8-K - VOYA - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 5, 2025

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-35897	No.
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification Number)
200 Park Avenue
New York	New York		10166
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, .01 Par Value	New York Stock Exchange
Depositary Shares, each representing a 1/40th	New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, 0.01 par value

All values are in US Dollars.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition

On August 5, 2025, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30, 2025. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, August 6, 2025 at 10:00 am ET to discuss its second-quarter 2025 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended June 30, 2025, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 2025 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01	Regulation FD Disclosure

On August 5, 2025, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of Voya Financial, Inc., dated August 5, 2025 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended June 30, 2025 (furnished and not filed)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By: /s/ Julie Watson

Name: Julie Watson

Title: Vice President, Counsel and Corporate Secretary

Dated: August 5, 2025

Document

Exhibit 99.1

Voya Financial announces second-quarter 2025 results

NEW YORK, Aug. 5, 2025 — Voya Financial, Inc. (NYSE: VOYA) announced today its second-quarter 2025 financial results:

•Second-quarter 2025 net income available to common shareholders of $162 million, or $1.66 per diluted share, and after-tax adjusted operating earnings1 of $240 million, or $2.46 per diluted share.

•Results demonstrate solid performance across our businesses, evidenced by continued commercial momentum, net revenue growth, and expense discipline.

•Achievement of a significant milestone: exceeding $1 trillion in total assets across Retirement and Investment Management.

•Excess capital generation remains strong, and our balance sheet is well-positioned. In the quarter we:

◦Generated approximately $0.2 billion of excess capital.

◦Returned $44 million to shareholders through common dividends.

“We are encouraged by another solid quarter of performance across our businesses,” said Heather Lavallee, chief executive officer, Voya Financial. “Retirement and Investment Management delivered strong earnings and net flows during a dynamic quarter, and our Employee Benefits business saw positive claim development across all products. These results reflect the strength of our diversified and complementary business mix. I want to thank our Voya colleagues for their focus and execution which continue to deliver value for our customers and stakeholders.”

“As we look to the second half of the year, our priorities remain clear — improving margins in Employee Benefits, successfully integrating OneAmerica, and driving strong organic growth. We remain focused on our strategy and well-positioned to deliver long-term value for our shareholders,” Lavallee added.

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com.

Second-Quarter 2025 Consolidated Results

Second-quarter 2025 net income available to common shareholders was $162 million, or $1.66 per diluted share, compared with $201 million, or $1.96 per diluted share, in second-quarter 2024. The decrease in the current period was due to non-operating impacts from investment losses and severance expenses, partially offset by growth in after-tax adjusted operating earnings.

Second-quarter 2025 after-tax adjusted operating earnings were $240 million, or $2.46 per diluted share, compared with $223 million, or $2.18 per diluted share, in second-quarter 2024. The growth was primarily due to earnings in Retirement from the business acquired from OneAmerica, higher earnings in Employee Benefits, partially offset by lower Corporate results. Second-quarter 2025 earnings per share also reflect a reduced share count as a result of share repurchases in the prior year.

Business Segment Results

In the second quarter of 2025, we announced we would return to using our prior segment names--Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in naming convention did not affect the amounts reported by segment in our financial statements. We will continue to provide products and services through three segments: Retirement, Investment Management and Employee Benefits.

Retirement

Retirement second-quarter 2025 pre-tax adjusted operating earnings were $235 million, up from $214 million in the prior-year period. The increase was primarily due to the acquired business from OneAmerica.

Net revenues for the trailing twelve months (TTM) ended Jun. 30, 2025 grew 12.1% compared with the prior-year period due to positive capital markets, acquired spread and fee-based business from OneAmerica, strong commercial momentum and higher alternative investment income.

Adjusted operating margin for the TTM ended Jun. 30, 2025 was 39.3% compared with 37.1% in the prior-year period. The improvement reflects net revenue growth and disciplined spend management while expanding our business.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues grew 9.3% and adjusted operating margin was 40.3%.

Total client assets as of Jun. 30, 2025 were $757 billion, up 30% compared with Jun. 30, 2024, primarily due to assets onboarded from OneAmerica, positive capital markets, and significant recordkeeping wins in the first half of 2025.

Investment Management

Investment Management second-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $51 million, compared to $50 million in the prior-year period. Growth in fee-based revenues benefiting from continued strong business momentum and positive capital markets year-over-year was largely offset by lower investment capital results.

Net revenues for the TTM ended Jun. 30, 2025 grew 7.2% compared with the prior-year period due to an increase in fee-based revenues reflecting net inflows and positive capital markets.

Adjusted operating margin for the TTM ended Jun. 30, 2025 was 28.0% compared with 25.6% in the prior-year period. The improvement was due to net revenue growth and disciplined expense management.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues grew 8.0% and adjusted operating margin was 28.7%.

Investment Management generated net inflows of $1.8 billion (excluding divested businesses) during the three months ended Jun. 30, 2025, representing organic growth of 0.6% for the quarter. The growth reflects continued momentum across multiple channels including Insurance, US Intermediary and International Retail.

Employee Benefits

Employee Benefits second-quarter 2025 pre-tax adjusted operating earnings were $69 million, up from $60 million in the prior-year period. Positive claim development in Stop Loss and favorable Group Life underwriting gains were partially offset by lower Voluntary underwriting gains and strategic investments in Short-Term Disability and Leave Management.

Net revenues for the TTM ended Jun. 30, 2025 declined 13.8% compared with the prior-year period. Adjusted operating margin for the TTM ended Jun. 30, 2025, was 3.7% compared with 19.1% in the prior-year period.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues declined 15.4% and adjusted operating margin was 4.2%.

The decline in TTM margins and net revenues primarily reflects negative Stop Loss claim development in the prior year periods.

Employee Benefits second-quarter 2025 annualized in-force premiums and fees declined 6% to $3.6 billion compared with the prior-year period. The decline was as planned and reflects our pricing discipline and risk selection within the Stop Loss business.

Corporate

Corporate second-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $67 million, compared with $53 million of losses in the prior-year period. The increase in losses was primarily driven by incentive compensation reflecting strong business performance.

Capital

For the second-quarter 2025, the company generated approximately $0.2 billion of excess capital. Year-to-date capital generation is approximately 90% of after-tax adjusted operating earnings. In the second quarter, the company returned $44 million of excess capital to shareholders through common stock dividends. As of Jun. 30, 2025, the company had approximately $0.3 billion of excess capital.

In May 2025, the company entered into a 10-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $600 million of P-Caps, conducted pursuant to Rule 144A under the Securities Act. Under the Facility Agreement, the company has the right, from time to time, to issue and sell up to $600 million of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the company pays the Trust a semi-annual facility fee at a rate of 1.518% per annum on the unexercised portion of the facility. This facility provides the company financial flexibility as proceeds may be drawn upon in any market environment.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, Aug. 6, 2025, at 10 a.m. ET, to discuss the company’s second-quarter 2025 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at approximately 1 p.m. ET on Aug. 6, 2025.

Media Contact: Investor Contact:

Donna Sullivan Mei Ni Chu

Donna.Sullivan@voya.com IR@voya.com

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for approximately 15.7 million individual, workplace and institutional clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer-centricity, integrity, accountability, agility and inclusivity. Voya employees fight together with customers and partners for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.

Use of Non-GAAP Financial Measures

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);

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled;

•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;

◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;

◦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; 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.

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 understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

•Investment spread and other investment income.

•Fee-based margin.

•Net underwriting gain (loss).

•Administrative expenses.

•Premium taxes, fees and assessments.

•Net commissions.

•DAC/VOBA and other intangibles amortization.

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).

•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 also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations.

•We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, interest rates, inflation, tariffs imposed or threatened by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2024, as filed with the SEC on Feb. 21, 2025, and in our Quarterly Report on Form 10-Q for the three months ended Jun. 30, 2025, to be filed with the SEC on or before Aug. 11, 2025.

VOYA-IR VOYA-CF

Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	6/30/2025		6/30/2024
Revenues
Net investment income	$	584	$	518
Fee income	577		517
Premiums	718		790
Net gains (losses)	(41)		(4)
Other revenues	100		98
Income (loss) related to consolidated investment entities	43		114
Total revenues	1,981		2,033
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(801)		(843)
Operating expenses	(857)		(752)
Net amortization of DAC/VOBA	(58)		(56)
Interest expense	(28)		(30)
Operating expenses related to consolidated investment entities	(49)		(76)
Total benefits and expenses	(1,793)		(1,757)
Income (loss) before income taxes	188		276
Income tax expense (benefit)	27		41
Net income (loss)	161		235
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(5)		30
Net income (loss) available to Voya Financial, Inc.	166		205
Less: Preferred stock dividends	4		4
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	162	$	201
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	1.69	$	2.00
Diluted	$	1.66	$	1.96
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
---	---	---	---	---
	Three Months Ended
(in millions USD, except per share)	6/30/2025				6/30/2024
	After-tax (1)		Per share		After-tax (1)		Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	162	$	1.66	$	201	$	1.96
Less:
Net investment gains (losses)	(23)		(0.23)		16		0.16
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(24)		(0.24)		(29)		(0.28)
Other adjustments (2)	(31)		(0.32)		(9)		(0.09)
Adjusted operating earnings	$	240	$	2.46	$	223	$	2.18
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation	5		0.05		(10)		(0.09)
Adjusted operating earnings excluding notable items	$	235	$	2.40	$	232	$	2.27

Note: Totals may not sum due to rounding.

(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) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Jun. 30, 2025, also includes $18 million, after-tax, of severance costs.

