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Quarterly Investor Supplement


December 31, 2025


This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 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 FinancialMei Ni Chu
200 Park AvenueIR@voya.com
New York, New York 10166Web Site:
NYSE Ticker:investors.voya.com
VOYA
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Table of Contents
PagePage
ConsolidatedAdministrative Expenses and Adjusted Operating Return on Capital
Explanatory Note on Non-GAAP Financial Information3 - 5Administrative Expenses
Key MetricsAdjusted Operating Return on Allocated Capital
Consolidated Statements of OperationsInvestment Information
Consolidated Adjusted Operating Earnings Before Income TaxesPortfolio Results GAAP Book Value, Gross Investment Income, and
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Earned Rate by Asset Class
Adjusted Operating Earnings Before Income Taxes by Segment (YTD)Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Balance SheetsRatings
DAC/VOBA Segment Trends Alternative Investment Income
Consolidated Capital StructureReconciliations
Consolidated Assets Under Management, Assets Under AdministrationReconciliation of Adjusted Operating Earnings Before Income Taxes and
  and AdvisementEarnings Per Common Share (Diluted) (QTD)
RetirementReconciliation of Adjusted Operating Earnings Before Income Taxes and
Sources of Adjusted Operating Earnings Before Income TaxesEarnings Per Common Share (Diluted) (YTD)
 and Key MetricsReconciliation of Adjusted Operating Revenues and Adjusted Operating
Client Assets Rollforward by Product Group17 - 18Benefits and Expenses
Investment ManagementReconciliation of Net Revenues
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Return on Common Equity
Analysis of AUM and AUAExcluding AOCI and NOL DTA
Account Value Rollforward by SourceReconciliation of Book Value Per Common Share, Excluding AOCI and
Account Value by Asset TypeLeverage Ratio
Employee Benefits
Sources of Adjusted Operating Earnings Before Income Taxes
Quarterly Loss Ratio Development for Group Stop Loss
Key Metrics
Corporate
Adjusted Operating Earnings Before Income Taxes
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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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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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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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Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD, unless otherwise indicated)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders13617616213993613626
Per common share (basic)1.431.821.691.450.976.406.31
Per common share (diluted)1.411.801.661.420.946.296.17
Adjusted operating earnings: (1)
Before income taxes2262902892321471,038870
After income taxes188239240195138861736
Effective tax rate17.1 %17.8 %16.9 %15.9 %6.1 %17.0 %15.5 %
Per common share (diluted)1.942.452.462.001.408.857.25
Return on Equity
TTM Return on Voya Financial, Inc's Equity13.3 %12.8 %11.3 %12.5 %14.7 %13.3 %14.7 %
TTM Adjusted operating return on common equity excluding AOCI (1)
14.3 %13.6 %12.8 %12.6 %12.3 %14.3 %12.3 %
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)
18.6 %17.9 %17.0 %16.7 %16.5 %18.6 %16.5 %
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity4,9534,9574,6294,3834,0054,9534,005
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI6,1296,1236,0845,9525,8556,1295,855
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA4,8004,7514,6544,4864,3714,8004,371
Book value per common share (including AOCI)46.2845.5541.7139.2035.5346.2835.53
Book value per common share (excluding AOCI) (2)
65.3464.1863.1861.8761.3165.3461.31
Leverage Ratios:
Debt-to-Capital29.8 %29.8 %31.2 %32.4 %38.5 %29.8 %38.5 %
Financial Leverage - excluding AOCI (2)
27.0 %26.7 %27.4 %27.5 %30.3 %27.0 %30.3 %
Shares:
Weighted-average common shares outstanding
Basic95969696969699
Dilutive effects (3)
2212322
Diluted979798989997101
Ending shares outstanding94959696969496
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions (4)
12080——140200635
Dividends to common shareholders4443444343174168
Total cash returned to common shareholders1641234443183374803
(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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Consolidated Statements of Operations
Three Months EndedYear-to-Date
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Revenues
Net investment income591 583 584 560 521 2,318 2,074 
Fee income633 616 577 570 543 2,396 2,113 
Premiums738 719 718 737 790 2,912 3,176 
Net gains (losses)(34)(21)(41)(34)(52)(130)(27)
Other revenues136 100 100 104 134 440 423 
Income (loss) related to consolidated investment entities47 131 43 32 74 253 291 
Total revenues2,111 2,128 1,981 1,969 2,010 8,189 8,050 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders(875)(850)(801)(835)(987)(3,361)(3,619)
Operating expenses(937)(829)(857)(824)(756)(3,447)(3,082)
Net amortization of DAC/VOBA(64)(65)(58)(62)(56)(249)(223)
Interest expense(28)(29)(28)(32)(35)(117)(124)
Operating expenses related to consolidated investment entities(38)(48)(49)(43)(56)(178)(203)
Total benefits and expenses(1,942)(1,821)(1,793)(1,796)(1,890)(7,352)(7,251)
Income (loss) before income taxes169 307 188 173 120 837 799 
Income tax expense (benefit)20 35 27 22 (1)104 57 
Net income (loss)149 272 161 151 121 733 742 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest9 80 (5)(5)24 79 75 
Net income (loss) available to Voya Financial, Inc.140 192 166 156 97 654 667 
Less: Preferred stock dividends4 16 4 17 4 41 41 
Net income (loss) available to Voya Financial, Inc.'s common shareholders136 176 162 139 93 613 626 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)537 542 534 506 478 2,123 1,928 
Fee income636 617 577 572 540 2,401 2,097 
Premiums729 716 720 734 780 2,899 3,154 
Other revenue105 68 69 75 99 315 307 
Adjusted operating revenues (1)
2,006 1,942 1,900 1,888 1,897 7,738 7,487 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(838)(781)(761)(782)(975)(3,163)(3,451)
Operating expenses(852)(768)(770)(779)(684)(3,168)(2,822)
Net amortization of DAC/VOBA(40)(40)(34)(37)(31)(150)(118)
Interest expense (2)
(34)(47)(32)(47)(38)(160)(162)
Adjusted operating benefits and expenses (1)
