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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

——————————————————————

FORM 10-Q

(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                         to                         

Commission File Number: 033-23376

Voya Retirement Insurance and Annuity Company

(Exact name of registrant as specified in its charter)

Connecticut						71-0294708
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)

One Orange Way

Windsor,

Connecticut

06095-4774

(860) 580-4646

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.            ☒ Yes       ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            ☒ Yes       ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☐			Accelerated filer			☐
Non-accelerated filer			☒			Smaller reporting company			☐
						Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.									☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         ☐ Yes       ☒ No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.            ☐ Yes    ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of August 7, 2026, 55,000 shares of Common Stock, $50 par value were outstanding, all of which were directly owned by Voya Holdings Inc.

NOTE:  WHEREAS VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

			1

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Form 10-Q for the period ended June 30, 2026

Table of Contents

						Page
PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements:
			Condensed Consolidated Balance Sheets			4
			Condensed Consolidated Statements of Operations			6
			Condensed Consolidated Statements of Comprehensive Income (Loss)			7
			Condensed Consolidated Statements of Changes in Shareholder's Equity			8
			Condensed Consolidated Statements of Cash Flows			10
			Notes to Condensed Consolidated Financial Statements:			11
			1. Business, Basis of Presentation and Significant Accounting Policies			11
			2. Investments			13
			3. Derivative Financial Instruments			22
			4. Fair Value Measurements			27
			5. Deferred Policy Acquisition Costs and Value of Business Acquired			37
			6. Reserves for Contract Owner Account Balances			38
			7. Reinsurance			39
			8. Separate Accounts			41
			9. Accumulated Other Comprehensive Income (Loss)			42
			10. Revenue from Contracts with Customers			45
			11. Income Taxes			45
			12. Financing Agreements			46
			13. Commitments and Contingencies			46
			14. Related Party Transactions			48
Item 2.			Management's Narrative Analysis of the Results of Operations and Financial Condition			49
Item 4.			Controls and Procedures			56
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			56
Item 1A.			Risk Factors			57
Item 5.			Other Information			57
Item 6.			Exhibits			57
Exhibit Index						58
Signature						59

			2

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Table of Contents

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market and geopolitical risks (including war and terrorism), including general economic conditions, impacts of a U.S. government shutdown, tariffs imposed or proposed by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through lending programs; (iii) strategic and business risks, including our ability to maintain market share, adapt to disruptive technology or innovations, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns and liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" in the Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all of them.

			3

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Table of Contents

PART I.     FINANCIAL INFORMATION (UNAUDITED)

Item 1.     Financial Statements

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

June 30, 2026 (Unaudited) and December 31, 2025

(In millions, except share and per share data)

			June 30, 2026						December 31, 2025
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $21,969 and $22,083 as of 2026 and 2025, respectively; net of allowance for credit losses of $13 and $17 as of 2026 and 2025, respectively)			$	20,569					$	20,862
Fixed maturities, at fair value using the fair value option			1,013						1,131
Equity securities, at fair value			65						72
Short-term investments			—						6
Mortgage loans on real estate (net of allowance for credit losses of $22 and $27 as of 2026 and 2025, respectively)			4,456						4,575
Policy loans			153						157
Limited partnerships/corporations			1,348						1,365
Derivatives			151						154
Securities pledged (amortized cost of $1,053 and $959 as of 2026 and 2025, respectively)			937						845
Other investments			56						61
Total investments			28,748						29,228
Cash and cash equivalents			291						352
Short-term investments under securities loan agreements, including collateral delivered			790						791
Accrued investment income			304						300
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2026 and 2025)			2,305						2,421
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA")			1,237						1,257
Deferred income taxes			547						513
Other assets (net of allowance for credit loss of $0 as of 2026 and 2025)			2,540						2,795
Assets held in separate accounts			116,066						109,772
Total assets			$	152,828					$	147,429

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
			4

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

June 30, 2026 (Unaudited) and December 31, 2025

(In millions, except share and per share data)

			June 30, 2026						December 31, 2025
Liabilities:
Future policy benefits and contract owner account balances			$	32,774					$	33,244
Payables under securities loan and repurchase agreements, including collateral held			846						826
Due to affiliates			102						124
Derivatives			204						232
Other liabilities			650						806
Liabilities related to separate accounts			116,066						109,772
Total liabilities			$	150,642					$	145,004
Commitments and Contingencies (Note 13)
Shareholder's equity:
Common stock ($50 par value per share, 100,000 shares authorized, 55,000 issued and outstanding as of 2026 and 2025)			3						3
Additional paid-in capital			2,932						2,929
Accumulated other comprehensive income (loss)			(1,265)						(1,134)
Retained earnings			516						627
Total shareholder's equity			2,186						2,425
Total liabilities and shareholder's equity			$	152,828					$	147,429

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
			5

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

(In millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Revenues:
Net investment income			$	407					$	434					$	840					$	847
Fee income			349						317						689						633
Premiums			(5)						(4)						(3)						(5)
Net gains (losses)			(56)						(50)						(107)						(69)
Other revenue			26						19						46						39
Total revenues			721						716						1,465						1,445
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders			212						209						437						416
Operating expenses			345						323						681						646
Net amortization of DAC and VOBA			25						26						50						51
Interest expense			1						—						1						1
Total benefits and expenses			583						558						1,169						1,114
Income (loss) before income taxes			138						158						296						331
Income tax expense (benefit)			15						20						34						43
Net income (loss)			$	123					$	138					$	262					$	288

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
			6

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

(In millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net income (loss)			$	123					$	138					$	262					$	288
Other comprehensive income (loss), before tax:
Change in current discount rate			7						9						13						13
Unrealized gains (losses) on investments			103						106						(179)						359
Other comprehensive income (loss), before tax			110						115						(166)						372
Income tax expense (benefit) related to items of other comprehensive income (loss)			23						24						(35)						78
Other comprehensive income (loss), after tax			87						91						(131)						294
Comprehensive income (loss)			$	210					$	229					$	131					$	582

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
			7

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Three Months Ended June 30, 2026 and 2025 (Unaudited)

(In millions)

			Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings (Deficit)						Total Shareholder's Equity
Balance at April 1, 2026			$	3					$	2,932					$	(1,352)					$	551					$	2,134
Comprehensive income (loss):
Net income (loss)			—						—						—						123						123
Other comprehensive income (loss), after tax			—						—						87						—						87
Total comprehensive income (loss)																											210
Dividends paid			—						—						—						(158)						(158)
Balance as of June 30, 2026			$	3					$	2,932					$	(1,265)					$	516					$	2,186
Balance as of April 1, 2025			$	3					$	2,929					$	(1,441)					$	493					$	1,984
Comprehensive income (loss):
Net income (loss)			—						—						—						138						138
Other comprehensive income (loss), after tax			—						—						91						—						91
Total comprehensive income (loss)																											229
Dividends paid			—						—						—						(310)						(310)
Balance as of June 30, 2025			$	3					$	2,929					$	(1,350)					$	321					$	1,903

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
			8

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Six Months Ended June 30, 2026 and 2025 (Unaudited)

(In millions)

			Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings (Deficit)						Total Shareholder's Equity
Balance as of January 1, 2026			$	3					$	2,929					$	(1,134)					$	627					$	2,425
Comprehensive income (loss):
Net income (loss)			—						—						—						262						262
Other comprehensive income (loss), after tax			—						—						(131)						—						(131)
Total comprehensive income (loss)																											131
Dividends paid			—						—						—						(373)						(373)
Contributions of capital			—						3						—						—						3
Balance as of June 30, 2026			$	3					$	2,932					$	(1,265)					$	516					$	2,186
Balance as of January 1, 2025			$	3					$	2,754					$	(1,644)					$	427					$	1,540
Comprehensive income (loss):
Net income (loss)			—						—						—						288						288
Other comprehensive income, after tax			—						—						294						—						294
Total comprehensive income (loss)																											582
Impact of pushdown accounting related to business acquisition			—						175						—						—						175
Dividends paid			—						—						—						(394)						(394)
Balance as of June 30, 2025			$	3					$	2,929					$	(1,350)					$	321					$	1,903

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2026 and 2025 (Unaudited)

(In millions)

			Six Months Ended June 30,
			2026						2025
Cash Flows from Operating Activities:
Net cash provided by operating activities			$	718					$	759
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities			3,508						3,231
Equity securities			8						13
Mortgage loans on real estate			517						298
Limited partnerships/corporations			38						36
Acquisition of:
Fixed maturities			(3,593)						(3,103)
Equity securities			(2)						(6)
Mortgage loans on real estate			(395)						(388)
Limited partnerships/corporations			(50)						(108)
Short-term investments, net			5						12
Derivatives, net			26						(33)
Short-term loan to affiliate, net			218						(213)
Collateral received (delivered), net			21						(144)
Receipts on deposit asset contracts			49						58
Cash and cash equivalents acquired from business acquisition			—						274
Other, net			17						2
Net cash provided by (used in) investing activities			367						(71)
Cash Flows from Financing Activities:
Deposits received for investment contracts			1,494						1,747
Maturities and withdrawals from investment contracts			(2,284)						(2,169)
Dividends paid and contributions of capital, net			(370)						(394)
Other, net			14						2
Net cash provided by (used in) financing activities			(1,146)						(814)
Net increase (decrease) in cash and cash equivalents			(61)						(126)
Cash and cash equivalents, beginning of period			352						516
Cash and cash equivalents, end of period			$	291					$	390
Supplemental cash flow information
Equity impact of pushdown accounting related to business acquisition			$	—					$	175

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

1.    Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC, together with its wholly owned subsidiaries (collectively the "Company"), provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial").

