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):

May 6, 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)
230 Park Avenue
New York	New York		10169
(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 May 6, 2025, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 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, May 7, 2025 at 10:00 am ET to discuss its first-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 March 31, 2025, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 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 May 6, 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 May 6, 2025 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended March 31, 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: May 6, 2025

Document

Exhibit 99.1

Voya Financial announces first-quarter 2025 results

NEW YORK, May 6, 2025 — Voya Financial, Inc. (NYSE: VOYA) announced today its first-quarter 2025 financial results:

•First-quarter 2025 net income available to common shareholders of $139 million, or $1.42 per diluted share, and after-tax adjusted operating earnings1 of $195 million, or $2.00 per diluted share.

•Results are driven by positive prior year Stop Loss reserve developments, the successful acquisition of OneAmerica Financial's full-service retirement plan business, disciplined spend, and strong commercial momentum.

•The balance sheet is prudently positioned, and excess capital generation continues to be strong. In the quarter we:

◦returned $43 million to shareholders through common dividends.

◦deployed approximately $200 million for the acquisition of OneAmerica Financial's full-service retirement plan business and strategic growth investments.

“In the first quarter of 2025, adjusted operating EPS grew 13% compared with the prior-year period, driven primarily by the positive impact of the OneAmerica acquisition and our strong commercial momentum in Wealth Solutions and Investment Management,” said Heather Lavallee, chief executive officer, Voya Financial. “I am encouraged by the commercial momentum we are building across our businesses, fueled by strong inflows, key strategic renewals, and a robust pipeline of opportunities.”

“Despite the uncertainties in the current macroeconomic environment, our commitment to creating long-term value for our shareholders remains steadfast. We are focused on executing on our key priorities while maintaining a strong balance sheet as we balance capital return to shareholders with prudent investment in growth opportunities.”

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.

First-Quarter 2025 Consolidated Results

First-quarter 2025 net income available to common shareholders was $139 million, or $1.42 per diluted share, compared with $234 million, or $2.24 per diluted share, in first-quarter 2024. The decrease was driven by the absence of net investment gains and tax benefits associated with divested businesses in the prior period which did not repeat and higher expenses in the current period associated with acquisitions and severance, partially offset by higher after-tax adjusted operating earnings.

First-quarter 2025 after-tax adjusted operating earnings were $195 million, or $2.00 per diluted share, compared with $185 million, or $1.77 per diluted share, in first-quarter 2024. The growth was primarily due to the acquired business from OneAmerica, positive capital markets and net inflows across the business, partially offset by higher expenses in Health Solutions due to strategic investments in Short-Term Disability and Leave Management. First-quarter 2025 earnings per share also reflect a reduced share count as a result of share repurchases in the prior year.

Business Segment Results

Wealth Solutions

Wealth Solutions first-quarter 2025 pre-tax adjusted operating earnings were $207 million, up from $186 million in the prior-year period. The increase was primarily due to the acquired business from OneAmerica, positive capital markets and disciplined spend.

Net revenues for the trailing twelve months (TTM) ended Mar. 31, 2025 grew 10.2% compared with the prior-year period due to positive capital markets, acquired spread and fee-based revenues from OneAmerica and higher alternative investment income.

Adjusted operating margin for the TTM ended Mar. 31, 2025 was 39.7% compared with 35.7% in the prior-year period. The improvement reflects net revenue growth and disciplined spend management.

Excluding notable items, for the TTM ended Mar. 31, 2025, net revenues grew 7.9% and adjusted operating margin was 41.2%.

Total client assets as of Mar. 31, 2025 were $694 billion, up 21% compared with Mar. 31, 2024, primarily due to assets onboarded from OneAmerica, positive capital markets, and significant recordkeeping wins. Those wins contributed to approximately $30 billion of defined contribution net inflows in first quarter 2025.

Health Solutions

Health Solutions first-quarter 2025 pre-tax adjusted operating earnings were $46 million, down from $59 million in the prior-year period. The positive prior year Stop Loss reserve developments were tempered by lower reported Group Life and Voluntary underwriting gains and strategic investments in Short-Term Disability and Leave Management.

Net revenues for the TTM ended Mar. 31, 2025 declined 17.1% compared with the prior-year period. Adjusted operating margin for the TTM ended Mar. 31, 2025, was 2.7% compared with 23.9% in the prior-year period.

Excluding notable items, for the TTM ended Mar. 31, 2025, net revenues declined 18.0% and adjusted operating margin was 3.6%.

The decline in margins and net revenues primarily reflects a higher loss ratio in Stop Loss in the current TTM period.

Health Solutions first-quarter 2025 annualized in-force premiums and fees declined 5% to $3.7 billion compared with the prior-year period. The decline primarily reflects actions to improve profitability in the Stop Loss business, partially offset by growth in the Voluntary business.

Investment Management

Investment Management first-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $41 million, compared to $42 million in the prior-year period. Growth in fee-based revenues benefiting from strong business momentum and positive capital markets year-over-year was offset by higher seasonal expenses.

Net revenues for the TTM ended Mar. 31, 2025 grew 7.6% 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 Mar. 31, 2025 was 28.1% compared with 25.7% in the prior-year period. The improvement was due to net revenue growth and disciplined expense management.

Excluding notable items, for the TTM ended Mar. 31, 2025, net revenues grew 8.0% and adjusted operating margin was 28.6%.

Investment Management generated net inflows of $7.7 billion (excluding divested businesses) during the three months ended Mar. 31, 2025, representing organic growth of 2.5% for the quarter. The growth reflects continued momentum in the Institutional, Insurance, and Intermediary channels.

Corporate

Corporate first-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $62 million, compared with $63 million of losses in the prior-year period.

Capital

For the first-quarter 2025, the company generated approximately $200 million of excess capital reflecting capital generation of over 90% of after-tax adjusted operating earnings for the quarter. In the first quarter, the company returned $43 million of excess capital to shareholders through common stock dividends and retired $400 million of 3.976% Senior Notes using the proceeds from the recent debt issuance. Additionally, the company deployed approximately $200 million of excess capital to the OneAmerica Financial's full-service retirement plan business acquisition upfront cash payment and risk-based capital requirements as well as towards the company's strategic growth investments.

As of Mar. 31, 2025, the company had approximately $150 million of excess capital.

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, May 7, 2025, at 10 a.m. ET, to discuss the company’s first-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 May 7, 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 health, wealth and investment company with approximately 10,000 employees who are focused on achieving Voya’s aspirational vision: "Clearing your path to financial confidence and a more fulfilling life." Through products, solutions and technologies, Voya helps its approximately 15.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with approximately 11.9 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. 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).

•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 Mar. 31, 2025, to be filed with the SEC on or before May 12, 2025.

VOYA-IR VOYA-CF

Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	3/31/2025		3/31/2024
Revenues
Net investment income	$	560	$	529
Fee income	570		513
Premiums	737		800
Net gains (losses)	(34)		43
Other revenues	104		88
Income (loss) related to consolidated investment entities	32		78
Total revenues	1,969		2,051
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(835)		(851)
Operating expenses	(824)		(799)
Net amortization of DAC/VOBA	(62)		(56)
Interest expense	(32)		(30)
Operating expenses related to consolidated investment entities	(43)		(28)
Total benefits and expenses	(1,796)		(1,764)
Income (loss) before income taxes	173		287
Income tax expense (benefit)	22		(1)
Net income (loss)	151		288
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(5)		37
Net income (loss) available to Voya Financial, Inc.	156		251
Less: Preferred stock dividends	17		17
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	139	$	234
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	1.45	$	2.29
Diluted	$	1.42	$	2.24
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
---	---	---	---	---
	Three Months Ended
(in millions USD, except per share)	3/31/2025				3/31/2024
	After-tax (1)		Per share		After-tax (1)		Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	139	$	1.42	$	234	$	2.24
Less:
Net investment gains (losses)	(1)		(0.02)		50		0.48
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)	(31)		(0.32)		13		0.12
Other adjustments (3)	(24)		(0.24)		(14)		(0.13)
Adjusted operating earnings	$	195	$	2.00	$	185	$	1.77
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation	(15)		(0.15)		(12)		(0.11)
Adjusted operating earnings excluding notable items	$	210	$	2.15	$	197	$	1.88

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) Includes a tax benefit of $38 million related to a divested business for the three months ended Mar. 31, 2024.

(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar. 31, 2025, also includes $6 million, after-tax, of severance costs.

