Voya Financial, Inc 8-K, filed Nov 2, 2026

Voya Financial, Inc. (VOYA)

8-K 2026-11-02 For: 2026-11-02

Added on November 02, 2026

About this 8-K

Voya Financial, Inc filed this 8-K on November 2, 2026.

Voya Financial reported third-quarter after-tax adjusted operating earnings of $240 million, or $2.60 per diluted share. Its Board increased the quarterly dividend 21% to $0.57 per share and authorized a $500 million share repurchase increase. AI summary

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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


Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	9/30/2026		9/30/2025

Revenues
Net investment income	$	581	$	583
Fee income	640		616
Premiums	705		719
Net gains (losses)	(108)		(21)
Other revenues	114		100
Income (loss) related to consolidated investment entities	93		131
Total revenues	2,025		2,128
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(782)		(850)
Operating expenses	(831)		(829)
Net amortization of DAC/VOBA	(61)		(65)
Interest expense	(30)		(29)
Operating expenses related to consolidated investment entities	(34)		(48)
Total benefits and expenses	(1,738)		(1,821)
Income (loss) before income taxes	287		307
Income tax expense (benefit)	34		35


Net income (loss)	253		272
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	44		80
Net income (loss) available to Voya Financial, Inc.	209		192
Less: Preferred stock dividends	16		16
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	193	$	176
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	2.14	$	1.82
Diluted	$	2.09	$	1.80


Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
	9/30/2026				9/30/2025
(in millions USD, except per share)	After-tax (1)		Per share		After-tax (1)		Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	193	$	2.09	$	176	$	1.80




Less:
Net investment gains (losses)	(23)		(0.25)		(12)		(0.13)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(13)		(0.14)		(42)		(0.43)




Other adjustments (2)	(11)		(0.12)		(10)		(0.10)
Adjusted operating earnings	$	240	$	2.60	$	239	$	2.45


Adjusted Operating Earnings
	Three Months Ended
(in millions USD, except per share)	9/30/2026		9/30/2025
Adjusted operating earnings
Retirement	$	266	$	261
Investment Management	58		62
Employee Benefits	51		47
Corporate	(87)		(80)





Adjusted operating earnings before income taxes	288		290
Less: Income taxes (1)	47		52
Adjusted operating earnings after income taxes	$	240	$	239
Adjusted operating earnings per share	2.60		2.45


Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin
	Twelve Months Ended
(in millions USD)	9/30/2026			9/30/2025
Net revenue
Retirement	$	2,437		$	2,296
Investment Management	1,056			1,010
Employee Benefits	1,099			1,001
Total net revenue	$	4,592		$	4,307

Adjusted operating earnings
Retirement	$	920		$	913
Investment Management including noncontrolling interest	302			287
Employee Benefits	126			59
Adjusted operating earnings, excluding Corporate	$	1,348		$	1,259



Adjusted operating margin
Retirement	37.8		%	39.8		%
Investment Management	28.6		%	28.5		%
Employee Benefits	11.4		%	6.0		%
Adjusted operating margin, excluding Corporate	29.4		%	29.2		%


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		9/30/2026		9/30/2025
Net income (loss) available to Voya Financial, Inc.'s common shareholders	193		90		165		136		176		448		477
Per common share (basic)	2.14		0.99		1.78		1.43		1.82		4.90		4.96
Per common share (diluted)	2.09		0.97		1.75		1.41		1.80		4.82		4.88
Adjusted operating earnings: (1)
Before income taxes	288		167		257		226		290		711		811
After income taxes	240		140		214		188		239		594		674
Effective tax rate	16.5	%	16.3	%	16.9	%	17.1	%	17.8	%	16.6	%	17.0	%
Per common share (diluted)	2.60		1.51		2.26		1.94		2.45		6.38		6.90

Return on Equity
TTM Return on Voya Financial, Inc's Equity	12.5	%	11.8	%	13.4	%	13.3	%	12.8	%	12.5	%	12.8	%
TTM Adjusted operating return on common equity excluding AOCI (1)	12.8	%	12.8	%	14.5	%	14.3	%	13.6	%	12.8	%	13.6	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	16.3	%	16.4	%	18.7	%	18.6	%	17.9	%	16.3	%	17.9	%
Shareholder's Equity:
Total Voya Financial, Inc. Shareholders' Equity	3,810		4,685		4,658		4,953		4,957		3,810		4,957
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	6,090		6,025		6,107		6,129		6,123		6,090		6,123
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA	4,842		4,746		4,797		4,800		4,751		4,842		4,751
Book value per common share (including AOCI)	35.65		44.96		43.79		46.28		45.55		35.65		45.55
Book value per common share (excluding AOCI) (2)	67.89		66.50		66.09		65.34		64.18		67.89		64.18
Leverage Ratios:
Debt-to-Capital	35.4	%	31.0	%	34.9	%	29.8	%	29.8	%	35.4	%	29.8	%
Financial Leverage - excluding AOCI (2)	27.2	%	27.6	%	29.7	%	27.0	%	26.7	%	27.2	%	26.7	%
Shares:
Weighted-average common shares outstanding
Basic	90		91		93		95		96		91		96

