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):

February 3, 2026

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

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

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

N/A

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

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

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

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

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

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

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

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

All values are in US Dollars.

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition

On February 3, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and year ended December 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, February 4, 2026 at 10:00 am ET to discuss its fourth-quarter and full-year 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 December 31, 2025, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended December 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 February 3, 2026, 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 February 3, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended December 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: February 3, 2026

Document

Exhibit 99.1

Voya Financial announces fourth-quarter

and full-year 2025 results

NEW YORK, Feb. 3, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its fourth-quarter and full-year 2025 financial results:

•Full-year 2025 net income available to common shareholders of $613 million, or $6.29 per diluted share, including $136 million, or $1.41 per diluted share in the fourth-quarter.

•Full-year 2025 after-tax adjusted operating earnings1 of $861 million, or $8.85 per diluted share, including after-tax adjusted operating earnings1 of $188 million, or $1.94 per diluted share in the fourth quarter.

•Delivered over $1 billion in pre-tax adjusted operating earnings1 for the full-year.

•Generated approximately $775 million of excess capital for the full-year, a 19% increase over the prior year.

“We delivered strong results in 2025, exceeding our targets for adjusted pre-tax earnings and cash generation, reflecting the strength of our diversified businesses, our disciplined execution, and the focus on our customers,” said Heather Lavallee, chief executive officer, Voya Financial. “Leveraging the strengths and connections across our Retirement, Investment Management and Employee Benefits businesses continues to support our growth and enhance the value we deliver for our customers, evidenced by our Retirement and Investment Management AUM surpassing $1 trillion in assets in the year.”

“For the full year, Voya delivered more than 20% growth in adjusted operating EPS, supported by consistent organic growth across both Retirement and Investment Management, our acquisition of OneAmerica, and margin improvement in Employee Benefits. As we look ahead, our strong free-cash-flow generation and continued work to align our solutions with the evolving needs of employers, employees and intermediaries positions us to enter the year with solid momentum and a clear set of priorities. Our vision — clearing the path to financial confidence and a more fulfilling life — guides how we serve our customers and create long-term value for all of our stakeholders.” Lavallee added

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on 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.

Fourth-Quarter 2025 Consolidated Results

Fourth-quarter 2025 net income available to common shareholders was $136 million, or $1.41 per diluted share, compared with $93 million, or $0.94 per diluted share, in fourth-quarter 2024. The increase was primarily due to higher after-tax adjusted operating earnings.

Fourth-quarter 2025 after-tax adjusted operating earnings were $188 million, or $1.94 per diluted share, compared with $138 million, or $1.40 per diluted share, in fourth-quarter 2024. The increase was due to higher earnings across all segments, partially offset by higher accruals in Corporate for performance-based compensation, reflecting strong results in the full-year. The fourth-quarter 2025 earnings per share also benefited from reduced share count from share repurchases.

Full-Year 2025 Consolidated Results

Full-year 2025 net income available to common shareholders was $613 million, or $6.29 per diluted share, compared with $626 million, or $6.17 per diluted share, in full-year 2024. The decrease reflects the 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 severance and acquisitions, mostly offset by higher after-tax adjusted operating earnings.

Full-year 2025 after-tax adjusted operating earnings were $861 million, or $8.85 per diluted share, compared with $736 million, or $7.25 per diluted share, in full-year 2024. The full-year 2025 included higher earnings across all segments, supported by an improved adjusted operating margin in Employee Benefits, partially offset by higher accruals in Corporate for performance-based compensation. Full-year 2025 earnings per share also benefited from a reduced share count from share repurchases.

Business Segment Results

Retirement

Retirement fourth-quarter 2025 and full-year 2025 pre-tax adjusted operating earnings were $255 million and $959 million, respectively. This reflects an increase of $45 million over the prior-year quarter and $139 million over the prior year, respectively. The increase was primarily due to the acquired business from OneAmerica, higher alternative investment income and strong business execution.

Net revenues for the year ended Dec. 31, 2025 grew 17.1% compared with the prior-year period due to organic growth, business acquired from OneAmerica, higher alternative investment income, and positive capital markets.

Adjusted operating margin for the year ended Dec. 31, 2025 was 39.8% and was broadly consistent with the prior-year period. This reflects continued expense discipline, while investing for growth.

Total client assets as of Dec. 31, 2025 were $797 billion, up 30% compared with Dec. 31, 2024, primarily due to assets onboarded from OneAmerica, the record organic Defined Contribution net inflows of $28 billion, and positive capital markets.

Investment Management

Investment Management fourth-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $72 million, compared to $66 million in the prior-year period. The increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets, partially offset by higher incentive compensation tied to results.

Investment Management full-year 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $226 million, up from $213 million in the prior year. The increase was primarily due to higher net revenues from business growth, partially offset by higher variable compensation.

Net revenues for the year ended Dec. 31, 2025 grew 4.9% compared with the prior-year period, pushing revenues for Investment Management to over $1 billion for the first time in firm history.

Adjusted operating margin for the year ended Dec. 31, 2025 was 28.3% and was consistent with the prior-year period.

Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Dec. 31, 2025. For the full year ended Dec. 31, the company generated a record $14.6 billion of net inflows (excluding divested businesses), representing an organic growth of 4.8%. Our overall assets under management were $360 billion as of Dec. 31, 2025 compared to $339 billion as of Dec. 31, 2024.

Employee Benefits

Employee Benefits fourth-quarter 2025 pre-tax adjusted operating loss was $10 million, improved from a loss of $102 million in the prior-year period. The improvement was driven by higher underwriting margins in Group Life and Stop Loss, including an increase in reserves for Stop Loss.

Employee Benefits full-year 2025 pre-tax adjusted operating earnings were $152 million, up from $40 million in the prior year. The increase was primarily due to net underwriting margin improvement for Stop Loss, partly offset by higher administrative expenses due to investments in the business.

Net revenues for the year ended Dec. 31, 2025 increased 14.7% compared with the prior-year period. Adjusted operating margin for the year ended Dec. 31, 2025, was 13.6% compared with 4.1% in the prior-year period.

Employee Benefits fourth-quarter 2025 annualized in-force premiums and fees declined 5% to $3.6 billion compared with the prior-year period. The decline reflects intentional prioritization of margin improvement over growth, through pricing discipline and enhanced risk selection within the Stop Loss business.

Corporate

Corporate fourth-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $90 million, compared with $27 million of losses in the prior-year period. Corporate full-year 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $299 million, compared with $203 million of losses in the prior year. The higher losses were primarily driven by higher accruals for performance-based compensation, reflecting strong full-year 2025 results.

Capital

For the fourth-quarter 2025, the company generated approximately $175 million of excess capital, and returned $120 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively. Share repurchases included delivery of the remaining $20 million of shares from the third-quarter accelerated share repurchase agreement.

For the full-year ending 2025, the company generated approximately $775 million of excess capital which was approximately 90% of after-tax adjusted operating earnings. The company returned $200 million and $174 million of excess capital to shareholders through share repurchases and common stock dividends, respectively.

As of Dec. 31, 2025, the company's excess capital position was approximately $0.4 billion and remaining share repurchase authorization was $562 million.

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, Feb. 4 , 2026, at 10 a.m. ET, to discuss the company’s fourth-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 Feb. 4, 2026.

Media Contact: Investor Contact:

Donna Sullivan Mei Ni Chu

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

About Voya Financial

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

Use of Non-GAAP Financial Measures

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

•Net investment gains (losses);

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

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

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

•Other adjustments may include the following items:

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

◦Impairment of goodwill and intangible assets;

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

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

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

Sources of Earnings

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

•Investment spread and other investment income.

•Fee-based margin.

•Net underwriting gain (loss).

•Administrative expenses.

•Premium taxes, fees and assessments.

•Net commissions.

•DAC/VOBA and other intangibles amortization.

Net Revenue and Adjusted Operating Margin

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

•Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).

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

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 and geopolitical risks, including general economic conditions, impacts of a U.S. government shutdown, 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, 2025, to be filed with the SEC on or before Mar. 2, 2026.

