40						175																		657						803
Net revenue (3)			284						303						290						124						257																		1,001						1,123
Administrative expenses			(134)						(132)						(139)						(130)						(130)																		(535)						(526)
Premium taxes, fees and assessments			(52)						(50)						(50)						(48)						(47)																		(200)						(175)
Net commissions			(39)						(44)						(45)						(37)						(49)																		(165)						(202)
DAC/VOBA and other intangibles amortization			(12)						(7)						(9)						(11)						(8)																		(39)						(33)
Adjusted operating earnings before income taxes			47						69						46						(102)						23																		59						186
Adjusted Operating Margin TTM			6.0		%				3.7		%				2.7		%				4.1		%				16.6		%
Group life:
Premiums			162						166						162						167						165																		658						658
Benefits			(120)						(124)						(146)						(139)						(119)																		(530)						(515)
Other (4)			(3)						(3)						(2)						(4)						(2)																		(11)						(9)
Total Group life			39						40						14						24						44																		117						134
Group life Loss Ratio (interest adjusted) (5)			74.2		%				74.3		%				90.3		%				83.3		%				71.9		%																80.5		%				78.2		%
Group Stop loss:
Premiums			388						388						390						451						453																		1,617						1,727
Benefits			(324)						(312)						(293)						(520)						(424)																		(1,449)						(1,463)
Other (4)			(1)						(2)						(2)						(2)						(2)																		(6)						(7)
Total Group Stop loss			62						75						96						(71)						28																		163						257
Stop loss Loss Ratio (5)			83.6		%				80.3		%				75.0		%				115.4		%				93.4		%																89.6		%				84.7		%
Voluntary Benefits, Disability, and Other			94						100						97						87						103																		377						411
Net underwriting gain (loss) and other revenue
Premiums			739						741						747						802						804																		3,029						3,115
Benefits			(542)						(524)						(538)						(757)						(625)																		(2,361)						(2,301)
Other (4)			(2)						(2)						(3)						(4)						(4)																		(10)						(11)
Total Net underwriting gain (loss) and other revenue			195						216						206						40						175																		657						803
Total Aggregate Loss Ratio (5)			73.4		%				70.7		%				72.0		%				94.5		%				77.7		%																78.0		%				73.9		%
Total Aggregate Loss Ratio TTM (5)			78.0		%				79.0		%				79.4		%				79.7		%				73.9		%
(1) Other investment income for prior periods has been recast to exclude Alternative investment income, which is now reported separately and includes the amount above or below long-term expectations that was previously reported separately. See page 36 for additional detail on Alternative investment income. There was no change to the previously reported total investment spread and other investment income.
(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(5) Reported Loss ratios are net of reinsurance recoveries.

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Voya Financial						Page 26 of 43

Quarterly Loss Ratio Development for Group Stop Loss

			Estimated Ultimate Loss Ratio as of
			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023						3/31/2023
2025 Stop Loss Policy Year Development (1)
January Business			87		%				87		%				87		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%
Non-January Business			85		%				85		%				NM (2)						—		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%
Total 2025 Policy Year			87		%				87		%				87		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%				—		%
2024 Stop Loss Policy Year Development (1)
January Business			91		%				91		%				93		%				95		%				86		%				81		%				81		%				—		%				—		%				—		%				—		%
Non-January Business			85		%				85		%				85		%				85		%				80		%				81		%				81		%				—		%				—		%				—		%				—		%
Total 2024 Policy Year			90		%				90		%				92		%				94		%				86		%				81		%				81		%				—		%				—		%				—		%				—		%
2023 Stop Loss Policy Year Development (1)
January Business			80		%				80		%				80		%				80		%				80		%				80		%				80		%				79		%				79		%				75		%				78		%
Non-January Business			83		%				83		%				83		%				85		%				83		%				81		%				79		%				77		%				77		%				78		%				78		%
Total 2023 Policy Year			80		%				80		%				80		%				81		%				81		%				80		%				80		%				79		%				78		%				75		%				78		%
2022 Stop Loss Policy Year Development (1)
January Business			71		%				71		%				71		%				71		%				71		%				71		%				71		%				71		%				71		%				71		%				74		%
Non-January Business			67		%				67		%				67		%				67		%				68		%				68		%				67		%				68		%				71		%				72		%				76		%
Total 2022 Policy Year			70		%				70		%				70		%				70		%				70		%				71		%				71		%				71		%				71		%				72		%				74		%
Reported Loss Ratio for Stop Loss			84		%				80		%				75		%				115		%				93		%				83		%				84		%				76		%				83		%				63		%				70		%
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries.
(2) The 2025 non-January business is not material for the first quarter of 2025.

