Voya Financial announces fourth-quarter and full-year 2025 results
Key Terms
after-tax adjusted operating earnings financial
adjusted operating margin financial
assets under management financial
non-GAAP financial measures financial
-
Full-year 2025 net income available to common shareholders of
$613 million $6.29 $136 million $1.41 -
Full-year 2025 after-tax adjusted operating earnings1 of
$861 million $8.85 $188 million $1.94 -
Delivered over
$1 billion -
Generated approximately
$775 million 19% increase over the prior year.
“We delivered strong results in 2025, exceeding our targets for adjusted pre-tax earnings and cash generation, reflecting the strength of our diversified businesses, our disciplined execution, and the focus on our customers,” said Heather Lavallee, chief executive officer, Voya Financial. “Leveraging the strengths and connections across our Retirement, Investment Management and Employee Benefits businesses continues to support our growth and enhance the value we deliver for our customers, evidenced by our Retirement and Investment Management AUM surpassing
“For the full year, Voya delivered more than
| _____________________________ |
| 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 |
Fourth-Quarter 2025 Consolidated Results
Fourth-quarter 2025 net income available to common shareholders was
Fourth-quarter 2025 after-tax adjusted operating earnings were
Full-Year 2025 Consolidated Results
Full-year 2025 net income available to common shareholders was
Full-year 2025 after-tax adjusted operating earnings were
Business Segment Results
Retirement
Retirement fourth-quarter 2025 and full-year 2025 pre-tax adjusted operating earnings were
Net revenues for the year ended Dec. 31, 2025 grew
Adjusted operating margin for the year ended Dec. 31, 2025 was
Total client assets as of Dec. 31, 2025 were
Investment Management
Investment Management fourth-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were
Investment Management full-year 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were
Net revenues for the year ended Dec. 31, 2025 grew
Adjusted operating margin for the year ended Dec. 31, 2025 was
Investment Management generated net inflows of
Employee Benefits
Employee Benefits fourth-quarter 2025 pre-tax adjusted operating loss was
Employee Benefits full-year 2025 pre-tax adjusted operating earnings were
Net revenues for the year ended Dec. 31, 2025 increased
Employee Benefits fourth-quarter 2025 annualized in-force premiums and fees declined
Corporate
Corporate fourth-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were
Capital
For the fourth-quarter 2025, the company generated approximately
For the full-year ending 2025, the company generated approximately
As of Dec. 31, 2025, the company's excess capital position was approximately
Additional Financial Information and Earnings Call
More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, Feb. 4 , 2026, at 10 a.m. ET, to discuss the company’s fourth-quarter 2025 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at approximately 1 p.m. ET on Feb. 4, 2026.
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for approximately 15.7 million individual, workplace and institutional clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer-centricity, integrity, accountability, agility and inclusivity. Voya employees fight together with customers and partners for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.
Use of Non-GAAP Financial Measures
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable
- Net investment gains (losses);
- Income (loss) related to businesses exited or to be exited through reinsurance or divestment;
- Income (loss) attributable to noncontrolling interests to which we are not economically entitled;
- Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
-
Other adjustments may include the following items:
- Income (loss) related to early extinguishment of debt;
- Impairment of goodwill and intangible assets;
- Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;
- Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and
- Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:
- Investment spread and other investment income.
- Fee-based margin.
- Net underwriting gain (loss).
- Administrative expenses.
- Premium taxes, fees and assessments.
- Net commissions.
- DAC/VOBA and other intangibles amortization.
Net Revenue and Adjusted Operating Margin
- Adjusted operating margin is defined as Adjusted operating earnings before income taxes divided by net revenue.
- Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).
- The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by “Interest credited and other benefits to contract owners / policyholders”. This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders (“loss ratio”).
Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market and geopolitical risks, including general economic conditions, impacts of a
VOYA-IR VOYA-CF
Consolidated Statement of Operations |
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||
(in millions USD, except per share) |
12/31/2025 |
12/31/2024 |
|
12/31/2025 |
12/31/2024 |
||||||||
|
|
|
|
|
|
||||||||
Revenues |
|
|
|
|
|
||||||||
Net investment income |
$ |
591 |
|
$ |
521 |
|
|
$ |
2,318 |
|
$ |
2,074 |
|
Fee income |
|
633 |
|
|
543 |
|
|
|
2,396 |
|
|
2,113 |
|
Premiums |
|
738 |
|
|
790 |
|
|
|
2,912 |
|
|
3,176 |
|
Net gains (losses) |
|
(34 |
) |
|
(52 |
) |
|
|
(130 |
) |
|
(27 |
) |
Other revenues |
|
136 |
|
|
134 |
|
|
|
440 |
|
|
423 |
|
Income (loss) related to consolidated investment entities |
|
47 |
|
|
74 |
|
|
|
253 |
|
|
291 |
|
Total revenues |
|
2,111 |
|
|
2,010 |
|
|
|
8,189 |
|
|
8,050 |
|
Benefits and expenses |
|
|
|
|
|
||||||||
Interest credited and other benefits to contract owners/policyholders |
|
(875 |
) |
|
(987 |
) |
|
|
(3,361 |
) |
|
(3,619 |
) |
Operating expenses |
|
(937 |
) |
|
(756 |
) |
|
|
(3,447 |
) |
|
(3,082 |
) |
Net amortization of DAC/VOBA |
|
(64 |
) |
|
(56 |
) |
|
|
(249 |
) |
|
(223 |
) |
Interest expense |
|
(28 |
) |
|
(35 |
) |
|
|
(117 |
) |
|
(124 |
) |
Operating expenses related to consolidated investment entities |
|
(38 |
) |
|
(56 |
) |
|
|
(178 |
) |
|
(203 |
) |
Total benefits and expenses |
|
(1,942 |
) |
|
(1,890 |
) |
|
|
(7,352 |
) |
|
(7,251 |
) |
Income (loss) before income taxes |
|
169 |
|
|
120 |
|
|
|
837 |
|
|
799 |
|
Income tax expense (benefit) |
|
20 |
|
|
(1 |
) |
|
|
104 |
|
|
57 |
|
Net income (loss) |
|
149 |
|
|
121 |
|
|
|
733 |
|
|
742 |
|
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest |
|
9 |
|
|
24 |
|
|
|
79 |
|
|
75 |
|
Net income (loss) available to Voya Financial, Inc. |
|
140 |
|
|
97 |
|
|
|
654 |
|
|
667 |
|
Less: Preferred stock dividends |
|
4 |
|
|
4 |
|
|
|
41 |
|
|
41 |
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders |
$ |
136 |
|
$ |
93 |
|
|
$ |
613 |
|
$ |
626 |
|
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: |
|
|
|
|
|
||||||||
Basic |
$ |
1.43 |
|
$ |
0.97 |
|
|
$ |
6.40 |
|
$ |
6.31 |
|
Diluted |
$ |
1.41 |
|
$ |
0.94 |
|
|
$ |
6.29 |
|
$ |
6.17 |
|
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted) |
|||||||||||||
|
Three Months Ended |
||||||||||||
(in millions USD, except per share) |
12/31/2025 |
|
12/31/2024 |
||||||||||
|
After-tax (1) |
Per share |
|
After-tax (1) |
Per share |
||||||||
Net Income (loss) available to Voya Financial, Inc.'s common shareholders |
$ |
136 |
|
$ |
1.41 |
|
|
$ |
93 |
|
$ |
0.94 |
|
Less: |
|
|
|
|
|
||||||||
Net investment gains (losses) |
|
3 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
Income (loss) related to businesses exited or to be exited through reinsurance or divestment |
|
(20 |
) |
|
(0.21 |
) |
|
|
(17 |
) |
|
(0.17 |
) |
Other adjustments (2) |
|
(35 |
) |
|
(0.36 |
) |
|
|
(27 |
) |
|
(0.28 |
) |
Adjusted operating earnings |
$ |
188 |
|
$ |
1.94 |
|
|
$ |
138 |
|
$ |
1.40 |
|
| Note: Totals may not sum due to rounding. |