Dilutive effects (3)	2		2		1		2		2		2		2
Diluted	92		92		95		97		97		93		98

Ending shares outstanding	90		91		92		94		95		90		95
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	100		150		150		120		80		400		80
Dividends to common shareholders	43		42		44		44		43		129		130
Total cash returned to common shareholders	143		192		194		164		123		529		210

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 44 of this document.

(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	9/30/2026	9/30/2025

Revenues
Net investment income	581	537	569	591	583	1,687	1,727
Fee income	640	620	604	633	616	1,864	1,763
Premiums	705	716	744	738	719	2,165	2,174
Net gains (losses)	(108)	(40)	(45)	(34)	(21)	(193)	(96)
Other revenues	114	112	109	136	100	335	304
Income (loss) related to consolidated investment entities	93	(49)	50	47	131	94	206
Total revenues	2,025	1,896	2,031	2,111	2,128	5,952	6,078
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(782)	(825)	(819)	(875)	(850)	(2,426)	(2,486)
Operating expenses	(831)	(898)	(848)	(937)	(829)	(2,577)	(2,510)
Net amortization of DAC/VOBA	(61)	(62)	(65)	(64)	(65)	(188)	(185)
Interest expense	(30)	(33)	(29)	(28)	(29)	(92)	(89)
Operating expenses related to consolidated investment entities	(34)	(44)	(40)	(38)	(48)	(118)	(140)
Total benefits and expenses	(1,738)	(1,862)	(1,801)	(1,942)	(1,821)	(5,401)	(5,410)
Income (loss) before income taxes	287	34	230	169	307	551	668
Income tax expense (benefit)	34	16	35	20	35	85	84


Net income (loss)	253	18	195	149	272	466	584
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	44	(76)	13	9	80	(19)	70
Net income (loss) available to Voya Financial, Inc.	209	94	182	140	192	485	514
Less: Preferred stock dividends	16	4	17	4	16	37	37
Net income (loss) available to Voya Financial, Inc.'s common shareholders	193	90	165	136	176	448	477


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement	867	799	821	866	853	2,487	2,475
Investment Management	260	255	251	290	257	766	740
Employee Benefits	808	821	855	845	829	2,484	2,502
Corporate	5	8	5	6	3	18	14
Adjusted operating revenues (1)	1,940	1,883	1,932	2,006	1,942	5,755	5,731

Adjusted operating earnings before income taxes
Retirement	266	190	209	255	261	665	703
Investment Management	58	57	46	72	62	161	155
Employee Benefits	51	22	63	(10)	47	136	162
Corporate (4)	(87)	(102)	(61)	(90)	(80)	(251)	(208)


Adjusted operating earnings before income taxes (1)	288	167	257	226	290	711	811

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
(4) The third quarter of 2026 includes pre-tax severance expenses of approximately $25 million.


	Three Months Ended September 30, 2026
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	474	5	40	5	523
Fee income	370	247	20	—	636
Premiums	—	—	697	—	697
Other revenue	23	8	51	—	83
Adjusted operating revenues (1)	867	260	808	5	1,940

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(229)	—	(530)	—	(759)
Operating expenses (2)	(345)	(183)	(216)	(48)	(792)
Net amortization of DAC/VOBA	(27)	—	(11)	—	(38)
Interest expense (3)	—	—	—	(47)	(47)
Adjusted operating benefits and expenses (1)	(601)	(183)	(757)	(96)	(1,637)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	266	77	51	(91)	303
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	18	—	(3)	15
Adjusted operating earnings before income taxes (1)	266	58	51	(87)	288

	Three Months Ended September 30, 2025
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	482	12	45	3	542
Fee income	349	245	22	—	617
Premiums	—	—	716	—	716
Other revenue	22	—	46	—	68
Adjusted operating revenues (1)	853	257	829	3	1,942