(1,763)(1,635)(1,598)(1,645)(1,728)(6,642)(6,554)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
244 307 302 243 169 1,096 933 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
17 17 13 11 23 58 63 
Adjusted operating earnings before income taxes (1)
226 290 289 232 147 1,038 870 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement866 853 824 798 731 3,341 2,905 
Investment Management290 257 239 243 271 1,030 982 
Employee Benefits845 829 832 841 888 3,348 3,577 
Corporate6 3 5 6 8 19 23 
Adjusted operating revenues (1)
2,006 1,942 1,900 1,888 1,897 7,738 7,487 
Adjusted operating earnings before income taxes
Retirement255 261 235 207 210 959 820 
Investment Management72 62 51 41 66 226 213 
Employee Benefits(10)47 69 46 (102)152 40 
Corporate(90)(80)(67)(62)(27)(299)(203)
Adjusted operating earnings before income taxes (1)
226 290 289 232 147 1,038 870 
(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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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended December 31, 2025
(in millions USD)RetirementInvestment ManagementEmployee BenefitsCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)480 7 46 5 537 
Fee income364 250 22 — 636 
Premiums— — 729 — 729 
Other revenue22 33 49 1 105 
Adjusted operating revenues (1)
866 290 845 6 2,006 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(234)— (603)— (838)
Operating expenses(348)(198)(240)(66)(852)
Net amortization of DAC/VOBA(28)— (12)— (40)
Interest expense (2)
— — — (34)(34)
Adjusted operating benefits and expenses (1)
(610)(198)(856)(99)(1,763)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
255 92 (10)(94)244 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
— 21 — (3)17 
Adjusted operating earnings before income taxes (1)
255 72 (10)(90)226 
Three Months Ended December 31, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)427 6 37 8 478 
Fee income285 237 18 — 540 
Premiums— — 780 — 780 
Other revenue18 27 53 — 99 
Adjusted operating revenues (1)
731 271 888 8 1,897 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(211)— (764)— (975)
Operating expenses(290)(182)(216)3 (684)
Net amortization of DAC/VOBA(20)— (11)— (31)
Interest expense (2)
— — — (38)(38)
Adjusted operating benefits and expenses (1)
(521)(182)(990)(35)(1,728)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
210 89 (102)(27)169 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
— 22 — — 23 
Adjusted operating earnings before income taxes (1)
210 66 (102)(27)147 
(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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Adjusted Operating Earnings Before Income Taxes by Segment
Twelve Months Ended December 31, 2025
(in millions USD)RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)1,902 31 172 18 2,123 
Fee income1,350 968 83 — 2,401 
Premiums— — 2,899 — 2,899 
Other revenue89 31 194 1 315 
Adjusted operating revenues (1)
3,341 1,030 3,348 19 7,738 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(933)— (2,230)— (3,163)
Operating expenses(1,339)(739)(926)(164)(3,168)
Net amortization of DAC/VOBA(110)— (40)— (150)
Interest expense (2)
— — — (160)(160)
Adjusted operating benefits and expenses (1)
(2,382)(739)(3,196)(324)(6,642)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
959 291 152 (305)1,096 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
— 65 — (7)58 
Adjusted operating earnings before income taxes (1)
959 226 152 (299)1,038 
Twelve Months Ended December 31, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)1,733 27 147 21 1,928 
Fee income1,099 928 71 — 2,097 
Premiums— — 3,154 — 3,154 
Other revenue73 28 205 2 307 
Adjusted operating revenues (1)
2,905 982 3,577 23 7,487 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(849)— (2,602)— (3,451)
Operating expenses(1,153)(703)(900)(66)(2,822)
Net amortization of DAC/VOBA(83)— (36)— (118)
Interest expense (2)
— — — (162)(162)
Adjusted operating benefits and expenses (1)
(2,085)(703)(3,537)(228)(6,554)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
820 278 40 (205)933 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
— 65 — (2)63 
Adjusted operating earnings before income taxes (1)
820 213 40 (203)870 
(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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Consolidated Balance Sheets
Balances as of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/2024
Assets
Total investments38,571 38,199 37,579 37,703 35,024 
Cash and cash equivalents1,228 1,157 1,179 868 1,399 
Assets held in separate accounts113,007 111,950 107,278 98,948 101,676 
Premium receivable and reinsurance recoverable, net10,713 10,835 10,965 11,144 11,284 
Short term investments under securities loan agreement and accrued investment income 1,398 1,437 1,418 1,459 1,438 
Deferred policy acquisition costs, Value of business acquired2,401 2,435 2,472 2,505 2,148 
Deferred income taxes1,871 1,872 1,979 2,032 2,134 
Other assets (1)
4,845 4,903 4,926 4,934 3,892 
Assets related to consolidated investment entities4,825 4,660 4,640 4,357 4,894 
Total Assets 178,859 177,448 172,436 163,950 163,889 
Liabilities
Future policy benefits and contract owner account balances49,356 49,337 49,665 49,763 46,436 
Liabilities related to separate accounts113,007 111,950 107,278 98,948 101,676 
Payables under securities loan agreements, including collateral held1,273 1,375 1,128 1,486 1,309 
Short-term debt586 586 447 1 399 
Long-term debt1,518 1,518 1,657 2,103 2,103 
Other liabilities (2)
3,492 3,192 3,155 3,048 3,218 
Liabilities related to consolidated investment entities2,588 2,407 2,553 2,240 2,741 
Total Liabilities171,820 170,365 165,883 157,589 157,882 
Mezzanine Equity
Redeemable noncontrolling interest222 221 215 214 219 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(1,010)(883)(796)(788)(754)
Additional paid-in capital6,358 6,316 6,321 6,299 6,266 
Retained earnings (deficit)1,392 1,301 1,170 1,052 954 
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,741 6,735 6,696 6,564 6,467 
Accumulated other comprehensive income(1,788)(1,778)(2,067)(2,181)(2,462)
Total Voya Financial, Inc. Shareholders' Equity4,953 4,957 4,629 4,383 4,005 
Noncontrolling interest1,864 1,905 1,709 1,764 1,783 
Total Shareholders' Equity6,817 6,862 6,338 6,147 5,788 
Total Liabilities, Mezzanine Equity and Shareholders' Equity178,859 177,448 172,436 163,950 163,889 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.