VOYA-IR VOYA-CF

Consolidated Statement of Operations
	Three Months Ended				Twelve Months Ended
(in millions USD, except per share)	12/31/2025		12/31/2024		12/31/2025		12/31/2024
Revenues
Net investment income	$	591	$	521	$	2,318	$	2,074
Fee income	633		543		2,396		2,113
Premiums	738		790		2,912		3,176
Net gains (losses)	(34)		(52)		(130)		(27)
Other revenues	136		134		440		423
Income (loss) related to consolidated investment entities	47		74		253		291
Total revenues	2,111		2,010		8,189		8,050
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(875)		(987)		(3,361)		(3,619)
Operating expenses	(937)		(756)		(3,447)		(3,082)
Net amortization of DAC/VOBA	(64)		(56)		(249)		(223)
Interest expense	(28)		(35)		(117)		(124)
Operating expenses related to consolidated investment entities	(38)		(56)		(178)		(203)
Total benefits and expenses	(1,942)		(1,890)		(7,352)		(7,251)
Income (loss) before income taxes	169		120		837		799
Income tax expense (benefit)	20		(1)		104		57
Net income (loss)	149		121		733		742
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	9		24		79		75
Net income (loss) available to Voya Financial, Inc.	140		97		654		667
Less: Preferred stock dividends	4		4		41		41
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	136	$	93	$	613	$	626
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	1.43	$	0.97	$	6.40	$	6.31
Diluted	$	1.41	$	0.94	$	6.29	$	6.17
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
---	---	---	---	---
	Three Months Ended
(in millions USD, except per share)	12/31/2025				12/31/2024
	After-tax (1)		Per share		After-tax (1)		Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	136	$	1.41	$	93	$	0.94
Less:
Net investment gains (losses)	3		0.03		—		—
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(20)		(0.21)		(17)		(0.17)
Other adjustments (2)	(35)		(0.36)		(27)		(0.28)
Adjusted operating earnings	$	188	$	1.94	$	138	$	1.40

Note: Totals may not sum due to rounding.

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

(2) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Dec. 31, 2025, also includes a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and $14 million, after-tax, of severance costs. For the three months ended Dec. 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.

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Twelve Months Ended
(in millions USD, except per share)	12/31/2025				12/31/2024
	After-tax (1)		Per share		After-tax (1)		Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	613	$	6.29	$	626	$	6.17
Less:
Net investment gains (losses)	(33)		(0.34)		39		0.39
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)	(116)		(1.19)		(75)		(0.74)
Other adjustments (3)	(99)		(1.02)		(75)		(0.74)
Adjusted operating earnings	$	861	$	8.85	$	736	$	7.25

Note: Totals may not sum due to rounding.

(2) Includes tax benefits of $38 million related to a divested business for the twelve months ended December 31, 2024.

(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the twelve months ended Dec. 31, 2025, also includes $38 million, after-tax, of severance costs and a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations. For the twelve months ended Dec. 31, 2024, also includes $12 million, after-tax, of severance costs, a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations.

Adjusted Operating Earnings
	Three Months Ended				Twelve Months Ended
(in millions USD, except per share)	12/31/2025		12/31/2024		12/31/2025		12/31/2024
Adjusted operating earnings
Retirement	$	255	$	210	$	959	$	820
Investment Management	72		66		226		213
Employee Benefits	(10)		(102)		152		40
Corporate	(90)		(27)		(299)		(203)
Adjusted operating earnings before income taxes	226		147		1,038		870
Less: Income taxes (1)	39		9		176		135
Adjusted operating earnings after income taxes	$	188	$	138	$	861	$	736
Adjusted operating earnings per share	1.94		1.40		8.85		7.25

Note: Totals may not sum due to rounding.

Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin
	Twelve Months Ended
(in millions USD)	12/31/2025			12/31/2024
Net revenue
Retirement	$	2,408		$	2,056
Investment Management	1,030			982
Employee Benefits	1,118			975
Total net revenue	$	4,556		$	4,012
Adjusted operating earnings
Retirement	$	959		$	820
Investment Management including noncontrolling interest	291			278
Employee Benefits	152			40
Adjusted operating earnings, excluding Corporate	$	1,402		$	1,138
Adjusted operating margin
Retirement	39.8		%	39.9		%
Investment Management	28.3		%	28.3		%
Employee Benefits	13.6		%	4.1		%
Adjusted operating margin, excluding Corporate	30.8		%	28.4		%

Note: Totals may not sum due to rounding.

Document

Exhibit 99.2

Quarterly Investor Supplement

December 31, 2025

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

Corporate Offices:	Investor Contact:
Voya 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		Administrative Expenses and Adjusted Operating Return on Capital
Explanatory Note on Non-GAAP Financial Information	3 - 5	Administrative Expenses	31
Key Metrics	6	Adjusted Operating Return on Allocated Capital	32
Consolidated Statements of Operations	7	Investment Information
Consolidated Adjusted Operating Earnings Before Income Taxes	8	Portfolio Results GAAP Book Value, Gross Investment Income, and
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)	9	Earned Rate by Asset Class	34
Adjusted Operating Earnings Before Income Taxes by Segment (YTD)	10	Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Balance Sheets	11	Ratings	35
DAC/VOBA Segment Trends	12	Alternative Investment Income	36
Consolidated Capital Structure	13	Reconciliations
Consolidated Assets Under Management, Assets Under Administration		Reconciliation of Adjusted Operating Earnings Before Income Taxes and
and Advisement	14	Earnings Per Common Share (Diluted) (QTD)	38
Retirement		Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Sources of Adjusted Operating Earnings Before Income Taxes		Earnings Per Common Share (Diluted) (YTD)	39
and Key Metrics	16	Reconciliation of Adjusted Operating Revenues and Adjusted Operating
Client Assets Rollforward by Product Group	17 - 18	Benefits and Expenses	40
Investment Management		Reconciliation of Net Revenues	41
Sources of Adjusted Operating Earnings Before Income Taxes	20	Reconciliation of Adjusted Operating Return on Common Equity
Analysis of AUM and AUA	21	Excluding AOCI and NOL DTA	42
Account Value Rollforward by Source	22	Reconciliation of Book Value Per Common Share, Excluding AOCI and
Account Value by Asset Type	23	Leverage Ratio	43
Employee Benefits
Sources of Adjusted Operating Earnings Before Income Taxes	25
Quarterly Loss Ratio Development for Group Stop Loss	26
Key Metrics	27
Corporate
Adjusted Operating Earnings Before Income Taxes	29

Voya Financial	Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

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

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

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

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

•Other adjustments may include the following items:

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

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

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

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

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

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

Adjusted Operating Revenues

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

•Net investment gains (losses);

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

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

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

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

Voya Financial	Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Benefits and Expenses

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

• Changes in market risk benefits;

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

• Expenses attributable to noncontrolling interests;

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

• Other adjustments include:

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

• Impairment of goodwill and intangible assets;

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

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

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

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

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

Sources of Earnings

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

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

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

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

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

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

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

•DAC/VOBA and other intangibles amortization.

Voya Financial	Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Return on Common Equity excluding AOCI

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

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

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

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

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

Net Revenue and Adjusted Operating Margin

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

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

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

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

Other Information

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

Voya Financial	Page 6 of 43

Key Metrics

										Year-to-Date or As of
(in millions , unless otherwise indicated)		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025		12/31/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders		176		162		139		93		613		626
Per common share (basic)		1.82		1.69		1.45		0.97		6.40		6.31
Per common share (diluted)		1.80		1.66		1.42		0.94		6.29		6.17
Adjusted operating earnings: (1)
Before income taxes		290		289		232		147		1,038		870
After income taxes		239		240		195		138		861		736
Effective tax rate	%	17.8	%	16.9	%	15.9	%	6.1	%	17.0	%	15.5	%
Per common share (diluted)		2.45		2.46		2.00		1.40		8.85		7.25
Return on Equity
TTM Return on Voya Financial, Inc's Equity	%	12.8	%	11.3	%	12.5	%	14.7	%	13.3	%	14.7	%
TTM Adjusted operating return on common equity excluding AOCI (1)	%	13.6	%	12.8	%	12.6	%	12.3	%	14.3	%	12.3	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	%	17.9	%	17.0	%	16.7	%	16.5	%	18.6	%	16.5	%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity		4,957		4,629		4,383		4,005		4,953		4,005
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI		6,123		6,084		5,952		5,855		6,129		5,855
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA		4,751		4,654		4,486		4,371		4,800		4,371
Book value per common share (including AOCI)		45.55		41.71		39.20		35.53		46.28		35.53
Book value per common share (excluding AOCI) (2)		64.18		63.18		61.87		61.31		65.34		61.31
Leverage Ratios:
Debt-to-Capital	%	29.8	%	31.2	%	32.4	%	38.5	%	29.8	%	38.5	%
Financial Leverage - excluding AOCI (2)	%	26.7	%	27.4	%	27.5	%	30.3	%	27.0	%	30.3	%
Shares:
Weighted-average common shares outstanding
Basic		96		96		96		96		96		99
Dilutive effects (3)		2		1		2		3		2		2
Diluted		97		98		98		99		97		101
Ending shares outstanding		95		96		96		96		94		96
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions (4)		80		—		—		140		200		635
Dividends to common shareholders		43		44		43		43		174		168
Total cash returned to common shareholders		123		44		43		183		374		803
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(4) The third quarter of 2025 includes delivery of 80% of a 100 million accelerated share repurchase arrangement which was delivered on August 11th, 2025 with the remaining 20% delivered on October 15th, 2025.

