EX-99.2 3 a2025q1voyainvestorsupplem.htm EX-99.2 Document
Exhibit 99.2



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Quarterly Investor Supplement


March 31, 2025


This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2025. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.
Corporate Offices:Investor Contact:
Voya FinancialMei Ni Chu
200 Park AvenueIR@voya.com
New York, New York 10166Web Site:
NYSE Ticker:investors.voya.com
VOYA
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Table of Contents
PagePage
ConsolidatedNet Revenue, Adjusted Operating Margin, Administrative
Explanatory Note on Non-GAAP Financial Information3 - 4Expenses, and Adjusted Operating Return on Capital
Key MetricsNet Revenue and Adjusted Operating Margin
Consolidated Statements of OperationsAdministrative Expenses
Consolidated Adjusted Operating Earnings Before Income TaxesAdjusted Operating Return on Allocated Capital
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Investment Information
Consolidated Balance SheetsPortfolio Results GAAP Book Value, Gross Investment Income, and
DAC/VOBA Segment Trends   Earned Rate by Asset Class
Consolidated Capital StructurePortfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Assets Under Management, Assets Under Administration  Ratings
  and AdvisementAlternative Investment Income
Wealth SolutionsAlternative Income and Prepayments Above (Below) Expectations
Sources of Adjusted Operating Earnings Before Income TaxesReconciliations
 and Key MetricsReconciliation of Adjusted Operating Earnings Before Income Taxes and
Client Assets Rollforward by Product Group15 - 16Earnings Per Common Share (Diluted) (QTD)
Health SolutionsReconciliation of Adjusted Operating Revenues
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Net Revenues by Segment40 - 41
Quarterly Loss Ratio Development for Group Stop LossReconciliation of Adjusted Operating Earnings Before Income Taxes
Key MetricsExcluding Notable Items by Segment42 - 43
Investment ManagementReconciliation of Adjusted Operating Return on Common Equity
Sources of Adjusted Operating Earnings Before Income TaxesExcluding AOCI and NOL DTA
Analysis of AUM and AUAReconciliation of Book Value Per Common Share, Excluding AOCI and
Account Value Rollforward by SourceLeverage Ratio
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
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Explanatory Note on Non-GAAP Financial Information

On January 2, 2025, we completed the acquisition of the full-service retirement plan business of OneAmerica Financial ("the OneAmerica transaction"). We are reporting the financial results of the acquired business in our Wealth Solutions segment for periods after our acquisition. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter of 2025.

Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:
▪Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;
•Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;
•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
•Income (loss) related to early extinguishment of debt;
•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;
•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and
•Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.
Adjusted Operating Revenues
Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:
•Net investment gains (losses);
•Revenues related to businesses exited or to be exited through reinsurance or divestment;
•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and
•Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.
The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.
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Explanatory Note on Non-GAAP Financial Information
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.
•Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.
•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.
•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.
•Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.
•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.
•DAC/VOBA and other intangibles amortization.
Adjusted Operating Return on Common Equity excluding AOCI
•We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.
•The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.
•Adjusted operating return on common equity ex AOCI is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.
•We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.
•Please see the “Reconciliations” section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.
Net Revenue and Adjusted Operating Margin
•    Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.
•    Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a
reconciliation of net revenue to adjusted operating revenue for each of our segments.
•    We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.
•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of Adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
•    We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD, unless otherwise indicated)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Net income (loss) available to Voya Financial, Inc.'s common shareholders1399398201234139234
Per common share (basic)1.450.971.002.002.291.452.29
Per common share (diluted)1.420.940.981.962.241.422.24
Adjusted operating earnings: (1)
Before income taxes232147230271224232224
After income taxes195138190223185195185
Effective tax rate15.9 %6.1 %17.1 %17.6 %17.2 %15.9 %17.2 %
Per common share (diluted)2.001.401.902.181.772.001.77
Per common share excluding notable items2.151.502.122.271.882.151.88
Return on Equity
TTM Return on Voya Financial, Inc's Equity12.5 %14.7 %16.0 %20.9 %20.0 %12.5 %20.0 %
TTM Adjusted operating return on common equity excluding AOCI (1)
12.6 %12.3 %12.9 %12.8 %13.3 %12.6 %13.3 %
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)
16.7 %16.5 %17.3 %17.3 %17.9 %16.7 %17.9 %
Shareholder's equity:
Total Voya Financial, Inc. Shareholders' Equity4,3834,0054,7194,0434,1534,3834,153
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI5,9525,8555,9196,0146,0105,9526,010
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA4,4864,3714,4674,5114,4644,4864,464
Book value per common share (including AOCI)39.2035.5342.3034.6634.9639.2034.96
Book value per common share (excluding AOCI) (2)
61.8761.3160.9660.7559.3361.8759.33
Leverage Ratios:
Debt-to-Capital32.4 %38.5 %34.6 %34.2 %33.6 %32.4 %33.6 %
Financial Leverage - excluding AOCI (2)
27.5 %30.3 %30.6 %28.0 %28.1 %27.5 %28.1 %
Shares:
Weighted-average common shares outstanding
Basic96969810010296102
Dilutive effects (3)
2322222
Diluted989910010210598105
Ending shares outstanding9696979910196101
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions—140149174172—172
Dividends to common shareholders43434440414341
Total cash returned to common shareholders4318319321421343213
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
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Consolidated Statements of Operations
Three Months EndedYear-to-Date
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Revenues
Net investment income560 521 506 518 529 560 529 
Fee income570 543 540 517 513 570 513 
Premiums737 790 796 790 800 737 800 
Net gains (losses)(34)(52)(14)(4)43 (34)43 
Other revenues104 134 103 98 88 104 88 
Income (loss) related to consolidated investment entities32 74 25 114 78 32 78 
Total revenues1,969 2,010 1,956 2,033 2,051 1,969 2,051 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders(835)(987)(938)(843)(851)(835)(851)
Operating expenses(824)(756)(775)(752)(799)(824)(799)
Net amortization of DAC/VOBA(62)(56)(55)(56)(56)(62)(56)
Interest expense(32)(35)(29)(30)(30)(32)(30)
Operating expenses related to consolidated investment entities(43)(56)(43)(76)(28)(43)(28)
Total benefits and expenses(1,796)(1,890)(1,840)(1,757)(1,764)(1,796)(1,764)
Income (loss) before income taxes173 120 116 276 287 173 287 
Income tax expense (benefit)22 (1)18 41 (1)22 (1)
Net income (loss)151 121 98 235 288 151 288 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest(5)24 (16)30 37 (5)37 
Net income (loss) available to Voya Financial, Inc.156 97 114 205 251 156 251 
Less: Preferred stock dividends17 4 16 4 17 17 17 
Net income (loss) available to Voya Financial, Inc.'s common shareholders139 93 98 201 234 139 234 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)506 478 472 489 488 506 488 
Fee income572 540 536 512 509 572 509 
Premiums734 780 785 791 797 734 797 
Other revenue75 99 74 68 69 75 69 
Adjusted operating revenues (1)
1,888 1,897 1,867 1,860 1,863 1,888 1,863 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(782)(975)(845)(804)(829)(782)(829)
Operating expenses(779)(684)(702)(710)(724)(779)(724)
Net amortization of DAC/VOBA(37)(31)(29)(29)(29)(37)(29)
Interest expense (2)
(47)(38)(46)(33)(45)(47)(45)
Adjusted operating benefits and expenses(1,645)(1,728)(1,622)(1,576)(1,629)(1,645)(1,629)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
243 169 245 284 235 243 235 
Less: Earnings (loss) attributable to the noncontrolling interest (3)
11 23 16 13 11 11 11 
Adjusted operating earnings before income taxes (1)
232 147 230 271 224 232 224 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions798 731 726 730 719 798 719 
Health Solutions841 888 892 892 905 841 905 
Investment Management243 271 243 234 234 243 234 
Corporate6 8 6 4 4 6 4 
Adjusted operating revenues (1)
1,888 1,897 1,867 1,860 1,863 1,888 1,863 
Adjusted operating earnings before income taxes
Wealth Solutions207 210 211 214 186 207 186 
Health Solutions46 (102)23 60 59 46 59 
Investment Management41 66 55 50 42 41 42 
Corporate(62)(27)(59)(53)(63)(62)(63)
Adjusted operating earnings before income taxes (1)
232 147 230 271 224 232 224 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended March 31, 2025
(in millions USD)Wealth SolutionsHealth SolutionsInvestment ManagementCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)458 36 6 6 506 
Fee income318 18 236 — 572 
Premiums— 734 — — 734 
Other revenue22 53 1 — 75 
Adjusted operating revenues (1)
798 841 243 6 1,888 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(231)(551)— — (782)
Operating expenses(333)(234)(190)(22)(779)
Net amortization of DAC/VOBA(27)(9)— — (37)
Interest expense (2)
— — — (47)(47)
Adjusted operating benefits and expenses(591)(795)(190)(69)(1,645)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
207 46 53 (63)243 
Less: Earnings (loss) attributable to the noncontrolling interest— — 12 (1)11 
Adjusted operating earnings before income taxes (1)
207 46 41 (62)232 
Three Months Ended March 31, 2024
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)437 38 9 4 488 
Fee income263 18 227 — 509 
Premiums— 797 — — 797 
Other revenue19 51 (1)— 69 
Adjusted operating revenues (1)
719 905 234 4 1,863 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(216)(613)— — (829)
Operating expenses(296)(224)(181)(23)(724)
Net amortization of DAC/VOBA(21)(8)— — (29)
Interest expense (2)
— — — (45)(45)
Adjusted operating benefits and expenses(534)(846)(181)(68)(1,629)
Adjusted operating earnings before income taxes, including noncontrolling interest (1)
186 59 53 (64)235 
Less: Earnings (loss) attributable to the noncontrolling interest— — 12 (1)11 
Adjusted operating earnings before income taxes (1)
186 59 42 (63)224 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/2024
Assets
Total investments37,703 35,024 36,094 35,235 35,687 
Cash and cash equivalents868 1,399 1,457 1,066 995 
Assets held in separate accounts98,948 101,676 103,532 99,147 98,636 
Premium receivable and reinsurance recoverable, net11,144 11,284 11,486 11,574 11,828 
Short term investments under securities loan agreement and accrued investment income 1,459 1,438 1,678 1,428 1,435 
Deferred policy acquisition costs, Value of business acquired2,505 2,148 2,173 2,196 2,222 
Current and deferred income taxes2,046 2,146 1,967 2,186 2,193 
Other assets (1)
4,920 3,880 3,893 3,959 4,012 
Assets related to consolidated investment entities4,357 4,894 4,653 4,489 4,623 
Total Assets 163,950 163,889 166,933 161,280 161,631 
Liabilities
Future policy benefits and contract owner account balances49,763 46,436 47,056 47,231 47,869 
Liabilities related to separate accounts98,948 101,676 103,532 99,147 98,636 
Payables under securities loan agreements, including collateral held1,486 1,309 1,368 1,215 1,220 
Short-term debt1 399 397 395 393 
Long-term debt2,103 2,103 2,103 1,707 1,707 
Other liabilities (2)
3,048 3,218 3,294 3,243 3,198 
Liabilities related to consolidated investment entities2,240 2,741 2,601 2,473 2,737 
Total Liabilities157,589 157,882 160,351 155,411 155,760 
Mezzanine Equity
Redeemable noncontrolling interest214 219 198 183 174 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(788)(754)(604)(448)(263)
Additional paid-in capital6,299 6,266 6,227 6,218 6,187 
Retained earnings (deficit)1,052 954 907 855 697 
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,564 6,467 6,531 6,626 6,622 
Accumulated other comprehensive income(2,181)(2,462)(1,812)(2,583)(2,469)
Total Voya Financial, Inc. Shareholders' Equity4,383 4,005 4,719 4,043 4,153 
Noncontrolling interest1,764 1,783 1,665 1,643 1,544 
Total Shareholders' Equity6,147 5,788 6,384 5,686 5,697 
Total Liabilities, Mezzanine Equity and Shareholders' Equity163,950 163,889 166,933 161,280 161,631 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.
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DAC/VOBA Segment Trends
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Wealth Solutions
Balance as of Beginning-of-Period1,044 1,048 1,053 1,059 1,064 1,044 1,064 
Additions related to business acquisitions(1)
390 — — — — 390 — 
Deferrals of commissions and expenses15 16 15 15 16 15 16 
Amortization(27)(20)(20)(21)(21)(27)(21)
Balance as of End-of-Period1,422 1,044 1,048 1,053 1,059 1,422 1,059 
Deferred Sales Inducements as of End-of-Period22 22 22 22 22 22 22 
Health Solutions
Balance as of Beginning-of-Period234 229 222 215 211 234 211 
Deferrals of commissions and expenses13 16 16 15 12 13 12 
Amortization(9)(11)(8)(8)(8)(9)(8)
Balance as of End-of-Period237 234 229 222 215 238 215 
Total
Balance as of Beginning-of-Period1,278 1,277 1,275 1,274 1,275 1,278 1,275 
Additions related to business acquisitions(1)
390 — — — — 390 — 
Deferrals of commissions and expenses28 32 31 30 29 28 29 
Amortization(37)(31)(29)(29)(29)(37)(29)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,659 1,278 1,277 1,275 1,274 1,659 1,274 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)
846 870 896 921 948 846 948 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,505 2,148 2,173 2,196 2,222 2,505 2,222 
(1) Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025.
(2) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.
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Consolidated Capital Structure
Balances as of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/2024
Financial Debt
Senior bonds1,7532,1512,1491,7511,749
Subordinated bonds349349349349349
Other debt22222
Total Financial Debt2,1042,5022,5002,1022,100
Other financial obligations (1)
298304325333309
Total Financial Obligations2,4022,8062,8252,4352,409
Mezzanine Equity
Redeemable noncontrolling interest214219198183174
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)5,9525,8555,9196,0146,010
Total Equity (Excluding AOCI)
6,5646,4676,5316,6266,622
Accumulated other comprehensive income (AOCI)(2,181)(2,462)(1,812)(2,583)(2,469)
Total Voya Financial, Inc. Shareholders' Equity4,3834,0054,7194,0434,153
Noncontrolling interest1,7641,7831,6651,6431,544
Total Shareholders' Equity6,1475,7886,3845,6865,697
Capital
Capitalization (3)
6,4876,5077,2196,1456,253
Adjusted Capitalization excluding AOCI (4)
10,94411,27511,21910,88710,749
Leverage Ratios
Debt-to-Capital (5)
32.4 %38.5 %34.6 %34.2 %33.6 %
Financial Leverage excluding AOCI (6)
27.5 %30.3 %30.6 %28.0 %28.1 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 45 of this document.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2025
(in millions USD)General AccountSeparate AccountInstitutional/Mutual FundsTotal AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)
Total AUM and AUA
Wealth Solutions (1)
33,306 94,988 123,920 252,213 441,966 694,180 
Health Solutions1,870 17 — 1,887 — 1,887 
Investment Management 36,734 27,969 280,276 344,978 50,162 395,140 
Eliminations/Other (3)
(35,176)(24,026)(12,925)(72,127)(42,025)(114,152)
Total AUM and AUA36,734 98,948 391,271 526,951 450,103 977,055 
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.





