ボヤファイナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):

August 4, 2026

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

200 Park Avenue

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

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition

On August 4, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30, 2026. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, August 5, 2026 at 10:00 am ET to discuss its second-quarter 2026 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended June 30, 2026, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 2026 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

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


Item 7.01			Regulation FD Disclosure

On August 4, 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 August 4, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended June 30, 2026 (furnished and not filed)

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

SIGNATURES

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

Voya Financial, Inc.

(Registrant)

By: /s/ Julie Watson

Name: Julie Watson

Title: Vice President, Counsel and Corporate Secretary

Dated: August 4, 2026

EX-99.1 2 a2026q2pressrelease.htm EX-99.1 Document

Exhibit 99.1

Voya Financial Announces Second-Quarter 2026 Results

NEW YORK, August 4, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its second-quarter 2026 financial results:

•Second-quarter 2026 net income available to common shareholders of $90 million, or $0.97 per diluted share.

•Second-quarter 2026 after-tax adjusted operating earnings1 of $140 million, or $1.51 per diluted share.

◦Results included approximately $40 million of pre-tax severance expenses in Corporate related to targeted actions to improve operating efficiency and reduce ongoing operating expenses and a $15 million pre-tax loss from alternative investment results.

◦The operating efficiency actions are expected to generate ongoing expense savings that fully offset this severance expense within the next two quarters.

•Excess capital generation of approximately $150 million, exceeding 100% of after-tax adjusted operating earnings, while capital returns of approximately $200 million through common dividends and share repurchases remained robust.

•Business results remained strong, driven by higher fee-based revenues, continued commercial growth and disciplined operating execution across the company.

◦Strong underlying performance trends and benefits from expense actions support robust outlook for second half of 2026.

•Surpassed 10 million Retirement participant accounts and successfully completed integration of OneAmerica, demonstrating strong execution while enhancing our scale, capabilities, and long-term growth position in Retirement.

“Our businesses performed well during the second quarter, reflecting continued commercial momentum, higher fee-based revenues and disciplined execution across the company,” said Heather Lavallee, chief executive officer, Voya Financial. “These results demonstrate the strength of our workplace-centered business model, and the complementary capabilities of Voya Investment Management, which together position us to meet a broader range of customer needs while delivering value for shareholders. Strong underlying performance trends across our businesses, together with benefits from actions we took this quarter to reduce ongoing operating expenses, support our confidence in a robust outlook for the third and fourth quarters of 2026."

“We also completed the integration of OneAmerica in the quarter, an important milestone that strengthens our Retirement platform and expands our ability to serve customers while exceeding

our financial goals for the acquisition,” Lavallee added. “Combined with the momentum we are seeing across our businesses, this progress reflects our focus on executing our strategy, investing in growth opportunities and further strengthening Voya’s long-term competitive position.”

Second-Quarter 2026 Consolidated Results

Second-quarter 2026 net income available to common shareholders was $90 million, or $0.97 per diluted share, compared with $162 million, or $1.66 per diluted share, in second-quarter 2025. The change primarily reflects lower after-tax adjusted operating earnings, partially offset by lower acquisition and integration costs.

Second-quarter 2026 after-tax adjusted operating earnings were $140 million, or $1.51 per diluted share, compared with $240 million, or $2.46 per diluted share, in second-quarter 2025. The decrease was primarily driven by lower alternative investment income and severance expenses incurred during the second-quarter of 2026. These impacts were partially offset by the continued strength of our core businesses, supported by higher fee income in Retirement and Investment Management, continued commercial momentum and disciplined margin management.

Business Segment Results

Retirement

Retirement second-quarter 2026 pre-tax adjusted operating earnings were $190 million, a decrease from $235 million in the prior-year period. Strong underlying business momentum, including a 10% increase in fee-based revenues year-over-year, was more than offset by lower alternative investment income and planned strategic investment spend.

Net revenues for the trailing twelve months (TTM) ended Jun. 30, 2026 increased 10% compared with the prior-year period, driven by acquired spread- and fee-based revenues from the successful integration of OneAmerica, alongside positive capital markets and continued commercial momentum.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 37.9%, compared with 39.3% in the prior-year period, and remained within the company's target margin range.

Total client assets as of Jun. 30, 2026 were $863 billion, up 14% from $757 billion as of Jun. 30, 2025. The Retirement business surpassed 10 million participant accounts during the quarter, underscoring its expanding scale in the retirement industry.

Investment Management

Investment Management second-quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $57 million, compared with $51 million in the prior-year period. The 12% increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets.

Net revenues for the TTM ended Jun. 30, 2026 grew 6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

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.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 29.0%, a 100-basis point increase from the prior-year period.

Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. Assets under management were $377 billion as of Jun. 30, 2026 compared with $360 billion as of Jun. 30, 2025. Separately, Assets under advisory (AUA) generated net inflows of $1.0 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. AUA assets were $63 billion as of Jun. 30, 2026, compared with $54 billion as of Jun. 30, 2025.

Employee Benefits

Employee Benefits second-quarter 2026 pre-tax adjusted operating earnings were $22 million, down from $69 million in the prior-year period. The prior-year period benefited from more favorable prior-year claims development in Stop Loss. Voluntary loss ratios increased in the quarter from the lower levels observed in the prior-year period.

Net revenues for the TTM ended Jun. 30, 2026 increased 13% compared with the prior-year period, reflecting continued underwriting discipline, with the total aggregate loss ratio improving to 74% from 79% in the prior-year period.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 11.0% compared with 3.7% in the prior-year period, reflecting continued progress on initiatives to improve profitability through underwriting discipline, pricing actions and expense management.

Employee Benefits second-quarter 2026 annualized in-force premiums and fees of $3.6 billion were relatively consistent compared with the prior-year period, as a result of prioritizing margin improvement over growth.

Corporate

Corporate second-quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $102 million, compared with losses of $67 million in the prior-year period, primarily reflecting approximately $40 million of severance expenses related to targeted actions to improve operating efficiency and reduce ongoing operating expenses.

Capital

Supported by continued cash generation, Voya continued to create shareholder value through disciplined capital deployment. For the second-quarter 2026, the company generated approximately $150 million of excess capital and exceeded 100% conversion of after-tax adjusted operating earnings. In the second-quarter, the company completed its accelerated share repurchase program of $150 million at an average share price of $78.97. Additionally, the $42 million of common stock dividends drove a combined capital return to shareholders of approximately $200 million. At Jun. 30, 2026, remaining share repurchase authorization totaled $263 million.

As of Jun. 30, 2026, the company's balance sheet remained flexible and well-positioned with excess capital of approximately $200 million, compared with approximately $650 million at Mar. 31, 2026. As planned, the decrease reflects the repayment of maturing debt during the second-quarter that was primarily prefunded through the debt issuance completed in the first-quarter of 2026. The company’s strong balance sheet continues to provide the flexibility to invest in growth, return capital to shareholders and support long-term value creation.

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, August 5, 2026, at 10 a.m. ET, to discuss the company’s second-quarter 2026 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 August 5, 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 individual, workplace and institutional clients, supporting more than 18 million customer relationships. 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. Together with customers and partners, Voya employees fight 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 war and terrorism), including general economic conditions, impacts of a U.S. government shutdown, interest rates, inflation, tariffs imposed or proposed 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, adapt to disruptive technology or innovations, 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 as filed with the SEC on February 20, 2026, and in our Quarterly Report on Form 10-Q for the three months ended Jun. 30, 2026, to be filed with the SEC on or before August 10, 2026.

VOYA-IR VOYA-CF


Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	6/30/2026		6/30/2025

Revenues
Net investment income	$	537	$	584
Fee income	620		577
Premiums	716		718
Net gains (losses)	(40)		(41)
Other revenues	112		100
Income (loss) related to consolidated investment entities	(49)		43
Total revenues	1,896		1,981
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(825)		(801)
Operating expenses	(898)		(857)
Net amortization of DAC/VOBA	(62)		(58)
Interest expense	(33)		(28)
Operating expenses related to consolidated investment entities	(44)		(49)
Total benefits and expenses	(1,862)		(1,793)
Income (loss) before income taxes	34		188
Income tax expense (benefit)	16		27


Net income (loss)	18		161
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(76)		(5)
Net income (loss) available to Voya Financial, Inc.	94		166
Less: Preferred stock dividends	4		4
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	90	$	162
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	0.99	$	1.69
Diluted	$	0.97	$	1.66


Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
	6/30/2026				6/30/2025
(in millions USD, except per share)	After-tax (1)		Per share		After-tax (1)		Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	90	$	0.97	$	162	$	1.66




Less:
Net investment gains (losses)	(16)		(0.18)		(23)		(0.23)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(23)		(0.25)		(24)		(0.24)




Other adjustments (2)	(10)		(0.11)		(31)		(0.32)
Adjusted operating earnings	$	140	$	1.51	$	240	$	2.46

Note: Totals may not sum due to rounding.