All values are in US Dollars.

Voya Financial	Page 7 of 43

Consolidated Statements of Operations

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Revenues
Net investment income	591	583	584	560	521	2,318	2,074
Fee income	633	616	577	570	543	2,396	2,113
Premiums	738	719	718	737	790	2,912	3,176
Net gains (losses)	(34)	(21)	(41)	(34)	(52)	(130)	(27)
Other revenues	136	100	100	104	134	440	423
Income (loss) related to consolidated investment entities	47	131	43	32	74	253	291
Total revenues	2,111	2,128	1,981	1,969	2,010	8,189	8,050
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(875)	(850)	(801)	(835)	(987)	(3,361)	(3,619)
Operating expenses	(937)	(829)	(857)	(824)	(756)	(3,447)	(3,082)
Net amortization of DAC/VOBA	(64)	(65)	(58)	(62)	(56)	(249)	(223)
Interest expense	(28)	(29)	(28)	(32)	(35)	(117)	(124)
Operating expenses related to consolidated investment entities	(38)	(48)	(49)	(43)	(56)	(178)	(203)
Total benefits and expenses	(1,942)	(1,821)	(1,793)	(1,796)	(1,890)	(7,352)	(7,251)
Income (loss) before income taxes	169	307	188	173	120	837	799
Income tax expense (benefit)	20	35	27	22	(1)	104	57
Net income (loss)	149	272	161	151	121	733	742
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	9	80	(5)	(5)	24	79	75
Net income (loss) available to Voya Financial, Inc.	140	192	166	156	97	654	667
Less: Preferred stock dividends	4	16	4	17	4	41	41
Net income (loss) available to Voya Financial, Inc.'s common shareholders	136	176	162	139	93	613	626

Voya Financial	Page 8 of 43

Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	537	542	534	506	478	2,123	1,928
Fee income	636	617	577	572	540	2,401	2,097
Premiums	729	716	720	734	780	2,899	3,154
Other revenue	105	68	69	75	99	315	307
Adjusted operating revenues (1)	2,006	1,942	1,900	1,888	1,897	7,738	7,487
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(838)	(781)	(761)	(782)	(975)	(3,163)	(3,451)
Operating expenses	(852)	(768)	(770)	(779)	(684)	(3,168)	(2,822)
Net amortization of DAC/VOBA	(40)	(40)	(34)	(37)	(31)	(150)	(118)
Interest expense (2)	(34)	(47)	(32)	(47)	(38)	(160)	(162)
Adjusted operating benefits and expenses (1)	(1,763)	(1,635)	(1,598)	(1,645)	(1,728)	(6,642)	(6,554)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	244	307	302	243	169	1,096	933
Less: Earnings (loss) attributable to the noncontrolling interest (3)	17	17	13	11	23	58	63
Adjusted operating earnings before income taxes (1)	226	290	289	232	147	1,038	870	Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
---	---	---	---	---	---	---	---
Adjusted operating revenues
Retirement	866	853	824	798	731	3,341	2,905
Investment Management	290	257	239	243	271	1,030	982
Employee Benefits	845	829	832	841	888	3,348	3,577
Corporate	6	3	5	6	8	19	23
Adjusted operating revenues (1)	2,006	1,942	1,900	1,888	1,897	7,738	7,487
Adjusted operating earnings before income taxes
Retirement	255	261	235	207	210	959	820
Investment Management	72	62	51	41	66	226	213
Employee Benefits	(10)	47	69	46	(102)	152	40
Corporate	(90)	(80)	(67)	(62)	(27)	(299)	(203)
Adjusted operating earnings before income taxes (1)	226	290	289	232	147	1,038	870
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial	Page 9 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

	Three Months Ended December 31, 2025
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	480	7	46	5	537
Fee income	364	250	22	—	636
Premiums	—	—	729	—	729
Other revenue	22	33	49	1	105
Adjusted operating revenues (1)	866	290	845	6	2,006
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(234)	—	(603)	—	(838)
Operating expenses	(348)	(198)	(240)	(66)	(852)
Net amortization of DAC/VOBA	(28)	—	(12)	—	(40)
Interest expense (2)	—	—	—	(34)	(34)
Adjusted operating benefits and expenses (1)	(610)	(198)	(856)	(99)	(1,763)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	255	92	(10)	(94)	244
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	21	—	(3)	17
Adjusted operating earnings before income taxes (1)	255	72	(10)	(90)	226
	Three Months Ended December 31, 2024
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	427	6	37	8	478
Fee income	285	237	18	—	540
Premiums	—	—	780	—	780
Other revenue	18	27	53	—	99
Adjusted operating revenues (1)	731	271	888	8	1,897
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(211)	—	(764)	—	(975)
Operating expenses	(290)	(182)	(216)	3	(684)
Net amortization of DAC/VOBA	(20)	—	(11)	—	(31)
Interest expense (2)	—	—	—	(38)	(38)
Adjusted operating benefits and expenses (1)	(521)	(182)	(990)	(35)	(1,728)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	210	89	(102)	(27)	169
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	22	—	—	23
Adjusted operating earnings before income taxes (1)	210	66	(102)	(27)	147
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial	Page 10 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

	Twelve Months Ended December 31, 2025
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,902	31	172	18	2,123
Fee income	1,350	968	83	—	2,401
Premiums	—	—	2,899	—	2,899
Other revenue	89	31	194	1	315
Adjusted operating revenues (1)	3,341	1,030	3,348	19	7,738
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(933)	—	(2,230)	—	(3,163)
Operating expenses	(1,339)	(739)	(926)	(164)	(3,168)
Net amortization of DAC/VOBA	(110)	—	(40)	—	(150)
Interest expense (2)	—	—	—	(160)	(160)
Adjusted operating benefits and expenses (1)	(2,382)	(739)	(3,196)	(324)	(6,642)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	959	291	152	(305)	1,096
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	65	—	(7)	58
Adjusted operating earnings before income taxes (1)	959	226	152	(299)	1,038
	Twelve Months Ended December 31, 2024
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,733	27	147	21	1,928
Fee income	1,099	928	71	—	2,097
Premiums	—	—	3,154	—	3,154
Other revenue	73	28	205	2	307
Adjusted operating revenues (1)	2,905	982	3,577	23	7,487
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(849)	—	(2,602)	—	(3,451)
Operating expenses	(1,153)	(703)	(900)	(66)	(2,822)
Net amortization of DAC/VOBA	(83)	—	(36)	—	(118)
Interest expense (2)	—	—	—	(162)	(162)
Adjusted operating benefits and expenses (1)	(2,085)	(703)	(3,537)	(228)	(6,554)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	820	278	40	(205)	933
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	65	—	(2)	63
Adjusted operating earnings before income taxes (1)	820	213	40	(203)	870
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial	Page 11 of 43

Consolidated Balance Sheets

	Balances as of
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024
Assets
Total investments	38,571	38,199	37,579	37,703	35,024
Cash and cash equivalents	1,228	1,157	1,179	868	1,399
Assets held in separate accounts	113,007	111,950	107,278	98,948	101,676
Premium receivable and reinsurance recoverable, net	10,713	10,835	10,965	11,144	11,284
Short term investments under securities loan agreement and accrued investment income	1,398	1,437	1,418	1,459	1,438
Deferred policy acquisition costs, Value of business acquired	2,401	2,435	2,472	2,505	2,148
Deferred income taxes	1,871	1,872	1,979	2,032	2,134
Other assets (1)	4,845	4,903	4,926	4,934	3,892
Assets related to consolidated investment entities	4,825	4,660	4,640	4,357	4,894
Total Assets	178,859	177,448	172,436	163,950	163,889
Liabilities
Future policy benefits and contract owner account balances	49,356	49,337	49,665	49,763	46,436
Liabilities related to separate accounts	113,007	111,950	107,278	98,948	101,676
Payables under securities loan agreements, including collateral held	1,273	1,375	1,128	1,486	1,309
Short-term debt	586	586	447	1	399
Long-term debt	1,518	1,518	1,657	2,103	2,103
Other liabilities (2)	3,492	3,192	3,155	3,048	3,218
Liabilities related to consolidated investment entities	2,588	2,407	2,553	2,240	2,741
Total Liabilities	171,820	170,365	165,883	157,589	157,882
Mezzanine Equity
Redeemable noncontrolling interest	222	221	215	214	219
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(1,010)	(883)	(796)	(788)	(754)
Additional paid-in capital	6,358	6,316	6,321	6,299	6,266
Retained earnings (deficit)	1,392	1,301	1,170	1,052	954
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,741	6,735	6,696	6,564	6,467
Accumulated other comprehensive income	(1,788)	(1,778)	(2,067)	(2,181)	(2,462)
Total Voya Financial, Inc. Shareholders' Equity	4,953	4,957	4,629	4,383	4,005
Noncontrolling interest	1,864	1,905	1,709	1,764	1,783
Total Shareholders' Equity	6,817	6,862	6,338	6,147	5,788
Total Liabilities, Mezzanine Equity and Shareholders' Equity	178,859	177,448	172,436	163,950	163,889
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.