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Page 12 of 43


DAC/VOBA Segment Trends
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Retirement
Balance as of Beginning-of-Period1,398 1,410 1,422 1,044 1,048 1,044 1,064 
Additions related to business acquisitions(1)
— — — 390 — 390 — 
Deferrals of commissions and expenses17 16 15 15 16 63 63 
Amortization(28)(28)(27)(27)(20)(110)(83)
Balance as of End-of-Period1,387 1,398 1,410 1,422 1,044 1,387 1,044 
Deferred Sales Inducements as of End-of-Period21 22 22 22 22 22 22 
Employee Benefits
Balance as of Beginning-of-Period241 241 237 234 229 234 211 
Deferrals of commissions and expenses12 11 11 13 16 47 58 
Amortization(12)(12)(7)(9)(11)(40)(36)
Balance as of End-of-Period240 241 241 237 234 240 234 
Total
Balance as of Beginning-of-Period1,638 1,651 1,659 1,278 1,277 1,278 1,275 
Additions related to business acquisitions(1)
— — — 390 — 390 — 
Deferrals of commissions and expenses29 27 26 28 32 110 121 
Amortization(40)(40)(34)(37)(31)(150)(118)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,627 1,638 1,651 1,659 1,278 1,627 1,278 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)
774 797 821 846 870 774 870 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,401 2,435 2,472 2,505 2,148 2,401 2,148 
(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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Page 13 of 43


Consolidated Capital Structure
Balances as of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/2024
Financial Debt
Senior bonds1,7541,7541,7531,7532,151
Subordinated bonds349349349349349
Other debt11222
Total Financial Debt2,1042,1042,1042,1042,502
Other financial obligations (1)
329289305298304
Total Financial Obligations2,4332,3932,4092,4022,806
Mezzanine Equity
Redeemable noncontrolling interest222221215214219
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)6,1296,1236,0845,9525,855
Total Equity (Excluding AOCI)
6,7416,7356,6966,5646,467
Accumulated other comprehensive income (AOCI)(1,788)(1,778)(2,067)(2,181)(2,462)
Total Voya Financial, Inc. Shareholders' Equity4,9534,9574,6294,3834,005
Noncontrolling interest1,8641,9051,7091,7641,783
Total Shareholders' Equity6,8176,8626,3386,1475,788
Capital
Capitalization (3)
7,0577,0616,7336,4876,507
Adjusted Capitalization excluding AOCI (4)
11,26011,25411,02910,94411,275
Leverage Ratios
Debt-to-Capital (5)
29.8 %29.8 %31.2 %32.4 %38.5 %
Financial Leverage excluding AOCI (6)
27.0 %26.7 %27.4 %27.5 %30.3 %
(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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Page 14 of 43


Consolidated Assets Under Management, Assets Under Administration and Advisement
As of December 31, 2025
(in millions USD)General AccountSeparate AccountInstitutional/Mutual FundsTotal AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)
Total AUM and AUA
Retirement (1)
32,684 108,304 165,158 306,146 490,362 796,508 
Investment Management 37,290 35,922 286,913 360,125 62,030 422,155 
Employee Benefits1,805 19 — 1,824 — 1,824 
Eliminations/Other (3)
(34,489)(31,238)(12,977)(78,704)(41,614)(120,318)
Total AUM and AUA37,290 113,007 439,094 589,391 510,778 1,100,169 
(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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Page 16 of 43
Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income426 429 431 425 379 1,710 1,561 
Investment expenses(20)(19)(20)(19)(18)(79)(68)
Credited interest(229)(231)(229)(228)(209)(918)(843)
Net Margin177 179 182 178 152 713 650 
Alternative investment income (1)
47 42 42 22 33 154 111 
Other investment income (2)
23 27 26 28 28 105 117 
Investment spread and other investment income247 248 250 228 213 972 878 
Full Service Fee-based revenue (3)
236 225 201 204 181 866 685 
Recordkeeping and other fee-based revenue143 140 133 128 121 544 476 
Total Fee-based margin 379 365 334 332 302 1,410 1,161 
Net underwriting gain (loss) and other revenue5 5 8 7 5 25 17 
Net revenue (4)
631 618 592 567 519 2,408 2,056 
Administrative expenses(271)(254)(259)(261)(223)(1,044)(897)
Net commissions(77)(74)(71)(71)(66)(293)(255)
DAC/VOBA and other intangibles amortization(28)(28)(28)(28)(20)(112)(84)
Adjusted operating earnings before income taxes255 261 235 207 210 959 820 
Adjusted Operating Margin TTM39.8 %39.8 %39.3 %39.7 %39.9 %
Full Service Revenue (5)
Full Service Investment spread and other investment income238 236 235 212 198 922 813 
Full Service Fee-based revenue236 225 201 204 181 866 685 
Total Full Service Revenue474 461 437 416 379 1,789 1,497 
Client Assets
Fee-based701,089689,147662,433601,790524,476701,089 524,476 
Spread-based (6)
32,68432,99433,22033,30629,76832,684 29,768 
Investment-only Stable Value36,65936,24536,67836,15734,55736,659 34,557 
Retail Client Assets (7)
35,47534,79933,00030,67031,21435,475 31,214 
Eliminations (8)
(9,400)(8,365)(8,087)(7,743)(7,811)(9,400)(7,811)
Total Client Assets796,508784,821757,244694,180612,205796,508 612,205 
(1) See page 36 for additional detail on Alternative 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) The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026.
(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes proprietary IRA mutual fund product wholesaled as a manufacturer and sold to retail customers through a wholly owned broker-dealer and investment adviser. The portion sold through the wholly owned broker-dealer and investment adviser is eliminated from Total Client Assets.