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

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


Adjusted Operating Earnings
	Three Months Ended
(in millions USD, except per share)	6/30/2026		6/30/2025
Adjusted operating earnings
Retirement	$	190	$	235
Investment Management	57		51
Employee Benefits	22		69
Corporate	(102)		(67)





Adjusted operating earnings before income taxes	167		289
Less: Income taxes (1)	27		49
Adjusted operating earnings after income taxes	$	140	$	240
Adjusted operating earnings per share	1.51		2.46

Note: Totals may not sum due to rounding.


Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin
	Twelve Months Ended
(in millions USD)	6/30/2026			6/30/2025
Net revenue
Retirement	$	2,417		$	2,194
Investment Management	1,053			996
Employee Benefits	1,105			974
Total net revenue	$	4,575		$	4,164

Adjusted operating earnings
Retirement	$	915		$	863
Investment Management including noncontrolling interest	305			279
Employee Benefits	122			36
Adjusted operating earnings, excluding Corporate	$	1,342		$	1,178



Adjusted operating margin
Retirement	37.9		%	39.3		%
Investment Management	29.0		%	28.0		%
Employee Benefits	11.0		%	3.7		%
Adjusted operating margin, excluding Corporate	29.3		%	28.3		%

Note: Totals may not sum due to rounding.

EX-99.2 3 a2026q2voyainvestorsupplem.htm EX-99.2 Document


						Exhibit 99.2

Quarterly Investor Supplement

June 30, 2026

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 30, 2026. 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

Consolidated

Administrative Expenses and Adjusted Operating Return on Capital

Explanatory Note on Non-GAAP Financial Information

3 - 5

Administrative Expenses

Key Metrics

Adjusted Operating Return on Allocated Capital

Consolidated Statements of Operations

Investment Information

Consolidated Adjusted Operating Earnings Before Income Taxes

Portfolio Results GAAP Book Value, Gross Investment Income, and

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

Earned Rate by Asset Class

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Balance Sheets

Ratings

DAC/VOBA Segment Trends

Alternative Investment Income

Consolidated Capital Structure

Reconciliations

Consolidated Assets Under Management, Assets Under Administration

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

and Advisement

Earnings Per Common Share (Diluted) (QTD)

Retirement

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes

Earnings Per Common Share (Diluted) (YTD)

and Key Metrics

Reconciliation of Adjusted Operating Revenues and Adjusted Operating

Client Assets Rollforward by Product Group

17 - 18

Benefits and Expenses

Investment Management

Reconciliation of Net Revenues

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliation of Adjusted Operating Return on Common Equity

Analysis of AUM and AUA

Excluding AOCI and NOL DTA

Net Flows Summary

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Account Value Rollforward by Source

Leverage Ratio

Account Value by Asset Type

Employee Benefits

Sources of Adjusted Operating Earnings Before Income Taxes

Quarterly Loss Ratio Development for Group Stop Loss

Key Metrics

Corporate

Adjusted Operating Earnings Before Income Taxes


Voya Financial						Page 3 of 44

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 44

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 44

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 44

Key Metrics


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		6/30/2026		6/30/2025
Net income (loss) available to Voya Financial, Inc.'s common shareholders	90		165		136		176		162		255		301
Per common share (basic)	0.99		1.78		1.43		1.82		1.69		2.77		3.14
Per common share (diluted)	0.97		1.75		1.41		1.80		1.66		2.73		3.09
Adjusted operating earnings: (1)
Before income taxes	167		257		226		290		289		424		521
After income taxes	140		214		188		239		240		354		435
Effective tax rate	16.3	%	16.9	%	17.1	%	17.8	%	16.9	%	16.6	%	16.5	%
Per common share (diluted)	1.51		2.26		1.94		2.45		2.46		3.79		4.45

Return on Equity
TTM Return on Voya Financial, Inc's Equity	11.8	%	13.4	%	13.3	%	12.8	%	11.3	%	11.8	%	11.3	%
TTM Adjusted operating return on common equity excluding AOCI (1)	12.8	%	14.5	%	13.4	%	13.6	%	12.8	%	12.8	%	12.8	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	16.4	%	18.7	%	18.6	%	17.9	%	17.0	%	16.4	%	17.0	%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity	4,685		4,658		4,953		4,957		4,629		4,685		4,629
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	6,025		6,107		6,129		6,123		6,084		6,025		6,084
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA	4,746		4,797		4,800		4,751		4,654		4,746		4,654
Book value per common share (including AOCI)	44.96		43.79		46.28		45.55		41.71		44.96		41.71
Book value per common share (excluding AOCI) (2)	66.50		66.09		65.34		64.18		63.18		66.50		63.18
Leverage Ratios:
Debt-to-Capital	31.0	%	34.9	%	29.8	%	29.8	%	31.2	%	31.0	%	31.2	%
Financial Leverage - excluding AOCI (2)(3)	27.6	%	29.7	%	27.0	%	26.7	%	27.4	%	27.6	%	27.4	%
Shares:
Weighted-average common shares outstanding
Basic	91		93		95		96		96		92		96

Dilutive effects (4)	2		1		2		2		1		1		2
Diluted	92		95		97		97		98		93		98

Ending shares outstanding	91		92		94		95		96		91		96
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	150		150		120		80		—		300		—
Dividends to common shareholders	42		44		44		43		44		86		87
Total cash returned to common shareholders	192		194		164		123		44		386		87

(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 38 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 44 of this document.
(3) Financial leverage excluding AOCI of 29.7% in the first quarter of 2026 reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes that matured on June 15, 2026. Proforma Financial Leverage excluding AOCI in the first quarter of 2026 is 27.2% excluding the $400 million debt issuance.
(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


Voya Financial						Page 7 of 44

Consolidated Statements of Operations


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

Revenues
Net investment income	537	569	591	583	584	1,106	1,144
Fee income	620	604	633	616	577	1,224	1,147
Premiums	716	744	738	719	718	1,460	1,455
Net gains (losses)	(40)	(45)	(34)	(21)	(41)	(85)	(75)
Other revenues	112	109	136	100	100	221	204
Income (loss) related to consolidated investment entities	(49)	50	47	131	43	1	75
Total revenues	1,896	2,031	2,111	2,128	1,981	3,927	3,950
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(825)	(819)	(875)	(850)	(801)	(1,644)	(1,636)
Operating expenses	(898)	(848)	(937)	(829)	(857)	(1,746)	(1,681)
Net amortization of DAC/VOBA	(62)	(65)	(64)	(65)	(58)	(127)	(120)
Interest expense	(33)	(29)	(28)	(29)	(28)	(62)	(60)
Operating expenses related to consolidated investment entities	(44)	(40)	(38)	(48)	(49)	(84)	(92)
Total benefits and expenses	(1,862)	(1,801)	(1,942)	(1,821)	(1,793)	(3,663)	(3,589)
Income (loss) before income taxes	34	230	169	307	188	264	361
Income tax expense (benefit)	16	35	20	35	27	51	49


Net income (loss)	18	195	149	272	161	213	312
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(76)	13	9	80	(5)	(63)	(10)
Net income (loss) available to Voya Financial, Inc.	94	182	140	192	166	276	322
Less: Preferred stock dividends	4	17	4	16	4	21	21
Net income (loss) available to Voya Financial, Inc.'s common shareholders	90	165	136	176	162	255	301


Voya Financial						Page 8 of 44

Consolidated Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Year-to-Date
(in millions USD)	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	6/30/2026	6/30/2025
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	465	511	537	542	534	976	1,041
Fee income	622	605	636	617	577	1,226	1,149
Premiums	717	740	729	716	720	1,456	1,454
Other revenue	79	76	105	68	69	156	145
Adjusted operating revenues (1)	1,883	1,932	2,006	1,942	1,900	3,815	3,788