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Voya Financial						Page 27 of 43

Employee Benefits Key Metrics

			Three Months Ended or As of																																				Twelve Months Ended or As of
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Sales by Product Line:
Group life and Disability			29						22						74						7						11																		132						173
Stop loss			59						14						265						12						35																		351						620
Voluntary and Other (1)			17						37						99						14						17																		166						208
Total sales by product line			105						73						438						33						63																		649						1,000
Total gross premiums and deposits			837						843						846						896						900																		3,422						3,470
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability			989						977						971						978						978																		989						978
Stop loss			1,572						1,569						1,589						1,821						1,837																		1,572						1,837
Voluntary and Other (1)			1,100						1,103						1,117						1,057						1,050																		1,100						1,050
Total annualized in-force premiums and fees by product line			3,662						3,649						3,677						3,856						3,864																		3,662						3,864
Assets Under Management by Fund Group:
General account			1,906						1,945						1,870						1,975						1,954																		1,906						1,954
Separate account			19						18						17						18						17																		19						17
Total AUM			1,925						1,963						1,887						1,993						1,972																		1,925						1,972
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

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Corporate

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Voya Financial						Page 29 of 43

Corporate Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																																				Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024																		9/30/2025						9/30/2024
Interest expense (excluding Preferred stock dividends) (1)			(30)						(28)						(31)						(34)						(29)																		(123)						(116)
Preferred stock dividends			(16)						(4)						(17)						(4)						(16)																		(41)						(41)
Pension expense (2)			(13)						(13)						(13)						(12)						(12)																		(51)						(47)
Other (3)			(22)						(22)						(2)						23						(3)																		(23)						(7)
Adjusted operating earnings before income taxes, including noncontrolling interest			(81)						(67)						(63)						(27)						(60)																		(238)						(211)
Less: Earnings (loss) attributable to the noncontrolling interest			(1)						(1)						(1)						—						(1)																		(3)						(2)
Adjusted operating earnings before income taxes			(80)						(67)						(62)						(27)						(59)																		(236)						(209)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

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Administrative Expenses and Adjusted Operating Return on Capital

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Voya Financial						Page 31 of 43

Administrative Expenses

			Three Months Ended																														Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Retirement			(254)						(259)						(261)						(223)						(219)						(997)						(909)
Investment Management			(177)						(174)						(190)						(182)						(171)						(723)						(691)
Employee Benefits			(134)						(132)						(139)						(130)						(130)						(535)						(526)
Total Administrative Expenses (1)			(565)						(565)						(590)						(535)						(520)						(2,255)						(2,126)
(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

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Voya Financial						Page 32 of 43