Adjusted Operating Earnings and Notable Items
Three Months Ended Mar. 31, 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
Wealth Solutions	$	207	$	(14)	$	222
Health Solutions	46		(2)		48
Investment Management	41		(2)		43
Corporate	(62)		—		(62)
Adjusted operating earnings before income taxes	232		(19)		251
Less: Income taxes (2)	37		(4)		41
Adjusted operating earnings after income taxes	$	195	$	(15)	$	210
Adjusted operating earnings per share	2.00		(0.15)		2.15

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 Mar. 31, 2025, was approximately $49 million, pre-tax and before variable compensation. The expectation for prepayment fees is between $1 million and $2 million for the three months ended Mar. 31, 2025, pre-tax and before variable compensation, as communicated in Feb. 2025.

(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 Mar. 31, 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
Wealth Solutions	$	186	$	(14)	$	200
Health Solutions	59		—		60
Investment Management	42		(1)		42
Corporate	(63)		—		(63)
Adjusted operating earnings before income taxes	224		(15)		238
Less: Income taxes (2)	38		(3)		42
Adjusted operating earnings after income taxes	$	185	$	(12)	$	197
Adjusted operating earnings per share	1.77		(0.11)		1.88

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 Mar. 31, 2024, was approximately $46 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 Mar. 31, 2024, was approximately $8 million, pre-tax and before variable compensation.

Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended Mar. 31, 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
Wealth Solutions	$	2,119		$	(53)		$	2,173
Health Solutions	972			(9)			981
Investment Management	991			(11)			1,001
Total net revenue	$	4,082		$	(73)		$	4,155
Adjusted operating margin
Wealth Solutions	39.7		%	(1.5)		%	41.2		%
Health Solutions	2.7		%	(0.9)		%	3.6		%
Investment Management	28.1		%	(0.5)		%	28.6		%
Adjusted operating margin, excluding Corporate	28.1		%	(1.2)		%	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 Mar. 31, 2025, was approximately $192 million, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $29 million for the twelve months ended Mar. 31, 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 as disclosed in Feb. 2025 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 Mar. 31, 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
Wealth Solutions	$	1,922		$	(91)		$	—		$	2,013
Health Solutions	1,172			(8)			(16)			1,196
Investment Management	921			(5)			—			927
Total net revenue	$	4,015		$	(104)		$	(16)		$	4,136
Adjusted operating margin
Wealth Solutions	35.7		%	(2.9)		%	—		%	38.6		%
Health Solutions	23.9		%	(0.5)		%	(1.0)		%	25.4		%
Investment Management	25.7		%	(0.4)		%	—			26.1		%
Adjusted operating margin, excluding Corporate	29.9		%	(1.8)		%	(0.3)		%	32.0		%

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 Mar. 31, 2024, was approximately $192 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 Mar. 31, 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

March 31, 2025

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2025. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:	Investor Contact:
Voya 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 - 4	Expenses, and Adjusted Operating Return on Capital
Key Metrics	5	Net Revenue and Adjusted Operating Margin	29
Consolidated Statements of Operations	6	Administrative Expenses	30
Consolidated Adjusted Operating Earnings Before Income Taxes	7	Adjusted Operating Return on Allocated Capital	31
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)	8	Investment Information
Consolidated Balance Sheets	9	Portfolio Results GAAP Book Value, Gross Investment Income, and
DAC/VOBA Segment Trends	10	Earned Rate by Asset Class	33
Consolidated Capital Structure	11	Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Assets Under Management, Assets Under Administration		Ratings	34
and Advisement	12	Alternative Investment Income	35
Wealth Solutions		Alternative Income and Prepayments Above (Below) Expectations	36
Sources of Adjusted Operating Earnings Before Income Taxes		Reconciliations
and Key Metrics	14	Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Client Assets Rollforward by Product Group	15 - 16	Earnings Per Common Share (Diluted) (QTD)	38
Health Solutions		Reconciliation of Adjusted Operating Revenues	39
Sources of Adjusted Operating Earnings Before Income Taxes	18	Reconciliation of Net Revenues by Segment	40 - 41
Quarterly Loss Ratio Development for Group Stop Loss	19	Reconciliation of Adjusted Operating Earnings Before Income Taxes
Key Metrics	20	Excluding Notable Items by Segment	42 - 43
Investment Management		Reconciliation of Adjusted Operating Return on Common Equity
Sources of Adjusted Operating Earnings Before Income Taxes	22	Excluding AOCI and NOL DTA	44
Analysis of AUM and AUA	23	Reconciliation of Book Value Per Common Share, Excluding AOCI and
Account Value Rollforward by Source	24	Leverage Ratio	45
Account Value by Asset Type	25
Corporate
Adjusted Operating Earnings Before Income Taxes	27

Voya Financial	Page 3 of 45

Explanatory Note on Non-GAAP Financial Information

On January 2, 2025, we completed the acquisition of the full-service retirement plan business of OneAmerica Financial ("the OneAmerica transaction"). We are reporting the financial results of the acquired business in our Wealth Solutions segment for periods after our acquisition. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter of 2025.

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 Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and 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 45

Explanatory Note on Non-GAAP Financial Information

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.

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.

• 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 5 of 45

Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025		3/31/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders	139		93		98		201		234		139		234
Per common share (basic)	1.45		0.97		1.00		2.00		2.29		1.45		2.29
Per common share (diluted)	1.42		0.94		0.98		1.96		2.24		1.42		2.24
Adjusted operating earnings: (1)
Before income taxes	232		147		230		271		224		232		224
After income taxes	195		138		190		223		185		195		185
Effective tax rate	15.9	%	6.1	%	17.1	%	17.6	%	17.2	%	15.9	%	17.2	%
Per common share (diluted)	2.00		1.40		1.90		2.18		1.77		2.00		1.77
Per common share excluding notable items	2.15		1.50		2.12		2.27		1.88		2.15		1.88
Return on Equity
TTM Return on Voya Financial, Inc's Equity	12.5	%	14.7	%	16.0	%	20.9	%	20.0	%	12.5	%	20.0	%
TTM Adjusted operating return on common equity excluding AOCI (1)	12.6	%	12.3	%	12.9	%	12.8	%	13.3	%	12.6	%	13.3	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	16.7	%	16.5	%	17.3	%	17.3	%	17.9	%	16.7	%	17.9	%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity	4,383		4,005		4,719		4,043		4,153		4,383		4,153
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	5,952		5,855		5,919		6,014		6,010		5,952		6,010
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA	4,486		4,371		4,467		4,511		4,464		4,486		4,464
Book value per common share (including AOCI)	39.20		35.53		42.30		34.66		34.96		39.20		34.96
Book value per common share (excluding AOCI) (2)	61.87		61.31		60.96		60.75		59.33		61.87		59.33
Leverage Ratios:
Debt-to-Capital	32.4	%	38.5	%	34.6	%	34.2	%	33.6	%	32.4	%	33.6	%
Financial Leverage - excluding AOCI (2)	27.5	%	30.3	%	30.6	%	28.0	%	28.1	%	27.5	%	28.1	%
Shares:
Weighted-average common shares outstanding
Basic	96		96		98		100		102		96		102
Dilutive effects (3)	2		3		2		2		2		2		2
Diluted	98		99		100		102		105		98		105
Ending shares outstanding	96		96		97		99		101		96		101
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	—		140		149		174		172		—		172
Dividends to common shareholders	43		43		44		40		41		43		41
Total cash returned to common shareholders	43		183		193		214		213		43		213
(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 45 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 6 of 45

Consolidated Statements of Operations

	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Revenues
Net investment income	560	521	506	518	529	560	529
Fee income	570	543	540	517	513	570	513
Premiums	737	790	796	790	800	737	800
Net gains (losses)	(34)	(52)	(14)	(4)	43	(34)	43
Other revenues	104	134	103	98	88	104	88
Income (loss) related to consolidated investment entities	32	74	25	114	78	32	78
Total revenues	1,969	2,010	1,956	2,033	2,051	1,969	2,051
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(835)	(987)	(938)	(843)	(851)	(835)	(851)
Operating expenses	(824)	(756)	(775)	(752)	(799)	(824)	(799)
Net amortization of DAC/VOBA	(62)	(56)	(55)	(56)	(56)	(62)	(56)
Interest expense	(32)	(35)	(29)	(30)	(30)	(32)	(30)
Operating expenses related to consolidated investment entities	(43)	(56)	(43)	(76)	(28)	(43)	(28)
Total benefits and expenses	(1,796)	(1,890)	(1,840)	(1,757)	(1,764)	(1,796)	(1,764)
Income (loss) before income taxes	173	120	116	276	287	173	287
Income tax expense (benefit)	22	(1)	18	41	(1)	22	(1)
Net income (loss)	151	121	98	235	288	151	288
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(5)	24	(16)	30	37	(5)	37
Net income (loss) available to Voya Financial, Inc.	156	97	114	205	251	156	251
Less: Preferred stock dividends	17	4	16	4	17	17	17
Net income (loss) available to Voya Financial, Inc.'s common shareholders	139	93	98	201	234	139	234