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(785)	(764)	(838)	(781)	(761)	(1,548)	(1,544)
Operating expenses	(839)	(811)	(852)	(768)	(770)	(1,650)	(1,549)
Net amortization of DAC/VOBA	(39)	(42)	(40)	(40)	(34)	(80)	(71)
Interest expense (2)	(38)	(48)	(34)	(47)	(32)	(86)	(80)
Adjusted operating benefits and expenses (1)	(1,701)	(1,665)	(1,763)	(1,635)	(1,598)	(3,366)	(3,243)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	183	267	244	307	302	450	545
Less: Earnings (loss) attributable to the noncontrolling interest (3)	16	11	17	17	13	27	24
Adjusted operating earnings before income taxes (1)	167	257	226	290	289	424	521


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement	799	821	866	853	824	1,620	1,622
Investment Management	255	251	290	257	239	507	482
Employee Benefits	821	855	845	829	832	1,675	1,673
Corporate	8	5	6	3	5	13	11
Adjusted operating revenues (1)	1,883	1,932	2,006	1,942	1,900	3,815	3,788

Adjusted operating earnings before income taxes
Retirement	190	209	255	261	235	399	442
Investment Management	57	46	72	62	51	103	92
Employee Benefits	22	63	(10)	47	69	85	115
Corporate (4)	(102)	(61)	(90)	(80)	(67)	(163)	(129)


Adjusted operating earnings before income taxes (1)	167	257	226	290	289	424	521

(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
(4) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses.


Voya Financial						Page 9 of 44

Adjusted Operating Earnings Before Income Taxes by Segment


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

Adjusted operating revenues
Net investment income and net gains (losses)	422	2	34	8	465
Fee income	350	253	20	—	622
Premiums	—	—	717	—	717
Other revenue	28	1	50	—	79
Adjusted operating revenues (1)	799	255	821	8	1,883

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(227)	—	(558)	—	(785)
Operating expenses (2)	(356)	(181)	(229)	(74)	(839)
Net amortization of DAC/VOBA	(27)	—	(12)	—	(39)
Interest expense (3)	—	—	—	(38)	(38)
Adjusted operating benefits and expenses (1)	(609)	(181)	(799)	(112)	(1,701)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	190	74	22	(104)	183
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	18	—	(2)	16
Adjusted operating earnings before income taxes (1)	190	57	22	(102)	167

	Three Months Ended June 30, 2025
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	482	5	43	5	534
Fee income	319	237	21	—	577
Premiums	—	—	720	—	720
Other revenue	24	(3)	48	—	69
Adjusted operating revenues (1)	824	239	832	5	1,900

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(232)	—	(529)	—	(761)
Operating expenses	(330)	(174)	(227)	(40)	(770)
Net amortization of DAC/VOBA	(27)	—	(7)	—	(34)
Interest expense (3)	—	—	—	(32)	(32)
Adjusted operating benefits and expenses (1)	(589)	(174)	(763)	(72)	(1,598)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	235	65	69	(67)	302
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	14	—	(1)	13
Adjusted operating earnings before income taxes (1)	235	51	69	(67)	289

(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 38 of this document.
(2) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses in Corporate.
(3) Includes dividend payments made to preferred shareholders.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


Voya Financial						Page 10 of 44

Adjusted Operating Earnings Before Income Taxes by Segment


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

Adjusted operating revenues
Net investment income and net gains (losses)	878	9	76	13	976
Fee income	691	496	41	—	1,226
Premiums	—	—	1,456	—	1,456
Other revenue	52	2	102	—	156
Adjusted operating revenues (1)	1,620	507	1,675	13	3,815

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(452)	—	(1,096)	—	(1,548)
Operating expenses (2)	(714)	(373)	(469)	(95)	(1,650)
Net amortization of DAC/VOBA	(54)	—	(26)	—	(80)
Interest expense (3)	—	—	—	(86)	(86)
Adjusted operating benefits and expenses (1)	(1,221)	(373)	(1,591)	(181)	(3,366)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	399	133	85	(167)	450
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	30	—	(4)	27
Adjusted operating earnings before income taxes (1)	399	103	85	(163)	424

	Six Months Ended June 30, 2025
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	939	11	80	10	1,041
Fee income	637	472	39	—	1,149
Premiums	—	—	1,454	—	1,454
Other revenue	46	(1)	100	1	145
Adjusted operating revenues (1)	1,622	482	1,673	11	3,788

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(463)	—	(1,081)	—	(1,544)
Operating expenses	(662)	(364)	(461)	(62)	(1,549)
Net amortization of DAC/VOBA	(54)	—	(16)	—	(71)
Interest expense (3)	—	—	—	(80)	(80)
Adjusted operating benefits and expenses (1)	(1,180)	(364)	(1,558)	(142)	(3,243)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	442	118	115	(131)	545
Less: Earnings (loss) attributable to the noncontrolling interest (4)	—	26	—	(2)	24
Adjusted operating earnings before income taxes (1)	442	92	115	(129)	521

(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 38 of this document.
(2) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses in Corporate.
(3) Includes dividend payments made to preferred shareholders.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


Voya Financial						Page 11 of 44

Consolidated Balance Sheets


	Balances as of
(in millions USD)	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025
Assets
Total investments	37,650	38,124	38,571	38,199	37,579
Cash and cash equivalents	1,008	969	1,228	1,157	1,179
Assets held in separate accounts	119,424	108,467	113,007	111,950	107,278
Premium receivable and reinsurance recoverable, net	10,426	10,609	10,713	10,835	10,965
Short term investments under securities loan agreement and accrued investment income	1,377	1,430	1,398	1,437	1,418
Deferred policy acquisition costs, Value of business acquired	2,328	2,364	2,401	2,435	2,472
Deferred income taxes	1,872	1,911	1,871	1,872	1,979
Other assets (1)	4,768	4,789	4,845	4,903	4,926
Assets related to consolidated investment entities	4,093	4,770	4,825	4,660	4,640
Total Assets	182,946	173,433	178,859	177,448	172,436
Liabilities
Future policy benefits and contract owner account balances	48,524	49,028	49,356	49,337	49,665
Liabilities related to separate accounts	119,424	108,467	113,007	111,950	107,278
Payables under securities loan agreements, including collateral held	1,309	1,218	1,273	1,375	1,128
Short-term debt	153	587	586	586	447
Long-term debt	1,950	1,913	1,518	1,518	1,657
Other liabilities (2)	2,891	2,907	3,492	3,192	3,155
Liabilities related to consolidated investment entities	2,053	2,607	2,588	2,407	2,553
Total Liabilities	176,304	166,727	171,820	170,365	165,883
Mezzanine Equity
Redeemable noncontrolling interest	230	226	222	221	215
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(1,347)	(1,188)	(1,010)	(883)	(796)
Additional paid-in capital	6,421	6,395	6,358	6,316	6,321
Retained earnings (deficit)	1,562	1,511	1,392	1,301	1,170
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,637	6,719	6,741	6,735	6,696
Accumulated other comprehensive income	(1,952)	(2,061)	(1,788)	(1,778)	(2,067)
Total Voya Financial, Inc. Shareholders' Equity	4,685	4,658	4,953	4,957	4,629
Noncontrolling interest	1,727	1,822	1,864	1,905	1,709
Total Shareholders' Equity	6,412	6,480	6,817	6,862	6,338
Total Liabilities, Mezzanine Equity and Shareholders' Equity	182,946	173,433	178,859	177,448	172,436








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


Voya Financial						Page 12 of 44

DAC/VOBA Segment Trends


	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	6/30/2026	6/30/2025
Retirement
Balance as of Beginning-of-Period	1,376	1,387	1,398	1,410	1,422	1,387	1,044
Additions related to business acquisitions(1)	—	—	—	—	—	—	390
Deferrals of commissions and expenses	14	17	17	16	15	31	30
Amortization	(27)	(27)	(28)	(28)	(27)	(54)	(54)
Balance as of End-of-Period	1,364	1,376	1,387	1,398	1,410	1,364	1,410
Deferred Sales Inducements as of End-of-Period	21	21	21	22	22	21	22

Employee Benefits
Balance as of Beginning-of-Period	236	240	241	241	237	240	234
Deferrals of commissions and expenses	13	10	12	11	11	23	24
Amortization	(12)	(14)	(12)	(12)	(7)	(26)	(16)
Balance as of End-of-Period	237	236	240	241	241	237	241