Adjusted Operating Return on Allocated Capital

			Twelve Months Ended
(in millions USD, unless otherwise indicated)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Retirement
Adjusted operating earnings before income taxes - before interest			913						863						842						820						758
Income tax expense			131						122						119						116						104
Adjusted Operating Earnings - before interest and after income taxes			782						741						723						704						654
Adjusted Operating effective tax rate (1)			15.0		%				14.3		%				13.4		%				14.3		%				14.3		%
Adjusted Operating effective tax rate TTM			14.3		%				14.1		%				14.1		%				14.2		%				13.7		%
Average Capital			3,674						3,584						3,483						3,415						3,402
Ending Capital (2)			3,791						3,771						3,796						3,509						3,445
Adjusted Return on Capital			21.3		%				20.7		%				20.7		%				20.6		%				19.2		%
Investment Management
Adjusted operating earnings before income taxes - before interest			220						214						213						213						192
Income tax expense			46						45						45						45						40
Adjusted Operating Earnings - before interest and after income taxes			174						169						168						168						152
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate TTM			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			870						861						851						843						834
Ending Capital (2)			883						875						874						869						843
Adjusted Return on Capital			20.1		%				19.6		%				19.7		%				20.0		%				18.1		%
Employee Benefits
Adjusted operating earnings before income taxes - before interest			59						36						27						40						186
Income tax expense			12						7						6						8						39
Adjusted Operating Earnings - before interest and after income taxes			47						29						21						32						147
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate TTM			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			1,291						1,286						1,275						1,246						1,222
Ending Capital (2)			1,295						1,281						1,295						1,306						1,267
Adjusted Return on Capital			3.6		%				2.2		%				1.6		%				2.5		%				12.0		%
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.

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Investment Information

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Voya Financial						Page 34 of 43

Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			9/30/2025															6/30/2025															9/30/2025
Invested Assets
Book Values, Gross investment income and Earned rate (1)			Book Value			BV %			Gross Investment Income			Earned Rate (annualized)						Book Value			BV %			Gross Investment Income			Earned Rate (annualized)						Book Value			BV %			Gross Investment Income			Earned Rate (annualized)
Public corporate			10,785			28.0		%	144			5.5		%				10,639			28.0		%	138			5.2		%				10,785			28.0		%	416			5.2		%
Private credit			8,470			22.0		%	94			4.5		%				8,566			22.0		%	107			5.1		%				8,470			22.0		%	308			4.9		%
Securitized (2)(3)			10,053			26.0		%	148			6.0		%				9,931			26.0		%	143			5.8		%				10,053			26.0		%	440			5.9		%
Commercial mortgage loans			5,376			14.0		%	65			4.9		%				5,502			14.0		%	67			4.9		%				5,376			14.0		%	198			4.9		%
Municipals			606			2.0		%	6			3.9		%				609			2.0		%	6			3.9		%				606			2.0		%	18			3.9		%
Short-term / Treasury			566			1.0		%	6			4.1		%				598			2.0		%	6			4.3		%				566			1.0		%	18			4.2		%
Equity securities			195			1.0		%	3			7.2		%				178			—		%	3			6.5		%				195			1.0		%	9			6.7		%
Policy loans			372			1.0		%	5			5.4		%				376			1.0		%	4			4.7		%				372			1.0		%	14			5.2		%
Derivatives			(6)			—		%	2			N/A						(6)			—		%	2			N/A						(6)			—		%	6			N/A
Book Values and Gross Investment Income before variable components			36,417			95.0		%	473			5.3		%				36,393			95.0		%	476			5.3		%				36,417			95.0		%	1,427			5.3		%
Book Values and Gross Investment Income on variable components
Limited partnership (4)			1,991			5.0		%	50			10.5		%				1,984			5.0		%	46			10.1		%				1,991			5.0		%	116			8.3		%
Prepayment / Other fee income			N/A			—		%	5			0.1		%				N/A			—		%	4			—		%				N/A			—		%	11			0.1		%
Book Values and Gross Investment Income (variable)			1,991			5.0		%	55			N/A						1,984			5.0		%	50			N/A						1,991			5.0		%	127			N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings			38,407			100.0		%	527			5.6		%				38,377			100.0		%	526			5.6		%				38,407			100.0		%	1,554			5.5		%
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.
(4) Includes assets and income related to foreclosed real estate.