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by the Company and other general business expenses, and (c) Amortization of DAC and VOBA.

The Company offers annuity contracts that include a variety of funding and payout options for employer-sponsored retirement plans as well as some individual plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to small and mid-sized corporations, public and private school systems, higher education institutions, hospitals and healthcare facilities, religious and other not-for-profit organizations, state and local governments, and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts ("GICs"), and synthetic GICs, to institutional clients. The Company's products are generally distributed through third-party brokers and advisors, third-party administrators, pension consultants including national aggregators, and representatives associated with Voya Financial's owned broker-dealer and investment advisor, Voya Financial Advisors, Inc.

Products offered by the Company include deferred group and individual annuities. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, proprietary and non-proprietary fixed and variable investment options, participant communications and education programs, and a broad suite of financial wellness and retirement income solutions including retirement and financial planning guidance and advisory products, tools and services. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one reportable segment. The Director and President of the Company is the chief operating decision maker ("CODM"). The CODM reviews consolidated Net income (loss), as presented in the Condensed Consolidated Statements of Operations, and assesses year over year changes in evaluating operating performance and allocating resources. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as Total assets. Significant expenses regularly provided to the CODM are consistent with those presented in the Condensed Consolidated Statements of Operations.

On January 2, 2025, the Company's ultimate parent, Voya Financial, acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement through which the Company will administer group annuity contracts on behalf of American United Life Insurance Company, an affiliate of OneAmerica Financial. As a result of the application of pushdown accounting associated with the acquisition, the Company recognized Additional paid-in capital of $175 in the first quarter of 2025.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, Voya Financial Partners, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC. Intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholder's equity.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These

unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial

Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Future Adoption of Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:

•Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption.

•Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.

•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

2.    Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2026:

			Amortized Cost						Gross Unrealized Capital Gains						Gross Unrealized Capital Losses						Embedded Derivatives(2)						Allowance for credit losses						Fair Value
Fixed maturities:
U.S. Treasuries			$	581					$	—					$	54					$	—					$	—					$	527
U.S. Government agencies and authorities			29						—						1						—						—						28
State, municipalities and political subdivisions			382						—						64						—						—						318
U.S. corporate public securities			6,962						59						808						—						—						6,213
U.S. corporate private securities			4,576						33						186						—						1						4,422
Foreign corporate public securities and foreign governments(1)			2,314						29						181						—						1						2,161
Foreign corporate private securities(1)			2,210						27						51						—						8						2,178
Residential mortgage-backed securities			3,175						28						98						(3)						—						3,102
Commercial mortgage-backed securities			1,880						3						234						—						—						1,649
Other asset-backed securities			1,926						20						22						—						3						1,921
Total fixed maturities, including securities pledged			24,035						199						1,699						(3)						13						22,519
Less: Securities pledged			1,053						—						116						—						—						937
Total fixed maturities			$	22,982					$	199					$	1,583					$	(3)					$	13					$	21,582

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:

			Amortized Cost						Gross Unrealized Capital Gains						Gross Unrealized Capital Losses						Embedded Derivatives(2)						Allowance for credit losses						Fair Value
Fixed maturities:
U.S. Treasuries			$	517					$	—					$	47					$	—					$	—					$	470
U.S. Government agencies and authorities			29						—						1						—						—						28
State, municipalities and political subdivisions			427						—						68						—						—						359
U.S. corporate public securities			6,701						84						773						—						—						6,012
U.S. corporate private securities			4,578						66						165						—						6						4,473
Foreign corporate public securities and foreign governments(1)			2,292						43						177						—						1						2,157
Foreign corporate private securities(1)			2,250						45						39						—						8						2,248
Residential mortgage-backed securities			3,287						41						92						1						—						3,237
Commercial mortgage-backed securities			2,115						5						241						—						—						1,879
Other asset-backed securities			1,977						17						17						—						2						1,975
Total fixed maturities, including securities pledged			24,173						301						1,620						1						17						22,838
Less: Securities pledged			959						—						114						—						—						845
Total fixed maturities			$	23,214					$	301					$	1,506					$	1					$	17					$	21,993

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2026, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

			Amortized Cost						Fair Value
Due to mature:
One year or less			$	661					$	661
After one year through five years			2,709						2,680
After five years through ten years			2,921						2,854
After ten years			10,763						9,652
Mortgage-backed securities			5,055						4,751
Other asset-backed securities			1,926						1,921
Fixed maturities, including securities pledged			$	24,035					$	22,519

As of June 30, 2026 and December 31, 2025, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholder's equity.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Securities Lending Program

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:

			June 30, 2026						December 31, 2025
U.S. Treasuries			$	89					$	29
U.S. corporate public securities			376						391
Short-term investments and cash equivalents			—						13
Foreign corporate public securities and foreign governments			198						156
Total(1)			$	663					$	589

(1) As of June 30, 2026 and December 31, 2025, liabilities to return cash collateral were $602 and $575, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

Allowance for credit losses

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:

									Six Months Ended June 30, 2026
									U.S. corporate private securities												Commercial mortgage-backed securities						Foreign corporate public securities and foreign governments						Foreign corporate private securities						Other asset-backed securities						Total
Balance as of January 1									$	6											$	—					$	1					$	8					$	2					$	17
Credit losses on securities for which credit losses were not previously recorded									—												—						—						—						1						1
Reductions for securities sold during the period									(5)												—						—						—						—						(5)
Balance as of June 30									$	1											$	—					$	1					$	8					$	3					$	13

												Year Ended December 31, 2025
						U.S. Corporate private securities									Commercial mortgage-backed securities						Foreign corporate public securities and foreign governments						Foreign corporate private securities						Other asset-backed securities						Total
Balance as of January 1						$	3								$	17					$	1					$	8					$	1					$	30
Credit losses on securities for which credit losses were not previously recorded						6									—						—						—						1						7
Reductions for securities sold during the period						(3)									(17)						—						—						—						(20)
Balance as of December 31						$	6								$	—					$	1					$	8					$	2					$	17

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see Note 1, Business, Basis of Presentation and Significant Accounting Policies to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Unrealized Capital Losses

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:

															As of June 30, 2026
									Twelve Months or Less Below Amortized Cost															More Than Twelve Months Below Amortized Cost															Total
															Fair Value						Unrealized Capital Losses												Fair Value						Unrealized Capital Losses												Fair Value						Unrealized Capital Losses
U.S. Treasuries															$	273					$	7											$	255					$	47											$	528					$	54
U.S. Government, agencies and authorities															14						—												14						1												28						1
State, municipalities and political subdivisions															4						—												312						64												316						64
U.S. corporate public securities															975						42												3,534						766												4,509						808
U.S. corporate private securities															1,062						16												1,561						170												2,623						186
Foreign corporate public securities and foreign governments															396						6												935						175												1,331						181
Foreign corporate private securities															575						8												721						43												1,296						51
Residential mortgage-backed															468						7												532						91												1,000						98
Commercial mortgage-backed															83						1												1,361						233												1,444						234
Other asset-backed															449						7												131						15												580						22
Total															$	4,299					$	94											$	9,356					$	1,605											$	13,655					$	1,699

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			As of December 31, 2025
			Twelve Months or Less Below Amortized Cost															More Than Twelve Months Below Amortized Cost															Total
			Fair Value						Unrealized Capital Losses																								Fair Value						Unrealized Capital Losses												Fair Value						Unrealized Capital Losses
U.S. Treasuries			$	212					$	4																							$	252					$	43											$	464					$	47
U.S. Government, agencies and authorities			—						—																								14						1												14						1
State, municipalities and political subdivisions			3						—																								354						68												357						68
U.S. corporate public securities			516						32																								3,655						741												4,171						773
U.S. corporate private securities			298						4																								1,857						161												2,155						165
Foreign corporate public securities and foreign governments			136						3																								1,040						174												1,176						177
Foreign corporate private securities			62						—																								919						39												981						39
Residential mortgage-backed			206						2																								686						90												892						92
Commercial mortgage-backed			61						—																								1,546						241												1,607						241
Other asset-backed			188						1																								158						16												346						17
Total			$	1,682					$	46																							$	10,481					$	1,574											$	12,163					$	1,620

As of June 30, 2026 and December 31, 2025, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

As of June 30, 2026, the weighted average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

Evaluating Securities for Intent Impairments

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Intent impairments were $12 and $13 for the three and six months ended June 30, 2026, respectively. Intent impairments were zero and $15 for the three and six months ended June 30, 2025, respectively.