Adjusted Operating Earnings and Notable Items
Three Months Ended Jun. 30, 2025
(in millions USD, except per share)	Amounts Including <br>Notable Items		Alternative investment income and prepayment fees above (below) expectations (1)		Amounts Excluding <br>Notable Items
	a		b		c = a - b
Adjusted operating earnings
Retirement	$	235	$	8	$	227
Investment Management	51		(2)		54
Employee Benefits	69		1		68
Corporate	(67)		—		(67)
Adjusted operating earnings before income taxes	289		6		282
Less: Income taxes (2)	49		1		47
Adjusted operating earnings after income taxes	$	240	$	5	$	235
Adjusted operating earnings per share	2.46		0.05		2.40

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the three months ended Jun. 30, 2025, was approximately $50 million, pre-tax and before variable compensation. The expectation for prepayment fees is between $1 million and $2 million for the three months ended Jun. 30, 2025, pre-tax and before variable compensation.

(2) 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.

Adjusted Operating Earnings and Notable Items
Three Months Ended Jun. 30, 2024
(in millions USD, except per share)	Amounts Including <br>Notable Items		Alternative investment income and prepayment fees above (below) expectations (1)		Amounts Excluding <br>Notable Items
	a		b		c = a - b
Adjusted operating earnings
Retirement	$	214	$	(8)	$	222
Investment Management	50		(1)		51
Employee Benefits	60		(3)		63
Corporate	(53)		—		(53)
Adjusted operating earnings before income taxes	271		(12)		283
Less: Income taxes (2)	48		(3)		50
Adjusted operating earnings after income taxes	$	223	$	(10)	$	232
Adjusted operating earnings per share	2.18		(0.09)		2.27

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the three months ended Jun. 30, 2024, was approximately $47 million, pre-tax and before variable compensation. The prior long-term expectation for prepayment fees was a 10 basis point annual contribution to yield, which for the three months ended Jun. 30, 2024, was approximately $9 million, pre-tax and before variable compensation.

Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended Jun. 30, 2025
(in millions USD)	Amounts Including Notable Items			Alternative investment income and prepayment fees above (below) expectations (1)			Amounts Excluding Notable Items
	a			b			c = a - b
Net revenue
Retirement	$	2,194		$	(37)		$	2,232
Investment Management	996			(13)			1,010
Employee Benefits	974			(5)			979
Total net revenue	$	4,164		$	(56)		$	4,221
Adjusted operating margin
Retirement	39.3		%	(1.0)		%	40.3		%
Investment Management	28.0		%	(0.7)		%	28.7		%
Employee Benefits	3.7		%	(0.5)		%	4.2		%
Adjusted operating margin, excluding Corporate	28.3		%	(0.9)		%	29.2		%

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the twelve months ended Jun. 30, 2025, was approximately $194 million, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million for the twelve months ended Jun. 30, 2025, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.

Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended Jun. 30, 2024
(in millions USD)	Amounts Including Notable Items			Alternative investment income and prepayment fees above (below) expectations (1)			Other (2)			Amounts Excluding Notable Items
	a			b			c			d = a - b - c
Net revenue
Retirement	$	1,958		$	(85)		$	—		$	2,043
Investment Management	929			(6)			—			935
Employee Benefits	1,130			(10)			(16)			1,157
Total net revenue	$	4,017		$	(101)		$	(16)		$	4,135
Adjusted operating margin
Retirement	37.1		%	(2.6)		%	—		%	39.7		%
Investment Management	25.6		%	(0.6)		%	—			26.2		%
Employee Benefits	19.1		%	(0.7)		%	(1.1)%			20.9		%
Adjusted operating margin, excluding Corporate	29.4		%	(1.7)		%	(0.3)		%	31.4		%

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the twelve months ended Jun. 30, 2024, was approximately $189 million, pre-tax and before variable compensation. The prior long-term expectation for prepayment fees was a 10 basis point annual contribution to yield, which for the twelve months ended Jun. 30, 2024, was approximately $37 million, pre-tax and before variable compensation.

(2) Includes changes in certain legal and other reserves not expected to recur at the same level.

Document

Exhibit 99.2

Quarterly Investor Supplement

June 30, 2025

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 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

Table of Contents

	Page		Page
Consolidated		Net Revenue, Adjusted Operating Margin, Administrative
Explanatory Note on Non-GAAP Financial Information	3 - 5	Expenses, and Adjusted Operating Return on Capital
Key Metrics	6	Net Revenue and Adjusted Operating Margin	31
Consolidated Statements of Operations	7	Administrative Expenses	32
Consolidated Adjusted Operating Earnings Before Income Taxes	8	Adjusted Operating Return on Allocated Capital	33
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)	9	Investment Information
Adjusted Operating Earnings Before Income Taxes by Segment (YTD)	10	Portfolio Results GAAP Book Value, Gross Investment Income, and
Consolidated Balance Sheets	11	Earned Rate by Asset Class	35
DAC/VOBA Segment Trends	12	Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Capital Structure	13	Ratings	36
Consolidated Assets Under Management, Assets Under Administration		Alternative Investment Income	37
and Advisement	14	Alternative Income and Prepayments Above (Below) Expectations	38
Retirement		Reconciliations
Sources of Adjusted Operating Earnings Before Income Taxes		Reconciliation of Adjusted Operating Earnings Before Income Taxes and
and Key Metrics	16	Earnings Per Common Share (Diluted) (QTD)	40
Client Assets Rollforward by Product Group	17 - 18	Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Investment Management		Earnings Per Common Share (Diluted) (YTD)	41
Sources of Adjusted Operating Earnings Before Income Taxes	20	Reconciliation of Adjusted Operating Revenues and Adjusted Operating
Analysis of AUM and AUA	21	Benefits and Expenses	42
Account Value Rollforward by Source	22	Reconciliation of Net Revenues by Segment	43 - 44
Account Value by Asset Type	23	Reconciliation of Adjusted Operating Earnings Before Income Taxes
Employee Benefits		Excluding Notable Items by Segment	45 - 46
Sources of Adjusted Operating Earnings Before Income Taxes	25	Reconciliation of Adjusted Operating Return on Common Equity
Quarterly Loss Ratio Development for Group Stop Loss	26	Excluding AOCI and NOL DTA	47
Key Metrics	27	Reconciliation of Book Value Per Common Share, Excluding AOCI and
Corporate		Leverage Ratio	48
Adjusted Operating Earnings Before Income Taxes	29	Appendix
		Reconciliation of Recast Retirement Client Asset Rollforward	50

Voya Financial	Page 3 of 50

Explanatory Note on Non-GAAP Financial Information

In the second quarter of 2025, we announced we would return to using our prior segment names--Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in our financial statements. We will continue to provide products and services through three segments: Retirement, Investment Management and Employee Benefits.

Adjusted Operating Earnings Before Income Taxes

▪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.

Voya Financial	Page 4 of 50

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 and 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;

• 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.

Voya Financial	Page 5 of 50

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 ex AOCI 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.

• 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.

• We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of Adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items, and of Adjusted operating return on common equity excluding AOCI to Adjusted operating return on common equity excluding AOCI and notable items.

• We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

Other Information

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

Voya Financial	Page 6 of 50

Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025		6/30/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders	162		139		93		98		201		301		435
Per common share (basic)	1.69		1.45		0.97		1.00		2.00		3.14		4.29
Per common share (diluted)	1.66		1.42		0.94		0.98		1.96		3.09		4.20
Adjusted operating earnings: (1)
Before income taxes	289		232		147		230		271		521		494
After income taxes	240		195		138		190		223		435		408
Effective tax rate	16.9	%	15.9	%	6.1	%	17.1	%	17.6	%	16.5	%	17.4	%
Per common share (diluted)	2.46		2.00		1.40		1.90		2.18		4.45		3.94
Per common share excluding notable items	2.40		2.15		1.50		2.12		2.27		4.55		4.15
Return on Equity
TTM Return on Voya Financial, Inc's Equity	11.3	%	12.5	%	14.7	%	16.0	%	20.9	%	11.3	%	20.9	%
TTM Adjusted operating return on common equity excluding AOCI (1)	12.8	%	12.6	%	12.3	%	12.9	%	12.9	%	12.8	%	12.9	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	17.0	%	16.7	%	16.5	%	17.3	%	17.3	%	17.0	%	17.3	%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity	4,629		4,383		4,005		4,719		4,043		4,629		4,043
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	6,084		5,952		5,855		5,919		6,014		6,084		6,014
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA	4,654		4,486		4,371		4,467		4,511		4,654		4,511
Book value per common share (including AOCI)	41.71		39.20		35.53		42.30		34.66		41.71		34.66
Book value per common share (excluding AOCI) (2)	63.18		61.87		61.31		60.96		60.75		63.18		60.75
Leverage Ratios:
Debt-to-Capital	31.2	%	32.4	%	38.5	%	34.6	%	34.2	%	31.2	%	34.2	%
Financial Leverage - excluding AOCI (2)	27.4	%	27.5	%	30.3	%	30.6	%	28.0	%	27.4	%	28.0	%
Shares:
Weighted-average common shares outstanding
Basic	96		96		96		98		100		96		101
Dilutive effects (3)	1		2		3		2		2		2		2
Diluted	98		98		99		100		102		98		103
Ending shares outstanding	96		96		96		97		99		96		99
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	—		—		140		149		174		—		346
Dividends to common shareholders	44		43		43		44		40		87		81
Total cash returned to common shareholders	44		43		183		193		214		87		427
(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 39 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 48 of this document.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