(8) 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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Retirement Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Full Service - Client Assets
Fee-based248,617 248,945 237,544 218,347 178,983 248,617 178,983 
Spread-based32,405 32,709 32,933 33,010 29,464 32,405 29,464 
Client Assets, end of period - Full Service Total281,022 281,654 270,477 251,357 208,448 281,022 208,448 
Full Service - Total
Client Assets, beginning of period281,654 270,477 251,357 208,448 208,978 208,448 185,379 
Transfers / Single deposits2,460 1,910 2,174 2,413 2,848 8,957 9,131 
Recurring deposits5,008 5,272 5,396 6,063 3,852 21,739 16,114 
Total Deposits7,468 7,182 7,571 8,475 6,699 30,696 25,245 
Surrenders, benefits, and product charges(11,679)(10,104)(8,692)(9,304)(7,152)(39,779)(26,494)
Net Flows (4,211)(2,922)(1,121)(828)(453)(9,082)(1,250)
Interest credited and investment performance3,579 14,099 20,241 (3,809)(78)34,110 24,318 
Transfer due to business acquisition— — — 47,547 — 47,547 — 
Client Assets, end of period - Full Service Total281,022 281,654 270,477 251,357 208,448 281,022 208,448 
Recordkeeping
Client Assets, beginning of period434,835 419,669 378,366 340,254 335,774 340,254 298,120 
Transfers / Single deposits8,044 4,272 15,107 34,611 7,772 62,035 14,156 
Recurring deposits6,784 6,567 7,291 8,380 6,203 29,023 23,847 
Total Deposits14,828 10,839 22,399 42,991 13,974 91,057 38,003 
Surrenders, benefits, and product charges(12,379)(18,949)(9,667)(12,759)(9,211)(53,754)(34,803)
Net Flows 2,449 (8,110)12,732 30,232 4,763 37,304 3,200 
Interest credited and investment performance9,704 23,276 28,570 (5,200)(283)56,350 38,934 
Transfer due to business acquisition— — — 13,080 — 13,080 — 
Client Assets, end of period - Recordkeeping446,988 434,835 419,669 378,366 340,254 446,988 340,254 
Total Defined Contribution (1)
Client Assets, beginning of period716,489 690,146 629,723 548,702 544,753 548,702 483,499 
Transfers / Single deposits10,503 6,182 17,282 37,024 10,619 70,991 23,287 
Recurring deposits11,793 11,839 12,688 14,443 10,054 50,763 39,962 
Total Deposits22,296 18,021 29,970 51,467 20,674 121,754 63,248 
Surrenders, benefits, and product charges(24,058)(29,053)(18,358)(22,063)(16,364)(93,532)(61,298)
Net Flows (1,762)(11,032)11,611 29,404 4,310 28,222 1,950 
Interest credited and investment performance13,284 37,375 48,811 (9,009)(361)90,461 63,252 
Transfer due to business acquisition— — — 60,627 — 60,627 — 
Client Assets, end of period - Total Defined Contribution728,011 716,489 690,146 629,723 548,702 728,011 548,702 
(1) Total of Full Service and Recordkeeping.
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Retirement Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period36,245 36,678 36,157 34,557 34,744 34,557 35,188 
Transfers / Single deposits1,192 94 814 1,629 1,118 3,729 1,615 
Recurring deposits350 367 145 554 139 1,416 725 
Total Deposits1,542 462 959 2,183 1,257 5,146 2,341 
Surrenders, benefits, and product charges(1,713)(1,716)(707)(1,024)(1,435)(5,160)(5,064)
Net Flows(171)(1,254)252 1,159 (178)(14)(2,724)
Interest credited and investment performance585 821 270 440 (9)2,116 2,093 
Assets, end of period - Defined Contribution Investment-only SV36,659 36,245 36,678 36,157 34,557 36,659 34,557 
Retail Client Assets (2)(3)
35,479 34,803 33,004 30,675 31,218 35,479 31,218 
Other Assets (4)
5,758 5,648 5,503 5,368 5,538 5,758 5,538 
Eliminations (5)
(9,400)(8,365)(8,087)(7,743)(7,811)(9,400)(7,811)
Total Client Assets796,508 784,821 757,244 694,180 612,205 796,508 612,205 
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes proprietary IRA mutual fund product wholesaled as a manufacturer and sold to retail customers through a wholly owned broker-dealer and investment adviser. The portion sold through the wholly owned broker-dealer and investment adviser is eliminated from Total Client Assets.
(3) 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.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) 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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Page 20 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital income (1)
6 11 4 5 5 26 21 
Other investment income 1 1 1 1 1 5 6 
Investment spread and other investment income7 12 5 6 6 31 27 
Fee-based margin (2)
283 245 234 237 265 999 955 
Net revenue (3)
290 257 239 243 271 1,030 982 
Administrative expenses (198)(177)(174)(190)(182)(739)(703)
Adjusted operating earnings before income taxes, including noncontrolling interest
92 80 65 53 89 291 278 
Adjusted Operating Margin TTM28.3 %28.5 %28.0 %28.1 %28.3 %
Fee-based margin (2)
Investment advisory and administrative revenue250 245 237 236 237 968 927 
Other fee-based margin33 — (3)1 27 31 28 
Fee-based margin283 245 234 237 265 999 955 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest
92 80 65 53 89 291 278 
Less: Earnings (loss) attributable to the noncontrolling interest (4)
21 18 14 12 22 65 65 
Adjusted operating earnings before income taxes72 62 51 41 66 226 213 
(1) See page 36 for additional detail on Alternative investment income, including Investment capital 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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Investment Management Analysis of AUM and AUA
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Client Assets:
External Clients
Institutional 171,557 173,442 166,833 161,220 156,568 171,557 156,568 
Retail (1)
151,279 156,355 156,329 147,025 149,214 151,279 149,214 
Subtotal External Clients322,835 329,797 323,162 308,245 305,782 322,835 305,782 
