Voya Financial authorizes 21% dividend rise to $0.57

Q: What was VOYA's net income available to common shareholders in Q3 2026?

Voya reported $193 million of net income available to common shareholders, or $2.09 per diluted share, for the three months ended September 30, 2026. In third-quarter 2025, the corresponding figures were $176 million and $1.80 per diluted share.

A 21% quarterly dividend increase to $0.57 per share begins in Q4 2026, alongside a $500 million increase in repurchase authorization.

Available on EDGAR 11/02/2026 - 04:16 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:16 PM EST

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Voya Financial, Inc. reported third-quarter 2026 net income available to common shareholders of $193 million, or $2.09 per diluted share, compared with $176 million, or $1.80, in third-quarter 2025. After-tax adjusted operating earnings were $240 million, or $2.60 per diluted share, versus $239 million, or $2.45. Voya said higher Retirement and Employee Benefits earnings were largely offset by lower Investment Management investment capital income and $25 million of pre-tax severance expense.

Adjusted operating earnings before income taxes were $266 million for Retirement, $58 million for Investment Management, $51 million for Employee Benefits and a loss of $87 million for Corporate. Employee Benefits’ trailing-12-month net revenues increased 10%; its total aggregate loss ratio was 74%, compared with 78% in the prior-year period.

Voya generated approximately $225 million of excess capital and returned approximately $150 million through common dividends and share repurchases. Excess capital was approximately $250 million as of September 30, 2026. The board authorized a 21% increase in the quarterly common dividend to $0.57 per share beginning in the fourth quarter of 2026, and a $500 million increase in the share repurchase authorization; approximately $163 million of capacity remained as of September 30, 2026.

2 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

Moderate pointCommon-shareholder net income reached $193 million, up from $176 million.
Moderate pointEmployee Benefits trailing-12-month net revenues increased 10% year over year.

Negative

Moderate pointConsolidated net income declined to $253 million from $272 million.

Filing Explained

During the third quarter, Voya Financial says it made the final $20 million payment related to the OneAmerica transaction, marking the transaction’s successful completion.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income available to common shareholders: $193 million Consolidated net income: $253 million After-tax adjusted operating earnings: $240 million +5 more

8 metrics

Net income available to common shareholders $193 million Third-quarter 2026; $176 million in third-quarter 2025

Consolidated net income $253 million Third-quarter 2026; $272 million in third-quarter 2025

After-tax adjusted operating earnings $240 million Third-quarter 2026; $239 million in third-quarter 2025

Employee Benefits trailing-12-month net revenue increase 10% Trailing twelve months ended September 30, 2026, compared with the prior-year period

Excess capital generated Approximately $225 million Third-quarter 2026

Capital returned to shareholders Approximately $150 million Third-quarter 2026, through common dividends and share repurchases

Quarterly common dividend $0.57 per share; 21% increase Beginning in the fourth quarter of 2026

Share repurchase authorization $500 million increase; approximately $163 million of remaining capacity Remaining capacity as of September 30, 2026

Key Terms

Adjusted operating earnings, Net revenue, Adjusted operating margin, Total Aggregate Loss Ratio TTM, +1 more

5 terms

Adjusted operating earnings financial

"Third-quarter 2026 after-tax adjusted operating earnings were $240 million"

Adjusted operating earnings are a company’s profit from its regular business activities after removing one-time, unusual or non-core items (like restructuring charges, asset sales, or litigation costs) so you see the underlying performance. Investors use this figure like a trimmed-down view of earnings—similar to judging a car’s fuel efficiency without counting one-off repair bills—to compare companies and assess whether operating results are sustainable.

Net revenue financial

"Net revenue is the sum of investment spread and other investment income"

Net revenue is the total amount of money a company earns from selling its products or services after subtracting any returns, discounts, or refunds. It shows how much actual income the company keeps from its sales. This figure is important because it reveals the true earnings from business activities, helping people understand how well the company is doing.

Adjusted operating margin financial

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

Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.

Total Aggregate Loss Ratio TTM financial

"Total Aggregate Loss Ratio TTM"

Fee-based margin financial

"Fee-based margin from organic growth and consistent revenue yields"

Earnings Snapshot

Net income available to common shareholders: $193 million

Third quarter 2026

Net income available to common shareholders $193 million Compared with $176 million in third-quarter 2025

After-tax adjusted operating earnings $240 million Compared with $239 million in third-quarter 2025

Net income available to common shareholders per diluted share $2.09 Compared with $1.80 in third-quarter 2025

Adjusted operating earnings per diluted share $2.60 Compared with $2.45 in third-quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was VOYA's net income available to common shareholders in Q3 2026?

Voya reported $193 million of net income available to common shareholders, or $2.09 per diluted share, for the three months ended September 30, 2026. In third-quarter 2025, the corresponding figures were $176 million and $1.80 per diluted share.

What were VOYA's adjusted operating earnings in Q3 2026?

After-tax adjusted operating earnings were $240 million, or $2.60 per diluted share, for third-quarter 2026, compared with $239 million, or $2.45 per diluted share, in third-quarter 2025. Voya also reported $25 million of pre-tax severance expense in the quarter.

How did VOYA's Employee Benefits loss ratio change?

Employee Benefits' trailing-12-month total aggregate loss ratio was 74% as of September 30, 2026, compared with 78% in the prior-year period. Voya's segment discussion cited continued underwriting discipline in describing the change.

What dividend did Voya authorize for Q4 2026?

The board authorized a 21% increase in the quarterly common dividend to $0.57 per share, beginning in the fourth quarter of 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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):

November 2, 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 November 2, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 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 Tuesday, November 3, 2026 at 10:00 am ET to discuss its third-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 September 30, 2026, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 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 November 2, 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 November 2, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended September 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: November 2, 2026

Exhibit 99.1

Voya Financial Announces Third-Quarter 2026 Results

NEW YORK, November 2, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its third-quarter 2026 financial results:

•Third-quarter 2026 net income available to common shareholders of $193 million, or $2.09 per diluted share.

•Third-quarter 2026 after-tax adjusted operating earnings1 of $240 million, or $2.60 per diluted share.

•Continued commercial momentum across Retirement and Investment Management, alongside improved profitability in Employee Benefits.