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(235)	—	(546)	—	(781)
Operating expenses	(329)	(177)	(225)	(37)	(768)
Net amortization of DAC/VOBA	(28)	—	(12)	—	(40)
Interest expense (3)	—	—	—	(47)	(47)
Adjusted operating benefits and expenses (1)	(592)	(177)	(783)	(84)	(1,635)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	261	80	47	(81)	307
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	18	—	(1)	17
Adjusted operating earnings before income taxes (1)	261	62	47	(80)	290

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Corporate includes pre-tax severance expenses of approximately $25 million.
(3) Includes dividend payments made to preferred shareholders.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


	Nine Months Ended September 30, 2026
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	1,352	14	116	18	1,499
Fee income	1,060	742	61	—	1,863
Premiums	—	—	2,154	—	2,154
Other revenue	75	10	153	—	239
Adjusted operating revenues (1)	2,487	766	2,484	18	5,755

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(682)	—	(1,626)	—	(2,308)
Operating expenses (2)	(1,057)	(556)	(685)	(143)	(2,443)
Net amortization of DAC/VOBA	(83)	—	(37)	—	(118)
Interest expense (3)	—	—	—	(133)	(133)
Adjusted operating benefits and expenses (1)	(1,822)	(556)	(2,348)	(276)	(5,002)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	665	210	136	(258)	753
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	49	—	(7)	42
Adjusted operating earnings before income taxes (1)	665	161	136	(251)	711

	Nine Months Ended September 30, 2025
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,422	24	125	14	1,584
Fee income	986	718	61	—	1,765
Premiums	—	—	2,170	—	2,170
Other revenue	67	(2)	146	—	211
Adjusted operating revenues (1)	2,475	740	2,502	14	5,731

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(698)	—	(1,627)	—	(2,325)
Operating expenses	(991)	(541)	(686)	(99)	(2,317)
Net amortization of DAC/VOBA	(83)	—	(28)	—	(112)
Interest expense (3)	—	—	—	(127)	(127)
Adjusted operating benefits and expenses (1)	(1,772)	(541)	(2,340)	(226)	(4,880)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	703	199	162	(212)	852
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	44	—	(3)	41
Adjusted operating earnings before income taxes (1)	703	155	162	(208)	811

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Corporate includes pre-tax severance expenses of approximately $70 million.
(3) Includes dividend payments made to preferred shareholders.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


	Balances as of
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025
Assets
Total investments	37,261	37,650	38,124	38,571	38,199
Cash and cash equivalents	1,102	1,008	969	1,228	1,157
Assets held in separate accounts	116,213	119,424	108,467	113,007	111,950
Premium receivable and reinsurance recoverable, net	10,115	10,426	10,609	10,713	10,835
Short term investments under securities loan agreement and accrued investment income	1,449	1,377	1,430	1,398	1,437
Deferred policy acquisition costs, Value of business acquired	2,296	2,328	2,364	2,401	2,435
Deferred income taxes	2,088	1,872	1,911	1,871	1,872
Other assets (1)	4,764	4,768	4,789	4,845	4,903
Assets related to consolidated investment entities	4,055	4,093	4,770	4,825	4,660
Total Assets	179,343	182,946	173,433	178,859	177,448
Liabilities
Future policy benefits and contract owner account balances	48,349	48,524	49,028	49,356	49,337
Liabilities related to separate accounts	116,213	119,424	108,467	113,007	111,950
Payables under securities loan agreements, including collateral held	1,349	1,309	1,218	1,273	1,375
Short-term debt	13	153	587	586	586
Long-term debt	2,073	1,950	1,913	1,518	1,518
Other liabilities (2)	3,560	2,891	2,907	3,492	3,192
Liabilities related to consolidated investment entities	1,920	2,053	2,607	2,588	2,407
Total Liabilities	173,477	176,304	166,727	171,820	170,365
Mezzanine Equity
Redeemable noncontrolling interest	229	230	226	222	221
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(1,456)	(1,347)	(1,188)	(1,010)	(883)
Additional paid-in capital	6,450	6,421	6,395	6,358	6,316
Retained earnings (deficit)	1,707	1,562	1,511	1,392	1,301
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,702	6,637	6,719	6,741	6,735
Accumulated other comprehensive income	(2,892)	(1,952)	(2,061)	(1,788)	(1,778)
Total Voya Financial, Inc. Shareholders' Equity	3,810	4,685	4,658	4,953	4,957
Noncontrolling interest	1,827	1,727	1,822	1,864	1,905
Total Shareholders' Equity	5,637	6,412	6,480	6,817	6,862
Total Liabilities, Mezzanine Equity and Shareholders' Equity	179,343	182,946	173,433	178,859	177,448








(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.