Voya Financial	Page 7 of 50

Consolidated Statements of Operations

	Three Months Ended					Year-to-Date
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Revenues
Net investment income	584	560	521	506	518	1,144	1,047
Fee income	577	570	543	540	517	1,147	1,030
Premiums	718	737	790	796	790	1,455	1,590
Net gains (losses)	(41)	(34)	(52)	(14)	(4)	(75)	39
Other revenues	100	104	134	103	98	204	186
Income (loss) related to consolidated investment entities	43	32	74	25	114	75	192
Total revenues	1,981	1,969	2,010	1,956	2,033	3,950	4,084
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(801)	(835)	(987)	(938)	(843)	(1,636)	(1,694)
Operating expenses	(857)	(824)	(756)	(775)	(752)	(1,681)	(1,551)
Net amortization of DAC/VOBA	(58)	(62)	(56)	(55)	(56)	(120)	(112)
Interest expense	(28)	(32)	(35)	(29)	(30)	(60)	(60)
Operating expenses related to consolidated investment entities	(49)	(43)	(56)	(43)	(76)	(92)	(104)
Total benefits and expenses	(1,793)	(1,796)	(1,890)	(1,840)	(1,757)	(3,589)	(3,521)
Income (loss) before income taxes	188	173	120	116	276	361	563
Income tax expense (benefit)	27	22	(1)	18	41	49	40
Net income (loss)	161	151	121	98	235	312	523
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(5)	(5)	24	(16)	30	(10)	67
Net income (loss) available to Voya Financial, Inc.	166	156	97	114	205	322	456
Less: Preferred stock dividends	4	17	4	16	4	21	21
Net income (loss) available to Voya Financial, Inc.'s common shareholders	162	139	93	98	201	301	435

Voya Financial	Page 8 of 50

Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended					Year-to-Date
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	534	506	478	472	489	1,041	977
Fee income	577	572	540	536	512	1,149	1,021
Premiums	720	734	780	785	791	1,454	1,588
Other revenue	69	75	99	74	68	145	138
Adjusted operating revenues (1)	1,900	1,888	1,897	1,867	1,860	3,788	3,724
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(761)	(782)	(975)	(845)	(804)	(1,544)	(1,633)
Operating expenses	(770)	(779)	(684)	(702)	(710)	(1,549)	(1,436)
Net amortization of DAC/VOBA	(34)	(37)	(31)	(29)	(29)	(71)	(59)
Interest expense (2)	(32)	(47)	(38)	(46)	(33)	(80)	(78)
Adjusted operating benefits and expenses (1)	(1,598)	(1,645)	(1,728)	(1,622)	(1,576)	(3,243)	(3,206)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	302	243	169	245	284	545	518
Less: Earnings (loss) attributable to the noncontrolling interest (3)	13	11	23	16	13	24	24
Adjusted operating earnings before income taxes (1)	289	232	147	230	271	521	494	Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
---	---	---	---	---	---	---	---
Adjusted operating revenues
Retirement	824	798	731	726	730	1,622	1,450
Investment Management	239	243	271	243	234	482	468
Employee Benefits	832	841	888	892	892	1,673	1,798
Corporate	5	6	8	6	4	11	9
Adjusted operating revenues (1)	1,900	1,888	1,897	1,867	1,860	3,788	3,724
Adjusted operating earnings before income taxes
Retirement	235	207	210	211	214	442	400
Investment Management	51	41	66	55	50	92	92
Employee Benefits	69	46	(102)	23	60	115	119
Corporate	(67)	(62)	(27)	(59)	(53)	(129)	(117)
Adjusted operating earnings before income taxes (1)	289	232	147	230	271	521	494
(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 39 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.

Voya Financial	Page 9 of 50

Adjusted Operating Earnings Before Income Taxes by Segment

	Three Months Ended June 30, 2025
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	482	5	43	5	534
Fee income	319	237	21	—	577
Premiums	—	—	720	—	720
Other revenue	24	(3)	48	—	69
Adjusted operating revenues (1)	824	239	832	5	1,900
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(232)	—	(529)	—	(761)
Operating expenses	(330)	(174)	(227)	(40)	(770)
Net amortization of DAC/VOBA	(27)	—	(7)	—	(34)
Interest expense (2)	—	—	—	(32)	(32)
Adjusted operating benefits and expenses (1)	(589)	(174)	(763)	(72)	(1,598)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	235	65	69	(67)	302
Less: Earnings (loss) attributable to the noncontrolling interest	—	14	—	(1)	13
Adjusted operating earnings before income taxes (1)	235	51	69	(67)	289
	Three Months Ended June 30, 2024
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	443	8	34	4	489
Fee income	271	225	16	—	512
Premiums	—	—	791	—	791
Other revenue	17	1	50	1	68
Adjusted operating revenues (1)	730	234	892	4	1,860
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(213)	—	(591)	—	(804)
Operating expenses	(282)	(169)	(232)	(26)	(710)
Net amortization of DAC/VOBA	(21)	—	(8)	—	(29)
Interest expense (2)	—	—	—	(33)	(33)
Adjusted operating benefits and expenses (1)	(516)	(169)	(832)	(59)	(1,576)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	214	64	60	(54)	284
Less: Earnings (loss) attributable to the noncontrolling interest	—	14	—	(1)	13
Adjusted operating earnings before income taxes (1)	214	50	60	(53)	271
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial	Page 10 of 50

Adjusted Operating Earnings Before Income Taxes by Segment

	Six Months Ended June 30, 2025
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	939	11	80	10	1,041
Fee income	637	472	39	—	1,149
Premiums	—	—	1,454	—	1,454
Other revenue	46	(1)	100	1	145
Adjusted operating revenues (1)	1,622	482	1,673	11	3,788
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(463)	—	(1,081)	—	(1,544)
Operating expenses	(662)	(364)	(461)	(62)	(1,549)
Net amortization of DAC/VOBA	(54)	—	(16)	—	(71)
Interest expense (2)	—	—	—	(80)	(80)
Adjusted operating benefits and expenses (1)	(1,180)	(364)	(1,558)	(142)	(3,243)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	442	118	115	(131)	545
Less: Earnings (loss) attributable to the noncontrolling interest	—	26	—	(2)	24
Adjusted operating earnings before income taxes (1)	442	92	115	(129)	521
	Six Months Ended June 30, 2024
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	880	16	73	8	977
Fee income	534	452	34	—	1,021
Premiums	—	—	1,588	—	1,588
Other revenue	35	—	102	1	138
Adjusted operating revenues (1)	1,450	468	1,798	9	3,724
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(429)	—	(1,204)	—	(1,633)
Operating expenses	(579)	(351)	(458)	(49)	(1,436)
Net amortization of DAC/VOBA	(42)	—	(17)	—	(59)
Interest expense (2)	—	—	—	(78)	(78)
Adjusted operating benefits and expenses (1)	(1,050)	(351)	(1,678)	(127)	(3,206)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	400	117	119	(118)	518
Less: Earnings (loss) attributable to the noncontrolling interest	—	26	—	(2)	24
Adjusted operating earnings before income taxes (1)	400	92	119	(117)	494
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial	Page 11 of 50

Consolidated Balance Sheets

	Balances as of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024
Assets
Total investments	37,579	37,703	35,024	36,094	35,235
Cash and cash equivalents	1,179	868	1,399	1,457	1,066
Assets held in separate accounts	107,278	98,948	101,676	103,532	99,147
Premium receivable and reinsurance recoverable, net	10,965	11,144	11,284	11,486	11,574
Short term investments under securities loan agreement and accrued investment income	1,418	1,459	1,438	1,678	1,428
Deferred policy acquisition costs, Value of business acquired	2,472	2,505	2,148	2,173	2,196
Current and deferred income taxes	1,997	2,046	2,146	1,967	2,186
Other assets (1)	4,908	4,920	3,880	3,893	3,959
Assets related to consolidated investment entities	4,640	4,357	4,894	4,653	4,489
Total Assets	172,436	163,950	163,889	166,933	161,280
Liabilities
Future policy benefits and contract owner account balances	49,665	49,763	46,436	47,056	47,231
Liabilities related to separate accounts	107,278	98,948	101,676	103,532	99,147
Payables under securities loan agreements, including collateral held	1,128	1,486	1,309	1,368	1,215
Short-term debt	447	1	399	397	395
Long-term debt	1,657	2,103	2,103	2,103	1,707
Other liabilities (2)	3,155	3,048	3,218	3,294	3,243
Liabilities related to consolidated investment entities	2,553	2,240	2,741	2,601	2,473
Total Liabilities	165,883	157,589	157,882	160,351	155,411
Mezzanine Equity
Redeemable noncontrolling interest	215	214	219	198	183
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(796)	(788)	(754)	(604)	(448)
Additional paid-in capital	6,321	6,299	6,266	6,227	6,218
Retained earnings (deficit)	1,170	1,052	954	907	855
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,696	6,564	6,467	6,531	6,626
Accumulated other comprehensive income	(2,067)	(2,181)	(2,462)	(1,812)	(2,583)
Total Voya Financial, Inc. Shareholders' Equity	4,629	4,383	4,005	4,719	4,043
Noncontrolling interest	1,709	1,764	1,783	1,665	1,643
Total Shareholders' Equity	6,338	6,147	5,788	6,384	5,686
Total Liabilities, Mezzanine Equity and Shareholders' Equity	172,436	163,950	163,889	166,933	161,280
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.

Voya Financial	Page 12 of 50

DAC/VOBA Segment Trends

	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Retirement
Balance as of Beginning-of-Period	1,422	1,044	1,048	1,053	1,059	1,044	1,064
Additions related to business acquisitions(1)	—	390	—	—	—	390	—
Deferrals of commissions and expenses	15	15	16	15	15	30	32
Amortization	(27)	(27)	(20)	(20)	(21)	(54)	(42)
Balance as of End-of-Period	1,410	1,422	1,044	1,048	1,053	1,410	1,053
Deferred Sales Inducements as of End-of-Period	22	22	22	22	22	22	22
Employee Benefits
Balance as of Beginning-of-Period	237	234	229	222	215	234	211
Deferrals of commissions and expenses	11	13	16	16	15	24	27
Amortization	(7)	(9)	(11)	(8)	(8)	(16)	(17)
Balance as of End-of-Period	241	237	234	229	222	241	222
Total
Balance as of Beginning-of-Period	1,659	1,278	1,277	1,275	1,274	1,278	1,275
Additions related to business acquisitions(1)	—	390	—	—	—	390	—
Deferrals of commissions and expenses	26	28	32	31	30	54	58
Amortization	(34)	(37)	(31)	(29)	(29)	(71)	(59)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,651	1,659	1,278	1,277	1,275	1,651	1,275
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	821	846	870	896	921	821	921
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,472	2,505	2,148	2,173	2,196	2,472	2,196
(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.