Voya Financial	Page 7 of 45

Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	506	478	472	489	488	506	488
Fee income	572	540	536	512	509	572	509
Premiums	734	780	785	791	797	734	797
Other revenue	75	99	74	68	69	75	69
Adjusted operating revenues (1)	1,888	1,897	1,867	1,860	1,863	1,888	1,863
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(782)	(975)	(845)	(804)	(829)	(782)	(829)
Operating expenses	(779)	(684)	(702)	(710)	(724)	(779)	(724)
Net amortization of DAC/VOBA	(37)	(31)	(29)	(29)	(29)	(37)	(29)
Interest expense (2)	(47)	(38)	(46)	(33)	(45)	(47)	(45)
Adjusted operating benefits and expenses	(1,645)	(1,728)	(1,622)	(1,576)	(1,629)	(1,645)	(1,629)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	243	169	245	284	235	243	235
Less: Earnings (loss) attributable to the noncontrolling interest (3)	11	23	16	13	11	11	11
Adjusted operating earnings before income taxes (1)	232	147	230	271	224	232	224	Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
---	---	---	---	---	---	---	---
Adjusted operating revenues
Wealth Solutions	798	731	726	730	719	798	719
Health Solutions	841	888	892	892	905	841	905
Investment Management	243	271	243	234	234	243	234
Corporate	6	8	6	4	4	6	4
Adjusted operating revenues (1)	1,888	1,897	1,867	1,860	1,863	1,888	1,863
Adjusted operating earnings before income taxes
Wealth Solutions	207	210	211	214	186	207	186
Health Solutions	46	(102)	23	60	59	46	59
Investment Management	41	66	55	50	42	41	42
Corporate	(62)	(27)	(59)	(53)	(63)	(62)	(63)
Adjusted operating earnings before income taxes (1)	232	147	230	271	224	232	224
(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.

Voya Financial	Page 8 of 45

Adjusted Operating Earnings Before Income Taxes by Segment

	Three Months Ended March 31, 2025
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	458	36	6	6	506
Fee income	318	18	236	—	572
Premiums	—	734	—	—	734
Other revenue	22	53	1	—	75
Adjusted operating revenues (1)	798	841	243	6	1,888
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(231)	(551)	—	—	(782)
Operating expenses	(333)	(234)	(190)	(22)	(779)
Net amortization of DAC/VOBA	(27)	(9)	—	—	(37)
Interest expense (2)	—	—	—	(47)	(47)
Adjusted operating benefits and expenses	(591)	(795)	(190)	(69)	(1,645)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	207	46	53	(63)	243
Less: Earnings (loss) attributable to the noncontrolling interest	—	—	12	(1)	11
Adjusted operating earnings before income taxes (1)	207	46	41	(62)	232
	Three Months Ended March 31, 2024
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	437	38	9	4	488
Fee income	263	18	227	—	509
Premiums	—	797	—	—	797
Other revenue	19	51	(1)	—	69
Adjusted operating revenues (1)	719	905	234	4	1,863
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(216)	(613)	—	—	(829)
Operating expenses	(296)	(224)	(181)	(23)	(724)
Net amortization of DAC/VOBA	(21)	(8)	—	—	(29)
Interest expense (2)	—	—	—	(45)	(45)
Adjusted operating benefits and expenses	(534)	(846)	(181)	(68)	(1,629)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	186	59	53	(64)	235
Less: Earnings (loss) attributable to the noncontrolling interest	—	—	12	(1)	11
Adjusted operating earnings before income taxes (1)	186	59	42	(63)	224
(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.

Voya Financial	Page 9 of 45

Consolidated Balance Sheets

	Balances as of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
Assets
Total investments	37,703	35,024	36,094	35,235	35,687
Cash and cash equivalents	868	1,399	1,457	1,066	995
Assets held in separate accounts	98,948	101,676	103,532	99,147	98,636
Premium receivable and reinsurance recoverable, net	11,144	11,284	11,486	11,574	11,828
Short term investments under securities loan agreement and accrued investment income	1,459	1,438	1,678	1,428	1,435
Deferred policy acquisition costs, Value of business acquired	2,505	2,148	2,173	2,196	2,222
Current and deferred income taxes	2,046	2,146	1,967	2,186	2,193
Other assets (1)	4,920	3,880	3,893	3,959	4,012
Assets related to consolidated investment entities	4,357	4,894	4,653	4,489	4,623
Total Assets	163,950	163,889	166,933	161,280	161,631
Liabilities
Future policy benefits and contract owner account balances	49,763	46,436	47,056	47,231	47,869
Liabilities related to separate accounts	98,948	101,676	103,532	99,147	98,636
Payables under securities loan agreements, including collateral held	1,486	1,309	1,368	1,215	1,220
Short-term debt	1	399	397	395	393
Long-term debt	2,103	2,103	2,103	1,707	1,707
Other liabilities (2)	3,048	3,218	3,294	3,243	3,198
Liabilities related to consolidated investment entities	2,240	2,741	2,601	2,473	2,737
Total Liabilities	157,589	157,882	160,351	155,411	155,760
Mezzanine Equity
Redeemable noncontrolling interest	214	219	198	183	174
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(788)	(754)	(604)	(448)	(263)
Additional paid-in capital	6,299	6,266	6,227	6,218	6,187
Retained earnings (deficit)	1,052	954	907	855	697
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,564	6,467	6,531	6,626	6,622
Accumulated other comprehensive income	(2,181)	(2,462)	(1,812)	(2,583)	(2,469)
Total Voya Financial, Inc. Shareholders' Equity	4,383	4,005	4,719	4,043	4,153
Noncontrolling interest	1,764	1,783	1,665	1,643	1,544
Total Shareholders' Equity	6,147	5,788	6,384	5,686	5,697
Total Liabilities, Mezzanine Equity and Shareholders' Equity	163,950	163,889	166,933	161,280	161,631
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.

Voya Financial	Page 10 of 45

DAC/VOBA Segment Trends

	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Wealth Solutions
Balance as of Beginning-of-Period	1,044	1,048	1,053	1,059	1,064	1,044	1,064
Additions related to business acquisitions(1)	390	—	—	—	—	390	—
Deferrals of commissions and expenses	15	16	15	15	16	15	16
Amortization	(27)	(20)	(20)	(21)	(21)	(27)	(21)
Balance as of End-of-Period	1,422	1,044	1,048	1,053	1,059	1,422	1,059
Deferred Sales Inducements as of End-of-Period	22	22	22	22	22	22	22
Health Solutions
Balance as of Beginning-of-Period	234	229	222	215	211	234	211
Deferrals of commissions and expenses	13	16	16	15	12	13	12
Amortization	(9)	(11)	(8)	(8)	(8)	(9)	(8)
Balance as of End-of-Period	237	234	229	222	215	238	215
Total
Balance as of Beginning-of-Period	1,278	1,277	1,275	1,274	1,275	1,278	1,275
Additions related to business acquisitions(1)	390	—	—	—	—	390	—
Deferrals of commissions and expenses	28	32	31	30	29	28	29
Amortization	(37)	(31)	(29)	(29)	(29)	(37)	(29)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,659	1,278	1,277	1,275	1,274	1,659	1,274
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	846	870	896	921	948	846	948
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,505	2,148	2,173	2,196	2,222	2,505	2,222
(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-Wealth Solutions annuities policies that were not part of the divested businesses.

