Form 8-K

8-K — Voya Financial, Inc.

Accession: 0001535929-26-000080

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001535929

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — voya-20260505.htm (Primary)

EX-99.1 (a2026q1pressrelease.htm)

EX-99.2 (a2026q1voyainvestorsupplem.htm)

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8-K

8-K (Primary)

Filename: voya-20260505.htm · Sequence: 1

voya-20260505

0001535929false00015359292026-05-052026-05-050001535929us-gaap:CommonStockMember2026-05-052026-05-050001535929voya:DepositarySharesMember2026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 5, 2026

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

200 Park Avenue

New York

10166

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading symbol Name of each exchange on which registered

Common Stock, $.01 Par Value VOYA New York Stock Exchange

Depositary Shares, each representing a 1/40th VOYAPrB New York Stock Exchange

interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition

On May 5, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2026. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, May 6, 2026 at 10:00 am ET to discuss its first-quarter 2026 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended March 31, 2026, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2026 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On May 5, 2026, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of Voya Financial, Inc., dated May 5, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended March 31, 2026 (furnished and not filed)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By: /s/ Julie Watson

Name: Julie Watson

Title: Vice President, Counsel and Corporate Secretary

Dated: May 5, 2026

EX-99.1

Filename: a2026q1pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

Voya Financial announces first-quarter 2026 results

NEW YORK, May 5, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its first-quarter 2026 financial results:

•First quarter 2026 net income available to common shareholders of $165 million, or $1.75 per diluted share, up 23% from the prior year.

•First quarter 2026 after-tax adjusted operating earnings1 of $214 million, or $2.26 per diluted share, up 13% from the prior year.

•Delivered higher earnings and net revenue growth across all business segments.

•Generated and returned approximately $200 million of capital in the quarter through common dividends and share repurchases.

“We delivered strong results in the first quarter of 2026, including a 13% year‑over‑year increase in after-tax adjusted operating earnings per share, driven by higher earnings across our Retirement, Investment Management and Employee Benefits businesses,” said Heather Lavallee, chief executive officer, Voya Financial. “Building on our track record in 2025, our teams executed well in the quarter, despite a challenging macro environment, reflecting the strength of our diversified and complementary businesses and our continued focus on delivering solutions that meet the evolving needs of our customers.”

“Our strong cash flow generation and capital return through share repurchases and dividends, while maintaining a healthy balance sheet, demonstrate the disciplined choices we are making to execute our strategy through this environment,” Lavallee added. “With a strong start to the year, we remain confident in our strategy and in our ability to deliver value for customers and shareholders.”

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures, can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com.

First-Quarter 2026 Consolidated Results

First-Quarter 2026 net income available to common shareholders was $165 million, or $1.75 per diluted share, 23% higher compared with $139 million, or $1.42 per diluted share, in first-quarter 2025. The increase was primarily due to higher after-tax adjusted operating earnings, lower losses on businesses exited, and lower acquisition integration costs.

First-Quarter 2026 after-tax adjusted operating earnings were $214 million, or $2.26 per diluted share, 13% higher compared with $195 million, or $2.00 per diluted share, in first-quarter 2025. The increase was due to higher earnings contribution from all segments reflecting revenues generated from strong commercial success over the last year.

Business Segment Results

Retirement

Retirement First-Quarter 2026 pre-tax adjusted operating earnings were $209 million, up from $207 million in the prior year period.The increase reflects revenue growth driven by higher assets over the past twelve months, partially offset by expenses.

Net revenues for the trailing twelve months (TTM) ended Mar. 31, 2026 grew 15% compared with the prior-year period due to acquired spread and fee-based revenues from OneAmerica, positive capital markets and continued commercial momentum over time.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 39.4% and was broadly consistent with the prior-year period.

Total client assets as of Mar. 31, 2026 were $780 billion, up 12% from $694 billion as of Mar. 31, 2025.

Investment Management

Investment Management First-Quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $46 million, compared to $41 million in the prior-year period. The 12% increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets.

Net revenues for the TTM ended Mar. 31, 2026 grew 4.6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 28.6% and was consistent with the prior-year period.

Investment Management generated net inflows of $65 million (excluding divested businesses) during the three months ended Mar. 31, 2026. Our overall assets under management were $353 billion as of Mar. 31, 2026 compared to $345 billion as of Mar. 31, 2025.

Employee Benefits

Employee Benefits First-Quarter 2026 pre-tax adjusted operating earnings were $63 million, up from $46 million in the prior-year period. The improvement was driven by higher net underwriting and increased fee-based revenue.

Net revenues for the TTM ended Mar. 31, 2026 increased 17.8% compared with the prior-year period. Higher net revenues reflect improved loss ratios primarily across Group Life and Voluntary

products as well as favorable performance in Stop Loss. Adjusted operating margin for the TTM ended Mar. 31, 2026 was 14.7% compared with 2.7% in the prior-year period.

Employee Benefits First-Quarter 2026 annualized in-force premiums and fees of $3.6 billion were relatively consistent compared with the prior-year period, as a result of prioritizing margin improvement over growth.

Corporate

Corporate First-Quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $61 million, compared with $62 million of losses in the prior-year period.

Capital

For the First-Quarter 2026, the company generated approximately $200 million of excess capital, reflecting capital generation consistent with our 90% target of after-tax adjusted operating earnings for the quarter. In the first quarter, the company returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively. In addition, the company has entered into a share repurchase agreement to repurchase $150 million of the Company's common stock during the second quarter of 2026. Remaining share repurchase authorization was $413 million, as of Mar. 31, 2026.

As of Mar. 31, 2026, the company's excess capital position was approximately $0.65 billion, higher than December 31, 2025 primarily due to capital generation in the quarter and $400 million debt issuance, partly offset by capital returned to shareholders and a deferred contingent payment to OneAmerica. On a pro forma basis, excess capital was approximately $0.25 billion, excluding the $400 million debt issuance that is expected to be used to repay maturing debt in the second quarter.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, May 6, 2026, at 10 a.m. ET, to discuss the company’s First-Quarter 2026 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at approximately 1 p.m. ET on May 6, 2026.

Media Contact: Investor Contact:

Donna Sullivan Mei Ni Chu

Donna.Sullivan@voya.com IR@voya.com

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.

Use of Non-GAAP Financial Measures

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);

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled;

•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;

◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;

◦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; 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.

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 understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

•Investment spread and other investment income.

•Fee-based margin.

•Net underwriting gain (loss).

•Administrative expenses.

•Premium taxes, fees and assessments.

•Net commissions.

•DAC/VOBA and other intangibles amortization.

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).

•The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by “Interest credited and other benefits to contract owners / policyholders”. This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders (“loss ratio”).

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. 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, interest rates, inflation, 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 dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, adapt to disruptive technology or innovations, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or 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 Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2025 as filed with the SEC on February 20, 2026, and in our Quarterly Report on Form 10-Q for the three months ended Mar. 31, 2026, to be filed with the SEC on or before May 11, 2026.

VOYA-IR VOYA-CF

Consolidated Statement of Operations

Three Months Ended

(in millions USD, except per share) 3/31/2026 3/31/2025

Revenues

Net investment income $ 569 $ 560

Fee income 604 570

Premiums 744 737

Net gains (losses) (45) (34)

Other revenues 109 104

Income (loss) related to consolidated investment entities 50 32

Total revenues 2,031 1,969

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders (819) (835)

Operating expenses (848) (824)

Net amortization of DAC/VOBA (65) (62)

Interest expense (29) (32)

Operating expenses related to consolidated investment entities (40) (43)

Total benefits and expenses (1,801) (1,796)

Income (loss) before income taxes 230 173

Income tax expense (benefit) 35 22

Net income (loss) 195 151

Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)

Net income (loss) available to Voya Financial, Inc. 182 156

Less: Preferred stock dividends 17 17

Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 165 $ 139

Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:

Basic $ 1.78 $ 1.45

Diluted $ 1.75 $ 1.42

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)

Three Months Ended

(in millions USD, except per share) 3/31/2026 3/31/2025

After-tax (1)

Per share

After-tax (1)

Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 165 $ 1.75 $ 139 $ 1.42

Less:

Net investment gains (losses) (30) (0.31) (1) (0.02)

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (21) (0.22) (31) (0.32)

Other adjustments (2)

2 0.02 (24) (0.24)

Adjusted operating earnings $ 214 $ 2.26 $ 195 $ 2.00

Note: Totals may not sum due to rounding.