•Generated approximately $225 million of excess capital in the quarter, exceeding 90% conversion of after-tax adjusted operating earnings, while returning approximately $150 million to shareholders through common dividends and share repurchases.

•The Board of Directors has authorized:

◦A 21% increase in the quarterly common stock dividend to $0.57 per share, beginning in the fourth quarter of 2026.

◦A $500 million increase in the company’s share repurchase authorization, in addition to approximately $163 million of remaining capacity as of Sep. 30, 2026.

"Voya delivered a strong third quarter, reflecting the improvement we expected in the second half and continued execution across our businesses," said Heather Lavallee, chief executive officer, Voya Financial. "Commercial momentum in Retirement and Investment Management, continued margin improvement in Employee Benefits and disciplined expense management are driving stronger operating performance and reinforcing our earnings trajectory."

"Our strong cash generation gives us the capacity to invest for growth while continuing to return capital to shareholders. The increase in our dividend and share repurchase authorization underscores our confidence in Voya’s ability to deliver sustained earnings growth and cash generation.”

Third-Quarter 2026 Consolidated Results

Third-quarter 2026 net income available to common shareholders was $193 million, or $2.09 per diluted share, compared with $176 million, or $1.80 per diluted share, in third-quarter 2025. The increase was primarily due to lower losses on businesses exited and higher adjusted operating earnings.

Third-quarter 2026 after-tax adjusted operating earnings were $240 million, or $2.60 per diluted share, compared with $239 million, or $2.45 per diluted share, in third-quarter 2025. The increase reflected higher earnings in Retirement and Employee Benefits, largely offset by lower investment capital income in Investment Management and $25 million of pre-tax severance expense in the quarter. Third-quarter 2026 earnings per share also benefited from a lower share count, reflecting continued share repurchases.

Business Segment Results

Retirement

Retirement third-quarter 2026 pre-tax adjusted operating earnings were $266 million, an increase from $261 million in the prior-year period, reflecting revenue growth supported by sustained commercial momentum and continued operating efficiencies while funding strategic growth opportunities.

Net revenues for the trailing twelve months (TTM) ended Sep. 30, 2026 increased 6% from the prior-year period, driven by growing fee-based revenues from strong commercial momentum and positive capital markets.

Adjusted operating margin for the TTM ended Sep. 30, 2026 was 37.8%, compared with 39.8% in the prior-year period. The decrease includes the impact of lower alternative investment income.

Total client assets as of Sep. 30, 2026 were $878 billion, up 12% from $785 billion as of Sep. 30, 2025. Retirement participants grew to 10.3 million, further expanding the scale of the franchise and opportunities to deepen customer relationships.

Investment Management

Investment Management third-quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $58 million, compared with $62 million in the prior-year period. The decrease was primarily driven by lower investment capital income.

Net revenues for the TTM ended Sep. 30, 2026 grew 5% compared with the prior-year period, primarily due to higher fee-based margin from organic growth and consistent revenue yields.

Adjusted operating margin for the TTM ended Sep. 30, 2026 was 28.6%, consistent with the prior-year period.

Investment Management generated net inflows of $1.4 billion (excluding divested businesses and a sub-advisor transition) during the three months ended Sep. 30, 2026. Assets under management were $363 billion as of Sep. 30, 2026 compared with $366 billion as of Sep. 30, 2025. The decrease from a year ago primarily reflected divestitures and a sub-advisor transition, nearly offset by positive net flows across Institutional and Retail and market appreciation.

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.

Assets under advisory (AUA) generated net inflows of $1.5 billion (excluding divested businesses) during the three months ended Sep. 30, 2026. AUA assets were $62 billion as of Sep. 30, 2026, compared with $54 billion as of Sep. 30, 2025.

Employee Benefits

Employee Benefits third-quarter 2026 pre-tax adjusted operating earnings were $51 million, an increase from $47 million in the prior-year period. The increase includes a $12 million favorable annual assumption update and lower expenses in the current period.

Net revenues for the TTM ended Sep. 30, 2026 increased 10% compared with the prior-year period, reflecting continued underwriting discipline, with the total aggregate loss ratio improving to 74% from 78% in the prior-year period.

Adjusted operating margin for the TTM ended Sep. 30, 2026 was 11.4% compared with 6.0% in the prior-year period, reflecting continued progress on initiatives to improve profitability through underwriting discipline, pricing actions and expense management.

Employee Benefits third-quarter 2026 annualized in-force premiums and fees of $3.5 billion were lower compared with the prior-year period, as a result of prioritizing margin improvement over growth.

Corporate

Corporate third-quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $87 million, compared with losses of $80 million in the prior-year period. Third-quarter 2026 results included approximately $25 million of severance expense related to actions to create a more efficient cost structure while preserving capacity to reinvest in the business.

Capital

Third-quarter excess capital generation was approximately $225 million, exceeding 90% conversion of after-tax adjusted operating earnings. The company returned approximately $150 million to shareholders through share repurchases and dividends and made the final $20 million payment related to the OneAmerica transaction, marking its successful completion. Excess capital was approximately $250 million as of Sep. 30, 2026, supporting continued financial flexibility.

The company’s Board of Directors authorized a 21% increase in the quarterly common stock dividend to $0.57 per share, beginning in the fourth quarter of 2026, and a $500 million increase in the company’s share repurchase authorization, in addition to approximately $163 million of remaining capacity as of Sep. 30, 2026.

The company's strong balance sheet provides flexibility to invest in growth, return capital to shareholders and drive 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 Tuesday, November 3, 2026, at 10 a.m. ET, to discuss the company’s third-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 November 3, 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 September 30, 2026, to be filed with the SEC on or before November 9, 2026.

VOYA-IR VOYA-CF


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

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


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


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

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




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


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




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

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.


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





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

Note: Totals may not sum due to rounding.


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

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



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

Note: Totals may not sum due to rounding.


