Voya Financial, Inc. (Form: 8-K, Received: 05/05/2026 16:17:33)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):

May 5, 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 May 5, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2026. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, May 6, 2026 at 10:00 am ET to discuss its first-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 March 31, 2026, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 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 May 5, 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 May 5, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended March 31, 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: May 5, 2026

Exhibit 99.1

Voya Financial announces first-quarter 2026 results

NEW YORK, May 5, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its first-quarter 2026 financial results:

•First quarter 2026 net income available to common shareholders of $165 million, or $1.75 per diluted share, up 23% from the prior year.

•First quarter 2026 after-tax adjusted operating earnings1 of $214 million, or $2.26 per diluted share, up 13% from the prior year.

•Delivered higher earnings and net revenue growth across all business segments.

•Generated and returned approximately $200 million of capital in the quarter through common dividends and share repurchases.

“We delivered strong results in the first quarter of 2026, including a 13% year‑over‑year increase in after-tax adjusted operating earnings per share, driven by higher earnings across our Retirement, Investment Management and Employee Benefits businesses,” said Heather Lavallee, chief executive officer, Voya Financial. “Building on our track record in 2025, our teams executed well in the quarter, despite a challenging macro environment, reflecting the strength of our diversified and complementary businesses and our continued focus on delivering solutions that meet the evolving needs of our customers.”

“Our strong cash flow generation and capital return through share repurchases and dividends, while maintaining a healthy balance sheet, demonstrate the disciplined choices we are making to execute our strategy through this environment,” Lavallee added. “With a strong start to the year, we remain confident in our strategy and in our ability to deliver value for customers and shareholders.”

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.

First-Quarter 2026 Consolidated Results

First-Quarter 2026 net income available to common shareholders was $165 million, or $1.75 per diluted share, 23% higher compared with $139 million, or $1.42 per diluted share, in first-quarter 2025. The increase was primarily due to higher after-tax adjusted operating earnings, lower losses on businesses exited, and lower acquisition integration costs.

First-Quarter 2026 after-tax adjusted operating earnings were $214 million, or $2.26 per diluted share, 13% higher compared with $195 million, or $2.00 per diluted share, in first-quarter 2025. The increase was due to higher earnings contribution from all segments reflecting revenues generated from strong commercial success over the last year.

Business Segment Results

Retirement

Retirement First-Quarter 2026 pre-tax adjusted operating earnings were $209 million, up from $207 million in the prior year period.The increase reflects revenue growth driven by higher assets over the past twelve months, partially offset by expenses.

Net revenues for the trailing twelve months (TTM) ended Mar. 31, 2026 grew 15% compared with the prior-year period due to acquired spread and fee-based revenues from OneAmerica, positive capital markets and continued commercial momentum over time.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 39.4% and was broadly consistent with the prior-year period.

Total client assets as of Mar. 31, 2026 were $780 billion, up 12% from $694 billion as of Mar. 31, 2025.

Investment Management

Investment Management First-Quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $46 million, compared to $41 million in the prior-year period. The 12% increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets.

Net revenues for the TTM ended Mar. 31, 2026 grew 4.6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 28.6% and was consistent with the prior-year period.

Investment Management generated net inflows of $65 million (excluding divested businesses) during the three months ended Mar. 31, 2026. Our overall assets under management were $353 billion as of Mar. 31, 2026 compared to $345 billion as of Mar. 31, 2025.

Employee Benefits

Employee Benefits First-Quarter 2026 pre-tax adjusted operating earnings were $63 million, up from $46 million in the prior-year period. The improvement was driven by higher net underwriting and increased fee-based revenue.

Net revenues for the TTM ended Mar. 31, 2026 increased 17.8% compared with the prior-year period. Higher net revenues reflect improved loss ratios primarily across Group Life and Voluntary

products as well as favorable performance in Stop Loss. Adjusted operating margin for the TTM ended Mar. 31, 2026 was 14.7% compared with 2.7% in the prior-year period.

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

Corporate

Corporate First-Quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $61 million, compared with $62 million of losses in the prior-year period.

Capital

For the First-Quarter 2026, the company generated approximately $200 million of excess capital, reflecting capital generation consistent with our 90% target of after-tax adjusted operating earnings for the quarter. In the first quarter, the company returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively. In addition, the company has entered into a share repurchase agreement to repurchase $150 million of the Company's common stock during the second quarter of 2026. Remaining share repurchase authorization was $413 million, as of Mar. 31, 2026.

As of Mar. 31, 2026, the company's excess capital position was approximately $0.65 billion, higher than December 31, 2025 primarily due to capital generation in the quarter and $400 million debt issuance, partly offset by capital returned to shareholders and a deferred contingent payment to OneAmerica. On a pro forma basis, excess capital was approximately $0.25 billion, excluding the $400 million debt issuance that is expected to be used to repay maturing debt in the second quarter.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, May 6, 2026, at 10 a.m. ET, to discuss the company’s First-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 May 6, 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 Mar. 31, 2026, to be filed with the SEC on or before May 11, 2026.

VOYA-IR VOYA-CF


Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	3/31/2026		3/31/2025

Revenues
Net investment income	$	569	$	560
Fee income	604		570
Premiums	744		737
Net gains (losses)	(45)		(34)
Other revenues	109		104
Income (loss) related to consolidated investment entities	50		32
Total revenues	2,031		1,969
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(819)		(835)
Operating expenses	(848)		(824)
Net amortization of DAC/VOBA	(65)		(62)
Interest expense	(29)		(32)
Operating expenses related to consolidated investment entities	(40)		(43)
Total benefits and expenses	(1,801)		(1,796)
Income (loss) before income taxes	230		173
Income tax expense (benefit)	35		22


Net income (loss)	195		151
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	13		(5)
Net income (loss) available to Voya Financial, Inc.	182		156
Less: Preferred stock dividends	17		17
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	165	$	139
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	1.78	$	1.45
Diluted	$	1.75	$	1.42


Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
(in millions USD, except per share)	3/31/2026				3/31/2025
	After-tax (1)		Per share		After-tax (1)		Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	165	$	1.75	$	139	$	1.42




Less:
Net investment gains (losses)	(30)		(0.31)		(1)		(0.02)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(21)		(0.22)		(31)		(0.32)




Other adjustments (2)	2		0.02		(24)		(0.24)
Adjusted operating earnings	$	214	$	2.26	$	195	$	2.00

Note: Totals may not sum due to rounding.

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

(2) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.


Adjusted Operating Earnings
	Three Months Ended
(in millions USD, except per share)	3/31/2026		3/31/2025
Adjusted operating earnings
Retirement	$	209	$	207
Investment Management	46		41
Employee Benefits	63		46
Corporate	(61)		(62)





Adjusted operating earnings before income taxes	257		232
Less: Income taxes (1)	43		37
Adjusted operating earnings after income taxes	$	214	$	195
Adjusted operating earnings per share	2.26		2.00

Note: Totals may not sum due to rounding.


Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin
	Twelve Months Ended
(in millions USD)	3/31/2026			3/31/2025
Net revenue
Retirement	$	2,436		$	2,119
Investment Management	1,037			991
Employee Benefits	1,145			972
Total net revenue	$	4,618		$	4,082

Adjusted operating earnings
Retirement	$	960		$	842
Investment Management including noncontrolling interest	296			278
Employee Benefits	169			27
Adjusted operating earnings, excluding Corporate	$	1,425		$	1,147



Adjusted operating margin
Retirement	39.4		%	39.7		%
Investment Management	28.6		%	28.1		%
Employee Benefits	14.7		%	2.7		%
Adjusted operating margin, excluding Corporate	30.9		%	28.1		%

Note: Totals may not sum due to rounding.