General Account37,290 36,503 36,428 36,734 33,576 37,290 33,576 
Total Client Assets (AUM) 360,125 366,300 359,589 344,978 339,358 360,125 339,358 
Assets under Advisement and Administration (AUA) (1)
62,030 53,527 53,530 50,162 50,247 62,030 50,247 
Total AUM and AUA422,155 419,827 413,119 395,140 389,605 422,155 389,605 
Investment Advisory and Administrative Revenues (2)
External Clients
Institutional94 92 89 89 90 363351
Retail134 130 125 124 125 514490
Subtotal External Clients228 222 214 213 215 877841
General Account18 18 19 19 17 7469
Total Investment Advisory and Administrative Revenues (AUM)246 240 232 232 233 951910
Administration Only Fees4 4 5 5 5 1817
Total Investment Advisory and Administrative Revenues250 245 237 236 237 968927
Revenue Yield (bps) (2)
External Clients
Institutional21.7 21.6 21.7 22.1 22.7 21.8 23.0 
Retail34.1 33.1 33.2 33.0 33.6 33.4 33.2 
Revenue Yield on External Clients27.6 27.1 27.2 27.4 28.0 27.3 28.0 
General Account20.2 20.1 20.3 20.6 20.4 20.3 20.3 
Revenue Yield on Client Assets (AUM)26.8 26.4 26.5 26.7 27.2 26.6 27.2 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.0 3.3 3.5 3.6 3.5 3.4 3.2 
Total Revenue Yield on AUM and AUA (bps)23.7 23.4 23.6 23.8 24.2 23.6 23.9 
Revenue Yield on Client Assets (AUM) TTM26.6 26.7 26.9 27.0 27.2 26.6 27.2 
(1) In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
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Investment Management Account Rollforward by Source
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Institutional AUM:
Beginning of period AUM173,442 166,833 161,220 156,568 158,288 156,568 148,722 
Inflows7,672 12,780 6,665 10,460 8,925 37,577 29,886 
Outflows(6,986)(9,219)(5,713)(5,272)(6,923)(27,191)(24,202)
Net flows - Institutional686 3,560 952 5,187 2,001 10,386 5,685 
Change in Market Value772 4,341 5,622 (345)(1,361)10,389 6,463 
Other (Including Acquisitions / Divestitures) (3,344)(1,292)(961)(191)(2,361)(5,787)(4,302)
End of period AUM - Institutional171,557 173,442 166,833 161,220 156,568 171,557 156,568 
Organic Growth (Net Flows/Beginning of period AUM)0.4 %2.1 %0.6 %3.3 %1.3 %6.6 %3.8 %
Market Growth %0.4 %2.6 %3.5 %-0.2 %-0.9 %6.6 %4.3 %
Retail AUM:
Beginning of period AUM156,355 156,329 147,025 149,214 148,243 149,214 138,239 
Inflows12,033 11,408 11,093 12,774 11,092 47,308 41,132 
Outflows(11,540)(11,091)(10,218)(10,279)(9,739)(43,128)(34,279)
Net flows - Retail (1)
493 317 874 2,496 1,353 4,180 6,852 
Net Money Market Flows(42)(38)49 117 64 85 166 
Change in Market Value2,289 7,072 8,984 (4,816)1,314 13,528 12,432 
Net Flows from Divested Businesses (2)
(28)(6,397)(259)(374)(316)(7,059)(8,993)
Other (Including Acquisitions / Divestitures) (3)
(7,787)(927)(344)388 (1,444)(8,669)518 
End of period AUM - Retail151,279 156,355 156,329 147,025 149,214 151,279 149,214 
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)0.3 %0.2 %0.6 %1.7 %0.9 %2.8 %5.0 %
Market Growth %1.5 %4.5 %6.1 %-3.2 %0.9 %9.1 %9.0 %
Net Flows:
Institutional Net Flows686 3,560 952 5,187 2,001 10,386 5,685 
Retail Net Flows493 317 874 2,496 1,353 4,180 6,852 
Net Flows from Divested Businesses(28)(6,397)(259)(374)(316)(7,059)(8,993)
Total Net Flows1,151 (2,520)1,567 7,310 3,038 7,507 3,544 
Net Flows excluding Net Flows from Divested Businesses1,179 3,877 1,826 7,683 3,354 14,566 12,537 
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)0.4 %1.2 %0.6 %2.5 %1.1 %4.8 %4.4 %
(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.
(3) In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/2024
Institutional
Equity29,286 29,404 27,457 22,375 24,056 
Fixed Income - Public61,530 61,776 56,899 57,182 55,645 
Fixed Income - Privates70,105 69,611 68,818 67,245 64,095 
Alternatives10,636 12,651 13,659 14,418 12,772 
Money Market— — — — — 
Total171,557 173,442 166,833 161,220 156,568 
Retail
Equity73,239 77,684 78,699 70,634 73,784 
Fixed Income - Public73,414 73,976 72,870 71,625 70,854 
Fixed Income - Privates128 123 277 311 334 
Alternatives1,961 1,995 1,876 1,910 1,850 
Money Market2,537 2,576 2,606 2,544 2,392 
Total151,279 156,355 156,329 147,025 149,214 
General Account
Equity279 125 112 138 129 
Fixed Income - Public18,284 18,272 17,870 18,071 16,832 
Fixed Income - Privates16,072 15,973 16,271 16,574 14,375 
Alternatives2,003 1,712 1,615 1,650 1,681 
Money Market652 421 560 300 559 
Total37,290 36,503 36,428 36,734 33,576 
Combined Asset Type
Equity102,804 107,213 106,268 93,147 97,969 
Fixed Income - Public153,227 154,024 147,639 146,878 143,331 
Fixed Income - Privates86,305 85,707 85,366 84,130 78,804 
Alternatives14,600 16,359 17,150 17,979 16,304 
Money Market3,189 2,997 3,166 2,844 2,951 
Total360,125 366,300 359,589 344,978 339,358 
Total Private and Alternative Assets100,905 102,066 102,516 102,109 95,108 
% of Private and Alternative Assets / Total AUM28.0 %27.9 %28.5 %29.6 %28.0 %
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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 EndedTwelve Months Ended
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income 27 27 27 27 26 108 102 
Investment expenses(1)(1)(1)(1)(1)(4)(4)
Credited interest(11)(11)(11)(12)(12)(46)(49)
Net margin15 15 14 14 14 59 49 
Alternative investment income (1)
8 7 7 3 5 25 15 
Other investment income11 12 10 10 8 43 39 
Investment spread and other investment income34 34 31 27 27 127 103 
Fee-based margin (2)
57 54 56 56 57 223 226 
Net underwriting gain (loss) and other revenue151 195 216 206 40 768 646 
Net revenue (3)
242 284 303 290 124 1,118 975 
Administrative expenses(143)(134)(132)(139)(130)(548)(525)
Premium taxes, fees and assessments(52)(52)(50)(50)(48)(204)(186)
