Exhibit 99.2



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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 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
ConsolidatedAdministrative Expenses and Adjusted Operating Return on Capital
Explanatory Note on Non-GAAP Financial Information3 - 5Administrative Expenses
Key MetricsAdjusted Operating Return on Allocated Capital
Consolidated Statements of OperationsInvestment Information
Consolidated Adjusted Operating Earnings Before Income TaxesPortfolio Results GAAP Book Value, Gross Investment Income, and
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Earned Rate by Asset Class
Consolidated Balance SheetsPortfolio Results Statutory Carrying Values by Asset Class and NAIC
DAC/VOBA Segment Trends Ratings
Consolidated Capital StructureAlternative Investment Income
Consolidated Assets Under Management, Assets Under AdministrationReconciliations
  and AdvisementReconciliation of Adjusted Operating Earnings Before Income Taxes and
RetirementEarnings Per Common Share (Diluted) (QTD)
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Revenues and Adjusted Operating
 and Key MetricsBenefits and Expenses
Client Assets Rollforward by Product Group16 - 17Reconciliation of Net Revenues
Investment ManagementReconciliation of Adjusted Operating Return on Common Equity
Sources of Adjusted Operating Earnings Before Income TaxesExcluding AOCI and NOL DTA
Analysis of AUM and AUAReconciliation of Book Value Per Common Share, Excluding AOCI and
Account Value Rollforward by SourceLeverage Ratio
Account Value by Asset TypeAppendix
Employee BenefitsQuarterly 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
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Explanatory Note on Non-GAAP Financial Information


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, 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.