Debt Modifications

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and six months ended June 30, 2026 and 2025, the Company had no material debt modifications that require such disclosure.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Mortgage Loans on Real Estate

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.

			As of June 30, 2026
			Loan-to-Value Ratios
Year of Origination			0% - 50%						>50% - 60%						>60% - 70%						>70% - 80%						>80% and above						Total
2026			$	119					$	113					$	102					$	37					$	—					$	371
2025			300						408						55						16						—						779
2024			157						111						11						—						—						279
2023			53						83						—						—						—						136
2022			217						196						63						3						—						479
Prior			2,147						239						31						15						2						2,434
Total			$	2,993					$	1,150					$	262					$	71					$	2					$	4,478

			As of December 31, 2025
			Loan-to-Value Ratios
Year of Origination			0% - 50%						>50% - 60%						>60% - 70%						>70% - 80%						>80% and above						Total
2025			$	337					$	406					$	85					$	—					$	—					$	828
2024			150						126						11						—						—						287
2023			72						137						—						—						—						209
2022			218						221						83						—						—						522
2021			189						151						35						15						—						390
Prior			2,225						139						—						—						2						2,366
Total			$	3,191					$	1,180					$	214					$	15					$	2					$	4,602

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.

			As of June 30, 2026
			Debt Service Coverage Ratios
Year of Origination			>1.5x						>1.25x - 1.5x						>1.0x - 1.25x						<1.0x						Total(1)
2026			$	129					$	118					$	104					$	20					$	371
2025			613						105						49						12						779
2024			143						55						57						24						279
2023			82						47						3						4						136
2022			311						79						30						59						479
Prior			1,757						327						213						137						2,434
Total			$	3,035					$	731					$	456					$	256					$	4,478

(1) No commercial mortgage loans were secured by land or construction loans

			As of December 31, 2025
			Debt Service Coverage Ratios
Year of Origination			>1.5x						>1.25x - 1.5x						>1.0x - 1.25x						<1.0x						Total(1)
2025			$	628					$	131					$	55					$	14					$	828
2024			138						107						37						5						287
2023			128						14						65						2						209
2022			299						97						42						84						522
2021			254						19						41						76						390
Prior			1,743						342						203						78						2,366
Total			$	3,190					$	710					$	443					$	259					$	4,602

(1) No commercial mortgage loans were secured by land or construction loans

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.

			As of June 30, 2026
			U.S. Region
Year of Origination			Pacific						South Atlantic						Middle Atlantic						West South Central						Mountain						East North Central						New England						West North Central						East South Central						Total
2026			$	27					$	67					$	154					$	16					$	9					$	29					$	43					$	18					$	8					$	371
2025			205						91						152						162						68						26						36						19						20						779
2024			57						89						39						42						17						10						7						2						16						279
2023			24						21						9						51						8						8						—						15						—						136
2022			118						58						52						72						84						69						—						7						19						479
Prior			554						575						472						197						203						235						48						82						68						2,434
Total			$	985					$	901					$	878					$	540					$	389					$	377					$	134					$	143					$	131					$	4,478

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			As of December 31, 2025
			U.S. Region
Year of Origination			Pacific						South Atlantic						Middle Atlantic						West South Central						Mountain						East North Central						New England						West North Central						East South Central						Total
2025			$	205					$	91					$	210					$	156					$	67					$	26					$	35					$	18					$	20					$	828
2024			52						84						39						61						17						11						7						2						14						287
2023			25						36						13						70						16						25						2						20						2						209
2022			125						63						54						72						97						85						—						7						19						522
2021			83						45						82						55						76						37						2						10						—						390
Prior			538						584						506						161						168						207						48						84						70						2,366
Total			$	1,028					$	903					$	904					$	575					$	441					$	391					$	94					$	141					$	125					$	4,602

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2026 and December 31, 2025, respectively.

			As of June 30, 2026
			Property Type
Year of Origination			Retail						Industrial						Apartments						Office						Hotel/Motel						Other						Mixed Use						Total
2026			$	70					$	159					$	80					$	—					$	62					$	—					$	—					$	371
2025			296						344						125						7						4						3						—						779
2024			50						163						55						11						—						—						—						279
2023			18						88						6						—						24						—						—						136
2022			99						214						135						16						9						6						—						479
Prior			556						651						660						387						32						108						40						2,434
Total			$	1,089					$	1,619					$	1,061					$	421					$	131					$	117					$	40					$	4,478

			As of December 31, 2025
			Property Type
Year of Origination			Retail						Industrial						Apartments						Office						Hotel/Motel						Other						Mixed Use						Total
2025			$	350					$	341					$	124					$	7					$	3					$	3					$	—					$	828
2024			60						160						56						11						—						—						—						287
2023			79						91						6						9						24						—						—						209
2022			99						224						156						28						9						6						—						522
2021			33						121						145						79						—						—						12						390
Prior			589						635						593						372						33						115						29						2,366
Total			$	1,210					$	1,572					$	1,080					$	506					$	69					$	124					$	41					$	4,602

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:

			June 30, 2026						December 31, 2025
Allowance for credit losses, beginning of the period			$	27					$	19
Credit losses on mortgage loans for which credit losses were not previously recorded			4						15
Increase (decrease) on mortgage loans with an allowance recorded in a previous period			(1)						2
Provision for expected credit losses			30						36
Write-offs			(8)						(9)
Allowance for credit losses, end of period			$	22					$	27

The following table presents the payment status of commercial mortgage loans as of the dates indicated:

			June 30, 2026						December 31, 2025
Current			$	4,465					$	4,531
30-59 days past due			—						—
60-89 days past due			—						—
Greater than 90 days past due			13						71
Total			$	4,478					$	4,602

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of June 30, 2026 and December 31, 2025, the Company had $13 and $71, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the six months ended June 30, 2026 and the year ended December 31, 2025 was immaterial.

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Fixed maturities			$	369					$	352					$	730					$	703
Equity securities			1						2						3						3
Mortgage loans on real estate			58						56						115						111
Policy loans			1						2						3						4
Short-term investments and cash equivalents			2						3						5						7
Limited partnerships and other			(1)						39						27						59
Gross investment income			$	430					$	454					$	883					$	887
Less: Investment expenses			23						20						43						40
Net investment income			$	407					$	434					$	840					$	847

As of June 30, 2026 and December 31, 2025, the Company had $50 and $4, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Net Gains (Losses)

Net gains (losses) were as follows for the periods indicated:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Fixed maturities, available-for-sale, including securities pledged			$	(8)					$	(22)					$	(24)					$	(18)
Fixed maturities, at fair value option			(67)						(3)						(116)						9
Equity securities, at fair value			1						—						(1)						1
Derivatives			29						(33)						48						(70)
Mortgage loans			(1)						1						(1)						(3)
Other			(10)						7						(13)						12
Net gains (losses)			$	(56)					$	(50)					$	(107)					$	(69)

Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Proceeds on sales			$	1,125					$	797					$	2,125					$	1,967
Gross gains			4						9						22						24
Gross losses			17						5						34						32

3.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

Interest rate swaps: The Company uses interest rate swaps primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures through regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

embedded derivatives. These derivatives are generally considered total return swaps with contractual returns attributable to various assets and liabilities associated with these reinsurance agreements.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of June 30, 2026 and December 31, 2025.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

			June 30, 2026																		December 31, 2025
			Notional Amount						Asset Fair Value						Liability Fair Value						Notional Amount						Asset Fair Value						Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)			$	—					$	—					$	—					$	—					$	—					$	—
Foreign exchange contracts			22						—						—						22						—						—
Cash flow hedges:
Interest rate contracts			10						—						—						10						—						—
Foreign exchange contracts			452						8						13						422						7						16
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts			13,541						142						191						12,031						147						215
Foreign exchange contracts			19						1						—						40						—						1
Credit contracts			59						—						—						61						—						—
Embedded derivatives and Managed custody guarantees ("MCGs"):
Within fixed maturity investments(4)			N/A						—						3						N/A						1						—
Within reinsurance agreements(5)			N/A						15						—						N/A						23						—
MCGs(6)			N/A						—						1						N/A						—						—
Stabilizer(6)			N/A						—						7						N/A						—						5
Total									$	166					$	215											$	178					$	237

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.

(2) Total carrying amount of the hedged assets and liabilities was $202 and $213 as of June 30, 2026 and December 31, 2025, respectively.

(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $1 and $2 as of June 30, 2026 and December 31, 2025, respectively, all of which is related to hedging adjustments on discontinued hedging relationships.