Total
Balance as of Beginning-of-Period	1,613	1,627	1,638	1,651	1,659	1,627	1,278
Additions related to business acquisitions(1)	—	—	—	—	—	—	390
Deferrals of commissions and expenses	27	27	29	27	26	54	54
Amortization	(39)	(42)	(40)	(40)	(34)	(80)	(71)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,601	1,613	1,627	1,638	1,651	1,601	1,651
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	727	751	774	797	821	727	821
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,328	2,364	2,401	2,435	2,472	2,328	2,472

(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 44

Consolidated Capital Structure


	Balances as of
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025

Financial Debt
Senior bonds	1,753		2,150		1,754		1,754		1,753
Subordinated bonds	350		349		349		349		349
Other debt	—		1		1		1		2
Total Financial Debt	2,103		2,500		2,104		2,104		2,104
Other financial obligations (1)	332		334		329		289		305
Total Financial Obligations	2,435		2,834		2,433		2,393		2,409

Mezzanine Equity
Redeemable noncontrolling interest	230		226		222		221		215
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,025		6,107		6,129		6,123		6,084
Total Equity (Excluding AOCI)	6,637		6,719		6,741		6,735		6,696
Accumulated other comprehensive income (AOCI)	(1,952)		(2,061)		(1,788)		(1,778)		(2,067)
Total Voya Financial, Inc. Shareholders' Equity	4,685		4,658		4,953		4,957		4,629
Noncontrolling interest	1,727		1,822		1,864		1,905		1,709
Total Shareholders' Equity	6,412		6,480		6,817		6,862		6,338

Capital
Capitalization (3)	6,788		7,158		7,057		7,061		6,733

Adjusted Capitalization excluding AOCI (4)	11,029		11,601		11,260		11,254		11,029

Leverage Ratios
Debt-to-Capital (5)	31.0	%	34.9	%	29.8	%	29.8	%	31.2	%

Financial Leverage excluding AOCI (6)(7)	27.6	%	29.7	%	27.0	%	26.7	%	27.4	%

(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 44 of this document.
(7) Financial leverage excluding AOCI of 29.7% in the first quarter of 2026 reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes that matured on June 15, 2026. Proforma Financial Leverage excluding AOCI in the first quarter of 2026 is 27.2% excluding the $400 million debt issuance.


Voya Financial						Page 14 of 44

Consolidated Assets Under Management, Assets Under Administration and Advisement


As of June 30, 2026
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement (2)	Total AUM and AUA

Retirement (1)	32,057	114,809	176,919	323,785	539,672	863,457
Investment Management	36,118	36,918	304,175	377,211	62,666	439,877
Employee Benefits	1,872	19	—	1,892	—	1,892
Eliminations/Other (3)	(33,929)	(32,322)	(13,468)	(79,719)	(41,735)	(121,454)
Total AUM and AUA	36,118	119,424	467,626	623,169	560,603	1,183,772

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

(2) Assets for which administrative or advisory services are performed. Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Advisory include Mutual Fund, Institutional, Stable Value, and General Account assets for which investment advisory, portfolio management, or related investment oversight services are provided.
(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.

Retirement


Voya Financial						Page 16 of 44

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


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025			6/30/2026	6/30/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	420		416		426		429		431			1,691	1,626

Investment expenses	(20)		(20)		(20)		(19)		(20)			(80)	(74)
Credited interest	(224)		(222)		(229)		(231)		(229)			(906)	(877)


Net Margin	176		174		177		179		182			705	675
Alternative investment income (1)	(12)		29		47		42		42			106	117
Other investment income (2)	32		28		23		27		26			111	112


Investment spread and other investment income	196		231		247		248		250			922	904
Full Service Fee-based revenue (3)	224		216		236		225		201			901	760
Recordkeeping and other fee-based revenue	142		142		143		140		133			567	504
Total Fee-based margin	366		358		379		365		334			1,468	1,264
Net underwriting gain (loss) and other revenue	10		6		5		5		8			26	27
Net revenue (4)	573		595		631		618		592			2,417	2,194
Administrative expenses	(275)		(286)		(271)		(254)		(259)			(1,086)	(962)
Net commissions	(80)		(73)		(77)		(74)		(71)			(304)	(273)
DAC/VOBA and other intangibles amortization	(27)		(28)		(28)		(28)		(28)			(111)	(97)
Adjusted operating earnings before income taxes	190		209		255		261		235			915	863
Adjusted Operating Margin TTM	37.9	%	39.4	%	39.8	%	39.8	%	39.3	%

Full Service Revenue (5)
Full Service Investment spread and other investment income	185		219		238		236		235			878	842
Full Service Fee-based revenue	224		216		236		225		201			901	760
Total Full Service Revenue	409		435		474		461		437			1,779	1,602
Client Assets
Fee-based	766,014		685,029		701,089		689,147		662,433			766,014	662,433
Spread-based (6)	32,057		32,492		32,684		32,994		33,220			32,057	33,220
Investment-only Stable Value	36,965		36,673		36,659		36,245		36,678			36,965	36,678
Wealth Management (7)	33,509		30,261		30,852		30,363		28,899			33,509	28,899
Eliminations (8)	(5,088)		(4,755)		(4,776)		(3,930)		(3,986)			(5,088)	(3,986)
Total Client Assets	863,457		779,701		796,508		784,821		757,244			863,457	757,244

(1) See page 37 for additional detail on Alternative investment income.
(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.
(3) The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026.
(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
(8) Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.


Voya Financial						Page 17 of 44

Retirement Client Assets Rollforward by Product Group


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





















Full Service - Client Assets
Fee-based	265,910	240,088	248,617	248,945	237,544		265,910	237,544
Spread-based	31,791	32,218	32,405	32,709	32,933		31,791	32,933
Client Assets, end of period - Full Service Total	297,701	272,305	281,022	281,654	270,477		297,701	270,477

Full Service - Total
Client Assets, beginning of period	272,305	281,022	281,654	270,477	251,357		270,477	199,196
Transfers / Single deposits	2,560	2,354	2,460	1,910	2,174		9,284	9,796
Recurring deposits	5,525	6,005	5,008	5,272	5,396		21,810	19,276
Total Deposits	8,085	8,359	7,468	7,182	7,571		31,094	29,071
Surrenders, benefits, and product charges	(11,083)	(12,623)	(11,679)	(10,104)	(8,692)		(45,489)	(31,695)
Net Flows	(2,998)	(4,264)	(4,211)	(2,922)	(1,121)		(14,395)	(2,624)
Interest credited and investment performance	28,394	(4,453)	3,579	14,099	20,241		41,619	26,359
Transfer due to business acquisition	—	—	—	—	—		—	47,547
Client Assets, end of period - Full Service Total	297,701	272,305	281,022	281,654	270,477		297,701	270,477

Recordkeeping
Client Assets, beginning of period	439,488	446,988	434,835	419,669	378,366		419,669	319,819
Transfers / Single deposits	14,946	1,806	8,044	4,272	15,107		29,068	61,241
Recurring deposits	7,614	9,072	6,784	6,567	7,291		30,037	27,271
Total Deposits	22,560	10,878	14,828	10,839	22,399		59,105	88,512
Surrenders, benefits, and product charges	(11,484)	(15,811)	(12,379)	(18,949)	(9,667)		(58,623)	(41,009)
Net Flows	11,077	(4,933)	2,449	(8,110)	12,732		483	47,503
Interest credited and investment performance	43,258	(2,567)	9,704	23,276	28,570		73,671	39,266
Transfer due to business acquisition	—	—	—	—	—		—	13,080
Client Assets, end of period - Recordkeeping	493,823	439,488	446,988	434,835	419,669		493,823	419,669

Total Defined Contribution (1)
Client Assets, beginning of period	711,793	728,011	716,489	690,146	629,723		690,146	519,015
Transfers / Single deposits	17,506	4,160	10,503	6,182	17,282		38,351	71,038
Recurring deposits	13,140	15,077	11,793	11,839	12,688		51,849	46,547
Total Deposits	30,646	19,237	22,296	18,021	29,970		90,200	117,585
Surrenders, benefits, and product charges	(22,567)	(28,434)	(24,058)	(29,053)	(18,358)		(104,112)	(72,705)
Net Flows	8,079	(9,197)	(1,762)	(11,032)	11,611		(13,912)	44,880
Interest credited and investment performance	71,652	(7,021)	13,284	37,375	48,811		115,290	65,625
Transfer due to business acquisition	—	—	—	—	—		—	60,627
Client Assets, end of period - Total Defined Contribution	791,524	711,793	728,011	716,489	690,146		791,524	690,146


(1) Total of Full Service and Recordkeeping.