						Exhibit 99.2

Quarterly Investor Supplement

September 30, 2026

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Nine Months Ended September 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 Earnings Before Income Taxes and

Client Assets Rollforward by Product Group

17 - 18

Earnings Per Common Share (Diluted) (TTM)

Investment Management

Reconciliation of Adjusted Operating Revenues and Adjusted Operating

Sources of Adjusted Operating Earnings Before Income Taxes

Benefits and Expenses

Analysis of AUM and AUA

Reconciliation of Net Revenues

Net Flows Summary

Reconciliation of Adjusted Operating Return on Common Equity

Account Value Rollforward by Source

Excluding AOCI and NOL DTA

Account Value by Asset Type

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Employee Benefits

Leverage Ratio

Sources of Adjusted Operating Earnings Before Income Taxes

Appendix

Key Metrics

Quarterly Loss Ratio Development for Group Stop Loss

Corporate

Adjusted Operating Earnings Before Income Taxes


Voya Financial						Page 3 of 46

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 46

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 include taxes on paid premium, fees 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 46

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 46

Key Metrics


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

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

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

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

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

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


Voya Financial						Page 7 of 46

Consolidated Statements of Operations


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

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


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


Voya Financial						Page 8 of 46

Consolidated Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	9/30/2026	9/30/2025
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	523	465	511	537	542	1,499	1,584
Fee income	636	622	605	636	617	1,863	1,765
Premiums	697	717	740	729	716	2,154	2,170
Other revenue	83	79	76	105	68	239	211
Adjusted operating revenues (1)	1,940	1,883	1,932	2,006	1,942	5,755	5,731

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(759)	(785)	(764)	(838)	(781)	(2,308)	(2,325)
Operating expenses	(792)	(839)	(811)	(852)	(768)	(2,443)	(2,317)
Net amortization of DAC/VOBA	(38)	(39)	(42)	(40)	(40)	(118)	(112)
Interest expense (2)	(47)	(38)	(48)	(34)	(47)	(133)	(127)
Adjusted operating benefits and expenses (1)	(1,637)	(1,701)	(1,665)	(1,763)	(1,635)	(5,002)	(4,880)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	303	183	267	244	307	753	852
Less: Earnings (loss) attributable to the noncontrolling interest (3)	15	16	11	17	17	42	41
Adjusted operating earnings before income taxes (1)	288	167	257	226	290	711	811


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

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


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

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


Voya Financial						Page 9 of 46

Adjusted Operating Earnings Before Income Taxes by Segment


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

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

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

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

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

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


Voya Financial						Page 10 of 46

Adjusted Operating Earnings Before Income Taxes by Segment


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

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

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

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

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

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


Voya Financial						Page 11 of 46

Consolidated Balance Sheets


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








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


Voya Financial						Page 12 of 46

DAC/VOBA Segment Trends


	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	9/30/2026	9/30/2025
Retirement
Balance as of Beginning-of-Period	1,364	1,376	1,387	1,398	1,410	1,387	1,044
Additions related to business acquisitions(1)	—	—	—	—	—	—	390
Deferrals of commissions and expenses	16	14	17	17	16	47	46
Amortization	(27)	(27)	(27)	(28)	(28)	(81)	(82)
Balance as of End-of-Period	1,353	1,364	1,376	1,387	1,398	1,353	1,398
Deferred Sales Inducements as of End-of-Period	22	21	21	21	22	22	22

Employee Benefits
Balance as of Beginning-of-Period	237	236	240	241	241	240	234
Deferrals of commissions and expenses	10	13	10	12	11	33	35
Amortization	(11)	(12)	(14)	(12)	(12)	(37)	(28)
Balance as of End-of-Period	237	237	236	240	241	237	241

Total
Balance as of Beginning-of-Period	1,601	1,613	1,627	1,638	1,651	1,627	1,278
Additions related to business acquisitions(1)	—	—	—	—	—	—	390
Deferrals of commissions and expenses	27	27	27	29	27	81	81
Amortization	(38)	(39)	(42)	(40)	(40)	(118)	(111)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,590	1,601	1,613	1,627	1,638	1,590	1,638
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	706	727	751	774	797	706	797
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,296	2,328	2,364	2,401	2,435	2,296	2,435

(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 46

Consolidated Capital Structure


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

Financial Debt
Senior bonds	1,736		1,753		2,150		1,754		1,754
Subordinated bonds	350		350		349		349		349
Other debt	—		—		1		1		1
Total Financial Debt	2,086		2,103		2,500		2,104		2,104
Other financial obligations (1)	341		332		334		329		289
Total Financial Obligations	2,427		2,435		2,834		2,433		2,393

Mezzanine Equity
Redeemable noncontrolling interest	229		230		226		222		221
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,090		6,025		6,107		6,129		6,123
Total Equity (Excluding AOCI)	6,702		6,637		6,719		6,741		6,735
Accumulated other comprehensive income (AOCI)	(2,892)		(1,952)		(2,061)		(1,788)		(1,778)
Total Voya Financial, Inc. Shareholders' Equity	3,810		4,685		4,658		4,953		4,957
Noncontrolling interest	1,827		1,727		1,822		1,864		1,905
Total Shareholders' Equity	5,637		6,412		6,480		6,817		6,862

Capital
Capitalization (3)	5,896		6,788		7,158		7,057		7,061

Adjusted Capitalization excluding AOCI (4)	11,185		11,029		11,601		11,260		11,254

Leverage Ratios
Debt-to-Capital (5)	35.4	%	31.0	%	34.9	%	29.8	%	29.8	%

Financial Leverage excluding AOCI (6)	27.2	%	27.6	%	29.7	%	27.0	%	26.7	%

(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.


Voya Financial						Page 14 of 46

Consolidated Assets Under Management, Assets Under Administration and Advisement


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

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

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

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

Retirement


Voya Financial						Page 16 of 46

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)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025			9/30/2026	9/30/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	419		420		416		426		429			1,681	1,664

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


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


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

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

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

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


Voya Financial						Page 17 of 46

Retirement Client Assets Rollforward by Product Group


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





















Full Service - Client Assets
Fee-based	262,116	265,910	240,088	248,617	248,945		262,116	248,945
Spread-based	31,547	31,791	32,218	32,405	32,709		31,547	32,709
Client Assets, end of period - Full Service Total	293,662	297,701	272,305	281,022	281,654		293,662	281,654