As of September 30, 2026
(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)	31,801	111,508	176,667	319,976	558,006	877,982
Investment Management	35,525	34,352	292,901	362,778	62,192	424,969
Employee Benefits	1,827	19	—	1,846	—	1,846
Eliminations/Other (3)	(33,628)	(29,666)	(15,355)	(78,649)	(41,210)	(119,859)
Total AUM and AUA	35,525	116,213	454,213	605,951	578,988	1,184,938

(1) Includes wrapped funds as well as unwrapped Voya-managed funds.

(2) Assets for which administrative or advisory services are performed. Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Advisory include Mutual Fund, Institutional, Stable Value, and General Account assets for which investment advisory, portfolio management, or related investment oversight services are provided.
(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.


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025			9/30/2026	9/30/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	419		420		416		426		429			1,681	1,664

Investment expenses	(20)		(20)		(20)		(20)		(19)			(81)	(76)
Credited interest	(226)		(224)		(222)		(229)		(231)			(901)	(897)


Net Margin	173		176		174		177		179			699	691
Alternative investment income (1)	40		(12)		29		47		42			104	139
Other investment income (2)	33		32		28		23		27			117	109


Investment spread and other investment income	246		196		231		247		248			920	939
Full Service Fee-based revenue (3)	237		224		216		236		225			913	811
Recordkeeping and other fee-based revenue	149		142		142		143		140			576	522
Total Fee-based margin	386		366		358		379		365			1,489	1,333
Net underwriting gain (loss) and other revenue	6		10		6		5		5			27	25
Net revenue (4)	638		573		595		631		618			2,437	2,296
Administrative expenses	(265)		(275)		(286)		(271)		(254)			(1,097)	(997)
Net commissions	(80)		(80)		(73)		(77)		(74)			(310)	(282)
DAC/VOBA and other intangibles amortization	(27)		(27)		(28)		(28)		(28)			(110)	(104)
Adjusted operating earnings before income taxes	266		190		209		255		261			920	913
Adjusted Operating Margin TTM	37.8	%	37.9	%	39.4	%	39.8	%	39.8	%

Full Service Revenue (5)
Full Service Investment spread and other investment income	232		185		219		238		236			874	883
Full Service Fee-based revenue	237		224		216		236		225			913	811
Total Full Service Revenue	469		409		435		474		461			1,787	1,693
Client Assets
Fee-based	779,587		766,014		685,029		701,089		689,147			779,587	689,147
Spread-based (6)	31,801		32,057		32,492		32,684		32,994			31,801	32,994
Investment-only Stable Value	38,010		36,965		36,673		36,659		36,245			38,010	36,245
Wealth Management (7)	33,637		33,509		30,261		30,852		30,363			33,637	30,363
Eliminations (8)	(5,053)		(5,088)		(4,755)		(4,776)		(3,930)			(5,053)	(3,930)
Total Client Assets	877,982		863,457		779,701		796,508		784,821			877,982	784,821

(1) See page 36 for additional detail on Alternative investment income.
(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.
(3) The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026.

(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
(8) Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.


	Three Months Ended or As of (1)
(in millions USD)	6/30/2026			3/31/2026			12/31/2025			9/30/2025

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,850	28.0	%	10,865	28.0	%	11,035	28.0	%	10,913	28.0	%
Private credit	8,623	23.0	%	8,753	23.0	%	8,408	22.0	%	8,367	22.0	%
Securitized	9,406	25.0	%	9,589	25.0	%	9,988	26.0	%	9,979	26.0	%
Municipals	536	1.0	%	552	1.0	%	598	2.0	%	606	2.0	%
Short-term / Treasury	753	2.0	%	732	2.0	%	709	2.0	%	637	2.0	%
Total Fixed maturities	30,169	79.0	%	30,491	79.0	%	30,738	79.0	%	30,501	79.0	%
Commercial mortgage loans	5,449	14.0	%	5,619	15.0	%	5,560	14.0	%	5,371	14.0	%
Limited partnership	1,779	5.0	%	1,831	5.0	%	1,815	5.0	%	1,913	5.0	%
Equity securities	706	2.0	%	689	2.0	%	662	2.0	%	626	2.0	%
Total	38,102	100.0	%	38,630	100.0	%	38,775	100.0	%	38,410	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	16,586	55.0	%	16,707	55.0	%	16,987	55.0	%	16,695	55.0	%
NAIC 2	12,338	41.0	%	12,389	41.0	%	12,448	40.0	%	12,470	41.0	%
NAIC 3 and below	1,245	4.0	%	1,395	5.0	%	1,303	4.0	%	1,335	4.0	%
Total Fixed maturities	30,169	100.0	%	30,491	100.0	%	30,738	100.0	%	30,501	100.0	%