(4) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

(5) Included in Other assets on the Condensed Consolidated Balance Sheets.

(6) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not applicable

See Note 4, Fair Value Measurements to these Condensed Consolidated Financial Statements for additional information on derivative asset and liability fair values.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:

			Gross Amount Recognized						Counterparty Netting(1)						Cash Collateral Netting(1)						Securities Collateral Netting(1)						Net Receivables/ Payables
June 30, 2026
Derivative assets			$	151					$	(145)					$	(4)					$	(1)					$	1
Derivative liabilities			204						(145)						(47)						(8)						4
December 31, 2025
Derivative assets			154						(149)						(4)						—						1
Derivative liabilities			232						(149)						(71)						(11)						1

(1) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

As of June 30, 2026, the Company held $5 and pledged $47 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2025, the Company held $6 and delivered $71 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2026, the Company delivered $199 of securities and held $3 securities as collateral. As of December 31, 2025, the Company delivered $174 of securities and held no securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:

			2026												2025
			Interest Rate Contracts						Foreign Exchange Contracts						Interest Rate Contracts						Foreign Exchange Contracts
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (loss)			Net investment income						Net investment income and Net gains (losses)						Net investment income						Net investment income and Net gains (losses)
Three Months Ended June 30,
Amount of Gain (Loss) Recognized in Other Comprehensive Income (loss)(1)			$	—					$	(5)					$	—					$	(34)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (loss)			—						2						—						1
Six Months Ended June 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (loss)			$	—					$	4					$	—					$	(47)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (loss)(1)			—						3						—						2

(1) See Note 9, Accumulated Other Comprehensive Income (Loss) to these Condensed Consolidated Financial Statements for additional information.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:

			2026												2025
			Net investment income						Net gains (losses)						Net investment income						Net gains (losses)
Three Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded			$	407					$	(56)					$	434					$	(50)
Fair value hedges:
Interest rate contracts:
Hedged items			—						2						—						—
Derivatives designated as hedging instruments			—						(2)						—						—
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) into income			2						—						1						—
Six Months Ended June 30,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded			$	840					$	(107)					$	847					$	(69)
Fair value hedges:
Interest rate contracts:
Hedged items			—						1						—						—
Derivatives designated as hedging instruments			—						(1)						—						—
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from Accumulated other comprehensive income (Loss) into income			3						—						2						—

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The location and effect of derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:

			Location of Gain (Loss) Recognized on Derivative						Three Months Ended June 30,												Six Months Ended June 30,
									2026						2025						2026						2025
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts			Net gains (losses)						$	31					$	(26)					$	48					$	(64)
Foreign exchange contracts			Net gains (losses)						—						(6)						1						(5)
Credit contracts			Net gains (losses)						—						(1)						—						(1)
Embedded derivatives and MCGs:
Within fixed maturity investments			Net gains (losses)						(3)						2						(4)						6
Within reinsurance agreements			Net gains (losses)						6						4						(8)						16
MCGs			Net gains (losses)						(1)						2						(1)						1
Stabilizer			Net gains (losses)						—						1						(2)						5
Total									$	33					$	(24)					$	34					$	(42)

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

4.    Fair Value Measurements

Fair Value Measurement

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2026:

			Level 1						Level 2						Level 3						Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries			$	412					$	115					$	—					$	527
U.S. Government agencies and authorities			—						28						—						28
State, municipalities and political subdivisions			—						318						—						318
U.S. corporate public securities			—						6,152						61						6,213
U.S. corporate private securities			—						2,164						2,258						4,422
Foreign corporate public securities and foreign governments(1)			—						2,100						61						2,161
Foreign corporate private securities(1)			—						1,412						766						2,178
Residential mortgage-backed securities			—						3,049						53						3,102
Commercial mortgage-backed securities			—						1,649						—						1,649
Other asset-backed securities			—						1,644						277						1,921
Total fixed maturities, including securities pledged			412						18,631						3,476						22,519
Equity securities			20						—						45						65
Derivatives:
Interest rate contracts			1						141						—						142
Foreign exchange contracts			—						9						—						9
Embedded derivatives within reinsurance			—						15						—						15
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			1,081						—						—						1,081
Assets held in separate accounts			110,230						5,390						446						116,066
Total assets			$	111,744					$	24,186					$	3,967					$	139,897
Liabilities:
Stabilizer and MCGs			$	—					$	—					$	8					$	8
Derivatives:
Interest rate contracts			1						190						—						191
Foreign exchange contracts			—						13						—						13
Total liabilities			$	1					$	203					$	8					$	212

(1) Primarily U.S. dollar denominated.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:

			Level 1						Level 2						Level 3						Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries			$	344					$	126					$	—					$	470
U.S. Government agencies and authorities			—						28						—						28
State, municipalities and political subdivisions			—						359						—						359
U.S. corporate public securities			—						5,950						62						6,012
U.S. corporate private securities			—						2,772						1,701						4,473
Foreign corporate public securities and foreign governments(1)			—						2,109						48						2,157
Foreign corporate private securities(1)			—						1,755						493						2,248
Residential mortgage-backed securities			—						3,176						61						3,237
Commercial mortgage-backed securities			—						1,879						—						1,879
Other asset-backed securities			—						1,735						240						1,975
Total fixed maturities, including securities pledged			344						19,889						2,605						22,838
Equity securities			21						—						51						72
Derivatives:
Interest rate contracts			1						146						—						147
Foreign exchange contracts			—						7						—						7
Embedded derivatives within reinsurance			—						23						—						23
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			1,144						5						—						1,149
Assets held in separate accounts			103,956						5,428						388						109,772
Total assets			$	105,466					$	25,498					$	3,044					$	134,008
Liabilities:
Stabilizer and MCGs			$	—					$	—					$	5					$	5
Derivatives:
Interest rate contracts			—						215						—						215
Foreign exchange contracts			—						17						—						17
Total liabilities			$	—					$	232					$	5					$	237

(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the

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Table of Contents

Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond.

Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third-party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. See Note 3, Derivative Financial Instruments to these Condensed Consolidated Financial Statements for more information.

Stabilizer and MCGs: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

Embedded derivatives within reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld receivable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Significant Unobservable Inputs

The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

			Three Months Ended June 30, 2026
			Fair Value as of April 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of June 30						Change In Unrealized Gains (Losses) Included in Earnings(3)						Change in Unrealized Gains (Losses) Included in OCI(3)
									Net income (loss)						OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities			$	61					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	61					$	—					$	—
U.S. Corporate private securities			1,893						—						1						322						—						(30)						(83)						184						(29)						2,258						—						2
Foreign corporate public securities and foreign governments(1)			47						—						—						—						—						—						—						14						—						61						—						—
Foreign corporate private securities(1)			586						1						(5)						128						—						—						(44)						100						—						766						—						(5)
Residential mortgage-backed securities			67						(2)						—						—						—						—						—						—						(12)						53						(3)						—
Other asset-backed securities			258						(1)						8						29						—						—						(8)						—						(9)						277						—						8
Total fixed maturities, including securities pledged			2,912						(2)						4						479						—						(30)						(135)						298						(50)						3,476						(3)						5
Equity securities, at fair value			44						1						—						—						—						—						—						—						—						45						1						—
Stabilizers and MCGs(2)			(7)						—						—						—						(1)						—						—						—						—						(8)						—						—
Assets held in separate accounts(4)			426						(1)						—						34						—						(18)						—						12						(7)						446						—						—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			Six Months Ended June 30, 2026
			Fair Value as of January 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of June 30						Change in Unrealized Gains (Losses) Included in Earnings(3)						Change in Unrealized Gains (Losses) Included in OCI(3)
									Net income (loss)						OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities			$	62					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	61					$	—					$	(1)
U.S. Corporate private securities			1,701						(2)						(24)						557						—						(57)						(160)						291						(48)						2,258						—						(22)
Foreign corporate public securities and foreign governments(1)			48						—						(2)						—						—						—						—						15						—						61						—						(1)
Foreign corporate private securities(1)			493						—						(13)						229						—						—						(45)						102						—						766						—						(12)
Residential mortgage-backed securities			61						(4)						—						—						—						—						—						—						(4)						53						(4)						—
Other asset-backed securities			240						(1)						8						95						—						(1)						(17)						—						(47)						277						—						8
Total fixed maturities, including securities pledged			2,605						(7)						(32)						881						—						(58)						(222)						408						(99)						3,476						(4)						(28)
Equity securities, at fair value			51						1						—						—						—						(7)						—						—						—						45						1						—
Stabilizer and MCGs(2)			(5)						(2)						—						—						(1)						—						—						—						—						(8)						—						—
Assets held in separate accounts(4)			388						(5)						—						72						—						(25)						—						24						(8)						446						—						—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			Three Months Ended June 30, 2025
			Fair Value as of April 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of June 30						Change In Unrealized Gains (Losses) Included in Earnings(3)						Change in Unrealized Gains (Losses) Included in OCI(3)
									Net income (loss)						OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities			$	38					$	—					$	1					$	—					$	—					$	—					$	—					$	—					$	—					$	39					$	—					$	—
U.S. Corporate private securities			1,316						2						14						90						—						(23)						(82)						—						—						1,317						—						10
Foreign corporate public securities and foreign governments(1)			48						—												—						—						—						—						—						—						48						—						—
Foreign corporate private securities(1)			472						(27)						17						54						—						—						(12)						—						—						504						1						17
Residential mortgage-backed securities			61						—						—						23						—						—						—						—						—						84						—						—
Other asset-backed securities			14						—						—						55						—						—						(1)						—						—						68						—						—
Total fixed maturities, including securities pledged			1,949						(25)						32						222						—						(23)						(95)						—						—						2,060						1						27
Equity securities, at fair value			64						—						—						—						—						(13)						—						—						—						51						—						—
Stabilizer and MCGs(2)			(16)						4						—						—						(1)						—						—						—						—						(13)						—						—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement			20						—						1						—						—						—						—						—						—						21						—						1
Assets held in separate accounts(4)			338						2						—						13						—						(3)						—						—						(3)						347						—						—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			Six Months Ended June 30, 2025
			Fair Value as of January 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of June 30						Change in Unrealized Gains (Losses) Included in Earnings(3)						Change in Unrealized Gains (Losses) Included in OCI(3)
									Net income (loss)						OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities			$	47					$	(1)					$	2					$	1					$	—					$	(10)					$	—					$	—					$	—					$	39					$	—					$	1
U.S. Corporate private securities			1,171						1						29						240						—						(20)						(104)						—						—						1,317						—						28
Foreign corporate public securities and foreign governments(1)			48						—						(1)						1						—						—						—						—						—						48						—						(1)
Foreign corporate private securities(1)			341						(42)						41						178						—						—						(14)						—						—						504						(14)						41
Residential mortgage-backed securities			54						(2)						—						39						—						—						—						—						(7)						84						(2)						—
Other asset-backed securities			14						—						—						57						—						—						(3)						—						—						68						—						—
Total fixed maturities, including securities pledged			1,675						(44)						71						516						—						(30)						(121)						—						(7)						2,060						(16)						69
Equity securities, at fair value			56						2						—						6						—						(13)						—						—						—						51						2						—
Stabilizer and MCGs(2)			(19)						7						—						—						(1)						—						—						—						—						(13)						—						—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			19						—						2						—						—						—						—						—						—						21						—						2
Assets held in separate accounts(4)			340						6						—						21						—						(17)						—						—						(3)						347						—						—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

