Exhibit 99.2



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Quarterly Investor Supplement


June 30, 2025


This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 30, 2025. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.
Corporate Offices:Investor Contact:
Voya FinancialMei Ni Chu
200 Park AvenueIR@voya.com
New York, New York 10166Web Site:
NYSE Ticker:investors.voya.com
VOYA
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Table of Contents
PagePage
ConsolidatedNet Revenue, Adjusted Operating Margin, Administrative
Explanatory Note on Non-GAAP Financial Information3 - 5Expenses, and Adjusted Operating Return on Capital
Key MetricsNet Revenue and Adjusted Operating Margin
Consolidated Statements of OperationsAdministrative Expenses
Consolidated Adjusted Operating Earnings Before Income TaxesAdjusted Operating Return on Allocated Capital
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Investment Information
Adjusted Operating Earnings Before Income Taxes by Segment (YTD)Portfolio Results GAAP Book Value, Gross Investment Income, and
Consolidated Balance Sheets  Earned Rate by Asset Class
DAC/VOBA Segment Trends Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Capital Structure  Ratings
Consolidated Assets Under Management, Assets Under AdministrationAlternative Investment Income
  and AdvisementAlternative Income and Prepayments Above (Below) Expectations
RetirementReconciliations
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Earnings Before Income Taxes and
 and Key MetricsEarnings Per Common Share (Diluted) (QTD)
Client Assets Rollforward by Product Group17 - 18Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Investment ManagementEarnings Per Common Share (Diluted) (YTD)
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Revenues and Adjusted Operating
Analysis of AUM and AUABenefits and Expenses
Account Value Rollforward by SourceReconciliation of Net Revenues by Segment43 - 44
Account Value by Asset TypeReconciliation of Adjusted Operating Earnings Before Income Taxes
Employee BenefitsExcluding Notable Items by Segment45 - 46
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Return on Common Equity
Quarterly Loss Ratio Development for Group Stop LossExcluding AOCI and NOL DTA
Key MetricsReconciliation of Book Value Per Common Share, Excluding AOCI and
CorporateLeverage Ratio
Adjusted Operating Earnings Before Income TaxesAppendix
Reconciliation of Recast Retirement Client Asset Rollforward
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Explanatory Note on Non-GAAP Financial Information

In the second quarter of 2025, we announced we would return to using our prior segment names--Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in our financial statements. We will continue to provide products and services through three segments: Retirement, Investment Management and Employee Benefits.

Adjusted Operating Earnings Before Income Taxes
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), 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.



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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 and 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;
• 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.

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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 ex AOCI 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.
•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”).
•    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.
•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of Adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items, and of Adjusted operating return on common equity excluding AOCI to Adjusted operating return on common equity excluding AOCI and notable items.
•    We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD, unless otherwise indicated)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders1621399398201301435
Per common share (basic)1.691.450.971.002.003.144.29
Per common share (diluted)1.661.420.940.981.963.094.20
Adjusted operating earnings: (1)
Before income taxes289232147230271521494
After income taxes240195138190223435408
Effective tax rate16.9 %15.9 %6.1 %17.1 %17.6 %16.5 %17.4 %
Per common share (diluted)2.462.001.401.902.184.453.94
Per common share excluding notable items2.402.151.502.122.274.554.15
Return on Equity
TTM Return on Voya Financial, Inc's Equity11.3 %12.5 %14.7 %16.0 %20.9 %11.3 %20.9 %
TTM Adjusted operating return on common equity excluding AOCI (1)
12.8 %12.6 %12.3 %12.9 %12.9 %12.8 %12.9 %
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)
17.0 %16.7 %16.5 %17.3 %17.3 %17.0 %17.3 %
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity4,6294,3834,0054,7194,0434,6294,043
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI6,0845,9525,8555,9196,0146,0846,014
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA4,6544,4864,3714,4674,5114,6544,511
Book value per common share (including AOCI)41.7139.2035.5342.3034.6641.7134.66
Book value per common share (excluding AOCI) (2)
63.1861.8761.3160.9660.7563.1860.75
Leverage Ratios:
Debt-to-Capital31.2 %32.4 %38.5 %34.6 %34.2 %31.2 %34.2 %
Financial Leverage - excluding AOCI (2)
27.4 %27.5 %30.3 %30.6 %28.0 %27.4 %28.0 %
Shares:
Weighted-average common shares outstanding
Basic9696969810096101
Dilutive effects (3)
1232222
Diluted98989910010298103
Ending shares outstanding96969697999699
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions——140149174—346
Dividends to common shareholders44434344408781
Total cash returned to common shareholders444318319321487427
(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 39 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 48 of this document.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
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Consolidated Statements of Operations
Three Months EndedYear-to-Date
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Revenues
Net investment income584 560 521 506 518 1,144 1,047 
Fee income577 570 543 540 517 1,147 1,030 
Premiums718 737 790 796 790 1,455 1,590 
Net gains (losses)(41)(34)(52)(14)(4)(75)39 
Other revenues100 104 134 103 98 204 186 
Income (loss) related to consolidated investment entities43 32 74 25 114 75 192 
Total revenues1,981 1,969 2,010 1,956 2,033 3,950 4,084 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders(801)(835)(987)(938)(843)(1,636)(1,694)
Operating expenses(857)(824)(756)(775)(752)(1,681)(1,551)
Net amortization of DAC/VOBA(58)(62)(56)(55)(56)(120)(112)
Interest expense(28)(32)(35)(29)(30)(60)(60)
Operating expenses related to consolidated investment entities(49)(43)(56)(43)(76)(92)(104)
Total benefits and expenses(1,793)(1,796)(1,890)(1,840)(1,757)(3,589)(3,521)
Income (loss) before income taxes188 173 120 116 276 361 563 
Income tax expense (benefit)27 22 (1)18 41 49 40 
Net income (loss)161 151 121 98 235 312 523 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest(5)(5)24 (16)30 (10)67 
Net income (loss) available to Voya Financial, Inc.166 156 97 114 205 322 456 
Less: Preferred stock dividends4 17 4 16 4 21 21 
Net income (loss) available to Voya Financial, Inc.'s common shareholders162 139 93 98 201 301 435 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)534 506 478 472 489 1,041 977 
Fee income577 572 540 536 512 1,149 1,021 
Premiums720 734 780 785 791 1,454 1,588 
Other revenue69 75 99 74 68 145 138 
Adjusted operating revenues (1)
1,900 1,888 1,897 1,867 1,860 3,788 3,724 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(761)(782)(975)(845)(804)(1,544)(1,633)
Operating expenses(770)(779)(684)(702)(710)(1,549)(1,436)
Net amortization of DAC/VOBA(34)(37)(31)(29)(29)(71)(59)
Interest expense (2)
(32)(47)(38)(46)(33)(80)(78)
Adjusted operating benefits and expenses (1)
(1,598)(1,645)(1,728)(1,622)(1,576)(3,243)(3,206)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
302 243 169 245 284 545 518 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
13 11 23 16 13 24 24 
Adjusted operating earnings before income taxes (1)
289 232 147 230 271 521 494 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Retirement824 798 731 726 730 1,622 1,450 
Investment Management239 243 271 243 234 482 468 
Employee Benefits832 841 888 892 892 1,673 1,798 
Corporate5 6 8 6 4 11 9 
Adjusted operating revenues (1)
1,900 1,888 1,897 1,867 1,860 3,788 3,724 
Adjusted operating earnings before income taxes
Retirement235 207 210 211 214 442 400 
Investment Management51 41 66 55 50 92 92 
Employee Benefits69 46 (102)23 60 115 119 
Corporate(67)(62)(27)(59)(53)(129)(117)
Adjusted operating earnings before income taxes (1)
289 232 147 230 271 521 494 
(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 39 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.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended June 30, 2025
(in millions USD)RetirementInvestment ManagementEmployee BenefitsCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)482 5 43 5 534 
Fee income319 237 21 — 577 
Premiums— — 720 — 720 
Other revenue24 (3)48 — 69 
Adjusted operating revenues (1)
824 239 832 5 1,900 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(232)— (529)— (761)
Operating expenses(330)(174)(227)(40)(770)
Net amortization of DAC/VOBA(27)— (7)— (34)
Interest expense (2)
— — — (32)(32)
Adjusted operating benefits and expenses (1)
(589)(174)(763)(72)(1,598)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
235 65 69 (67)302 
Less: Earnings (loss) attributable to the noncontrolling interest— 14 — (1)13 
Adjusted operating earnings before income taxes (1)
235 51 69 (67)289 
Three Months Ended June 30, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)443 8 34 4 489 
Fee income271 225 16 — 512 
Premiums— — 791 — 791 
Other revenue17 1 50 1 68 
Adjusted operating revenues (1)
730 234 892 4 1,860 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(213)— (591)— (804)
Operating expenses(282)(169)(232)(26)(710)
Net amortization of DAC/VOBA(21)— (8)— (29)
Interest expense (2)
— — — (33)(33)
Adjusted operating benefits and expenses (1)
(516)(169)(832)(59)(1,576)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
214 64 60 (54)284 
Less: Earnings (loss) attributable to the noncontrolling interest— 14 — (1)13 
Adjusted operating earnings before income taxes (1)
214 50 60 (53)271 
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Six Months Ended June 30, 2025
(in millions USD)RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)939 11 80 10 1,041 
Fee income637 472 39 — 1,149 
Premiums— — 1,454 — 1,454 
Other revenue46 (1)100 1 145 
Adjusted operating revenues (1)
1,622 482 1,673 11 3,788 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(463)— (1,081)— (1,544)
Operating expenses(662)(364)(461)(62)(1,549)
Net amortization of DAC/VOBA(54)— (16)— (71)
Interest expense (2)
— — — (80)(80)
Adjusted operating benefits and expenses (1)
(1,180)(364)(1,558)(142)(3,243)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
442 118 115 (131)545 
Less: Earnings (loss) attributable to the noncontrolling interest— 26 — (2)24 
Adjusted operating earnings before income taxes (1)
442 92 115 (129)521 
Six Months Ended June 30, 2024
RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)880 16 73 8 977 
Fee income534 452 34 — 1,021 
Premiums— — 1,588 — 1,588 
Other revenue35 — 102 1 138 
Adjusted operating revenues (1)
1,450 468 1,798 9 3,724 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(429)— (1,204)— (1,633)
Operating expenses(579)(351)(458)(49)(1,436)
Net amortization of DAC/VOBA(42)— (17)— (59)
Interest expense (2)
— — — (78)(78)
Adjusted operating benefits and expenses (1)
(1,050)(351)(1,678)(127)(3,206)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
400 117 119 (118)518 
Less: Earnings (loss) attributable to the noncontrolling interest— 26 — (2)24 
Adjusted operating earnings before income taxes (1)
400 92 119 (117)494 
(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 39 of this document.