Voya Financial						Page 18 of 44

Retirement Client Assets Rollforward by Product Group


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






Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	36,673	36,659	36,245	36,678	36,157		36,678	33,985
Transfers / Single deposits	1,134	501	1,192	94	814		2,921	3,753
Recurring deposits	111	152	350	367	145		980	975
Total Deposits	1,246	653	1,542	462	959		3,903	4,728
Surrenders, benefits, and product charges	(790)	(1,096)	(1,713)	(1,716)	(707)		(5,315)	(4,061)
Net Flows	456	(443)	(171)	(1,254)	252		(1,412)	667
Interest credited and investment performance	(164)	456	585	821	270		1,698	2,026
Assets, end of period - Defined Contribution Investment-only SV	36,965	36,673	36,659	36,245	36,678		36,965	36,678

Wealth Management (2)(3)	33,509	30,261	30,856	30,367	28,903		33,509	28,903
Other Assets (4)	6,547	5,728	5,758	5,648	5,503		6,547	5,503
Eliminations (5)	(5,088)	(4,755)	(4,776)	(3,930)	(3,986)		(5,088)	(3,986)
Total Client Assets	863,457	779,701	796,508	784,821	757,244		863,457	757,244


(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
(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 a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.

Investment Management


Voya Financial						Page 20 of 44

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025			6/30/2026	6/30/2025
Sources of Adjusted operating earnings before income taxes:


Investment capital income (1)	—		7		6		11		4			24	17
Other investment income	1		—		1		1		1			4	5
Investment spread and other investment income	2		7		7		12		5			28	22
Fee-based margin (2)	254		244		283		245		234			1,026	974
Net revenue (3)	255		251		290		257		239			1,053	996
Administrative expenses	(181)		(192)		(198)		(177)		(174)			(748)	(717)
Adjusted operating earnings before income taxes, including noncontrolling interest	74		59		92		80		65			305	279
Adjusted Operating Margin TTM	29.0	%	28.6	%	28.3	%	28.5	%	28.0	%

Fee-based margin (2)
Investment advisory and administrative revenue	253		243		250		245		237			991	948
Other fee-based margin	1		1		33		—		(3)			35	26
Fee-based margin	254		244		283		245		234			1,026	974

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	74		59		92		80		65			305	279
Less: Earnings (loss) attributable to the noncontrolling interest (4)	18		13		21		18		14			70	65
Adjusted operating earnings before income taxes	57		46		72		62		51			237	214

(1) See page 37 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 44

Investment Management Analysis of AUM and AUA


	Three Months Ended or as of					Twelve Months Ended or As of
(in millions USD)	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025		6/30/2026	6/30/2025
Client Assets:
External Clients
Institutional	178,751	169,767	171,557	173,442	166,833		178,751	166,833
Retail (1)	162,342	146,764	151,279	156,355	156,329		162,342	156,329
Subtotal External Clients	341,093	316,532	322,835	329,797	323,162		341,093	323,162
General Account	36,118	36,899	37,290	36,503	36,428		36,118	36,428
Total Client Assets (AUM)	377,211	353,431	360,125	366,300	359,589		377,211	359,589
Assets under Advisory (AUA) (1)	62,666	58,989	62,030	53,527	53,530		62,666	53,530
Total AUM and AUA	439,877	412,420	422,155	419,827	413,119		439,877	413,119

Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	97	92	94	92	89		375	358
Retail	132	127	134	130	125		523	501
Subtotal External Clients	230	219	228	222	214		899	858
General Account	19	19	18	18	19		74	72
Total Investment Advisory and Administrative Revenues (AUM)	248	238	246	240	232		972	931
Advisory Only Fees	4	5	4	4	5		17	19
Total Investment Advisory and Administrative Revenues	253	243	250	245	237		991	948

Revenue Yield (bps) (2)
External Clients
Institutional	22.2	21.4	21.7	21.6	21.7		21.7	22.4
Retail	33.8	33.8	34.1	33.1	33.2		33.5	33.2
Revenue Yield on External Clients	27.7	27.2	27.6	27.1	27.2		27.3	27.7
General Account	20.4	20.2	20.2	20.1	20.3		20.2	20.3
Revenue Yield on Client Assets (AUM)	27.0	26.5	26.8	26.4	26.5		26.6	26.9
Revenue Yield on Advisory Only Assets (AUA)	2.7	3.4	3.0	3.3	3.5		3.1	3.5
Total Revenue Yield on AUM and AUA (bps)	23.5	23.1	23.7	23.4	23.6		23.4	23.9

Revenue Yield on Client Assets (AUM) TTM	26.6	26.6	26.6	26.7	26.9		26.6	26.9

(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.


Voya Financial						Page 22 of 44

Investment Management Net Flows Summary


	Three Months Ended or as of										Twelve Months Ended or As of
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025			6/30/2026		6/30/2025
AUM Net Flows:
Institutional Net Flows	1,611		403		686		3,560		952			6,260		9,915
Retail Net Flows	(426)		(338)		493		317		874			46		6,783
Net Flows from Divested Businesses (1)	(25)		(270)		(28)		(6,397)		(259)			(6,720)		(8,353)
Total AUM Net Flows	1,160		(205)		1,151		(2,520)		1,567			(414)		8,346
Net Flows excluding Net Flows from Divested Businesses	1,185		65		1,179		3,877		1,826			6,306		16,698
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	0.4	%	—	%	0.4	%	1.2	%	0.6	%		2.0	%	5.5	%


AUA Net Flows:
Assets Under Advisory Net Flows (AUA)	956		362		354		(1,278)		1,967			394		2,613
AUA Net Flows from Divested Businesses (1)	(5)		(84)		(11)		(523)		(29)			(623)		(2,947)
Total AUA Net Flows	951		278		343		(1,802)		1,938			(229)		(334)
AUA Organic Growth (AUA Flows excluding Divested Businesses / Beginning period AUA)	1.6	%	0.6	%	0.7	%	-2.4	%	3.9	%		0.7	%	5.0	%

(1) In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the outflow of assets associated with a legacy partnership.


Voya Financial						Page 23 of 44

Investment Management Account Rollforward by Source


	Three Months Ended or as of										Twelve Months Ended or As of
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025			6/30/2026		6/30/2025
Institutional AUM:
Beginning of period AUM	169,767		171,557		173,442		166,833		161,220			166,833		152,165
Inflows	10,008		5,562		7,672		12,780		6,665			36,022		33,391
Outflows	(8,397)		(5,159)		(6,986)		(9,219)		(5,713)			(29,761)		(23,474)
Net flows - Institutional	1,611		403		686		3,560		952			6,260		9,915
Change in Market Value	7,360		(1,850)		772		4,341		5,622			10,623		8,730
Other (Including Acquisitions / Divestitures)	15		(342)		(3,344)		(1,292)		(961)			(4,963)		(3,979)
End of period AUM - Institutional	178,751		169,767		171,557		173,442		166,833			178,751		166,833
Organic Growth (Net Flows/Beginning of period AUM)	0.9	%	0.2	%	0.4	%	2.1	%	0.6	%		3.8	%	6.5	%
Market Growth %	4.3	%	-1.1	%	0.4	%	2.6	%	3.5	%		6.4	%	5.7	%


Retail AUM:
Beginning of period AUM	146,764		151,279		156,355		156,329		147,025			156,329		150,341
Inflows	11,512		10,474		12,033		11,408		11,093			45,427		45,971
Outflows	(11,938)		(10,812)		(11,540)		(11,091)		(10,218)			(45,381)		(39,188)
Net flows - Retail	(426)		(338)		493		317		874			46		6,783
Net Money Market Flows	(51)		(133)		(42)		(38)		49			(264)		294
Change in Market Value	17,113		(4,648)		2,289		7,072		8,984			21,826		9,086
Net Flows from Divested Businesses (1)	(25)		(270)		(28)		(6,397)		(259)			(6,720)		(8,353)
Other (Including Acquisitions / Divestitures)	(1,034)		875		(7,787)		(927)		(344)			(8,873)		(1,824)
End of period AUM - Retail	162,342		146,764		151,279		156,355		156,329			162,342		156,329
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	-0.3	%	-0.2	%	0.3	%	0.2	%	0.6	%		—	%	4.5	%
Market Growth %	11.7	%	-3.1	%	1.5	%	4.5	%	6.1	%		14.0	%	6.0	%

(1) In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the outflow of assets associated with a legacy partnership.