						Exhibit 99.2

Quarterly Investor Supplement

March 31, 2026

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 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

Consolidated Balance Sheets

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

DAC/VOBA Segment Trends

Ratings

Consolidated Capital Structure

Alternative Investment Income

Consolidated Assets Under Management, Assets Under Administration

Reconciliations

and Advisement

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Retirement

Earnings Per Common Share (Diluted) (QTD)

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliation of Adjusted Operating Revenues and Adjusted Operating

and Key Metrics

Benefits and Expenses

Client Assets Rollforward by Product Group

16 - 17

Reconciliation of Net Revenues

Investment Management

Reconciliation of Adjusted Operating Return on Common Equity

Sources of Adjusted Operating Earnings Before Income Taxes

Excluding AOCI and NOL DTA

Analysis of AUM and AUA

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Account Value Rollforward by Source

Leverage Ratio

Account Value by Asset Type

Appendix

Employee Benefits

Quarterly Loss Ratio Development for Group Stop Loss Details

Sources of Adjusted Operating Earnings Before Income Taxes

Quarterly Loss Ratio Development for Group Stop Loss

Key Metrics

Corporate

Adjusted Operating Earnings Before Income Taxes


Voya Financial						Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

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

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

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

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

•Other adjustments may include the following items:

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

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

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

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

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

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

Adjusted Operating Revenues

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

•Net investment gains (losses);

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

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

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

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


Voya Financial						Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Benefits and Expenses

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

• Changes in market risk benefits;

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

• Expenses attributable to noncontrolling interests;

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

• Other adjustments include:

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

• Impairment of goodwill and intangible assets;

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

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

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

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

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

Sources of Earnings

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

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

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

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

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

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

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

•DAC/VOBA and other intangibles amortization.


Voya Financial						Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Return on Common Equity excluding AOCI

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

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

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

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

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

Net Revenue and Adjusted Operating Margin

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

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

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

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

Other Information

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


Voya Financial						Page 6 of 43

Key Metrics


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025		3/31/2026		3/31/2025
Net income (loss) available to Voya Financial, Inc.'s common shareholders	165		136		176		162		139		165		139
Per common share (basic)	1.78		1.43		1.82		1.69		1.45		1.78		1.45
Per common share (diluted)	1.75		1.41		1.80		1.66		1.42		1.75		1.42
Adjusted operating earnings: (1)
Before income taxes	257		226		290		289		232		257		232
After income taxes	214		188		239		240		195		214		195
Effective tax rate	16.9	%	17.1	%	17.8	%	16.9	%	15.9	%	16.9	%	15.9	%
Per common share (diluted)	2.26		1.94		2.45		2.46		2.00		2.26		2.00

Return on Equity
TTM Return on Voya Financial, Inc's Equity	13.4	%	13.3	%	12.8	%	11.3	%	12.5	%	13.4	%	12.5	%
TTM Adjusted operating return on common equity excluding AOCI (1)	14.5	%	14.3	%	13.6	%	12.8	%	12.6	%	14.5	%	12.6	%
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)	18.7	%	18.6	%	17.9	%	17.0	%	16.7	%	18.7	%	16.7	%
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity	4,658		4,953		4,957		4,629		4,383		4,658		4,383
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	6,107		6,129		6,123		6,084		5,952		6,107		5,952
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA	4,797		4,800		4,751		4,654		4,486		4,797		4,486
Book value per common share (including AOCI)	43.79		46.28		45.55		41.71		39.20		43.79		39.20
Book value per common share (excluding AOCI) (2)	66.09		65.34		64.18		63.18		61.87		66.09		61.87
Leverage Ratios:
Debt-to-Capital	34.9	%	29.8	%	29.8	%	31.2	%	32.4	%	34.9	%	32.4	%
Financial Leverage - excluding AOCI (2)(3)	29.7	%	27.0	%	26.7	%	27.4	%	27.5	%	29.7	%	27.5	%
Shares:
Weighted-average common shares outstanding
Basic	93		95		96		96		96		93		96

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

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

(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 36 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 41 of this document.
(3) Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance.
(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


Voya Financial						Page 7 of 43

Consolidated Statements of Operations


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

Revenues
Net investment income	569	591	583	584	560	569	560
Fee income	604	633	616	577	570	604	570
Premiums	744	738	719	718	737	744	737
Net gains (losses)	(45)	(34)	(21)	(41)	(34)	(45)	(34)
Other revenues	109	136	100	100	104	109	104
Income (loss) related to consolidated investment entities	50	47	131	43	32	50	32
Total revenues	2,031	2,111	2,128	1,981	1,969	2,031	1,969
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(819)	(875)	(850)	(801)	(835)	(819)	(835)
Operating expenses	(848)	(937)	(829)	(857)	(824)	(848)	(824)
Net amortization of DAC/VOBA	(65)	(64)	(65)	(58)	(62)	(65)	(62)
Interest expense	(29)	(28)	(29)	(28)	(32)	(29)	(32)
Operating expenses related to consolidated investment entities	(40)	(38)	(48)	(49)	(43)	(40)	(43)
Total benefits and expenses	(1,801)	(1,942)	(1,821)	(1,793)	(1,796)	(1,801)	(1,796)
Income (loss) before income taxes	230	169	307	188	173	230	173
Income tax expense (benefit)	35	20	35	27	22	35	22


Net income (loss)	195	149	272	161	151	195	151
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	13	9	80	(5)	(5)	13	(5)
Net income (loss) available to Voya Financial, Inc.	182	140	192	166	156	182	156
Less: Preferred stock dividends	17	4	16	4	17	17	17
Net income (loss) available to Voya Financial, Inc.'s common shareholders	165	136	176	162	139	165	139


Voya Financial						Page 8 of 43

Consolidated Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	3/31/2026	3/31/2025
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	511	537	542	534	506	511	506
Fee income	605	636	617	577	572	605	572
Premiums	740	729	716	720	734	740	734
Other revenue	76	105	68	69	75	76	75
Adjusted operating revenues (1)	1,932	2,006	1,942	1,900	1,888	1,932	1,888

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(764)	(838)	(781)	(761)	(782)	(764)	(782)
Operating expenses	(811)	(852)	(768)	(770)	(779)	(811)	(779)
Net amortization of DAC/VOBA	(42)	(40)	(40)	(34)	(37)	(42)	(37)
Interest expense (2)	(48)	(34)	(47)	(32)	(47)	(48)	(47)
Adjusted operating benefits and expenses (1)	(1,665)	(1,763)	(1,635)	(1,598)	(1,645)	(1,665)	(1,645)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	267	244	307	302	243	267	243
Less: Earnings (loss) attributable to the noncontrolling interest (3)	11	17	17	13	11	11	11
Adjusted operating earnings before income taxes (1)	257	226	290	289	232	257	232


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement	821	866	853	824	798	821	798
Investment Management	251	290	257	239	243	251	243
Employee Benefits	855	845	829	832	841	855	841
Corporate	5	6	3	5	6	5	6
Adjusted operating revenues (1)	1,932	2,006	1,942	1,900	1,888	1,932	1,888