(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/2024
Assets
Total investments37,579 37,703 35,024 36,094 35,235 
Cash and cash equivalents1,179 868 1,399 1,457 1,066 
Assets held in separate accounts107,278 98,948 101,676 103,532 99,147 
Premium receivable and reinsurance recoverable, net10,965 11,144 11,284 11,486 11,574 
Short term investments under securities loan agreement and accrued investment income 1,418 1,459 1,438 1,678 1,428 
Deferred policy acquisition costs, Value of business acquired2,472 2,505 2,148 2,173 2,196 
Current and deferred income taxes1,997 2,046 2,146 1,967 2,186 
Other assets (1)
4,908 4,920 3,880 3,893 3,959 
Assets related to consolidated investment entities4,640 4,357 4,894 4,653 4,489 
Total Assets 172,436 163,950 163,889 166,933 161,280 
Liabilities
Future policy benefits and contract owner account balances49,665 49,763 46,436 47,056 47,231 
Liabilities related to separate accounts107,278 98,948 101,676 103,532 99,147 
Payables under securities loan agreements, including collateral held1,128 1,486 1,309 1,368 1,215 
Short-term debt447 1 399 397 395 
Long-term debt1,657 2,103 2,103 2,103 1,707 
Other liabilities (2)
3,155 3,048 3,218 3,294 3,243 
Liabilities related to consolidated investment entities2,553 2,240 2,741 2,601 2,473 
Total Liabilities165,883 157,589 157,882 160,351 155,411 
Mezzanine Equity
Redeemable noncontrolling interest215 214 219 198 183 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(796)(788)(754)(604)(448)
Additional paid-in capital6,321 6,299 6,266 6,227 6,218 
Retained earnings (deficit)1,170 1,052 954 907 855 
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,696 6,564 6,467 6,531 6,626 
Accumulated other comprehensive income(2,067)(2,181)(2,462)(1,812)(2,583)
Total Voya Financial, Inc. Shareholders' Equity4,629 4,383 4,005 4,719 4,043 
Noncontrolling interest1,709 1,764 1,783 1,665 1,643 
Total Shareholders' Equity6,338 6,147 5,788 6,384 5,686 
Total Liabilities, Mezzanine Equity and Shareholders' Equity172,436 163,950 163,889 166,933 161,280 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.
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Page 12 of 50


DAC/VOBA Segment Trends
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Retirement
Balance as of Beginning-of-Period1,422 1,044 1,048 1,053 1,059 1,044 1,064 
Additions related to business acquisitions(1)
— 390 — — — 390 — 
Deferrals of commissions and expenses15 15 16 15 15 30 32 
Amortization(27)(27)(20)(20)(21)(54)(42)
Balance as of End-of-Period1,410 1,422 1,044 1,048 1,053 1,410 1,053 
Deferred Sales Inducements as of End-of-Period22 22 22 22 22 22 22 
Employee Benefits
Balance as of Beginning-of-Period237 234 229 222 215 234 211 
Deferrals of commissions and expenses11 13 16 16 15 24 27 
Amortization(7)(9)(11)(8)(8)(16)(17)
Balance as of End-of-Period241 237 234 229 222 241 222 
Total
Balance as of Beginning-of-Period1,659 1,278 1,277 1,275 1,274 1,278 1,275 
Additions related to business acquisitions(1)
— 390 — — — 390 — 
Deferrals of commissions and expenses26 28 32 31 30 54 58 
Amortization(34)(37)(31)(29)(29)(71)(59)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,651 1,659 1,278 1,277 1,275 1,651 1,275 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)
821 846 870 896 921 821 921 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,472 2,505 2,148 2,173 2,196 2,472 2,196 
(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.
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Page 13 of 50