Voya Financial						Page 24 of 44

Investment Management Account Value by Asset Type


	Balances as of
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025
Institutional
Equity	34,078		27,382		29,286		29,404		27,457
Fixed Income - Public	62,337		61,306		61,530		61,776		56,899
Fixed Income - Privates	71,105		70,118		70,105		69,611		68,818
Alternatives	11,231		10,961		10,636		12,651		13,659
Money Market	—		—		—		—		—
Total	178,751		169,767		171,557		173,442		166,833

Retail
Equity	82,402		70,203		73,239		77,684		78,699
Fixed Income - Public	75,682		72,138		73,414		73,976		72,870
Fixed Income - Privates	87		125		128		123		277
Alternatives	1,814		1,891		1,961		1,995		1,876
Money Market	2,356		2,407		2,537		2,576		2,606
Total	162,342		146,764		151,279		156,355		156,329

General Account
Equity	261		269		279		125		112
Fixed Income - Public	18,275		18,136		18,284		18,272		17,870
Fixed Income - Privates	15,341		16,005		16,072		15,973		16,271
Alternatives	1,982		1,960		2,003		1,712		1,615
Money Market	259		529		652		421		560
Total	36,118		36,899		37,290		36,503		36,428

Combined Asset Type
Equity	116,741		97,854		102,804		107,213		106,268
Fixed Income - Public	156,294		151,579		153,227		154,024		147,639
Fixed Income - Privates	86,533		86,248		86,305		85,707		85,366
Alternatives	15,027		14,813		14,600		16,359		17,150
Money Market	2,615		2,936		3,189		2,997		3,166
Total	377,211		353,431		360,125		366,300		359,589

Total Private and Alternative Assets	101,560		101,061		100,905		102,066		102,516
% of Private and Alternative Assets / Total AUM	26.9	%	28.6	%	28.0	%	27.9	%	28.5	%

Employee Benefits


Voya Financial						Page 26 of 44

Employee Benefits Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025			6/30/2026		6/30/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	28		27		27		27		27			109		106
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(11)		(11)		(11)		(11)		(11)			(44)		(47)
Net margin	15		14		15		15		14			59		54
Alternative investment income (1)	(3)		5		8		7		7			17		18



Other investment income	11		12		11		12		10			46		39
Investment spread and other investment income	23		31		34		34		31			122		111
Fee-based margin (2)	57		59		57		54		56			227		226
Net underwriting gain (loss) and other revenue	184		226		151		195		216			756		637
Net revenue (3)	263		316		242		284		303			1,105		974
Administrative expenses	(140)		(145)		(143)		(134)		(132)			(562)		(531)
Premium taxes, fees and assessments	(49)		(50)		(52)		(52)		(50)			(203)		(195)
Net commissions	(40)		(44)		(45)		(39)		(44)			(168)		(175)
DAC/VOBA and other intangibles amortization	(12)		(14)		(12)		(12)		(7)			(50)		(35)
Adjusted operating earnings before income taxes	22		63		(10)		47		69			122		36
Adjusted Operating Margin TTM	11.0	%	14.7	%	13.6	%	6.0	%	3.7	%

Group life:
Premiums	156		155		165		162		166			638		661
Benefits	(112)		(110)		(116)		(120)		(124)			(458)		(528)
Other (4)	(2)		(3)		(3)		(3)		(3)			(11)		(10)
Total Group life	42		43		47		39		40			171		122
Group life Loss Ratio (interest adjusted) (5)	72.1	%	70.6	%	70.0	%	74.2	%	74.3	%		71.7	%	79.9	%
Group Stop loss:
Premiums	381		382		391		388		388			1,542		1,682
Benefits (6)	(325)		(304)		(375)		(324)		(312)			(1,328)		(1,549)
Other (4)	(1)		(1)		(1)		(1)		(2)			(4)		(8)
Total Group Stop loss	55		77		14		62		75			208		128
Stop loss Loss Ratio (5)	85.4	%	79.5	%	96.0	%	83.6	%	80.3	%		86.2	%	92.0	%
Voluntary Benefits, Disability, and Other	87		106		90		94		100			377		386
Net underwriting gain (loss) and other revenue
Premiums	736		743		744		739		741			2,962		3,094
Benefits	(551)		(515)		(591)		(542)		(524)			(2,199)		(2,444)
Other (4)	(1)		(2)		(2)		(2)		(2)			(7)		(13)
Total Net underwriting gain (loss) and other revenue	184		226		151		195		216			756		637
Total Aggregate Loss Ratio (5)	75.0	%	69.4	%	79.5	%	73.4	%	70.7	%		74.3	%	79.0	%
Total Aggregate Loss Ratio TTM (5)	74.3	%	73.2	%	73.9	%	78.0	%	79.0	%
(1) See page 37 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 reflect aggregate loss ratios in the quarter net of reinsurance. They include claims paid and premiums earned in the quarter and change in reserves including prior period developments.
(6) The second quarter of 2026 reflects favorable reserve releases on the 2025 and 2024 policy years.


Voya Financial						Page 27 of 44

Quarterly Loss Ratio Development for Group Stop Loss


	Estimated Ultimate Loss Ratio as of
	Three Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024

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

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

2024 Stop Loss Policy Year (Largely Developed) (1)	88	%	89	%	89	%	90	%	90	%	92	%	94	%	86	%	81	%

Reported Loss Ratio for Stop Loss (2)	85	%	80	%	96	%	84	%	80	%	75	%	115	%	93	%	83	%

(1) Loss ratios by policy year reflect expected loss ratios for business sold in that policy year gross of reinsurance. The unrounded Stop Loss Policy Year loss ratios were unchanged for 2026 at 87.0% for both June 30, 2026 and March 31, 2026. For 2025, the ratios were 89.0% and 89.6%, respectively, and for 2024, 88.5% and 88.6%, respectively.
(2) Reported Loss ratios reflect aggregate loss ratios in the quarter net of reinsurance. They include claims paid and premiums earned in the quarter and change in reserves including prior period developments.


Voya Financial						Page 28 of 44

Employee Benefits Key Metrics


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

Sales by Product Line:
Group life and Disability	12	71	7	29	22		119	114
Stop loss (1)	3	276	27	59	14		365	326
Voluntary and Other (2)	29	121	11	17	37		178	167

Total sales by product line	44	468	45	105	73		662	607

Total gross premiums and deposits	823	838	825	837	843		3,323	3,485

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	913	916	965	989	977		913	977
Stop loss	1,537	1,563	1,578	1,572	1,569		1,537	1,569
Voluntary and Other (2)	1,139	1,157	1,103	1,100	1,103		1,139	1,103

Total annualized in-force premiums and fees by product line	3,589	3,636	3,646	3,662	3,649		3,589	3,649

Assets Under Management by Fund Group:
General account	1,872	1,737	1,805	1,906	1,945		1,872	1,945
Separate account	19	18	19	19	18		19	18
Total AUM	1,892	1,755	1,824	1,925	1,963		1,892	1,963

(1) Stop loss sales for the first quarter 2026 have been recast to remove a minor double count of sales in the previously reported figure.
(2) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Corporate


Voya Financial						Page 30 of 44

Corporate Adjusted Operating Earnings Before Income Taxes


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

Interest expense (excluding Preferred stock dividends) (1)	(34)	(31)	(30)	(30)	(28)		(125)	(122)
Preferred stock dividends	(4)	(17)	(4)	(16)	(4)		(41)	(41)


Pension expense (2)	(13)	(13)	(13)	(13)	(13)		(52)	(50)
Other (3)(4)	(53)	(2)	(47)	(22)	(22)		(124)	(4)
Adjusted operating earnings before income taxes, including noncontrolling interest	(104)	(63)	(94)	(81)	(67)		(342)	(217)
Less: Earnings (loss) attributable to the noncontrolling interest	(2)	(2)	(3)	(1)	(1)		(8)	(2)
Adjusted operating earnings before income taxes	(102)	(61)	(90)	(80)	(67)		(333)	(215)

(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, severance expenses incurred in the ordinary course of business, 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.
(4) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses.