Voya Financial	Page 12 of 43

DAC/VOBA Segment Trends

	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Retirement
Balance as of Beginning-of-Period	1,398	1,410	1,422	1,044	1,048	1,044	1,064
Additions related to business acquisitions(1)	—	—	—	390	—	390	—
Deferrals of commissions and expenses	17	16	15	15	16	63	63
Amortization	(28)	(28)	(27)	(27)	(20)	(110)	(83)
Balance as of End-of-Period	1,387	1,398	1,410	1,422	1,044	1,387	1,044
Deferred Sales Inducements as of End-of-Period	21	22	22	22	22	22	22
Employee Benefits
Balance as of Beginning-of-Period	241	241	237	234	229	234	211
Deferrals of commissions and expenses	12	11	11	13	16	47	58
Amortization	(12)	(12)	(7)	(9)	(11)	(40)	(36)
Balance as of End-of-Period	240	241	241	237	234	240	234
Total
Balance as of Beginning-of-Period	1,638	1,651	1,659	1,278	1,277	1,278	1,275
Additions related to business acquisitions(1)	—	—	—	390	—	390	—
Deferrals of commissions and expenses	29	27	26	28	32	110	121
Amortization	(40)	(40)	(34)	(37)	(31)	(150)	(118)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,627	1,638	1,651	1,659	1,278	1,627	1,278
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	774	797	821	846	870	774	870
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,401	2,435	2,472	2,505	2,148	2,401	2,148
(1) Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025.
(2) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses.

Voya Financial	Page 13 of 43

Consolidated Capital Structure

	Balances as of
(in millions USD)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Financial Debt
Senior bonds	1,754		1,754		1,753		1,753		2,151
Subordinated bonds	349		349		349		349		349
Other debt	1		1		2		2		2
Total Financial Debt	2,104		2,104		2,104		2,104		2,502
Other financial obligations (1)	329		289		305		298		304
Total Financial Obligations	2,433		2,393		2,409		2,402		2,806
Mezzanine Equity
Redeemable noncontrolling interest	222		221		215		214		219
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,129		6,123		6,084		5,952		5,855
Total Equity (Excluding AOCI)	6,741		6,735		6,696		6,564		6,467
Accumulated other comprehensive income (AOCI)	(1,788)		(1,778)		(2,067)		(2,181)		(2,462)
Total Voya Financial, Inc. Shareholders' Equity	4,953		4,957		4,629		4,383		4,005
Noncontrolling interest	1,864		1,905		1,709		1,764		1,783
Total Shareholders' Equity	6,817		6,862		6,338		6,147		5,788
Capital
Capitalization (3)	7,057		7,061		6,733		6,487		6,507
Adjusted Capitalization excluding AOCI (4)	11,260		11,254		11,029		10,944		11,275
Leverage Ratios
Debt-to-Capital (5)	29.8	%	29.8	%	31.2	%	32.4	%	38.5	%
Financial Leverage excluding AOCI (6)	27.0	%	26.7	%	27.4	%	27.5	%	30.3	%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.

Voya Financial	Page 14 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of December 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
Retirement (1)	32,684	108,304	165,158	306,146	490,362	796,508
Investment Management	37,290	35,922	286,913	360,125	62,030	422,155
Employee Benefits	1,805	19	—	1,824	—	1,824
Eliminations/Other (3)	(34,489)	(31,238)	(12,977)	(78,704)	(41,614)	(120,318)
Total AUM and AUA	37,290	113,007	439,094	589,391	510,778	1,100,169
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.

Retirement

Voya Financial	Page 16 of 43

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


(in millions )		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025	12/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income		429		431		425		379		1,710	1,561
Investment expenses		(19)		(20)		(19)		(18)		(79)	(68)
Credited interest		(231)		(229)		(228)		(209)		(918)	(843)
Net Margin		179		182		178		152		713	650
Alternative investment income (1)		42		42		22		33		154	111
Other investment income (2)		27		26		28		28		105	117
Investment spread and other investment income		248		250		228		213		972	878
Full Service Fee-based revenue (3)		225		201		204		181		866	685
Recordkeeping and other fee-based revenue		140		133		128		121		544	476
Total Fee-based margin		365		334		332		302		1,410	1,161
Net underwriting gain (loss) and other revenue		5		8		7		5		25	17
Net revenue (4)		618		592		567		519		2,408	2,056
Administrative expenses		(254)		(259)		(261)		(223)		(1,044)	(897)
Net commissions		(74)		(71)		(71)		(66)		(293)	(255)
DAC/VOBA and other intangibles amortization		(28)		(28)		(28)		(20)		(112)	(84)
Adjusted operating earnings before income taxes		261		235		207		210		959	820
Adjusted Operating Margin TTM	%	39.8	%	39.3	%	39.7	%	39.9	%
Full Service Revenue (5)
Full Service Investment spread and other investment income		236		235		212		198		922	813
Full Service Fee-based revenue		225		201		204		181		866	685
Total Full Service Revenue		461		437		416		379		1,789	1,497
Client Assets
Fee-based		689,147		662,433		601,790		524,476		701,089	524,476
Spread-based (6)		32,994		33,220		33,306		29,768		32,684	29,768
Investment-only Stable Value		36,245		36,678		36,157		34,557		36,659	34,557
Retail Client Assets (7)		34,799		33,000		30,670		31,214		35,475	31,214
Eliminations (8)		(8,365)		(8,087)		(7,743)		(7,811)		(9,400)	(7,811)
Total Client Assets		784,821		757,244		694,180		612,205		796,508	612,205
(1) See page 36 for additional detail on Alternative investment income.
(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.
(3) The fourth quarter of 2025 includes approximately 11 million of revenue true-up not expected to recur in first quarter of 2026.
(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes proprietary IRA mutual fund product wholesaled as a manufacturer and sold to retail customers through a wholly owned broker-dealer and investment adviser. The portion sold through the wholly owned broker-dealer and investment adviser is eliminated from Total Client Assets.
(8) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.

All values are in US Dollars.

Voya Financial	Page 17 of 43

Retirement Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Full Service - Client Assets
Fee-based	248,617	248,945	237,544	218,347	178,983	248,617	178,983
Spread-based	32,405	32,709	32,933	33,010	29,464	32,405	29,464
Client Assets, end of period - Full Service Total	281,022	281,654	270,477	251,357	208,448	281,022	208,448
Full Service - Total
Client Assets, beginning of period	281,654	270,477	251,357	208,448	208,978	208,448	185,379
Transfers / Single deposits	2,460	1,910	2,174	2,413	2,848	8,957	9,131
Recurring deposits	5,008	5,272	5,396	6,063	3,852	21,739	16,114
Total Deposits	7,468	7,182	7,571	8,475	6,699	30,696	25,245
Surrenders, benefits, and product charges	(11,679)	(10,104)	(8,692)	(9,304)	(7,152)	(39,779)	(26,494)
Net Flows	(4,211)	(2,922)	(1,121)	(828)	(453)	(9,082)	(1,250)
Interest credited and investment performance	3,579	14,099	20,241	(3,809)	(78)	34,110	24,318
Transfer due to business acquisition	—	—	—	47,547	—	47,547	—
Client Assets, end of period - Full Service Total	281,022	281,654	270,477	251,357	208,448	281,022	208,448
Recordkeeping
Client Assets, beginning of period	434,835	419,669	378,366	340,254	335,774	340,254	298,120
Transfers / Single deposits	8,044	4,272	15,107	34,611	7,772	62,035	14,156
Recurring deposits	6,784	6,567	7,291	8,380	6,203	29,023	23,847
Total Deposits	14,828	10,839	22,399	42,991	13,974	91,057	38,003
Surrenders, benefits, and product charges	(12,379)	(18,949)	(9,667)	(12,759)	(9,211)	(53,754)	(34,803)
Net Flows	2,449	(8,110)	12,732	30,232	4,763	37,304	3,200
Interest credited and investment performance	9,704	23,276	28,570	(5,200)	(283)	56,350	38,934
Transfer due to business acquisition	—	—	—	13,080	—	13,080	—
Client Assets, end of period - Recordkeeping	446,988	434,835	419,669	378,366	340,254	446,988	340,254
Total Defined Contribution (1)
Client Assets, beginning of period	716,489	690,146	629,723	548,702	544,753	548,702	483,499
Transfers / Single deposits	10,503	6,182	17,282	37,024	10,619	70,991	23,287
Recurring deposits	11,793	11,839	12,688	14,443	10,054	50,763	39,962
Total Deposits	22,296	18,021	29,970	51,467	20,674	121,754	63,248
Surrenders, benefits, and product charges	(24,058)	(29,053)	(18,358)	(22,063)	(16,364)	(93,532)	(61,298)
Net Flows	(1,762)	(11,032)	11,611	29,404	4,310	28,222	1,950
Interest credited and investment performance	13,284	37,375	48,811	(9,009)	(361)	90,461	63,252
Transfer due to business acquisition	—	—	—	60,627	—	60,627	—
Client Assets, end of period - Total Defined Contribution	728,011	716,489	690,146	629,723	548,702	728,011	548,702
(1) Total of Full Service and Recordkeeping.