Adjusted operating earnings before income taxes
Retirement	209	255	261	235	207	209	207
Investment Management	46	72	62	51	41	46	41
Employee Benefits	63	(10)	47	69	46	63	46
Corporate	(61)	(90)	(80)	(67)	(62)	(61)	(62)


Adjusted operating earnings before income taxes (1)	257	226	290	289	232	257	232

(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 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


Voya Financial						Page 9 of 43

Adjusted Operating Earnings Before Income Taxes by Segment


	Three Months Ended March 31, 2026
(in millions USD)	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	456	7	42	5	511
Fee income	341	243	21	—	605
Premiums	—	—	739	—	740
Other revenue	24	1	52	—	76
Adjusted operating revenues (1)	821	251	855	5	1,932

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(226)	—	(538)	—	(764)
Operating expenses	(359)	(192)	(239)	(21)	(811)
Net amortization of DAC/VOBA	(27)	—	(14)	—	(42)
Interest expense (2)	—	—	—	(48)	(48)
Adjusted operating benefits and expenses (1)	(612)	(192)	(792)	(69)	(1,665)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	209	59	63	(63)	267
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	13	—	(2)	11
Adjusted operating earnings before income taxes (1)	209	46	63	(61)	257

	Three Months Ended March 31, 2025
	Retirement	Investment Management	Employee Benefits	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	458	6	36	6	506
Fee income	318	236	18	—	572
Premiums	—	—	734	—	734
Other revenue	22	1	53	—	75
Adjusted operating revenues (1)	798	243	841	6	1,888

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(231)	—	(551)	—	(782)
Operating expenses	(333)	(190)	(234)	(22)	(779)
Net amortization of DAC/VOBA	(27)	—	(9)	—	(37)
Interest expense (2)	—	—	—	(47)	(47)
Adjusted operating benefits and expenses (1)	(591)	(190)	(795)	(69)	(1,645)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)	207	53	46	(63)	243
Less: Earnings (loss) attributable to the noncontrolling interest (3)	—	12	—	(1)	11
Adjusted operating earnings before income taxes (1)	207	41	46	(62)	232

(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 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.


Voya Financial						Page 10 of 43

Consolidated Balance Sheets


	Balances as of
(in millions USD)	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025
Assets
Total investments	38,124	38,571	38,199	37,579	37,703
Cash and cash equivalents	969	1,228	1,157	1,179	868
Assets held in separate accounts	108,467	113,007	111,950	107,278	98,948
Premium receivable and reinsurance recoverable, net	10,609	10,713	10,835	10,965	11,144
Short term investments under securities loan agreement and accrued investment income	1,430	1,398	1,437	1,418	1,459
Deferred policy acquisition costs, Value of business acquired	2,364	2,401	2,435	2,472	2,505
Deferred income taxes	1,911	1,871	1,872	1,979	2,032
Other assets (1)	4,789	4,845	4,903	4,926	4,934
Assets related to consolidated investment entities	4,770	4,825	4,660	4,640	4,357
Total Assets	173,433	178,859	177,448	172,436	163,950
Liabilities
Future policy benefits and contract owner account balances	49,028	49,356	49,337	49,665	49,763
Liabilities related to separate accounts	108,467	113,007	111,950	107,278	98,948
Payables under securities loan agreements, including collateral held	1,218	1,273	1,375	1,128	1,486
Short-term debt	587	586	586	447	1
Long-term debt	1,913	1,518	1,518	1,657	2,103
Other liabilities (2)	2,907	3,492	3,192	3,155	3,048
Liabilities related to consolidated investment entities	2,607	2,588	2,407	2,553	2,240
Total Liabilities	166,727	171,820	170,365	165,883	157,589
Mezzanine Equity
Redeemable noncontrolling interest	226	222	221	215	214
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(1,188)	(1,010)	(883)	(796)	(788)
Additional paid-in capital	6,395	6,358	6,316	6,321	6,299
Retained earnings (deficit)	1,511	1,392	1,301	1,170	1,052
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,719	6,741	6,735	6,696	6,564
Accumulated other comprehensive income	(2,061)	(1,788)	(1,778)	(2,067)	(2,181)
Total Voya Financial, Inc. Shareholders' Equity	4,658	4,953	4,957	4,629	4,383
Noncontrolling interest	1,822	1,864	1,905	1,709	1,764
Total Shareholders' Equity	6,480	6,817	6,862	6,338	6,147
Total Liabilities, Mezzanine Equity and Shareholders' Equity	173,433	178,859	177,448	172,436	163,950








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


Voya Financial						Page 11 of 43

DAC/VOBA Segment Trends


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

Employee Benefits
Balance as of Beginning-of-Period	240	241	241	237	234	240	234
Deferrals of commissions and expenses	10	12	11	11	13	10	13
Amortization	(14)	(12)	(12)	(7)	(9)	(14)	(9)
Balance as of End-of-Period	236	240	241	241	237	236	237

Total
Balance as of Beginning-of-Period	1,627	1,638	1,651	1,659	1,278	1,627	1,278
Additions related to business acquisitions(1)	—	—	—	—	390	—	390
Deferrals of commissions and expenses	27	29	27	26	28	27	28
Amortization	(42)	(40)	(40)	(34)	(37)	(42)	(37)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,613	1,627	1,638	1,651	1,659	1,613	1,659
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)	751	774	797	821	846	751	846
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,364	2,401	2,435	2,472	2,505	2,364	2,505

(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 12 of 43

Consolidated Capital Structure


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

Financial Debt
Senior bonds	2,150		1,754		1,754		1,753		1,753
Subordinated bonds	349		349		349		349		349
Other debt	1		1		1		2		2
Total Financial Debt	2,500		2,104		2,104		2,104		2,104
Other financial obligations (1)	334		329		289		305		298
Total Financial Obligations	2,834		2,433		2,393		2,409		2,402

Mezzanine Equity
Redeemable noncontrolling interest	226		222		221		215		214
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	6,107		6,129		6,123		6,084		5,952
Total Equity (Excluding AOCI)	6,719		6,741		6,735		6,696		6,564
Accumulated other comprehensive income (AOCI)	(2,061)		(1,788)		(1,778)		(2,067)		(2,181)
Total Voya Financial, Inc. Shareholders' Equity	4,658		4,953		4,957		4,629		4,383
Noncontrolling interest	1,822		1,864		1,905		1,709		1,764
Total Shareholders' Equity	6,480		6,817		6,862		6,338		6,147

Capital
Capitalization (3)	7,158		7,057		7,061		6,733		6,487

Adjusted Capitalization excluding AOCI (4)	11,601		11,260		11,254		11,029		10,944

Leverage Ratios
Debt-to-Capital (5)	34.9	%	29.8	%	29.8	%	31.2	%	32.4	%

Financial Leverage excluding AOCI (6)(7)	29.7	%	27.0	%	26.7	%	27.4	%	27.5	%

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


Voya Financial						Page 13 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement


As of March 31, 2026
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement (2)	Total AUM and AUA

Retirement (1)	32,492	104,059	160,235	296,786	482,915	779,701
Investment Management	36,899	33,655	282,877	353,431	58,989	412,420
Employee Benefits	1,737	18	—	1,755	—	1,755
Eliminations/Other (3)	(34,229)	(29,265)	(13,192)	(76,686)	(40,157)	(116,843)
Total AUM and AUA	36,899	108,467	429,920	575,286	501,747	1,077,033

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

(2) Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.