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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 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.
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)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Net income (loss) available to Voya Financial, Inc.'s common shareholders165136176162139165139
Per common share (basic)1.781.431.821.691.451.781.45
Per common share (diluted)1.751.411.801.661.421.751.42
Adjusted operating earnings: (1)
Before income taxes257226290289232257232
After income taxes214188239240195214195
Effective tax rate16.9 %17.1 %17.8 %16.9 %15.9 %16.9 %15.9 %
Per common share (diluted)2.261.942.452.462.002.262.00
Return on Equity
TTM Return on Voya Financial, Inc's Equity13.4 %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' Equity4,6584,9534,9574,6294,3834,6584,383
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI6,1076,1296,1236,0845,9526,1075,952
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA4,7974,8004,7514,6544,4864,7974,486
Book value per common share (including AOCI)43.7946.2845.5541.7139.2043.7939.20
Book value per common share (excluding AOCI) (2)
66.0965.3464.1863.1861.8766.0961.87
Leverage Ratios:
Debt-to-Capital34.9 %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
Basic93959696969396
Dilutive effects (4)
1221212
Diluted95979798989598
Ending shares outstanding92949596969296
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions 15012080——150—
Dividends to common shareholders44444344434443
Total cash returned to common shareholders194164123444319443
(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.
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Consolidated Statements of Operations
Three Months EndedYear-to-Date
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Revenues
Net investment income569 591 583 584 560 569 560 
Fee income604 633 616 577 570 604 570 
Premiums744 738 719 718 737 744 737 
Net gains (losses)(45)(34)(21)(41)(34)(45)(34)
Other revenues109 136 100 100 104 109 104 
Income (loss) related to consolidated investment entities50 47 131 43 32 50 32 
Total revenues2,031 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 taxes230 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 interest13 9 80 (5)(5)13 (5)
Net income (loss) available to Voya Financial, Inc.182 140 192 166 156 182 156 
Less: Preferred stock dividends17 4 16 4 17 17 17 
Net income (loss) available to Voya Financial, Inc.'s common shareholders165 136 176 162 139 165 139 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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 income605 636 617 577 572 605 572 
Premiums740 729 716 720 734 740 734 
Other revenue76 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
Retirement821 866 853 824 798 821 798 
Investment Management251 290 257 239 243 251 243 
Employee Benefits855 845 829 832 841 855 841 
Corporate5 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
Retirement209 255 261 235 207 209 207 
Investment Management46 72 62 51 41 46 41 
Employee Benefits63 (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.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended March 31, 2026
(in millions USD)RetirementInvestment ManagementEmployee BenefitsCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)456 7 42 5 511 
Fee income341 243 21 — 605 
Premiums— — 739 — 740 
Other revenue24 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
RetirementInvestment ManagementEmployee BenefitsCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)458 6 36 6 506 
Fee income318 236 18 — 572 
Premiums— — 734 — 734 
Other revenue22 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.
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Consolidated Balance Sheets
Balances as of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/2025
Assets
Total investments38,124 38,571 38,199 37,579 37,703 
Cash and cash equivalents969 1,228 1,157 1,179 868 
Assets held in separate accounts108,467 113,007 111,950 107,278 98,948 
Premium receivable and reinsurance recoverable, net10,609 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 acquired2,364 2,401 2,435 2,472 2,505 
Deferred income taxes1,911 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 entities4,770 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 balances49,028 49,356 49,337 49,665 49,763 
Liabilities related to separate accounts108,467 113,007 111,950 107,278 98,948 
Payables under securities loan agreements, including collateral held1,218 1,273 1,375 1,128 1,486 
Short-term debt587 586 586 447 1 
Long-term debt1,913 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 entities2,607 2,588 2,407 2,553 2,240 
Total Liabilities166,727 171,820 170,365 165,883 157,589 
Mezzanine Equity
Redeemable noncontrolling interest226 222 221 215 214 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(1,188)(1,010)(883)(796)(788)
Additional paid-in capital6,395 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 AOCI6,719 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' Equity4,658 4,953 4,957 4,629 4,383 
Noncontrolling interest1,822 1,864 1,905 1,709 1,764 
Total Shareholders' Equity6,480 6,817 6,862 6,338 6,147 
Total Liabilities, Mezzanine Equity and Shareholders' Equity173,433 178,859 177,448 172,436 163,950 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.
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DAC/VOBA Segment Trends
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Retirement
Balance as of Beginning-of-Period1,387 1,398 1,410 1,422 1,044 1,387 1,044 
Additions related to business acquisitions(1)
— — — — 390 — 390 
Deferrals of commissions and expenses17 17 16 15 15 17 15 
Amortization(27)(28)(28)(27)(27)(27)(27)
Balance as of End-of-Period1,376 1,387 1,398 1,410 1,422 1,376 1,422 
Deferred Sales Inducements as of End-of-Period21 21 22 22 22 21 22 
Employee Benefits
Balance as of Beginning-of-Period240 241 241 237 234 240 234 
Deferrals of commissions and expenses10 12 11 11 13 10 13 
Amortization(14)(12)(12)(7)(9)(14)(9)
Balance as of End-of-Period236 240 241 241 237 236 237 
Total
Balance as of Beginning-of-Period1,627 1,638 1,651 1,659 1,278 1,627 1,278 
Additions related to business acquisitions(1)
— — — — 390 — 390 
Deferrals of commissions and expenses27 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 divestment1,613 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 divestment2,364 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.
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Consolidated Capital Structure
Balances as of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/2025
Financial Debt
Senior bonds2,1501,7541,7541,7531,753
Subordinated bonds349349349349349
Other debt11122
Total Financial Debt2,5002,1042,1042,1042,104
Other financial obligations (1)
334329289305298
Total Financial Obligations2,8342,4332,3932,4092,402
Mezzanine Equity
Redeemable noncontrolling interest226222221215214
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)6,1076,1296,1236,0845,952
Total Equity (Excluding AOCI)
6,7196,7416,7356,6966,564
Accumulated other comprehensive income (AOCI)(2,061)(1,788)(1,778)(2,067)(2,181)
Total Voya Financial, Inc. Shareholders' Equity4,6584,9534,9574,6294,383
Noncontrolling interest1,8221,8641,9051,7091,764
Total Shareholders' Equity6,4806,8176,8626,3386,147
Capital
Capitalization (3)
7,1587,0577,0616,7336,487
Adjusted Capitalization excluding AOCI (4)
11,60111,26011,25411,02910,944
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.
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Page 13 of 43


Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2026
(in millions USD)General AccountSeparate AccountInstitutional/Mutual FundsTotal 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 Benefits1,737 18 — 1,755 — 1,755 
Eliminations/Other (3)
(34,229)(29,265)(13,192)(76,686)(40,157)(116,843)
Total AUM and AUA36,899 108,467 429,920 575,286 501,747 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.