Administrative Expenses and Adjusted Operating Return on Capital


Voya Financial						Page 32 of 44

Administrative Expenses


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

Retirement	(275)	(286)	(271)	(254)	(259)	(1,086)	(962)
Investment Management	(181)	(192)	(198)	(177)	(174)	(748)	(717)
Employee Benefits	(140)	(145)	(143)	(134)	(132)	(562)	(531)

Total Administrative Expenses (1)	(596)	(623)	(612)	(565)	(565)	(2,396)	(2,210)


(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, severance expenses incurred in the ordinary course of business, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.


Voya Financial						Page 33 of 44

Adjusted Operating Return on Allocated Capital


	Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025

Retirement
Adjusted operating earnings before income taxes - before interest	915		960		959		913		863
Income tax expense	127		137		139		131		122
Adjusted Operating Earnings - before interest and after income taxes	788		823		820		782		741
Adjusted Operating effective tax rate (1)	12.1	%	12.9	%	14.9	%	15.0	%	14.3	%
Adjusted Operating effective tax rate TTM	13.9	%	14.3	%	14.5	%	14.3	%	14.1	%
Average Capital	3,798		3,783		3,747		3,674		3,584
Ending Capital (2)	3,836		3,852		3,746		3,791		3,771
Adjusted Return on Capital	20.8	%	21.8	%	21.9	%	21.3	%	20.7	%

Investment Management
Adjusted operating earnings before income taxes - before interest (3)	237		231		226		220		214
Income tax expense	50		49		47		46		45
Adjusted Operating Earnings - before interest and after income taxes (3)	187		182		179		174		169
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	874		877		876		870		861
Ending Capital (2)	855		872		876		883		875
Adjusted Return on Capital	21.4	%	20.9	%	20.4	%	20.1	%	19.6	%

Employee Benefits
Adjusted operating earnings before income taxes - before interest	122		169		152		59		36
Income tax expense	26		35		32		12		7
Adjusted Operating Earnings - before interest and after income taxes	96		134		120		47		29
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	1,262		1,275		1,288		1,291		1,286
Ending Capital (2)	1,229		1,237		1,259		1,295		1,281
Adjusted Return on Capital	7.6	%	10.4	%	9.3	%	3.6	%	2.2	%


(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.
(3) Excludes Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Investment Information


Voya Financial						Page 35 of 44

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


	Three Months Ended or As of												Year-to-Date or As of
(in millions USD)	6/30/2026						3/31/2026						6/30/2026

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	10,806	28.0	%	147	5.5	%	10,782	28.0	%	136	5.2	%	10,806	28.0	%	283	5.3	%
Private credit	8,722	23.0	%	109	5.0	%	8,877	23.0	%	116	5.4	%	8,722	23.0	%	225	5.2	%
Securitized (2)(3)	9,418	25.0	%	129	5.5	%	9,632	25.0	%	131	5.4	%	9,418	25.0	%	260	5.4	%
Commercial mortgage loans	5,452	14.0	%	69	5.0	%	5,631	15.0	%	67	4.9	%	5,452	14.0	%	135	5.0	%
Municipals	536	1.0	%	5	4.0	%	552	1.0	%	6	3.9	%	536	1.0	%	11	3.9	%
Short-term / Treasury	685	2.0	%	8	4.4	%	663	2.0	%	7	4.3	%	685	2.0	%	14	4.4	%
Equity securities	197	1.0	%	3	6.1	%	196	1.0	%	3	5.8	%	197	1.0	%	6	5.9	%
Policy loans	358	1.0	%	4	4.9	%	361	1.0	%	4	5.1	%	358	1.0	%	9	5.0	%
Derivatives	(5)	—	%	3	N/A		(5)	—	%	4	N/A		(5)	—	%	7	N/A
Book Values and Gross Investment Income before variable components	36,170	95.0	%	478	5.3	%	36,690	95.0	%	472	5.3	%	36,170	95.0	%	950	5.3	%

Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,872	5.0	%	(15)	-3.0	%	1,936	5.0	%	32	6.9	%	1,872	5.0	%	17	1.8	%
Prepayment / Other fee income	N/A	—	%	11	0.1	%	N/A	—	%	6	0.1	%	N/A	—	%	16	0.1	%
Book Values and Gross Investment Income (variable)	1,872	5.0	%	(4)	N/A		1,936	5.0	%	37	N/A		1,872	5.0	%	34	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,042	100.0	%	474	5.0	%	38,626	100.0	%	510	5.4	%	38,042	100.0	%	984	5.2	%

(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.
(4) Includes assets and income related to foreclosed real estate.


Voya Financial						Page 36 of 44

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings


	Three Months Ended or As of (1)
(in millions USD)	3/31/2026			12/31/2025			09/30/2025			06/30/2025

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,865	28.0	%	11,035	28.0	%	10,913	28.0	%	10,585	28.0	%
Private credit	8,753	23.0	%	8,408	22.0	%	8,367	22.0	%	8,420	22.0	%
Securitized	9,589	25.0	%	9,988	26.0	%	9,979	26.0	%	9,852	26.0	%
Municipals	552	1.0	%	598	2.0	%	606	2.0	%	609	2.0	%
Short-term / Treasury	732	2.0	%	709	2.0	%	637	2.0	%	640	2.0	%
Total Fixed maturities	30,491	79.0	%	30,738	79.0	%	30,501	79.0	%	30,107	79.0	%
Commercial mortgage loans	5,619	15.0	%	5,560	14.0	%	5,371	14.0	%	5,483	14.0	%
Limited partnership	1,831	5.0	%	1,815	5.0	%	1,913	5.0	%	1,923	5.0	%
Equity securities	689	2.0	%	662	2.0	%	626	2.0	%	566	1.0	%
Total	38,630	100.0	%	38,775	100.0	%	38,410	100.0	%	38,079	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	16,707	55.0	%	16,987	55.0	%	16,695	55.0	%	16,532	55.0	%
NAIC 2	12,389	41.0	%	12,448	40.0	%	12,470	41.0	%	12,178	40.0	%
NAIC 3 and below	1,395	5.0	%	1,303	4.0	%	1,335	4.0	%	1,396	5.0	%
Total Fixed maturities	30,491	100.0	%	30,738	100.0	%	30,501	100.0	%	30,107	100.0	%

Commercial Mortgage Loans:
CML 1	3,912	70.0	%	3,970	71.0	%	3,905	73.0	%	4,039	74.0	%
CML 2	1,265	23.0	%	1,235	22.0	%	1,092	20.0	%	1,079	20.0	%
CML 3 and below	442	8.0	%	355	6.0	%	374	7.0	%	366	7.0	%
Total Commercial mortgage loans	5,619	100.0	%	5,560	100.0	%	5,371	100.0	%	5,483	100.0	%

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


Voya Financial						Page 37 of 44

Alternative Investment Income


	Three Months Ended					Twelve Months Ended
(in millions USD)	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	6/30/2026	6/30/2025
Retirement (1)
Alternative investment income at long-term expectations (2)	37	37	37	37	35	148	141
Alternative investment income above (below) expectations	(49)	(8)	10	5	7	(42)	(24)
Alternative investment income	(12)	29	47	42	42	106	117
Average alternative investments	1,651	1,645	1,644	1,657	1,590	1,649	1,579

Investment Management (1)
Alternative investment income at long-term expectations (2)	7	7	7	7	8	27	30
Alternative investment income above (below) expectations	(6)	—	(1)	4	(4)	(3)	(13)
Alternative investment income	—	7	6	11	4	24	17
Average alternative investments	292	305	314	331	344	311	339

Employee Benefits (1)
Alternative investment income at long-term expectations (2)	5	5	5	7	6	22	23
Alternative investment income above (below) expectations	(8)	—	3	—	1	(5)	(5)
Alternative investment income	(3)	5	8	7	7	17	18
Average alternative investments	214	216	238	284	268	238	233