Retirement


Voya Financial						Page 15 of 43

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)	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025			3/31/2026	3/31/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	416		426		429		431		425			1,702	1,588

Investment expenses	(20)		(20)		(19)		(20)		(19)			(80)	(71)
Credited interest	(222)		(229)		(231)		(229)		(228)			(911)	(858)


Net Margin	174		177		179		182		178			711	659
Alternative investment income (1)	29		47		42		42		22			160	109
Other investment income (2)	28		23		27		26		28			105	116


Investment spread and other investment income	231		247		248		250		228			976	884
Full Service Fee-based revenue (3)	216		236		225		201		204			878	727
Recordkeeping and other fee-based revenue	142		143		140		133		128			558	488
Total Fee-based margin	358		379		365		334		332			1,436	1,215
Net underwriting gain (loss) and other revenue	6		5		5		8		7			24	21
Net revenue (4)	595		631		618		592		567			2,436	2,119
Administrative expenses	(286)		(271)		(254)		(259)		(261)			(1,070)	(923)
Net commissions	(73)		(77)		(74)		(71)		(71)			(295)	(264)
DAC/VOBA and other intangibles amortization	(28)		(28)		(28)		(28)		(28)			(112)	(90)
Adjusted operating earnings before income taxes	209		255		261		235		207			960	842
Adjusted Operating Margin TTM	39.4	%	39.8	%	39.8	%	39.3	%	39.7	%

Full Service Revenue (5)
Full Service Investment spread and other investment income	219		238		236		235		212			928	820
Full Service Fee-based revenue	216		236		225		201		204			878	727
Total Full Service Revenue	435		474		461		437		416			1,807	1,546
Client Assets
Fee-based	685,029		701,089		689,147		662,433		601,790			685,029	601,790
Spread-based (6)	32,492		32,684		32,994		33,220		33,306			32,492	33,306
Investment-only Stable Value	36,673		36,659		36,245		36,678		36,157			36,673	36,157
Wealth Management (7)	30,261		30,852		30,363		28,899		26,946			30,261	26,946
Eliminations (8)	(4,755)		(4,776)		(3,930)		(3,986)		(4,018)			(4,755)	(4,018)
Total Client Assets	779,701		796,508		784,821		757,244		694,180			779,701	694,180

(1) See page 35 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 16 of 43

Retirement Client Assets Rollforward by Product Group


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





















Full Service - Client Assets
Fee-based	240,088	248,617	248,945	237,544	218,347		240,088	218,347
Spread-based	32,218	32,405	32,709	32,933	33,010		32,218	33,010
Client Assets, end of period - Full Service Total	272,305	281,022	281,654	270,477	251,357		272,305	251,357

Full Service - Total
Client Assets, beginning of period	281,022	281,654	270,477	251,357	208,448		251,357	196,607
Transfers / Single deposits	2,354	2,460	1,910	2,174	2,413		8,898	9,389
Recurring deposits	6,005	5,008	5,272	5,396	6,063		21,681	17,924
Total Deposits	8,359	7,468	7,182	7,571	8,475		30,580	27,311
Surrenders, benefits, and product charges	(12,623)	(11,679)	(10,104)	(8,692)	(9,304)		(43,098)	(29,412)
Net Flows	(4,264)	(4,211)	(2,922)	(1,121)	(828)		(12,518)	(2,100)
Interest credited and investment performance	(4,453)	3,579	14,099	20,241	(3,809)		33,466	9,304
Transfer due to business acquisition	—	—	—	—	47,547		—	47,547
Client Assets, end of period - Full Service Total	272,305	281,022	281,654	270,477	251,357		272,305	251,357

Recordkeeping
Client Assets, beginning of period	446,988	434,835	419,669	378,366	340,254		378,366	315,134
Transfers / Single deposits	1,806	8,044	4,272	15,107	34,611		29,229	47,429
Recurring deposits	9,072	6,784	6,567	7,291	8,380		29,714	25,800
Total Deposits	10,878	14,828	10,839	22,399	42,991		58,944	73,228
Surrenders, benefits, and product charges	(15,811)	(12,379)	(18,949)	(9,667)	(12,759)		(56,806)	(39,485)
Net Flows	(4,933)	2,449	(8,110)	12,732	30,232		2,138	33,744
Interest credited and investment performance	(2,567)	9,704	23,276	28,570	(5,200)		58,983	16,408
Transfer due to business acquisition	—	—	—	—	13,080		—	13,080
Client Assets, end of period - Recordkeeping	439,488	446,988	434,835	419,669	378,366		439,488	378,366

Total Defined Contribution (1)
Client Assets, beginning of period	728,011	716,489	690,146	629,723	548,702		629,723	511,741
Transfers / Single deposits	4,160	10,503	6,182	17,282	37,024		38,127	56,819
Recurring deposits	15,077	11,793	11,839	12,688	14,443		51,397	43,722
Total Deposits	19,237	22,296	18,021	29,970	51,467		89,524	100,541
Surrenders, benefits, and product charges	(28,434)	(24,058)	(29,053)	(18,358)	(22,063)		(99,903)	(68,898)
Net Flows	(9,197)	(1,762)	(11,032)	11,611	29,404		(10,380)	31,644
Interest credited and investment performance	(7,021)	13,284	37,375	48,811	(9,009)		92,449	25,712
Transfer due to business acquisition	—	—	—	—	60,627		—	60,627
Client Assets, end of period - Total Defined Contribution	711,793	728,011	716,489	690,146	629,723		711,793	629,723


(1) Total of Full Service and Recordkeeping.


Voya Financial						Page 17 of 43

Retirement Client Assets Rollforward by Product Group


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






Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period	36,659	36,245	36,678	36,157	34,557		36,157	34,814
Transfers / Single deposits	501	1,192	94	814	1,629		2,601	3,036
Recurring deposits	152	350	367	145	554		1,014	924
Total Deposits	653	1,542	462	959	2,183		3,616	3,960
Surrenders, benefits, and product charges	(1,096)	(1,713)	(1,716)	(707)	(1,024)		(5,232)	(4,606)
Net Flows	(443)	(171)	(1,254)	252	1,159		(1,616)	(646)
Interest credited and investment performance	456	585	821	270	440		2,132	1,988
Assets, end of period - Defined Contribution Investment-only SV	36,673	36,659	36,245	36,678	36,157		36,673	36,157

Wealth Management (2)(3)	30,261	30,856	30,367	28,903	26,950		30,261	26,950
Other Assets (4)	5,728	5,758	5,648	5,503	5,368		5,728	5,368
Eliminations (5)	(4,755)	(4,776)	(3,930)	(3,986)	(4,018)		(4,755)	(4,018)
Total Client Assets	779,701	796,508	784,821	757,244	694,180		779,701	694,180


(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 19 of 43

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes


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


Investment capital income (1)	7		6		11		4		5			28	20
Other investment income	—		1		1		1		1			3	4
Investment spread and other investment income	7		7		12		5		6			31	24
Fee-based margin (2)	244		283		245		234		237			1,006	967
Net revenue (3)	251		290		257		239		243			1,037	991
Administrative expenses	(192)		(198)		(177)		(174)		(190)			(741)	(713)
Adjusted operating earnings before income taxes, including noncontrolling interest	59		92		80		65		53			296	278
Adjusted Operating Margin TTM	28.6	%	28.3	%	28.5	%	28.0	%	28.1	%