Net commissions(45)(39)(44)(45)(37)(174)(188)
DAC/VOBA and other intangibles amortization(12)(12)(7)(9)(11)(40)(36)
Adjusted operating earnings before income taxes(10)47 69 46 (102)152 40 
Adjusted Operating Margin TTM13.6 %6.0 %3.7 %2.7 %4.1 %
Group life:
Premiums165 162 166 162 167 655 674 
Benefits(116)(120)(124)(146)(139)(506)(532)
Other (4)
(3)(3)(3)(2)(4)(11)(11)
Total Group life47 39 40 14 24 140 131 
Group life Loss Ratio (interest adjusted) (5)
70.0 %74.2 %74.3 %90.3 %83.3 %77.1 %78.9 %
Group Stop loss:
Premiums391 388 388 390 451 1,557 1,810 
Benefits(375)(324)(312)(293)(520)(1,304)(1,702)
Other (4)
(1)(1)(2)(2)(2)(6)(6)
Total Group Stop loss14 62 75 96 (71)248 102 
Stop loss Loss Ratio (5)
96.0 %83.6 %80.3 %75.0 %115.4 %83.7 %94.0 %
Voluntary Benefits, Disability, and Other90 94 100 97 87 380 414 
Net underwriting gain (loss) and other revenue
Premiums744 739 741 747 802 2,971 3,228 
Benefits(591)(542)(524)(538)(757)(2,195)(2,572)
Other (4)
(2)(2)(2)(3)(4)(7)(10)
Total Net underwriting gain (loss) and other revenue151 195 216 206 40 768 646 
Total Aggregate Loss Ratio (5)
79.5 %73.4 %70.7 %72.0 %94.5 %73.9 %79.7 %
Total Aggregate Loss Ratio TTM (5)
73.9 %78.0 %79.0 %79.4 %79.7 %
(1) See page 36 for additional detail on Alternative 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
Three Months EndedTwelve Months Ended
12/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/202312/31/202512/31/2024
2025 Stop Loss Policy Year Development (1)
January Business91 %87 %87 %87 %— %— %— %— %— %— %91 %— %
Non-January Business85 %85 %85 %NM— %— %— %— %— %— %85 %— %
Total 2025 Policy Year90 %87 %87 %87 %— %— %— %— %— %— %90 %— %
2024 Stop Loss Policy Year Development (1)
January Business91 %91 %91 %93 %95 %86 %81 %81 %— %— %91 %95 %
Non-January Business83 %85 %85 %85 %85 %80 %81 %81 %— %— %83 %85 %
Total 2024 Policy Year89 %90 %90 %92 %94 %86 %81 %81 %— %— %89 %94 %
2023 Stop Loss Policy Year Development (1)
January Business80 %80 %80 %80 %80 %80 %80 %80 %79 %79 %80 %80 %
Non-January Business83 %83 %83 %83 %85 %83 %81 %79 %77 %77 %83 %85 %
Total 2023 Policy Year80 %80 %80 %80 %81 %81 %80 %80 %79 %78 %80 %81 %
2022 Stop Loss Policy Year Development (1)
January Business71 %71 %71 %71 %71 %71 %71 %71 %71 %71 %71 %71 %
Non-January Business67 %67 %67 %67 %67 %68 %68 %67 %68 %71 %67 %67 %
Total 2022 Policy Year70 %70 %70 %70 %70 %70 %71 %71 %71 %71 %70 %70 %
Reported Loss Ratio for Stop Loss (2)
96 %84 %80 %75 %115 %93 %83 %84 %76 %83 %84 %94 %
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. 
(2) Reported Loss ratios are net of reinsurance recoveries.

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Voya Financial
Page 27 of 43
Employee Benefits Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Sales by Product Line:
Group life and Disability7 29 22 74 7 133 166 
Stop loss27 59 14 265 12 365 607 
Voluntary and Other (1)
11 17 37 99 14 163 211 
Total sales by product line45 105 73 438 33 661 984 
Total gross premiums and deposits825 837 843 846 896 3,351 3,601 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability965 989 977 971 978 965 978 
Stop loss1,578 1,572 1,569 1,589 1,821 1,578 1,821 
Voluntary and Other (1)
1,103 1,100 1,103 1,117 1,057 1,103 1,057 
Total annualized in-force premiums and fees by product line3,646 3,662 3,649 3,677 3,856 3,646 3,856 
Assets Under Management by Fund Group:
General account1,805 1,906 1,945 1,870 1,975 1,805 1,975 
Separate account19 19 18 17 18 19 18 
Total AUM1,824 1,925 1,963 1,887 1,993 1,824 1,993 
(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 EndedTwelve Months Ended
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Interest expense (excluding Preferred stock dividends) (1)
(30)(30)(28)(31)(34)(119)(121)
Preferred stock dividends(4)(16)(4)(17)(4)(41)(41)
Pension expense (2)
(13)(13)(13)(13)(12)(52)(48)
Other (3)
(47)(22)(22)(2)23 (93)5 
Adjusted operating earnings before income taxes, including noncontrolling interest
(94)(81)(67)(63)(27)(305)(205)
Less: Earnings (loss) attributable to the noncontrolling interest(3)(1)(1)(1)— (7)(2)
Adjusted operating earnings before income taxes(90)(80)(67)(62)(27)(299)(203)
(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 EndedTwelve Months Ended
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Retirement(271)(254)(259)(261)(223)(1,044)(897)
Investment Management(198)(177)(174)(190)(182)(739)(703)
Employee Benefits(143)(134)(132)(139)(130)(548)(525)
Total Administrative Expenses (1)
(612)(565)(565)(590)(535)(2,331)(2,125)
(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)12/31/20259/30/20256/30/20253/31/202512/31/2024
Retirement
Adjusted operating earnings before income taxes - before interest959 913 863 842 820 
Income tax expense139 131 122 119 116 
Adjusted Operating Earnings - before interest and after income taxes820 782 741 723 704 
Adjusted Operating effective tax rate (1)
14.9 %15.0 %14.3 %13.4 %14.3 %
Adjusted Operating effective tax rate TTM 14.5 %14.3 %14.1 %14.1 %14.2 %
Average Capital3,747 3,674 3,584 3,483 3,415 
Ending Capital (2)
3,746 3,791 3,771 3,796 3,509 
Adjusted Return on Capital21.9 %21.3 %20.7 %20.7 %20.6 %
Investment Management
Adjusted operating earnings before income taxes - before interest226 220 214 213 213 
Income tax expense47 46 45 45 45 
Adjusted Operating Earnings - before interest and after income taxes179 174 169 168 168 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital876 870 861 851 843 
Ending Capital (2)
876 883 875 874 869 
Adjusted Return on Capital20.4 %20.1 %19.6 %19.7 %20.0 %
Employee Benefits
Adjusted operating earnings before income taxes - before interest152 59 36 27 40 
Income tax expense32 12 7 6 8 