Consolidated Capital Structure
Balances as of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/2024
Financial Debt
Senior bonds1,7531,7532,1512,1491,751
Subordinated bonds349349349349349
Other debt22222
Total Financial Debt2,1042,1042,5022,5002,102
Other financial obligations (1)
305298304325333
Total Financial Obligations2,4092,4022,8062,8252,435
Mezzanine Equity
Redeemable noncontrolling interest215214219198183
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)6,0845,9525,8555,9196,014
Total Equity (Excluding AOCI)
6,6966,5646,4676,5316,626
Accumulated other comprehensive income (AOCI)(2,067)(2,181)(2,462)(1,812)(2,583)
Total Voya Financial, Inc. Shareholders' Equity4,6294,3834,0054,7194,043
Noncontrolling interest1,7091,7641,7831,6651,643
Total Shareholders' Equity6,3386,1475,7886,3845,686
Capital
Capitalization (3)
6,7336,4876,5077,2196,145
Adjusted Capitalization excluding AOCI (4)
11,02910,94411,27511,21910,887
Leverage Ratios
Debt-to-Capital (5)
31.2 %32.4 %38.5 %34.6 %34.2 %
Financial Leverage excluding AOCI (6)
27.4 %27.5 %30.3 %30.6 %28.0 %
(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 48 of this document.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of June 30, 2025
(in millions USD)General AccountSeparate AccountInstitutional/Mutual FundsTotal AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)
Total AUM and AUA
Retirement (1)
33,220 102,809 159,139 295,168 462,076 757,244 
Investment Management 36,428 29,866 293,296 359,589 53,530 413,119 
Employee Benefits1,945 18 — 1,963 — 1,963 
Eliminations/Other (3)
(35,165)(25,415)(13,195)(73,775)(43,323)(117,098)
Total AUM and AUA36,428 107,278 439,240 582,945 472,283 1,055,228 
(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.





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Retirement







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Page 16 of 50
Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income430 425 387 397 402 1,639 1,640 
Investment expenses(20)(19)(18)(17)(17)(74)(69)
Credited interest(229)(228)(209)(211)(210)(877)(867)
Net margin181 177 160 170 175 688 704 
Other investment income (1)
61 65 62 64 63 252 243 
Investment spread and other investment income, excluding alts/prepays above/below expectations
242 242 223 234 238 941 946 
Alternative investment income and prepayment fees above (below) expectations8 (14)(10)(21)(8)(37)(85)
Investment spread and other investment income250 228 213 213 230 904 861 
Full Service Fee-based revenue (2)
201 204 181 174 168 760 630 
Recordkeeping and other fee-based revenue (2)
133 128 121 122 117 504 455 
Total Fee-based margin 334 332 302 296 285 1,264 1,084 
Net underwriting gain (loss) and other revenue8 7 5 7 2 27 13 
Net revenue (3)
592 567 519 516 517 2,194 1,958 
Administrative expenses(259)(261)(223)(219)(220)(962)(906)
Net commissions(71)(71)(66)(65)(62)(273)(240)
DAC/VOBA and other intangibles amortization(28)(28)(20)(21)(21)(97)(87)
Adjusted operating earnings before income taxes235 207 210 211 214 863 726 
Adjusted Operating Margin TTM39.3 %39.7 %39.9 %37.9 %37.1 %
Adjusted Operating Margin Excluding Notables TTM40.3 %41.2 %41.4 %40.4 %39.7 %
Full Service Revenue (4)
Full Service Investment spread and other investment income235 212 198 197 213 842 810 
Full Service Fee-based revenue (2)
201 204 181 174 168 760 630 
Total Full Service Revenue437 416 379 370 381 1,602 1,440 
Client Assets
Fee-based662,433601,790524,476520,167493,994662,433 493,994 
Spread-based (5)
33,22033,30629,76830,05230,33533,220 30,335 
Investment-only Stable Value36,67836,15734,55734,74433,98536,678 33,985 
Retail Client Assets33,00030,67031,21431,22329,69933,000 29,699 
Eliminations (6)
(8,087)(7,743)(7,811)(7,693)(7,446)(8,087)(7,446)
Total Client Assets757,244694,180612,205608,493580,567757,244 580,567 
(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Excludes Net underwriting gain (loss) and other revenue.
(5) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(6) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.
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Retirement Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Full Service - Client Assets (1)
Fee-based237,544 218,347 178,983 179,238 169,180 237,544 169,180 
Spread-based32,933 33,010 29,464 29,740 30,016 32,933 30,016 
Client Assets, end of period - Full Service Total270,477 251,357 208,448 208,978 199,196 270,477 199,196 
Full Service - Total (1)
Client Assets, beginning of period251,357 208,448 208,978 199,196 196,607 199,196 178,398 
Transfers / Single deposits2,174 2,413 2,848 2,361 1,768 9,796 7,709 
Recurring deposits5,396 6,063 3,852 3,965 4,044 19,276 15,364 
Total Deposits7,571 8,475 6,699 6,326 5,811 29,071 23,071 
Surrenders, benefits, and product charges(8,692)(9,304)(7,152)(6,547)(6,409)(31,695)(26,977)
Net Flows (1,121)(828)(453)(222)(597)(2,624)(3,905)
Interest credited and investment performance20,241 (3,809)(78)10,005 3,186 26,359 24,702 
Transfer due to business acquisition— 47,547 — — — 47,547 — 
Client Assets, end of period - Full Service Total270,477 251,357 208,448 208,978 199,196 270,477 199,196 
Recordkeeping (1)
Client Assets, beginning of period378,366 340,254 335,774 319,819 315,134 319,819 279,669 
Transfers / Single deposits15,107 34,611 7,772 3,751 1,295 61,241 9,978 
Recurring deposits7,291 8,380 6,203 5,397 5,820 27,271 21,658 
Total Deposits22,399 42,991 13,974 9,148 7,115 88,512 31,635 
Surrenders, benefits, and product charges(9,667)(12,759)(9,211)(9,372)(8,143)(41,009)(29,225)
Net Flows 12,732 30,232 4,763 (224)(1,027)47,503 2,410 
Interest credited and investment performance28,570 (5,200)(283)16,179 5,712 39,266 37,739 
Transfer due to business acquisition— 13,080 — — — 13,080 — 
Client Assets, end of period - Recordkeeping419,669 378,366 340,254 335,774 319,819 419,669 319,819 
Total Defined Contribution (2)
Client Assets, beginning of period629,723 548,702 544,753 519,015 511,741 519,015 458,068 
Transfers / Single deposits17,282 37,024 10,619 6,113 3,063 71,038 17,686 
Recurring deposits12,688 14,443 10,054 9,362 9,863 46,547 37,018 
Total Deposits29,970 51,467 20,674 15,474 12,927 117,585 54,706 
Surrenders, benefits, and product charges(18,358)(22,063)(16,364)(15,920)(14,551)(72,705)(56,200)
Net Flows 11,611 29,404 4,310 (445)(1,625)44,880 (1,495)
Interest credited and investment performance48,811 (9,009)(361)26,184 8,898 65,625 62,442 
Transfer due to business acquisition— 60,627 — — — 60,627 — 
Client Assets, end of period - Total Defined Contribution690,146 629,723 548,702 544,753 519,015 690,146 519,015 
(1) In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast.
(2) Total of Full Service and Recordkeeping.
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Retirement Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period36,157 34,557 34,744 33,985 34,814 33,985 37,354 
Transfers / Single deposits814 1,629 1,118 192 97 3,753 686 
Recurring deposits145 554 139 137 94 975 1,790 
Total Deposits959 2,183 1,257 329 191 4,728 2,476 
Surrenders, benefits, and product charges(707)(1,024)(1,435)(895)(1,252)(4,061)(7,089)
Net Flows252 1,159 (178)(566)(1,061)667 (4,612)
Interest credited and investment performance270 440 (9)1,325 232 2,026 1,243 
Assets, end of period - Defined Contribution Investment-only SV36,678 36,157 34,557 34,744 33,985 36,678 33,985 
Retail Client Assets (2)
33,004 30,675 31,218 31,228 29,704 33,004 29,704 
Other Assets (3)
5,503 5,368 5,538 5,462 5,310 5,503 5,310 
Eliminations (4)
(8,087)(7,743)(7,811)(7,693)(7,446)(8,087)(7,446)
Total Client Assets757,244 694,180 612,205 608,493 580,567 757,244 580,567 
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(3) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(4) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue.
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Investment Management