(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) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.

Adjusted Operating Earnings

Three Months Ended

(in millions USD, except per share) 3/31/2026 3/31/2025

Adjusted operating earnings

Retirement $ 209 $ 207

Investment Management 46 41

Employee Benefits 63 46

Corporate (61) (62)

Adjusted operating earnings before income taxes 257 232

Less: Income taxes (1)

43 37

Adjusted operating earnings after income taxes $ 214 $ 195

Adjusted operating earnings per share 2.26 2.00

Note: Totals may not sum due to rounding.

Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin

Twelve Months Ended

(in millions USD) 3/31/2026 3/31/2025

Net revenue

Retirement $ 2,436 $ 2,119

Investment Management 1,037 991

Employee Benefits 1,145 972

Total net revenue $ 4,618 $ 4,082

Adjusted operating earnings

Retirement $ 960 $ 842

Investment Management including noncontrolling interest 296 278

Employee Benefits 169 27

Adjusted operating earnings, excluding Corporate $ 1,425 $ 1,147

Adjusted operating margin

Retirement 39.4 % 39.7 %

Investment Management 28.6 % 28.1 %

Employee Benefits 14.7 % 2.7 %

Adjusted operating margin, excluding Corporate 30.9 % 28.1 %

Note: Totals may not sum due to rounding.

EX-99.2

Filename: a2026q1voyainvestorsupplem.htm · Sequence: 3

Document

Exhibit 99.2

Quarterly Investor Supplement

March 31, 2026

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2026. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices: Investor Contact:

Voya Financial Mei Ni Chu

200 Park Avenue IR@voya.com

New York, New York 10166 Web Site:

NYSE Ticker: investors.voya.com

VOYA

Table of Contents

Page Page

Consolidated Administrative Expenses and Adjusted Operating Return on Capital

Explanatory Note on Non-GAAP Financial Information 3 - 5 Administrative Expenses

Key Metrics

Adjusted Operating Return on Allocated Capital

Consolidated Statements of Operations

Investment Information

Consolidated Adjusted Operating Earnings Before Income Taxes

Portfolio Results GAAP Book Value, Gross Investment Income, and

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

Earned Rate by Asset Class

Consolidated Balance Sheets

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

DAC/VOBA Segment Trends

Ratings

Consolidated Capital Structure

Alternative Investment Income

Consolidated Assets Under Management, Assets Under Administration Reconciliations

and Advisement

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Retirement Earnings Per Common Share (Diluted) (QTD)

Sources of Adjusted Operating Earnings Before Income Taxes Reconciliation of Adjusted Operating Revenues and Adjusted Operating

and Key Metrics

Benefits and Expenses

Client Assets Rollforward by Product Group 16 - 17 Reconciliation of Net Revenues

Investment Management Reconciliation of Adjusted Operating Return on Common Equity

Sources of Adjusted Operating Earnings Before Income Taxes

Excluding AOCI and NOL DTA

Analysis of AUM and AUA

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Account Value Rollforward by Source

Leverage Ratio

Account Value by Asset Type

Appendix

Employee Benefits Quarterly Loss Ratio Development for Group Stop Loss Details

Sources of Adjusted Operating Earnings Before Income Taxes

Quarterly Loss Ratio Development for Group Stop Loss

Key Metrics

Corporate

Adjusted Operating Earnings Before Income Taxes

Voya Financial

Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

▪Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as the results attributable to the redeemable noncontrolling interest (referred to as the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•Income (loss) related to early extinguishment of debt;

•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and

•Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.

Adjusted Operating Revenues

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.

Voya Financial

Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Benefits and Expenses

Adjusted operating benefits and expenses is a measure of our segment operating benefits and expenses and a non-GAAP financial measure. Each segment’s Adjusted operating benefits and expenses are calculated by adjusting Total benefits and expenses for the following items:

• Changes in market risk benefits;

• Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment;

• Expenses attributable to noncontrolling interests;

• Dividend payments made to preferred shareholders are included in adjusted operating benefits and expenses to reflect expenses related to our common shareholders;

• Other adjustments include:

• Income (loss) related to early extinguishment of debt;

• Impairment of goodwill and intangible assets;

• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments;

• Commissions paid to our broker-dealers for sales of non-proprietary products, other items where the income is passed on to third parties, which are reflected in adjusted operating revenue with the fee income related to those products and the elimination of intercompany investment expenses included in Adjusted operating benefits and expenses;

• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating benefits and expenses is Total benefits and expenses. For a reconciliation of Adjusted operating benefits and expenses to Total benefits and expenses, refer to the “Reconciliations” section of this document.

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

•Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.

•Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.

•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

•DAC/VOBA and other intangibles amortization.

Voya Financial

Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Return on Common Equity excluding AOCI

•We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.

•The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.

•Adjusted operating return on common equity is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.

•We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.

•Please see the “Reconciliations” section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.

Net Revenue and Adjusted Operating Margin

• Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

• Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

•We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

Other Information

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

Voya Financial

Page 6 of 43

Key Metrics

Three Months Ended or As of Year-to-Date or As of

(in millions USD, unless otherwise indicated) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Net income (loss) available to Voya Financial, Inc.'s common shareholders 165 136 176 162 139 165 139

Per common share (basic) 1.78 1.43 1.82 1.69 1.45 1.78 1.45

Per common share (diluted) 1.75 1.41 1.80 1.66 1.42 1.75 1.42

Adjusted operating earnings: (1)

Before income taxes 257 226 290 289 232 257 232

After income taxes 214 188 239 240 195 214 195

Effective tax rate 16.9 % 17.1 % 17.8 % 16.9 % 15.9 % 16.9 % 15.9 %

Per common share (diluted) 2.26 1.94 2.45 2.46 2.00 2.26 2.00

Return on Equity

TTM Return on Voya Financial, Inc's Equity 13.4 % 13.3 % 12.8 % 11.3 % 12.5 % 13.4 % 12.5 %

TTM Adjusted operating return on common equity excluding AOCI (1)

14.5 % 14.3 % 13.6 % 12.8 % 12.6 % 14.5 % 12.6 %

TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1)

18.7 % 18.6 % 17.9 % 17.0 % 16.7 % 18.7 % 16.7 %

Shareholder's equity:

Total Voya Financial, Inc. Shareholders' Equity 4,658 4,953 4,957 4,629 4,383 4,658 4,383

Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI 6,107 6,129 6,123 6,084 5,952 6,107 5,952

Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA 4,797 4,800 4,751 4,654 4,486 4,797 4,486

Book value per common share (including AOCI) 43.79 46.28 45.55 41.71 39.20 43.79 39.20

Book value per common share (excluding AOCI) (2)

66.09 65.34 64.18 63.18 61.87 66.09 61.87

Leverage Ratios:

Debt-to-Capital 34.9 % 29.8 % 29.8 % 31.2 % 32.4 % 34.9 % 32.4 %

Financial Leverage - excluding AOCI (2)(3)

29.7 % 27.0 % 26.7 % 27.4 % 27.5 % 29.7 % 27.5 %

Weighted-average common shares outstanding

Basic 93 95 96 96 96 93 96

Dilutive effects (4)

1 2 2 1 2 1 2

Diluted 95 97 97 98 98 95 98

Ending shares outstanding 92 94 95 96 96 92 96

Returned to Common Shareholders:

Repurchase of common shares, excluding commissions 150 120 80 — — 150 —

Dividends to common shareholders 44 44 43 44 43 44 43

Total cash returned to common shareholders 194 164 123 44 43 194 43

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.

(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 41 of this document.

(3) Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance.