Total (1)
Alternative investment income at long-term expectations (2)	48	49	49	51	49	197	194
Alternative investment income above (below) expectations	(63)	(8)	12	9	4	(50)	(42)
Alternative investment income	(15)	41	61	60	53	147	152
Average alternative investments	2,157	2,166	2,196	2,272	2,202	2,198	2,151

(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 39 of 44

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


	Three Months Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
(in millions USD, except per share)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	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		90	0.97		165	1.75		136	1.41		176	1.80		162	1.66
Plus: Net income (loss) attributable to noncontrolling interests		(76)	(0.83)		13	0.14		9	0.09		80	0.83		(5)	(0.05)
Less: Preferred stock dividends		(4)	(0.04)		(17)	(0.18)		(4)	(0.04)		(16)	(0.17)		(4)	(0.04)

Income (loss)	34	18	0.19	230	195	2.07	169	149	1.54	307	272	2.79	188	161	1.65
Less:
Net investment gains (losses)	(21)	(16)	(0.18)	(37)	(30)	(0.31)	4	3	0.03	(16)	(12)	(0.13)	(29)	(23)	(0.23)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(29)	(23)	(0.25)	(26)	(21)	(0.22)	(25)	(20)	(0.21)	(52)	(42)	(0.43)	(30)	(24)	(0.24)
Net income (loss) attributable to noncontrolling interests	(76)	(76)	(0.83)	13	13	0.14	9	9	0.09	80	80	0.83	(5)	(5)	(0.05)


Dividend payments made to preferred shareholders	4	4	0.04	17	17	0.18	4	4	0.04	16	16	0.17	4	4	0.04

Other adjustments (3)	(11)	(10)	(0.11)	6	2	0.02	(50)	(35)	(0.36)	(11)	(10)	(0.10)	(41)	(31)	(0.32)

Adjusted operating earnings	167	140	1.51	257	214	2.26	226	188	1.94	290	239	2.45	289	240	2.46





(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 March 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended December 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 expenses. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance expenses.


Voya Financial						Page 40 of 44

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


	Six months ended
	6/30/2026			6/30/2025
(in millions USD, except per share)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		255	2.73		301	3.09
Plus: Net income (loss) attributable to noncontrolling interests		(63)	(0.67)		(10)	(0.11)
Less: Preferred stock dividends		(21)	(0.22)		(21)	(0.21)

Income (loss)	264	213	2.28	361	312	3.19
Less:
Net investment gains (losses)	(58)	(46)	(0.49)	(31)	(24)	(0.25)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(55)	(44)	(0.47)	(69)	(55)	(0.56)
Net income (loss) attributable to noncontrolling interests	(63)	(63)	(0.67)	(10)	(10)	(0.11)


Dividend payments made to preferred shareholders	21	21	0.22	21	21	0.21

Other adjustments (3)	(5)	(9)	(0.10)	(71)	(55)	(0.56)

Adjusted operating earnings	424	354	3.79	521	435	4.45





(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 six months ended June 30, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance expenses.


Voya Financial						Page 41 of 44

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses


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

Total revenues	1,896	2,031	2,111	2,128	1,981	3,927	3,950

Less:
Net investment gains (losses)	(31)	(22)	(8)	(9)	(38)	(53)	(44)


Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	21	19	31	28	30	40	58
Revenues (loss) attributable to noncontrolling interests	(37)	46	37	115	35	9	60
Other adjustments	61	55	45	50	54	116	87
Total adjusted operating revenues	1,883	1,932	2,006	1,942	1,900	3,815	3,788

Adjusted operating revenues by segment
Retirement	799	821	866	853	824	1,620	1,622
Investment Management	255	251	290	257	239	507	482
Employee Benefits	821	855	845	829	832	1,675	1,673
Corporate	8	5	6	3	5	13	11
Total adjusted operating revenues	1,883	1,932	2,006	1,942	1,900	3,815	3,788


Total benefits and expenses	(1,862)	(1,801)	(1,942)	(1,821)	(1,793)	(3,663)	(3,589)
Less:
Changes in market risk benefits	12	(16)	12	(7)	9	(4)	12
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment	(50)	(45)	(56)	(81)	(60)	(95)	(127)
Expenses attributable to noncontrolling interests	(56)	(43)	(45)	(51)	(54)	(98)	(95)
Dividend payments made to preferred shareholders	4	17	4	16	4	21	21
Other adjustments	(71)	(49)	(94)	(63)	(95)	(121)	(158)
Total adjusted operating benefits and expenses	(1,701)	(1,665)	(1,763)	(1,635)	(1,598)	(3,366)	(3,243)
Adjusted operating benefits and expenses by segment
Retirement	(609)	(612)	(610)	(592)	(589)	(1,221)	(1,180)
Investment Management	(181)	(192)	(198)	(177)	(174)	(373)	(364)
Employee Benefits	(799)	(792)	(856)	(783)	(763)	(1,591)	(1,558)
Corporate	(112)	(69)	(99)	(84)	(72)	(181)	(142)
Total adjusted operating benefits and expenses	(1,701)	(1,665)	(1,763)	(1,635)	(1,598)	(3,366)	(3,243)


Voya Financial						Page 42 of 44

Reconciliation of Net Revenues


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

Retirement
Adjusted operating revenues	page 9	799	821	866	853	824	3,339	3,079
Interest credited and other benefits to contract owners/policyholders		(227)	(226)	(234)	(235)	(232)	(922)	(884)

Net revenue	page 16	573	595	631	618	592	2,417	2,194






Investment Management
Adjusted operating revenues	page 9	255	251	290	257	239	1,053	996

Net revenue	page 20	255	251	290	257	239	1,053	996





Employee Benefits
Adjusted operating revenues	page 9	821	855	845	829	832	3,350	3,453
Interest credited and other benefits to contract owners/policyholders		(558)	(538)	(603)	(546)	(529)	(2,245)	(2,478)

Net revenue	page 26	263	316	242	284	303	1,105	974






Consolidated
Total Adjusted operating revenues	page 9	1,883	1,932	2,006	1,942	1,900	7,763	7,552
Interest credited and other benefits to contract owners/policyholders		(785)	(764)	(838)	(781)	(761)	(3,168)	(3,363)
Corporate Adjusted operating revenues (1)		(8)	(5)	(6)	(3)	(5)	(22)	(25)
Net revenue	pages 16/20/26	1,091	1,163	1,163	1,159	1,134	4,575	4,164








(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level.


Voya Financial						Page 43 of 44

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


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

TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	567		639		613		570		492
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,807		4,765		4,612		4,464		4,361
TTM Return on Voya Financial, Inc Equity	11.8	%	13.4	%	13.3	%	12.8	%	11.3	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-1.7	%	-2.0	%	-2.0	%	-2.0	%	-1.8	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	4.2	%	4.9	%	5.1	%	5.3	%	4.8	%
TTM Net investment gains (losses), after-tax	-0.9	%	-1.0	%	-0.5	%	-0.6	%	-0.8	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-1.7	%	-1.8	%	-1.9	%	-1.9	%	-1.9	%
TTM Other adjustments, after-tax	-0.9	%	-1.2	%	-1.7	%	-1.5	%	-1.8	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	12.8	%	14.5	%	14.3	%	13.6	%	12.8	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-3.6	%	-4.2	%	-4.3	%	-4.3	%	-4.2	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	16.4	%	18.7	%	18.6	%	17.9	%	17.0	%


Voya Financial						Page 44 of 44

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


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

Book value per common share, including AOCI	44.96		43.79		46.28		45.55		41.71		44.96		41.71
Per share impact of AOCI	21.55		22.31		19.06		18.64		21.46		21.55		21.46
Book value per common share, excluding AOCI	66.50		66.09		65.34		64.18		63.18		66.50		63.18

Debt to capital ratio	31.0	%	34.9	%	29.8	%	29.8	%	31.2	%	31.0	%	31.2	%
Plus:
Capital impact of adding noncontrolling interest	-7.0	%	-7.7	%	-6.8	%	-6.9	%	-6.9	%	-7.0	%	-6.9	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.6	%	8.9	%	9.1	%	8.8	%	9.4	%	9.6	%	9.4	%

Capital impact of excluding AOCI	-6.0	%	-6.4	%	-5.1	%	-5.0	%	-6.3	%	-6.0	%	-6.3	%
Financial leverage ratio excluding AOCI	27.6	%	29.7	%	27.0	%	26.7	%	27.4	%	27.6	%	27.4	%









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