Fee-based margin (2)
Investment advisory and administrative revenue	243		250		245		237		236			975	936
Other fee-based margin	1		33		—		(3)		1			31	30
Fee-based margin	244		283		245		234		237			1,006	967

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest	59		92		80		65		53			296	278
Less: Earnings (loss) attributable to the noncontrolling interest (4)	13		21		18		14		12			66	65
Adjusted operating earnings before income taxes	46		72		62		51		41			231	213

(1) See page 35 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 20 of 43

Investment Management Analysis of AUM and AUA


	Three Months Ended or as of					Twelve Months Ended or As of
(in millions USD)	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025		3/31/2026	3/31/2025
Client Assets:
External Clients
Institutional	169,767	171,557	173,442	166,833	161,220		169,767	161,220
Retail (1)	146,764	151,279	156,355	156,329	147,025		146,764	147,025
Subtotal External Clients	316,532	322,835	329,797	323,162	308,245		316,532	308,245
General Account	36,899	37,290	36,503	36,428	36,734		36,899	36,734
Total Client Assets (AUM)	353,431	360,125	366,300	359,589	344,978		353,431	344,978
Assets under Advisement and Administration (AUA) (1)	58,989	62,030	53,527	53,530	50,162		58,989	50,162
Total AUM and AUA	412,420	422,155	419,827	413,119	395,140		412,420	395,140

Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	92	94	92	89	89		367	355
Retail	127	134	130	125	124		516	494
Subtotal External Clients	219	228	222	214	213		883	849
General Account	19	18	18	19	19		74	70
Total Investment Advisory and Administrative Revenues (AUM)	238	246	240	232	232		956	919
Administration Only Fees	5	4	4	5	5		18	17
Total Investment Advisory and Administrative Revenues	243	250	245	237	236		975	936

Revenue Yield (bps) (2)
External Clients
Institutional	21.4	21.7	21.6	21.7	22.1		21.6	22.8
Retail	33.8	34.1	33.1	33.2	33.0		33.6	33.0
Revenue Yield on External Clients	27.2	27.6	27.1	27.2	27.4		27.3	27.8
General Account	20.2	20.2	20.1	20.3	20.6		20.2	20.2
Revenue Yield on Client Assets (AUM)	26.5	26.8	26.4	26.5	26.7		26.6	27.0
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.4	3.0	3.3	3.5	3.6		3.3	3.3
Total Revenue Yield on AUM and AUA (bps)	23.1	23.7	23.4	23.6	23.8		23.5	23.9

Revenue Yield on Client Assets (AUM) TTM	26.6	26.6	26.7	26.9	27.0		26.6	27.0

(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 21 of 43

Investment Management Account Rollforward by Source


	Three Months Ended or as of										Twelve Months Ended or As of
(in millions USD)	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025			3/31/2026		3/31/2025
Institutional AUM:
Beginning of period AUM	171,557		173,442		166,833		161,220		156,568			161,220		148,489
Inflows	5,562		7,672		12,780		6,665		10,460			32,679		35,492
Outflows	(5,159)		(6,986)		(9,219)		(5,713)		(5,272)			(27,077)		(23,393)
Net flows - Institutional	403		686		3,560		952		5,187			5,601		12,098
Change in Market Value	(1,850)		772		4,341		5,622		(345)			8,885		4,243
Other (Including Acquisitions / Divestitures)	(342)		(3,344)		(1,292)		(961)		(191)			(5,939)		(3,611)
End of period AUM - Institutional	169,767		171,557		173,442		166,833		161,220			169,767		161,220
Organic Growth (Net Flows/Beginning of period AUM)	0.2	%	0.4	%	2.1	%	0.6	%	3.3	%		3.5	%	8.1	%
Market Growth %	-1.1	%	0.4	%	2.6	%	3.5	%	-0.2	%		5.5	%	2.9	%
Retail AUM:
Beginning of period AUM	151,279		156,355		156,329		147,025		149,214			147,025		148,710
Inflows	10,474		12,033		11,408		11,093		12,774			45,008		44,624
Outflows	(10,812)		(11,540)		(11,091)		(10,218)		(10,279)			(43,661)		(37,076)
Net flows - Retail	(338)		493		317		874		2,496			1,346		7,549
Net Money Market Flows	(133)		(42)		(38)		49		117			(164)		312
Change in Market Value	(4,648)		2,289		7,072		8,984		(4,816)			13,695		1,124
Net Flows from Divested Businesses (1)	(270)		(28)		(6,397)		(259)		(374)			(6,954)		(8,717)
Other (Including Acquisitions / Divestitures)	875		(7,787)		(927)		(344)		388			(8,183)		(1,954)
End of period AUM - Retail	146,764		151,279		156,355		156,329		147,025			146,764		147,025
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	-0.2	%	0.3	%	0.2	%	0.6	%	1.7	%		0.9	%	5.1	%
Market Growth %	-3.1	%	1.5	%	4.5	%	6.1	%	-3.2	%		9.3	%	0.8	%
Net Flows:
Institutional Net Flows	403		686		3,560		952		5,187			5,601		12,097
Retail Net Flows	(338)		493		317		874		2,496			1,346		7,549
Net Flows from Divested Businesses	(270)		(28)		(6,397)		(259)		(374)			(6,954)		(8,717)
Total Net Flows	(205)		1,151		(2,520)		1,567		7,310			(7)		10,930
Net Flows excluding Net Flows from Divested Businesses	65		1,179		3,877		1,826		7,683			6,947		19,646
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	—	%	0.4	%	1.2	%	0.6	%	2.5	%		2.3	%	6.6	%

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


Voya Financial						Page 22 of 43

Investment Management Account Value by Asset Type


	Balances as of
(in millions USD)	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Institutional
Equity	27,382		29,286		29,404		27,457		22,375
Fixed Income - Public	61,306		61,530		61,776		56,899		57,182
Fixed Income - Privates	70,118		70,105		69,611		68,818		67,245
Alternatives	10,961		10,636		12,651		13,659		14,418
Money Market	—		—		—		—		—
Total	169,767		171,557		173,442		166,833		161,220

Retail
Equity	70,203		73,239		77,684		78,699		70,634
Fixed Income - Public	72,138		73,414		73,976		72,870		71,625
Fixed Income - Privates	125		128		123		277		311
Alternatives	1,891		1,961		1,995		1,876		1,910
Money Market	2,407		2,537		2,576		2,606		2,544
Total	146,764		151,279		156,355		156,329		147,025

General Account
Equity	269		279		125		112		138
Fixed Income - Public	18,136		18,284		18,272		17,870		18,071
Fixed Income - Privates	16,005		16,072		15,973		16,271		16,574
Alternatives	1,960		2,003		1,712		1,615		1,650
Money Market	529		652		421		560		300
Total	36,899		37,290		36,503		36,428		36,734

Combined Asset Type
Equity	97,854		102,804		107,213		106,268		93,147
Fixed Income - Public	151,579		153,227		154,024		147,639		146,878
Fixed Income - Privates	86,248		86,305		85,707		85,366		84,130
Alternatives	14,813		14,600		16,359		17,150		17,979
Money Market	2,936		3,189		2,997		3,166		2,844
Total	353,431		360,125		366,300		359,589		344,978