Full Service - Total
Client Assets, beginning of period	297,701	272,305	281,022	281,654	270,477		281,654	208,978
Transfers / Single deposits	2,925	2,560	2,354	2,460	1,910		10,299	9,345
Recurring deposits	5,212	5,525	6,005	5,008	5,272		21,750	20,583
Total Deposits	8,137	8,085	8,359	7,468	7,182		32,049	29,927
Surrenders, benefits, and product charges	(10,626)	(11,083)	(12,623)	(11,679)	(10,104)		(46,011)	(35,252)
Net Flows	(2,489)	(2,998)	(4,264)	(4,211)	(2,922)		(13,962)	(5,324)
Interest credited and investment performance	(1,549)	28,394	(4,453)	3,579	14,099		25,971	30,453
Transfer due to business acquisition	—	—	—	—	—		—	47,547
Client Assets, end of period - Full Service Total	293,662	297,701	272,305	281,022	281,654		293,662	281,654

Recordkeeping
Client Assets, beginning of period	493,823	439,488	446,988	434,835	419,669		434,835	335,774
Transfers / Single deposits	22,020	14,946	1,806	8,044	4,272		46,816	61,762
Recurring deposits	7,259	7,614	9,072	6,784	6,567		30,729	28,441
Total Deposits	29,279	22,560	10,878	14,828	10,839		77,545	90,203
Surrenders, benefits, and product charges	(13,018)	(11,484)	(15,811)	(12,379)	(18,949)		(52,691)	(50,586)
Net Flows	16,262	11,077	(4,933)	2,449	(8,110)		24,855	39,617
Interest credited and investment performance	1,129	43,258	(2,567)	9,704	23,276		51,524	46,363
Transfer due to business acquisition	—	—	—	—	—		—	13,080
Client Assets, end of period - Recordkeeping	511,214	493,823	439,488	446,988	434,835		511,214	434,835

Total Defined Contribution (1)
Client Assets, beginning of period	791,524	711,793	728,011	716,489	690,146		716,489	544,753
Transfers / Single deposits	24,945	17,506	4,160	10,503	6,182		57,114	71,107
Recurring deposits	12,471	13,140	15,077	11,793	11,839		52,481	49,024
Total Deposits	37,416	30,646	19,237	22,296	18,021		109,595	120,132
Surrenders, benefits, and product charges	(23,644)	(22,567)	(28,434)	(24,058)	(29,053)		(98,703)	(85,838)
Net Flows	13,772	8,079	(9,197)	(1,762)	(11,032)		10,892	34,293
Interest credited and investment performance	(420)	71,652	(7,021)	13,284	37,375		77,495	76,816
Transfer due to business acquisition	—	—	—	—	—		—	60,627
Client Assets, end of period - Total Defined Contribution	804,876	791,524	711,793	728,011	716,489		804,876	716,489


(1) Total of Full Service and Recordkeeping.


Voya Financial						Page 18 of 46

Retirement Client Assets Rollforward by Product Group


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






Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	36,965	36,673	36,659	36,245	36,678		36,245	34,744
Transfers / Single deposits	2,110	1,134	501	1,192	94		4,937	3,655
Recurring deposits	124	111	152	350	367		737	1,205
Total Deposits	2,234	1,246	653	1,542	462		5,675	4,861
Surrenders, benefits, and product charges	(963)	(790)	(1,096)	(1,713)	(1,716)		(4,562)	(4,882)
Net Flows	1,271	456	(443)	(171)	(1,254)		1,113	(21)
Interest credited and investment performance	(225)	(164)	456	585	821		652	1,522
Assets, end of period - Defined Contribution Investment-only SV	38,010	36,965	36,673	36,659	36,245		38,010	36,245

Wealth Management (2)(3)	33,637	33,509	30,261	30,856	30,367		33,637	30,367
Other Assets (4)	6,512	6,547	5,728	5,758	5,648		6,512	5,648
Eliminations (5)	(5,053)	(5,088)	(4,755)	(4,776)	(3,930)		(5,053)	(3,930)
Total Client Assets	877,982	863,457	779,701	796,508	784,821		877,982	784,821


(1) 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 46

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes


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


Investment capital income (1)	4		—		7		6		11			17	25
Other investment income	1		1		—		1		1			4	4
Investment spread and other investment income	5		2		7		7		12			21	29
Fee-based margin (2)	255		254		244		283		245			1,036	981
Net revenue (3)	260		255		251		290		257			1,056	1,010
Administrative expenses	(183)		(181)		(192)		(198)		(177)			(754)	(723)
Adjusted operating earnings before income taxes, including noncontrolling interest	77		74		59		92		80			302	287
Adjusted Operating Margin TTM	28.6	%	29.0	%	28.6	%	28.3	%	28.5	%

Fee-based margin (2)
Investment advisory and administrative revenue	247		253		243		250		245			993	955
Other fee-based margin	8		1		1		33		—			43	25
Fee-based margin	255		254		244		283		245			1,036	981

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	77		74		59		92		80			302	287
Less: Earnings (loss) attributable to the noncontrolling interest (4)	18		18		13		21		18			70	66
Adjusted operating earnings before income taxes	58		57		46		72		62			233	220











(1) See page 36 for additional detail on Alternative investment income, including Investment capital income.
(2) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.

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


Voya Financial						Page 21 of 46

Investment Management Analysis of AUM and AUA


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025		9/30/2026	9/30/2025
Client Assets:
External Clients
Institutional	175,569	178,751	169,767	171,557	173,442		175,569	173,442
Retail (1)	151,684	162,342	146,764	151,279	156,355		151,684	156,355
Subtotal External Clients	327,253	341,093	316,532	322,835	329,797		327,253	329,797
General Account	35,525	36,118	36,899	37,290	36,503		35,525	36,503
Total Client Assets (AUM)	362,778	377,211	353,431	360,125	366,300		362,778	366,300
Assets under Advisory (AUA) (1)	62,192	62,666	58,989	62,030	53,527		62,192	53,527
Total AUM and AUA	424,969	439,877	412,420	422,155	419,827		424,969	419,827

Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	97	97	92	94	92		380	359
Retail	128	132	127	134	130		521	505
Subtotal External Clients	224	230	219	228	222		901	864
General Account	18	19	19	18	18		74	73
Total Investment Advisory and Administrative Revenues (AUM)	243	248	238	246	240		975	937
Advisory Only Fees	4	4	5	4	4		17	19
Total Investment Advisory and Administrative Revenues	247	253	243	250	245		993	955