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Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
9 8 9 9 9 35 37 
Alternative investment income and prepayment fees above (below) expectations(4)(2)(3)(5)(1)(13)(6)
Investment spread and other investment income5 6 6 4 8 22 30 
Fee-based margin (1)
234 237 265 239 226 974 899 
Net revenue (2)
239 243 271 243 234 996 929 
Administrative expenses (3)
(174)(190)(182)(171)(169)(717)(690)
Adjusted operating earnings before income taxes, including noncontrolling interest
65 53 89 72 64 279 237 
Adjusted Operating Margin TTM28.0 %28.1 %28.3 %26.3 %25.6 %
Adjusted Operating Margin Excluding Notables TTM28.7 %28.6 %28.9 %26.9 %26.2 %
Fee-based margin (1)
Investment advisory and administrative revenue237 236 237 238 225 948 897 
Other fee-based margin(3)1 27 1 1 26 2 
Fee-based margin234 237 265 239 226 974 899 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest
65 53 89 72 64 279 237 
Less: Earnings (loss) attributable to the noncontrolling interest (4)
14 12 22 17 14 65 53 
Adjusted operating earnings before income taxes51 41 66 55 50 214 186 
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
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Investment Management Analysis of AUM and AUA
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Client Assets:
External Clients
Institutional166,833 161,220 156,568 158,288 152,165 166,833 152,165 
Retail156,329 147,025 149,214 148,243 150,341 156,329 150,341 
Subtotal External Clients323,162 308,245 305,782 306,531 302,506 323,162 302,506 
General Account36,428 36,734 33,576 33,989 33,884 36,428 33,884 
Total Client Assets (AUM) 359,589 344,978 339,358 340,520 336,390 359,589 336,390 
Assets under Advisement and Administration (AUA)53,530 50,162 50,247 51,154 52,678 53,530 52,678 
Total AUM and AUA413,119 395,140 389,605 391,674 389,068 413,119 389,068 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional89 89 90 90 86 358348
Retail125 124 125 126 118 501461
Subtotal External Clients214 213 215 216 204 858809
General Account19 19 17 17 17 7272
Total Investment Advisory and Administrative Revenues (AUM)232 232 233 234 221 931880
Administration Only Fees5 5 5 4 4 1917
Total Investment Advisory and Administrative Revenues237 236 237 238 225 948897
Revenue Yield (bps) (1)
External Clients
Institutional21.7 22.1 22.7 23.3 23.0 22.4 23.3 
Retail33.2 33.0 33.6 33.5 32.8 33.2 33.2 
Revenue Yield on External Clients27.2 27.4 28.0 28.3 27.9 27.7 28.1 
General Account20.3 20.6 20.4 20.2 20.2 20.3 20.3 
Revenue Yield on Client Assets (AUM)26.5 26.7 27.2 27.5 27.1 26.9 27.2 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.5 3.6 3.5 3.3 2.7 3.5 3.1 
Total Revenue Yield on AUM and AUA (bps)23.6 23.8 24.2 24.3 23.8 23.9 23.8 
Revenue Yield on Client Assets (AUM) TTM26.9 27.0 27.2 27.4 27.2 26.9 27.2 
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
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Investment Management Account Rollforward by Source
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Institutional AUM:
Beginning of period AUM161,220 156,568 158,288 152,165 148,489 152,165 156,435 
Inflows6,665 10,460 8,925 7,341 8,766 33,391 22,075 
Outflows(5,713)(5,272)(6,923)(5,566)(5,632)(23,474)(30,920)
Net flows - Institutional952 5,187 2,001 1,775 3,134 9,915 (8,842)
Change in Market Value5,622 (345)(1,361)4,814 1,135 8,730 9,100 
Other (Including Acquisitions / Divestitures)(961)(191)(2,361)(466)(594)(3,979)(4,526)
End of period AUM - Institutional166,833 161,220 156,568 158,288 152,165 166,833 152,165 
Organic Growth (Net Flows/Beginning of period AUM)0.6 %3.3 %1.3 %1.2 %2.1 %6.5 %-5.7 %
Market Growth %3.5 %-0.2 %-0.9 %3.2 %0.8 %5.7 %5.8 %
Retail AUM:
Beginning of period AUM147,025 149,214 148,243 150,341 148,710 150,341 131,391 
Inflows11,093 12,774 11,092 11,013 9,745 45,971 36,574 
Outflows(10,218)(10,279)(9,739)(8,952)(8,106)(39,188)(32,125)
Net flows - Retail (1)
874 2,496 1,353 2,060 1,640 6,783 4,450 
Net Money Market Flows49 117 64 65 66 294 283 
Change in Market Value8,984 (4,816)1,314 3,604 1,022 9,086 15,079 
Net Flows from Divested Businesses (2)
(259)(374)(316)(7,404)(623)(8,353)(2,300)
Other (Including Acquisitions / Divestitures)(344)388 (1,444)(424)(474)(1,824)1,438 
End of period AUM - Retail156,329 147,025 149,214 148,243 150,341 156,329 150,341 
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)0.6 %1.7 %0.9 %1.4 %1.1 %4.5 %3.4 %
Market Growth %6.1 %-3.2 %0.9 %2.4 %0.6 %6.0 %11.4 %
Net Flows:
Institutional Net Flows952 5,187 2,001 1,775 3,134 9,915 (8,842)
Retail Net Flows874 2,496 1,353 2,060 1,640 6,783 4,450 
Net Flows from Divested Businesses(259)(374)(316)(7,404)(623)(8,353)(2,300)
Total Net Flows1,567 7,310 3,038 (3,569)4,151 8,346 (6,693)
Net Flows excluding Net Flows from Divested Businesses1,826 7,683 3,354 3,835 4,774 16,698 (4,394)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)0.6 %2.5 %1.1 %1.3 %1.6 %5.5 %-1.5 %
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/2024
Institutional
Equity27,457 22,375 24,056 23,662 23,433 
Fixed Income - Public56,899 57,182 55,645 56,276 51,976 
Fixed Income - Privates68,818 67,245 64,095 65,126 63,800 
Alternatives13,659 14,418 12,772 13,224 12,955 
Money Market— — — — — 
Total166,833 161,220 156,568 158,288 152,165 
Retail
Equity78,699 70,634 73,784 74,186 77,870 
Fixed Income - Public72,870 71,625 70,854 69,648 68,234 
Fixed Income - Privates277 311 334 351 365 
Alternatives1,876 1,910 1,850 1,739 1,633 
Money Market2,606 2,544 2,392 2,319 2,239 
Total156,329 147,025 149,214 148,243 150,341 
General Account
Equity112 138 129 135 129 
Fixed Income - Public17,870 18,071 16,832 16,926 17,198 
Fixed Income - Privates16,271 16,574 14,375 14,500 14,533 
Alternatives1,615 1,650 1,681 1,686 1,598 
Money Market560 300 559 742 426 
Total36,428 36,734 33,576 33,989 33,884 
Combined Asset Type
Equity106,268 93,147 97,969 97,983 101,433 
Fixed Income - Public147,639 146,878 143,331 142,850 137,408 
Fixed Income - Privates85,366 84,130 78,804 79,976 78,698 
Alternatives17,150 17,979 16,304 16,649 16,186 
Money Market3,166 2,844 2,951 3,061 2,665 
Total359,589 344,978 339,358 340,520 336,390 
Total Private and Alternative Assets102,516 102,109 95,108 96,625 94,885 
% of Private and Alternative Assets / Total AUM28.5 %29.6 %28.0 %28.4 %28.2 %
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Employee Benefits