For the three and six months ended June 30, 2026 and 2025, the transfers in and out of Level 3 for fixed maturities and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:

			June 30, 2026												December 31, 2025
			Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Fixed maturities, including securities pledged			$	22,519					$	22,519					$	22,838					$	22,838
Equity securities			65						65						72						72
Mortgage loans on real estate			4,478						4,375						4,602						4,534
Policy loans			153						153						157						157
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements			1,081						1,081						1,149						1,149
Derivatives			151						151						154						154
Short-term loan to affiliate(1)			351						351						569						569
Embedded derivatives within reinsurance			15						15						23						23
Other investments			56						56						61						61
Assets held in separate accounts			116,066						116,066						109,772						109,772
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(2)			$	28,541					$	31,296					$	29,002					$	32,344
Funding agreements with fixed maturities			1,674						1,683						1,573						1,591
Supplementary contracts and immediate annuities			178						172						177						167
Stabilizer and MCGs			8						8						5						5
Derivatives			204						204						232						232
Short-term debt(3)			57						57						42						42
(1) Included in Other assets on the Condensed Consolidated Balance Sheets.
(2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(3) Included in Other liabilities on the Condensed Consolidated Balance Sheets.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:

Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2
Short-term loan to affiliate			Level 2
Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt			Level 2

5.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:

			DAC						VOBA
			Deferred and Individual Annuities
Balance as of January 1, 2025			$	600					$	298
Additions related to business acquisitions			—						390
Deferrals of commissions and expenses			56						4
Amortization expense			(46)						(55)
Balance as of December 31, 2025			$	610					$	637
Deferrals of commissions and expenses			28						2
Amortization expense			(23)						(27)
Balance as of June 30, 2026			$	615					$	612

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated:

			June 30, 2026						December 31, 2025
DAC:
Deferred and Individual Annuities			$	615					$	610
Other			10						10
VOBA			612						637
Total			$	1,237					$	1,257

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

6.     Reserves for Contract Owner Account Balances

The following table presents a rollforward of Contract owner account balances for the periods indicated:

			Deferred Group and Individual Annuity
			June 30, 2026						December 31, 2025
Balance at January 1			$	28,034					$	25,031
Additions related to business acquisitions			—						3,458
Deposits			1,443						2,973
Fee income			(37)						(62)
Surrenders, withdrawals and benefits			(2,535)						(4,842)
Net transfers (from) to the general account(1)			375						687
Interest credited			387						789
Ending Balance			$	27,667					$	28,034

Weighted-average crediting rate			2.8		%				2.8		%
Net amount at risk(2)			$	55					$	58
Cash surrender value			$	27,311					$	27,683

(1) Net transfers (from) to the general account includes transfers of $(372) and $(884) for 2026 and 2025, respectively, related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

(2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets for the periods indicated:

			June 30, 2026						December 31, 2025
Deferred group and individual annuity (Contract owner account balances)			$	27,667					$	28,034
Non-putable funding agreements			1,674						1,573
Other (Future policy benefits and Contract owner account balances)(1)			3,433						3,637
Ending balance			$	32,774					$	33,244

(1) Primarily consists of reinsured business and other retirement contracts.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the contract owner account balances by range of guaranteed minimum crediting rates and the range of differences between the interest rate credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):

			Account Value(1)
			Excess of crediting rate over GMIR
			At GMIR						Up to 0.50% Above GMIR						0.51% - 1.00% Above GMIR						1.01% - 1.50% Above GMIR						1.51% - 2.00% Above GMIR						More than 2.00% Above GMIR						Total
As of June 30, 2026
Up to 1.00%			$	70					$	3,521					$	3,704					$	1,728					$	2,157					$	2,896					$	14,076
1.01% - 2.00%			110						52						38						4						—						—						204
2.01% - 3.00%			5,810						144						26						—						6						—						5,986
3.01% - 4.00%			7,484						—						—						—						—						—						7,484
4.01% and Above			3						—						—						—						—						—						3
Renewable beyond 12 months (MYGA)(2)			313						—						—						—						2						—						315
Total discretionary rate setting products			$	13,790					$	3,717					$	3,768					$	1,732					$	2,165					$	2,896					$	28,068

As of December 31, 2025
Up to 1.00%			$	57					$	3,711					$	3,842					$	2,015					$	2,142					$	2,338					$	14,105
1.01% - 2.00%			116						53						41						3						—						1						214
2.01% - 3.00%			5,877						179						16						23						—						—						6,095
3.01% - 4.00%			7,737						—						—						—						—						—						7,737
4.01% and Above			4						—						—						—						—						—						4
Renewable beyond 12 months (MYGA)(2)			316						—						—						—						2						—						318
Total discretionary rate setting products			$	14,107					$	3,943					$	3,899					$	2,041					$	2,144					$	2,339					$	28,473

(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.

7. Reinsurance

As of June 30, 2026, the Company has reinsurance treaties with three unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:

			Direct						Assumed						Ceded						Total, Net of Reinsurance
June 30, 2026
Assets
Premium receivable			$	1					$	—					$	(4)					$	(3)
Reinsurance recoverable, net of allowance for credit losses			—						—						2,308						2,308
Total			$	1					$	—					$	2,304					$	2,305
Liabilities
Future policy benefits and contract owner account balances			$	29,813					$	2,961					$	—					$	32,774
Total			$	29,813					$	2,961					$	—					$	32,774
December 31, 2025
Assets
Premium receivable			$	1					$	—					$	(1)					$	—
Reinsurance recoverable, net of allowance for credit losses			—						—						2,421						2,421
Total			$	1					$	—					$	2,420					$	2,421
Liabilities
Future policy benefits and contract owner account balances			$	30,017					$	3,227					$	—					$	33,244
Total			$	30,017					$	3,227					$	—					$	33,244

Information regarding the effect of reinsurance in the Condensed Consolidated Statements of Operations is as follows for the periods indicated:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Fee income:
Direct fee income			$	331					$	296					$	654					$	590
Reinsurance assumed			21						21						41						43
Reinsurance ceded			(3)						—						(6)						—
Net fee income			$	349					$	317					$	689					$	633
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders			$	211					$	200					$	453					$	412
Reinsurance assumed			17						24						27						48
Reinsurance ceded			(16)						(15)						(43)						(44)
Net interest credited and other benefits to contract owners / policyholders			$	212					$	209					$	437					$	416