Revenue Yield (bps) (2)
External Clients
Institutional	21.9	22.2	21.4	21.7	21.6		21.8	22.0
Retail	32.8	33.8	33.8	34.1	33.1		33.5	33.2
Revenue Yield on External Clients	27.0	27.7	27.2	27.6	27.1		27.3	27.4
General Account	20.4	20.4	20.2	20.2	20.1		20.3	20.3
Revenue Yield on Client Assets (AUM)	26.4	27.0	26.5	26.8	26.4		26.6	26.7
Revenue Yield on Advisory Only Assets (AUA)	2.5	2.7	3.4	3.0	3.3		2.9	3.5
Total Revenue Yield on AUM and AUA (bps)	22.9	23.5	23.1	23.7	23.4		23.3	23.7

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













(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 46

Investment Management Net Flows Summary


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025			9/30/2026		9/30/2025
AUM Net Flows:
Institutional Net Flows	870		1,611		403		686		3,560			3,570		11,701
Retail Net Flows	531		(426)		(338)		493		317			260		5,040
Net Flows from Divested Businesses (1)	(20)		(25)		(270)		(28)		(6,397)			(343)		(7,346)
Total AUM Net Flows	1,381		1,160		(205)		1,151		(2,520)			3,487		9,394
Net Flows excluding Net Flows from Divested Businesses	1,401		1,185		65		1,179		3,877			3,830		16,741
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	0.4	%	0.4	%	—	%	0.4	%	1.2	%		1.2	%	5.5	%


AUA Net Flows:
Assets Under Advisory Net Flows (AUA)	1,490		956		362		354		(1,278)			3,162		1,458
AUA Net Flows from Divested Businesses (1)	(9)		(5)		(84)		(11)		(523)			(109)		(648)
Total AUA Net Flows	1,481		951		278		343		(1,802)			3,053		810
AUA Organic Growth (AUA Flows excluding Divested Businesses / Beginning period AUA)	2.4	%	1.6	%	0.6	%	0.7	%	-2.4	%		5.9	%	2.9	%

(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 46

Investment Management Account Rollforward by Source


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025			9/30/2026		9/30/2025
Institutional AUM:
Beginning of period AUM	178,751		169,767		171,557		173,442		166,833			173,442		158,288
Inflows	7,086		10,008		5,562		7,672		12,780			30,328		38,829
Outflows	(6,216)		(8,397)		(5,159)		(6,986)		(9,219)			(26,758)		(27,128)
Net flows - Institutional	870		1,611		403		686		3,560			3,570		11,701
Change in Market Value	(4,082)		7,360		(1,850)		772		4,341			2,200		8,257
Other (Including Acquisitions / Divestitures)	30		15		(342)		(3,344)		(1,292)			(3,641)		(4,804)
End of period AUM - Institutional	175,569		178,751		169,767		171,557		173,442			175,569		173,442
Organic Growth (Net Flows/Beginning of period AUM)	0.5	%	0.9	%	0.2	%	0.4	%	2.1	%		2.1	%	7.4	%
Market Growth %	-2.3	%	4.3	%	-1.1	%	0.4	%	2.6	%		1.3	%	5.2	%


Retail AUM:
Beginning of period AUM	162,342		146,764		151,279		156,355		156,329			156,355		148,243
Inflows	11,685		11,512		10,474		12,033		11,408			45,704		46,367
Outflows	(11,154)		(11,938)		(10,812)		(11,540)		(11,091)			(45,444)		(41,327)
Net flows - Retail	531		(426)		(338)		493		317			260		5,040
Net Money Market Flows	(38)		(51)		(133)		(42)		(38)			(264)		192
Change in Market Value	(5,569)		17,113		(4,648)		2,289		7,072			9,185		12,553
Net Flows from Divested Businesses (1)	(20)		(25)		(270)		(28)		(6,397)			(343)		(7,346)
Other (Including Acquisitions / Divestitures) (2)	(5,562)		(1,034)		875		(7,787)		(927)			(13,508)		(2,326)
End of period AUM - Retail	151,684		162,342		146,764		151,279		156,355			151,684		156,355
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	0.3	%	-0.3	%	-0.2	%	0.3	%	0.2	%		0.2	%	3.4	%
Market Growth %	-3.4	%	11.7	%	-3.1	%	1.5	%	4.5	%		5.9	%	8.5	%

(1) In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the outflow of assets associated with a legacy partnership.
(2) In the third quarter of 2026, Retail AUM Other primarily reflects a sub-advisor transition for assets acquired through an acquisition.


Voya Financial						Page 24 of 46

Investment Management Account Value by Asset Type


	Balances as of
(in millions USD)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Institutional
Equity	33,116		34,078		27,382		29,286		29,404
Fixed Income - Public	61,350		62,337		61,306		61,530		61,776
Fixed Income - Privates	69,607		71,105		70,118		70,105		69,611
Alternatives	11,496		11,231		10,961		10,636		12,651
Money Market	—		—		—		—		—
Total	175,569		178,751		169,767		171,557		173,442

Retail
Equity	78,961		82,402		70,203		73,239		77,684
Fixed Income - Public	68,641		75,682		72,138		73,414		73,976
Fixed Income - Privates	84		87		125		128		123
Alternatives	1,673		1,814		1,891		1,961		1,995
Money Market	2,325		2,356		2,407		2,537		2,576
Total	151,684		162,342		146,764		151,279		156,355

General Account
Equity	259		261		269		279		125
Fixed Income - Public	18,224		18,275		18,136		18,284		18,272
Fixed Income - Privates	14,793		15,341		16,005		16,072		15,973
Alternatives	1,731		1,982		1,960		2,003		1,712
Money Market	519		259		529		652		421
Total	35,525		36,118		36,899		37,290		36,503

Combined Asset Type
Equity	112,335		116,741		97,854		102,804		107,213
Fixed Income - Public	148,215		156,294		151,579		153,227		154,024
Fixed Income - Privates	84,483		86,533		86,248		86,305		85,707
Alternatives	14,899		15,027		14,813		14,600		16,359
Money Market	2,845		2,615		2,936		3,189		2,997
Total	362,778		377,211		353,431		360,125		366,300

Total Private and Alternative Assets	99,382		101,560		101,061		100,905		102,066
% of Private and Alternative Assets / Total AUM	27.4	%	26.9	%	28.6	%	28.0	%	27.9	%