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Page 25 of 50
Employee Benefits Sources of Adjusted Operating Earnings before income taxes
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income 27 27 26 26 26 106 100 
Investment expenses(1)(1)(1)(1)(1)(4)(4)
Credited interest(11)(12)(12)(12)(13)(47)(49)
Net margin14 14 14 12 12 54 47 
Other investment income16 15 15 16 15 62 57 
Investment spread and other investment income, excluding alts/prepays above/below expectations
31 29 28 28 27 116 102 
Alternative investment income and prepayment fees above (below) expectations1 (2)(1)(3)(3)(5)(10)
Investment spread and other investment income31 27 27 26 24 111 93 
Fee-based margin (1)
56 56 57 57 54 226 226 
Net underwriting gain (loss) and other revenue216 206 40 175 223 637 812 
Net revenue (2)
303 290 124 257 301 974 1,130 
Administrative expenses(132)(139)(130)(130)(131)(531)(518)
Premium taxes, fees and assessments(50)(50)(48)(47)(50)(195)(165)
Net commissions(44)(45)(37)(49)(51)(175)(198)
DAC/VOBA and other intangibles amortization(7)(9)(11)(8)(8)(35)(32)
Adjusted operating earnings before income taxes69 46 (102)23 60 36 216 
Adjusted Operating Margin TTM3.7 %2.7 %4.1 %16.6 %19.1 %
Adjusted Operating Margin Excluding Notables TTM4.2 %3.6 %4.8 %17.4 %20.9 %
Group life:
Premiums166 162 167 165 173 661 644 
Benefits(124)(146)(139)(119)(138)(528)(514)
Other (3)
(3)(2)(4)(2)(3)(10)(11)
Total Group life40 14 24 44 33 122 119 
Group life Loss Ratio (interest adjusted) (4)
74.3 %90.3 %83.3 %71.9 %79.3 %79.9 %79.8 %
Group Stop loss:
Premiums388 390 451 453 452 1,682 1,642 
Benefits(312)(293)(520)(424)(376)(1,549)(1,346)
Other (3)
(2)(2)(2)(2)(1)(8)(15)
Total Group Stop loss75 96 (71)28 74 128 280 
Stop loss Loss Ratio80.3 %75.0 %115.4 %93.4 %83.2 %92.0 %82.0 %
Voluntary Benefits, Disability, and Other (4)
100 97 87 103 115 386 412 
Net underwriting gain (loss) and other revenue
Premiums741 747 802 804 812 3,094 3,002 
Benefits(524)(538)(757)(625)(592)(2,444)(2,170)
Other (3)(4)
(2)(3)(4)(4)3 (13)(21)
Total Net underwriting gain (loss) and other revenue216 206 40 175 223 637 812 
Total Aggregate Loss Ratio70.7 %72.0 %94.5 %77.7 %72.9 %79.0 %72.3 %
Total Aggregate Loss Ratio TTM79.0 %79.4 %79.7 %73.9 %72.3 %
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business.
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Quarterly Loss Ratio Development for Group Stop Loss
Estimated Ultimate Loss Ratio as of
6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/2023
2025 Stop Loss Policy Year Development
January Business87 %87 %— %— %— %— %— %— %— %— %
Non-January Business85 %
NM (1)
— %— %— %— %— %— %— %— %
Total 2025 Policy Year87 %87 %— %— %— %— %— %— %— %— %
2024 Stop Loss Policy Year Development
January Business91 %93 %95 %86 %81 %81 %— %— %— %— %
Non-January Business85 %85 %85 %80 %81 %81 %— %— %— %— %
Total 2024 Policy Year90 %92 %94 %86 %81 %81 %— %— %— %— %
2023 Stop Loss Policy Year Development
January Business80 %80 %80 %80 %80 %80 %79 %79 %75 %78 %
Non-January Business83 %83 %85 %83 %81 %79 %77 %77 %78 %78 %
Total 2023 Policy Year80 %80 %81 %81 %80 %80 %79 %78 %75 %78 %
2022 Stop Loss Policy Year Development
January Business71 %71 %71 %71 %71 %71 %71 %71 %71 %74 %
Non-January Business67 %67 %67 %68 %68 %67 %68 %71 %72 %76 %
Total 2022 Policy Year70 %70 %70 %70 %71 %71 %71 %71 %72 %74 %
Reported Loss Ratio for Stop Loss80 %75 %115 %93 %83 %84 %76 %83 %63 %70 %
(1) The 2025 non-January business is not material for the first quarter of 2025.

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Employee Benefits Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Sales by Product Line:
Group life and Disability22 74 7 11 18 114 165 
Stop loss14 265 12 35 23 326 652 
Voluntary and Other (1)
37 99 14 17 38 167 202 
Total sales by product line73 438 33 63 78 607 1,019 
Total gross premiums and deposits843 846 896 900 904 3,485 3,333 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability977 971 978 978 996 977 996 
Stop loss1,569 1,589 1,821 1,837 1,845 1,569 1,845 
Voluntary and Other (1)
1,103 1,117 1,057 1,050 1,030 1,103 1,030 
Total annualized in-force premiums and fees by product line3,649 3,677 3,856 3,864 3,870 3,649 3,870 
Assets Under Management by Fund Group:
General account1,945 1,870 1,975 1,954 1,921 1,945 1,921 
Separate account18 17 18 17 17 18 17 
Total AUM1,963 1,887 1,993 1,972 1,938 1,963 1,938 
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.
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Corporate








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Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Interest expense (excluding Preferred stock dividends) (1)
(28)(31)(34)(29)(29)(122)(117)
Preferred stock dividends(4)(17)(4)(16)(4)(41)(39)
Pension expense (2)
(13)(13)(12)(12)(12)(50)(46)
Other (3)
(22)(2)23 (3)(9)(4)(1)
Adjusted operating earnings before income taxes, including noncontrolling interest
(67)(63)(27)(60)(54)(217)(203)
Less: Earnings (loss) attributable to the noncontrolling interest(1)(1)— (1)(1)(2)(1)
Adjusted operating earnings before income taxes(67)(62)(27)(59)(53)(215)(202)
(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.
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Net Revenue, Adjusted Operating Margin,
Administrative Expenses, and Adjusted Operating Return on Capital