Voya Financial	Page 18 of 43

Retirement Client Assets Rollforward by Product Group

	Three Months Ended or As of
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	36,245	36,678	36,157	34,557	34,744	34,557	35,188
Transfers / Single deposits	1,192	94	814	1,629	1,118	3,729	1,615
Recurring deposits	350	367	145	554	139	1,416	725
Total Deposits	1,542	462	959	2,183	1,257	5,146	2,341
Surrenders, benefits, and product charges	(1,713)	(1,716)	(707)	(1,024)	(1,435)	(5,160)	(5,064)
Net Flows	(171)	(1,254)	252	1,159	(178)	(14)	(2,724)
Interest credited and investment performance	585	821	270	440	(9)	2,116	2,093
Assets, end of period - Defined Contribution Investment-only SV	36,659	36,245	36,678	36,157	34,557	36,659	34,557
Retail Client Assets (2)(3)	35,479	34,803	33,004	30,675	31,218	35,479	31,218
Other Assets (4)	5,758	5,648	5,503	5,368	5,538	5,758	5,538
Eliminations (5)	(9,400)	(8,365)	(8,087)	(7,743)	(7,811)	(9,400)	(7,811)
Total Client Assets	796,508	784,821	757,244	694,180	612,205	796,508	612,205
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes proprietary IRA mutual fund product wholesaled as a manufacturer and sold to retail customers through a wholly owned broker-dealer and investment adviser. The portion sold through the wholly owned broker-dealer and investment adviser is eliminated from Total Client Assets.
(3) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.

Investment Management

Voya Financial	Page 20 of 43

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025	12/31/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital income (1)	6		11		4		5		5		26	21
Other investment income	1		1		1		1		1		5	6
Investment spread and other investment income	7		12		5		6		6		31	27
Fee-based margin (2)	283		245		234		237		265		999	955
Net revenue (3)	290		257		239		243		271		1,030	982
Administrative expenses	(198)		(177)		(174)		(190)		(182)		(739)	(703)
Adjusted operating earnings before income taxes, including noncontrolling interest	92		80		65		53		89		291	278
Adjusted Operating Margin TTM	28.3	%	28.5	%	28.0	%	28.1	%	28.3	%
Fee-based margin (2)
Investment advisory and administrative revenue	250		245		237		236		237		968	927
Other fee-based margin	33		—		(3)		1		27		31	28
Fee-based margin	283		245		234		237		265		999	955
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	92		80		65		53		89		291	278
Less: Earnings (loss) attributable to the noncontrolling interest (4)	21		18		14		12		22		65	65
Adjusted operating earnings before income taxes	72		62		51		41		66		226	213
(1) See page 36 for additional detail on Alternative investment income, including Investment capital income.
(2) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial	Page 21 of 43

Investment Management Analysis of AUM and AUA


(in millions )	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Client Assets:
External Clients
Institutional	173,442	166,833	161,220	156,568	171,557	156,568
Retail (1)	156,355	156,329	147,025	149,214	151,279	149,214
Subtotal External Clients	329,797	323,162	308,245	305,782	322,835	305,782
General Account	36,503	36,428	36,734	33,576	37,290	33,576
Total Client Assets (AUM)	366,300	359,589	344,978	339,358	360,125	339,358
Assets under Advisement and Administration (AUA) (1)	53,527	53,530	50,162	50,247	62,030	50,247
Total AUM and AUA	419,827	413,119	395,140	389,605	422,155	389,605
Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	92	89	89	90	363	351
Retail	130	125	124	125	514	490
Subtotal External Clients	222	214	213	215	877	841
General Account	18	19	19	17	74	69
Total Investment Advisory and Administrative Revenues (AUM)	240	232	232	233	951	910
Administration Only Fees	4	5	5	5	18	17
Total Investment Advisory and Administrative Revenues	245	237	236	237	968	927
Revenue Yield (bps) (2)
External Clients
Institutional	21.6	21.7	22.1	22.7	21.8	23.0
Retail	33.1	33.2	33.0	33.6	33.4	33.2
Revenue Yield on External Clients	27.1	27.2	27.4	28.0	27.3	28.0
General Account	20.1	20.3	20.6	20.4	20.3	20.3
Revenue Yield on Client Assets (AUM)	26.4	26.5	26.7	27.2	26.6	27.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.3	3.5	3.6	3.5	3.4	3.2
Total Revenue Yield on AUM and AUA (bps)	23.4	23.6	23.8	24.2	23.6	23.9
Revenue Yield on Client Assets (AUM) TTM	26.7	26.9	27.0	27.2	26.6	27.2
(1) In the fourth quarter of 2025, approximately 11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

All values are in US Dollars.

Voya Financial	Page 22 of 43

Investment Management Account Rollforward by Source


(in millions )		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025		12/31/2024
Institutional AUM:
Beginning of period AUM		166,833		161,220		156,568		158,288		156,568		148,722
Inflows		12,780		6,665		10,460		8,925		37,577		29,886
Outflows		(9,219)		(5,713)		(5,272)		(6,923)		(27,191)		(24,202)
Net flows - Institutional		3,560		952		5,187		2,001		10,386		5,685
Change in Market Value		4,341		5,622		(345)		(1,361)		10,389		6,463
Other (Including Acquisitions / Divestitures)		(1,292)		(961)		(191)		(2,361)		(5,787)		(4,302)
End of period AUM - Institutional		173,442		166,833		161,220		156,568		171,557		156,568
Organic Growth (Net Flows/Beginning of period AUM)	%	2.1	%	0.6	%	3.3	%	1.3	%	6.6	%	3.8	%
Market Growth %	%	2.6	%	3.5	%	-0.2	%	-0.9	%	6.6	%	4.3	%
Retail AUM:
Beginning of period AUM		156,329		147,025		149,214		148,243		149,214		138,239
Inflows		11,408		11,093		12,774		11,092		47,308		41,132
Outflows		(11,091)		(10,218)		(10,279)		(9,739)		(43,128)		(34,279)
Net flows - Retail (1)		317		874		2,496		1,353		4,180		6,852
Net Money Market Flows		(38)		49		117		64		85		166
Change in Market Value		7,072		8,984		(4,816)		1,314		13,528		12,432
Net Flows from Divested Businesses (2)		(6,397)		(259)		(374)		(316)		(7,059)		(8,993)
Other (Including Acquisitions / Divestitures) (3)		(927)		(344)		388		(1,444)		(8,669)		518
End of period AUM - Retail		156,355		156,329		147,025		149,214		151,279		149,214
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	%	0.2	%	0.6	%	1.7	%	0.9	%	2.8	%	5.0	%
Market Growth %	%	4.5	%	6.1	%	-3.2	%	0.9	%	9.1	%	9.0	%
Net Flows:
Institutional Net Flows		3,560		952		5,187		2,001		10,386		5,685
Retail Net Flows		317		874		2,496		1,353		4,180		6,852
Net Flows from Divested Businesses		(6,397)		(259)		(374)		(316)		(7,059)		(8,993)
Total Net Flows		(2,520)		1,567		7,310		3,038		7,507		3,544
Net Flows excluding Net Flows from Divested Businesses		3,877		1,826		7,683		3,354		14,566		12,537
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	%	1.2	%	0.6	%	2.5	%	1.1	%	4.8	%	4.4	%
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarters of 2024 and 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.
(3) In the fourth quarter of 2025, approximately 11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.

All values are in US Dollars.