Employee Benefits


Voya Financial						Page 26 of 46

Employee Benefits Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025			9/30/2026		9/30/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	26		28		27		27		27			108		107
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(11)		(11)		(11)		(11)		(11)			(44)		(46)
Net margin	14		15		14		15		15			58		57
Alternative investment income (1)	3		(3)		5		8		7			13		22



Other investment income	11		11		12		11		12			45		40
Investment spread and other investment income	28		23		31		34		34			116		119
Fee-based margin (2)	57		57		59		57		54			230		223
Net underwriting gain (loss) and other revenue	193		184		226		151		195			754		657
Net revenue (3)	278		263		316		242		284			1,099		1,001
Administrative expenses	(127)		(140)		(145)		(143)		(134)			(555)		(535)
Premium taxes, fees and assessments	(48)		(49)		(50)		(52)		(52)			(199)		(200)
Net commissions	(41)		(40)		(44)		(45)		(39)			(170)		(165)
DAC/VOBA and other intangibles amortization	(11)		(12)		(14)		(12)		(12)			(49)		(39)
Adjusted operating earnings before income taxes	51		22		63		(10)		47			126		59
Adjusted Operating Margin TTM	11.4	%	11.0	%	14.7	%	13.6	%	6.0	%

Group life:
Premiums	152		156		155		165		162			628		658
Benefits (7)	(81)		(112)		(110)		(116)		(120)			(419)		(530)
Other (4)	(3)		(2)		(3)		(3)		(3)			(11)		(11)
Total Group life	68		42		43		47		39			200		117
Group life Loss Ratio (interest adjusted) (5)	53.6	%	72.1	%	70.6	%	70.0	%	74.2	%		66.7	%	80.5	%
Group Stop loss:
Premiums	368		381		382		391		388			1,522		1,617
Benefits (6)	(311)		(325)		(304)		(375)		(324)			(1,315)		(1,449)
Other (4)	(1)		(1)		(1)		(1)		(1)			(4)		(6)
Total Group Stop loss	56		55		77		14		62			202		163
Stop loss Loss Ratio (5)	84.6	%	85.4	%	79.5	%	96.0	%	83.6	%		86.4	%	89.6	%
Voluntary Benefits, Disability, and Other (7)	70		87		106		90		94			353		377
Net underwriting gain (loss) and other revenue
Premiums	717		736		743		744		739			2,940		3,029
Benefits (7)	(524)		(551)		(515)		(591)		(542)			(2,181)		(2,361)
Other (4)	(1)		(1)		(2)		(2)		(2)			(6)		(10)
Total Net underwriting gain (loss) and other revenue	193		184		226		151		195			754		657
Total Aggregate Loss Ratio (5)	73.0	%	75.0	%	69.4	%	79.5	%	73.4	%		74.2	%	78.0	%
Total Aggregate Loss Ratio TTM (5)	74.2	%	74.3	%	73.2	%	73.9	%	78.0	%
(1) See page 36 for additional detail on Alternative investment income.
(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(5) Reported Loss ratios 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 third quarter of 2026 reflects a $5 million reserve release on the 2025 policy year.
(7) The annual assumption update in the third quarter of 2026 resulted in a favorable impact of $28 million in Group life, partially offset by an unfavorable impact of $16 million in Supplemental Health and Voluntary.


Voya Financial						Page 27 of 46

Employee Benefits Key Metrics


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

Sales by Product Line:
Group life and Disability	10	12	71	7	29		100	132
Stop loss	20	3	276	27	59		326	351
Voluntary and Other (1)	13	29	121	11	17		174	166

Total sales by product line	43	44	468	45	105		600	649

Total gross premiums and deposits	806	823	838	825	837		3,292	3,422

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	905	913	916	965	989		905	989
Stop loss	1,476	1,537	1,563	1,578	1,572		1,476	1,572
Voluntary and Other (1)	1,128	1,139	1,157	1,103	1,100		1,128	1,100

Total annualized in-force premiums and fees by product line	3,509	3,589	3,636	3,646	3,662		3,509	3,662

Assets Under Management by Fund Group:
General account	1,827	1,872	1,737	1,805	1,906		1,827	1,906
Separate account	19	19	18	19	19		19	19
Total AUM	1,846	1,892	1,755	1,824	1,925		1,846	1,925


(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Corporate


Voya Financial						Page 29 of 46

Corporate Adjusted Operating Earnings Before Income Taxes


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

Interest expense (excluding Preferred stock dividends) (1)	(31)	(34)	(31)	(30)	(30)		(126)	(123)
Preferred stock dividends	(16)	(4)	(17)	(4)	(16)		(41)	(41)


Pension expense (2)	(13)	(13)	(13)	(13)	(13)		(52)	(51)
Other (3)(4)	(31)	(53)	(2)	(47)	(22)		(133)	(23)
Adjusted operating earnings before income taxes, including noncontrolling interest	(91)	(104)	(63)	(94)	(81)		(352)	(238)
Less: Earnings (loss) attributable to the noncontrolling interest	(3)	(2)	(2)	(3)	(1)		(10)	(3)
Adjusted operating earnings before income taxes	(87)	(102)	(61)	(90)	(80)		(341)	(236)

(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 postretirement 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) 2026 includes pre-tax severance expenses of approximately $25 million in the third quarter and approximately $40 million in the second quarter.