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Voya Financial						Page 35 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

			Three Months Ended or As of (1)
(in millions USD)			6/30/2025									03/31/2025									12/31/2024									09/30/2024
Statutory Carrying Value			Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %
Public corporate			10,585			28.0		%				10,610			28.0		%				10,336			29.0		%				10,241			28.0		%
Private credit			8,420			22.0		%				8,506			22.0		%				7,860			22.0		%				7,754			21.0		%
Securitized			9,852			26.0		%				9,996			26.0		%				9,657			27.0		%				10,083			28.0		%
Municipals			609			2.0		%				623			2.0		%				686			2.0		%				705			2.0		%
Short-term / Treasury			640			2.0		%				524			1.0		%				572			2.0		%				432			1.0		%
Total Fixed maturities			30,107			79.0		%				30,258			79.0		%				29,110			81.0		%				29,215			81.0		%
Commercial mortgage loans			5,483			14.0		%				5,553			14.0		%				4,669			13.0		%				4,814			13.0		%
Limited partnership			1,923			5.0		%				1,910			5.0		%				1,885			5.0		%				1,778			5.0		%
Equity securities			566			1.0		%				577			2.0		%				309			1.0		%				316			1.0		%
Total			38,079			100.0		%				38,298			100.0		%				35,973			100.0		%				36,122			100.0		%
NAIC Ratings
Fixed Maturities:
NAIC 1			16,532			55.0		%				16,304			54.0		%				15,641			54.0		%				15,803			54.0		%
NAIC 2			12,178			40.0		%				12,459			41.0		%				12,073			41.0		%				12,053			41.0		%
NAIC 3 and below			1,396			5.0		%				1,495			5.0		%				1,397			5.0		%				1,359			5.0		%
Total Fixed maturities			30,107			100.0		%				30,258			100.0		%				29,110			100.0		%				29,215			100.0		%
Commercial Mortgage Loans:
CML 1			4,039			74.0		%				4,111			74.0		%				3,396			73.0		%				3,482			72.0		%
CML 2			1,079			20.0		%				1,000			18.0		%				961			21.0		%				1,004			21.0		%
CML 3 and below			366			7.0		%				441			8.0		%				312			7.0		%				328			7.0		%
Total Commercial mortgage loans			5,483			100.0		%				5,553			100.0		%				4,669			100.0		%				4,814			100.0		%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

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Voya Financial						Page 36 of 43

Alternative Investment Income

			Three Months Ended																														Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Retirement (1)
Alternative investment income at long-term expectations (2)			37						35						36						35						34						143						136
Alternative investment income above (below) expectations			5						7						(14)						(2)						(14)						(4)						(54)
Alternative investment income			42						42						22						33						20						139						82
Average alternative investments			1,657						1,590						1,591						1,575						1,558						1,603						1,523
Investment Management (1)
Alternative investment income at long-term expectations (2)			7						8						7						8						8						30						30
Alternative investment income above (below) expectations			4						(4)						(2)						(3)						(5)						(5)						(9)
Alternative investment income			11						4						5						5						3						25						21
Average alternative investments			331						344						326						340						347						335						332
Employee Benefits (1)
Alternative investment income at long-term expectations (2)			7						6						5						5						5						23						21
Alternative investment income above (below) expectations			—						1						(2)						(1)						(3)						(2)						(11)
Alternative investment income			7						7						3						5						3						22						10
Average alternative investments			284						268						238						215						212						251						212
Total (1)
Alternative investment income at long-term expectations (2)			51						49						49						49						48						197						188
Alternative investment income above (below) expectations			9						4						(19)						(6)						(22)						(11)						(74)
Alternative investment income			60						53						30						43						26						186						113
Average alternative investments			2,272						2,202						2,155						2,130						2,117						2,189						2,066
(1) Excludes assets and income related to foreclosed real estate.
(2) The long-term expected return for alternative investments and investment capital is 9% annually.

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Reconciliations

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Voya Financial						Page 38 of 43

Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)