Adjusted Operating Earnings - before interest and after income taxes120 47 29 21 32 
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 Capital1,288 1,291 1,286 1,275 1,246 
Ending Capital (2)
1,259 1,295 1,281 1,295 1,306 
Adjusted Return on Capital9.3 %3.6 %2.2 %1.6 %2.5 %
(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)12/31/20259/30/202512/31/2025
Invested Assets
Book Values, Gross investment income and Earned rate (1)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Public corporate10,942 28.0 %152 5.7 %10,785 28.0 %144 5.5 %10,942 28.0 %568 5.3 %
Private credit8,501 22.0 %99 4.7 %8,470 22.0 %94 4.5 %8,501 22.0 %406 4.9 %
Securitized (2)(3)
10,034 26.0 %136 5.5 %10,053 26.0 %148 6.0 %10,034 26.0 %576 5.8 %
Commercial mortgage loans5,574 14.0 %67 5.0 %5,376 14.0 %65 4.9 %5,574 14.0 %264 4.9 %
Municipals598 2.0 %6 3.9 %606 2.0 %6 3.9 %598 2.0 %24 3.9 %
Short-term / Treasury636 2.0 %6 4.3 %566 1.0 %6 4.1 %636 2.0 %24 4.2 %
Equity securities201 1.0 %3 5.8 %195 1.0 %3 7.2 %201 1.0 %12 6.4 %
Policy loans369 1.0 %5 5.4 %372 1.0 %5 5.4 %369 1.0 %19 5.3 %
Derivatives(5)— %4 N/A(6)— %2 N/A(5)— %10 N/A
Book Values and Gross Investment Income before variable components36,850 95.0 %477 5.3 %36,417 95.0 %473 5.3 %36,850 95.0 %1,904 5.3 %
Book Values and Gross Investment Income on variable components
Limited partnership (4)
1,909 5.0 %53 11.7 %1,991 5.0 %50 10.5 %1,909 5.0 %170 9.2 %
Prepayment / Other fee income N/A — %7 0.1 %N/A— %5 0.1 % N/A — %17 0.1 %
Book Values and Gross Investment Income (variable)1,909 5.0 %60 N/A1,991 5.0 %55 N/A1,909 5.0 %187 N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings38,759 100.0 %537 5.7 %38,407 100.0 %527 5.6 %38,759 100.0 %2,091 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)9/30/202506/30/202503/31/202512/31/2024
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate10,913 28.0 %10,585 28.0 %10,610 28.0 %10,336 29.0 %
Private credit8,367 22.0 %8,420 22.0 %8,506 22.0 %7,860 22.0 %
Securitized9,979 26.0 %9,852 26.0 %9,996 26.0 %9,657 27.0 %
Municipals606 2.0 %609 2.0 %623 2.0 %686 2.0 %
Short-term / Treasury637 2.0 %640 2.0 %524 1.0 %572 2.0 %
Total Fixed maturities30,501 79.0 %30,107 79.0 %30,258 79.0 %29,110 81.0 %
Commercial mortgage loans5,371 14.0 %5,483 14.0 %5,553 14.0 %4,669 13.0 %
Limited partnership1,913 5.0 %1,923 5.0 %1,910 5.0 %1,885 5.0 %
Equity securities626 2.0 %566 1.0 %577 2.0 %309 1.0 %
Total38,410 100.0 %38,079 100.0 %38,298 100.0 %35,973 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 116,695 55.0 %16,532 55.0 %16,304 54.0 %15,641 54.0 %
NAIC 212,470 41.0 %12,178 40.0 %12,459 41.0 %12,073 41.0 %
NAIC 3 and below1,335 4.0 %1,396 5.0 %1,495 5.0 %1,397 5.0 %
Total Fixed maturities30,501 100.0 %30,107 100.0 %30,258 100.0 %29,110 100.0 %
Commercial Mortgage Loans:
CML 13,905 73.0 %4,039 74.0 %4,111 74.0 %3,396 73.0 %
CML 21,092 20.0 %1,079 20.0 %1,000 18.0 %961 21.0 %
CML 3 and below374 7.0 %366 7.0 %441 8.0 %312 7.0 %
Total Commercial mortgage loans5,371 100.0 %5,483 100.0 %5,553 100.0 %4,669 100.0 %
(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 EndedTwelve Months Ended
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Retirement (1)
Alternative investment income at long-term expectations (2)
37 37 35 36 35 146 138 
Alternative investment income above (below) expectations10 5 7 (14)(2)8 (25)
Alternative investment income47 42 42 22 33 154 111 
Average alternative investments1,644 1,657 1,590 1,591 1,575 1,620 1,532 
Investment Management (1)
Alternative investment income at long-term expectations (2)
7 7 8 7 8 30 30 
Alternative investment income above (below) expectations(1)4 (4)(2)(3)(4)(9)
Alternative investment income6 11 4 5 5 26 21 
Average alternative investments314 331 344 326 340 329 337 
Employee Benefits (1)
Alternative investment income at long-term expectations (2)
5 7 6 5 5 23 21 
Alternative investment income above (below) expectations3 — 1 (2)(1)2 (7)
Alternative investment income8 7 7 3 5 25 15 
Average alternative investments238 284 268 238 215 257 222 
Total (1)
Alternative investment income at long-term expectations (2)
49 51 49 49 49 199 190 
Alternative investment income above (below) expectations12 9 4 (19)(6)6 (41)
Alternative investment income61 60 53 30 43 205 148 
Average alternative investments2,196 2,272 2,202 2,155 2,130 2,206 2,091 
(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)12/31/20259/30/20256/30/20253/31/202512/31/2024
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 shareholders136 1.41 176 1.80 162 1.66 139 1.42 93 0.94 
Plus: Net income (loss) attributable to noncontrolling interests
9 0.09 80 0.83 (5)(0.05)(5)(0.05)24 0.25 
Less: Preferred stock dividends
(4)(0.04)(16)(0.17)(4)(0.04)(17)(0.17)(4)(0.04)
Income (loss)169 149 1.54 307 272 2.79 188 161 1.65 173 151 1.54 120 121 1.23 
Less:
Net investment gains (losses)
4 3 0.03 (16)(12)(0.13)(29)(23)(0.23)(2)(1)(0.02)— — — 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment
(25)(20)(0.21)(52)(42)(0.43)(30)(24)(0.24)(39)(31)(0.32)(22)(17)(0.17)
Net income (loss) attributable to noncontrolling interests9 9 0.09 80 80 0.83 (5)(5)(0.05)(5)(5)(0.05)24 24 0.25 
Dividend payments made to preferred shareholders4 4 0.04 16 16 0.17 4 4 0.04 17 17 0.17 4 4 0.04 
Other adjustments (3)
(50)(35)(0.36)(11)(10)(0.10)(41)(31)(0.32)(30)(24)(0.24)(32)(27)(0.28)
Adjusted operating earnings226 188 1.94 290 239 2.45 289 240 2.46 232 195 2.00 147 138 1.40 
(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 Dec. 31, 2025, also includes a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and $14 million, after-tax, of severance costs. 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.