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Wealth Solutions







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Page 14 of 45
Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income425 387 397 402 403 1,611 1,665 
Investment expenses(19)(18)(17)(17)(17)(71)(71)
Credited interest(228)(209)(211)(210)(213)(858)(879)
Net margin177 160 170 175 173 682 715 
Other investment income (1)
65 62 64 63 63 254 232 
Investment spread and other investment income, excluding alts/prepays above/below expectations
242 223 234 238 236 937 947 
Alternative investment income and prepayment fees above (below) expectations(14)(10)(21)(8)(14)(53)(91)
Investment spread and other investment income228 213 213 230 222 884 856 
Full Service Fee-based revenue194 181 174 168 162 717 605 
Recordkeeping and other fee-based revenue 138 121 122 117 116 498 447 
Total Fee-based margin 332 302 296 285 278 1,215 1,051 
Net underwriting gain (loss) and other revenue7 5 7 2 4 21 15 
Net revenue (2)
567 519 516 517 504 2,119 1,922 
Administrative expenses(261)(223)(219)(220)(234)(923)(914)
Net commissions(71)(66)(65)(62)(62)(264)(235)
DAC/VOBA and other intangibles amortization(28)(20)(21)(21)(22)(90)(88)
Adjusted operating earnings before income taxes207 210 211 214 186 842 686 
Adjusted Operating Margin TTM39.7 %39.9 %37.9 %37.1 %35.7 %
Adjusted Operating Margin Excluding Notables TTM41.2 %41.4 %40.4 %39.7 %38.6 %
Full Service Revenue (3)
Full Service Investment spread and other investment income212 198 197 213 205 820 812 
Full Service Fee-based revenue194 181 174 168 162 717 605 
Total Full Service Revenue407 379 370 381 367 1,537 1,416 
Client Assets
Fee-based601,790524,476520,167493,994486,196601,790 486,196 
Spread-based (4)
33,30629,76830,05230,33530,74633,306 30,746 
Investment-only Stable Value36,15734,55734,74433,98534,81436,157 34,814 
Retail Client Assets30,67031,21431,22329,69929,49230,670 29,492 
Eliminations (5)
(7,743)(7,811)(7,693)(7,446)(7,387)(7,743)(7,387)
Total Client Assets694,180612,205608,493580,567573,861694,180 573,861 
(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.
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Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Full Service - Client Assets
Fee-based195,591 178,983 179,238 169,180 166,190 195,591 166,190 
Spread-based33,010 29,464 29,740 30,016 30,417 33,010 30,417 
Client Assets, end of period - Full Service Total228,601 208,448 208,978 199,196 196,607 228,601 196,607 
Full Service - Total
Client Assets, beginning of period208,448 208,978 199,196 196,607 185,379 196,607 170,637 
Transfers / Single deposits2,413 2,848 2,361 1,768 2,154 9,389 7,556 
Recurring deposits5,511 3,852 3,965 4,044 4,255 17,371 14,986 
Total Deposits7,923 6,699 6,326 5,811 6,409 26,760 22,541 
Surrenders, benefits, and product charges(8,546)(7,152)(6,547)(6,409)(6,386)(28,654)(25,445)
Net Flows (622)(453)(222)(597)22 (1,894)(2,905)
Interest credited and investment performance(3,598)(78)10,005 3,186 11,205 9,515 28,874 
Transfer due to business acquisition24,374 — — — — 24,374 — 
Client Assets, end of period - Full Service Total228,601 208,448 208,978 199,196 196,607 228,601 196,607 
Recordkeeping
Client Assets, beginning of period340,254 335,774 319,819 315,134 298,120 315,134 267,038 
Transfers / Single deposits34,611 7,772 3,751 1,295 1,338 47,429 13,273 
Recurring deposits8,932 6,203 5,397 5,820 6,428 26,352 20,695 
Total Deposits43,543 13,974 9,148 7,115 7,766 73,780 33,967 
Surrenders, benefits, and product charges(13,517)(9,211)(9,372)(8,143)(8,077)(40,243)(26,929)
Net Flows 30,027 4,763 (224)(1,027)(312)33,539 7,037 
Interest credited and investment performance(5,411)(283)16,179 5,712 17,326 16,197 41,057 
Transfer due to business acquisition36,253 — — — — 36,253 — 
Client Assets, end of period - Recordkeeping401,122 340,254 335,774 319,819 315,134 401,122 315,134 
Total Defined Contribution (1)
Client Assets, beginning of period548,702 544,753 519,015 511,741 483,499 511,741 437,675 
Transfers / Single deposits37,024 10,619 6,113 3,063 3,492 56,819 20,828 
Recurring deposits14,443 10,054 9,362 9,863 10,682 43,722 35,678 
Total Deposits51,467 20,674 15,474 12,927 14,174 100,541 56,507 
Surrenders, benefits, and product charges(22,063)(16,364)(15,920)(14,551)(14,464)(68,898)(52,373)
Net Flows 29,404 4,310 (445)(1,625)(289)31,644 4,134 
Interest credited and investment performance(9,009)(361)26,184 8,898 28,531 25,712 69,933 
Transfer due to business acquisition60,627 — — — — 60,627 — 
Client Assets, end of period - Total Defined Contribution629,723 548,702 544,753 519,015 511,741 629,723 511,741 
(1) Total of Full Service and Recordkeeping.
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Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Defined Contribution Investment-only Stable Value (SV) (1)
Assets, beginning of period34,557 34,744 33,985 34,814 35,188 34,814 37,781 
Transfers / Single deposits1,629 1,118 192 97 209 3,036 934 
Recurring deposits554 139 137 94 355 924 1,766 
Total Deposits2,183 1,257 329 191 564 3,960 2,701 
Surrenders, benefits, and product charges(1,024)(1,435)(895)(1,252)(1,483)(4,606)(7,175)
Net Flows1,159 (178)(566)(1,061)(919)(646)(4,474)
Interest credited and investment performance440 (9)1,325 232 545 1,988 1,507 
Assets, end of period - Defined Contribution Investment-only SV36,157 34,557 34,744 33,985 34,814 36,157 34,814 
Retail Client Assets (2)
30,675 31,218 31,228 29,704 29,497 30,675 29,497 
Other Assets (3)
5,368 5,538 5,462 5,310 5,197 5,368 5,197 
Eliminations (4)
(7,743)(7,811)(7,693)(7,446)(7,387)(7,743)(7,387)
Total Client Assets694,180 612,205 608,493 580,567 573,861 694,180 573,861 
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(3) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(4) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue.
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Health Solutions