			Three Months Ended
(in millions USD, except per share)			9/30/2025												6/30/2025												3/31/2025												12/31/2024												9/30/2024
			Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders						176			1.80									162			1.66									139			1.42									93			0.94									98			0.98
Plus: Net income (loss) attributable to noncontrolling interests						80			0.83									(5)			(0.05)									(5)			(0.05)									24			0.25									(16)			(0.16)
Less: Preferred stock dividends						(16)			(0.17)									(4)			(0.04)									(17)			(0.17)									(4)			(0.04)									(16)			(0.17)
Income (loss)			307			272			2.79						188			161			1.65						173			151			1.54						120			121			1.23						116			98			0.99
Less:
Net investment gains (losses)			(16)			(12)			(0.13)						(29)			(23)			(0.23)						(2)			(1)			(0.02)						—			—			—						(33)			(26)			(0.26)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(52)			(42)			(0.43)						(30)			(24)			(0.24)						(39)			(31)			(0.32)						(22)			(17)			(0.17)						(52)			(41)			(0.41)
Net income (loss) attributable to noncontrolling interests			80			80			0.83						(5)			(5)			(0.05)						(5)			(5)			(0.05)						24			24			0.25						(16)			(16)			(0.16)
Dividend payments made to preferred shareholders			16			16			0.17						4			4			0.04						17			17			0.17						4			4			0.04						16			16			0.17
Other adjustments (3)			(11)			(10)			(0.10)						(41)			(31)			(0.32)						(30)			(24)			(0.24)						(32)			(27)			(0.28)						(28)			(25)			(0.25)
Adjusted operating earnings			290			239			2.45						289			240			2.46						232			195			2.00						147			138			1.40						230			190			1.90
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs.

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Voya Financial						Page 39 of 43

Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)

			Nine months ended
(in millions USD, except per share)			9/30/2025												9/30/2024
			Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders						477			4.88									533			5.20
Plus: Net income (loss) attributable to noncontrolling interests						70			0.72									51			0.49
Less: Preferred stock dividends						(37)			(0.38)									(37)			(0.36)
Income (loss)			668			584			5.98						679			621			6.06
Less:
Net investment gains (losses)			(46)			(37)			(0.37)						50			40			0.39
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)			(122)			(96)			(0.99)						(121)			(57)			(0.56)
Net income (loss) attributable to noncontrolling interests			70			70			0.72						51			51			0.49
Dividend payments made to preferred shareholders			37			37			0.38						37			37			0.36
Other adjustments (4)			(82)			(64)			(0.66)						(63)			(48)			(0.47)
Adjusted operating earnings			811			674			6.90						724			598			5.84
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes tax benefits of $38 million related to a divested business for the nine months ended September 30, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the nine months ended September 30, 2025, also includes $24 million, after-tax, of severance costs. For the nine months ended September 30, 2024 also includes $7 million, after-tax, of severance costs.

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Voya Financial						Page 40 of 43

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

			Three Months Ended																														Year-to-Date
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Total revenues			2,128						1,981						1,969						2,010						1,956						6,078						6,040
Less:
Net investment gains (losses)			(9)						(38)						(5)						(8)						(33)						(53)						30
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment			28						30						28						13						52						86						89
Revenues (loss) attributable to noncontrolling interests			115						35						25						57						19						177						186
Other adjustments			50						54						33						50						50						137						144
Total adjusted operating revenues			1,942						1,900						1,888						1,897						1,867						5,731						5,591
Adjusted operating revenues by segment
Retirement			853						824						798						731						726						2,475						2,176
Investment Management			257						239						243						271						243						740						711
Employee Benefits			829						832						841						888						892						2,502						2,689
Corporate			3						5						6						8						6						14						15
Total adjusted operating revenues			1,942						1,900						1,888						1,897						1,867						5,731						5,591
Total benefits and expenses			(1,821)						(1,793)						(1,796)						(1,890)						(1,840)						(5,410)						(5,361)
Less:
Changes in market risk benefits			(7)						9						3						8						(1)						6						21
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment			(81)						(60)						(67)						(35)						(104)						(208)						(210)
Expenses attributable to noncontrolling interests			(51)						(54)						(41)						(56)						(51)						(148)						(176)
Dividend payments made to preferred shareholders			16						4						17						4						17						37						37
Other adjustments			(63)						(95)						(63)						(83)						(78)						(219)						(206)
Total adjusted operating benefits and expenses			(1,635)						(1,598)						(1,645)						(1,728)						(1,622)						(4,880)						(4,828)
Adjusted operating benefits and expenses by segment
Retirement			(592)						(589)						(591)						(521)						(516)						(1,772)						(1,566)
Investment Management			(177)						(174)						(190)						(182)						(171)						(541)						(522)
Employee Benefits			(783)						(763)						(795)						(990)						(869)						(2,340)						(2,547)
Corporate			(84)						(72)						(69)						(35)						(66)						(226)						(193)
Total adjusted operating benefits and expenses			(1,635)						(1,598)						(1,645)						(1,728)						(1,622)						(4,880)						(4,828)