Voya Financial	Page 13 of 50

Consolidated Capital Structure

	Balances as of
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Financial Debt
Senior bonds	1,753		1,753		2,151		2,149		1,751
Subordinated bonds	349		349		349		349		349
Other debt	2		2		2		2		2
Total Financial Debt	2,104		2,104		2,502		2,500		2,102
Other financial obligations (1)	305		298		304		325		333
Total Financial Obligations	2,409		2,402		2,806		2,825		2,435
Mezzanine Equity
Redeemable noncontrolling interest	215		214		219		198		183
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,084		5,952		5,855		5,919		6,014
Total Equity (Excluding AOCI)	6,696		6,564		6,467		6,531		6,626
Accumulated other comprehensive income (AOCI)	(2,067)		(2,181)		(2,462)		(1,812)		(2,583)
Total Voya Financial, Inc. Shareholders' Equity	4,629		4,383		4,005		4,719		4,043
Noncontrolling interest	1,709		1,764		1,783		1,665		1,643
Total Shareholders' Equity	6,338		6,147		5,788		6,384		5,686
Capital
Capitalization (3)	6,733		6,487		6,507		7,219		6,145
Adjusted Capitalization excluding AOCI (4)	11,029		10,944		11,275		11,219		10,887
Leverage Ratios
Debt-to-Capital (5)	31.2	%	32.4	%	38.5	%	34.6	%	34.2	%
Financial Leverage excluding AOCI (6)	27.4	%	27.5	%	30.3	%	30.6	%	28.0	%
(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 48 of this document.

Voya Financial	Page 14 of 50

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of June 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)	33,220	102,809	159,139	295,168	462,076	757,244
Investment Management	36,428	29,866	293,296	359,589	53,530	413,119
Employee Benefits	1,945	18	—	1,963	—	1,963
Eliminations/Other (3)	(35,165)	(25,415)	(13,195)	(73,775)	(43,323)	(117,098)
Total AUM and AUA	36,428	107,278	439,240	582,945	472,283	1,055,228
(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.

Retirement

Voya Financial	Page 16 of 50

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

	Three Months Ended or As of
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025	6/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income	430		425		387		397		402		1,639	1,640
Investment expenses	(20)		(19)		(18)		(17)		(17)		(74)	(69)
Credited interest	(229)		(228)		(209)		(211)		(210)		(877)	(867)
Net margin	181		177		160		170		175		688	704
Other investment income (1)	61		65		62		64		63		252	243
Investment spread and other investment income, excluding alts/prepays above/below expectations	242		242		223		234		238		941	946
Alternative investment income and prepayment fees above (below) expectations	8		(14)		(10)		(21)		(8)		(37)	(85)
Investment spread and other investment income	250		228		213		213		230		904	861
Full Service Fee-based revenue (2)	201		204		181		174		168		760	630
Recordkeeping and other fee-based revenue (2)	133		128		121		122		117		504	455
Total Fee-based margin	334		332		302		296		285		1,264	1,084
Net underwriting gain (loss) and other revenue	8		7		5		7		2		27	13
Net revenue (3)	592		567		519		516		517		2,194	1,958
Administrative expenses	(259)		(261)		(223)		(219)		(220)		(962)	(906)
Net commissions	(71)		(71)		(66)		(65)		(62)		(273)	(240)
DAC/VOBA and other intangibles amortization	(28)		(28)		(20)		(21)		(21)		(97)	(87)
Adjusted operating earnings before income taxes	235		207		210		211		214		863	726
Adjusted Operating Margin TTM	39.3	%	39.7	%	39.9	%	37.9	%	37.1	%
Adjusted Operating Margin Excluding Notables TTM	40.3	%	41.2	%	41.4	%	40.4	%	39.7	%
Full Service Revenue (4)
Full Service Investment spread and other investment income	235		212		198		197		213		842	810
Full Service Fee-based revenue (2)	201		204		181		174		168		760	630
Total Full Service Revenue	437		416		379		370		381		1,602	1,440
Client Assets
Fee-based	662,433		601,790		524,476		520,167		493,994		662,433	493,994
Spread-based (5)	33,220		33,306		29,768		30,052		30,335		33,220	30,335
Investment-only Stable Value	36,678		36,157		34,557		34,744		33,985		36,678	33,985
Retail Client Assets	33,000		30,670		31,214		31,223		29,699		33,000	29,699
Eliminations (6)	(8,087)		(7,743)		(7,811)		(7,693)		(7,446)		(8,087)	(7,446)
Total Client Assets	757,244		694,180		612,205		608,493		580,567		757,244	580,567
(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast.
(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.

Voya Financial	Page 17 of 50

Retirement Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Full Service - Client Assets (1)
Fee-based	237,544	218,347	178,983	179,238	169,180	237,544	169,180
Spread-based	32,933	33,010	29,464	29,740	30,016	32,933	30,016
Client Assets, end of period - Full Service Total	270,477	251,357	208,448	208,978	199,196	270,477	199,196
Full Service - Total (1)
Client Assets, beginning of period	251,357	208,448	208,978	199,196	196,607	199,196	178,398
Transfers / Single deposits	2,174	2,413	2,848	2,361	1,768	9,796	7,709
Recurring deposits	5,396	6,063	3,852	3,965	4,044	19,276	15,364
Total Deposits	7,571	8,475	6,699	6,326	5,811	29,071	23,071
Surrenders, benefits, and product charges	(8,692)	(9,304)	(7,152)	(6,547)	(6,409)	(31,695)	(26,977)
Net Flows	(1,121)	(828)	(453)	(222)	(597)	(2,624)	(3,905)
Interest credited and investment performance	20,241	(3,809)	(78)	10,005	3,186	26,359	24,702
Transfer due to business acquisition	—	47,547	—	—	—	47,547	—
Client Assets, end of period - Full Service Total	270,477	251,357	208,448	208,978	199,196	270,477	199,196
Recordkeeping (1)
Client Assets, beginning of period	378,366	340,254	335,774	319,819	315,134	319,819	279,669
Transfers / Single deposits	15,107	34,611	7,772	3,751	1,295	61,241	9,978
Recurring deposits	7,291	8,380	6,203	5,397	5,820	27,271	21,658
Total Deposits	22,399	42,991	13,974	9,148	7,115	88,512	31,635
Surrenders, benefits, and product charges	(9,667)	(12,759)	(9,211)	(9,372)	(8,143)	(41,009)	(29,225)
Net Flows	12,732	30,232	4,763	(224)	(1,027)	47,503	2,410
Interest credited and investment performance	28,570	(5,200)	(283)	16,179	5,712	39,266	37,739
Transfer due to business acquisition	—	13,080	—	—	—	13,080	—
Client Assets, end of period - Recordkeeping	419,669	378,366	340,254	335,774	319,819	419,669	319,819
Total Defined Contribution (2)
Client Assets, beginning of period	629,723	548,702	544,753	519,015	511,741	519,015	458,068
Transfers / Single deposits	17,282	37,024	10,619	6,113	3,063	71,038	17,686
Recurring deposits	12,688	14,443	10,054	9,362	9,863	46,547	37,018
Total Deposits	29,970	51,467	20,674	15,474	12,927	117,585	54,706
Surrenders, benefits, and product charges	(18,358)	(22,063)	(16,364)	(15,920)	(14,551)	(72,705)	(56,200)
Net Flows	11,611	29,404	4,310	(445)	(1,625)	44,880	(1,495)
Interest credited and investment performance	48,811	(9,009)	(361)	26,184	8,898	65,625	62,442
Transfer due to business acquisition	—	60,627	—	—	—	60,627	—
Client Assets, end of period - Total Defined Contribution	690,146	629,723	548,702	544,753	519,015	690,146	519,015
(1) In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast.
(2) Total of Full Service and Recordkeeping.

Voya Financial	Page 18 of 50

Retirement Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	36,157	34,557	34,744	33,985	34,814	33,985	37,354
Transfers / Single deposits	814	1,629	1,118	192	97	3,753	686
Recurring deposits	145	554	139	137	94	975	1,790
Total Deposits	959	2,183	1,257	329	191	4,728	2,476
Surrenders, benefits, and product charges	(707)	(1,024)	(1,435)	(895)	(1,252)	(4,061)	(7,089)
Net Flows	252	1,159	(178)	(566)	(1,061)	667	(4,612)
Interest credited and investment performance	270	440	(9)	1,325	232	2,026	1,243
Assets, end of period - Defined Contribution Investment-only SV	36,678	36,157	34,557	34,744	33,985	36,678	33,985
Retail Client Assets (2)	33,004	30,675	31,218	31,228	29,704	33,004	29,704
Other Assets (3)	5,503	5,368	5,538	5,462	5,310	5,503	5,310
Eliminations (4)	(8,087)	(7,743)	(7,811)	(7,693)	(7,446)	(8,087)	(7,446)
Total Client Assets	757,244	694,180	612,205	608,493	580,567	757,244	580,567
(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.