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Health Solutions Sources of Adjusted Operating Earnings before income taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Sources of Adjusted operating earnings before income taxes:
Gross investment income 27 26 26 26 24 105 99 
Investment expenses(1)(1)(1)(1)(1)(4)(4)
Credited interest(12)(12)(12)(13)(12)(49)(49)
Net margin14 14 12 12 11 52 46 
Other investment income15 15 16 15 16 61 53 
Investment spread and other investment income, excluding alts/prepays above/below expectations
29 28 28 27 26 112 100 
Alternative investment income and prepayment fees above (below) expectations(2)(1)(3)(3)— (9)(8)
Investment spread and other investment income27 27 26 24 26 104 92 
Fee-based margin (1)
56 57 57 54 59 224 230 
Net underwriting gain (loss) and other revenue206 40 175 223 208 644 850 
Net revenue (2)
290 124 257 301 293 972 1,172 
Administrative expenses(139)(130)(130)(131)(134)(530)(515)
Premium taxes, fees and assessments(50)(48)(47)(50)(41)(196)(152)
Net commissions(45)(37)(49)(51)(51)(182)(192)
DAC/VOBA and other intangibles amortization(9)(11)(8)(8)(8)(36)(32)
Adjusted operating earnings before income taxes46 (102)23 60 59 27 280 
Adjusted Operating Margin TTM2.7 %4.1 %16.6 %19.1 %23.9 %
Adjusted Operating Margin Excluding Notables TTM3.6 %4.8 %17.4 %20.9 %25.4 %
Group life:
Premiums162 167 165 173 168 667 627 
Benefits(146)(139)(119)(138)(136)(542)(511)
Other (3)
(2)(4)(2)(3)(3)(11)(11)
Total Group life14 24 44 33 29 115 105 
Group life Loss Ratio (interest adjusted) (4)
90.3 %83.3 %71.9 %79.3 %81.0 %81.2 %81.5 %
Group Stop loss:
Premiums390 451 453 452 454 1,746 1,549 
Benefits(293)(520)(424)(376)(382)(1,613)(1,195)
Other (3)
(2)(2)(2)(1)(2)(7)(15)
Total Group Stop loss96 (71)28 74 70 127 339 
Stop loss Loss Ratio75.0 %115.4 %93.4 %83.2 %84.2 %92.3 %77.1 %
Voluntary Benefits, Disability, and Other(4)
97 87 103 115 109 402 405 
Net underwriting gain (loss) and other revenue
Premiums747 802 804 812 810 3,165 2,879 
Benefits(538)(757)(625)(592)(597)(2,512)(2,000)
Other (3)(4)
(3)(4)(4)3 (4)(8)(29)
Total Net underwriting gain (loss) and other revenue206 40 175 223 208 644 850 
Total Aggregate Loss Ratio72.0 %94.5 %77.7 %72.9 %73.8 %79.4 %69.5 %
Total Aggregate Loss Ratio TTM79.4 %79.7 %73.9 %72.3 %69.5 %
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business.
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Quarterly Loss Ratio Development for Group Stop Loss
Estimated Ultimate Loss Ratio as of
3/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/2023
2025 Stop Loss Policy Year Development
January Business87 %— %— %— %— %— %— %— %— %
Non-January Business
NM (1)
— %— %— %— %— %— %— %— %
Total 2025 Policy Year87 %— %— %— %— %— %— %— %— %
2024 Stop Loss Policy Year Development
January Business93 %95 %86 %81 %81 %— %— %— %— %
Non-January Business85 %85 %80 %81 %81 %— %— %— %— %
Total 2024 Policy Year92 %94 %86 %81 %81 %— %— %— %— %
2023 Stop Loss Policy Year Development
January Business80 %80 %80 %80 %80 %79 %79 %75 %78 %
Non-January Business83 %85 %83 %81 %79 %77 %77 %78 %78 %
Total 2023 Policy Year80 %81 %81 %80 %80 %79 %78 %75 %78 %
2022 Stop Loss Policy Year Development
January Business71 %71 %71 %71 %71 %71 %71 %71 %74 %
Non-January Business67 %67 %68 %68 %67 %68 %71 %72 %76 %
Total 2022 Policy Year70 %70 %70 %71 %71 %71 %71 %72 %74 %
Reported Loss Ratio for Stop Loss75 %115 %93 %83 %84 %76 %83 %63 %70 %
(1) The 2025 non-January business is not material for the first quarter of 2025.

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Health Solutions Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Sales by Product Line:
Group life and Disability74 7 11 18 130 110 161 
Stop loss265 12 35 23 537 335 654 
Voluntary and Other (1)
99 14 17 38 142 168 208 
Total sales by product line438 33 63 78 809 612 1,023 
Total gross premiums and deposits846 896 900 904 900 3,546 3,193 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability971 978 978 996 989 971 989 
Stop loss1,589 1,821 1,837 1,845 1,839 1,589 1,839 
Voluntary and Other (1)
1,117 1,057 1,050 1,030 1,033 1,117 1,033 
Total annualized in-force premiums and fees by product line3,677 3,856 3,864 3,870 3,861 3,677 3,861 
Assets Under Management by Fund Group:
General account1,870 1,975 1,954 1,921 1,843 1,870 1,843 
Separate account17 18 17 17 17 17 17 
Total AUM1,887 1,993 1,972 1,938 1,860 1,887 1,860 
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.
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Investment Management








