Voya Financial announces fourth-quarter and full-year 2025 results
NEW YORK--( BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today its fourth-quarter and full-year 2025 financial results:
“We delivered strong results in 2025, exceeding our targets for adjusted pre-tax earnings and cash generation, reflecting the strength of our diversified businesses, our disciplined execution, and the focus on our customers,” said Heather Lavallee, chief executive officer, Voya Financial. “Leveraging the strengths and connections across our Retirement, Investment Management and Employee Benefits businesses continues to support our growth and enhance the value we deliver for our customers, evidenced by our Retirement and Investment Management AUM surpassing $1 trillion in assets in the year.”
“For the full year, Voya delivered more than 20% growth in adjusted operating EPS, supported by consistent organic growth across both Retirement and Investment Management, our acquisition of OneAmerica, and margin improvement in Employee Benefits. As we look ahead, our strong free-cash-flow generation and continued work to align our solutions with the evolving needs of employers, employees and intermediaries positions us to enter the year with solid momentum and a clear set of priorities. Our vision — clearing the path to financial confidence and a more fulfilling life — guides how we serve our customers and create long-term value for all of our stakeholders,” Lavallee added.
Fourth-Quarter 2025 Consolidated Results
Fourth-quarter 2025 net income available to common shareholders was $136 million, or $1.41 per diluted share, compared with $93 million, or $0.94 per diluted share, in fourth-quarter 2024. The increase was primarily due to higher after-tax adjusted operating earnings.
Fourth-quarter 2025 after-tax adjusted operating earnings were $188 million, or $1.94 per diluted share, compared with $138 million, or $1.40 per diluted share, in fourth-quarter 2024. The increase was due to higher earnings across all segments, partially offset by higher accruals in Corporate for performance-based compensation, reflecting strong results in the full-year. The fourth-quarter 2025 earnings per share also benefited from reduced share count from share repurchases.
Full-Year 2025 Consolidated Results
Full-year 2025 net income available to common shareholders was $613 million, or $6.29 per diluted share, compared with $626 million, or $6.17 per diluted share, in full-year 2024. The decrease reflects the net investment gains and tax benefits associated with divested businesses in the prior period, which did not repeat, and higher expenses in the current period associated with severance and acquisitions, mostly offset by higher after-tax adjusted operating earnings.
Full-year 2025 after-tax adjusted operating earnings were $861 million, or $8.85 per diluted share, compared with $736 million, or $7.25 per diluted share, in full-year 2024. The full-year 2025 included higher earnings across all segments, supported by an improved adjusted operating margin in Employee Benefits, partially offset by higher accruals in Corporate for performance-based compensation. Full-year 2025 earnings per share also benefited from a reduced share count from share repurchases.
Business Segment Results
Retirement
Retirement fourth-quarter 2025 and full-year 2025 pre-tax adjusted operating earnings were $255 million and $959 million, respectively. This reflects an increase of $45 million over the prior-year quarter and $139 million over the prior year, respectively. The increase was primarily due to the acquired business from OneAmerica, higher alternative investment income and strong business execution.
Net revenues for the year ended Dec. 31, 2025 grew 17.1% compared with the prior-year period due to organic growth, business acquired from OneAmerica, higher alternative investment income, and positive capital markets.
Adjusted operating margin for the year ended Dec. 31, 2025 was 39.8% and was broadly consistent with the prior-year period. This reflects continued expense discipline, while investing for growth.
Total client assets as of Dec. 31, 2025 were $797 billion, up 30% compared with Dec. 31, 2024, primarily due to assets onboarded from OneAmerica, the record organic Defined Contribution net inflows of $28 billion, and positive capital markets.
Investment Management
Investment Management fourth-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $72 million, compared to $66 million in the prior-year period. The increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets, partially offset by higher incentive compensation tied to results.
Investment Management full-year 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $226 million, up from $213 million in the prior year. The increase was primarily due to higher net revenues from business growth, partially offset by higher variable compensation.
Net revenues for the year ended Dec. 31, 2025 grew 4.9% compared with the prior-year period, pushing revenues for Investment Management to over $1 billion for the first time in firm history.
Adjusted operating margin for the year ended Dec. 31, 2025 was 28.3% and was consistent with the prior-year period.
Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Dec. 31, 2025. For the full year ended Dec. 31, the company generated a record $14.6 billion of net inflows (excluding divested businesses), representing an organic growth of 4.8%. Our overall assets under management were $360 billion as of Dec. 31, 2025 compared to $339 billion as of Dec. 31, 2024.
Employee Benefits
Employee Benefits fourth-quarter 2025 pre-tax adjusted operating loss was $10 million, improved from a loss of $102 million in the prior-year period. The improvement was driven by higher underwriting margins in Group Life and Stop Loss, including an increase in reserves for Stop Loss.
Employee Benefits full-year 2025 pre-tax adjusted operating earnings were $152 million, up from $40 million in the prior year. The increase was primarily due to net underwriting margin improvement for Stop Loss, partly offset by higher administrative expenses due to investments in the business.