Investment Management

Voya Financial	Page 20 of 50

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025	6/30/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	9		8		9		9		9		35	37
Alternative investment income and prepayment fees above (below) expectations	(4)		(2)		(3)		(5)		(1)		(13)	(6)
Investment spread and other investment income	5		6		6		4		8		22	30
Fee-based margin (1)	234		237		265		239		226		974	899
Net revenue (2)	239		243		271		243		234		996	929
Administrative expenses (3)	(174)		(190)		(182)		(171)		(169)		(717)	(690)
Adjusted operating earnings before income taxes, including noncontrolling interest	65		53		89		72		64		279	237
Adjusted Operating Margin TTM	28.0	%	28.1	%	28.3	%	26.3	%	25.6	%
Adjusted Operating Margin Excluding Notables TTM	28.7	%	28.6	%	28.9	%	26.9	%	26.2	%
Fee-based margin (1)
Investment advisory and administrative revenue	237		236		237		238		225		948	897
Other fee-based margin	(3)		1		27		1		1		26	2
Fee-based margin	234		237		265		239		226		974	899
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	65		53		89		72		64		279	237
Less: Earnings (loss) attributable to the noncontrolling interest (4)	14		12		22		17		14		65	53
Adjusted operating earnings before income taxes	51		41		66		55		50		214	186
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial	Page 21 of 50

Investment Management Analysis of AUM and AUA

	Three Months Ended or as of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Client Assets:
External Clients
Institutional	166,833	161,220	156,568	158,288	152,165	166,833	152,165
Retail	156,329	147,025	149,214	148,243	150,341	156,329	150,341
Subtotal External Clients	323,162	308,245	305,782	306,531	302,506	323,162	302,506
General Account	36,428	36,734	33,576	33,989	33,884	36,428	33,884
Total Client Assets (AUM)	359,589	344,978	339,358	340,520	336,390	359,589	336,390
Assets under Advisement and Administration (AUA)	53,530	50,162	50,247	51,154	52,678	53,530	52,678
Total AUM and AUA	413,119	395,140	389,605	391,674	389,068	413,119	389,068
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	89	89	90	90	86	358	348
Retail	125	124	125	126	118	501	461
Subtotal External Clients	214	213	215	216	204	858	809
General Account	19	19	17	17	17	72	72
Total Investment Advisory and Administrative Revenues (AUM)	232	232	233	234	221	931	880
Administration Only Fees	5	5	5	4	4	19	17
Total Investment Advisory and Administrative Revenues	237	236	237	238	225	948	897
Revenue Yield (bps) (1)
External Clients
Institutional	21.7	22.1	22.7	23.3	23.0	22.4	23.3
Retail	33.2	33.0	33.6	33.5	32.8	33.2	33.2
Revenue Yield on External Clients	27.2	27.4	28.0	28.3	27.9	27.7	28.1
General Account	20.3	20.6	20.4	20.2	20.2	20.3	20.3
Revenue Yield on Client Assets (AUM)	26.5	26.7	27.2	27.5	27.1	26.9	27.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.5	3.6	3.5	3.3	2.7	3.5	3.1
Total Revenue Yield on AUM and AUA (bps)	23.6	23.8	24.2	24.3	23.8	23.9	23.8
Revenue Yield on Client Assets (AUM) TTM	26.9	27.0	27.2	27.4	27.2	26.9	27.2
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

Voya Financial	Page 22 of 50

Investment Management Account Rollforward by Source

	Three Months Ended or as of
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025		6/30/2024
Institutional AUM:
Beginning of period AUM	161,220		156,568		158,288		152,165		148,489		152,165		156,435
Inflows	6,665		10,460		8,925		7,341		8,766		33,391		22,075
Outflows	(5,713)		(5,272)		(6,923)		(5,566)		(5,632)		(23,474)		(30,920)
Net flows - Institutional	952		5,187		2,001		1,775		3,134		9,915		(8,842)
Change in Market Value	5,622		(345)		(1,361)		4,814		1,135		8,730		9,100
Other (Including Acquisitions / Divestitures)	(961)		(191)		(2,361)		(466)		(594)		(3,979)		(4,526)
End of period AUM - Institutional	166,833		161,220		156,568		158,288		152,165		166,833		152,165
Organic Growth (Net Flows/Beginning of period AUM)	0.6	%	3.3	%	1.3	%	1.2	%	2.1	%	6.5	%	-5.7	%
Market Growth %	3.5	%	-0.2	%	-0.9	%	3.2	%	0.8	%	5.7	%	5.8	%
Retail AUM:
Beginning of period AUM	147,025		149,214		148,243		150,341		148,710		150,341		131,391
Inflows	11,093		12,774		11,092		11,013		9,745		45,971		36,574
Outflows	(10,218)		(10,279)		(9,739)		(8,952)		(8,106)		(39,188)		(32,125)
Net flows - Retail (1)	874		2,496		1,353		2,060		1,640		6,783		4,450
Net Money Market Flows	49		117		64		65		66		294		283
Change in Market Value	8,984		(4,816)		1,314		3,604		1,022		9,086		15,079
Net Flows from Divested Businesses (2)	(259)		(374)		(316)		(7,404)		(623)		(8,353)		(2,300)
Other (Including Acquisitions / Divestitures)	(344)		388		(1,444)		(424)		(474)		(1,824)		1,438
End of period AUM - Retail	156,329		147,025		149,214		148,243		150,341		156,329		150,341
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	0.6	%	1.7	%	0.9	%	1.4	%	1.1	%	4.5	%	3.4	%
Market Growth %	6.1	%	-3.2	%	0.9	%	2.4	%	0.6	%	6.0	%	11.4	%
Net Flows:
Institutional Net Flows	952		5,187		2,001		1,775		3,134		9,915		(8,842)
Retail Net Flows	874		2,496		1,353		2,060		1,640		6,783		4,450
Net Flows from Divested Businesses	(259)		(374)		(316)		(7,404)		(623)		(8,353)		(2,300)
Total Net Flows	1,567		7,310		3,038		(3,569)		4,151		8,346		(6,693)
Net Flows excluding Net Flows from Divested Businesses	1,826		7,683		3,354		3,835		4,774		16,698		(4,394)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	0.6	%	2.5	%	1.1	%	1.3	%	1.6	%	5.5	%	-1.5	%
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.

Voya Financial	Page 23 of 50

Investment Management Account Value by Asset Type

	Balances as of
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Institutional
Equity	27,457		22,375		24,056		23,662		23,433
Fixed Income - Public	56,899		57,182		55,645		56,276		51,976
Fixed Income - Privates	68,818		67,245		64,095		65,126		63,800
Alternatives	13,659		14,418		12,772		13,224		12,955
Money Market	—		—		—		—		—
Total	166,833		161,220		156,568		158,288		152,165
Retail
Equity	78,699		70,634		73,784		74,186		77,870
Fixed Income - Public	72,870		71,625		70,854		69,648		68,234
Fixed Income - Privates	277		311		334		351		365
Alternatives	1,876		1,910		1,850		1,739		1,633
Money Market	2,606		2,544		2,392		2,319		2,239
Total	156,329		147,025		149,214		148,243		150,341
General Account
Equity	112		138		129		135		129
Fixed Income - Public	17,870		18,071		16,832		16,926		17,198
Fixed Income - Privates	16,271		16,574		14,375		14,500		14,533
Alternatives	1,615		1,650		1,681		1,686		1,598
Money Market	560		300		559		742		426
Total	36,428		36,734		33,576		33,989		33,884
Combined Asset Type
Equity	106,268		93,147		97,969		97,983		101,433
Fixed Income - Public	147,639		146,878		143,331		142,850		137,408
Fixed Income - Privates	85,366		84,130		78,804		79,976		78,698
Alternatives	17,150		17,979		16,304		16,649		16,186
Money Market	3,166		2,844		2,951		3,061		2,665
Total	359,589		344,978		339,358		340,520		336,390
Total Private and Alternative Assets	102,516		102,109		95,108		96,625		94,885
% of Private and Alternative Assets / Total AUM	28.5	%	29.6	%	28.0	%	28.4	%	28.2	%

Employee Benefits

Voya Financial	Page 25 of 50

Employee Benefits Sources of Adjusted Operating Earnings before income taxes


(in millions )		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025		6/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income		27		26		26		26		106		100
Investment expenses		(1)		(1)		(1)		(1)		(4)		(4)
Credited interest		(12)		(12)		(12)		(13)		(47)		(49)
Net margin		14		14		12		12		54		47
Other investment income		15		15		16		15		62		57
Investment spread and other investment income, excluding alts/prepays above/below expectations		29		28		28		27		116		102
Alternative investment income and prepayment fees above (below) expectations		(2)		(1)		(3)		(3)		(5)		(10)
Investment spread and other investment income		27		27		26		24		111		93
Fee-based margin (1)		56		57		57		54		226		226
Net underwriting gain (loss) and other revenue		206		40		175		223		637		812
Net revenue (2)		290		124		257		301		974		1,130
Administrative expenses		(139)		(130)		(130)		(131)		(531)		(518)
Premium taxes, fees and assessments		(50)		(48)		(47)		(50)		(195)		(165)
Net commissions		(45)		(37)		(49)		(51)		(175)		(198)
DAC/VOBA and other intangibles amortization		(9)		(11)		(8)		(8)		(35)		(32)
Adjusted operating earnings before income taxes		46		(102)		23		60		36		216
Adjusted Operating Margin TTM	%	2.7	%	4.1	%	16.6	%	19.1	%
Adjusted Operating Margin Excluding Notables TTM	%	3.6	%	4.8	%	17.4	%	20.9	%
Group life:
Premiums		162		167		165		173		661		644
Benefits		(146)		(139)		(119)		(138)		(528)		(514)
Other (3)		(2)		(4)		(2)		(3)		(10)		(11)
Total Group life		14		24		44		33		122		119
Group life Loss Ratio (interest adjusted) (4)	%	90.3	%	83.3	%	71.9	%	79.3	%	79.9	%	79.8	%
Group Stop loss:
Premiums		390		451		453		452		1,682		1,642
Benefits		(293)		(520)		(424)		(376)		(1,549)		(1,346)
Other (3)		(2)		(2)		(2)		(1)		(8)		(15)
Total Group Stop loss		96		(71)		28		74		128		280
Stop loss Loss Ratio	%	75.0	%	115.4	%	93.4	%	83.2	%	92.0	%	82.0	%
Voluntary Benefits, Disability, and Other (4)		97		87		103		115		386		412
Net underwriting gain (loss) and other revenue
Premiums		747		802		804		812		3,094		3,002
Benefits		(538)		(757)		(625)		(592)		(2,444)		(2,170)
Other (3)(4)		(3)		(4)		(4)		3		(13)		(21)
Total Net underwriting gain (loss) and other revenue		206		40		175		223		637		812
Total Aggregate Loss Ratio	%	72.0	%	94.5	%	77.7	%	72.9	%	79.0	%	72.3	%
Total Aggregate Loss Ratio TTM	%	79.4	%	79.7	%	73.9	%	72.3	%
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) The second quarter of 2024 includes a 7 million decrease to a dividend liability associated with a block of participating whole life business.