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Page 22 of 45
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
8 9 9 9 10 35 37 
Alternative investment income and prepayment fees above (below) expectations(2)(3)(5)(1)(1)(11)(5)
Investment spread and other investment income6 6 4 8 9 24 31 
Fee-based margin (1)
237 265 239 226 226 967 890 
Net revenue (2)
243 271 243 234 234 991 921 
Administrative expenses (3)
(190)(182)(171)(169)(181)(713)(684)
Adjusted operating earnings before income taxes, including noncontrolling interest
53 89 72 64 53 278 236 
Adjusted Operating Margin TTM28.1 %28.3 %26.3 %25.6 %25.7 %
Adjusted Operating Margin Excluding Notables TTM28.6 %28.9 %26.9 %26.2 %26.1 %
Fee-based margin (1)
Investment advisory and administrative revenue236 237 238 225 227 936 891 
Other fee-based margin1 27 1 1 (1)30 — 
Fee-based margin237 265 239 226 226 967 890 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including noncontrolling interest
53 89 72 64 53 278 236 
Less: Earnings (loss) attributable to the noncontrolling interest (4)
12 22 17 14 12 65 51 
Adjusted operating earnings before income taxes41 66 55 50 42 213 185 
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
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Investment Management Analysis of AUM and AUA
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Client Assets:
External Clients
Institutional161,220 156,568 158,288 152,165 148,489 161,220 148,489 
Retail147,025 149,214 148,243 150,341 148,710 147,025 148,710 
Subtotal External Clients308,245 305,782 306,531 302,506 297,199 308,245 297,199 
General Account36,734 33,576 33,989 33,884 34,138 36,734 34,138 
Total Client Assets (AUM) 344,978 339,358 340,520 336,390 331,337 344,978 331,337 
Assets under Advisement and Administration (AUA)50,162 50,247 51,154 52,678 52,942 50,162 52,942 
Total AUM and AUA395,140 389,605 391,674 389,068 384,278 395,140 384,278 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional89 90 90 86 85 355353
Retail124 125 126 118 120 494446
Subtotal External Clients213 215 216 204 205 849799
General Account19 17 17 17 18 7074
Total Investment Advisory and Administrative Revenues (AUM)232 233 234 221 223 919872
Administration Only Fees5 5 4 4 4 1719
Total Investment Advisory and Administrative Revenues236 237 238 225 227 936891
Revenue Yield (bps) (1)
External Clients
Institutional22.1 22.7 23.3 23.0 22.9 22.8 23.2 
Retail33.0 33.6 33.5 32.8 33.4 33.0 33.3 
Revenue Yield on External Clients27.4 28.0 28.3 27.9 28.1 27.8 27.9 
General Account20.6 20.4 20.2 20.2 20.3 20.2 20.5 
Revenue Yield on Client Assets (AUM)26.7 27.2 27.5 27.1 27.2 27.0 27.1 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.6 3.5 3.3 2.7 3.1 3.3 3.3 
Total Revenue Yield on AUM and AUA (bps)23.8 24.2 24.3 23.8 23.8 23.9 23.6 
Revenue Yield on Client Assets (AUM) TTM27.0 27.2 27.4 27.2 27.1 27.0 27.1 
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
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Investment Management Account Rollforward by Source
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Institutional AUM:
Beginning of period AUM156,568 158,288 152,165 148,489 148,722 148,489 164,443 
Inflows10,460 8,925 7,341 8,766 4,854 35,492 18,220 
Outflows(5,272)(6,923)(5,566)(5,632)(6,080)(23,393)(33,982)
Net flows - Institutional5,187 2,001 1,775 3,134 (1,225)12,098 (15,759)
Change in Market Value(345)(1,361)4,814 1,135 1,874 4,243 10,794 
Other (Including Acquisitions / Divestitures)(191)(2,361)(466)(594)(881)(3,611)(10,986)
End of period AUM - Institutional161,220 156,568 158,288 152,165 148,489 161,220 148,489 
Organic Growth (Net Flows/Beginning of period AUM)3.3 %1.3 %1.2 %2.1 %-0.8 %8.1 %-9.6 %
Market Growth %-0.2 %-0.9 %3.2 %0.8 %1.3 %2.9 %6.6 %
Retail AUM:
Beginning of period AUM149,214 148,243 150,341 148,710 138,239 148,710 126,212 
Inflows12,774 11,092 11,013 9,745 9,282 44,624 34,723 
Outflows(10,279)(9,739)(8,952)(8,106)(7,482)(37,076)(31,792)
Net flows - Retail (1)
2,496 1,353 2,060 1,640 1,800 7,549 2,932 
Net Money Market Flows117 64 65 66 (29)312 281 
Change in Market Value(4,816)1,314 3,604 1,022 6,491 1,124 21,070 
Net Flows from Divested Businesses (2)
(374)(316)(7,404)(623)(651)(8,717)(2,193)
Other (Including Acquisitions / Divestitures)388 (1,444)(424)(474)2,860 (1,954)409 
End of period AUM - Retail147,025 149,214 148,243 150,341 148,710 147,025 148,710 
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)1.7 %0.9 %1.4 %1.1 %1.3 %5.1 %2.3 %
Market Growth %-3.2 %0.9 %2.4 %0.6 %4.7 %0.8 %16.7 %
Net Flows:
Institutional Net Flows5,187 2,001 1,775 3,134 (1,225)12,097 (15,759)
Retail Net Flows2,496 1,353 2,060 1,640 1,800 7,549 2,932 
Net Flows from Divested Businesses(374)(316)(7,404)(623)(651)(8,717)(2,193)
Total Net Flows7,310 3,038 (3,569)4,151 (76)10,930 (15,021)
Net Flows excluding Net Flows from Divested Businesses7,683 3,354 3,835 4,774 574 19,646 (12,828)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)2.5 %1.1 %1.3 %1.6 %0.2 %6.6 %-4.4 %
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/2024
Institutional
Equity22,375 24,056 23,662 23,433 23,650 
Fixed Income - Public57,182 55,645 56,276 51,976 48,913 
Fixed Income - Privates67,245 64,095 65,126 63,800 63,037 
Alternatives14,418 12,772 13,224 12,955 12,890 
Money Market— — — — — 
Total161,220 156,568 158,288 152,165 148,489 
Retail
Equity70,634 73,784 74,186 77,870 77,207 
Fixed Income - Public71,625 70,854 69,648 68,234 67,493 
Fixed Income - Privates311 334 351 365 366 
Alternatives1,910 1,850 1,739 1,633 1,457 
Money Market2,544 2,392 2,319 2,239 2,187 
Total147,025 149,214 148,243 150,341 148,710 
General Account
Equity138 129 135 129 129 
Fixed Income - Public18,071 16,832 16,926 17,198 17,344 
Fixed Income - Privates16,574 14,375 14,500 14,533 14,463 
Alternatives1,650 1,681 1,686 1,598 1,675 
Money Market300 559 742 426 527 
Total36,734 33,576 33,989 33,884 34,138 
Combined Asset Type
Equity93,147 97,969 97,983 101,433 100,986 
Fixed Income - Public146,878 143,331 142,850 137,408 133,750 
Fixed Income - Privates84,130 78,804 79,976 78,698 77,866 
Alternatives17,979 16,304 16,649 16,186 16,021 
Money Market2,844 2,951 3,061 2,665 2,714 
Total344,978 339,358 340,520 336,390 331,337 
Total Private and Alternative Assets102,109 95,108 96,625 94,885 93,887 
% of Private and Alternative Assets / Total AUM29.6 %28.0 %28.4 %28.2 %28.3 %
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Corporate