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of June 30, 2026 and December 31, 2025, the Company had a deposit asset net of the allowance for credit losses of $0.7 billion and $0.8 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of June 30, 2026 and December 31, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

8.    Separate Accounts

The following tables present a rollforward of separate account liabilities for the stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated:

			June 30, 2026												December 31, 2025
			Stabilizer(1)			Deferred Annuity			Total						Stabilizer(1)			Deferred Annuity			Total
Balance at January 1			$	7,159		$	100,211		$	107,370					$	6,901		$	89,837		$	96,738
Premiums and deposits			908			5,556			6,464						963			10,745			11,708
Fee income			(15)			(263)			(278)						(31)			(501)			(532)
Surrenders, withdrawals and benefits			(680)			(7,512)			(8,192)						(1,205)			(12,462)			(13,667)
Net transfers (from) to separate accounts			—			(747)			(747)						—			(1,571)			(1,571)
Investment performance			67			9,170			9,237						531			14,163			14,694
Balance at end of period			$	7,439		$	106,415		$	113,854					$	7,159		$	100,211		$	107,370

Reconciliation to Condensed Consolidated Balance Sheets:

Other variable products liabilities			2,212												2,402
Total Separate Account liabilities			$	116,066											$	109,772

(1) Stabilizer products allow the contract holder to select either the market value of the account or the book value of the account at termination.

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for deferred annuity products was $106,396 and $100,190 as of June 30, 2026 and December 31, 2025, respectively.

The aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows as of the periods indicated:

			June 30, 2026						December 31, 2025
U.S. Treasury securities and obligations of U.S. government, corporations and agencies			$	994					$	909
Corporate and foreign debt securities			2,818						2,635
Mortgage-backed securities			2,987						2,928
Equity securities (including mutual funds)			108,382						102,097
Cash, cash equivalents, and short-term investments			741						734
Receivable for securities and accruals			144						469
Total			$	116,066					$	109,772

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

9.    Accumulated Other Comprehensive Income (Loss)

Shareholder's equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:

			June 30, 2026						June 30, 2025
Fixed maturities, net of impairment			$	(1,500)					$	(1,584)
Derivatives(1)			4						3
Change in current discount rate			(269)						(292)
Deferred income tax asset(2)			499						522
Total			(1,266)						(1,351)
Pension and other postretirement benefits liability, net of tax			1						1
AOCI			$	(1,265)					$	(1,350)

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2026, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $0.

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of

Operations, were as follows for the periods indicated:

			Three Months Ended June 30, 2026
			Before-Tax Amount						Income Tax						After-Tax Amount
Available-for-sale securities:
Fixed maturities			$	84					$	(17)					$	67
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations			25						(5)						20
Change in unrealized gains (losses) on available-for-sale securities			109						(22)						87
Derivatives:
Derivatives			(5)						1						(4)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations			(1)						—						(1)
Change in unrealized gains (losses) on derivatives			(6)						1						(5)
Change in current discount rate			7						(2)						5
Change in AOCI			$	110					$	(23)					$	87

			Six Months Ended June 30, 2026
			Before-Tax Amount						Income Tax						After-Tax Amount
Available-for-sale securities:
Fixed maturities			$	(205)					$	44					$	(161)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations			24						(5)						19
Change in unrealized gains (losses) on available-for-sale securities			(181)						39						(142)
Derivatives:
Derivatives			4						(1)						3
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations			(2)						—						(2)
Change in unrealized gains (losses) on derivatives			2						(1)						1
Change in current discount rate			13						(3)						10
Change in AOCI			$	(166)					$	35					$	(131)

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

			Three Months Ended June 30, 2025
			Before-Tax Amount						Income Tax						After-Tax Amount
Available-for-sale securities:
Fixed maturities			$	143					$	(30)					$	113
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations			(1)						1						—
Change in unrealized gains (losses) on available-for-sale securities			142						(29)						113
Derivatives:
Derivatives			(34)						7						(27)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations			(2)						—						(2)
Change in unrealized gains (losses) on derivatives			(36)						7						(29)
Change in current discount rate			9						(2)						7
Change in AOCI			$	115					$	(24)					$	91

			Six Months Ended June 30, 2025
			Before-Tax Amount						Income Tax						After-Tax Amount
Available-for-sale securities:
Fixed maturities			$	386					$	(81)					$	305
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations			26						(5)						21
Change in unrealized gains (losses) on available-for-sale securities			412						(86)						326
Derivatives:
Derivatives			(47)						10						(37)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations			(6)						1						(5)
Change in unrealized gains (losses) on derivatives			(53)						11						(42)
Change in current discount rate			13						(3)						10
Change in AOCI			$	372					$	(78)					$	294

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

10.    Revenue from Contracts with Customers

Financial services revenue is disaggregated by type of service in the following table:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Advisory and recordkeeping and administration			$	166					$	153					$	331					$	304
Distribution and shareholder servicing			14						18						27						36
Total financial services revenue			180						171						358						340
Revenue from other sources(1)			195						165						377						332
Total Fee income and Other revenue			$	375					$	336					$	735					$	672

(1) Primarily consists of revenue from insurance contracts and financial instruments.

Receivables of $109 and $96 are included in Other assets on the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.

11.    Income Taxes

The Company's effective tax rates for the three and six months ended June 30, 2026 were 10.9% and 11.5%, respectively. The Company's effective tax rates for the three and six months ended June 30, 2025 were 12.7% and 13.0%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction and tax credits.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of June 30, 2026, the Company had net unrealized capital losses on investments of $1.5 billion in AOCI. The Company expects this DTA to be utilized by its hold-to-maturity tax planning strategy. Additionally, income before income taxes remained positive for the period. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs and did not establish a valuation allowance.

Tax Sharing Agreement

The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Tax Regulatory Matters

For the tax years 2024 through 2026, Voya Financial participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2024 through 2026 tax years,

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Voya Financial is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

During 2026, the IRS concluded its review of Voya Financial's 2024 tax return and issued a closing letter accepting the return as filed.

Voya Financial filed amended federal income tax returns for tax years 2012 through 2018 to claim a foreign tax credit instead of utilizing a foreign tax deduction. Voya Financial does not anticipate an adjustment to its claim as filed. The audit of the claim is ongoing.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While Voya Financial does not expect to be subject to the CAMT for 2026, Voya Financial continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.

12.    Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2031, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company incurred $1 interest expense for the three and six months ended June 30, 2026 and June 30, 2025. The Company earned $3 and $9 of interest income for the three and six months ended June 30, 2026, respectively, and $7 and $12 of interest income for the three and six months ended June 30, 2025, respectively. Interest expense and income are included in Interest expense and Net investment income, respectively, in the Condensed Consolidated Statements of Operations.

As of June 30, 2026, VRIAC had a $351 outstanding receivable and VIPS had a $57 outstanding payable. As of December 31, 2025, VRIAC had an outstanding receivable of $569 and VIPS had an outstanding payable of $42 under the reciprocal loan agreement. The outstanding receivable and payable are included in Other assets and Other liabilities, respectively, in the Condensed Consolidated Balance Sheets.

13.    Commitments and Contingencies

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of June 30, 2026, the Company had off-balance sheet commitments to acquire mortgage loans of $122 and purchase limited partnerships and private placement investments of $1,801.

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit ("LOC") and derivative transactions as described further in this note.

The components of the fair value of the restricted assets were as follows as of the dates indicated:

			June 30, 2026						December 31, 2025
Fixed maturity collateral pledged to FHLB(1)			$	1,675					$	1,663
FHLB restricted stock(2)			56						52
Fixed maturities-state and other deposits			8						8
Securities pledged(3)			937						845
Total restricted assets			$	2,676					$	2,568

(1) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

(2) Included in Other investments on the Condensed Consolidated Balance Sheets.

(3) Includes the fair value of loaned securities of $635 and $565 as of June 30, 2026 and December 31, 2025, respectively. In addition, as of June 30, 2026 and December 31, 2025, the Company delivered securities as collateral of $199 and $174, respectively, and repurchase agreements of $103 and $106, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding

The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of June 30, 2026 and December 31, 2025, the Company had liabilities associated with funding agreements issued to the FHLB of $1,272 and $1,172, respectively, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. Assets pledged to the FHLB are reflected in the table above.

Funding Agreement-Backed Notes Program

The Company participates in a Funding Agreement-Backed Notes program, pursuant to which the Company may issue funding agreements to a Delaware special purpose statutory trust (the "Trust") in exchange for proceeds from the Trust’s medium-term note issuances. As of June 30, 2026 and December 31, 2025, the Company had liabilities associated with the funding agreement outstanding under the program of $402 and $400, respectively, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

Litigation, Regulatory Matters and Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry.