Voya Financial	Page 23 of 43

Investment Management Account Value by Asset Type

	Balances as of
(in millions USD)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Institutional
Equity	29,286		29,404		27,457		22,375		24,056
Fixed Income - Public	61,530		61,776		56,899		57,182		55,645
Fixed Income - Privates	70,105		69,611		68,818		67,245		64,095
Alternatives	10,636		12,651		13,659		14,418		12,772
Money Market	—		—		—		—		—
Total	171,557		173,442		166,833		161,220		156,568
Retail
Equity	73,239		77,684		78,699		70,634		73,784
Fixed Income - Public	73,414		73,976		72,870		71,625		70,854
Fixed Income - Privates	128		123		277		311		334
Alternatives	1,961		1,995		1,876		1,910		1,850
Money Market	2,537		2,576		2,606		2,544		2,392
Total	151,279		156,355		156,329		147,025		149,214
General Account
Equity	279		125		112		138		129
Fixed Income - Public	18,284		18,272		17,870		18,071		16,832
Fixed Income - Privates	16,072		15,973		16,271		16,574		14,375
Alternatives	2,003		1,712		1,615		1,650		1,681
Money Market	652		421		560		300		559
Total	37,290		36,503		36,428		36,734		33,576
Combined Asset Type
Equity	102,804		107,213		106,268		93,147		97,969
Fixed Income - Public	153,227		154,024		147,639		146,878		143,331
Fixed Income - Privates	86,305		85,707		85,366		84,130		78,804
Alternatives	14,600		16,359		17,150		17,979		16,304
Money Market	3,189		2,997		3,166		2,844		2,951
Total	360,125		366,300		359,589		344,978		339,358
Total Private and Alternative Assets	100,905		102,066		102,516		102,109		95,108
% of Private and Alternative Assets / Total AUM	28.0	%	27.9	%	28.5	%	29.6	%	28.0	%

Employee Benefits

Voya Financial	Page 25 of 43

Employee Benefits Sources of Adjusted Operating Earnings before income taxes

	Three Months Ended
(in millions USD)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025		12/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income	27		27		27		27		26		108		102
Investment expenses	(1)		(1)		(1)		(1)		(1)		(4)		(4)
Credited interest	(11)		(11)		(11)		(12)		(12)		(46)		(49)
Net margin	15		15		14		14		14		59		49
Alternative investment income (1)	8		7		7		3		5		25		15
Other investment income	11		12		10		10		8		43		39
Investment spread and other investment income	34		34		31		27		27		127		103
Fee-based margin (2)	57		54		56		56		57		223		226
Net underwriting gain (loss) and other revenue	151		195		216		206		40		768		646
Net revenue (3)	242		284		303		290		124		1,118		975
Administrative expenses	(143)		(134)		(132)		(139)		(130)		(548)		(525)
Premium taxes, fees and assessments	(52)		(52)		(50)		(50)		(48)		(204)		(186)
Net commissions	(45)		(39)		(44)		(45)		(37)		(174)		(188)
DAC/VOBA and other intangibles amortization	(12)		(12)		(7)		(9)		(11)		(40)		(36)
Adjusted operating earnings before income taxes	(10)		47		69		46		(102)		152		40
Adjusted Operating Margin TTM	13.6	%	6.0	%	3.7	%	2.7	%	4.1	%
Group life:
Premiums	165		162		166		162		167		655		674
Benefits	(116)		(120)		(124)		(146)		(139)		(506)		(532)
Other (4)	(3)		(3)		(3)		(2)		(4)		(11)		(11)
Total Group life	47		39		40		14		24		140		131
Group life Loss Ratio (interest adjusted) (5)	70.0	%	74.2	%	74.3	%	90.3	%	83.3	%	77.1	%	78.9	%
Group Stop loss:
Premiums	391		388		388		390		451		1,557		1,810
Benefits	(375)		(324)		(312)		(293)		(520)		(1,304)		(1,702)
Other (4)	(1)		(1)		(2)		(2)		(2)		(6)		(6)
Total Group Stop loss	14		62		75		96		(71)		248		102
Stop loss Loss Ratio (5)	96.0	%	83.6	%	80.3	%	75.0	%	115.4	%	83.7	%	94.0	%
Voluntary Benefits, Disability, and Other	90		94		100		97		87		380		414
Net underwriting gain (loss) and other revenue
Premiums	744		739		741		747		802		2,971		3,228
Benefits	(591)		(542)		(524)		(538)		(757)		(2,195)		(2,572)
Other (4)	(2)		(2)		(2)		(3)		(4)		(7)		(10)
Total Net underwriting gain (loss) and other revenue	151		195		216		206		40		768		646
Total Aggregate Loss Ratio (5)	79.5	%	73.4	%	70.7	%	72.0	%	94.5	%	73.9	%	79.7	%
Total Aggregate Loss Ratio TTM (5)	73.9	%	78.0	%	79.0	%	79.4	%	79.7	%
(1) See page 36 for additional detail on Alternative investment income.
(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(5) Reported Loss ratios are net of reinsurance recoveries.

Voya Financial	Page 26 of 43

Quarterly Loss Ratio Development for Group Stop Loss

	Estimated Ultimate Loss Ratio as of
	Three Months Ended																				Twelve Months Ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		12/31/2025		12/31/2024
2025 Stop Loss Policy Year Development (1)
January Business	91	%	87	%	87	%	87	%	—	%	—	%	—	%	—	%	—	%	—	%	91	%	—	%
Non-January Business	85	%	85	%	85	%	NM		—	%	—	%	—	%	—	%	—	%	—	%	85	%	—	%
Total 2025 Policy Year	90	%	87	%	87	%	87	%	—	%	—	%	—	%	—	%	—	%	—	%	90	%	—	%
2024 Stop Loss Policy Year Development (1)
January Business	91	%	91	%	91	%	93	%	95	%	86	%	81	%	81	%	—	%	—	%	91	%	95	%
Non-January Business	83	%	85	%	85	%	85	%	85	%	80	%	81	%	81	%	—	%	—	%	83	%	85	%
Total 2024 Policy Year	89	%	90	%	90	%	92	%	94	%	86	%	81	%	81	%	—	%	—	%	89	%	94	%
2023 Stop Loss Policy Year Development (1)
January Business	80	%	80	%	80	%	80	%	80	%	80	%	80	%	80	%	79	%	79	%	80	%	80	%
Non-January Business	83	%	83	%	83	%	83	%	85	%	83	%	81	%	79	%	77	%	77	%	83	%	85	%
Total 2023 Policy Year	80	%	80	%	80	%	80	%	81	%	81	%	80	%	80	%	79	%	78	%	80	%	81	%
2022 Stop Loss Policy Year Development (1)
January Business	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%	71	%
Non-January Business	67	%	67	%	67	%	67	%	67	%	68	%	68	%	67	%	68	%	71	%	67	%	67	%
Total 2022 Policy Year	70	%	70	%	70	%	70	%	70	%	70	%	71	%	71	%	71	%	71	%	70	%	70	%
Reported Loss Ratio for Stop Loss (2)	96	%	84	%	80	%	75	%	115	%	93	%	83	%	84	%	76	%	83	%	84	%	94	%
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries.
(2) Reported Loss ratios are net of reinsurance recoveries.

Voya Financial	Page 27 of 43

Employee Benefits Key Metrics

	Three Months Ended or As of
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Sales by Product Line:
Group life and Disability	7	29	22	74	7	133	166
Stop loss	27	59	14	265	12	365	607
Voluntary and Other (1)	11	17	37	99	14	163	211
Total sales by product line	45	105	73	438	33	661	984
Total gross premiums and deposits	825	837	843	846	896	3,351	3,601
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	965	989	977	971	978	965	978
Stop loss	1,578	1,572	1,569	1,589	1,821	1,578	1,821
Voluntary and Other (1)	1,103	1,100	1,103	1,117	1,057	1,103	1,057
Total annualized in-force premiums and fees by product line	3,646	3,662	3,649	3,677	3,856	3,646	3,856
Assets Under Management by Fund Group:
General account	1,805	1,906	1,945	1,870	1,975	1,805	1,975
Separate account	19	19	18	17	18	19	18
Total AUM	1,824	1,925	1,963	1,887	1,993	1,824	1,993
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Corporate

Voya Financial	Page 29 of 43

Corporate Adjusted Operating Earnings Before Income Taxes

	Three Months Ended
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Interest expense (excluding Preferred stock dividends) (1)	(30)	(30)	(28)	(31)	(34)	(119)	(121)
Preferred stock dividends	(4)	(16)	(4)	(17)	(4)	(41)	(41)
Pension expense (2)	(13)	(13)	(13)	(13)	(12)	(52)	(48)
Other (3)	(47)	(22)	(22)	(2)	23	(93)	5
Adjusted operating earnings before income taxes, including noncontrolling interest	(94)	(81)	(67)	(63)	(27)	(305)	(205)
Less: Earnings (loss) attributable to the noncontrolling interest	(3)	(1)	(1)	(1)	—	(7)	(2)
Adjusted operating earnings before income taxes	(90)	(80)	(67)	(62)	(27)	(299)	(203)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Administrative Expenses and Adjusted Operating Return on Capital