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Voya Financial						Page 41 of 43

Reconciliation of Net Revenues

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Retirement
Adjusted operating revenues			page 9			853						824						798						731						726						3,206						2,861
Interest credited and other benefits to contract owners/policyholders						(235)						(232)						(231)						(211)						(210)						(909)						(862)
Net revenue			page 16			618						592						567						519						516						2,296						1,999
Investment Management
Adjusted operating revenues			page 9			257						239						243						271						243						1,010						939
Net revenue			page 20			257						239						243						271						243						1,010						939

Employee Benefits
Adjusted operating revenues			page 9			829						832						841						888						892						3,390						3,453
Interest credited and other benefits to contract owners/policyholders						(546)						(529)						(551)						(764)						(634)						(2,390)						(2,329)
Net revenue			page 25			284						303						290						124						257						1,001						1,123
Consolidated
Total Adjusted operating revenues			page 9			1,942						1,900						1,888						1,897						1,867						7,627						7,276
Interest credited and other benefits to contract owners/policyholders						(781)						(761)						(782)						(975)						(845)						(3,299)						(3,193)
Corporate Adjusted operating revenues (1)						(3)						(5)						(6)						(8)						(6)						(22)						(23)
Net revenue			pages 16/20/25			1,159						1,134						1,100						914						1,016						4,307						4,061
(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.

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Voya Financial						Page 42 of 43

Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA

			Twelve Months Ended
(in millions USD)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders			570						492						531						626						651
TTM Average Total Voya Financial, Inc. Shareholders' Equity			4,464						4,361						4,259						4,254						4,078
TTM Return on Voya Financial, Inc Equity			12.8		%				11.3		%				12.5		%				14.7		%				16.0		%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI			-2.0		%				-1.8		%				-2.1		%				-2.5		%				-2.8		%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI			5.3		%				4.8		%				5.6		%				6.7		%				7.9		%
TTM Net investment gains (losses), after-tax			-0.6		%				-0.8		%				-0.2		%				0.7		%				0.5		%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax			-1.9		%				-1.9		%				-2.0		%				-1.2		%				-1.6		%
TTM Other adjustments, after-tax			-1.5		%				-1.8		%				-1.4		%				-1.3		%				-1.0		%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI			13.6		%				12.8		%				12.6		%				12.3		%				12.9		%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA			-4.3		%				-4.2		%				-4.1		%				-4.1		%				-4.4		%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA			17.9		%				17.0		%				16.7		%				16.5		%				17.3		%

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Voya Financial						Page 43 of 43

Reconciliation of Book Value Per Common Share, Excluding AOCI and Leverage Ratio

			Three Months Ended or As of																														Year-to-Date or As of
(in whole dollars)			9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
Book value per common share, including AOCI			45.55						41.71						39.20						35.53						42.30						45.55						42.30
Per share impact of AOCI			18.64						21.46						22.67						25.78						18.66						18.64						18.66
Book value per common share, excluding AOCI			64.18						63.18						61.87						61.31						60.96						64.18						60.96
Debt to capital ratio			29.8		%				31.2		%				32.4		%				38.5		%				34.6		%				29.8		%				34.6		%
Capital impact of adding noncontrolling interest			-6.9		%				-6.9		%				-7.5		%				-9.1		%				-7.1		%				-6.9		%				-7.1		%
Impact of adding other financial obligations and treatment of preferred stock (1)			8.8		%				9.4		%				9.5		%				9.4		%				9.0		%				8.8		%				9.0		%
Capital impact of excluding AOCI			-5.0		%				-6.3		%				-6.9		%				-8.5		%				-5.9		%				-5.0		%				-5.9		%
Financial leverage ratio excluding AOCI			26.7		%				27.4		%				27.5		%				30.3		%				30.6		%				26.7		%				30.6		%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.