Voya Financial	Page 11 of 45

Consolidated Capital Structure

	Balances as of
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Financial Debt
Senior bonds	1,753		2,151		2,149		1,751		1,749
Subordinated bonds	349		349		349		349		349
Other debt	2		2		2		2		2
Total Financial Debt	2,104		2,502		2,500		2,102		2,100
Other financial obligations (1)	298		304		325		333		309
Total Financial Obligations	2,402		2,806		2,825		2,435		2,409
Mezzanine Equity
Redeemable noncontrolling interest	214		219		198		183		174
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	5,952		5,855		5,919		6,014		6,010
Total Equity (Excluding AOCI)	6,564		6,467		6,531		6,626		6,622
Accumulated other comprehensive income (AOCI)	(2,181)		(2,462)		(1,812)		(2,583)		(2,469)
Total Voya Financial, Inc. Shareholders' Equity	4,383		4,005		4,719		4,043		4,153
Noncontrolling interest	1,764		1,783		1,665		1,643		1,544
Total Shareholders' Equity	6,147		5,788		6,384		5,686		5,697
Capital
Capitalization (3)	6,487		6,507		7,219		6,145		6,253
Adjusted Capitalization excluding AOCI (4)	10,944		11,275		11,219		10,887		10,749
Leverage Ratios
Debt-to-Capital (5)	32.4	%	38.5	%	34.6	%	34.2	%	33.6	%
Financial Leverage excluding AOCI (6)	27.5	%	30.3	%	30.6	%	28.0	%	28.1	%
(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 45 of this document.

Voya Financial	Page 12 of 45

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 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
Wealth Solutions (1)	33,306	94,988	123,920	252,213	441,966	694,180
Health Solutions	1,870	17	—	1,887	—	1,887
Investment Management	36,734	27,969	280,276	344,978	50,162	395,140
Eliminations/Other (3)	(35,176)	(24,026)	(12,925)	(72,127)	(42,025)	(114,152)
Total AUM and AUA	36,734	98,948	391,271	526,951	450,103	977,055
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Wealth Solutions 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 Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

Wealth Solutions

Voya Financial	Page 14 of 45

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

	Three Months Ended or As of
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025	3/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income	425		387		397		402		403		1,611	1,665
Investment expenses	(19)		(18)		(17)		(17)		(17)		(71)	(71)
Credited interest	(228)		(209)		(211)		(210)		(213)		(858)	(879)
Net margin	177		160		170		175		173		682	715
Other investment income (1)	65		62		64		63		63		254	232
Investment spread and other investment income, excluding alts/prepays above/below expectations	242		223		234		238		236		937	947
Alternative investment income and prepayment fees above (below) expectations	(14)		(10)		(21)		(8)		(14)		(53)	(91)
Investment spread and other investment income	228		213		213		230		222		884	856
Full Service Fee-based revenue	194		181		174		168		162		717	605
Recordkeeping and other fee-based revenue	138		121		122		117		116		498	447
Total Fee-based margin	332		302		296		285		278		1,215	1,051
Net underwriting gain (loss) and other revenue	7		5		7		2		4		21	15
Net revenue (2)	567		519		516		517		504		2,119	1,922
Administrative expenses	(261)		(223)		(219)		(220)		(234)		(923)	(914)
Net commissions	(71)		(66)		(65)		(62)		(62)		(264)	(235)
DAC/VOBA and other intangibles amortization	(28)		(20)		(21)		(21)		(22)		(90)	(88)
Adjusted operating earnings before income taxes	207		210		211		214		186		842	686
Adjusted Operating Margin TTM	39.7	%	39.9	%	37.9	%	37.1	%	35.7	%
Adjusted Operating Margin Excluding Notables TTM	41.2	%	41.4	%	40.4	%	39.7	%	38.6	%
Full Service Revenue (3)
Full Service Investment spread and other investment income	212		198		197		213		205		820	812
Full Service Fee-based revenue	194		181		174		168		162		717	605
Total Full Service Revenue	407		379		370		381		367		1,537	1,416
Client Assets
Fee-based	601,790		524,476		520,167		493,994		486,196		601,790	486,196
Spread-based (4)	33,306		29,768		30,052		30,335		30,746		33,306	30,746
Investment-only Stable Value	36,157		34,557		34,744		33,985		34,814		36,157	34,814
Retail Client Assets	30,670		31,214		31,223		29,699		29,492		30,670	29,492
Eliminations (5)	(7,743)		(7,811)		(7,693)		(7,446)		(7,387)		(7,743)	(7,387)
Total Client Assets	694,180		612,205		608,493		580,567		573,861		694,180	573,861
(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(5) 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 15 of 45

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Full Service - Client Assets
Fee-based	195,591	178,983	179,238	169,180	166,190	195,591	166,190
Spread-based	33,010	29,464	29,740	30,016	30,417	33,010	30,417
Client Assets, end of period - Full Service Total	228,601	208,448	208,978	199,196	196,607	228,601	196,607
Full Service - Total
Client Assets, beginning of period	208,448	208,978	199,196	196,607	185,379	196,607	170,637
Transfers / Single deposits	2,413	2,848	2,361	1,768	2,154	9,389	7,556
Recurring deposits	5,511	3,852	3,965	4,044	4,255	17,371	14,986
Total Deposits	7,923	6,699	6,326	5,811	6,409	26,760	22,541
Surrenders, benefits, and product charges	(8,546)	(7,152)	(6,547)	(6,409)	(6,386)	(28,654)	(25,445)
Net Flows	(622)	(453)	(222)	(597)	22	(1,894)	(2,905)
Interest credited and investment performance	(3,598)	(78)	10,005	3,186	11,205	9,515	28,874
Transfer due to business acquisition	24,374	—	—	—	—	24,374	—
Client Assets, end of period - Full Service Total	228,601	208,448	208,978	199,196	196,607	228,601	196,607
Recordkeeping
Client Assets, beginning of period	340,254	335,774	319,819	315,134	298,120	315,134	267,038
Transfers / Single deposits	34,611	7,772	3,751	1,295	1,338	47,429	13,273
Recurring deposits	8,932	6,203	5,397	5,820	6,428	26,352	20,695
Total Deposits	43,543	13,974	9,148	7,115	7,766	73,780	33,967
Surrenders, benefits, and product charges	(13,517)	(9,211)	(9,372)	(8,143)	(8,077)	(40,243)	(26,929)
Net Flows	30,027	4,763	(224)	(1,027)	(312)	33,539	7,037
Interest credited and investment performance	(5,411)	(283)	16,179	5,712	17,326	16,197	41,057
Transfer due to business acquisition	36,253	—	—	—	—	36,253	—
Client Assets, end of period - Recordkeeping	401,122	340,254	335,774	319,819	315,134	401,122	315,134
Total Defined Contribution (1)
Client Assets, beginning of period	548,702	544,753	519,015	511,741	483,499	511,741	437,675
Transfers / Single deposits	37,024	10,619	6,113	3,063	3,492	56,819	20,828
Recurring deposits	14,443	10,054	9,362	9,863	10,682	43,722	35,678
Total Deposits	51,467	20,674	15,474	12,927	14,174	100,541	56,507
Surrenders, benefits, and product charges	(22,063)	(16,364)	(15,920)	(14,551)	(14,464)	(68,898)	(52,373)
Net Flows	29,404	4,310	(445)	(1,625)	(289)	31,644	4,134
Interest credited and investment performance	(9,009)	(361)	26,184	8,898	28,531	25,712	69,933
Transfer due to business acquisition	60,627	—	—	—	—	60,627	—
Client Assets, end of period - Total Defined Contribution	629,723	548,702	544,753	519,015	511,741	629,723	511,741
(1) Total of Full Service and Recordkeeping.

Voya Financial	Page 16 of 45

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	34,557	34,744	33,985	34,814	35,188	34,814	37,781
Transfers / Single deposits	1,629	1,118	192	97	209	3,036	934
Recurring deposits	554	139	137	94	355	924	1,766
Total Deposits	2,183	1,257	329	191	564	3,960	2,701
Surrenders, benefits, and product charges	(1,024)	(1,435)	(895)	(1,252)	(1,483)	(4,606)	(7,175)
Net Flows	1,159	(178)	(566)	(1,061)	(919)	(646)	(4,474)
Interest credited and investment performance	440	(9)	1,325	232	545	1,988	1,507
Assets, end of period - Defined Contribution Investment-only SV	36,157	34,557	34,744	33,985	34,814	36,157	34,814
Retail Client Assets (2)	30,675	31,218	31,228	29,704	29,497	30,675	29,497
Other Assets (3)	5,368	5,538	5,462	5,310	5,197	5,368	5,197
Eliminations (4)	(7,743)	(7,811)	(7,693)	(7,446)	(7,387)	(7,743)	(7,387)
Total Client Assets	694,180	612,205	608,493	580,567	573,861	694,180	573,861
(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.