Total Private and Alternative Assets	101,061		100,905		102,066		102,516		102,109
% of Private and Alternative Assets / Total AUM	28.6	%	28.0	%	27.9	%	28.5	%	29.6	%

Employee Benefits


Voya Financial						Page 24 of 43

Employee Benefits Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025			3/31/2026		3/31/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income	27		27		27		27		27			108		105
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(11)		(11)		(11)		(11)		(12)			(44)		(49)
Net margin	14		15		15		14		14			58		52
Alternative investment income (1)	5		8		7		7		3			27		13



Other investment income	12		11		12		10		10			45		39
Investment spread and other investment income	31		34		34		31		27			130		104
Fee-based margin (2)	59		57		54		56		56			226		224
Net underwriting gain (loss) and other revenue	226		151		195		216		206			788		644
Net revenue (3)	316		242		284		303		290			1,145		972
Administrative expenses	(145)		(143)		(134)		(132)		(139)			(554)		(530)
Premium taxes, fees and assessments	(50)		(52)		(52)		(50)		(50)			(204)		(196)
Net commissions	(44)		(45)		(39)		(44)		(45)			(172)		(182)
DAC/VOBA and other intangibles amortization	(14)		(12)		(12)		(7)		(9)			(45)		(36)
Adjusted operating earnings before income taxes	63		(10)		47		69		46			169		27
Adjusted Operating Margin TTM	14.7	%	13.6	%	6.0	%	3.7	%	2.7	%

Group life:
Premiums	155		165		162		166		162			648		667
Benefits	(110)		(116)		(120)		(124)		(146)			(470)		(542)
Other (4)	(3)		(3)		(3)		(3)		(2)			(12)		(11)
Total Group life	43		47		39		40		14			169		115
Group life Loss Ratio (interest adjusted) (5)	70.6	%	70.0	%	74.2	%	74.3	%	90.3	%		72.3	%	81.2	%
Group Stop loss:
Premiums	382		391		388		388		390			1,549		1,746
Benefits (6)	(304)		(375)		(324)		(312)		(293)			(1,315)		(1,613)
Other (4)	(1)		(1)		(1)		(2)		(2)			(5)		(7)
Total Group Stop loss	77		14		62		75		96			228		127
Stop loss Loss Ratio (5)	79.5	%	96.0	%	83.6	%	80.3	%	75.0	%		84.9	%	92.3	%
Voluntary Benefits, Disability, and Other	106		90		94		100		97			390		402
Net underwriting gain (loss) and other revenue
Premiums	743		744		739		741		747			2,967		3,165
Benefits	(515)		(591)		(542)		(524)		(538)			(2,172)		(2,512)
Other (4)	(2)		(2)		(2)		(2)		(3)			(8)		(8)
Total Net underwriting gain (loss) and other revenue	226		151		195		216		206			788		644
Total Aggregate Loss Ratio (5)	69.4	%	79.5	%	73.4	%	70.7	%	72.0	%		73.2	%	79.4	%
Total Aggregate Loss Ratio TTM (5)	73.2	%	73.9	%	78.0	%	79.0	%	79.4	%
(1) See page 35 for additional detail on Alternative investment income.
(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(5) Reported Loss ratios are net of reinsurance recoveries.
(6) The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years.


Voya Financial						Page 25 of 43

Quarterly Loss Ratio Development for Group Stop Loss


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

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

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

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

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

(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page 43 for further details on January and Non-January cohorts.
(2) Reported Loss ratios are net of reinsurance recoveries.


Voya Financial						Page 26 of 43

Employee Benefits Key Metrics


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

Sales by Product Line:
Group life and Disability	71	7	29	22	74		129	110
Stop loss	280	27	59	14	265		380	335
Voluntary and Other (1)	121	11	17	37	99		186	168

Total sales by product line	472	45	105	73	438		695	612

Total gross premiums and deposits	838	825	837	843	846		3,343	3,546

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	916	965	989	977	971		916	971
Stop loss	1,563	1,578	1,572	1,569	1,589		1,563	1,589
Voluntary and Other (1)	1,157	1,103	1,100	1,103	1,117		1,157	1,117

Total annualized in-force premiums and fees by product line	3,636	3,646	3,662	3,649	3,677		3,636	3,677

Assets Under Management by Fund Group:
General account	1,737	1,805	1,906	1,945	1,870		1,737	1,870
Separate account	18	19	19	18	17		18	17
Total AUM	1,755	1,824	1,925	1,963	1,887		1,755	1,887

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

Corporate


Voya Financial						Page 28 of 43

Corporate Adjusted Operating Earnings Before Income Taxes


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

Interest expense (excluding Preferred stock dividends) (1)	(31)	(30)	(30)	(28)	(31)		(119)	(123)
Preferred stock dividends	(17)	(4)	(16)	(4)	(17)		(41)	(41)


Pension expense (2)	(13)	(13)	(13)	(13)	(13)		(52)	(49)
Other (3)	(2)	(47)	(22)	(22)	(2)		(93)	9
Adjusted operating earnings before income taxes, including noncontrolling interest	(63)	(94)	(81)	(67)	(63)		(305)	(204)
Less: Earnings (loss) attributable to the noncontrolling interest	(2)	(3)	(1)	(1)	(1)		(7)	(3)
Adjusted operating earnings before income taxes	(61)	(90)	(80)	(67)	(62)		(298)	(201)

(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Administrative Expenses and Adjusted Operating Return on Capital


Voya Financial						Page 30 of 43

Administrative Expenses


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

Retirement	(286)	(271)	(254)	(259)	(261)	(1,070)	(923)
Investment Management	(192)	(198)	(177)	(174)	(190)	(741)	(713)
Employee Benefits	(145)	(143)	(134)	(132)	(139)	(554)	(530)

Total Administrative Expenses (1)	(623)	(612)	(565)	(565)	(590)	(2,365)	(2,166)


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


Voya Financial						Page 31 of 43

Adjusted Operating Return on Allocated Capital


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

Retirement
Adjusted operating earnings before income taxes - before interest	960		959		913		863		842
Income tax expense	137		139		131		122		119
Adjusted Operating Earnings - before interest and after income taxes	823		820		782		741		723
Adjusted Operating effective tax rate (1)	12.9	%	14.9	%	15.0	%	14.3	%	13.4	%
Adjusted Operating effective tax rate TTM	14.3	%	14.5	%	14.3	%	14.1	%	14.1	%
Average Capital	3,783		3,747		3,674		3,584		3,483
Ending Capital (2)	3,852		3,746		3,791		3,771		3,796
Adjusted Return on Capital	21.8	%	21.9	%	21.3	%	20.7	%	20.7	%

Investment Management
Adjusted operating earnings before income taxes - before interest (3)	231		226		220		214		213
Income tax expense	49		47		46		45		45
Adjusted Operating Earnings - before interest and after income taxes (3)	182		179		174		169		168
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	877		876		870		861		851
Ending Capital (2)	872		876		883		875		874
Adjusted Return on Capital	20.9	%	20.4	%	20.1	%	19.6	%	19.7	%

Employee Benefits
Adjusted operating earnings before income taxes - before interest	169		152		59		36		27
Income tax expense	35		32		12		7		6
Adjusted Operating Earnings - before interest and after income taxes	134		120		47		29		21
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	1,275		1,288		1,291		1,286		1,275
Ending Capital (2)	1,237		1,259		1,295		1,281		1,295
Adjusted Return on Capital	10.4	%	9.3	%	3.6	%	2.2	%	1.6	%