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Voya Financial
Page 39 of 43
Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)
Twelve months ended
(in millions USD, except per share)12/31/202512/31/2024
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 shareholders613 6.29 626 6.17 
Plus: Net income (loss) attributable to noncontrolling interests
79 0.81 75 0.74 
Less: Preferred stock dividends
(41)(0.42)(41)(0.41)
Income (loss)837 733 7.53 799 742 7.32 
Less:
Net investment gains (losses)(42)(33)(0.34)50 39 0.39 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)
(147)(116)(1.19)(142)(75)(0.74)
Net income (loss) attributable to noncontrolling interests79 79 0.81 75 75 0.74 
Dividend payments made to preferred shareholders41 41 0.42 41 41 0.41 
Other adjustments (4)
(132)(99)(1.02)(95)(75)(0.74)
Adjusted operating earnings1,038 861 8.85 870 736 7.25 
(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 twelve months ended December 31, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the twelve months ended December 31, 2025, also includes $38 million, after-tax, of severance costs and a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations.For the twelve months ended December 31, 2024, also includes $12 million, after-tax, of severance costs, 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, 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.
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Voya Financial
Page 40 of 43
Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses
Three Months EndedYear-to-Date
(in millions USD)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Total revenues2,111 2,128 1,981 1,969 2,010 8,189 8,050 
Less:
Net investment gains (losses)(8)(9)(38)(5)(8)(58)22 
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment31 28 30 28 13 117 102 
Revenues (loss) attributable to noncontrolling interests37 115 35 25 57 214 243 
Other adjustments45 50 54 33 50 179 196 
Total adjusted operating revenues2,006 1,942 1,900 1,888 1,897 7,738 7,487 
Adjusted operating revenues by segment
Retirement866 853 824 798 731 3,341 2,905 
Investment Management290 257 239 243 271 1,030 982 
Employee Benefits845 829 832 841 888 3,348 3,577 
Corporate6 3 5 6 8 19 23 
Total adjusted operating revenues2,006 1,942 1,900 1,888 1,897 7,738 7,487 
Total benefits and expenses(1,942)(1,821)(1,793)(1,796)(1,890)(7,352)(7,251)
Less:
Changes in market risk benefits12 (7)9 3 8 16 28 
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment(56)(81)(60)(67)(35)(264)(245)
Expenses attributable to noncontrolling interests(45)(51)(54)(41)(56)(193)(231)
Dividend payments made to preferred shareholders4 16 4 17 4 41 41 
Other adjustments(94)(63)(95)(63)(83)(310)(290)
Total adjusted operating benefits and expenses(1,763)(1,635)(1,598)(1,645)(1,728)(6,642)(6,554)
Adjusted operating benefits and expenses by segment
Retirement(610)(592)(589)(591)(521)(2,382)(2,085)
Investment Management(198)(177)(174)(190)(182)(739)(703)
Employee Benefits(856)(783)(763)(795)(990)(3,196)(3,537)
Corporate(99)(84)(72)(69)(35)(324)(228)
Total adjusted operating benefits and expenses(1,763)(1,635)(1,598)(1,645)(1,728)(6,642)(6,554)

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Voya Financial
Page 41 of 43
Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Retirement
Adjusted operating revenues
page 9
866 853 824 798 731 3,341 2,905 
Interest credited and other benefits to contract owners/policyholders(234)(235)(232)(231)(211)(933)(849)
Net revenue
page 16
631 618 592 567 519 2,408 2,056 
Investment Management
Adjusted operating revenues
page 9
290 257 239 243 271 1,030 982 
Net revenue
page 20
290 257 239 243 271 1,030 982 
Employee Benefits
Adjusted operating revenues
page 9
845 829 832 841 888 3,348 3,577 
Interest credited and other benefits to contract owners/policyholders(603)(546)(529)(551)(764)(2,230)(2,602)
Net revenue
page 25
242 284 303 290 124 1,118 975 
Consolidated
Total Adjusted operating revenues
page 9
2,006 1,942 1,900 1,888 1,897 7,738 7,487 
Interest credited and other benefits to contract owners/policyholders(838)(781)(761)(782)(975)(3,163)(3,451)
Corporate Adjusted operating revenues (1)
(6)(3)(5)(6)(8)(19)(23)
Net revenue
pages 16/20/25
1,163 1,159 1,134 1,100 914 4,556 4,012 
(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)12/31/20259/30/20256/30/20253/31/202512/31/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders613 570 492 531 626 
TTM Average Total Voya Financial, Inc. Shareholders' Equity4,612 4,464 4,361 4,259 4,254 
TTM Return on Voya Financial, Inc Equity13.3 %12.8 %11.3 %12.5 %14.7 %
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI-2.0 %-2.0 %-1.8 %-2.1 %-2.5 %
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI5.1 %5.3 %4.8 %5.6 %6.7 %
TTM Net investment gains (losses), after-tax-0.5 %-0.6 %-0.8 %-0.2 %0.7 %
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax-1.9 %-1.9 %-1.9 %-2.0 %-1.2 %
TTM Other adjustments, after-tax-1.7 %-1.5 %-1.8 %-1.4 %-1.3 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI14.3 %13.6 %12.8 %12.6 %12.3 %
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA-4.3 %-4.3 %-4.2 %-4.1 %-4.1 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA18.6 %17.9 %17.0 %16.7 %16.5 %
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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 ofYear-to-Date or As of
(in whole dollars)12/31/20259/30/20256/30/20253/31/202512/31/202412/31/202512/31/2024
Book value per common share, including AOCI46.2845.5541.7139.2035.5346.2835.53
Per share impact of AOCI19.0618.6421.4622.6725.7819.0625.78
Book value per common share, excluding AOCI65.3464.1863.1861.8761.3165.3461.31
 
Debt to capital ratio29.8 %29.8 %31.2 %32.4 %38.5 %29.8 %38.5 %
Plus:
Capital impact of adding noncontrolling interest
-6.8 %-6.9 %-6.9 %-7.5 %-9.1 %-6.8 %-9.1 %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.1 %8.8 %9.4 %9.5 %9.4 %9.1 %9.4 %
Capital impact of excluding AOCI-5.1 %-5.0 %-6.3 %-6.9 %-8.5 %-5.1 %-8.5 %
Financial leverage ratio excluding AOCI27.0 %26.7 %27.4 %27.5 %30.3 %27.0 %30.3 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
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