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Page 27 of 45


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Interest expense (excluding Preferred stock dividends) (1)
(31)(34)(29)(29)(29)(123)(121)
Preferred stock dividends(17)(4)(16)(4)(17)(41)(39)
Pension expense (2)
(13)(12)(12)(12)(12)(49)(45)
Other (3)
(2)23 (3)(9)(6)9 2 
Adjusted operating earnings before income taxes, including noncontrolling interest
(63)(27)(60)(54)(64)(204)(203)
Less: Earnings (loss) attributable to the noncontrolling interest(1)— (1)(1)(1)(3)— 
Adjusted operating earnings before income taxes(62)(27)(59)(53)(63)(201)(202)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.
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Net Revenue, Adjusted Operating Margin,
Administrative Expenses, and Adjusted Operating Return on Capital

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Page 29 of 45
Net Revenue and Adjusted Operating Margin
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income242 223 234 238 236 937 947 
Fee-based margin 332 302 296 285 278 1,215 1,051 
Net underwriting gain (loss) and other revenue7 5 7 2 4 21 15 
Wealth Solutions Net Revenue581 529 537 525 517 2,173 2,013 
Health Solutions
Investment spread and other investment income29 28 28 27 26 112 100 
Fee-based margin56 57 57 54 59 224 230 
Net underwriting gain (loss) and other revenue206 40 175 223 208 644 866 
Health Solutions Net Revenue292 125 260 304 293 981 1,196 
Investment Management
Investment capital and other investment income8 9 9 9 10 35 37 
Fee-based margin237 265 239 226 226 967 890 
Investment Management Net Revenue246 273 248 234 236 1,001 927 
Total Net Revenue Excluding Notable Items (1)
1,119 928 1,045 1,063 1,045 4,155 4,136 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions222 220 232 222 200 896 777 
Health Solutions 48 (102)26 63 60 35 304 
Investment Management55 91 76 65 54 287 242 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
325 209 334 350 313 1,218 1,323 
Corporate(63)(27)(60)(54)(64)(204)(203)
Total Adjusted operating earnings Excluding Notable Items, including noncontrolling interest
262 183 274 296 249 1,014 1,119 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items11 23 16 13 11 63 51 
Total Adjusted Operating Earnings Excluding Notable Items (1)
251 160 258 283 238 952 1,067 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions38.1 %41.5 %43.1 %42.3 %38.6 %41.2 %38.6 %
Health Solutions16.6 %(81.3)%9.9 %20.8 %20.4 %3.6 %25.4 %
Investment Management22.5 %33.3 %30.6 %27.8 %22.9 %28.6 %26.1 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
29.1 %22.6 %31.9 %32.9 %30.0 %29.2 %32.0 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
23.4 %19.7 %26.2 %27.8 %23.8 %24.2 %27.1 %
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions41.2 %41.4 %40.4 %39.7 %38.6 %
Health Solutions3.6 %4.8 %17.4 %20.9 %25.4 %
Investment Management28.6 %28.9 %26.9 %26.2 %26.1 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
29.2 %29.6 %31.0 %31.4 %32.0 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
24.2 %24.4 %25.9 %26.5 %27.1 %
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
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Page 30 of 45
Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Wealth Solutions(261)(223)(219)(220)(234)(923)(914)
Health Solutions(139)(130)(130)(131)(134)(530)(515)
Investment Management(190)(182)(171)(169)(181)(713)(684)
Total Administrative Expenses (1)
(590)(535)(520)(520)(549)(2,166)(2,113)
(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.
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Voya Financial
Page 31 of 45
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/202512/31/20249/30/20246/30/20243/31/2024
Wealth Solutions
Adjusted operating earnings before income taxes - before interest842 820 758 726 686 
Income tax expense119 116 104 98 90 
Adjusted Operating Earnings - before interest and after income taxes723 704 654 628 596 
Adjusted Operating effective tax rate (1)
13.4 %14.3 %14.3 %14.5 %13.5 %
Adjusted Operating effective tax rate TTM 14.1 %14.2 %13.7 %13.4 %13.1 %
Average Capital3,483 3,415 3,402 3,413 3,441 
Ending Capital (2)
3,796 3,509 3,445 3,401 3,360 
Adjusted Return on Capital20.7 %20.6 %19.2 %18.4 %17.3 %
Health Solutions
Adjusted operating earnings before income taxes - before interest27 40 186 216 280 
Income tax expense6 8 39 45 59 
Adjusted Operating Earnings - before interest and after income taxes21 32 147 171 221 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM 21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital1,275 1,246 1,222 1,220 1,228 
Ending Capital (2)
1,295 1,306 1,267 1,268 1,219 
Adjusted Return on Capital1.6 %2.5 %12.0 %14.0 %18.0 %
Investment Management
Adjusted operating earnings before income taxes - before interest213 213 192 186 185 
Income tax expense45 45 40 39 39 
Adjusted Operating Earnings - before interest and after income taxes168 168 152 147 146 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital851 843 834 824 817 
Ending Capital (2)
874 869 843 841 828 
Adjusted Return on Capital19.7 %20.0 %18.1 %17.8 %17.9 %
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.
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Investment Information








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Voya Financial
Page 33 of 45
Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class
Three Months Ended or As of Year-to-Date or As of
(in millions USD)3/31/202512/31/20243/31/2025
Invested Assets
Book Values, Gross investment income and Earned rate (1)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Public corporate10,743 28.0 %134 5.0 %10,213 28.0 %140 5.4 %10,743 28.0 %134 5.0 %
Private credit8,678 22.0 %106 5.1 %8,050 22.0 %87 4.5 %8,678 22.0 %106 5.1 %
Securitized (2)(3)
10,107 26.0 %150 5.9 %9,751 27.0 %145 5.8 %10,107 26.0 %150 5.9 %
Commercial mortgage loans5,588 14.0 %66 4.9 %4,677 13.0 %55 4.8 %5,588 14.0 %66 4.9 %
Municipals623 2.0 %6 3.9 %686 2.0 %7 3.9 %623 2.0 %6 3.9 %
Short-term / Treasury499 1.0 %6 4.2 %530 1.0 %5 4.2 %499 1.0 %6 4.2 %
Equity securities191 — %3 6.4 %177 — %3 6.1 %191 — %3 6.4 %
Policy loans381 1.0 %5 5.5 %387 1.0 %5 5.1 %381 1.0 %5 5.5 %
Derivatives(6)— %2 N/A(6)— %3 N/A(6)— %2 N/A
Book Values and Gross Investment Income before variable components36,804 95.0 %478 5.3 %34,464 95.0 %450 5.2 %36,804 95.0 %478 5.3 %
Book Values and Gross Investment Income on variable components
Limited partnership (4)
1,910 5.0 %20 4.3 %1,886 5.0 %38 9.0 %1,910 5.0 %20 4.3 %
Prepayment / Other fee income N/A — %2 — %N/A— %1 — % N/A — %2 — %
Book Values and Gross Investment Income (variable)1,910 5.0 %22 — %1,886 5.0 %39 — %1,910 5.0 %22 — %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings38,713 100.0 %500 5.3 %36,350 100.0 %489 5.4 %38,713 100.0 %500 5.3 %
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.
(4) Includes assets and income related to foreclosed real estate.