While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large, and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other

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Voya Retirement Insurance and Annuity Company

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of June 30, 2026, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss.

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. On December 10, 2025, the plaintiffs filed an amended complaint. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

14.    Related Party Transactions

The Company has various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include, but are not limited to, administrative, management, financial and information technology services, asset management and distribution services. Management and service contracts and all cost sharing arrangements with affiliated companies are allocated in accordance with the Company's expense and cost allocation methods. Revenues and expenses recorded as a result of transactions and agreements with affiliates may not be the same as those incurred if the Company was not a wholly owned subsidiary of its Parent.

For the three and six months ended June 30, 2026, revenues received from affiliates related to these agreements were $36 and $70, respectively. For the three and six months ended June 30, 2025, revenues with affiliated entities related to these agreements were $36 and $57, respectively.

For the three and six months ended June 30, 2026, expenses with affiliated entities related to the aforementioned operating agreements were $152 and $304, respectively. For the three and six months ended June 30, 2025, expenses with affiliated entities related to the aforementioned operating agreements were $146 and $286, respectively.

See Note 12, Financing Agreements to these Condensed Consolidated Financial Statements for information on related party receivables and payables.

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Item 2.    Management’s Narrative Analysis of the Results of Operations and Financial Condition

For the purposes of this discussion, the terms "VRIAC", "the Company", "we", "our", and "us" refer to Voya Retirement Insurance and Annuity Company and its subsidiaries. We are a direct, wholly owned subsidiary of Voya Holdings Inc., which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial" or "Parent").

The following discussion and analysis presents a review of our condensed consolidated results of operations for the three and six months ended June 30, 2026 and 2025 and financial condition as of June 30, 2026 and December 31, 2025. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I, Item 1. of this Quarterly Report on Form 10-Q, as well as "Management's Narrative Analysis of the Results of Operations and Financial Condition" section contained in our Annual Report on Form 10-K.

In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Concerning Forward-Looking Statements.

Overview

VRIAC is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

Business Update

On January 2, 2025, our ultimate parent, Voya Financial, acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement through which we will administer group annuity contracts on behalf of American United Life Insurance Company, an affiliate of OneAmerica Financial. As a result of the application of pushdown accounting associated with the acquisition, we recognized Additional paid-in capital of $175 million in the first quarter of 2025.

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Results of Operations

The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:

($ in millions)			Three Months Ended June 30,																					Six Months Ended June 30,
			2026						2025						Change															2026						2025						Change
Revenues:
Net investment income			$	407					$	434					$	(27)														$	840					$	847					$	(7)
Fee income			349						317						32															689						633						56
Premiums			(5)						(4)						(1)															(3)						(5)						2
Net gains (losses)			(56)						(50)						(6)															(107)						(69)						(38)
Other revenue			26						19						7															46						39						7
Total revenues			721						716						5															1,465						1,445						20
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders			212						209						3															437						416						21
Operating expenses			345						323						22															681						646						35
Net amortization of DAC and VOBA			25						26						(1)															50						51						(1)
Interest expense			1						—						1															1						1						—
Total benefits and expenses			583						558						25															1,169						1,114						55
Income (loss) before income taxes			138						158						(20)															296						331						(35)
Income tax expense (benefit)			15						20						(5)															34						43						(9)
Net income (loss)			$	123					$	138					$	(15)														$	262					$	288					$	(26)

Three Months Ended June 30, 2026 compared to Three Months Ended June 30, 2025

Total revenues

Total revenues increased $5 million from $716 million to $721 million. The following items contributed to the overall increase.

Net investment income decreased $27 million from $434 million to $407 million primarily due to:

•overall market impacts to limited partnership valuations.

The decrease was partially offset by:

•higher investment income on fixed maturity securities primarily due to prepayments and actions to improve the portfolio yield.

Fee income increased $32 million from $317 million to $349 million primarily due to:

•higher average equity markets; and

•business growth.

Total benefits and expenses

Total benefits and expenses increased $25 million from $558 million to $583 million. The following items contributed to the overall increase.

Operating expenses increased $22 million from $323 million to $345 million primarily due to:

•higher expenses driven by investments and business growth.

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The decrease was partially offset by:

•disciplined management of spend.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Total revenues

Total revenues increased $20 million from $1,445 million to $1,465 million. The following items contributed to the overall increase.

Fee income increased $56 million from $633 million to $689 million primarily due to:

•higher average equity markets.

Net gains (losses) worsened $38 million from a loss of $69 million to a loss of $107 million primarily due to:

•an unfavorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements.

This was partially offset by:

•net favorable changes in derivative valuations due to interest rate movements.

Total benefits and expenses

Total benefits and expenses increased $55 million from $1,114 million to $1,169 million. The following items contributed to the overall increase.

Interest credited and other benefits to contract owners/policyholders increased $21 million from $416 million to $437 million primarily due to:

•an unfavorable change in market risk benefits driven by equity market performance and interest rate movements.

Operating expenses increased $35 million from $646 million to $681 million primarily due to:

•higher expenses driven by investments and business growth.

This was partially offset by:

•disciplined management of spend.

Liquidity and Capital Resources

Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows on investments and products, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

The following discussion presents an analysis of our sources and uses of liquidity and capital and should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements discussion included further below.

Liquidity Management

Our principal available sources of liquidity are product charges, investment income, proceeds from the maturity and sale of investments, proceeds from various borrowing channels and facilities, repurchase agreements, contract deposits, securities

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lending and capital contributions. Primary uses of these funds are payments of policyholder benefits, commissions and operating expenses, interest credits, investment purchases and contract maturities, withdrawals and surrenders and payment of dividends.

Our liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents and short-term investments. As part of the liquidity management process, different scenarios are modeled to determine whether existing assets are adequate to meet projected cash flows. Key variables in the modeling process include interest rates, equity market movements, quantity and type of interest and equity market hedges, anticipated contract owner behavior, market value of the general account assets, variable separate account performance and implications of rating agency actions.

The fixed account liabilities are supported by a general account portfolio, principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the fixed account considers the assets available-for-sale. This strategy enables us to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook and other relevant factors. The objective of portfolio management is to maximize returns, taking into account interest rate and credit risk, as well as other risks. Our asset-liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, we use derivative instruments to manage these risks. Our derivative counterparties are of high credit quality.

Additional Sources of Liquidity

Additional sources of liquidity include borrowing facilities to meet short-term cash requirements that arise in the ordinary course of business. For information regarding our reciprocal loan agreement with Voya Financial, see Note 12, Financing Agreements in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

We hold approximately 40.9% of our assets in marketable securities. These assets include cash, U.S. Treasuries, agencies, corporate bonds, ABS, CMBS and collateralized mortgage obligations ("CMO") and equity securities. In the event of a temporary liquidity need, cash may be raised by entering into repurchase agreements or security lending agreements by temporarily lending securities and receiving cash collateral. Under our Liquidity Plan, up to 12% of our general account statutory invested assets may be allocated to repurchase and securities lending programs. At the time a temporary cash need arises, the actual percentage of statutory invested assets available for repurchase transactions will depend upon outstanding allocations to these programs. As of June 30, 2026, VRIAC had securities lending collateral assets of $602 million, which represents approximately 1.9% of its general account statutory invested assets. Management believes that our sources of liquidity are adequate to meet our short-term cash obligations.

Capital Contributions and Dividends

During the six months ended June 30, 2026, VRIAC received $3 million capital contributions from its Parent. During the six months ended June 30, 2025, VRIAC recognized $175 million in Additional paid-in capital as a result of the application of pushdown accounting associated with the Company's ultimate parent, Voya Financial, acquisition of OneAmerica Financial's full-service retirement plan business. During the six months ended June 30, 2026 and 2025, VRIAC paid ordinary dividends to its Parent of $373 million and $394 million, respectively.

Ratings

Our access to funding and our related cost of borrowing, collateral requirements for derivative instruments and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Credit ratings are also important to our ability to raise liquidity through various borrowing channels and facilities, and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our Parent or rated affiliates could have a material adverse effect on our results of operations and financial condition. See A downgrade or a potential downgrade in our financial strength or credit ratings may result in a loss of business and adversely affect our results of operations and financial condition in Risk Factors in Part I, Item 1A. of our Annual Report on Form 10-K.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's

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ability to repay its indebtedness. These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Rating agencies use an "outlook" statement for both industry sectors and individual companies. A stable outlook from rating agencies is an opinion generally indicating that the rating is not likely to change over the medium term.

Our financial strength rating as of the date of this Quarterly Report on Form 10-Q are summarized in the following table.

Rating Agency

Fitch, Inc.

Moody's Investors Service, Inc.