All values are in US Dollars.

Voya Financial	Page 26 of 50

Quarterly Loss Ratio Development for Group Stop Loss

	Estimated Ultimate Loss Ratio as of
	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
January Business	87	%	87	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Non-January Business	85	%	NM (1)		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Total 2025 Policy Year	87	%	87	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
2024 Stop Loss Policy Year Development
January Business	91	%	93	%	95	%	86	%	81	%	81	%	—	%	—	%	—	%	—	%
Non-January Business	85	%	85	%	85	%	80	%	81	%	81	%	—	%	—	%	—	%	—	%
Total 2024 Policy Year	90	%	92	%	94	%	86	%	81	%	81	%	—	%	—	%	—	%	—	%
2023 Stop Loss Policy Year Development
January Business	80	%	80	%	80	%	80	%	80	%	80	%	79	%	79	%	75	%	78	%
Non-January Business	83	%	83	%	85	%	83	%	81	%	79	%	77	%	77	%	78	%	78	%
Total 2023 Policy Year	80	%	80	%	81	%	81	%	80	%	80	%	79	%	78	%	75	%	78	%
2022 Stop Loss Policy Year Development
January Business	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	74	%
Non-January Business	67	%	67	%	67	%	68	%	68	%	67	%	68	%	71	%	72	%	76	%
Total 2022 Policy Year	70	%	70	%	70	%	70	%	71	%	71	%	71	%	71	%	72	%	74	%
Reported Loss Ratio for Stop Loss	80	%	75	%	115	%	93	%	83	%	84	%	76	%	83	%	63	%	70	%
(1) The 2025 non-January business is not material for the first quarter of 2025.

Voya Financial	Page 27 of 50

Employee Benefits Key Metrics

	Three Months Ended or As of
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Sales by Product Line:
Group life and Disability	22	74	7	11	18	114	165
Stop loss	14	265	12	35	23	326	652
Voluntary and Other (1)	37	99	14	17	38	167	202
Total sales by product line	73	438	33	63	78	607	1,019
Total gross premiums and deposits	843	846	896	900	904	3,485	3,333
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	977	971	978	978	996	977	996
Stop loss	1,569	1,589	1,821	1,837	1,845	1,569	1,845
Voluntary and Other (1)	1,103	1,117	1,057	1,050	1,030	1,103	1,030
Total annualized in-force premiums and fees by product line	3,649	3,677	3,856	3,864	3,870	3,649	3,870
Assets Under Management by Fund Group:
General account	1,945	1,870	1,975	1,954	1,921	1,945	1,921
Separate account	18	17	18	17	17	18	17
Total AUM	1,963	1,887	1,993	1,972	1,938	1,963	1,938
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Corporate

Voya Financial	Page 29 of 50

Corporate Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Interest expense (excluding Preferred stock dividends) (1)	(28)	(31)	(34)	(29)	(29)	(122)	(117)
Preferred stock dividends	(4)	(17)	(4)	(16)	(4)	(41)	(39)
Pension expense (2)	(13)	(13)	(12)	(12)	(12)	(50)	(46)
Other (3)	(22)	(2)	23	(3)	(9)	(4)	(1)
Adjusted operating earnings before income taxes, including noncontrolling interest	(67)	(63)	(27)	(60)	(54)	(217)	(203)
Less: Earnings (loss) attributable to the noncontrolling interest	(1)	(1)	—	(1)	(1)	(2)	(1)
Adjusted operating earnings before income taxes	(67)	(62)	(27)	(59)	(53)	(215)	(202)
(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.

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

Voya Financial	Page 31 of 50

Net Revenue and Adjusted Operating Margin

	Three Months Ended										Twelve Months Ended
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025		6/30/2024
Net Revenue Excluding Notable Items
Retirement
Investment spread and other investment income	242		242		223		234		238		941		946
Fee-based margin	334		332		302		296		285		1,264		1,084
Net underwriting gain (loss) and other revenue	8		7		5		7		2		27		13
Retirement Net Revenue	584		581		529		537		525		2,232		2,043
Investment Management
Investment capital and other investment income	9		8		9		9		9		35		37
Fee-based margin	234		237		265		239		226		974		899
Investment Management Net Revenue	243		246		273		248		234		1,010		935
Employee Benefits
Investment spread and other investment income	31		29		28		28		27		116		102
Fee-based margin	56		56		57		57		54		226		226
Net underwriting gain (loss) and other revenue	216		206		40		175		223		637		828
Employee Benefits Net Revenue	302		292		125		260		304		979		1,157
Total Net Revenue Excluding Notable Items (1)	1,128		1,119		928		1,045		1,063		4,221		4,135
Adjusted Operating Earnings Excluding Notable Items
Retirement	227		222		220		232		222		901		811
Investment Management	68		55		91		76		65		290		245
Employee Benefits	68		48		(102)		26		63		40		242
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	363		325		209		334		350		1,231		1,298
Corporate	(67)		(63)		(27)		(60)		(54)		(217)		(203)
Total Adjusted operating earnings Excluding Notable Items, including noncontrolling interest	296		262		183		274		296		1,014		1,094
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items	13		11		23		16		13		63		51
Total Adjusted Operating Earnings Excluding Notable Items (1)	282		251		160		258		283		951		1,042
Adjusted Operating Margin Excluding Notable Items
Retirement	38.9	%	38.1	%	41.5	%	43.1	%	42.3	%	40.3	%	39.7	%
Investment Management	27.9	%	22.5	%	33.3	%	30.6	%	27.8	%	28.7	%	26.2	%
Employee Benefits	22.6	%	16.6	%	(81.3)	%	9.9	%	20.8	%	4.2	%	20.9	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	32.2	%	29.1	%	22.6	%	31.9	%	32.9	%	29.2	%	31.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	26.2	%	23.4	%	19.7	%	26.2	%	27.8	%	24.0	%	26.5	%
Adjusted Operating Margin Excluding Notable Items TTM
Retirement	40.3	%	41.2	%	41.4	%	40.4	%	39.7	%
Investment Management	28.7	%	28.6	%	28.9	%	26.9	%	26.2	%
Employee Benefits	4.2	%	3.6	%	4.8	%	17.4	%	20.9	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	29.2	%	29.2	%	29.6	%	31.0	%	31.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	24.0	%	24.2	%	24.4	%	25.9	%	26.5	%
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

Voya Financial	Page 32 of 50

Administrative Expenses

	Three Months Ended					Twelve Months Ended
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Retirement	(259)	(261)	(223)	(219)	(220)	(962)	(906)
Investment Management	(174)	(190)	(182)	(171)	(169)	(717)	(690)
Employee Benefits	(132)	(139)	(130)	(130)	(131)	(531)	(518)
Total Administrative Expenses (1)	(565)	(590)	(535)	(520)	(520)	(2,210)	(2,114)
(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.

Voya Financial	Page 33 of 50

Adjusted Operating Return on Allocated Capital

	Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Retirement
Adjusted operating earnings before income taxes - before interest	863		842		820		758		726
Income tax expense	122		119		116		104		98
Adjusted Operating Earnings - before interest and after income taxes	741		723		704		654		628
Adjusted Operating effective tax rate (1)	14.3	%	13.4	%	14.3	%	14.3	%	14.5	%
Adjusted Operating effective tax rate TTM	14.1	%	14.1	%	14.2	%	13.7	%	13.4	%
Average Capital	3,584		3,483		3,415		3,402		3,413
Ending Capital (2)	3,771		3,796		3,509		3,445		3,401
Adjusted Return on Capital	20.7	%	20.7	%	20.6	%	19.2	%	18.4	%
Investment Management
Adjusted operating earnings before income taxes - before interest	214		213		213		192		186
Income tax expense	45		45		45		40		39
Adjusted Operating Earnings - before interest and after income taxes	169		168		168		152		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	861		851		843		834		824
Ending Capital (2)	875		874		869		843		841
Adjusted Return on Capital	19.6	%	19.7	%	20.0	%	18.1	%	17.8	%
Employee Benefits
Adjusted operating earnings before income taxes - before interest	36		27		40		186		216
Income tax expense	7		6		8		39		45
Adjusted Operating Earnings - before interest and after income taxes	29		21		32		147		171
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	1,286		1,275		1,246		1,222		1,220
Ending Capital (2)	1,281		1,295		1,306		1,267		1,268
Adjusted Return on Capital	2.2	%	1.6	%	2.5	%	12.0	%	14.0	%
(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.