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Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD)12/31/202409/30/202406/30/202403/31/2024
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate10,336 29.0 %10,241 28.0 %10,563 29.0 %10,688 29.0 %
Private credit7,860 22.0 %7,754 21.0 %7,695 21.0 %7,690 21.0 %
Securitized9,657 27.0 %10,083 28.0 %9,831 27.0 %9,700 27.0 %
Municipals686 2.0 %705 2.0 %731 2.0 %773 2.0 %
Short-term / Treasury572 2.0 %432 1.0 %452 1.0 %556 2.0 %
Total Fixed maturities29,110 81.0 %29,215 81.0 %29,272 81.0 %29,406 81.0 %
Commercial mortgage loans4,669 13.0 %4,814 13.0 %4,971 14.0 %5,088 14.0 %
Limited partnership1,885 5.0 %1,778 5.0 %1,768 5.0 %1,740 5.0 %
Equity securities309 1.0 %316 1.0 %290 1.0 %275 1.0 %
Total35,973 100.0 %36,122 100.0 %36,302 100.0 %36,509 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 115,641 54.0 %15,803 54.0 %15,525 53.0 %15,560 53.0 %
NAIC 212,073 41.0 %12,053 41.0 %12,493 43.0 %12,650 43.0 %
NAIC 3 and below1,397 5.0 %1,359 5.0 %1,254 4.0 %1,196 4.0 %
Total Fixed maturities29,110 100.0 %29,215 100.0 %29,272 100.0 %29,406 100.0 %
Commercial Mortgage Loans:
CML 13,396 73.0 %3,482 72.0 %3,667 74.0 %3,712 73.0 %
CML 2961 21.0 %1,004 21.0 %992 20.0 %971 19.0 %
CML 3 and below312 7.0 %328 7.0 %313 6.0 %405 8.0 %
Total Commercial mortgage loans4,669 100.0 %4,814 100.0 %4,971 100.0 %5,088 100.0 %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Alternative Investment Income
Three Months EndedYear-to-Date
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Wealth Solutions (1)
Average alternative investments1,591 1,575 1,558 1,536 1,459 1,591 1,459 
Alternative investment income22 33 20 34 24 22 24 
Health Solutions (1)
Average alternative investments238 215 212 220 243 238 243 
Alternative investment income3 5 3 2 6 3 6 
Investment Management (1)
Average alternative investments326 340 347 349 312 326 312 
Alternative investment income5 5 3 7 6 5 6 
(1) Excludes assets and income related to foreclosed real estate.
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Alternative Income and Prepayments Above (Below) Expectations
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Alternative Income Above (Below) Long-Term Expectations (1) (2)
Wealth Solutions(14)(2)(14)— (9)(30)(63)
Health Solutions(2)(1)(3)(3)— (9)(8)
Investment Management(2)(3)(5)(1)(1)(11)(5)
Total(19)(6)(22)(4)(10)(50)(76)
Prepayments Above (Below) Expectations (1)
Wealth Solutions— (8)(7)(8)(5)(23)(28)
Health Solutions— — — — — — — 
Investment Management— — — — — — — 
Total— (8)(7)(8)(5)(23)(28)
Alternative Income and Prepayments Above (Below) Expectations (1) (2)
Wealth Solutions(14)(10)(21)(8)(14)(53)(91)
Health Solutions(2)(1)(3)(3)— (9)(8)
Investment Management(2)(3)(5)(1)(1)(11)(5)
Total(19)(14)(29)(12)(15)(73)(104)
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended March 31, 2025 and 2024 was approximately $192 million, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $29 million and $37 million for the twelve months ended March 31, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter as disclosed in February 2025 and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.
(2) Excludes income related to foreclosed real estate.
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Reconciliations

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Page 38 of 45
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions USD, except per share)3/31/202512/31/20249/30/20246/30/20243/31/2024
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders139 1.42 93 0.94 98 0.98 201 1.96 234 2.24 
Plus: Net income (loss) attributable to noncontrolling interests
(5)(0.05)24 0.25 (16)(0.16)30 0.29 37 0.35 
Less: Preferred stock dividends
(17)(0.17)(4)(0.04)(16)(0.17)(4)(0.04)(17)(0.16)
Income (loss)173 151 1.54 120 121 1.23 116 98 0.99 276 235 2.29 287 288 2.75 
Less:
Net investment gains (losses)
(2)(1)(0.02)— — — (33)(26)(0.26)20 16 0.16 63 50 0.48 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)
(39)(31)(0.32)(22)(17)(0.17)(52)(41)(0.41)(37)(29)(0.28)(32)13 0.12 
Net income (loss) attributable to noncontrolling interests(5)(5)(0.05)24 24 0.25 (16)(16)(0.16)30 30 0.29 37 37 0.35 
Dividend payments made to preferred shareholders17 17 0.17 4 4 0.04 16 16 0.17 4 4 0.04 17 17 0.16 
Other adjustments (4)
(30)(24)(0.24)(32)(27)(0.28)(28)(25)(0.25)(12)(9)(0.09)(22)(14)(0.13)
Adjusted operating earnings232 195 2.00 147 138 1.40 230 190 1.90 271 223 2.18 224 185 1.77 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(19)(15)(0.15)(13)(10)(0.11)(28)(22)(0.22)(12)(10)(0.09)(15)(12)(0.11)
Adjusted operating earnings excluding notable items251 210 2.15 160 148 1.50 258 212 2.12 283 232 2.27 238 197 1.88 
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes tax benefits of $38 million for the three months ended March 31, 2024.
(4) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs.