Health Solutions

Voya Financial	Page 18 of 45

Health Solutions Sources of Adjusted Operating Earnings before income taxes


(in millions )		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025		3/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income		26		26		26		24		105		99
Investment expenses		(1)		(1)		(1)		(1)		(4)		(4)
Credited interest		(12)		(12)		(13)		(12)		(49)		(49)
Net margin		14		12		12		11		52		46
Other investment income		15		16		15		16		61		53
Investment spread and other investment income, excluding alts/prepays above/below expectations		28		28		27		26		112		100
Alternative investment income and prepayment fees above (below) expectations		(1)		(3)		(3)		—		(9)		(8)
Investment spread and other investment income		27		26		24		26		104		92
Fee-based margin (1)		57		57		54		59		224		230
Net underwriting gain (loss) and other revenue		40		175		223		208		644		850
Net revenue (2)		124		257		301		293		972		1,172
Administrative expenses		(130)		(130)		(131)		(134)		(530)		(515)
Premium taxes, fees and assessments		(48)		(47)		(50)		(41)		(196)		(152)
Net commissions		(37)		(49)		(51)		(51)		(182)		(192)
DAC/VOBA and other intangibles amortization		(11)		(8)		(8)		(8)		(36)		(32)
Adjusted operating earnings before income taxes		(102)		23		60		59		27		280
Adjusted Operating Margin TTM	%	4.1	%	16.6	%	19.1	%	23.9	%
Adjusted Operating Margin Excluding Notables TTM	%	4.8	%	17.4	%	20.9	%	25.4	%
Group life:
Premiums		167		165		173		168		667		627
Benefits		(139)		(119)		(138)		(136)		(542)		(511)
Other (3)		(4)		(2)		(3)		(3)		(11)		(11)
Total Group life		24		44		33		29		115		105
Group life Loss Ratio (interest adjusted) (4)	%	83.3	%	71.9	%	79.3	%	81.0	%	81.2	%	81.5	%
Group Stop loss:
Premiums		451		453		452		454		1,746		1,549
Benefits		(520)		(424)		(376)		(382)		(1,613)		(1,195)
Other (3)		(2)		(2)		(1)		(2)		(7)		(15)
Total Group Stop loss		(71)		28		74		70		127		339
Stop loss Loss Ratio	%	115.4	%	93.4	%	83.2	%	84.2	%	92.3	%	77.1	%
Voluntary Benefits, Disability, and Other(4)		87		103		115		109		402		405
Net underwriting gain (loss) and other revenue
Premiums		802		804		812		810		3,165		2,879
Benefits		(757)		(625)		(592)		(597)		(2,512)		(2,000)
Other (3)(4)		(4)		(4)		3		(4)		(8)		(29)
Total Net underwriting gain (loss) and other revenue		40		175		223		208		644		850
Total Aggregate Loss Ratio	%	94.5	%	77.7	%	72.9	%	73.8	%	79.4	%	69.5	%
Total Aggregate Loss Ratio TTM	%	79.7	%	73.9	%	72.3	%	69.5	%
(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 19 of 45

Quarterly Loss Ratio Development for Group Stop Loss

	Estimated Ultimate Loss Ratio as of
	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	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Non-January Business	NM (1)		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Total 2025 Policy Year	87	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
2024 Stop Loss Policy Year Development
January Business	93	%	95	%	86	%	81	%	81	%	—	%	—	%	—	%	—	%
Non-January Business	85	%	85	%	80	%	81	%	81	%	—	%	—	%	—	%	—	%
Total 2024 Policy Year	92	%	94	%	86	%	81	%	81	%	—	%	—	%	—	%	—	%
2023 Stop Loss Policy Year Development
January Business	80	%	80	%	80	%	80	%	80	%	79	%	79	%	75	%	78	%
Non-January Business	83	%	85	%	83	%	81	%	79	%	77	%	77	%	78	%	78	%
Total 2023 Policy Year	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	%	74	%
Non-January Business	67	%	67	%	68	%	68	%	67	%	68	%	71	%	72	%	76	%
Total 2022 Policy Year	70	%	70	%	70	%	71	%	71	%	71	%	71	%	72	%	74	%
Reported Loss Ratio for Stop Loss	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 20 of 45

Health Solutions Key Metrics

	Three Months Ended or As of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Sales by Product Line:
Group life and Disability	74	7	11	18	130	110	161
Stop loss	265	12	35	23	537	335	654
Voluntary and Other (1)	99	14	17	38	142	168	208
Total sales by product line	438	33	63	78	809	612	1,023
Total gross premiums and deposits	846	896	900	904	900	3,546	3,193
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	971	978	978	996	989	971	989
Stop loss	1,589	1,821	1,837	1,845	1,839	1,589	1,839
Voluntary and Other (1)	1,117	1,057	1,050	1,030	1,033	1,117	1,033
Total annualized in-force premiums and fees by product line	3,677	3,856	3,864	3,870	3,861	3,677	3,861
Assets Under Management by Fund Group:
General account	1,870	1,975	1,954	1,921	1,843	1,870	1,843
Separate account	17	18	17	17	17	17	17
Total AUM	1,887	1,993	1,972	1,938	1,860	1,887	1,860
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Investment Management

Voya Financial	Page 22 of 45

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025	3/31/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	8		9		9		9		10		35	37
Alternative investment income and prepayment fees above (below) expectations	(2)		(3)		(5)		(1)		(1)		(11)	(5)
Investment spread and other investment income	6		6		4		8		9		24	31
Fee-based margin (1)	237		265		239		226		226		967	890
Net revenue (2)	243		271		243		234		234		991	921
Administrative expenses (3)	(190)		(182)		(171)		(169)		(181)		(713)	(684)
Adjusted operating earnings before income taxes, including noncontrolling interest	53		89		72		64		53		278	236
Adjusted Operating Margin TTM	28.1	%	28.3	%	26.3	%	25.6	%	25.7	%
Adjusted Operating Margin Excluding Notables TTM	28.6	%	28.9	%	26.9	%	26.2	%	26.1	%
Fee-based margin (1)
Investment advisory and administrative revenue	236		237		238		225		227		936	891
Other fee-based margin	1		27		1		1		(1)		30	—
Fee-based margin	237		265		239		226		226		967	890
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	53		89		72		64		53		278	236
Less: Earnings (loss) attributable to the noncontrolling interest (4)	12		22		17		14		12		65	51
Adjusted operating earnings before income taxes	41		66		55		50		42		213	185
(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 23 of 45

Investment Management Analysis of AUM and AUA

	Three Months Ended or as of
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Client Assets:
External Clients
Institutional	161,220	156,568	158,288	152,165	148,489	161,220	148,489
Retail	147,025	149,214	148,243	150,341	148,710	147,025	148,710
Subtotal External Clients	308,245	305,782	306,531	302,506	297,199	308,245	297,199
General Account	36,734	33,576	33,989	33,884	34,138	36,734	34,138
Total Client Assets (AUM)	344,978	339,358	340,520	336,390	331,337	344,978	331,337
Assets under Advisement and Administration (AUA)	50,162	50,247	51,154	52,678	52,942	50,162	52,942
Total AUM and AUA	395,140	389,605	391,674	389,068	384,278	395,140	384,278
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	89	90	90	86	85	355	353
Retail	124	125	126	118	120	494	446
Subtotal External Clients	213	215	216	204	205	849	799
General Account	19	17	17	17	18	70	74
Total Investment Advisory and Administrative Revenues (AUM)	232	233	234	221	223	919	872
Administration Only Fees	5	5	4	4	4	17	19
Total Investment Advisory and Administrative Revenues	236	237	238	225	227	936	891
Revenue Yield (bps) (1)
External Clients
Institutional	22.1	22.7	23.3	23.0	22.9	22.8	23.2
Retail	33.0	33.6	33.5	32.8	33.4	33.0	33.3
Revenue Yield on External Clients	27.4	28.0	28.3	27.9	28.1	27.8	27.9
General Account	20.6	20.4	20.2	20.2	20.3	20.2	20.5
Revenue Yield on Client Assets (AUM)	26.7	27.2	27.5	27.1	27.2	27.0	27.1
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.6	3.5	3.3	2.7	3.1	3.3	3.3
Total Revenue Yield on AUM and AUA (bps)	23.8	24.2	24.3	23.8	23.8	23.9	23.6
Revenue Yield on Client Assets (AUM) TTM	27.0	27.2	27.4	27.2	27.1	27.0	27.1
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