Voya Financial	Page 31 of 43

Administrative Expenses

	Three Months Ended					Twelve Months Ended
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Retirement	(271)	(254)	(259)	(261)	(223)	(1,044)	(897)
Investment Management	(198)	(177)	(174)	(190)	(182)	(739)	(703)
Employee Benefits	(143)	(134)	(132)	(139)	(130)	(548)	(525)
Total Administrative Expenses (1)	(612)	(565)	(565)	(590)	(535)	(2,331)	(2,125)
(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

Voya Financial	Page 32 of 43

Adjusted Operating Return on Allocated Capital

	Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Retirement
Adjusted operating earnings before income taxes - before interest	959		913		863		842		820
Income tax expense	139		131		122		119		116
Adjusted Operating Earnings - before interest and after income taxes	820		782		741		723		704
Adjusted Operating effective tax rate (1)	14.9	%	15.0	%	14.3	%	13.4	%	14.3	%
Adjusted Operating effective tax rate TTM	14.5	%	14.3	%	14.1	%	14.1	%	14.2	%
Average Capital	3,747		3,674		3,584		3,483		3,415
Ending Capital (2)	3,746		3,791		3,771		3,796		3,509
Adjusted Return on Capital	21.9	%	21.3	%	20.7	%	20.7	%	20.6	%
Investment Management
Adjusted operating earnings before income taxes - before interest	226		220		214		213		213
Income tax expense	47		46		45		45		45
Adjusted Operating Earnings - before interest and after income taxes	179		174		169		168		168
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	876		870		861		851		843
Ending Capital (2)	876		883		875		874		869
Adjusted Return on Capital	20.4	%	20.1	%	19.6	%	19.7	%	20.0	%
Employee Benefits
Adjusted operating earnings before income taxes - before interest	152		59		36		27		40
Income tax expense	32		12		7		6		8
Adjusted Operating Earnings - before interest and after income taxes	120		47		29		21		32
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	1,288		1,291		1,286		1,275		1,246
Ending Capital (2)	1,259		1,295		1,281		1,295		1,306
Adjusted Return on Capital	9.3	%	3.6	%	2.2	%	1.6	%	2.5	%
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.

Investment Information

Voya Financial	Page 34 of 43

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

	Three Months Ended or As of												Year-to-Date or As of
(in millions USD)	12/31/2025						9/30/2025						12/31/2025
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	10,942	28.0	%	152	5.7	%	10,785	28.0	%	144	5.5	%	10,942	28.0	%	568	5.3	%
Private credit	8,501	22.0	%	99	4.7	%	8,470	22.0	%	94	4.5	%	8,501	22.0	%	406	4.9	%
Securitized (2)(3)	10,034	26.0	%	136	5.5	%	10,053	26.0	%	148	6.0	%	10,034	26.0	%	576	5.8	%
Commercial mortgage loans	5,574	14.0	%	67	5.0	%	5,376	14.0	%	65	4.9	%	5,574	14.0	%	264	4.9	%
Municipals	598	2.0	%	6	3.9	%	606	2.0	%	6	3.9	%	598	2.0	%	24	3.9	%
Short-term / Treasury	636	2.0	%	6	4.3	%	566	1.0	%	6	4.1	%	636	2.0	%	24	4.2	%
Equity securities	201	1.0	%	3	5.8	%	195	1.0	%	3	7.2	%	201	1.0	%	12	6.4	%
Policy loans	369	1.0	%	5	5.4	%	372	1.0	%	5	5.4	%	369	1.0	%	19	5.3	%
Derivatives	(5)	—	%	4	N/A		(6)	—	%	2	N/A		(5)	—	%	10	N/A
Book Values and Gross Investment Income before variable components	36,850	95.0	%	477	5.3	%	36,417	95.0	%	473	5.3	%	36,850	95.0	%	1,904	5.3	%
Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,909	5.0	%	53	11.7	%	1,991	5.0	%	50	10.5	%	1,909	5.0	%	170	9.2	%
Prepayment / Other fee income	N/A	—	%	7	0.1	%	N/A	—	%	5	0.1	%	N/A	—	%	17	0.1	%
Book Values and Gross Investment Income (variable)	1,909	5.0	%	60	N/A		1,991	5.0	%	55	N/A		1,909	5.0	%	187	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,759	100.0	%	537	5.7	%	38,407	100.0	%	527	5.6	%	38,759	100.0	%	2,091	5.5	%
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.
(4) Includes assets and income related to foreclosed real estate.

Voya Financial	Page 35 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

	Three Months Ended or As of (1)
(in millions USD)	9/30/2025			06/30/2025			03/31/2025			12/31/2024
Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,913	28.0	%	10,585	28.0	%	10,610	28.0	%	10,336	29.0	%
Private credit	8,367	22.0	%	8,420	22.0	%	8,506	22.0	%	7,860	22.0	%
Securitized	9,979	26.0	%	9,852	26.0	%	9,996	26.0	%	9,657	27.0	%
Municipals	606	2.0	%	609	2.0	%	623	2.0	%	686	2.0	%
Short-term / Treasury	637	2.0	%	640	2.0	%	524	1.0	%	572	2.0	%
Total Fixed maturities	30,501	79.0	%	30,107	79.0	%	30,258	79.0	%	29,110	81.0	%
Commercial mortgage loans	5,371	14.0	%	5,483	14.0	%	5,553	14.0	%	4,669	13.0	%
Limited partnership	1,913	5.0	%	1,923	5.0	%	1,910	5.0	%	1,885	5.0	%
Equity securities	626	2.0	%	566	1.0	%	577	2.0	%	309	1.0	%
Total	38,410	100.0	%	38,079	100.0	%	38,298	100.0	%	35,973	100.0	%
NAIC Ratings
Fixed Maturities:
NAIC 1	16,695	55.0	%	16,532	55.0	%	16,304	54.0	%	15,641	54.0	%
NAIC 2	12,470	41.0	%	12,178	40.0	%	12,459	41.0	%	12,073	41.0	%
NAIC 3 and below	1,335	4.0	%	1,396	5.0	%	1,495	5.0	%	1,397	5.0	%
Total Fixed maturities	30,501	100.0	%	30,107	100.0	%	30,258	100.0	%	29,110	100.0	%
Commercial Mortgage Loans:
CML 1	3,905	73.0	%	4,039	74.0	%	4,111	74.0	%	3,396	73.0	%
CML 2	1,092	20.0	%	1,079	20.0	%	1,000	18.0	%	961	21.0	%
CML 3 and below	374	7.0	%	366	7.0	%	441	8.0	%	312	7.0	%
Total Commercial mortgage loans	5,371	100.0	%	5,483	100.0	%	5,553	100.0	%	4,669	100.0	%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial	Page 36 of 43

Alternative Investment Income

	Three Months Ended					Twelve Months Ended
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Retirement (1)
Alternative investment income at long-term expectations (2)	37	37	35	36	35	146	138
Alternative investment income above (below) expectations	10	5	7	(14)	(2)	8	(25)
Alternative investment income	47	42	42	22	33	154	111
Average alternative investments	1,644	1,657	1,590	1,591	1,575	1,620	1,532
Investment Management (1)
Alternative investment income at long-term expectations (2)	7	7	8	7	8	30	30
Alternative investment income above (below) expectations	(1)	4	(4)	(2)	(3)	(4)	(9)
Alternative investment income	6	11	4	5	5	26	21
Average alternative investments	314	331	344	326	340	329	337
Employee Benefits (1)
Alternative investment income at long-term expectations (2)	5	7	6	5	5	23	21
Alternative investment income above (below) expectations	3	—	1	(2)	(1)	2	(7)
Alternative investment income	8	7	7	3	5	25	15
Average alternative investments	238	284	268	238	215	257	222
Total (1)
Alternative investment income at long-term expectations (2)	49	51	49	49	49	199	190
Alternative investment income above (below) expectations	12	9	4	(19)	(6)	6	(41)
Alternative investment income	61	60	53	30	43	205	148
Average alternative investments	2,196	2,272	2,202	2,155	2,130	2,206	2,091
(1) Excludes assets and income related to foreclosed real estate.
(2) The long-term expected return for alternative investments and investment capital is 9% annually.