(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

Voya Financial

Page 7 of 43

Consolidated Statements of Operations

Three Months Ended Year-to-Date

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Revenues

Net investment income 569 591 583 584 560 569 560

Fee income 604 633 616 577 570 604 570

Premiums 744 738 719 718 737 744 737

Net gains (losses) (45) (34) (21) (41) (34) (45) (34)

Other revenues 109 136 100 100 104 109 104

Income (loss) related to consolidated investment entities 50 47 131 43 32 50 32

Total revenues 2,031 2,111 2,128 1,981 1,969 2,031 1,969

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders (819) (875) (850) (801) (835) (819) (835)

Operating expenses (848) (937) (829) (857) (824) (848) (824)

Net amortization of DAC/VOBA (65) (64) (65) (58) (62) (65) (62)

Interest expense (29) (28) (29) (28) (32) (29) (32)

Operating expenses related to consolidated investment entities (40) (38) (48) (49) (43) (40) (43)

Total benefits and expenses (1,801) (1,942) (1,821) (1,793) (1,796) (1,801) (1,796)

Income (loss) before income taxes 230 169 307 188 173 230 173

Income tax expense (benefit) 35 20 35 27 22 35 22

Net income (loss) 195 149 272 161 151 195 151

Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 9 80 (5) (5) 13 (5)

Net income (loss) available to Voya Financial, Inc. 182 140 192 166 156 182 156

Less: Preferred stock dividends 17 4 16 4 17 17 17

Net income (loss) available to Voya Financial, Inc.'s common shareholders 165 136 176 162 139 165 139

Voya Financial

Page 8 of 43

Consolidated Adjusted Operating Earnings Before Income Taxes

Three Months Ended Year-to-Date

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Consolidated Adjusted Operating Earnings Before Income Taxes

Adjusted operating revenues

Net investment income and net gains (losses) 511 537 542 534 506 511 506

Fee income 605 636 617 577 572 605 572

Premiums 740 729 716 720 734 740 734

Other revenue 76 105 68 69 75 76 75

Adjusted operating revenues (1)

1,932 2,006 1,942 1,900 1,888 1,932 1,888

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (764) (838) (781) (761) (782) (764) (782)

Operating expenses (811) (852) (768) (770) (779) (811) (779)

Net amortization of DAC/VOBA (42) (40) (40) (34) (37) (42) (37)

Interest expense (2)

(48) (34) (47) (32) (47) (48) (47)

Adjusted operating benefits and expenses (1)

(1,665) (1,763) (1,635) (1,598) (1,645) (1,665) (1,645)

Adjusted operating earnings before income taxes, including noncontrolling interest (1)

267 244 307 302 243 267 243

Less: Earnings (loss) attributable to the noncontrolling interest (3)

11 17 17 13 11 11 11

Adjusted operating earnings before income taxes (1)

257 226 290 289 232 257 232

Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment

Adjusted operating revenues

Retirement 821 866 853 824 798 821 798

Investment Management 251 290 257 239 243 251 243

Employee Benefits 855 845 829 832 841 855 841

Corporate 5 6 3 5 6 5 6

Adjusted operating revenues (1)

1,932 2,006 1,942 1,900 1,888 1,932 1,888

Adjusted operating earnings before income taxes

Retirement 209 255 261 235 207 209 207

Investment Management 46 72 62 51 41 46 41

Employee Benefits 63 (10) 47 69 46 63 46

Corporate (61) (90) (80) (67) (62) (61) (62)

Adjusted operating earnings before income taxes (1)

257 226 290 289 232 257 232

(2) Includes dividend payments made to preferred shareholders.

(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial

Page 9 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

Three Months Ended March 31, 2026

(in millions USD) Retirement Investment Management Employee Benefits Corporate Consolidated

Adjusted operating revenues

Net investment income and net gains (losses) 456 7 42 5 511

Fee income 341 243 21 — 605

Premiums — — 739 — 740

Other revenue 24 1 52 — 76

Adjusted operating revenues (1)

821 251 855 5 1,932

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (226) — (538) — (764)

Operating expenses (359) (192) (239) (21) (811)

Net amortization of DAC/VOBA (27) — (14) — (42)

Interest expense (2)

— — — (48) (48)

Adjusted operating benefits and expenses (1)

(612) (192) (792) (69) (1,665)

Adjusted operating earnings before income taxes, including noncontrolling interest (1)

209 59 63 (63) 267

Less: Earnings (loss) attributable to the noncontrolling interest (3)

— 13 — (2) 11

Adjusted operating earnings before income taxes (1)

209 46 63 (61) 257

Three Months Ended March 31, 2025

Retirement Investment Management Employee Benefits Corporate Consolidated

Adjusted operating revenues

Net investment income and net gains (losses) 458 6 36 6 506

Fee income 318 236 18 — 572

Premiums — — 734 — 734

Other revenue 22 1 53 — 75

Adjusted operating revenues (1)

798 243 841 6 1,888

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (231) — (551) — (782)

Operating expenses (333) (190) (234) (22) (779)

Net amortization of DAC/VOBA (27) — (9) — (37)

Interest expense (2)

— — — (47) (47)

Adjusted operating benefits and expenses (1)

(591) (190) (795) (69) (1,645)

Adjusted operating earnings before income taxes, including noncontrolling interest (1)

207 53 46 (63) 243

Less: Earnings (loss) attributable to the noncontrolling interest (3)

— 12 — (1) 11

Adjusted operating earnings before income taxes (1)

207 41 46 (62) 232

(2) Includes dividend payments made to preferred shareholders.

(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial

Page 10 of 43

Consolidated Balance Sheets

Balances as of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Assets

Total investments 38,124 38,571 38,199 37,579 37,703

Cash and cash equivalents 969 1,228 1,157 1,179 868

Assets held in separate accounts 108,467 113,007 111,950 107,278 98,948

Premium receivable and reinsurance recoverable, net 10,609 10,713 10,835 10,965 11,144

Short term investments under securities loan agreement and accrued investment income 1,430 1,398 1,437 1,418 1,459

Deferred policy acquisition costs, Value of business acquired 2,364 2,401 2,435 2,472 2,505

Deferred income taxes 1,911 1,871 1,872 1,979 2,032

Other assets (1)

4,789 4,845 4,903 4,926 4,934

Assets related to consolidated investment entities 4,770 4,825 4,660 4,640 4,357

Total Assets 173,433 178,859 177,448 172,436 163,950

Liabilities

Future policy benefits and contract owner account balances 49,028 49,356 49,337 49,665 49,763

Liabilities related to separate accounts 108,467 113,007 111,950 107,278 98,948

Payables under securities loan agreements, including collateral held 1,218 1,273 1,375 1,128 1,486

Short-term debt 587 586 586 447 1

Long-term debt 1,913 1,518 1,518 1,657 2,103

Other liabilities (2)

2,907 3,492 3,192 3,155 3,048

Liabilities related to consolidated investment entities 2,607 2,588 2,407 2,553 2,240

Total Liabilities 166,727 171,820 170,365 165,883 157,589

Mezzanine Equity

Redeemable noncontrolling interest 226 222 221 215 214

Shareholders' Equity

Preferred stock — — — — —

Common stock 1 1 1 1 1

Treasury stock (1,188) (1,010) (883) (796) (788)

Additional paid-in capital 6,395 6,358 6,316 6,321 6,299

Retained earnings (deficit) 1,511 1,392 1,301 1,170 1,052

Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,719 6,741 6,735 6,696 6,564

Accumulated other comprehensive income (2,061) (1,788) (1,778) (2,067) (2,181)

Total Voya Financial, Inc. Shareholders' Equity 4,658 4,953 4,957 4,629 4,383

Noncontrolling interest 1,822 1,864 1,905 1,709 1,764

Total Shareholders' Equity 6,480 6,817 6,862 6,338 6,147

Total Liabilities, Mezzanine Equity and Shareholders' Equity 173,433 178,859 177,448 172,436 163,950

(1) Includes Other assets, Goodwill, and Other intangibles, net.

(2) Includes Other liabilities and Derivatives.

Voya Financial

Page 11 of 43

DAC/VOBA Segment Trends

Three Months Ended or As of Year-to-Date or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Retirement

Balance as of Beginning-of-Period 1,387 1,398 1,410 1,422 1,044 1,387 1,044

Additions related to business acquisitions(1)

— — — — 390 — 390

Deferrals of commissions and expenses 17 17 16 15 15 17 15

Amortization (27) (28) (28) (27) (27) (27) (27)

Balance as of End-of-Period 1,376 1,387 1,398 1,410 1,422 1,376 1,422

Deferred Sales Inducements as of End-of-Period 21 21 22 22 22 21 22

Employee Benefits

Balance as of Beginning-of-Period 240 241 241 237 234 240 234

Deferrals of commissions and expenses 10 12 11 11 13 10 13

Amortization (14) (12) (12) (7) (9) (14) (9)

Balance as of End-of-Period 236 240 241 241 237 236 237

Total

Balance as of Beginning-of-Period 1,627 1,638 1,651 1,659 1,278 1,627 1,278

Additions related to business acquisitions(1)

— — — — 390 — 390

Deferrals of commissions and expenses 27 29 27 26 28 27 28

Amortization (42) (40) (40) (34) (37) (42) (37)

Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 1,613 1,627 1,638 1,651 1,659 1,613 1,659

Balance as of End-of-Period, businesses exited through reinsurance or divestment (2)

751 774 797 821 846 751 846

Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,364 2,401 2,435 2,472 2,505 2,364 2,505

(1) Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025.