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Net Revenue and Adjusted Operating Margin
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Net Revenue Excluding Notable Items
Retirement
Investment spread and other investment income242 242 223 234 238 941 946 
Fee-based margin 334 332 302 296 285 1,264 1,084 
Net underwriting gain (loss) and other revenue8 7 5 7 2 27 13 
Retirement Net Revenue584 581 529 537 525 2,232 2,043 
Investment Management
Investment capital and other investment income9 8 9 9 9 35 37 
Fee-based margin234 237 265 239 226 974 899 
Investment Management Net Revenue243 246 273 248 234 1,010 935 
Employee Benefits
Investment spread and other investment income31 29 28 28 27 116 102 
Fee-based margin56 56 57 57 54 226 226 
Net underwriting gain (loss) and other revenue216 206 40 175 223 637 828 
Employee Benefits Net Revenue302 292 125 260 304 979 1,157 
Total Net Revenue Excluding Notable Items (1)
1,128 1,119 928 1,045 1,063 4,221 4,135 
Adjusted Operating Earnings Excluding Notable Items
Retirement227 222 220 232 222 901 811 
Investment Management68 55 91 76 65 290 245 
Employee Benefits 68 48 (102)26 63 40 242 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
363 325 209 334 350 1,231 1,298 
Corporate(67)(63)(27)(60)(54)(217)(203)
Total Adjusted operating earnings Excluding Notable Items, including noncontrolling interest
296 262 183 274 296 1,014 1,094 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items13 11 23 16 13 63 51 
Total Adjusted Operating Earnings Excluding Notable Items (1)
282 251 160 258 283 951 1,042 
Adjusted Operating Margin Excluding Notable Items
Retirement38.9 %38.1 %41.5 %43.1 %42.3 %40.3 %39.7 %
Investment Management27.9 %22.5 %33.3 %30.6 %27.8 %28.7 %26.2 %
Employee Benefits22.6 %16.6 %(81.3)%9.9 %20.8 %4.2 %20.9 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
32.2 %29.1 %22.6 %31.9 %32.9 %29.2 %31.4 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
26.2 %23.4 %19.7 %26.2 %27.8 %24.0 %26.5 %
Adjusted Operating Margin Excluding Notable Items TTM
Retirement40.3 %41.2 %41.4 %40.4 %39.7 %
Investment Management28.7 %28.6 %28.9 %26.9 %26.2 %
Employee Benefits4.2 %3.6 %4.8 %17.4 %20.9 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
29.2 %29.2 %29.6 %31.0 %31.4 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
24.0 %24.2 %24.4 %25.9 %26.5 %
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
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Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Retirement(259)(261)(223)(219)(220)(962)(906)
Investment Management(174)(190)(182)(171)(169)(717)(690)
Employee Benefits(132)(139)(130)(130)(131)(531)(518)
Total Administrative Expenses (1)
(565)(590)(535)(520)(520)(2,210)(2,114)
(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.
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Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)6/30/20253/31/202512/31/20249/30/20246/30/2024
Retirement
Adjusted operating earnings before income taxes - before interest863 842 820 758 726 
Income tax expense122 119 116 104 98 
Adjusted Operating Earnings - before interest and after income taxes741 723 704 654 628 
Adjusted Operating effective tax rate (1)
14.3 %13.4 %14.3 %14.3 %14.5 %
Adjusted Operating effective tax rate TTM 14.1 %14.1 %14.2 %13.7 %13.4 %
Average Capital3,584 3,483 3,415 3,402 3,413 
Ending Capital (2)
3,771 3,796 3,509 3,445 3,401 
Adjusted Return on Capital20.7 %20.7 %20.6 %19.2 %18.4 %
Investment Management
Adjusted operating earnings before income taxes - before interest214 213 213 192 186 
Income tax expense45 45 45 40 39 
Adjusted Operating Earnings - before interest and after income taxes169 168 168 152 147 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital861 851 843 834 824 
Ending Capital (2)
875 874 869 843 841 
Adjusted Return on Capital19.6 %19.7 %20.0 %18.1 %17.8 %
Employee Benefits
Adjusted operating earnings before income taxes - before interest36 27 40 186 216 
Income tax expense7 6 8 39 45 
Adjusted Operating Earnings - before interest and after income taxes29 21 32 147 171 
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 Capital1,286 1,275 1,246 1,222 1,220 
Ending Capital (2)
1,281 1,295 1,306 1,267 1,268 
Adjusted Return on Capital2.2 %1.6 %2.5 %12.0 %14.0 %
(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.
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Investment Information








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Voya Financial
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Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class
Three Months Ended or As of Year-to-Date or As of
(in millions USD)6/30/20253/31/20256/30/2025
Invested Assets
Book Values, Gross investment income and Earned rate (1)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Public corporate10,639 28.0 %138 5.2 %10,743 28.0 %134 5.0 %10,639 28.0 %271 5.1 %
Private credit8,566 22.0 %107 5.1 %8,678 22.0 %106 5.1 %8,566 22.0 %213 5.1 %
Securitized (2)(3)
9,931 26.0 %143 5.8 %10,107 26.0 %150 5.9 %9,931 26.0 %293 5.9 %
Commercial mortgage loans5,502 14.0 %67 4.9 %5,588 14.0 %66 4.9 %5,502 14.0 %133 4.9 %
Municipals609 2.0 %6 3.9 %623 2.0 %6 3.9 %609 2.0 %12 3.9 %
Short-term / Treasury598 2.0 %6 4.3 %499 1.0 %6 4.2 %598 2.0 %12 4.2 %
Equity securities178 — %3 6.5 %191 — %3 6.4 %178 — %6 6.4 %
Policy loans376 1.0 %4 4.7 %381 1.0 %5 5.5 %376 1.0 %9 5.1 %
Derivatives(6)— %2 N/A(6)— %2 N/A(6)— %4 N/A
Book Values and Gross Investment Income before variable components36,393 95.0 %476 5.3 %36,804 95.0 %478 5.3 %36,393 95.0 %954 5.3 %
Book Values and Gross Investment Income on variable components
Limited partnership (4)
1,984 5.0 %46 10.1 %1,910 5.0 %20 4.3 %1,984 5.0 %66 7.2 %
Prepayment / Other fee income N/A — %4 — %N/A— %2 — % N/A — %6 — %
Book Values and Gross Investment Income (variable)1,984 5.0 %50 — %1,910 5.0 %22 — %1,984 5.0 %72 — %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings38,377 100.0 %526 5.6 %38,713 100.0 %500 5.3 %38,377 100.0 %1,026 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.