Standard & Poor's

Company

("Fitch")(1)

("Moody's")(2)

("S&P")(3)

Voya Retirement Insurance and Annuity Company

Financial Strength Rating

A+/stable

A2/stable

A+/stable

(1) Fitch's financial strength rating for insurance companies ranges from "AAA (exceptionally strong)" to "C (distressed)." Long-term credit ratings range from "AAA (highest credit quality)," which denotes exceptionally strong capacity for timely payment of financial commitments, to "D (default)."

(2) Moody’s financial strength ratings for insurance companies range from "Aaa (exceptional)" to "C (lowest)." Numeric modifiers are used to refer to the ranking within the group with 1 being the highest and 3 being the lowest. These modifiers are used to indicate relative strength within a category. Long-term credit ratings range from "Aaa (highest)" to "C (default)."

(3) S&P's financial strength ratings for insurance companies range from "AAA (extremely strong)" to "D (default)." Long-term credit ratings range from "AAA (extremely strong)" to "D (default)."

In December 2025, Moody’s confirmed its outlook for the U.S. life insurance sector as stable and Fitch confirmed its neutral outlook for the North American life insurance sector.

Off-Balance Sheet Arrangements

Off-balance sheet arrangements are mostly related to commitments to either purchase or sell securities, mortgage loans or money market instruments, at a specified future date and at a specified price or yield. In addition, off-balance sheet arrangements include obligations to return non-cash collateral under our securities lending program. Non-cash collateral received in connection with the securities lending program may not be sold or re-pledged by our lending agent, except in the event of default. For information regarding off-balance sheet arrangements, see Note 2, Investments and Note 13, Commitments and Contingencies in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Critical Accounting Judgments and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an ongoing basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. While these estimates are based on management’s judgment and current information, actual results may differ, and such differences may require future accounting adjustments to reflect changes in these estimates and assumptions, which could be material to the accompanying Condensed Consolidated Financial Statements.

In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe that the amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

For further information, refer to the critical accounting estimates described in Note 1, Business, Basis of Presentation and Significant Accounting Policies in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K.

As of June 30, 2026, there have been no material changes to the disclosures made in Critical Accounting Judgments and Estimates in Part II, Item 7. of our Annual Report on Form 10-K.

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Income Taxes

In August 2022, the Inflation Reduction Act of 2022 was signed into law, which includes a 15% corporate alternative minimum tax ("CAMT"). The CAMT is effective in taxable years beginning after December 31, 2022. In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While we do not expect to be subject to the CAMT for 2026, we are continuing to review the proposed regulations, and our CAMT determination will need to be evaluated in light of future guidance.

See Note 11, Income Taxes to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on income taxes.

Investments

See Note 2, Investments to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on investments. Additionally, see the Condensed Consolidated Balance Sheets to our Condensed Consolidated Financial Statements Part I, Item 1. of this Quarterly Report on Form 10-Q for a composition of our investment portfolio.

Fixed Maturities Credit Quality - Ratings

The following tables present credit quality of fixed maturities, including securities pledged, using NAIC designations as of the dates indicated:

($ in millions)						June 30, 2026
NAIC Quality Designation						1						2						3						4						5						6						Total Fair Value
U.S. Treasuries						$	527					$	—					$	—					$	—					$	—					$	—					$	527
U.S. Government agencies and authorities						28						—						—						—						—						—						28
State, municipalities and political subdivisions						299						17						2						—						—						—						318
U.S. corporate public securities						2,056						3,960						186						11						—						—						6,213
U.S. corporate private securities						1,857						2,314						208						31						12						—						4,422
Foreign corporate public securities and foreign governments(1)						676						1,357						122						1						5						—						2,161
Foreign corporate private securities(1)						472						1,607						70						25						4						—						2,178
Residential mortgage-backed securities						3,065						26						2						2						6						1						3,102
Commercial mortgage-backed securities						1,419						107						57						40						22						4						1,649
Other asset-backed securities						1,564						244						8						4						—						101						1,921
Total fixed maturities						$	11,963					$	9,632					$	655					$	114					$	49					$	106					$	22,519
% of Fair Value						53.1%						42.8%						2.9%						0.5%						0.2%						0.5%						100.0%
(1) Primarily U.S. dollar denominated.

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($ in millions)						December 31, 2025
NAIC Quality Designation						1						2						3						4						5						6						Total Fair Value
U.S. Treasuries						$	470					$	—					$	—					$	—					$	—					$	—					$	470
U.S. Government agencies and authorities						28						—						—						—						—						—						28
State, municipalities and political subdivisions						339						18						2						—						—						—						359
U.S. corporate public securities						1,951						3,882						170						9						—						—						6,012
U.S. corporate private securities						1,928						2,251						245						41						8						—						4,473
Foreign corporate public securities and foreign governments(1)						648						1,355						144						10						—						—						2,157
Foreign corporate private securities(1)						419						1,737						81						7						4						—						2,248
Residential mortgage-backed securities						3,196						27						3						—						10						1						3,237
Commercial mortgage-backed securities						1,620						142						55						39						20						3						1,879
Other asset-backed securities						1,689						197						9						6						—						74						1,975
Total fixed maturities						$	12,288					$	9,609					$	709					$	112					$	42					$	78					$	22,838
% of Fair Value						53.8%						42.1%						3.1%						0.5%						0.2%						0.3%						100.0%
(1) Primarily U.S. dollar denominated.

The following tables present credit quality of fixed maturities, including securities pledged, using NAIC acceptable rating organizations ("ARO") ratings as of the dates indicated:

($ in millions)						June 30, 2026
ARO Quality Ratings						AAA						AA						A						BBB																		BB and Below						Total Fair Value
U.S. Treasuries						$	—					$	527					$	—					$	—																	$	—					$	527
U.S. Government agencies and authorities						—						28						—						—																		—						28
State, municipalities and political subdivisions						18						169						110						17																		4						318
U.S. corporate public securities						13						274						1,881						3,848																		197						6,213
U.S. corporate private securities						28						231						1,545						2,254																		364						4,422
Foreign corporate public securities and foreign governments(1)						—						60						626						1,345																		130						2,161
Foreign corporate private securities(1)						—						39						412						1,613																		114						2,178
Residential mortgage-backed securities						943						1,996						18						24																		121						3,102
Commercial mortgage-backed securities						58						878						265						332																		116						1,649
Other asset-backed securities						346						254						931						244																		146						1,921
Total fixed maturities						$	1,406					$	4,456					$	5,788					$	9,677																	$	1,192					$	22,519
% of Fair Value						6.2		%				19.8		%				25.7		%				43.0		%																5.3		%				100.0		%
(1) Primarily U.S. dollar denominated.

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($ in millions)						December 31, 2025
ARO Quality Ratings						AAA						AA						A						BBB																		BB and Below						Total Fair Value
U.S. Treasuries						$	—					$	470					$	—					$	—																	$	—					$	470
U.S. Government agencies and authorities						—						28						—						—																		—						28
State, municipalities and political subdivisions						15						205						119						18																		2						359
U.S. corporate public securities						16						244						1,814						3,761																		177						6,012
U.S. corporate private securities						22						223						1,663						2,162																		403						4,473
Foreign corporate public securities and foreign governments(1)						—						77						591						1,332																		157						2,157
Foreign corporate private securities(1)						—						23						381						1,723																		121						2,248
Residential mortgage-backed securities						976						2,117						20						25																		99						3,237
Commercial mortgage-backed securities						69						966						298						420																		126						1,879
Other asset-backed securities						330						336						999						199																		111						1,975
Total fixed maturities						$	1,428					$	4,689					$	5,885					$	9,640																	$	1,196					$	22,838
% of Fair Value						6.3		%				20.5		%				25.8		%				42.2		%																5.2		%				100.0		%
(1) Primarily U.S. dollar denominated.

Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

Item 4.     Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including its President and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act of 1934) as of the end of the period covered by this report. Based on that evaluation, the President and the Chief Financial Officer have concluded that the Company's current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company's periodic filings with the SEC is made known to them in a timely manner.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.    OTHER INFORMATION

Item 1.        Legal Proceedings

See the Litigation, Regulatory Matters and Contingencies section of Note 13, Commitments and Contingencies in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for a description of our material legal proceedings.

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Item 1A.    Risk Factors

For a discussion of the Company's potential risks and uncertainties, see Risk Factors in Part I, Item 1A. of our Annual Report on Form 10-K.

Item 5.    Other Information

None.

Item 6.    Exhibits

See Exhibit Index on the following page.

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Voya Retirement Insurance and Annuity Company

Exhibit Index
Exhibit No.						Description of Exhibit
31.1+						Certificate of William T. Bainbridge pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+						Certificate of Amelia J. Vaillancourt pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+						Certificate of William T. Bainbridge pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+						Certificate of Amelia J. Vaillancourt pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

+Filed herewith.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

August 10, 2026									Voya Retirement Insurance and Annuity Company
(Date)									(Registrant)
			By:			/s/			William T. Bainbridge
									William T. Bainbridge
									Chief Financial Officer
									(Duly Authorized Officer and Principal Financial Officer)

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