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Retirement







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Page 15 of 43
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)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Sources of Adjusted operating earnings before income taxes:
Gross investment income416 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 Margin174 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 income231 247 248 250 228 976 884 
Full Service Fee-based revenue (3)
216 236 225 201 204 878 727 
Recordkeeping and other fee-based revenue142 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 revenue6 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 taxes209 255 261 235 207 960 842 
Adjusted Operating Margin TTM39.4 %39.8 %39.8 %39.3 %39.7 %
Full Service Revenue (5)
Full Service Investment spread and other investment income219 238 236 235 212 928 820 
Full Service Fee-based revenue216 236 225 201 204 878 727 
Total Full Service Revenue435 474 461 437 416 1,807 1,546 
Client Assets
Fee-based685,029701,089689,147662,433601,790685,029 601,790 
Spread-based (6)
32,49232,68432,99433,22033,30632,492 33,306 
Investment-only Stable Value36,67336,65936,24536,67836,15736,673 36,157 
Wealth Management (7)
30,26130,85230,36328,89926,94630,261 26,946 
Eliminations (8)
(4,755)(4,776)(3,930)(3,986)(4,018)(4,755)(4,018)
Total Client Assets779,701796,508784,821757,244694,180779,701 694,180 
(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.
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Page 16 of 43
Retirement Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Full Service - Client Assets
Fee-based240,088 248,617 248,945 237,544 218,347 240,088 218,347 
Spread-based32,218 32,405 32,709 32,933 33,010 32,218 33,010 
Client Assets, end of period - Full Service Total272,305 281,022 281,654 270,477 251,357 272,305 251,357 
Full Service - Total
Client Assets, beginning of period281,022 281,654 270,477 251,357 208,448 251,357 196,607 
Transfers / Single deposits2,354 2,460 1,910 2,174 2,413 8,898 9,389 
Recurring deposits6,005 5,008 5,272 5,396 6,063 21,681 17,924 
Total Deposits8,359 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 Total272,305 281,022 281,654 270,477 251,357 272,305 251,357 
Recordkeeping
Client Assets, beginning of period446,988 434,835 419,669 378,366 340,254 378,366 315,134 
Transfers / Single deposits1,806 8,044 4,272 15,107 34,611 29,229 47,429 
Recurring deposits9,072 6,784 6,567 7,291 8,380 29,714 25,800 
Total Deposits10,878 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 - Recordkeeping439,488 446,988 434,835 419,669 378,366 439,488 378,366 
Total Defined Contribution (1)
Client Assets, beginning of period728,011 716,489 690,146 629,723 548,702 629,723 511,741 
Transfers / Single deposits4,160 10,503 6,182 17,282 37,024 38,127 56,819 
Recurring deposits15,077 11,793 11,839 12,688 14,443 51,397 43,722 
Total Deposits19,237 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 Contribution711,793 728,011 716,489 690,146 629,723 711,793 629,723 
(1) 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)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period36,659 36,245 36,678 36,157 34,557 36,157 34,814 
Transfers / Single deposits501 1,192 94 814 1,629 2,601 3,036 
Recurring deposits152 350 367 145 554 1,014 924 
Total Deposits653 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 performance456 585 821 270 440 2,132 1,988 
Assets, end of period - Defined Contribution Investment-only SV36,673 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 Assets779,701 796,508 784,821 757,244 694,180 779,701 694,180 
(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.
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Investment Management