(2) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses.

Voya Financial

Page 12 of 43

Consolidated Capital Structure

Balances as of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Financial Debt

Senior bonds 2,150 1,754 1,754 1,753 1,753

Subordinated bonds 349 349 349 349 349

Other debt 1 1 1 2 2

Total Financial Debt 2,500 2,104 2,104 2,104 2,104

Other financial obligations (1)

334 329 289 305 298

Total Financial Obligations 2,834 2,433 2,393 2,409 2,402

Mezzanine Equity

Redeemable noncontrolling interest 226 222 221 215 214

Equity

Preferred equity (2)

612 612 612 612 612

Common equity (Excluding AOCI) 6,107 6,129 6,123 6,084 5,952

Total Equity (Excluding AOCI)

6,719 6,741 6,735 6,696 6,564

Accumulated other comprehensive income (AOCI) (2,061) (1,788) (1,778) (2,067) (2,181)

Total Voya Financial, Inc. Shareholders' Equity 4,658 4,953 4,957 4,629 4,383

Noncontrolling interest 1,822 1,864 1,905 1,709 1,764

Total Shareholders' Equity 6,480 6,817 6,862 6,338 6,147

Capital

Capitalization (3)

7,158 7,057 7,061 6,733 6,487

Adjusted Capitalization excluding AOCI (4)

11,601 11,260 11,254 11,029 10,944

Leverage Ratios

Debt-to-Capital (5)

34.9 % 29.8 % 29.8 % 31.2 % 32.4 %

Financial Leverage excluding AOCI (6)(7)

29.7 % 27.0 % 26.7 % 27.4 % 27.5 %

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.

(2) Includes Preferred stock par value and additional paid-in-capital.

(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.

(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.

(5) Total Financial Debt divided by Capitalization.

(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 41 of this document.

(7) Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance.

Voya Financial

Page 13 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 2026

(in millions USD) General Account Separate Account Institutional/Mutual Funds Total AUM - Assets Under Management

AUA - Assets Under Administration & Advisement (2)

Total AUM and AUA

Retirement (1)

32,492 104,059 160,235 296,786 482,915 779,701

Investment Management 36,899 33,655 282,877 353,431 58,989 412,420

Employee Benefits 1,737 18 — 1,755 — 1,755

Eliminations/Other (3)

(34,229) (29,265) (13,192) (76,686) (40,157) (116,843)

Total AUM and AUA 36,899 108,467 429,920 575,286 501,747 1,077,033

(1) Includes wrapped funds as well as unwrapped Voya-managed funds.

(2) Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.

(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.

Retirement

Voya Financial

Page 15 of 43

Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

Three Months Ended or As of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Sources of Adjusted operating earnings before income taxes:

Gross investment income 416 426 429 431 425 1,702 1,588

Investment expenses (20) (20) (19) (20) (19) (80) (71)

Credited interest (222) (229) (231) (229) (228) (911) (858)

Net Margin 174 177 179 182 178 711 659

Alternative investment income (1)

29 47 42 42 22 160 109

Other investment income (2)

28 23 27 26 28 105 116

Investment spread and other investment income 231 247 248 250 228 976 884

Full Service Fee-based revenue (3)

216 236 225 201 204 878 727

Recordkeeping and other fee-based revenue 142 143 140 133 128 558 488

Total Fee-based margin 358 379 365 334 332 1,436 1,215

Net underwriting gain (loss) and other revenue 6 5 5 8 7 24 21

Net revenue (4)

595 631 618 592 567 2,436 2,119

Administrative expenses (286) (271) (254) (259) (261) (1,070) (923)

Net commissions (73) (77) (74) (71) (71) (295) (264)

DAC/VOBA and other intangibles amortization (28) (28) (28) (28) (28) (112) (90)

Adjusted operating earnings before income taxes 209 255 261 235 207 960 842

Adjusted Operating Margin TTM 39.4 % 39.8 % 39.8 % 39.3 % 39.7 %

Full Service Revenue (5)

Full Service Investment spread and other investment income 219 238 236 235 212 928 820

Full Service Fee-based revenue 216 236 225 201 204 878 727

Total Full Service Revenue 435 474 461 437 416 1,807 1,546

Client Assets

Fee-based 685,029 701,089 689,147 662,433 601,790 685,029 601,790

Spread-based (6)

32,492 32,684 32,994 33,220 33,306 32,492 33,306

Investment-only Stable Value 36,673 36,659 36,245 36,678 36,157 36,673 36,157

Wealth Management (7)

30,261 30,852 30,363 28,899 26,946 30,261 26,946

Eliminations (8)

(4,755) (4,776) (3,930) (3,986) (4,018) (4,755) (4,018)

Total Client Assets 779,701 796,508 784,821 757,244 694,180 779,701 694,180

(1) See page 35 for additional detail on Alternative investment income.

(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.

(3) The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026.

(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.

(5) Excludes Net underwriting gain (loss) and other revenue.

(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.

(7) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.

(8) Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.

Voya Financial

Page 16 of 43

Retirement Client Assets Rollforward by Product Group

Three Months Ended or As of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Full Service - Client Assets

Fee-based 240,088 248,617 248,945 237,544 218,347 240,088 218,347

Spread-based 32,218 32,405 32,709 32,933 33,010 32,218 33,010

Client Assets, end of period - Full Service Total 272,305 281,022 281,654 270,477 251,357 272,305 251,357

Full Service - Total

Client Assets, beginning of period 281,022 281,654 270,477 251,357 208,448 251,357 196,607

Transfers / Single deposits 2,354 2,460 1,910 2,174 2,413 8,898 9,389

Recurring deposits 6,005 5,008 5,272 5,396 6,063 21,681 17,924

Total Deposits 8,359 7,468 7,182 7,571 8,475 30,580 27,311

Surrenders, benefits, and product charges (12,623) (11,679) (10,104) (8,692) (9,304) (43,098) (29,412)

Net Flows (4,264) (4,211) (2,922) (1,121) (828) (12,518) (2,100)

Interest credited and investment performance (4,453) 3,579 14,099 20,241 (3,809) 33,466 9,304

Transfer due to business acquisition — — — — 47,547 — 47,547

Client Assets, end of period - Full Service Total 272,305 281,022 281,654 270,477 251,357 272,305 251,357

Recordkeeping

Client Assets, beginning of period 446,988 434,835 419,669 378,366 340,254 378,366 315,134

Transfers / Single deposits 1,806 8,044 4,272 15,107 34,611 29,229 47,429

Recurring deposits 9,072 6,784 6,567 7,291 8,380 29,714 25,800

Total Deposits 10,878 14,828 10,839 22,399 42,991 58,944 73,228

Surrenders, benefits, and product charges (15,811) (12,379) (18,949) (9,667) (12,759) (56,806) (39,485)

Net Flows (4,933) 2,449 (8,110) 12,732 30,232 2,138 33,744

Interest credited and investment performance (2,567) 9,704 23,276 28,570 (5,200) 58,983 16,408

Transfer due to business acquisition — — — — 13,080 — 13,080

Client Assets, end of period - Recordkeeping 439,488 446,988 434,835 419,669 378,366 439,488 378,366

Total Defined Contribution (1)

Client Assets, beginning of period 728,011 716,489 690,146 629,723 548,702 629,723 511,741

Transfers / Single deposits 4,160 10,503 6,182 17,282 37,024 38,127 56,819

Recurring deposits 15,077 11,793 11,839 12,688 14,443 51,397 43,722

Total Deposits 19,237 22,296 18,021 29,970 51,467 89,524 100,541

Surrenders, benefits, and product charges (28,434) (24,058) (29,053) (18,358) (22,063) (99,903) (68,898)

Net Flows (9,197) (1,762) (11,032) 11,611 29,404 (10,380) 31,644

Interest credited and investment performance (7,021) 13,284 37,375 48,811 (9,009) 92,449 25,712

Transfer due to business acquisition — — — — 60,627 — 60,627

Client Assets, end of period - Total Defined Contribution 711,793 728,011 716,489 690,146 629,723 711,793 629,723

(1) Total of Full Service and Recordkeeping.

