v3.26.1
Financing Agreements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Agreements Financing Agreements
Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated:
Issuer
MaturityPrincipalCarrying Value
June 30, 2026
June 30, 2026December 31, 2025
3.65% Senior Notes(2)(3)
Voya Financial, Inc.06/15/2026$— $— $447 
5.0% Senior Notes(2)(3)
Voya Financial, Inc.09/20/2034400 396 396 
6.012% Senior Notes(2)(3)
Voya Financial, Inc.05/15/203550 50 — 
5.05% Senior Notes(2)(3)
Voya Financial, Inc.03/02/2036400 395 — 
5.7% Senior Notes(2)(3)
Voya Financial, Inc.07/15/2043400 396 396 
4.8% Senior Notes(2)(3)
Voya Financial, Inc.06/15/2046300 298 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes(2)(3)
Voya Financial, Inc.01/23/2048340 337 336 
7.625% Voya Holdings Inc. debentures(1)
Voya Holdings Inc.
08/15/2026139 139 139 
6.97% Voya Holdings Inc. debentures(1)
Voya Holdings Inc.
08/15/203678 79 79 
8.424% Equitable of Iowa Companies Capital Trust II Notes
Equitable of Iowa Capital Trust II04/01/202713 13 13 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/2027— — 1 
Subtotal2,103 2,104 
Less: Current portion of long-term debt153 586 
Total$1,950 $1,518 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.
As of June 30, 2026, the Company was in compliance with its debt covenants.

Senior Notes

On March 2, 2026 Voya Financial, Inc. issued $400 of unsecured 5.05% Senior Notes, due 2036 (the "2036 Notes"). The 2036 Notes are fully, irrevocably, and unconditionally guaranteed by Voya Holdings Inc. Interest is paid semi-annually in arrears on March 2 and September 2 of each year, commencing on September 2, 2026. The offering resulted in aggregate net proceeds to the Company of $395, after deducting commissions and expenses.

Voya Financial, Inc. completed two issuances of its unsecured 6.012% Senior Notes, due 2035 (the "2035 Notes"). On June 3, 2026 the Company issued $50 of the "2035 Notes" to the Delaware trust described in the Pre-capitalized Trust Securities section below (the "initial issuance"). On July 28, 2026, the Company issued an additional $125 of the 2035 Notes ("the subsequent issuance"). The 2035 Notes are fully, irrevocably, and unconditionally guaranteed by Voya Holdings Inc. Interest is paid semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2026. The Company received net proceeds of $50 from the initial issuance and $125 from the subsequent issuance.

The Company used the net proceeds from the 2036 Notes and the initial issuance to repay the $447 outstanding principal amount of its 3.65% Senior Notes which matured on June 15, 2026. The Company intends to use the net proceeds from the subsequent issuance for general corporate purposes, which may include repayment at maturity of the $139 outstanding principal amount of its 7.625% Voya Holdings Inc. debentures due August 15, 2026.

Aetna Notes

As of June 30, 2026, outstanding principal amount of the 7.625% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of June 30, 2026, the Company provided a deposit of $233 to a control account with a third-party collateral agent as collateral benefiting ING Group. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Credit Facilities

The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the six months ended June 30, 2026 and 2025 were immaterial.

As of June 30, 2026, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of June 30, 2026, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company.

Pre-capitalized Trust Securities

On May 21, 2025, the Company entered into a 10-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $600 of pre-capitalized trust securities ("P-Caps"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities").

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $600 of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.518% per annum on the unexercised portion of the facility. These fees are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses.
The Company may redeem the notes before maturity at par or, if higher, at a make-whole redemption price, plus accrued and unpaid interest. The P-Caps will be redeemed by the Trust on May 15, 2035, or earlier upon redemption of the 6.012% Senior Notes.
As of June 30, 2026, the remaining capacity under the facility was $550.