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Voya Financial
Page 19 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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 income7 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 TTM28.6 %28.3 %28.5 %28.0 %28.1 %
Fee-based margin (2)
Investment advisory and administrative revenue243 250 245 237 236 975 936 
Other fee-based margin1 33 — (3)1 31 30 
Fee-based margin244 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 taxes46 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.
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Page 20 of 43
Investment Management Analysis of AUM and AUA
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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 Clients316,532 322,835 329,797 323,162 308,245 316,532 308,245 
General Account36,899 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 AUA412,420 422,155 419,827 413,119 395,140 412,420 395,140 
Investment Advisory and Administrative Revenues (2)
External Clients
Institutional92 94 92 89 89 367355
Retail127 134 130 125 124 516494
Subtotal External Clients219 228 222 214 213 883849
General Account19 18 18 19 19 7470
Total Investment Advisory and Administrative Revenues (AUM)238 246 240 232 232 956919
Administration Only Fees5 4 4 5 5 1817
Total Investment Advisory and Administrative Revenues243 250 245 237 236 975936
Revenue Yield (bps) (2)
External Clients
Institutional21.4 21.7 21.6 21.7 22.1 21.6 22.8 
Retail33.8 34.1 33.1 33.2 33.0 33.6 33.0 
Revenue Yield on External Clients27.2 27.6 27.1 27.2 27.4 27.3 27.8 
General Account20.2 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) TTM26.6 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.
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Page 21 of 43
Investment Management Account Rollforward by Source
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Institutional AUM:
Beginning of period AUM171,557 173,442 166,833 161,220 156,568 161,220 148,489 
Inflows5,562 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 - Institutional403 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 - Institutional169,767 171,557 173,442 166,833 161,220 169,767 161,220 
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 AUM151,279 156,355 156,329 147,025 149,214 147,025 148,710 
Inflows10,474 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 - Retail146,764 151,279 156,355 156,329 147,025 146,764 147,025 
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 Flows403 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 Businesses65 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.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/2025
Institutional
Equity27,382 29,286 29,404 27,457 22,375 
Fixed Income - Public61,306 61,530 61,776 56,899 57,182 
Fixed Income - Privates70,118 70,105 69,611 68,818 67,245 
Alternatives10,961 10,636 12,651 13,659 14,418 
Money Market— — — — — 
Total169,767 171,557 173,442 166,833 161,220 
Retail
Equity70,203 73,239 77,684 78,699 70,634 
Fixed Income - Public72,138 73,414 73,976 72,870 71,625 
Fixed Income - Privates125 128 123 277 311 
Alternatives1,891 1,961 1,995 1,876 1,910 
Money Market2,407 2,537 2,576 2,606 2,544 
Total146,764 151,279 156,355 156,329 147,025 
General Account
Equity269 279 125 112 138 
Fixed Income - Public18,136 18,284 18,272 17,870 18,071 
Fixed Income - Privates16,005 16,072 15,973 16,271 16,574 
Alternatives1,960 2,003 1,712 1,615 1,650 
Money Market529 652 421 560 300 
Total36,899 37,290 36,503 36,428 36,734 
Combined Asset Type
Equity97,854 102,804 107,213 106,268 93,147 
Fixed Income - Public151,579 153,227 154,024 147,639 146,878 
Fixed Income - Privates86,248 86,305 85,707 85,366 84,130 
Alternatives14,813 14,600 16,359 17,150 17,979 
Money Market2,936 3,189 2,997 3,166 2,844 
Total353,431 360,125 366,300 359,589 344,978 
Total Private and Alternative Assets101,061 100,905 102,066 102,516 102,109 
% of Private and Alternative Assets / Total AUM28.6 %28.0 %27.9 %28.5 %29.6 %
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Employee Benefits








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Voya Financial
Page 24 of 43
Employee Benefits Sources of Adjusted Operating Earnings before income taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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 margin14 15 15 14 14 58 52 
Alternative investment income (1)
5 8 7 7 3 27 13 
Other investment income12 11 12 10 10 45 39 
Investment spread and other investment income31 34 34 31 27 130 104 
Fee-based margin (2)
59 57 54 56 56 226 224 
Net underwriting gain (loss) and other revenue226 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 taxes63 (10)47 69 46 169 27 
Adjusted Operating Margin TTM14.7 %13.6 %6.0 %3.7 %2.7 %
Group life:
Premiums155 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 life43 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:
Premiums382 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 loss77 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 Other106 90 94 100 97 390 402 
Net underwriting gain (loss) and other revenue
Premiums743 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 revenue226 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.
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Voya Financial
Page 25 of 43

Quarterly Loss Ratio Development for Group Stop Loss
Estimated Ultimate Loss Ratio as of
Three Months Ended
3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/2024
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.