Voya Financial	Page 24 of 45

Investment Management Account Rollforward by Source

	Three Months Ended or as of
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025		3/31/2024
Institutional AUM:
Beginning of period AUM	156,568		158,288		152,165		148,489		148,722		148,489		164,443
Inflows	10,460		8,925		7,341		8,766		4,854		35,492		18,220
Outflows	(5,272)		(6,923)		(5,566)		(5,632)		(6,080)		(23,393)		(33,982)
Net flows - Institutional	5,187		2,001		1,775		3,134		(1,225)		12,098		(15,759)
Change in Market Value	(345)		(1,361)		4,814		1,135		1,874		4,243		10,794
Other (Including Acquisitions / Divestitures)	(191)		(2,361)		(466)		(594)		(881)		(3,611)		(10,986)
End of period AUM - Institutional	161,220		156,568		158,288		152,165		148,489		161,220		148,489
Organic Growth (Net Flows/Beginning of period AUM)	3.3	%	1.3	%	1.2	%	2.1	%	-0.8	%	8.1	%	-9.6	%
Market Growth %	-0.2	%	-0.9	%	3.2	%	0.8	%	1.3	%	2.9	%	6.6	%
Retail AUM:
Beginning of period AUM	149,214		148,243		150,341		148,710		138,239		148,710		126,212
Inflows	12,774		11,092		11,013		9,745		9,282		44,624		34,723
Outflows	(10,279)		(9,739)		(8,952)		(8,106)		(7,482)		(37,076)		(31,792)
Net flows - Retail (1)	2,496		1,353		2,060		1,640		1,800		7,549		2,932
Net Money Market Flows	117		64		65		66		(29)		312		281
Change in Market Value	(4,816)		1,314		3,604		1,022		6,491		1,124		21,070
Net Flows from Divested Businesses (2)	(374)		(316)		(7,404)		(623)		(651)		(8,717)		(2,193)
Other (Including Acquisitions / Divestitures)	388		(1,444)		(424)		(474)		2,860		(1,954)		409
End of period AUM - Retail	147,025		149,214		148,243		150,341		148,710		147,025		148,710
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	1.7	%	0.9	%	1.4	%	1.1	%	1.3	%	5.1	%	2.3	%
Market Growth %	-3.2	%	0.9	%	2.4	%	0.6	%	4.7	%	0.8	%	16.7	%
Net Flows:
Institutional Net Flows	5,187		2,001		1,775		3,134		(1,225)		12,097		(15,759)
Retail Net Flows	2,496		1,353		2,060		1,640		1,800		7,549		2,932
Net Flows from Divested Businesses	(374)		(316)		(7,404)		(623)		(651)		(8,717)		(2,193)
Total Net Flows	7,310		3,038		(3,569)		4,151		(76)		10,930		(15,021)
Net Flows excluding Net Flows from Divested Businesses	7,683		3,354		3,835		4,774		574		19,646		(12,828)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	2.5	%	1.1	%	1.3	%	1.6	%	0.2	%	6.6	%	-4.4	%
(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 25 of 45

Investment Management Account Value by Asset Type

	Balances as of
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Institutional
Equity	22,375		24,056		23,662		23,433		23,650
Fixed Income - Public	57,182		55,645		56,276		51,976		48,913
Fixed Income - Privates	67,245		64,095		65,126		63,800		63,037
Alternatives	14,418		12,772		13,224		12,955		12,890
Money Market	—		—		—		—		—
Total	161,220		156,568		158,288		152,165		148,489
Retail
Equity	70,634		73,784		74,186		77,870		77,207
Fixed Income - Public	71,625		70,854		69,648		68,234		67,493
Fixed Income - Privates	311		334		351		365		366
Alternatives	1,910		1,850		1,739		1,633		1,457
Money Market	2,544		2,392		2,319		2,239		2,187
Total	147,025		149,214		148,243		150,341		148,710
General Account
Equity	138		129		135		129		129
Fixed Income - Public	18,071		16,832		16,926		17,198		17,344
Fixed Income - Privates	16,574		14,375		14,500		14,533		14,463
Alternatives	1,650		1,681		1,686		1,598		1,675
Money Market	300		559		742		426		527
Total	36,734		33,576		33,989		33,884		34,138
Combined Asset Type
Equity	93,147		97,969		97,983		101,433		100,986
Fixed Income - Public	146,878		143,331		142,850		137,408		133,750
Fixed Income - Privates	84,130		78,804		79,976		78,698		77,866
Alternatives	17,979		16,304		16,649		16,186		16,021
Money Market	2,844		2,951		3,061		2,665		2,714
Total	344,978		339,358		340,520		336,390		331,337
Total Private and Alternative Assets	102,109		95,108		96,625		94,885		93,887
% of Private and Alternative Assets / Total AUM	29.6	%	28.0	%	28.4	%	28.2	%	28.3	%

Corporate

Voya Financial	Page 27 of 45

Corporate Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Interest expense (excluding Preferred stock dividends) (1)	(31)	(34)	(29)	(29)	(29)	(123)	(121)
Preferred stock dividends	(17)	(4)	(16)	(4)	(17)	(41)	(39)
Pension expense (2)	(13)	(12)	(12)	(12)	(12)	(49)	(45)
Other (3)	(2)	23	(3)	(9)	(6)	9	2
Adjusted operating earnings before income taxes, including noncontrolling interest	(63)	(27)	(60)	(54)	(64)	(204)	(203)
Less: Earnings (loss) attributable to the noncontrolling interest	(1)	—	(1)	(1)	(1)	(3)	—
Adjusted operating earnings before income taxes	(62)	(27)	(59)	(53)	(63)	(201)	(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 29 of 45

Net Revenue and Adjusted Operating Margin

	Three Months Ended										Twelve Months Ended
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025		3/31/2024
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	242		223		234		238		236		937		947
Fee-based margin	332		302		296		285		278		1,215		1,051
Net underwriting gain (loss) and other revenue	7		5		7		2		4		21		15
Wealth Solutions Net Revenue	581		529		537		525		517		2,173		2,013
Health Solutions
Investment spread and other investment income	29		28		28		27		26		112		100
Fee-based margin	56		57		57		54		59		224		230
Net underwriting gain (loss) and other revenue	206		40		175		223		208		644		866
Health Solutions Net Revenue	292		125		260		304		293		981		1,196
Investment Management
Investment capital and other investment income	8		9		9		9		10		35		37
Fee-based margin	237		265		239		226		226		967		890
Investment Management Net Revenue	246		273		248		234		236		1,001		927
Total Net Revenue Excluding Notable Items (1)	1,119		928		1,045		1,063		1,045		4,155		4,136
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	222		220		232		222		200		896		777
Health Solutions	48		(102)		26		63		60		35		304
Investment Management	55		91		76		65		54		287		242
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	325		209		334		350		313		1,218		1,323
Corporate	(63)		(27)		(60)		(54)		(64)		(204)		(203)
Total Adjusted operating earnings Excluding Notable Items, including noncontrolling interest	262		183		274		296		249		1,014		1,119
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items	11		23		16		13		11		63		51
Total Adjusted Operating Earnings Excluding Notable Items (1)	251		160		258		283		238		952		1,067
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	38.1	%	41.5	%	43.1	%	42.3	%	38.6	%	41.2	%	38.6	%
Health Solutions	16.6	%	(81.3)	%	9.9	%	20.8	%	20.4	%	3.6	%	25.4	%
Investment Management	22.5	%	33.3	%	30.6	%	27.8	%	22.9	%	28.6	%	26.1	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	29.1	%	22.6	%	31.9	%	32.9	%	30.0	%	29.2	%	32.0	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	23.4	%	19.7	%	26.2	%	27.8	%	23.8	%	24.2	%	27.1	%
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions	41.2	%	41.4	%	40.4	%	39.7	%	38.6	%
Health Solutions	3.6	%	4.8	%	17.4	%	20.9	%	25.4	%
Investment Management	28.6	%	28.9	%	26.9	%	26.2	%	26.1	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	29.2	%	29.6	%	31.0	%	31.4	%	32.0	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	24.2	%	24.4	%	25.9	%	26.5	%	27.1	%
(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 30 of 45

Administrative Expenses

	Three Months Ended					Twelve Months Ended
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Wealth Solutions	(261)	(223)	(219)	(220)	(234)	(923)	(914)
Health Solutions	(139)	(130)	(130)	(131)	(134)	(530)	(515)
Investment Management	(190)	(182)	(171)	(169)	(181)	(713)	(684)
Total Administrative Expenses (1)	(590)	(535)	(520)	(520)	(549)	(2,166)	(2,113)
(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 31 of 45