Reconciliations

Voya Financial	Page 38 of 43

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


(in millions , except per share)			9/30/2025			6/30/2025			3/31/2025			12/31/2024
	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	136	1.41		176	1.80		162	1.66		139	1.42		93	0.94
Plus: Net income (loss) attributable to noncontrolling interests	9	0.09		80	0.83		(5)	(0.05)		(5)	(0.05)		24	0.25
Less: Preferred stock dividends	(4)	(0.04)		(16)	(0.17)		(4)	(0.04)		(17)	(0.17)		(4)	(0.04)
Income (loss)	149	1.54	307	272	2.79	188	161	1.65	173	151	1.54	120	121	1.23
Less:
Net investment gains (losses)	3	0.03	(16)	(12)	(0.13)	(29)	(23)	(0.23)	(2)	(1)	(0.02)	—	—	—
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(20)	(0.21)	(52)	(42)	(0.43)	(30)	(24)	(0.24)	(39)	(31)	(0.32)	(22)	(17)	(0.17)
Net income (loss) attributable to noncontrolling interests	9	0.09	80	80	0.83	(5)	(5)	(0.05)	(5)	(5)	(0.05)	24	24	0.25
Dividend payments made to preferred shareholders	4	0.04	16	16	0.17	4	4	0.04	17	17	0.17	4	4	0.04
Other adjustments (3)	(35)	(0.36)	(11)	(10)	(0.10)	(41)	(31)	(0.32)	(30)	(24)	(0.24)	(32)	(27)	(0.28)
Adjusted operating earnings	188	1.94	290	239	2.45	289	240	2.46	232	195	2.00	147	138	1.40
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Dec. 31, 2025, also includes a 19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and 14 million, after-tax, of severance costs. For the three months ended June 30, 2025, also includes 18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes 6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a 12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an 8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, 5 million, after-tax, of severance costs, and 4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a 20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations.

All values are in US Dollars.

Voya Financial	Page 39 of 43

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


(in millions , except per share)			12/31/2024
	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders	613	6.29		626	6.17
Plus: Net income (loss) attributable to noncontrolling interests	79	0.81		75	0.74
Less: Preferred stock dividends	(41)	(0.42)		(41)	(0.41)
Income (loss)	733	7.53	799	742	7.32
Less:
Net investment gains (losses)	(33)	(0.34)	50	39	0.39
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)	(116)	(1.19)	(142)	(75)	(0.74)
Net income (loss) attributable to noncontrolling interests	79	0.81	75	75	0.74
Dividend payments made to preferred shareholders	41	0.42	41	41	0.41
Other adjustments (4)	(99)	(1.02)	(95)	(75)	(0.74)
Adjusted operating earnings	861	8.85	870	736	7.25
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes tax benefits of 38 million related to a divested business for the twelve months ended December 31, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the twelve months ended December 31, 2025, also includes 38 million, after-tax, of severance costs and a 19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations.For the twelve months ended December 31, 2024, also includes 12 million, after-tax, of severance costs, a 12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an 8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, and 4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a 20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations.

All values are in US Dollars.

Voya Financial	Page 40 of 43

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Total revenues	2,111	2,128	1,981	1,969	2,010	8,189	8,050
Less:
Net investment gains (losses)	(8)	(9)	(38)	(5)	(8)	(58)	22
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	31	28	30	28	13	117	102
Revenues (loss) attributable to noncontrolling interests	37	115	35	25	57	214	243
Other adjustments	45	50	54	33	50	179	196
Total adjusted operating revenues	2,006	1,942	1,900	1,888	1,897	7,738	7,487
Adjusted operating revenues by segment
Retirement	866	853	824	798	731	3,341	2,905
Investment Management	290	257	239	243	271	1,030	982
Employee Benefits	845	829	832	841	888	3,348	3,577
Corporate	6	3	5	6	8	19	23
Total adjusted operating revenues	2,006	1,942	1,900	1,888	1,897	7,738	7,487
Total benefits and expenses	(1,942)	(1,821)	(1,793)	(1,796)	(1,890)	(7,352)	(7,251)
Less:
Changes in market risk benefits	12	(7)	9	3	8	16	28
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment	(56)	(81)	(60)	(67)	(35)	(264)	(245)
Expenses attributable to noncontrolling interests	(45)	(51)	(54)	(41)	(56)	(193)	(231)
Dividend payments made to preferred shareholders	4	16	4	17	4	41	41
Other adjustments	(94)	(63)	(95)	(63)	(83)	(310)	(290)
Total adjusted operating benefits and expenses	(1,763)	(1,635)	(1,598)	(1,645)	(1,728)	(6,642)	(6,554)
Adjusted operating benefits and expenses by segment
Retirement	(610)	(592)	(589)	(591)	(521)	(2,382)	(2,085)
Investment Management	(198)	(177)	(174)	(190)	(182)	(739)	(703)
Employee Benefits	(856)	(783)	(763)	(795)	(990)	(3,196)	(3,537)
Corporate	(99)	(84)	(72)	(69)	(35)	(324)	(228)
Total adjusted operating benefits and expenses	(1,763)	(1,635)	(1,598)	(1,645)	(1,728)	(6,642)	(6,554)

Voya Financial	Page 41 of 43

Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	12/31/2025	12/31/2024
Retirement
Adjusted operating revenues	page 9	866	853	824	798	731	3,341	2,905
Interest credited and other benefits to contract owners/policyholders		(234)	(235)	(232)	(231)	(211)	(933)	(849)
Net revenue	page 16	631	618	592	567	519	2,408	2,056
Investment Management
Adjusted operating revenues	page 9	290	257	239	243	271	1,030	982
Net revenue	page 20	290	257	239	243	271	1,030	982
Employee Benefits
---	---	---	---	---	---	---	---	---
Adjusted operating revenues	page 9	845	829	832	841	888	3,348	3,577
Interest credited and other benefits to contract owners/policyholders		(603)	(546)	(529)	(551)	(764)	(2,230)	(2,602)
Net revenue	page 25	242	284	303	290	124	1,118	975
Consolidated
Total Adjusted operating revenues	page 9	2,006	1,942	1,900	1,888	1,897	7,738	7,487
Interest credited and other benefits to contract owners/policyholders		(838)	(781)	(761)	(782)	(975)	(3,163)	(3,451)
Corporate Adjusted operating revenues (1)		(6)	(3)	(5)	(6)	(8)	(19)	(23)
Net revenue	pages 16/20/25	1,163	1,159	1,134	1,100	914	4,556	4,012
(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.

Voya Financial	Page 42 of 43

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

	Twelve Months Ended
(in millions USD)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	613		570		492		531		626
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,612		4,464		4,361		4,259		4,254
TTM Return on Voya Financial, Inc Equity	13.3	%	12.8	%	11.3	%	12.5	%	14.7	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-2.0	%	-2.0	%	-1.8	%	-2.1	%	-2.5	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	5.1	%	5.3	%	4.8	%	5.6	%	6.7	%
TTM Net investment gains (losses), after-tax	-0.5	%	-0.6	%	-0.8	%	-0.2	%	0.7	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-1.9	%	-1.9	%	-1.9	%	-2.0	%	-1.2	%
TTM Other adjustments, after-tax	-1.7	%	-1.5	%	-1.8	%	-1.4	%	-1.3	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	14.3	%	13.6	%	12.8	%	12.6	%	12.3	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-4.3	%	-4.3	%	-4.2	%	-4.1	%	-4.1	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	18.6	%	17.9	%	17.0	%	16.7	%	16.5	%

Voya Financial	Page 43 of 43

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

	Three Months Ended or As of										Year-to-Date or As of
(in whole dollars)	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025		12/31/2024
Book value per common share, including AOCI	46.28		45.55		41.71		39.20		35.53		46.28		35.53
Per share impact of AOCI	19.06		18.64		21.46		22.67		25.78		19.06		25.78
Book value per common share, excluding AOCI	65.34		64.18		63.18		61.87		61.31		65.34		61.31
Debt to capital ratio	29.8	%	29.8	%	31.2	%	32.4	%	38.5	%	29.8	%	38.5	%
Plus:
Capital impact of adding noncontrolling interest	-6.8	%	-6.9	%	-6.9	%	-7.5	%	-9.1	%	-6.8	%	-9.1	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.1	%	8.8	%	9.4	%	9.5	%	9.4	%	9.1	%	9.4	%
Capital impact of excluding AOCI	-5.1	%	-5.0	%	-6.3	%	-6.9	%	-8.5	%	-5.1	%	-8.5	%
Financial leverage ratio excluding AOCI	27.0	%	26.7	%	27.4	%	27.5	%	30.3	%	27.0	%	30.3	%
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.