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Voya Financial
Page 26 of 43
Employee Benefits Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Sales by Product Line:
Group life and Disability71 7 29 22 74 129 110 
Stop loss280 27 59 14 265 380 335 
Voluntary and Other (1)
121 11 17 37 99 186 168 
Total sales by product line472 45 105 73 438 695 612 
Total gross premiums and deposits838 825 837 843 846 3,343 3,546 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability916 965 989 977 971 916 971 
Stop loss1,563 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 line3,636 3,646 3,662 3,649 3,677 3,636 3,677 
Assets Under Management by Fund Group:
General account1,737 1,805 1,906 1,945 1,870 1,737 1,870 
Separate account18 19 19 18 17 18 17 
Total AUM1,755 1,824 1,925 1,963 1,887 1,755 1,887 
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.
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Corporate








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Voya Financial
Page 28 of 43


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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.
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Administrative Expenses and Adjusted Operating Return on Capital

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Voya Financial
Page 30 of 43
Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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.
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Voya Financial
Page 31 of 43
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/202612/31/20259/30/20256/30/20253/31/2025
Retirement
Adjusted operating earnings before income taxes - before interest960 959 913 863 842 
Income tax expense137 139 131 122 119 
Adjusted Operating Earnings - before interest and after income taxes823 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 Capital3,783 3,747 3,674 3,584 3,483 
Ending Capital (2)
3,852 3,746 3,791 3,771 3,796 
Adjusted Return on Capital21.8 %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 expense49 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 TTM21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital877 876 870 861 851 
Ending Capital (2)
872 876 883 875 874 
Adjusted Return on Capital20.9 %20.4 %20.1 %19.6 %19.7 %
Employee Benefits
Adjusted operating earnings before income taxes - before interest169 152 59 36 27 
Income tax expense35 32 12 7 6 
Adjusted Operating Earnings - before interest and after income taxes134 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 Capital1,275 1,288 1,291 1,286 1,275 
Ending Capital (2)
1,237 1,259 1,295 1,281 1,295 
Adjusted Return on Capital10.4 %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.
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Investment Information








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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)3/31/202612/31/20253/31/2026
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 corporate10,782 28.0 %136 5.2 %10,942 28.0 %152 5.7 %10,782 28.0 %136 5.2 %
Private credit8,877 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 loans5,631 15.0 %67 4.9 %5,574 14.0 %67 5.0 %5,631 15.0 %67 4.9 %
Municipals552 1.0 %6 3.9 %598 2.0 %6 3.9 %552 1.0 %6 3.9 %
Short-term / Treasury663 2.0 %7 4.3 %636 2.0 %6 4.3 %663 2.0 %7 4.3 %
Equity securities196 1.0 %3 5.8 %201 1.0 %3 5.8 %196 1.0 %3 5.8 %
Policy loans361 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 components36,690 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/A1,909 5.0 %60 N/A1,936 5.0 %37 N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings38,626 100.0 %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.