Voya Financial

Page 17 of 43

Retirement Client Assets Rollforward by Product Group

Three Months Ended or As of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Defined Contribution Investment-only Stable Value (SV) (1)

Assets, beginning of period 36,659 36,245 36,678 36,157 34,557 36,157 34,814

Transfers / Single deposits 501 1,192 94 814 1,629 2,601 3,036

Recurring deposits 152 350 367 145 554 1,014 924

Total Deposits 653 1,542 462 959 2,183 3,616 3,960

Surrenders, benefits, and product charges (1,096) (1,713) (1,716) (707) (1,024) (5,232) (4,606)

Net Flows (443) (171) (1,254) 252 1,159 (1,616) (646)

Interest credited and investment performance 456 585 821 270 440 2,132 1,988

Assets, end of period - Defined Contribution Investment-only SV 36,673 36,659 36,245 36,678 36,157 36,673 36,157

Wealth Management (2)(3)

30,261 30,856 30,367 28,903 26,950 30,261 26,950

Other Assets (4)

5,728 5,758 5,648 5,503 5,368 5,728 5,368

Eliminations (5)

(4,755) (4,776) (3,930) (3,986) (4,018) (4,755) (4,018)

Total Client Assets 779,701 796,508 784,821 757,244 694,180 779,701 694,180

(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.

(2) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.

(3) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.

(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.

(5) Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue.

Investment Management

Voya Financial

Page 19 of 43

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

Three Months Ended Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Sources of Adjusted operating earnings before income taxes:

Investment capital income (1)

7 6 11 4 5 28 20

Other investment income — 1 1 1 1 3 4

Investment spread and other investment income 7 7 12 5 6 31 24

Fee-based margin (2)

244 283 245 234 237 1,006 967

Net revenue (3)

251 290 257 239 243 1,037 991

Administrative expenses (192) (198) (177) (174) (190) (741) (713)

Adjusted operating earnings before income taxes, including noncontrolling interest

59 92 80 65 53 296 278

Adjusted Operating Margin TTM 28.6 % 28.3 % 28.5 % 28.0 % 28.1 %

Fee-based margin (2)

Investment advisory and administrative revenue 243 250 245 237 236 975 936

Other fee-based margin 1 33 — (3) 1 31 30

Fee-based margin 244 283 245 234 237 1,006 967

Reconciliation to Adjusted operating earnings before income taxes

Adjusted operating earnings before income taxes, including noncontrolling interest

59 92 80 65 53 296 278

Less: Earnings (loss) attributable to the noncontrolling interest (4)

13 21 18 14 12 66 65

Adjusted operating earnings before income taxes 46 72 62 51 41 231 213

(1) See page 35 for additional detail on Alternative investment income, including Investment capital income.

(2) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.

(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.

(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial

Page 20 of 43

Investment Management Analysis of AUM and AUA

Three Months Ended or as of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Client Assets:

External Clients

Institutional 169,767 171,557 173,442 166,833 161,220 169,767 161,220

Retail (1)

146,764 151,279 156,355 156,329 147,025 146,764 147,025

Subtotal External Clients 316,532 322,835 329,797 323,162 308,245 316,532 308,245

General Account 36,899 37,290 36,503 36,428 36,734 36,899 36,734

Total Client Assets (AUM) 353,431 360,125 366,300 359,589 344,978 353,431 344,978

Assets under Advisement and Administration (AUA) (1)

58,989 62,030 53,527 53,530 50,162 58,989 50,162

Total AUM and AUA 412,420 422,155 419,827 413,119 395,140 412,420 395,140

Investment Advisory and Administrative Revenues (2)

External Clients

Institutional 92 94 92 89 89 367 355

Retail 127 134 130 125 124 516 494

Subtotal External Clients 219 228 222 214 213 883 849

General Account 19 18 18 19 19 74 70

Total Investment Advisory and Administrative Revenues (AUM) 238 246 240 232 232 956 919

Administration Only Fees 5 4 4 5 5 18 17

Total Investment Advisory and Administrative Revenues 243 250 245 237 236 975 936

Revenue Yield (bps) (2)

External Clients

Institutional 21.4 21.7 21.6 21.7 22.1 21.6 22.8

Retail 33.8 34.1 33.1 33.2 33.0 33.6 33.0

Revenue Yield on External Clients 27.2 27.6 27.1 27.2 27.4 27.3 27.8

General Account 20.2 20.2 20.1 20.3 20.6 20.2 20.2

Revenue Yield on Client Assets (AUM) 26.5 26.8 26.4 26.5 26.7 26.6 27.0

Revenue Yield on Advisement and Administrative Only Assets (AUA) 3.4 3.0 3.3 3.5 3.6 3.3 3.3

Total Revenue Yield on AUM and AUA (bps) 23.1 23.7 23.4 23.6 23.8 23.5 23.9

Revenue Yield on Client Assets (AUM) TTM 26.6 26.6 26.7 26.9 27.0 26.6 27.0

(1) In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.

(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

Voya Financial

Page 21 of 43

Investment Management Account Rollforward by Source

Three Months Ended or as of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Institutional AUM:

Beginning of period AUM 171,557 173,442 166,833 161,220 156,568 161,220 148,489

Inflows 5,562 7,672 12,780 6,665 10,460 32,679 35,492

Outflows (5,159) (6,986) (9,219) (5,713) (5,272) (27,077) (23,393)

Net flows - Institutional 403 686 3,560 952 5,187 5,601 12,098

Change in Market Value (1,850) 772 4,341 5,622 (345) 8,885 4,243

Other (Including Acquisitions / Divestitures) (342) (3,344) (1,292) (961) (191) (5,939) (3,611)

End of period AUM - Institutional 169,767 171,557 173,442 166,833 161,220 169,767 161,220

Organic Growth (Net Flows/Beginning of period AUM) 0.2 % 0.4 % 2.1 % 0.6 % 3.3 % 3.5 % 8.1 %

Market Growth % -1.1 % 0.4 % 2.6 % 3.5 % -0.2 % 5.5 % 2.9 %

Retail AUM:

Beginning of period AUM 151,279 156,355 156,329 147,025 149,214 147,025 148,710

Inflows 10,474 12,033 11,408 11,093 12,774 45,008 44,624

Outflows (10,812) (11,540) (11,091) (10,218) (10,279) (43,661) (37,076)

Net flows - Retail (338) 493 317 874 2,496 1,346 7,549

Net Money Market Flows (133) (42) (38) 49 117 (164) 312

Change in Market Value (4,648) 2,289 7,072 8,984 (4,816) 13,695 1,124

Net Flows from Divested Businesses (1)

(270) (28) (6,397) (259) (374) (6,954) (8,717)

Other (Including Acquisitions / Divestitures) 875 (7,787) (927) (344) 388 (8,183) (1,954)

End of period AUM - Retail 146,764 151,279 156,355 156,329 147,025 146,764 147,025

Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) -0.2 % 0.3 % 0.2 % 0.6 % 1.7 % 0.9 % 5.1 %

Market Growth % -3.1 % 1.5 % 4.5 % 6.1 % -3.2 % 9.3 % 0.8 %

Net Flows:

Institutional Net Flows 403 686 3,560 952 5,187 5,601 12,097

Retail Net Flows (338) 493 317 874 2,496 1,346 7,549

Net Flows from Divested Businesses (270) (28) (6,397) (259) (374) (6,954) (8,717)

Total Net Flows (205) 1,151 (2,520) 1,567 7,310 (7) 10,930

Net Flows excluding Net Flows from Divested Businesses 65 1,179 3,877 1,826 7,683 6,947 19,646

Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM) — % 0.4 % 1.2 % 0.6 % 2.5 % 2.3 % 6.6 %

(1) In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.