| (1) For adjusted operating earnings, we apply a |
| (2) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Dec. 31, 2025, also includes a |
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted) |
|||||||||||||
|
Twelve Months Ended |
||||||||||||
(in millions USD, except per share) |
12/31/2025 |
|
12/31/2024 |
||||||||||
|
After-tax (1) |
Per share |
|
After-tax (1) |
Per share |
||||||||
Net Income (loss) available to Voya Financial, Inc.'s common shareholders |
$ |
613 |
|
$ |
6.29 |
|
|
$ |
626 |
|
$ |
6.17 |
|
Less: |
|
|
|
|
|
||||||||
Net investment gains (losses) |
|
(33 |
) |
|
(0.34 |
) |
|
|
39 |
|
|
0.39 |
|
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2) |
|
(116 |
) |
|
(1.19 |
) |
|
|
(75 |
) |
|
(0.74 |
) |
Other adjustments (3) |
|
(99 |
) |
|
(1.02 |
) |
|
|
(75 |
) |
|
(0.74 |
) |
Adjusted operating earnings |
$ |
861 |
|
$ |
8.85 |
|
|
$ |
736 |
|
$ |
7.25 |
|
| Note: Totals may not sum due to rounding. |
| (1) For adjusted operating earnings, we apply a |
| (2) Includes tax benefits of |
| (3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the twelve months ended Dec. 31, 2025, also includes |
Adjusted Operating Earnings |
||||||||||||
|
Three Months Ended |
Twelve Months Ended |
||||||||||
(in millions USD, except per share) |
12/31/2025 |
12/31/2024 |
12/31/2025 |
12/31/2024 |
||||||||
Adjusted operating earnings |
|
|
|
|
||||||||
Retirement |
$ |
255 |
|
$ |
210 |
|
$ |
959 |
|
$ |
820 |
|
Investment Management |
|
72 |
|
|
66 |
|
|
226 |
|
|
213 |
|
Employee Benefits |
|
(10 |
) |
|
(102 |
) |
|
152 |
|
|
40 |
|
Corporate |
|
(90 |
) |
|
(27 |
) |
|
(299 |
) |
|
(203 |
) |
Adjusted operating earnings before income taxes |
|
226 |
|
|
147 |
|
|
1,038 |
|
|
870 |
|
Less: Income taxes (1) |
|
39 |
|
|
9 |
|
|
176 |
|
|
135 |
|
Adjusted operating earnings after income taxes |
$ |
188 |
|
$ |
138 |
|
$ |
861 |
|
$ |
736 |
|
Adjusted operating earnings per share |
|
1.94 |
|
|
1.40 |
|
|
8.85 |
|
|
7.25 |
|
| Note: Totals may not sum due to rounding. |
| (1) For adjusted operating earnings, we apply a |
Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin |
||||||
|
Twelve Months Ended |
|||||
(in millions USD) |
12/31/2025 |
12/31/2024 |
||||
Net revenue |
|
|
||||
Retirement |
$ |
2,408 |
|
$ |
2,056 |
|
Investment Management |
|
1,030 |
|
|
982 |
|
Employee Benefits |
|
1,118 |
|
|
975 |
|
Total net revenue |
$ |
4,556 |
|
$ |
4,012 |
|
|
|
|
||||
Adjusted operating earnings |
|
|
||||
Retirement |
$ |
959 |
|
$ |
820 |
|
Investment Management including noncontrolling interest |
|
291 |
|
|
278 |
|
Employee Benefits |
|
152 |
|
|
40 |
|
Adjusted operating earnings, excluding Corporate |
$ |
1,402 |
|
$ |
1,138 |
|
|
|
|
||||
Adjusted operating margin |
|
|
||||
Retirement |
|
39.8 |
% |
|
39.9 |
% |
Investment Management |
|
28.3 |
% |
|
28.3 |
% |
Employee Benefits |
|
13.6 |
% |
|
4.1 |
% |
Adjusted operating margin, excluding Corporate |
|
30.8 |
% |
|
28.4 |
% |
| Note: Totals may not sum due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203599634/en/
Media Contact:
Donna Sullivan
Donna.Sullivan@voya.com
Investor Contact:
Mei Ni Chu
IR@voya.com
Source: Voya Financial, Inc.