Adjusted Operating Return on Allocated Capital

	Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Wealth Solutions
Adjusted operating earnings before income taxes - before interest	842		820		758		726		686
Income tax expense	119		116		104		98		90
Adjusted Operating Earnings - before interest and after income taxes	723		704		654		628		596
Adjusted Operating effective tax rate (1)	13.4	%	14.3	%	14.3	%	14.5	%	13.5	%
Adjusted Operating effective tax rate TTM	14.1	%	14.2	%	13.7	%	13.4	%	13.1	%
Average Capital	3,483		3,415		3,402		3,413		3,441
Ending Capital (2)	3,796		3,509		3,445		3,401		3,360
Adjusted Return on Capital	20.7	%	20.6	%	19.2	%	18.4	%	17.3	%
Health Solutions
Adjusted operating earnings before income taxes - before interest	27		40		186		216		280
Income tax expense	6		8		39		45		59
Adjusted Operating Earnings - before interest and after income taxes	21		32		147		171		221
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	1,275		1,246		1,222		1,220		1,228
Ending Capital (2)	1,295		1,306		1,267		1,268		1,219
Adjusted Return on Capital	1.6	%	2.5	%	12.0	%	14.0	%	18.0	%
Investment Management
Adjusted operating earnings before income taxes - before interest	213		213		192		186		185
Income tax expense	45		45		40		39		39
Adjusted Operating Earnings - before interest and after income taxes	168		168		152		147		146
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	851		843		834		824		817
Ending Capital (2)	874		869		843		841		828
Adjusted Return on Capital	19.7	%	20.0	%	18.1	%	17.8	%	17.9	%
(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 Wealth Solutions 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 33 of 45

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)	3/31/2025						12/31/2024						3/31/2025
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	10,743	28.0	%	134	5.0	%	10,213	28.0	%	140	5.4	%	10,743	28.0	%	134	5.0	%
Private credit	8,678	22.0	%	106	5.1	%	8,050	22.0	%	87	4.5	%	8,678	22.0	%	106	5.1	%
Securitized (2)(3)	10,107	26.0	%	150	5.9	%	9,751	27.0	%	145	5.8	%	10,107	26.0	%	150	5.9	%
Commercial mortgage loans	5,588	14.0	%	66	4.9	%	4,677	13.0	%	55	4.8	%	5,588	14.0	%	66	4.9	%
Municipals	623	2.0	%	6	3.9	%	686	2.0	%	7	3.9	%	623	2.0	%	6	3.9	%
Short-term / Treasury	499	1.0	%	6	4.2	%	530	1.0	%	5	4.2	%	499	1.0	%	6	4.2	%
Equity securities	191	—	%	3	6.4	%	177	—	%	3	6.1	%	191	—	%	3	6.4	%
Policy loans	381	1.0	%	5	5.5	%	387	1.0	%	5	5.1	%	381	1.0	%	5	5.5	%
Derivatives	(6)	—	%	2	N/A		(6)	—	%	3	N/A		(6)	—	%	2	N/A
Book Values and Gross Investment Income before variable components	36,804	95.0	%	478	5.3	%	34,464	95.0	%	450	5.2	%	36,804	95.0	%	478	5.3	%
Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,910	5.0	%	20	4.3	%	1,886	5.0	%	38	9.0	%	1,910	5.0	%	20	4.3	%
Prepayment / Other fee income	N/A	—	%	2	—	%	N/A	—	%	1	—	%	N/A	—	%	2	—	%
Book Values and Gross Investment Income (variable)	1,910	5.0	%	22	—	%	1,886	5.0	%	39	—	%	1,910	5.0	%	22	—	%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,713	100.0	%	500	5.3	%	36,350	100.0	%	489	5.4	%	38,713	100.0	%	500	5.3	%
(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 34 of 45

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

	Three Months Ended or As of (1)
(in millions USD)	12/31/2024			09/30/2024			06/30/2024			03/31/2024
Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,336	29.0	%	10,241	28.0	%	10,563	29.0	%	10,688	29.0	%
Private credit	7,860	22.0	%	7,754	21.0	%	7,695	21.0	%	7,690	21.0	%
Securitized	9,657	27.0	%	10,083	28.0	%	9,831	27.0	%	9,700	27.0	%
Municipals	686	2.0	%	705	2.0	%	731	2.0	%	773	2.0	%
Short-term / Treasury	572	2.0	%	432	1.0	%	452	1.0	%	556	2.0	%
Total Fixed maturities	29,110	81.0	%	29,215	81.0	%	29,272	81.0	%	29,406	81.0	%
Commercial mortgage loans	4,669	13.0	%	4,814	13.0	%	4,971	14.0	%	5,088	14.0	%
Limited partnership	1,885	5.0	%	1,778	5.0	%	1,768	5.0	%	1,740	5.0	%
Equity securities	309	1.0	%	316	1.0	%	290	1.0	%	275	1.0	%
Total	35,973	100.0	%	36,122	100.0	%	36,302	100.0	%	36,509	100.0	%
NAIC Ratings
Fixed Maturities:
NAIC 1	15,641	54.0	%	15,803	54.0	%	15,525	53.0	%	15,560	53.0	%
NAIC 2	12,073	41.0	%	12,053	41.0	%	12,493	43.0	%	12,650	43.0	%
NAIC 3 and below	1,397	5.0	%	1,359	5.0	%	1,254	4.0	%	1,196	4.0	%
Total Fixed maturities	29,110	100.0	%	29,215	100.0	%	29,272	100.0	%	29,406	100.0	%
Commercial Mortgage Loans:
CML 1	3,396	73.0	%	3,482	72.0	%	3,667	74.0	%	3,712	73.0	%
CML 2	961	21.0	%	1,004	21.0	%	992	20.0	%	971	19.0	%
CML 3 and below	312	7.0	%	328	7.0	%	313	6.0	%	405	8.0	%
Total Commercial mortgage loans	4,669	100.0	%	4,814	100.0	%	4,971	100.0	%	5,088	100.0	%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial	Page 35 of 45

Alternative Investment Income

	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Wealth Solutions (1)
Average alternative investments	1,591	1,575	1,558	1,536	1,459	1,591	1,459
Alternative investment income	22	33	20	34	24	22	24
Health Solutions (1)
Average alternative investments	238	215	212	220	243	238	243
Alternative investment income	3	5	3	2	6	3	6
Investment Management (1)
Average alternative investments	326	340	347	349	312	326	312
Alternative investment income	5	5	3	7	6	5	6
(1) Excludes assets and income related to foreclosed real estate.

Voya Financial	Page 36 of 45

Alternative Income and Prepayments Above (Below) Expectations

					Twelve Months Ended
(in millions )	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Alternative Income Above (Below) Long-Term Expectations (1) (2)
Wealth Solutions	(2)	(14)	—	(9)	(30)	(63)
Health Solutions	(1)	(3)	(3)	—	(9)	(8)
Investment Management	(3)	(5)	(1)	(1)	(11)	(5)
Total	(6)	(22)	(4)	(10)	(50)	(76)
Prepayments Above (Below) Expectations (1)
Wealth Solutions	(8)	(7)	(8)	(5)	(23)	(28)
Health Solutions	—	—	—	—	—	—
Investment Management	—	—	—	—	—	—
Total	(8)	(7)	(8)	(5)	(23)	(28)
Alternative Income and Prepayments Above (Below) Expectations (1) (2)
Wealth Solutions	(10)	(21)	(8)	(14)	(53)	(91)
Health Solutions	(1)	(3)	(3)	—	(9)	(8)
Investment Management	(3)	(5)	(1)	(1)	(11)	(5)
Total	(14)	(29)	(12)	(15)	(73)	(104)
(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 March 31, 2025 and 2024 was approximately 192 million, pre-tax and before variable compensation. The expectation for prepayment fees was approximately 29 million and 37 million for the twelve months ended March 31, 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 as disclosed in February 2025 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 38 of 45