Voya Financial

Page 22 of 43

Investment Management Account Value by Asset Type

Balances as of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Institutional

Equity 27,382 29,286 29,404 27,457 22,375

Fixed Income - Public 61,306 61,530 61,776 56,899 57,182

Fixed Income - Privates 70,118 70,105 69,611 68,818 67,245

Alternatives 10,961 10,636 12,651 13,659 14,418

Money Market — — — — —

Total 169,767 171,557 173,442 166,833 161,220

Retail

Equity 70,203 73,239 77,684 78,699 70,634

Fixed Income - Public 72,138 73,414 73,976 72,870 71,625

Fixed Income - Privates 125 128 123 277 311

Alternatives 1,891 1,961 1,995 1,876 1,910

Money Market 2,407 2,537 2,576 2,606 2,544

Total 146,764 151,279 156,355 156,329 147,025

General Account

Equity 269 279 125 112 138

Fixed Income - Public 18,136 18,284 18,272 17,870 18,071

Fixed Income - Privates 16,005 16,072 15,973 16,271 16,574

Alternatives 1,960 2,003 1,712 1,615 1,650

Money Market 529 652 421 560 300

Total 36,899 37,290 36,503 36,428 36,734

Combined Asset Type

Equity 97,854 102,804 107,213 106,268 93,147

Fixed Income - Public 151,579 153,227 154,024 147,639 146,878

Fixed Income - Privates 86,248 86,305 85,707 85,366 84,130

Alternatives 14,813 14,600 16,359 17,150 17,979

Money Market 2,936 3,189 2,997 3,166 2,844

Total 353,431 360,125 366,300 359,589 344,978

Total Private and Alternative Assets 101,061 100,905 102,066 102,516 102,109

% of Private and Alternative Assets / Total AUM 28.6 % 28.0 % 27.9 % 28.5 % 29.6 %

Employee Benefits

Voya Financial

Page 24 of 43

Employee Benefits Sources of Adjusted Operating Earnings before income taxes

Three Months Ended Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Sources of Adjusted operating earnings before income taxes:

Gross investment income 27 27 27 27 27 108 105

Investment expenses (1) (1) (1) (1) (1) (4) (4)

Credited interest (11) (11) (11) (11) (12) (44) (49)

Net margin 14 15 15 14 14 58 52

Alternative investment income (1)

5 8 7 7 3 27 13

Other investment income 12 11 12 10 10 45 39

Investment spread and other investment income 31 34 34 31 27 130 104

Fee-based margin (2)

59 57 54 56 56 226 224

Net underwriting gain (loss) and other revenue 226 151 195 216 206 788 644

Net revenue (3)

316 242 284 303 290 1,145 972

Administrative expenses (145) (143) (134) (132) (139) (554) (530)

Premium taxes, fees and assessments (50) (52) (52) (50) (50) (204) (196)

Net commissions (44) (45) (39) (44) (45) (172) (182)

DAC/VOBA and other intangibles amortization (14) (12) (12) (7) (9) (45) (36)

Adjusted operating earnings before income taxes 63 (10) 47 69 46 169 27

Adjusted Operating Margin TTM 14.7 % 13.6 % 6.0 % 3.7 % 2.7 %

Group life:

Premiums 155 165 162 166 162 648 667

Benefits (110) (116) (120) (124) (146) (470) (542)

Other (4)

(3) (3) (3) (3) (2) (12) (11)

Total Group life 43 47 39 40 14 169 115

Group life Loss Ratio (interest adjusted) (5)

70.6 % 70.0 % 74.2 % 74.3 % 90.3 % 72.3 % 81.2 %

Group Stop loss:

Premiums 382 391 388 388 390 1,549 1,746

Benefits (6)

(304) (375) (324) (312) (293) (1,315) (1,613)

Other (4)

(1) (1) (1) (2) (2) (5) (7)

Total Group Stop loss 77 14 62 75 96 228 127

Stop loss Loss Ratio (5)

79.5 % 96.0 % 83.6 % 80.3 % 75.0 % 84.9 % 92.3 %

Voluntary Benefits, Disability, and Other 106 90 94 100 97 390 402

Net underwriting gain (loss) and other revenue

Premiums 743 744 739 741 747 2,967 3,165

Benefits (515) (591) (542) (524) (538) (2,172) (2,512)

Other (4)

(2) (2) (2) (2) (3) (8) (8)

Total Net underwriting gain (loss) and other revenue 226 151 195 216 206 788 644

Total Aggregate Loss Ratio (5)

69.4 % 79.5 % 73.4 % 70.7 % 72.0 % 73.2 % 79.4 %

Total Aggregate Loss Ratio TTM (5)

73.2 % 73.9 % 78.0 % 79.0 % 79.4 %

(1) See page 35 for additional detail on Alternative investment income.

(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.

(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.

(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.

(5) Reported Loss ratios are net of reinsurance recoveries.

(6) The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years.

Voya Financial

Page 25 of 43

Quarterly Loss Ratio Development for Group Stop Loss

Estimated Ultimate Loss Ratio as of

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024

2026 Stop Loss Policy Year (1)

87 % — % — % — % — % — % — % — % — %

2025 Stop Loss Policy Year(1)

90 % 90 % 87 % 87 % 87 % — % — % — % — %

2024 Stop Loss Policy Year (Largely Developed) (1)

89 % 89 % 90 % 90 % 92 % 94 % 86 % 81 % 81 %

Reported Loss Ratio for Stop Loss (2)

80 % 96 % 84 % 80 % 75 % 115 % 93 % 83 % 84 %

(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page 43 for further details on January and Non-January cohorts.

(2) Reported Loss ratios are net of reinsurance recoveries.

Voya Financial

Page 26 of 43

Employee Benefits Key Metrics

Three Months Ended or As of Twelve Months Ended or As of

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Sales by Product Line:

Group life and Disability 71 7 29 22 74 129 110

Stop loss 280 27 59 14 265 380 335

Voluntary and Other (1)

121 11 17 37 99 186 168

Total sales by product line 472 45 105 73 438 695 612

Total gross premiums and deposits 838 825 837 843 846 3,343 3,546

Annualized In-force Premiums and Fees by Product Line:

Group life and Disability 916 965 989 977 971 916 971

Stop loss 1,563 1,578 1,572 1,569 1,589 1,563 1,589

Voluntary and Other (1)

1,157 1,103 1,100 1,103 1,117 1,157 1,117

Total annualized in-force premiums and fees by product line 3,636 3,646 3,662 3,649 3,677 3,636 3,677

Assets Under Management by Fund Group:

General account 1,737 1,805 1,906 1,945 1,870 1,737 1,870

Separate account 18 19 19 18 17 18 17

Total AUM 1,755 1,824 1,925 1,963 1,887 1,755 1,887

(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Corporate

Voya Financial

Page 28 of 43

Corporate Adjusted Operating Earnings Before Income Taxes

Three Months Ended Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Interest expense (excluding Preferred stock dividends) (1)

(31) (30) (30) (28) (31) (119) (123)

Preferred stock dividends (17) (4) (16) (4) (17) (41) (41)

Pension expense (2)

(13) (13) (13) (13) (13) (52) (49)

Other (3)

(2) (47) (22) (22) (2) (93) 9

Adjusted operating earnings before income taxes, including noncontrolling interest

(63) (94) (81) (67) (63) (305) (204)

Less: Earnings (loss) attributable to the noncontrolling interest (2) (3) (1) (1) (1) (7) (3)

Adjusted operating earnings before income taxes (61) (90) (80) (67) (62) (298) (201)

(1) Includes other operating expenses related to financing agreements.

(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.

(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Administrative Expenses and Adjusted Operating Return on Capital

Voya Financial

Page 30 of 43

Administrative Expenses

Three Months Ended Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Retirement (286) (271) (254) (259) (261) (1,070) (923)

Investment Management (192) (198) (177) (174) (190) (741) (713)

Employee Benefits (145) (143) (134) (132) (139) (554) (530)

Total Administrative Expenses (1)

(623) (612) (565) (565) (590) (2,365) (2,166)

(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

Voya Financial

Page 31 of 43

Adjusted Operating Return on Allocated Capital

Twelve Months Ended

(in millions USD, unless otherwise indicated) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Retirement

Adjusted operating earnings before income taxes - before interest 960 959 913 863 842

Income tax expense 137 139 131 122 119

Adjusted Operating Earnings - before interest and after income taxes 823 820 782 741 723

Adjusted Operating effective tax rate (1)

12.9 % 14.9 % 15.0 % 14.3 % 13.4 %

Adjusted Operating effective tax rate TTM 14.3 % 14.5 % 14.3 % 14.1 % 14.1 %

Average Capital 3,783 3,747 3,674 3,584 3,483

Ending Capital (2)

3,852 3,746 3,791 3,771 3,796

Adjusted Return on Capital 21.8 % 21.9 % 21.3 % 20.7 % 20.7 %

Investment Management

Adjusted operating earnings before income taxes - before interest (3)

231 226 220 214 213

Income tax expense 49 47 46 45 45

Adjusted Operating Earnings - before interest and after income taxes (3)

182 179 174 169 168

Adjusted Operating effective tax rate (1)

21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Adjusted Operating effective tax rate TTM 21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Average Capital 877 876 870 861 851

Ending Capital (2)

872 876 883 875 874

Adjusted Return on Capital 20.9 % 20.4 % 20.1 % 19.6 % 19.7 %

Employee Benefits

Adjusted operating earnings before income taxes - before interest 169 152 59 36 27

Income tax expense 35 32 12 7 6

Adjusted Operating Earnings - before interest and after income taxes 134 120 47 29 21

Adjusted Operating effective tax rate (1)

21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Adjusted Operating effective tax rate TTM 21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Average Capital 1,275 1,288 1,291 1,286 1,275

Ending Capital (2)

1,237 1,259 1,295 1,281 1,295

Adjusted Return on Capital 10.4 % 9.3 % 3.6 % 2.2 % 1.6 %

(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.