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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)12/31/202509/30/202506/30/202503/31/2025
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate11,035 28.0 %10,913 28.0 %10,585 28.0 %10,610 28.0 %
Private credit8,408 22.0 %8,367 22.0 %8,420 22.0 %8,506 22.0 %
Securitized9,988 26.0 %9,979 26.0 %9,852 26.0 %9,996 26.0 %
Municipals598 2.0 %606 2.0 %609 2.0 %623 2.0 %
Short-term / Treasury709 2.0 %637 2.0 %640 2.0 %524 1.0 %
Total Fixed maturities30,738 79.0 %30,501 79.0 %30,107 79.0 %30,258 79.0 %
Commercial mortgage loans5,560 14.0 %5,371 14.0 %5,483 14.0 %5,553 14.0 %
Limited partnership1,815 5.0 %1,913 5.0 %1,923 5.0 %1,910 5.0 %
Equity securities662 2.0 %626 2.0 %566 1.0 %577 2.0 %
Total38,775 100.0 %38,410 100.0 %38,079 100.0 %38,298 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 116,987 55.0 %16,695 55.0 %16,532 55.0 %16,304 54.0 %
NAIC 212,448 40.0 %12,470 41.0 %12,178 40.0 %12,459 41.0 %
NAIC 3 and below1,303 4.0 %1,335 4.0 %1,396 5.0 %1,495 5.0 %
Total Fixed maturities30,738 100.0 %30,501 100.0 %30,107 100.0 %30,258 100.0 %
Commercial Mortgage Loans:
CML 13,970 71.0 %3,905 73.0 %4,039 74.0 %4,111 74.0 %
CML 21,235 22.0 %1,092 20.0 %1,079 20.0 %1,000 18.0 %
CML 3 and below355 6.0 %374 7.0 %366 7.0 %441 8.0 %
Total Commercial mortgage loans5,560 100.0 %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.
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Voya Financial
Page 35 of 43
Alternative Investment Income
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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 income29 47 42 42 22 160 109 
Average alternative investments1,645 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 income7 6 11 4 5 28 20 
Average alternative investments305 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 income5 8 7 7 3 27 13 
Average alternative investments216 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 income41 61 60 53 30 215 142 
Average alternative investments2,166 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.
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Reconciliations

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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)3/31/202612/31/20259/30/20256/30/20253/31/2025
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 shareholders165 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 interests13 13 0.14 9 9 0.09 80 80 0.83 (5)(5)(0.05)(5)(5)(0.05)
Dividend payments made to preferred shareholders17 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 earnings257 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.


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Voya Financial
Page 38 of 43
Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses
Three Months EndedYear-to-Date
(in millions USD)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Total revenues2,031 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 divestment19 31 28 30 28 19 28 
Revenues (loss) attributable to noncontrolling interests46 37 115 35 25 46 25 
Other adjustments55 45 50 54 33 55 33 
Total adjusted operating revenues1,932 2,006 1,942 1,900 1,888 1,932 1,888 
Adjusted operating revenues by segment
Retirement821 866 853 824 798 821 798 
Investment Management251 290 257 239 243 251 243 
Employee Benefits855 845 829 832 841 855 841 
Corporate5 6 3 5 6 5 6 
Total adjusted operating revenues1,932 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 shareholders17 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)

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Voya Financial
Page 39 of 43
Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
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.
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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)3/31/202612/31/20259/30/20256/30/20253/31/2025
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders639 613 570 492 531 
TTM Average Total Voya Financial, Inc. Shareholders' Equity4,765 4,612 4,464 4,361 4,259 
TTM Return on Voya Financial, Inc Equity13.4 %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 AOCI4.9 %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 AOCI14.5 %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 DTA18.7 %18.6 %17.9 %17.0 %16.7 %
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Voya Financial
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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)3/31/202612/31/20259/30/20256/30/20253/31/20253/31/20263/31/2025
Book value per common share, including AOCI43.7946.2845.5541.7139.2043.7939.20
Per share impact of AOCI22.3119.0618.6421.4622.6722.3122.67
Book value per common share, excluding AOCI66.0965.3464.1863.1861.8766.0961.87
 
Debt to capital ratio34.9 %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 AOCI29.7 %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.
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Appendix



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Quarterly Loss Ratio Development for Group Stop Loss Details
Estimated Ultimate Loss Ratio as of
Three Months Ended
3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/2024
2026 Stop Loss Policy Year Development (1)
January Business87 %— %— %— %— %— %— %— %— %
Non-January Business
NM (2)
— %— %— %— %— %— %— %— %
Total 2026 Policy Year87 %— %— %— %— %— %— %— %— %
2025 Stop Loss Policy Year Development (1)
January Business91 %91 %87 %87 %87 %— %— %— %— %
Non-January Business85 %85 %85 %85 %
NM (2)
— %— %— %— %
Total 2025 Policy Year90 %90 %87 %87 %87 %— %— %— %— %
2024 Stop Loss Policy Year Development (1)
January Business90 %91 %91 %91 %93 %95 %86 %81 %81 %
Non-January Business81 %83 %85 %85 %85 %85 %80 %81 %81 %
Total 2024 Policy Year89 %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.

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