Administrative Expenses and Adjusted Operating Return on Capital


Voya Financial						Page 31 of 46

Administrative Expenses


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

Retirement	(265)	(275)	(286)	(271)	(254)	(1,097)	(997)
Investment Management	(183)	(181)	(192)	(198)	(177)	(754)	(723)
Employee Benefits	(127)	(140)	(145)	(143)	(134)	(555)	(535)

Total Administrative Expenses (1)	(575)	(596)	(623)	(612)	(565)	(2,406)	(2,255)


(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 32 of 46

Adjusted Operating Return on Allocated Capital


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

Retirement
Adjusted operating earnings before income taxes - before interest	920		915		960		959		913
Income tax expense	127		127		137		139		131
Adjusted Operating Earnings - before interest and after income taxes	793		788		823		820		782
Adjusted Operating effective tax rate (1)	14.6	%	12.1	%	12.9	%	14.9	%	15.0	%
Adjusted Operating effective tax rate TTM	13.8	%	13.9	%	14.3	%	14.5	%	14.3	%
Average Capital	3,810		3,798		3,783		3,747		3,674
Ending Capital (2)	3,820		3,836		3,852		3,746		3,791
Adjusted Return on Capital	20.9	%	20.8	%	21.8	%	21.9	%	21.3	%

Investment Management
Adjusted operating earnings before income taxes - before interest (3)	233		237		231		226		220
Income tax expense	49		50		49		47		46
Adjusted Operating Earnings - before interest and after income taxes (3)	184		187		182		179		174
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	867		874		877		876		870
Ending Capital (2)	849		855		872		876		883
Adjusted Return on Capital	21.2	%	21.4	%	20.9	%	20.4	%	20.1	%

Employee Benefits
Adjusted operating earnings before income taxes - before interest	126		122		169		152		59
Income tax expense	26		26		35		32		12
Adjusted Operating Earnings - before interest and after income taxes	100		96		134		120		47
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	1,247		1,262		1,275		1,288		1,291
Ending Capital (2)	1,229		1,229		1,237		1,259		1,295
Adjusted Return on Capital	8.0	%	7.6	%	10.4	%	9.3	%	3.6	%


(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 34 of 46

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)	9/30/2026						6/30/2026						9/30/2026

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	11,116	29.0	%	145	5.2	%	10,806	28.0	%	147	5.5	%	11,116	29.0	%	428	5.3	%
Private credit	8,658	22.0	%	116	5.5	%	8,722	23.0	%	109	5.0	%	8,658	22.0	%	340	5.3	%
Securitized (2)(3)	9,552	25.0	%	122	5.4	%	9,418	25.0	%	129	5.5	%	9,552	25.0	%	382	5.4	%
Commercial mortgage loans	5,512	14.0	%	71	5.4	%	5,452	14.0	%	69	5.0	%	5,512	14.0	%	207	5.1	%
Municipals	534	1.0	%	5	3.9	%	536	1.0	%	5	4.0	%	534	1.0	%	16	3.9	%
Short-term / Treasury	977	3.0	%	9	4.5	%	685	2.0	%	8	4.4	%	977	3.0	%	23	4.4	%
Equity securities	192	—	%	3	6.3	%	197	1.0	%	3	6.1	%	192	—	%	9	6.1	%
Policy loans	354	1.0	%	4	4.5	%	358	1.0	%	4	4.9	%	354	1.0	%	13	4.8	%
Derivatives	(1)	—	%	3	N/A		(5)	—	%	3	N/A		(1)	—	%	10	N/A
Book Values and Gross Investment Income before variable components	36,894	95.0	%	478	5.3	%	36,170	95.0	%	478	5.3	%	36,894	95.0	%	1,428	5.3	%

Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,898	5.0	%	44	9.9	%	1,872	5.0	%	(15)	-3.0	%	1,898	5.0	%	61	4.4	%
Prepayment / Other fee income	N/A	—	%	7	0.1	%	N/A	—	%	11	0.1	%	N/A	—	%	23	0.1	%
Book Values and Gross Investment Income (variable)	1,898	5.0	%	51	N/A		1,872	5.0	%	(4)	N/A		1,898	5.0	%	84	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,792	100.0	%	528	5.6	%	38,042	100.0	%	474	5.0	%	38,792	100.0	%	1,512	5.3	%

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


Voya Financial						Page 35 of 46

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings


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

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

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

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

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


Voya Financial						Page 36 of 46

Alternative Investment Income


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	9/30/2026	9/30/2025
Retirement (1)
Alternative investment income at long-term expectations (2)	35	37	37	37	37	146	143
Alternative investment income above (below) expectations	5	(49)	(8)	10	5	(42)	(4)
Alternative investment income	40	(12)	29	47	42	104	139
Average alternative investments	1,572	1,651	1,645	1,644	1,657	1,628	1,603

Investment Management (1)
Alternative investment income at long-term expectations (2)	7	7	7	7	7	27	30
Alternative investment income above (below) expectations	(3)	(6)	—	(1)	4	(10)	(5)
Alternative investment income	4	—	7	6	11	17	25
Average alternative investments	300	292	305	314	331	303	335

Employee Benefits (1)
Alternative investment income at long-term expectations (2)	5	5	5	5	7	20	23
Alternative investment income above (below) expectations	(2)	(8)	—	3	—	(7)	(2)
Alternative investment income	3	(3)	5	8	7	13	22
Average alternative investments	235	214	216	238	284	226	251

Total (1)
Alternative investment income at long-term expectations (2)	47	48	49	49	51	193	197
Alternative investment income above (below) expectations	—	(63)	(8)	12	9	(59)	(11)
Alternative investment income	47	(15)	41	61	60	134	186
Average alternative investments	2,107	2,157	2,166	2,196	2,272	2,157	2,189

(1) Excludes assets and income related to foreclosed real estate.
(2) The long-term expected return for alternative investments and investment capital is 9% annually.

Reconciliations


Voya Financial						Page 38 of 46

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


	Three Months Ended
	9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
(in millions USD, except per share)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	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		193	2.09		90	0.97		165	1.75		136	1.41		176	1.80
Plus: Net income (loss) attributable to noncontrolling interests		44	0.47		(76)	(0.83)		13	0.14		9	0.09		80	0.83
Less: Preferred stock dividends		(16)	(0.18)		(4)	(0.04)		(17)	(0.18)		(4)	(0.04)		(16)	(0.17)

Income (loss)	287	253	2.75	34	18	0.19	230	195	2.07	169	149	1.54	307	272	2.79
Less:
Net investment gains (losses)	(29)	(23)	(0.25)	(21)	(16)	(0.18)	(37)	(30)	(0.31)	4	3	0.03	(16)	(12)	(0.13)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(17)	(13)	(0.14)	(29)	(23)	(0.25)	(26)	(21)	(0.22)	(25)	(20)	(0.21)	(52)	(42)	(0.43)
Net income (loss) attributable to noncontrolling interests	44	44	0.47	(76)	(76)	(0.83)	13	13	0.14	9	9	0.09	80	80	0.83


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

Other adjustments (3)	(15)	(11)	(0.12)	(11)	(10)	(0.11)	6	2	0.02	(50)	(35)	(0.36)	(11)	(10)	(0.10)

Adjusted operating earnings	288	240	2.60	167	140	1.51	257	214	2.26	226	188	1.94	290	239	2.45





(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 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.