(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.

(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Investment Information

Voya Financial

Page 33 of 43

Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class

Three Months Ended or As of Year-to-Date or As of

(in millions USD) 3/31/2026 12/31/2025 3/31/2026

Invested Assets

Book Values, Gross investment income and Earned rate (1)

Book Value BV % Gross Investment Income

Earned Rate (annualized)

Book Value BV % Gross Investment Income

Earned Rate (annualized)

Book Value BV % Gross Investment Income

Earned Rate (annualized)

Public corporate 10,782 28.0 % 136 5.2 % 10,942 28.0 % 152 5.7 % 10,782 28.0 % 136 5.2 %

Private credit 8,877 23.0 % 116 5.4 % 8,501 22.0 % 99 4.7 % 8,877 23.0 % 116 5.4 %

Securitized (2)(3)

9,632 25.0 % 131 5.4 % 10,034 26.0 % 136 5.5 % 9,632 25.0 % 131 5.4 %

Commercial mortgage loans 5,631 15.0 % 67 4.9 % 5,574 14.0 % 67 5.0 % 5,631 15.0 % 67 4.9 %

Municipals 552 1.0 % 6 3.9 % 598 2.0 % 6 3.9 % 552 1.0 % 6 3.9 %

Short-term / Treasury 663 2.0 % 7 4.3 % 636 2.0 % 6 4.3 % 663 2.0 % 7 4.3 %

Equity securities 196 1.0 % 3 5.8 % 201 1.0 % 3 5.8 % 196 1.0 % 3 5.8 %

Policy loans 361 1.0 % 4 5.1 % 369 1.0 % 5 5.4 % 361 1.0 % 4 5.1 %

Derivatives (5) — % 4 N/A (5) — % 4 N/A (5) — % 4 N/A

Book Values and Gross Investment Income before variable components 36,690 95.0 % 472 5.3 % 36,850 95.0 % 477 5.3 % 36,690 95.0 % 472 5.3 %

Book Values and Gross Investment Income on variable components

Limited partnership (4)

1,936 5.0 % 32 6.9 % 1,909 5.0 % 53 11.7 % 1,936 5.0 % 32 6.9 %

Prepayment / Other fee income N/A — % 6 0.1 % N/A — % 7 0.1 % N/A — % 6 0.1 %

Book Values and Gross Investment Income (variable) 1,936 5.0 % 37 N/A 1,909 5.0 % 60 N/A 1,936 5.0 % 37 N/A

Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings 38,626 100.0 % 510 5.4 % 38,759 100.0 % 537 5.7 % 38,626 100.0 % 510 5.4 %

(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.

(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.

(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.

(4) Includes assets and income related to foreclosed real estate.

Voya Financial

Page 34 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

Three Months Ended or As of (1)

(in millions USD) 12/31/2025 09/30/2025 06/30/2025 03/31/2025

Statutory Carrying Value Statutory Value SV % Statutory Value SV % Statutory Value SV % Statutory Value SV %

Public corporate 11,035 28.0 % 10,913 28.0 % 10,585 28.0 % 10,610 28.0 %

Private credit 8,408 22.0 % 8,367 22.0 % 8,420 22.0 % 8,506 22.0 %

Securitized 9,988 26.0 % 9,979 26.0 % 9,852 26.0 % 9,996 26.0 %

Municipals 598 2.0 % 606 2.0 % 609 2.0 % 623 2.0 %

Short-term / Treasury 709 2.0 % 637 2.0 % 640 2.0 % 524 1.0 %

Total Fixed maturities 30,738 79.0 % 30,501 79.0 % 30,107 79.0 % 30,258 79.0 %

Commercial mortgage loans 5,560 14.0 % 5,371 14.0 % 5,483 14.0 % 5,553 14.0 %

Limited partnership 1,815 5.0 % 1,913 5.0 % 1,923 5.0 % 1,910 5.0 %

Equity securities 662 2.0 % 626 2.0 % 566 1.0 % 577 2.0 %

Total 38,775 100.0 % 38,410 100.0 % 38,079 100.0 % 38,298 100.0 %

NAIC Ratings

Fixed Maturities:

NAIC 1 16,987 55.0 % 16,695 55.0 % 16,532 55.0 % 16,304 54.0 %

NAIC 2 12,448 40.0 % 12,470 41.0 % 12,178 40.0 % 12,459 41.0 %

NAIC 3 and below 1,303 4.0 % 1,335 4.0 % 1,396 5.0 % 1,495 5.0 %

Total Fixed maturities 30,738 100.0 % 30,501 100.0 % 30,107 100.0 % 30,258 100.0 %

Commercial Mortgage Loans:

CML 1 3,970 71.0 % 3,905 73.0 % 4,039 74.0 % 4,111 74.0 %

CML 2 1,235 22.0 % 1,092 20.0 % 1,079 20.0 % 1,000 18.0 %

CML 3 and below 355 6.0 % 374 7.0 % 366 7.0 % 441 8.0 %

Total Commercial mortgage loans 5,560 100.0 % 5,371 100.0 % 5,483 100.0 % 5,553 100.0 %

(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial

Page 35 of 43

Alternative Investment Income

Three Months Ended Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Retirement (1)

Alternative investment income at long-term expectations (2)

37 37 37 35 36 146 139

Alternative investment income above (below) expectations (8) 10 5 7 (14) 14 (30)

Alternative investment income 29 47 42 42 22 160 109

Average alternative investments 1,645 1,644 1,657 1,590 1,591 1,634 1,565

Investment Management (1)

Alternative investment income at long-term expectations (2)

7 7 7 8 7 29 31

Alternative investment income above (below) expectations — (1) 4 (4) (2) (1) (11)

Alternative investment income 7 6 11 4 5 28 20

Average alternative investments 305 314 331 344 326 324 341

Employee Benefits (1)

Alternative investment income at long-term expectations (2)

5 5 7 6 5 23 22

Alternative investment income above (below) expectations — 3 — 1 (2) 4 (9)

Alternative investment income 5 8 7 7 3 27 13

Average alternative investments 216 238 284 268 238 252 221

Total (1)

Alternative investment income at long-term expectations (2)

49 49 51 49 49 198 192

Alternative investment income above (below) expectations (8) 12 9 4 (19) 17 (50)

Alternative investment income 41 61 60 53 30 215 142

Average alternative investments 2,166 2,196 2,272 2,202 2,155 2,210 2,127

(1) Excludes assets and income related to foreclosed real estate.

(2) The long-term expected return for alternative investments and investment capital is 9% annually.