Investment Information

Voya Financial	Page 35 of 50

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)	6/30/2025						3/31/2025						6/30/2025
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	10,639	28.0	%	138	5.2	%	10,743	28.0	%	134	5.0	%	10,639	28.0	%	271	5.1	%
Private credit	8,566	22.0	%	107	5.1	%	8,678	22.0	%	106	5.1	%	8,566	22.0	%	213	5.1	%
Securitized (2)(3)	9,931	26.0	%	143	5.8	%	10,107	26.0	%	150	5.9	%	9,931	26.0	%	293	5.9	%
Commercial mortgage loans	5,502	14.0	%	67	4.9	%	5,588	14.0	%	66	4.9	%	5,502	14.0	%	133	4.9	%
Municipals	609	2.0	%	6	3.9	%	623	2.0	%	6	3.9	%	609	2.0	%	12	3.9	%
Short-term / Treasury	598	2.0	%	6	4.3	%	499	1.0	%	6	4.2	%	598	2.0	%	12	4.2	%
Equity securities	178	—	%	3	6.5	%	191	—	%	3	6.4	%	178	—	%	6	6.4	%
Policy loans	376	1.0	%	4	4.7	%	381	1.0	%	5	5.5	%	376	1.0	%	9	5.1	%
Derivatives	(6)	—	%	2	N/A		(6)	—	%	2	N/A		(6)	—	%	4	N/A
Book Values and Gross Investment Income before variable components	36,393	95.0	%	476	5.3	%	36,804	95.0	%	478	5.3	%	36,393	95.0	%	954	5.3	%
Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,984	5.0	%	46	10.1	%	1,910	5.0	%	20	4.3	%	1,984	5.0	%	66	7.2	%
Prepayment / Other fee income	N/A	—	%	4	—	%	N/A	—	%	2	—	%	N/A	—	%	6	—	%
Book Values and Gross Investment Income (variable)	1,984	5.0	%	50	—	%	1,910	5.0	%	22	—	%	1,984	5.0	%	72	—	%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,377	100.0	%	526	5.6	%	38,713	100.0	%	500	5.3	%	38,377	100.0	%	1,026	5.4	%
(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.

Voya Financial	Page 36 of 50

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

	Three Months Ended or As of (1)
(in millions USD)	3/31/2025			12/31/2024			09/30/2024			06/30/2024
Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,610	28.0	%	10,336	29.0	%	10,241	28.0	%	10,563	29.0	%
Private credit	8,506	22.0	%	7,860	22.0	%	7,754	21.0	%	7,695	21.0	%
Securitized	9,996	26.0	%	9,657	27.0	%	10,083	28.0	%	9,831	27.0	%
Municipals	623	2.0	%	686	2.0	%	705	2.0	%	731	2.0	%
Short-term / Treasury	524	1.0	%	572	2.0	%	432	1.0	%	452	1.0	%
Total Fixed maturities	30,258	79.0	%	29,110	81.0	%	29,215	81.0	%	29,272	81.0	%
Commercial mortgage loans	5,553	14.0	%	4,669	13.0	%	4,814	13.0	%	4,971	14.0	%
Limited partnership	1,910	5.0	%	1,885	5.0	%	1,778	5.0	%	1,768	5.0	%
Equity securities	577	2.0	%	309	1.0	%	316	1.0	%	290	1.0	%
Total	38,298	100.0	%	35,973	100.0	%	36,122	100.0	%	36,302	100.0	%
NAIC Ratings
Fixed Maturities:
NAIC 1	16,304	54.0	%	15,641	54.0	%	15,803	54.0	%	15,525	53.0	%
NAIC 2	12,459	41.0	%	12,073	41.0	%	12,053	41.0	%	12,493	43.0	%
NAIC 3 and below	1,495	5.0	%	1,397	5.0	%	1,359	5.0	%	1,254	4.0	%
Total Fixed maturities	30,258	100.0	%	29,110	100.0	%	29,215	100.0	%	29,272	100.0	%
Commercial Mortgage Loans:
CML 1	4,111	74.0	%	3,396	73.0	%	3,482	72.0	%	3,667	74.0	%
CML 2	1,000	18.0	%	961	21.0	%	1,004	21.0	%	992	20.0	%
CML 3 and below	441	8.0	%	312	7.0	%	328	7.0	%	313	6.0	%
Total Commercial mortgage loans	5,553	100.0	%	4,669	100.0	%	4,814	100.0	%	4,971	100.0	%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial	Page 37 of 50

Alternative Investment Income

	Three Months Ended					Year-to-Date
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Retirement (1)
Average alternative investments	1,590	1,591	1,575	1,558	1,536	1,590	1,498
Alternative investment income	42	22	33	20	34	64	58
Investment Management (1)
Average alternative investments	344	326	340	347	349	335	331
Alternative investment income	4	5	5	3	7	9	13
Employee Benefits (1)
Average alternative investments	268	238	215	212	220	253	231
Alternative investment income	7	3	5	3	2	10	8
(1) Excludes assets and income related to foreclosed real estate.

Voya Financial	Page 38 of 50

Alternative Income and Prepayments Above (Below) Expectations

					Twelve Months Ended
(in millions )	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Alternative Income Above (Below) Long-Term Expectations (1) (2)
Retirement	(14)	(2)	(14)	—	(24)	(56)
Investment Management	(2)	(3)	(5)	(1)	(13)	(6)
Employee Benefits	(2)	(1)	(3)	(3)	(5)	(10)
Total	(19)	(6)	(22)	(4)	(42)	(72)
Prepayments Above (Below) Expectations (1)
Retirement	—	(8)	(7)	(8)	(13)	(29)
Investment Management	—	—	—	—	—	—
Employee Benefits	—	—	—	—	—	—
Total	—	(8)	(7)	(8)	(13)	(29)
Alternative Income and Prepayments Above (Below) Expectations (1) (2)
Retirement	(14)	(10)	(21)	(8)	(37)	(85)
Investment Management	(2)	(3)	(5)	(1)	(13)	(6)
Employee Benefits	(2)	(1)	(3)	(3)	(5)	(10)
Total	(19)	(14)	(29)	(12)	(56)	(101)
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately 194 million and 189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately 22 million and 37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately 1 million to 2 million per quarter and the prior long-term expectation for periods through 2024 of approximately 8 million to 10 million per quarter with both expectations pre-tax and before variable compensation.
(2) Excludes income related to foreclosed real estate.

All values are in US Dollars.

Reconciliations

Voya Financial	Page 40 of 50

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


(in millions , except per share)			3/31/2025			12/31/2024			9/30/2024			6/30/2024
	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	162	1.66		139	1.42		93	0.94		98	0.98		201	1.96
Plus: Net income (loss) attributable to noncontrolling interests	(5)	(0.05)		(5)	(0.05)		24	0.25		(16)	(0.16)		30	0.29
Less: Preferred stock dividends	(4)	(0.04)		(17)	(0.17)		(4)	(0.04)		(16)	(0.17)		(4)	(0.04)
Income (loss)	161	1.65	173	151	1.54	120	121	1.23	116	98	0.99	276	235	2.29
Less:
Net investment gains (losses)	(23)	(0.23)	(2)	(1)	(0.02)	—	—	—	(33)	(26)	(0.26)	20	16	0.16
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(24)	(0.24)	(39)	(31)	(0.32)	(22)	(17)	(0.17)	(52)	(41)	(0.41)	(37)	(29)	(0.28)
Net income (loss) attributable to noncontrolling interests	(5)	(0.05)	(5)	(5)	(0.05)	24	24	0.25	(16)	(16)	(0.16)	30	30	0.29
Dividend payments made to preferred shareholders	4	0.04	17	17	0.17	4	4	0.04	16	16	0.17	4	4	0.04
Other adjustments (3)	(31)	(0.32)	(30)	(24)	(0.24)	(32)	(27)	(0.28)	(28)	(25)	(0.25)	(12)	(9)	(0.09)
Adjusted operating earnings	240	2.46	232	195	2.00	147	138	1.40	230	190	1.90	271	223	2.18
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation	5	0.05	(19)	(15)	(0.15)	(13)	(10)	(0.11)	(28)	(22)	(0.22)	(12)	(10)	(0.09)
Adjusted operating earnings excluding notable items	235	2.40	251	210	2.15	160	148	1.50	258	212	2.12	283	232	2.27
(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.

All values are in US Dollars.

Voya Financial	Page 41 of 50

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


(in millions , except per share)			6/30/2024
	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	301	3.09		435	4.20
Plus: Net income (loss) attributable to noncontrolling interests	(10)	(0.11)		67	0.64
Less: Preferred stock dividends	(21)	(0.21)		(21)	(0.20)
Income (loss)	312	3.19	563	523	5.04
Less:
Net investment gains (losses)	(24)	(0.25)	84	66	0.64
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)	(55)	(0.56)	(69)	(16)	(0.16)
Net income (loss) attributable to noncontrolling interests	(10)	(0.11)	67	67	0.64
Dividend payments made to preferred shareholders	21	0.21	21	21	0.20
Other adjustments (4)	(55)	(0.56)	(35)	(23)	(0.22)
Adjusted operating earnings	435	4.45	494	408	3.94
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation	(10)	(0.10)	(27)	(21)	(0.21)
Adjusted operating earnings excluding notable items	445	4.55	521	429	4.15
(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 six months ended June 30, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes 24 million, after-tax, of severance costs.

All values are in US Dollars.