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Reconciliation of Adjusted Operating Revenues
Three Months EndedYear-to-Date
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Total revenues1,969 2,010 1,956 2,033 2,051 1,969 2,051 
Less:
Net investment gains (losses)(5)(8)(33)16 47 (5)47 
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment28 13 52 13 24 28 24 
Revenues (loss) attributable to noncontrolling interests25 57 19 102 65 25 65 
Other adjustments33 50 50 42 52 33 52 
Total adjusted operating revenues1,888 1,897 1,867 1,860 1,863 1,888 1,863 
Adjusted operating revenues by segment
Wealth Solutions798 731 726 730 719 798 719 
Health Solutions841 888 892 892 905 841 905 
Investment Management243 271 243 234 234 243 234 
Corporate6 8 6 4 4 6 4 
Total adjusted operating revenues1,888 1,897 1,867 1,860 1,863 1,888 1,863 
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Page 40 of 45
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Wealth Solutions
Adjusted operating revenues
page 8
798 731 726 730 719 2,985 2,812 
Interest credited and other benefits to contract owners/policyholders(231)(211)(210)(213)(216)(865)(889)
Net revenue
page 14
567 519 516 517 504 2,119 1,922 
Less:
Alternative investment income and prepayment fees above (below) expectations(14)(10)(21)(8)(14)(53)(91)
Net revenue excluding notable itemspage 29581 529 537 525 517 2,173 2,013 
Health Solutions
Adjusted operating revenues
page 8
841 888 892 892 905 3,513 3,212 
Interest credited and other benefits to contract owners/policyholders(551)(764)(634)(591)(613)(2,540)(2,041)
Net revenue
page 18
290 124 257 301 293 972 1,172 
Less:
Alternative investment income and prepayment fees above (below) expectations(2)(1)(3)(3)— (9)(8)
Other adjustments to net underwriting gain (loss) and other revenue (1)
— — — — — — (16)
Net revenue excluding notable itemspage 29292 125 260 304 293 981 1,196 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.








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Voya Financial
Page 41 of 45
Investment Management and Consolidated Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Investment Management
Adjusted operating revenues
page 8
243 271 243 234 234 991 921 
Net revenue
page 22
243 271 243 234 234 991 921 
Less:
Alternative investment income and prepayment fees above (below) expectations(2)(3)(5)(1)(1)(11)(5)
Net revenue excluding notable items
page 29
246 273 248 234 236 1,001 927 
Consolidated
Total Adjusted operating revenues
page 8
1,888 1,897 1,867 1,860 1,863 7,512 6,987 
Interest credited and other benefits to contract owners/policyholders(782)(975)(845)(804)(829)(3,406)(2,930)
Corporate Adjusted operating revenues (1)
(6)(8)(6)(4)(4)(24)(42)
Net revenue
pages 14/18/22
1,100 914 1,016 1,051 1,031 4,082 4,015 
Less:
Alternative investment income and prepayment fees above (below) expectations(19)(14)(29)(12)(15)(73)(104)
Other adjustments (2)
— — — — — — (16)
Net revenue excluding notable items
page 29
1,119 928 1,045 1,063 1,045 4,155 4,136 
(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.
(2) Includes changes in certain legal and other reserves not expected to recur at the same level.
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Voya Financial
Page 42 of 45
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Wealth Solutions
Adjusted operating earnings before income taxes
page 14
207 210 211 214 186 842 686 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(14)(10)(21)(8)(14)(53)(91)
Adjusted operating earnings excluding notable items
page 29
222 220 232 222 200 896 777 
Health Solutions
Adjusted operating earnings before income taxes
page 18
46 (102)23 60 59 27 280 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(2)(1)(3)(3)— (9)(8)
Other (1)
— — — — — — (16)
Adjusted operating earnings excluding notable items
page 29
48 (102)26 63 60 35 304 
Investment Management
Adjusted operating earnings before income taxes, including noncontrolling interest
page 22
53 89 72 64 53 278 236 
Less:
Alternative investment income and prepayment fees above (below) expectations net of variable compensation(2)(2)(4)(1)(1)(9)(5)
Adjusted operating earnings excluding notable items, including noncontrolling interest
page 29
55 91 76 65 54 287 242 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items12 22 17 14 12 65 51 
Adjusted operating earnings excluding notable items43 69 59 51 42 222 190 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial
Page 43 of 45
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Corporate
Adjusted operating earnings before income taxes, including noncontrolling interest
page 27
(63)(27)(60)(54)(64)(204)(203)
Adjusted operating earnings excluding notable items, including noncontrolling interest
page 29
(63)(27)(60)(54)(64)(204)(203)
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items(1)— (1)(1)(1)(3)— 
Adjusted operating earnings excluding notable items(62)(27)(59)(53)(63)(201)(202)
Consolidated
Adjusted operating earnings before income taxes, including noncontrolling interest
page 8
243 169 245 284 235 941 999 
Less:
Total Notable Items Adjustments(19)(13)(28)(12)(15)(72)(119)
Adjusted operating earnings excluding notable items, including noncontrolling interest
262 183 274 296 249 1,014 1,119 
Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items11 23 16 13 11 63 51 
Adjusted operating earnings excluding notable items
page 29
251 160 258 283 238 952 1,067 
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Voya Financial
Page 44 of 45
Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA
Twelve Months Ended
(in millions USD)3/31/202512/31/20249/30/20246/30/20243/31/2024
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders531 626 651 801 754 
TTM Average Total Voya Financial, Inc. Shareholders' Equity4,259 4,254 4,078 3,836 3,768 
TTM Return on Voya Financial, Inc Equity12.5 %14.7 %16.0 %20.9 %20.0 %
Less:
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI-2.1 %-2.5 %-2.8 %-4.0 %-3.9 %
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI5.6 %6.7 %7.9 %11.5 %11.2 %
TTM Net investment gains (losses), after-tax-0.2 %0.7 %0.5 %1.7 %0.9 %
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax-2.0 %-1.2 %-1.6 %-0.3 %-0.1 %
TTM Other adjustments, after-tax-1.4 %-1.3 %-1.0 %-0.9 %-1.4 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI12.6 %12.3 %12.9 %12.9 %13.3 %
Less:
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA-4.1 %-4.1 %-4.4 %-4.3 %-4.5 %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA16.7 %16.5 %17.3 %17.3 %17.9 %
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Voya Financial
Page 45 of 45
Reconciliation of Book Value Per Common Share, Excluding AOCI and Leverage Ratio
Three Months Ended or As ofYear-to-Date or As of
(in whole dollars)3/31/202512/31/20249/30/20246/30/20243/31/20243/31/20253/31/2024
Book value per common share, including AOCI39.2035.5342.3034.6634.9639.2034.96
Per share impact of AOCI22.6725.7818.6626.0924.3722.6724.37
Book value per common share, excluding AOCI61.8761.3160.9660.7559.3361.8759.33
 
Debt to capital ratio32.4 %38.5 %34.6 %34.2 %33.6 %32.4 %33.6 %
Capital impact of adding noncontrolling interest
-7.5 %-9.1 %-7.1 %-7.8 %-7.2 %-7.5 %-7.2 %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.5 %9.4 %9.0 %10.3 %10.1 %9.5 %10.1 %
Capital impact of excluding AOCI-6.9 %-8.5 %-5.9 %-8.7 %-8.4 %-6.9 %-8.4 %
Financial leverage ratio excluding AOCI27.5 %30.3 %30.6 %28.0 %28.1 %27.5 %28.1 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
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