Voya Financial						Page 39 of 46

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


	Nine Months Ended
	9/30/2026			9/30/2025
(in millions USD, except per share)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		448	4.82		477	4.88
Plus: Net income (loss) attributable to noncontrolling interests		(19)	(0.21)		70	0.72
Less: Preferred stock dividends		(37)	(0.40)		(37)	(0.38)

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


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


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

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

Adjusted operating earnings	711	594	6.38	811	674	6.90





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


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


Voya Financial						Page 40 of 46

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


	Twelve Months Ended
	9/30/2026			9/30/2025
(in millions USD, except per share)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		584	6.22		570	5.82
Plus: Net income (loss) attributable to noncontrolling interests		(10)	(0.11)		94	0.97
Less: Preferred stock dividends		(41)	(0.44)		(41)	(0.42)

Income (loss)	720	615	6.55	788	705	7.21
Less:
Net investment gains (losses)	(83)	(65)	(0.70)	(47)	(37)	(0.38)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(97)	(77)	(0.82)	(143)	(113)	(1.16)
Net income (loss) attributable to noncontrolling interests	(10)	(10)	(0.11)	94	94	0.97


Dividend payments made to preferred shareholders	41	41	0.44	41	41	0.42

Other adjustments (3)	(70)	(55)	(0.59)	(114)	(91)	(0.93)
Adjusted operating earnings	938	781	8.32	958	811	8.29





(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 twelve months ended September 30, 2026, 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, partially offset by a $15 million, after-tax, gain on the sale of an office building. For the twelve months ended September 30, 2025, also includes $29 million, after-tax, of severance expenses, $20 million, after-tax, of intangible asset write-offs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations.


Voya Financial						Page 41 of 46

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses


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

Total revenues	2,025	1,896	2,031	2,111	2,128	5,952	6,078

Less:
Net investment gains (losses)	(28)	(31)	(22)	(8)	(9)	(82)	(53)


Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	6	21	19	31	28	47	86
Revenues (loss) attributable to noncontrolling interests	66	(37)	46	37	115	75	177
Other adjustments	41	61	55	45	50	157	137
Total adjusted operating revenues	1,940	1,883	1,932	2,006	1,942	5,755	5,731

Adjusted operating revenues by segment
Retirement	867	799	821	866	853	2,487	2,475
Investment Management	260	255	251	290	257	766	740
Employee Benefits	808	821	855	845	829	2,484	2,502
Corporate	5	8	5	6	3	18	14
Total adjusted operating revenues	1,940	1,883	1,932	2,006	1,942	5,755	5,731


Total benefits and expenses	(1,738)	(1,862)	(1,801)	(1,942)	(1,821)	(5,401)	(5,410)
Less:
Changes in market risk benefits	(1)	12	(16)	12	(7)	(4)	6
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment	(23)	(50)	(45)	(56)	(81)	(119)	(208)
Expenses attributable to noncontrolling interests	(37)	(56)	(43)	(45)	(51)	(136)	(148)
Dividend payments made to preferred shareholders	16	4	17	4	16	37	37
Other adjustments	(56)	(71)	(49)	(94)	(63)	(177)	(219)
Total adjusted operating benefits and expenses	(1,637)	(1,701)	(1,665)	(1,763)	(1,635)	(5,002)	(4,880)
Adjusted operating benefits and expenses by segment
Retirement	(601)	(609)	(612)	(610)	(592)	(1,822)	(1,772)
Investment Management	(183)	(181)	(192)	(198)	(177)	(556)	(541)
Employee Benefits	(757)	(799)	(792)	(856)	(783)	(2,348)	(2,340)
Corporate	(96)	(112)	(69)	(99)	(84)	(276)	(226)
Total adjusted operating benefits and expenses	(1,637)	(1,701)	(1,665)	(1,763)	(1,635)	(5,002)	(4,880)


Voya Financial						Page 42 of 46

Reconciliation of Net Revenues


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

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

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






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

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





Employee Benefits
Adjusted operating revenues	page 9	808	821	855	845	829	3,329	3,390
Interest credited and other benefits to contract owners/policyholders		(530)	(558)	(538)	(603)	(546)	(2,229)	(2,390)

Net revenue	page 26	278	263	316	242	284	1,099	1,001






Consolidated
Total Adjusted operating revenues	page 9	1,940	1,883	1,932	2,006	1,942	7,761	7,627
Interest credited and other benefits to contract owners/policyholders		(759)	(785)	(764)	(838)	(781)	(3,146)	(3,299)
Corporate Adjusted operating revenues (1)		(5)	(8)	(5)	(6)	(3)	(24)	(22)
Net revenue	pages 16/20/26	1,175	1,091	1,163	1,163	1,159	4,592	4,307








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


Voya Financial						Page 43 of 46

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


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

TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	584		567		639		613		570
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,667		4,807		4,765		4,612		4,464
TTM Return on Voya Financial, Inc Equity	12.5	%	11.8	%	13.4	%	13.3	%	12.8	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-1.9	%	-1.7	%	-2.0	%	-2.0	%	-2.0	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	4.8	%	4.2	%	4.9	%	5.1	%	5.3	%
TTM Net investment gains (losses), after-tax	-1.1	%	-0.9	%	-1.0	%	-0.5	%	-0.6	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-1.2	%	-1.7	%	-1.8	%	-1.9	%	-1.9	%
TTM Other adjustments, after-tax	-0.9	%	-0.9	%	-1.2	%	-1.7	%	-1.5	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	12.8	%	12.8	%	14.5	%	14.3	%	13.6	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-3.5	%	-3.6	%	-4.2	%	-4.3	%	-4.3	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	16.3	%	16.4	%	18.7	%	18.6	%	17.9	%


Voya Financial						Page 44 of 46

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

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

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

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









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

Appendix


Voya Financial						Page 46 of 46

Quarterly Loss Ratio Development for Group Stop Loss


	Estimated Ultimate Loss Ratio as of

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

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

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

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

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

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

Source: View Original Filing on SEC EDGAR

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