Voya Financial	Page 42 of 50

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

	Three Months Ended					Year-to-Date
(in millions USD)	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Total revenues	1,981	1,969	2,010	1,956	2,033	3,950	4,084
Less:
Net investment gains (losses)	(38)	(5)	(8)	(33)	16	(44)	62
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	30	28	13	52	13	58	37
Revenues (loss) attributable to noncontrolling interests	35	25	57	19	102	60	167
Other adjustments	54	33	50	50	42	87	93
Total adjusted operating revenues	1,900	1,888	1,897	1,867	1,860	3,788	3,724
Adjusted operating revenues by segment
Retirement	824	798	731	726	730	1,622	1,450
Investment Management	239	243	271	243	234	482	468
Employee Benefits	832	841	888	892	892	1,673	1,798
Corporate	5	6	8	6	4	11	9
Total adjusted operating revenues	1,900	1,888	1,897	1,867	1,860	3,788	3,724
Total benefits and expenses	(1,793)	(1,796)	(1,890)	(1,840)	(1,757)	(3,589)	(3,521)
Less:
Changes in market risk benefits	9	3	8	—	4	12	20
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment	(60)	(67)	(35)	(104)	(50)	(127)	(106)
Expenses attributable to noncontrolling interests	(54)	(41)	(56)	(51)	(85)	(95)	(124)
Dividend payments made to preferred shareholders	4	17	4	16	4	21	21
Other adjustments	(95)	(63)	(83)	(79)	(54)	(158)	(128)
Total adjusted operating benefits and expenses	(1,598)	(1,645)	(1,728)	(1,622)	(1,576)	(3,243)	(3,206)
Adjusted operating benefits and expenses by segment
Retirement	(589)	(591)	(521)	(516)	(516)	(1,180)	(1,050)
Investment Management	(174)	(190)	(182)	(171)	(169)	(364)	(351)
Employee Benefits	(763)	(795)	(990)	(869)	(832)	(1,558)	(1,678)
Corporate	(72)	(69)	(35)	(66)	(59)	(142)	(127)
Total adjusted operating benefits and expenses	(1,598)	(1,645)	(1,728)	(1,622)	(1,576)	(3,243)	(3,206)

Voya Financial	Page 43 of 50

Retirement and Investment Management Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Retirement
Adjusted operating revenues	page 9	824	798	731	726	730	3,079	2,837
Interest credited and other benefits to contract owners/policyholders		(232)	(231)	(211)	(210)	(213)	(884)	(878)
Net revenue	page 16	592	567	519	516	517	2,194	1,958
Less:
Alternative investment income and prepayment fees above (below) expectations		8	(14)	(10)	(21)	(8)	(37)	(85)
Net revenue excluding notable items	page 31	584	581	529	537	525	2,232	2,043
Investment Management
Adjusted operating revenues	page 9	239	243	271	243	234	996	929
Net revenue	page 20	239	243	271	243	234	996	929
Less:
Alternative investment income and prepayment fees above (below) expectations		(4)	(2)	(3)	(5)	(1)	(13)	(6)
Net revenue excluding notable items	page 31	243	246	273	248	234	1,010	935

Voya Financial	Page 44 of 50

Employee Benefits and Consolidated Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Employee Benefits
Adjusted operating revenues	page 9	832	841	888	892	892	3,453	3,329
Interest credited and other benefits to contract owners/policyholders		(529)	(551)	(764)	(634)	(591)	(2,478)	(2,199)
Net revenue	page 25	303	290	124	257	301	974	1,130
Less:
Alternative investment income and prepayment fees above (below) expectations		1	(2)	(1)	(3)	(3)	(5)	(10)
Other adjustments to net underwriting gain (loss) and other revenue (1)		—	—	—	—	—	—	(16)
Net revenue excluding notable items	page 31	302	292	125	260	304	979	1,157
Consolidated
Total Adjusted operating revenues	page 9	1,900	1,888	1,897	1,867	1,860	7,552	7,126
Interest credited and other benefits to contract owners/policyholders		(761)	(782)	(975)	(845)	(804)	(3,363)	(3,078)
Corporate Adjusted operating revenues (2)		(5)	(6)	(8)	(6)	(4)	(25)	(31)
Net revenue	pages 16/20/25	1,134	1,100	914	1,016	1,051	4,164	4,017
Less:
Alternative investment income and prepayment fees above (below) expectations		5	(19)	(14)	(29)	(12)	(56)	(101)
Other adjustments (3)		—	—	—	—	—	—	(16)
Net revenue excluding notable items	page 31	1,128	1,119	928	1,045	1,063	4,221	4,135
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.
(3) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial	Page 45 of 50

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Retirement
Adjusted operating earnings before income taxes	page 16	235	207	210	211	214	863	726
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		8	(14)	(10)	(21)	(8)	(37)	(85)
Adjusted operating earnings excluding notable items	page 31	227	222	220	232	222	901	811
Investment Management
Adjusted operating earnings before income taxes, including noncontrolling interest	page 20	65	53	89	72	64	279	237
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		(2)	(2)	(2)	(4)	(1)	(11)	(7)
Adjusted operating earnings excluding notable items, including noncontrolling interest	page 31	68	55	91	76	65	290	245
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		14	12	22	17	14	65	53
Adjusted operating earnings excluding notable items		54	43	69	59	51	225	192
Employee Benefits
Adjusted operating earnings before income taxes	page 25	69	46	(102)	23	60	36	216
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		1	(2)	(1)	(3)	(3)	(5)	(10)
Other (1)		—	—	—	—	—	—	(16)
Adjusted operating earnings excluding notable items	page 31	68	48	(102)	26	63	40	242
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
Voya Financial	Page 46 of 50
---	---

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	6/30/2025	6/30/2024
Corporate
Adjusted operating earnings before income taxes, including noncontrolling interest	page 29	(67)	(63)	(27)	(60)	(54)	(217)	(203)
Adjusted operating earnings excluding notable items, including noncontrolling interest	page 31	(67)	(63)	(27)	(60)	(54)	(217)	(203)
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		(1)	(1)	—	(1)	(1)	(2)	(1)
Adjusted operating earnings excluding notable items		(67)	(62)	(27)	(59)	(53)	(215)	(202)
Consolidated
Adjusted operating earnings before income taxes, including noncontrolling interest	page 9	302	243	169	245	284	959	976
Less:
Total Notable Items Adjustments		6	(19)	(13)	(28)	(12)	(54)	(117)
Adjusted operating earnings excluding notable items, including noncontrolling interest		296	262	183	274	296	1,014	1,094
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		13	11	23	16	13	63	51
Adjusted operating earnings excluding notable items	page 31	282	251	160	258	283	951	1,042

Voya Financial	Page 47 of 50

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

	Twelve Months Ended
(in millions USD)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	492		531		626		651		801
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,361		4,259		4,254		4,078		3,836
TTM Return on Voya Financial, Inc Equity	11.3	%	12.5	%	14.7	%	16.0	%	20.9	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-1.8	%	-2.1	%	-2.5	%	-2.8	%	-4.0	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	4.8	%	5.6	%	6.7	%	7.9	%	11.5	%
TTM Net investment gains (losses), after-tax	-0.8	%	-0.2	%	0.7	%	0.5	%	1.7	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-1.9	%	-2.0	%	-1.2	%	-1.6	%	-0.3	%
TTM Other adjustments, after-tax	-1.8	%	-1.4	%	-1.3	%	-1.0	%	-0.9	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	12.8	%	12.6	%	12.3	%	12.9	%	12.9	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-4.2	%	-4.1	%	-4.1	%	-4.4	%	-4.3	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	17.0	%	16.7	%	16.5	%	17.3	%	17.3	%

Voya Financial	Page 48 of 50

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)	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025		6/30/2024
Book value per common share, including AOCI	41.71		39.20		35.53		42.30		34.66		41.71		34.66
Per share impact of AOCI	21.46		22.67		25.78		18.66		26.09		21.46		26.09
Book value per common share, excluding AOCI	63.18		61.87		61.31		60.96		60.75		63.18		60.75
Debt to capital ratio	31.2	%	32.4	%	38.5	%	34.6	%	34.2	%	31.2	%	34.2	%
Capital impact of adding noncontrolling interest	-6.9	%	-7.5	%	-9.1	%	-7.1	%	-7.8	%	-6.9	%	-7.8	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.4	%	9.5	%	9.4	%	9.0	%	10.3	%	9.4	%	10.3	%
Capital impact of excluding AOCI	-6.3	%	-6.9	%	-8.5	%	-5.9	%	-8.7	%	-6.3	%	-8.7	%
Financial leverage ratio excluding AOCI	27.4	%	27.5	%	30.3	%	30.6	%	28.0	%	27.4	%	28.0	%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.

Appendix

Voya Financial	Page 50 of 50

Reconciliation of Recast Retirement Client Asset Rollforward and Fee Revenue

	As Previously Reported	change	Recast Amounts
(in millions USD)	3/31/2025		3/31/2025
Full Service - Client Assets
Fee-based	195,591	22,756	218,347
Spread-based	33,010	—	33,010
Client Assets, end of period - Full Service Total	228,601	22,756	251,357
Full Service - Total
Client Assets, beginning of period	208,448	—	208,448
Transfers / Single deposits	2,413	—	2,413
Recurring deposits	5,511	552	6,063
Total Deposits	7,923	552	8,475
Surrenders, benefits, and product charges	(8,546)	(758)	(9,304)
Net Flows	(622)	(206)	(828)
Interest credited and investment performance	(3,598)	(211)	(3,809)
Transfer due to business acquisition	24,374	23,172	47,547
Client Assets, end of period - Full Service Total	228,601	22,756	251,357
Recordkeeping
Client Assets, beginning of period	340,254	—	340,254
Transfers / Single deposits	34,611	—	34,611
Recurring deposits	8,932	(552)	8,380
Total Deposits	43,543	(552)	42,991
Surrenders, benefits, and product charges	(13,517)	758	(12,759)
Net Flows	30,027	206	30,232
Interest credited and investment performance	(5,411)	211	(5,200)
Transfer due to business acquisition	36,253	(23,172)	13,080
Client Assets, end of period - Recordkeeping	401,122	(22,756)	378,366
Fee Revenue
Full Service Fee-based revenue	194	10	204
Recordkeeping and other fee-based revenue	138	(10)	128
Total Fee-based margin	332	—	332