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


(in millions , except per share)			12/31/2024			9/30/2024			6/30/2024			3/31/2024
	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	139	1.42		93	0.94		98	0.98		201	1.96		234	2.24
Plus: Net income (loss) attributable to noncontrolling interests	(5)	(0.05)		24	0.25		(16)	(0.16)		30	0.29		37	0.35
Less: Preferred stock dividends	(17)	(0.17)		(4)	(0.04)		(16)	(0.17)		(4)	(0.04)		(17)	(0.16)
Income (loss)	151	1.54	120	121	1.23	116	98	0.99	276	235	2.29	287	288	2.75
Less:
Net investment gains (losses)	(1)	(0.02)	—	—	—	(33)	(26)	(0.26)	20	16	0.16	63	50	0.48
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)	(31)	(0.32)	(22)	(17)	(0.17)	(52)	(41)	(0.41)	(37)	(29)	(0.28)	(32)	13	0.12
Net income (loss) attributable to noncontrolling interests	(5)	(0.05)	24	24	0.25	(16)	(16)	(0.16)	30	30	0.29	37	37	0.35
Dividend payments made to preferred shareholders	17	0.17	4	4	0.04	16	16	0.17	4	4	0.04	17	17	0.16
Other adjustments (4)	(24)	(0.24)	(32)	(27)	(0.28)	(28)	(25)	(0.25)	(12)	(9)	(0.09)	(22)	(14)	(0.13)
Adjusted operating earnings	195	2.00	147	138	1.40	230	190	1.90	271	223	2.18	224	185	1.77
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation	(15)	(0.15)	(13)	(10)	(0.11)	(28)	(22)	(0.22)	(12)	(10)	(0.09)	(15)	(12)	(0.11)
Adjusted operating earnings excluding notable items	210	2.15	160	148	1.50	258	212	2.12	283	232	2.27	238	197	1.88
(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 for the three months ended March 31, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. 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 39 of 45

Reconciliation of Adjusted Operating Revenues

	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Total revenues	1,969	2,010	1,956	2,033	2,051	1,969	2,051
Less:
Net investment gains (losses)	(5)	(8)	(33)	16	47	(5)	47
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	28	13	52	13	24	28	24
Revenues (loss) attributable to noncontrolling interests	25	57	19	102	65	25	65
Other adjustments	33	50	50	42	52	33	52
Total adjusted operating revenues	1,888	1,897	1,867	1,860	1,863	1,888	1,863
Adjusted operating revenues by segment
Wealth Solutions	798	731	726	730	719	798	719
Health Solutions	841	888	892	892	905	841	905
Investment Management	243	271	243	234	234	243	234
Corporate	6	8	6	4	4	6	4
Total adjusted operating revenues	1,888	1,897	1,867	1,860	1,863	1,888	1,863

Voya Financial	Page 40 of 45

Wealth Solutions and Health Solutions Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Wealth Solutions
Adjusted operating revenues	page 8	798	731	726	730	719	2,985	2,812
Interest credited and other benefits to contract owners/policyholders		(231)	(211)	(210)	(213)	(216)	(865)	(889)
Net revenue	page 14	567	519	516	517	504	2,119	1,922
Less:
Alternative investment income and prepayment fees above (below) expectations		(14)	(10)	(21)	(8)	(14)	(53)	(91)
Net revenue excluding notable items	page 29	581	529	537	525	517	2,173	2,013
Health Solutions
Adjusted operating revenues	page 8	841	888	892	892	905	3,513	3,212
Interest credited and other benefits to contract owners/policyholders		(551)	(764)	(634)	(591)	(613)	(2,540)	(2,041)
Net revenue	page 18	290	124	257	301	293	972	1,172
Less:
Alternative investment income and prepayment fees above (below) expectations		(2)	(1)	(3)	(3)	—	(9)	(8)
Other adjustments to net underwriting gain (loss) and other revenue (1)		—	—	—	—	—	—	(16)
Net revenue excluding notable items	page 29	292	125	260	304	293	981	1,196
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial	Page 41 of 45

Investment Management and Consolidated Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Investment Management
Adjusted operating revenues	page 8	243	271	243	234	234	991	921
Net revenue	page 22	243	271	243	234	234	991	921
Less:
Alternative investment income and prepayment fees above (below) expectations		(2)	(3)	(5)	(1)	(1)	(11)	(5)
Net revenue excluding notable items	page 29	246	273	248	234	236	1,001	927
Consolidated
Total Adjusted operating revenues	page 8	1,888	1,897	1,867	1,860	1,863	7,512	6,987
Interest credited and other benefits to contract owners/policyholders		(782)	(975)	(845)	(804)	(829)	(3,406)	(2,930)
Corporate Adjusted operating revenues (1)		(6)	(8)	(6)	(4)	(4)	(24)	(42)
Net revenue	pages 14/18/22	1,100	914	1,016	1,051	1,031	4,082	4,015
Less:
Alternative investment income and prepayment fees above (below) expectations		(19)	(14)	(29)	(12)	(15)	(73)	(104)
Other adjustments (2)		—	—	—	—	—	—	(16)
Net revenue excluding notable items	page 29	1,119	928	1,045	1,063	1,045	4,155	4,136
(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.
(2) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial	Page 42 of 45

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

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Wealth Solutions
Adjusted operating earnings before income taxes	page 14	207	210	211	214	186	842	686
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		(14)	(10)	(21)	(8)	(14)	(53)	(91)
Adjusted operating earnings excluding notable items	page 29	222	220	232	222	200	896	777
Health Solutions
Adjusted operating earnings before income taxes	page 18	46	(102)	23	60	59	27	280
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		(2)	(1)	(3)	(3)	—	(9)	(8)
Other (1)		—	—	—	—	—	—	(16)
Adjusted operating earnings excluding notable items	page 29	48	(102)	26	63	60	35	304
Investment Management
Adjusted operating earnings before income taxes, including noncontrolling interest	page 22	53	89	72	64	53	278	236
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation		(2)	(2)	(4)	(1)	(1)	(9)	(5)
Adjusted operating earnings excluding notable items, including noncontrolling interest	page 29	55	91	76	65	54	287	242
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		12	22	17	14	12	65	51
Adjusted operating earnings excluding notable items		43	69	59	51	42	222	190
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
Voya Financial	Page 43 of 45
---	---

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

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	3/31/2025	3/31/2024
Corporate
Adjusted operating earnings before income taxes, including noncontrolling interest	page 27	(63)	(27)	(60)	(54)	(64)	(204)	(203)
Adjusted operating earnings excluding notable items, including noncontrolling interest	page 29	(63)	(27)	(60)	(54)	(64)	(204)	(203)
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		(1)	—	(1)	(1)	(1)	(3)	—
Adjusted operating earnings excluding notable items		(62)	(27)	(59)	(53)	(63)	(201)	(202)
Consolidated
Adjusted operating earnings before income taxes, including noncontrolling interest	page 8	243	169	245	284	235	941	999
Less:
Total Notable Items Adjustments		(19)	(13)	(28)	(12)	(15)	(72)	(119)
Adjusted operating earnings excluding notable items, including noncontrolling interest		262	183	274	296	249	1,014	1,119
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items		11	23	16	13	11	63	51
Adjusted operating earnings excluding notable items	page 29	251	160	258	283	238	952	1,067

Voya Financial	Page 44 of 45

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

	Twelve Months Ended
(in millions USD)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	531		626		651		801		754
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,259		4,254		4,078		3,836		3,768
TTM Return on Voya Financial, Inc Equity	12.5	%	14.7	%	16.0	%	20.9	%	20.0	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-2.1	%	-2.5	%	-2.8	%	-4.0	%	-3.9	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	5.6	%	6.7	%	7.9	%	11.5	%	11.2	%
TTM Net investment gains (losses), after-tax	-0.2	%	0.7	%	0.5	%	1.7	%	0.9	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-2.0	%	-1.2	%	-1.6	%	-0.3	%	-0.1	%
TTM Other adjustments, after-tax	-1.4	%	-1.3	%	-1.0	%	-0.9	%	-1.4	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	12.6	%	12.3	%	12.9	%	12.9	%	13.3	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-4.1	%	-4.1	%	-4.4	%	-4.3	%	-4.5	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	16.7	%	16.5	%	17.3	%	17.3	%	17.9	%

Voya Financial	Page 45 of 45

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)	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		3/31/2025		3/31/2024
Book value per common share, including AOCI	39.20		35.53		42.30		34.66		34.96		39.20		34.96
Per share impact of AOCI	22.67		25.78		18.66		26.09		24.37		22.67		24.37
Book value per common share, excluding AOCI	61.87		61.31		60.96		60.75		59.33		61.87		59.33
Debt to capital ratio	32.4	%	38.5	%	34.6	%	34.2	%	33.6	%	32.4	%	33.6	%
Capital impact of adding noncontrolling interest	-7.5	%	-9.1	%	-7.1	%	-7.8	%	-7.2	%	-7.5	%	-7.2	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.5	%	9.4	%	9.0	%	10.3	%	10.1	%	9.5	%	10.1	%
Capital impact of excluding AOCI	-6.9	%	-8.5	%	-5.9	%	-8.7	%	-8.4	%	-6.9	%	-8.4	%
Financial leverage ratio excluding AOCI	27.5	%	30.3	%	30.6	%	28.0	%	28.1	%	27.5	%	28.1	%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.