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

Investment Information


Voya Financial						Page 33 of 43

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


	Three Months Ended or As of												Year-to-Date or As of
(in millions USD)	3/31/2026						12/31/2025						3/31/2026

Invested Assets
Book Values, Gross investment income and Earned rate (1)	Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)
Public corporate	10,782	28.0	%	136	5.2	%	10,942	28.0	%	152	5.7	%	10,782	28.0	%	136	5.2	%
Private credit	8,877	23.0	%	116	5.4	%	8,501	22.0	%	99	4.7	%	8,877	23.0	%	116	5.4	%
Securitized (2)(3)	9,632	25.0	%	131	5.4	%	10,034	26.0	%	136	5.5	%	9,632	25.0	%	131	5.4	%
Commercial mortgage loans	5,631	15.0	%	67	4.9	%	5,574	14.0	%	67	5.0	%	5,631	15.0	%	67	4.9	%
Municipals	552	1.0	%	6	3.9	%	598	2.0	%	6	3.9	%	552	1.0	%	6	3.9	%
Short-term / Treasury	663	2.0	%	7	4.3	%	636	2.0	%	6	4.3	%	663	2.0	%	7	4.3	%
Equity securities	196	1.0	%	3	5.8	%	201	1.0	%	3	5.8	%	196	1.0	%	3	5.8	%
Policy loans	361	1.0	%	4	5.1	%	369	1.0	%	5	5.4	%	361	1.0	%	4	5.1	%
Derivatives	(5)	—	%	4	N/A		(5)	—	%	4	N/A		(5)	—	%	4	N/A
Book Values and Gross Investment Income before variable components	36,690	95.0	%	472	5.3	%	36,850	95.0	%	477	5.3	%	36,690	95.0	%	472	5.3	%

Book Values and Gross Investment Income on variable components
Limited partnership (4)	1,936	5.0	%	32	6.9	%	1,909	5.0	%	53	11.7	%	1,936	5.0	%	32	6.9	%
Prepayment / Other fee income	N/A	—	%	6	0.1	%	N/A	—	%	7	0.1	%	N/A	—	%	6	0.1	%
Book Values and Gross Investment Income (variable)	1,936	5.0	%	37	N/A		1,909	5.0	%	60	N/A		1,936	5.0	%	37	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	38,626	100.0	%	510	5.4	%	38,759	100.0	%	537	5.7	%	38,626	100.0	%	510	5.4	%

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


Voya Financial						Page 34 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings


	Three Months Ended or As of (1)
(in millions USD)	12/31/2025			09/30/2025			06/30/2025			03/31/2025

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	11,035	28.0	%	10,913	28.0	%	10,585	28.0	%	10,610	28.0	%
Private credit	8,408	22.0	%	8,367	22.0	%	8,420	22.0	%	8,506	22.0	%
Securitized	9,988	26.0	%	9,979	26.0	%	9,852	26.0	%	9,996	26.0	%
Municipals	598	2.0	%	606	2.0	%	609	2.0	%	623	2.0	%
Short-term / Treasury	709	2.0	%	637	2.0	%	640	2.0	%	524	1.0	%
Total Fixed maturities	30,738	79.0	%	30,501	79.0	%	30,107	79.0	%	30,258	79.0	%
Commercial mortgage loans	5,560	14.0	%	5,371	14.0	%	5,483	14.0	%	5,553	14.0	%
Limited partnership	1,815	5.0	%	1,913	5.0	%	1,923	5.0	%	1,910	5.0	%
Equity securities	662	2.0	%	626	2.0	%	566	1.0	%	577	2.0	%
Total	38,775	100.0	%	38,410	100.0	%	38,079	100.0	%	38,298	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	16,987	55.0	%	16,695	55.0	%	16,532	55.0	%	16,304	54.0	%
NAIC 2	12,448	40.0	%	12,470	41.0	%	12,178	40.0	%	12,459	41.0	%
NAIC 3 and below	1,303	4.0	%	1,335	4.0	%	1,396	5.0	%	1,495	5.0	%
Total Fixed maturities	30,738	100.0	%	30,501	100.0	%	30,107	100.0	%	30,258	100.0	%

Commercial Mortgage Loans:
CML 1	3,970	71.0	%	3,905	73.0	%	4,039	74.0	%	4,111	74.0	%
CML 2	1,235	22.0	%	1,092	20.0	%	1,079	20.0	%	1,000	18.0	%
CML 3 and below	355	6.0	%	374	7.0	%	366	7.0	%	441	8.0	%
Total Commercial mortgage loans	5,560	100.0	%	5,371	100.0	%	5,483	100.0	%	5,553	100.0	%

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


Voya Financial						Page 35 of 43

Alternative Investment Income


	Three Months Ended					Twelve Months Ended
(in millions USD)	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	3/31/2026	3/31/2025
Retirement (1)
Alternative investment income at long-term expectations (2)	37	37	37	35	36	146	139
Alternative investment income above (below) expectations	(8)	10	5	7	(14)	14	(30)
Alternative investment income	29	47	42	42	22	160	109
Average alternative investments	1,645	1,644	1,657	1,590	1,591	1,634	1,565

Investment Management (1)
Alternative investment income at long-term expectations (2)	7	7	7	8	7	29	31
Alternative investment income above (below) expectations	—	(1)	4	(4)	(2)	(1)	(11)
Alternative investment income	7	6	11	4	5	28	20
Average alternative investments	305	314	331	344	326	324	341

Employee Benefits (1)
Alternative investment income at long-term expectations (2)	5	5	7	6	5	23	22
Alternative investment income above (below) expectations	—	3	—	1	(2)	4	(9)
Alternative investment income	5	8	7	7	3	27	13
Average alternative investments	216	238	284	268	238	252	221

Total (1)
Alternative investment income at long-term expectations (2)	49	49	51	49	49	198	192
Alternative investment income above (below) expectations	(8)	12	9	4	(19)	17	(50)
Alternative investment income	41	61	60	53	30	215	142
Average alternative investments	2,166	2,196	2,272	2,202	2,155	2,210	2,127

(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 37 of 43

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


	Three Months Ended
(in millions USD, except per share)	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
	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		165	1.75		136	1.41		176	1.80		162	1.66		139	1.42
Plus: Net income (loss) attributable to noncontrolling interests		13	0.14		9	0.09		80	0.83		(5)	(0.05)		(5)	(0.05)
Less: Preferred stock dividends		(17)	(0.18)		(4)	(0.04)		(16)	(0.17)		(4)	(0.04)		(17)	(0.17)

Income (loss)	230	195	2.07	169	149	1.54	307	272	2.79	188	161	1.65	173	151	1.54
Less:
Net investment gains (losses)	(37)	(30)	(0.31)	4	3	0.03	(16)	(12)	(0.13)	(29)	(23)	(0.23)	(2)	(1)	(0.02)


Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(26)	(21)	(0.22)	(25)	(20)	(0.21)	(52)	(42)	(0.43)	(30)	(24)	(0.24)	(39)	(31)	(0.32)
Net income (loss) attributable to noncontrolling interests	13	13	0.14	9	9	0.09	80	80	0.83	(5)	(5)	(0.05)	(5)	(5)	(0.05)


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

Other adjustments (3)	6	2	0.02	(50)	(35)	(0.36)	(11)	(10)	(0.10)	(41)	(31)	(0.32)	(30)	(24)	(0.24)

Adjusted operating earnings	257	214	2.26	226	188	1.94	290	239	2.45	289	240	2.46	232	195	2.00





(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 Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended Dec. 31, 2025, also includes a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and $14 million, after-tax, of severance costs. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.