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Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD)3/31/202512/31/202409/30/202406/30/2024
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate10,610 28.0 %10,336 29.0 %10,241 28.0 %10,563 29.0 %
Private credit8,506 22.0 %7,860 22.0 %7,754 21.0 %7,695 21.0 %
Securitized9,996 26.0 %9,657 27.0 %10,083 28.0 %9,831 27.0 %
Municipals623 2.0 %686 2.0 %705 2.0 %731 2.0 %
Short-term / Treasury524 1.0 %572 2.0 %432 1.0 %452 1.0 %
Total Fixed maturities30,258 79.0 %29,110 81.0 %29,215 81.0 %29,272 81.0 %
Commercial mortgage loans5,553 14.0 %4,669 13.0 %4,814 13.0 %4,971 14.0 %
Limited partnership1,910 5.0 %1,885 5.0 %1,778 5.0 %1,768 5.0 %
Equity securities577 2.0 %309 1.0 %316 1.0 %290 1.0 %
Total38,298 100.0 %35,973 100.0 %36,122 100.0 %36,302 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 116,304 54.0 %15,641 54.0 %15,803 54.0 %15,525 53.0 %
NAIC 212,459 41.0 %12,073 41.0 %12,053 41.0 %12,493 43.0 %
NAIC 3 and below1,495 5.0 %1,397 5.0 %1,359 5.0 %1,254 4.0 %
Total Fixed maturities30,258 100.0 %29,110 100.0 %29,215 100.0 %29,272 100.0 %
Commercial Mortgage Loans:
CML 14,111 74.0 %3,396 73.0 %3,482 72.0 %3,667 74.0 %
CML 21,000 18.0 %961 21.0 %1,004 21.0 %992 20.0 %
CML 3 and below441 8.0 %312 7.0 %328 7.0 %313 6.0 %
Total Commercial mortgage loans5,553 100.0 %4,669 100.0 %4,814 100.0 %4,971 100.0 %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Alternative Investment Income
Three Months EndedYear-to-Date
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Retirement (1)
Average alternative investments1,590 1,591 1,575 1,558 1,536 1,590 1,498 
Alternative investment income42 22 33 20 34 64 58 
Investment Management (1)
Average alternative investments344 326 340 347 349 335 331 
Alternative investment income4 5 5 3 7 9 13 
Employee Benefits (1)
Average alternative investments268 238 215 212 220 253 231 
Alternative investment income7 3 5 3 2 10 8 
(1) Excludes assets and income related to foreclosed real estate.
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Alternative Income and Prepayments Above (Below) Expectations
Three Months EndedTwelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Alternative Income Above (Below) Long-Term Expectations (1) (2)
Retirement7 (14)(2)(14)— (24)(56)
Investment Management(4)(2)(3)(5)(1)(13)(6)
Employee Benefits1 (2)(1)(3)(3)(5)(10)
Total4 (19)(6)(22)(4)(42)(72)
Prepayments Above (Below) Expectations (1)
Retirement1 — (8)(7)(8)(13)(29)
Investment Management— — — — — — — 
Employee Benefits— — — — — — — 
Total1 — (8)(7)(8)(13)(29)
Alternative Income and Prepayments Above (Below) Expectations (1) (2)
Retirement8 (14)(10)(21)(8)(37)(85)
Investment Management(4)(2)(3)(5)(1)(13)(6)
Employee Benefits1 (2)(1)(3)(3)(5)(10)
Total5 (19)(14)(29)(12)(56)(101)
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.
(2) Excludes income related to foreclosed real estate.
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Reconciliations

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Voya Financial
Page 40 of 50
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions USD, except per share)6/30/20253/31/202512/31/20249/30/20246/30/2024
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 shareholders162 1.66 139 1.42 93 0.94 98 0.98 201 1.96 
Plus: Net income (loss) attributable to noncontrolling interests
(5)(0.05)(5)(0.05)24 0.25 (16)(0.16)30 0.29 
Less: Preferred stock dividends
(4)(0.04)(17)(0.17)(4)(0.04)(16)(0.17)(4)(0.04)
Income (loss)188 161 1.65 173 151 1.54 120 121 1.23 116 98 0.99 276 235 2.29 
Less:
Net investment gains (losses)
(29)(23)(0.23)(2)(1)(0.02)— — — (33)(26)(0.26)20 16 0.16 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment
(30)(24)(0.24)(39)(31)(0.32)(22)(17)(0.17)(52)(41)(0.41)(37)(29)(0.28)
Net income (loss) attributable to noncontrolling interests(5)(5)(0.05)(5)(5)(0.05)24 24 0.25 (16)(16)(0.16)30 30 0.29 
Dividend payments made to preferred shareholders4 4 0.04 17 17 0.17 4 4 0.04 16 16 0.17 4 4 0.04 
Other adjustments (3)
(41)(31)(0.32)(30)(24)(0.24)(32)(27)(0.28)(28)(25)(0.25)(12)(9)(0.09)
Adjusted operating earnings289 240 2.46 232 195 2.00 147 138 1.40 230 190 1.90 271 223 2.18 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation6 5 0.05 (19)(15)(0.15)(13)(10)(0.11)(28)(22)(0.22)(12)(10)(0.09)
Adjusted operating earnings excluding notable items282 235 2.40 251 210 2.15 160 148 1.50 258 212 2.12 283 232 2.27 
(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 June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs.


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Voya Financial
Page 41 of 50
Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)
Six months ended
(in millions USD, except per share)6/30/20256/30/2024
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 shareholders301 3.09 435 4.20 
Plus: Net income (loss) attributable to noncontrolling interests
(10)(0.11)67 0.64 
Less: Preferred stock dividends
(21)(0.21)(21)(0.20)
Income (loss)361 312 3.19 563 523 5.04 
Less:
Net investment gains (losses)(31)(24)(0.25)84 66 0.64 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)
(69)(55)(0.56)(69)(16)(0.16)
Net income (loss) attributable to noncontrolling interests(10)(10)(0.11)67 67 0.64 
Dividend payments made to preferred shareholders21 21 0.21 21 21 0.20 
Other adjustments (4)
(71)(55)(0.56)(35)(23)(0.22)
Adjusted operating earnings521 435 4.45 494 408 3.94 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(13)(10)(0.10)(27)(21)(0.21)
Adjusted operating earnings excluding notable items534 445 4.55 521 429 4.15 
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs.
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Voya Financial
Page 42 of 50
Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses
Three Months EndedYear-to-Date
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Total revenues1,981 1,969 2,010 1,956 2,033 3,950 4,084 
Less:
Net investment gains (losses)(38)(5)(8)(33)16 (44)62 
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment30 28 13 52 13 58 37 
Revenues (loss) attributable to noncontrolling interests35 25 57 19 102 60 167 
Other adjustments54 33 50 50 42 87 93 
Total adjusted operating revenues1,900 1,888 1,897 1,867 1,860 3,788 3,724 
Adjusted operating revenues by segment
Retirement824 798 731 726 730 1,622 1,450 
Investment Management239 243 271 243 234 482 468 
Employee Benefits832 841 888 892 892 1,673 1,798 
Corporate5 6 8 6 4 11 9 
Total adjusted operating revenues1,900 1,888 1,897 1,867 1,860 3,788 3,724 
Total benefits and expenses(1,793)(1,796)(1,890)(1,840)(1,757)(3,589)(3,521)
Less:
Changes in market risk benefits9 3 8 — 4 12 20 
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment(60)(67)(35)(104)(50)(127)(106)
Expenses attributable to noncontrolling interests(54)(41)(56)(51)(85)(95)(124)
Dividend payments made to preferred shareholders4 17 4 16 4 21 21 
Other adjustments(95)(63)(83)(79)(54)(158)(128)
Total adjusted operating benefits and expenses(1,598)(1,645)(1,728)(1,622)(1,576)(3,243)(3,206)
Adjusted operating benefits and expenses by segment
Retirement(589)(591)(521)(516)(516)(1,180)(1,050)
Investment Management(174)(190)(182)(171)(169)(364)(351)
Employee Benefits(763)(795)(990)(869)(832)(1,558)(1,678)
Corporate(72)(69)(35)(66)(59)(142)(127)
Total adjusted operating benefits and expenses(1,598)(1,645)(1,728)(1,622)(1,576)(3,243)(3,206)

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Voya Financial
Page 43 of 50
Retirement and Investment Management Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Retirement
Adjusted operating revenues
page 9
824 798 731 726 730 3,079 2,837 
Interest credited and other benefits to contract owners/policyholders(232)(231)(211)(210)(213)(884)(878)
Net revenue
page 16
592 567 519 516 517 2,194 1,958 
Less:
Alternative investment income and prepayment fees above (below) expectations8 (14)(10)(21)(8)(37)(85)
Net revenue excluding notable items
page 31
584 581 529 537 525 2,232 2,043 
Investment Management
Adjusted operating revenues
page 9
239 243 271 243 234 996 929 
Net revenue
page 20
239 243 271 243 234 996 929 
Less:
Alternative investment income and prepayment fees above (below) expectations(4)(2)(3)(5)(1)(13)(6)
Net revenue excluding notable items
page 31
243 246 273 248 234 1,010 935 