Reconciliations

Voya Financial

Page 37 of 43

Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)

Three Months Ended

(in millions USD, except per share) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Before income taxes

After income taxes (1)

Per share (2)

Before income taxes

After income taxes (1)

Per share (2)

Before income taxes

After income taxes (1)

Per share (2)

Before income taxes

After income taxes (1)

Per share (2)

Before income taxes

After income taxes (1)

Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders 165 1.75 136 1.41 176 1.80 162 1.66 139 1.42

Plus: Net income (loss) attributable to noncontrolling interests

13 0.14 9 0.09 80 0.83 (5) (0.05) (5) (0.05)

Less: Preferred stock dividends

(17) (0.18) (4) (0.04) (16) (0.17) (4) (0.04) (17) (0.17)

Income (loss) 230 195 2.07 169 149 1.54 307 272 2.79 188 161 1.65 173 151 1.54

Less:

Net investment gains (losses)

(37) (30) (0.31) 4 3 0.03 (16) (12) (0.13) (29) (23) (0.23) (2) (1) (0.02)

Income (loss) related to businesses exited or to be exited through reinsurance or divestment

(26) (21) (0.22) (25) (20) (0.21) (52) (42) (0.43) (30) (24) (0.24) (39) (31) (0.32)

Net income (loss) attributable to noncontrolling interests 13 13 0.14 9 9 0.09 80 80 0.83 (5) (5) (0.05) (5) (5) (0.05)

Dividend payments made to preferred shareholders 17 17 0.18 4 4 0.04 16 16 0.17 4 4 0.04 17 17 0.17

Other adjustments (3)

6 2 0.02 (50) (35) (0.36) (11) (10) (0.10) (41) (31) (0.32) (30) (24) (0.24)

Adjusted operating earnings 257 214 2.26 226 188 1.94 290 239 2.45 289 240 2.46 232 195 2.00

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.

(2) Per share calculations are based on un-rounded numbers.

(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended Dec. 31, 2025, also includes a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and $14 million, after-tax, of severance costs. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.

Voya Financial

Page 38 of 43

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

Three Months Ended Year-to-Date

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Total revenues 2,031 2,111 2,128 1,981 1,969 2,031 1,969

Less:

Net investment gains (losses) (22) (8) (9) (38) (5) (22) (5)

Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment 19 31 28 30 28 19 28

Revenues (loss) attributable to noncontrolling interests 46 37 115 35 25 46 25

Other adjustments 55 45 50 54 33 55 33

Total adjusted operating revenues 1,932 2,006 1,942 1,900 1,888 1,932 1,888

Adjusted operating revenues by segment

Retirement 821 866 853 824 798 821 798

Investment Management 251 290 257 239 243 251 243

Employee Benefits 855 845 829 832 841 855 841

Corporate 5 6 3 5 6 5 6

Total adjusted operating revenues 1,932 2,006 1,942 1,900 1,888 1,932 1,888

Total benefits and expenses (1,801) (1,942) (1,821) (1,793) (1,796) (1,801) (1,796)

Less:

Changes in market risk benefits (16) 12 (7) 9 3 (16) 3

Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment (45) (56) (81) (60) (67) (45) (67)

Expenses attributable to noncontrolling interests (43) (45) (51) (54) (41) (43) (41)

Dividend payments made to preferred shareholders 17 4 16 4 17 17 17

Other adjustments (49) (94) (63) (95) (63) (49) (63)

Total adjusted operating benefits and expenses (1,665) (1,763) (1,635) (1,598) (1,645) (1,665) (1,645)

Adjusted operating benefits and expenses by segment

Retirement (612) (610) (592) (589) (591) (612) (591)

Investment Management (192) (198) (177) (174) (190) (192) (190)

Employee Benefits (792) (856) (783) (763) (795) (792) (795)

Corporate (69) (99) (84) (72) (69) (69) (69)

Total adjusted operating benefits and expenses (1,665) (1,763) (1,635) (1,598) (1,645) (1,665) (1,645)

Voya Financial

Page 39 of 43

Reconciliation of Net Revenues

Page Three Months Ended Twelve Months Ended

(in millions USD) Reference 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Retirement

Adjusted operating revenues

page 9

821 866 853 824 798 3,364 2,985

Interest credited and other benefits to contract owners/policyholders (226) (234) (235) (232) (231) (927) (865)

Net revenue

page 15

595 631 618 592 567 2,436 2,119

Investment Management

Adjusted operating revenues

page 9

251 290 257 239 243 1,037 991

Net revenue

page 19

251 290 257 239 243 1,037 991

Employee Benefits

Adjusted operating revenues

page 9

855 845 829 832 841 3,361 3,513

Interest credited and other benefits to contract owners/policyholders (538) (603) (546) (529) (551) (2,216) (2,540)

Net revenue

page 24

316 242 284 303 290 1,145 972

Consolidated

Total Adjusted operating revenues

page 9

1,932 2,006 1,942 1,900 1,888 7,780 7,512

Interest credited and other benefits to contract owners/policyholders (764) (838) (781) (761) (782) (3,144) (3,406)

Corporate Adjusted operating revenues (1)

(5) (6) (3) (5) (6) (19) (24)

Net revenue

pages 15/19/24

1,163 1,163 1,159 1,134 1,100 4,618 4,082

(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.

Voya Financial

Page 40 of 43

Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA

Twelve Months Ended

(in millions USD) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders 639 613 570 492 531

TTM Average Total Voya Financial, Inc. Shareholders' Equity 4,765 4,612 4,464 4,361 4,259

TTM Return on Voya Financial, Inc Equity 13.4 % 13.3 % 12.8 % 11.3 % 12.5 %

Less:

TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI -2.0 % -2.0 % -2.0 % -1.8 % -2.1 %

TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI 4.9 % 5.1 % 5.3 % 4.8 % 5.6 %

TTM Net investment gains (losses), after-tax -1.0 % -0.5 % -0.6 % -0.8 % -0.2 %

TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax -1.8 % -1.9 % -1.9 % -1.9 % -2.0 %

TTM Other adjustments, after-tax -1.2 % -1.7 % -1.5 % -1.8 % -1.4 %

TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI 14.5 % 14.3 % 13.6 % 12.8 % 12.6 %

Less:

Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA -4.2 % -4.3 % -4.3 % -4.2 % -4.1 %

TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA 18.7 % 18.6 % 17.9 % 17.0 % 16.7 %

Voya Financial

Page 41 of 43

Reconciliation of Book Value Per Common Share, Excluding AOCI and Leverage Ratio

Three Months Ended or As of Year-to-Date or As of

(in whole dollars) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 3/31/2025

Book value per common share, including AOCI 43.79 46.28 45.55 41.71 39.20 43.79 39.20

Per share impact of AOCI 22.31 19.06 18.64 21.46 22.67 22.31 22.67

Book value per common share, excluding AOCI 66.09 65.34 64.18 63.18 61.87 66.09 61.87

Debt to capital ratio 34.9 % 29.8 % 29.8 % 31.2 % 32.4 % 34.9 % 32.4 %

Plus:

Capital impact of adding noncontrolling interest

-7.7 % -6.8 % -6.9 % -6.9 % -7.5 % -7.7 % -7.5 %

Impact of adding other financial obligations and treatment of preferred stock (1)

8.9 % 9.1 % 8.8 % 9.4 % 9.5 % 8.9 % 9.5 %

Capital impact of excluding AOCI -6.4 % -5.1 % -5.0 % -6.3 % -6.9 % -6.4 % -6.9 %

Financial leverage ratio excluding AOCI 29.7 % 27.0 % 26.7 % 27.4 % 27.5 % 29.7 % 27.5 %

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.

Page 42 of 43

Appendix

Page 43 of 43

Quarterly Loss Ratio Development for Group Stop Loss Details

Estimated Ultimate Loss Ratio as of

Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024

2026 Stop Loss Policy Year Development (1)

January Business 87 % — % — % — % — % — % — % — % — %

Non-January Business

NM (2)

— % — % — % — % — % — % — % — %

Total 2026 Policy Year 87 % — % — % — % — % — % — % — % — %

2025 Stop Loss Policy Year Development (1)

January Business 91 % 91 % 87 % 87 % 87 % — % — % — % — %

Non-January Business 85 % 85 % 85 % 85 %

NM (2)

— % — % — % — %

Total 2025 Policy Year 90 % 90 % 87 % 87 % 87 % — % — % — % — %

2024 Stop Loss Policy Year Development (1)

January Business 90 % 91 % 91 % 91 % 93 % 95 % 86 % 81 % 81 %

Non-January Business 81 % 83 % 85 % 85 % 85 % 85 % 80 % 81 % 81 %

Total 2024 Policy Year 89 % 89 % 90 % 90 % 92 % 94 % 86 % 81 % 81 %

Reported Loss Ratio for Stop Loss (3)

80 % 96 % 84 % 80 % 75 % 115 % 93 % 83 % 84 %

(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries.

(2) In the first quarter of each policy year, the Non-January business does not have a material impact to that policy year’s loss ratio.

(3) Reported Loss ratios are net of reinsurance recoveries.

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