Commercial Mortgage Loans:
CML 1	3,736	69.0	%	3,912	70.0	%	3,970	71.0	%	3,905	73.0	%
CML 2	1,305	24.0	%	1,265	23.0	%	1,235	22.0	%	1,092	20.0	%
CML 3 and below	408	7.0	%	442	8.0	%	355	6.0	%	374	7.0	%
Total Commercial mortgage loans	5,449	100.0	%	5,619	100.0	%	5,560	100.0	%	5,371	100.0	%

(1) Presented one quarter in arrears based on the timing of our statutory filings.


	Nine Months Ended
	9/30/2026			9/30/2025
(in millions USD, except per share)	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		448	4.82		477	4.88
Plus: Net income (loss) attributable to noncontrolling interests		(19)	(0.21)		70	0.72
Less: Preferred stock dividends		(37)	(0.40)		(37)	(0.38)

Income (loss)	551	466	5.01	668	584	5.98
Less:
Net investment gains (losses)	(87)	(69)	(0.74)	(46)	(37)	(0.37)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(72)	(57)	(0.61)	(122)	(96)	(0.99)
Net income (loss) attributable to noncontrolling interests	(19)	(19)	(0.21)	70	70	0.72


Dividend payments made to preferred shareholders	37	37	0.40	37	37	0.38

Other adjustments (3)	(19)	(20)	(0.22)	(82)	(64)	(0.66)

Adjusted operating earnings	711	594	6.38	811	674	6.90





(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.


(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the nine months ended September 30, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the nine months ended September 30, 2025, also includes $24 million, after-tax, of severance expenses.


Item 2.02			Results of Operations and Financial Condition


Item 7.01			Regulation FD Disclosure


Item 9.01			Financial Statements and Exhibits


						Exhibit 99.2


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	9/30/2026	9/30/2025

Retirement
Adjusted operating revenues	page 9	867	799	821	866	853	3,353	3,206
Interest credited and other benefits to contract owners/policyholders		(229)	(227)	(226)	(234)	(235)	(916)	(909)

Net revenue	page 16	638	573	595	631	618	2,437	2,296






Investment Management
Adjusted operating revenues	page 9	260	255	251	290	257	1,056	1,010

Net revenue	page 20	260	255	251	290	257	1,056	1,010


	Three Months Ended or As of										Year-to-Date or As of
(in whole dollars)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		9/30/2026		9/30/2025

Book value per common share, including AOCI	35.65		44.96		43.79		46.28		45.55		35.65		45.55
Per share impact of AOCI	32.24		21.55		22.31		19.06		18.64		32.24		18.64
Book value per common share, excluding AOCI	67.89		66.50		66.09		65.34		64.18		67.89		64.18

Debt to capital ratio	35.4	%	31.0	%	34.9	%	29.8	%	29.8	%	35.4	%	29.8	%
Plus:
Capital impact of adding noncontrolling interest	-9.2	%	-7.0	%	-7.7	%	-6.8	%	-6.9	%	-9.2	%	-6.9	%
Impact of adding other financial obligations and treatment of preferred stock (1)	10.4	%	9.6	%	8.9	%	9.1	%	8.8	%	10.4	%	8.8	%

Capital impact of excluding AOCI	-9.4	%	-6.0	%	-6.4	%	-5.1	%	-5.0	%	-9.4	%	-5.0	%
Financial leverage ratio excluding AOCI	27.2	%	27.6	%	29.7	%	27.0	%	26.7	%	27.2	%	26.7	%









(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.


	Estimated Ultimate Loss Ratio as of

	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025

2026 Stop Loss Policy Year (1)	87	%	87	%	87	%	—	%	—	%	—	%	—	%

2025 Stop Loss Policy Year (1)	89	%	89	%	90	%	90	%	87	%	87	%	87	%

2024 Stop Loss Policy Year (Largely Developed) (1)	88	%	88	%	89	%	89	%	90	%	90	%	92	%

Reported Loss Ratio for Stop Loss (2)	85	%	85	%	80	%	96	%	84	%	80	%	75	%

(1) Loss ratios by policy year reflect expected loss ratios for business sold in that policy year gross of reinsurance.
(2) Reported Loss ratios reflect aggregate loss ratios in the quarter net of reinsurance. They include claims paid and premiums earned in the quarter and change in reserves including prior period developments.