Voya Financial						Page 38 of 43

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses


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

Total revenues	2,031	2,111	2,128	1,981	1,969	2,031	1,969

Less:
Net investment gains (losses)	(22)	(8)	(9)	(38)	(5)	(22)	(5)


Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	19	31	28	30	28	19	28
Revenues (loss) attributable to noncontrolling interests	46	37	115	35	25	46	25
Other adjustments	55	45	50	54	33	55	33
Total adjusted operating revenues	1,932	2,006	1,942	1,900	1,888	1,932	1,888

Adjusted operating revenues by segment
Retirement	821	866	853	824	798	821	798
Investment Management	251	290	257	239	243	251	243
Employee Benefits	855	845	829	832	841	855	841
Corporate	5	6	3	5	6	5	6
Total adjusted operating revenues	1,932	2,006	1,942	1,900	1,888	1,932	1,888


Total benefits and expenses	(1,801)	(1,942)	(1,821)	(1,793)	(1,796)	(1,801)	(1,796)
Less:
Changes in market risk benefits	(16)	12	(7)	9	3	(16)	3
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment	(45)	(56)	(81)	(60)	(67)	(45)	(67)
Expenses attributable to noncontrolling interests	(43)	(45)	(51)	(54)	(41)	(43)	(41)
Dividend payments made to preferred shareholders	17	4	16	4	17	17	17
Other adjustments	(49)	(94)	(63)	(95)	(63)	(49)	(63)
Total adjusted operating benefits and expenses	(1,665)	(1,763)	(1,635)	(1,598)	(1,645)	(1,665)	(1,645)
Adjusted operating benefits and expenses by segment
Retirement	(612)	(610)	(592)	(589)	(591)	(612)	(591)
Investment Management	(192)	(198)	(177)	(174)	(190)	(192)	(190)
Employee Benefits	(792)	(856)	(783)	(763)	(795)	(792)	(795)
Corporate	(69)	(99)	(84)	(72)	(69)	(69)	(69)
Total adjusted operating benefits and expenses	(1,665)	(1,763)	(1,635)	(1,598)	(1,645)	(1,665)	(1,645)


Voya Financial						Page 39 of 43

Reconciliation of Net Revenues


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

Retirement
Adjusted operating revenues	page 9	821	866	853	824	798	3,364	2,985
Interest credited and other benefits to contract owners/policyholders		(226)	(234)	(235)	(232)	(231)	(927)	(865)

Net revenue	page 15	595	631	618	592	567	2,436	2,119






Investment Management
Adjusted operating revenues	page 9	251	290	257	239	243	1,037	991

Net revenue	page 19	251	290	257	239	243	1,037	991





Employee Benefits
Adjusted operating revenues	page 9	855	845	829	832	841	3,361	3,513
Interest credited and other benefits to contract owners/policyholders		(538)	(603)	(546)	(529)	(551)	(2,216)	(2,540)

Net revenue	page 24	316	242	284	303	290	1,145	972






Consolidated
Total Adjusted operating revenues	page 9	1,932	2,006	1,942	1,900	1,888	7,780	7,512
Interest credited and other benefits to contract owners/policyholders		(764)	(838)	(781)	(761)	(782)	(3,144)	(3,406)
Corporate Adjusted operating revenues (1)		(5)	(6)	(3)	(5)	(6)	(19)	(24)
Net revenue	pages 15/19/24	1,163	1,163	1,159	1,134	1,100	4,618	4,082








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


Voya Financial						Page 40 of 43

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


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

TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders	639		613		570		492		531
TTM Average Total Voya Financial, Inc. Shareholders' Equity	4,765		4,612		4,464		4,361		4,259
TTM Return on Voya Financial, Inc Equity	13.4	%	13.3	%	12.8	%	11.3	%	12.5	%
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI	-2.0	%	-2.0	%	-2.0	%	-1.8	%	-2.1	%
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI	4.9	%	5.1	%	5.3	%	4.8	%	5.6	%
TTM Net investment gains (losses), after-tax	-1.0	%	-0.5	%	-0.6	%	-0.8	%	-0.2	%
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax	-1.8	%	-1.9	%	-1.9	%	-1.9	%	-2.0	%
TTM Other adjustments, after-tax	-1.2	%	-1.7	%	-1.5	%	-1.8	%	-1.4	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI	14.5	%	14.3	%	13.6	%	12.8	%	12.6	%
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA	-4.2	%	-4.3	%	-4.3	%	-4.2	%	-4.1	%
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA	18.7	%	18.6	%	17.9	%	17.0	%	16.7	%


Voya Financial						Page 41 of 43

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


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

Book value per common share, including AOCI	43.79		46.28		45.55		41.71		39.20		43.79		39.20
Per share impact of AOCI	22.31		19.06		18.64		21.46		22.67		22.31		22.67
Book value per common share, excluding AOCI	66.09		65.34		64.18		63.18		61.87		66.09		61.87

Debt to capital ratio	34.9	%	29.8	%	29.8	%	31.2	%	32.4	%	34.9	%	32.4	%
Plus:
Capital impact of adding noncontrolling interest	-7.7	%	-6.8	%	-6.9	%	-6.9	%	-7.5	%	-7.7	%	-7.5	%
Impact of adding other financial obligations and treatment of preferred stock (1)	8.9	%	9.1	%	8.8	%	9.4	%	9.5	%	8.9	%	9.5	%

Capital impact of excluding AOCI	-6.4	%	-5.1	%	-5.0	%	-6.3	%	-6.9	%	-6.4	%	-6.9	%
Financial leverage ratio excluding AOCI	29.7	%	27.0	%	26.7	%	27.4	%	27.5	%	29.7	%	27.5	%









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


						Page 42 of 43

Appendix


						Page 43 of 43

Quarterly Loss Ratio Development for Group Stop Loss Details


	Estimated Ultimate Loss Ratio as of
	Three Months Ended
	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
2026 Stop Loss Policy Year Development (1)
January Business	87	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Non-January Business	NM (2)		—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Total 2026 Policy Year	87	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%

2025 Stop Loss Policy Year Development (1)
January Business	91	%	91	%	87	%	87	%	87	%	—	%	—	%	—	%	—	%
Non-January Business	85	%	85	%	85	%	85	%	NM (2)		—	%	—	%	—	%	—	%
Total 2025 Policy Year	90	%	90	%	87	%	87	%	87	%	—	%	—	%	—	%	—	%

2024 Stop Loss Policy Year Development (1)
January Business	90	%	91	%	91	%	91	%	93	%	95	%	86	%	81	%	81	%
Non-January Business	81	%	83	%	85	%	85	%	85	%	85	%	80	%	81	%	81	%
Total 2024 Policy Year	89	%	89	%	90	%	90	%	92	%	94	%	86	%	81	%	81	%











Reported Loss Ratio for Stop Loss (3)	80	%	96	%	84	%	80	%	75	%	115	%	93	%	83	%	84	%
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries.
(2) In the first quarter of each policy year, the Non-January business does not have a material impact to that policy year’s loss ratio.
(3) Reported Loss ratios are net of reinsurance recoveries.