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Voya Financial
Page 44 of 50
Employee Benefits and Consolidated Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Employee Benefits
Adjusted operating revenues
page 9
832 841 888 892 892 3,453 3,329 
Interest credited and other benefits to contract owners/policyholders(529)(551)(764)(634)(591)(2,478)(2,199)
Net revenue
page 25
303 290 124 257 301 974 1,130 
Less:
Alternative investment income and prepayment fees above (below) expectations1 (2)(1)(3)(3)(5)(10)
Other adjustments to net underwriting gain (loss) and other revenue (1)
— — — — — — (16)
Net revenue excluding notable items
page 31
302 292 125 260 304 979 1,157 
Consolidated
Total Adjusted operating revenues
page 9
1,900 1,888 1,897 1,867 1,860 7,552 7,126 
Interest credited and other benefits to contract owners/policyholders(761)(782)(975)(845)(804)(3,363)(3,078)
Corporate Adjusted operating revenues (2)
(5)(6)(8)(6)(4)(25)(31)
Net revenue
pages 16/20/25
1,134 1,100 914 1,016 1,051 4,164 4,017 
Less:
Alternative investment income and prepayment fees above (below) expectations5 (19)(14)(29)(12)(56)(101)
Other adjustments (3)
— — — — — — (16)
Net revenue excluding notable items
page 31
1,128 1,119 928 1,045 1,063 4,221 4,135 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.
(3) Includes changes in certain legal and other reserves not expected to recur at the same level.
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Voya Financial
Page 45 of 50
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Retirement
Adjusted operating earnings before income taxes
page 16
235 207 210 211 214 863 726 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation8 (14)(10)(21)(8)(37)(85)
Adjusted operating earnings excluding notable items
page 31
227 222 220 232 222 901 811 
Investment Management
Adjusted operating earnings before income taxes, including noncontrolling interest
page 20
65 53 89 72 64 279 237 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(2)(2)(2)(4)(1)(11)(7)
Adjusted operating earnings excluding notable items, including noncontrolling interest
page 31
68 55 91 76 65 290 245 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items14 12 22 17 14 65 53 
Adjusted operating earnings excluding notable items54 43 69 59 51 225 192 
Employee Benefits
Adjusted operating earnings before income taxes
page 25
69 46 (102)23 60 36 216 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation1 (2)(1)(3)(3)(5)(10)
Other (1)
— — — — — — (16)
Adjusted operating earnings excluding notable items
page 31
68 48 (102)26 63 40 242 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial
Page 46 of 50
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Corporate
Adjusted operating earnings before income taxes, including noncontrolling interest
page 29
(67)(63)(27)(60)(54)(217)(203)
Adjusted operating earnings excluding notable items, including noncontrolling interest
page 31
(67)(63)(27)(60)(54)(217)(203)
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items(1)(1)— (1)(1)(2)(1)
Adjusted operating earnings excluding notable items(67)(62)(27)(59)(53)(215)(202)
Consolidated
Adjusted operating earnings before income taxes, including noncontrolling interest
page 9
302 243 169 245 284 959 976 
Less:
Total Notable Items Adjustments6 (19)(13)(28)(12)(54)(117)
Adjusted operating earnings excluding notable items, including noncontrolling interest
296 262 183 274 296 1,014 1,094 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items13 11 23 16 13 63 51 
Adjusted operating earnings excluding notable items
page 31
282 251 160 258 283 951 1,042 
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Voya Financial
Page 47 of 50
Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA
Twelve Months Ended
(in millions USD)6/30/20253/31/202512/31/20249/30/20246/30/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders492 531 626 651 801 
TTM Average Total Voya Financial, Inc. Shareholders' Equity4,361 4,259 4,254 4,078 3,836 
TTM Return on Voya Financial, Inc Equity11.3 %12.5 %14.7 %16.0 %20.9 %
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI-1.8 %-2.1 %-2.5 %-2.8 %-4.0 %
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI4.8 %5.6 %6.7 %7.9 %11.5 %
TTM Net investment gains (losses), after-tax-0.8 %-0.2 %0.7 %0.5 %1.7 %
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax-1.9 %-2.0 %-1.2 %-1.6 %-0.3 %
TTM Other adjustments, after-tax-1.8 %-1.4 %-1.3 %-1.0 %-0.9 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI12.8 %12.6 %12.3 %12.9 %12.9 %
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA-4.2 %-4.1 %-4.1 %-4.4 %-4.3 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA17.0 %16.7 %16.5 %17.3 %17.3 %
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Voya Financial
Page 48 of 50
Reconciliation of Book Value Per Common Share, Excluding AOCI and Leverage Ratio
Three Months Ended or As ofYear-to-Date or As of
(in whole dollars)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Book value per common share, including AOCI41.7139.2035.5342.3034.6641.7134.66
Per share impact of AOCI21.4622.6725.7818.6626.0921.4626.09
Book value per common share, excluding AOCI63.1861.8761.3160.9660.7563.1860.75
 
Debt to capital ratio31.2 %32.4 %38.5 %34.6 %34.2 %31.2 %34.2 %
Capital impact of adding noncontrolling interest
-6.9 %-7.5 %-9.1 %-7.1 %-7.8 %-6.9 %-7.8 %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.4 %9.5 %9.4 %9.0 %10.3 %9.4 %10.3 %
Capital impact of excluding AOCI-6.3 %-6.9 %-8.5 %-5.9 %-8.7 %-6.3 %-8.7 %
Financial leverage ratio excluding AOCI27.4 %27.5 %30.3 %30.6 %28.0 %27.4 %28.0 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
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Appendix



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Voya Financial
Page 50 of 50
Reconciliation of Recast Retirement Client Asset Rollforward and Fee Revenue
As Previously ReportedchangeRecast Amounts
(in millions USD)3/31/20253/31/2025
Full Service - Client Assets
Fee-based195,591 22,756 218,347 
Spread-based33,010 — 33,010 
Client Assets, end of period - Full Service Total228,601 22,756 251,357 
Full Service - Total
Client Assets, beginning of period208,448 — 208,448 
Transfers / Single deposits2,413 — 2,413 
Recurring deposits5,511 552 6,063 
Total Deposits7,923 552 8,475 
Surrenders, benefits, and product charges(8,546)(758)(9,304)
Net Flows (622)(206)(828)
Interest credited and investment performance(3,598)(211)(3,809)
Transfer due to business acquisition24,374 23,172 47,547 
Client Assets, end of period - Full Service Total228,601 22,756 251,357 
Recordkeeping
Client Assets, beginning of period340,254 — 340,254 
Transfers / Single deposits34,611 — 34,611 
Recurring deposits8,932 (552)8,380 
Total Deposits43,543 (552)42,991 
Surrenders, benefits, and product charges(13,517)758 (12,759)
Net Flows 30,027 206 30,232 
Interest credited and investment performance(5,411)211 (5,200)
Transfer due to business acquisition36,253 (23,172)13,080 
Client Assets, end of period - Recordkeeping401,122 (22,756)378,366 
Fee Revenue
Full Service Fee-based revenue194 10 204 
Recordkeeping and other fee-based revenue138 (10)128 
Total Fee-based margin332 — 332 
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