Net revenues for the year ended Dec. 31, 2025 increased 14.7% compared with the prior-year period. Adjusted operating margin for the year ended Dec. 31, 2025, was 13.6% compared with 4.1% in the prior-year period.
Employee Benefits fourth-quarter 2025 annualized in-force premiums and fees declined 5% to $3.6 billion compared with the prior-year period. The decline reflects intentional prioritization of margin improvement over growth, through pricing discipline and enhanced risk selection within the Stop Loss business.
Corporate
Corporate fourth-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $90 million, compared with $27 million of losses in the prior-year period. Corporate full-year 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $299 million, compared with $203 million of losses in the prior year. The higher losses were primarily driven by higher accruals for performance-based compensation, reflecting strong full-year 2025 results.
Capital
For the fourth-quarter 2025, the company generated approximately $175 million of excess capital, and returned $120 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively. Share repurchases included delivery of the remaining $20 million of shares from the third-quarter accelerated share repurchase agreement.
For the full-year ending 2025, the company generated approximately $775 million of excess capital which was approximately 90% of after-tax adjusted operating earnings. The company returned $200 million and $174 million of excess capital to shareholders through share repurchases and common stock dividends, respectively.
As of Dec. 31, 2025, the company's excess capital position was approximately $0.4 billion and remaining share repurchase authorization was $562 million.
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, Feb. 4 , 2026, at 10 a.m. ET, to discuss the company’s fourth-quarter 2025 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 Feb. 4, 2026.
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 approximately 15.7 million individual, workplace and institutional clients. 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. Voya employees fight together with customers and partners 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:
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:
Net Revenue and Adjusted Operating Margin
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 general economic conditions, impacts of a U.S. government shutdown, interest rates, inflation, tariffs imposed or threatened 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, 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, to be filed with the SEC on or before Mar. 2, 2026.
VOYA-IR VOYA-CF
Consolidated Statement of Operations
Three Months Ended
Twelve Months Ended
(in millions USD, except per share)
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Revenues
Net investment income
$
591
$
521
$
2,318
$
2,074
Fee income
633
543
2,396
2,113
Premiums
738
790
2,912
3,176
Net gains (losses)
(34
)
(52
)
(130
)
(27
)
Other revenues
136
134
440
423
Income (loss) related to consolidated investment entities
47
74
253
291
Total revenues
2,111
2,010
8,189
8,050
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders
(875
)
(987
)
(3,361
)
(3,619
)
Operating expenses
(937
)
(756
)
(3,447
)
(3,082
)
Net amortization of DAC/VOBA
(64
)
(56
)
(249
)
(223
)
Interest expense
(28
)
(35
)
(117
)
(124
)
Operating expenses related to consolidated investment entities
(38
)
(56
)
(178
)
(203
)
Total benefits and expenses
(1,942
)
(1,890
)
(7,352
)
(7,251
)
Income (loss) before income taxes
169
120
837
799
Income tax expense (benefit)
20
(1
)
104
57
Net income (loss)
149
121
733
742
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest
9
24
79
75
Net income (loss) available to Voya Financial, Inc.
140
97
654
667
Less: Preferred stock dividends
4
4
41
41
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
136
$
93
$
613
$
626
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic
$
1.43
$
0.97
$
6.40
$
6.31
Diluted
$
1.41
$
0.94
$
6.29
$
6.17
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
Three Months Ended
(in millions USD, except per share)
12/31/2025
12/31/2024
After-tax (1)
Per share
After-tax (1)
Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders
$
136
$
1.41
$
93
$
0.94
Less:
Net investment gains (losses)
3
0.03
—
—
Income (loss) related to businesses exited or to be exited through reinsurance or divestment
(20
)
(0.21
)
(17
)
(0.17
)
Other adjustments (2)
(35
)
(0.36
)
(27
)
(0.28
)
Adjusted operating earnings
$
188
$
1.94
$
138
$
1.40
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
Twelve Months Ended
(in millions USD, except per share)
12/31/2025
12/31/2024
After-tax (1)
Per share
After-tax (1)
Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders
$
613
$
6.29
$
626
$
6.17
Less:
Net investment gains (losses)
(33
)
(0.34
)
39
0.39
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)
(116
)
(1.19
)
(75
)
(0.74
)
Other adjustments (3)
(99
)
(1.02
)
(75
)
(0.74
)
Adjusted operating earnings
$
861
$
8.85
$
736
$
7.25
Adjusted Operating Earnings
Three Months Ended
Twelve Months Ended
(in millions USD, except per share)
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Adjusted operating earnings
Retirement
$
255
$
210
$
959
$
820
Investment Management
72
66
226
213
Employee Benefits
(10
)
(102
)
152
40
Corporate
(90
)
(27
)
(299
)
(203
)
Adjusted operating earnings before income taxes
226
147
1,038
870
Less: Income taxes (1)
39
9
176
135
Adjusted operating earnings after income taxes
$
188
$
138
$
861
$
736
Adjusted operating earnings per share
1.94
1.40
8.85
7.25
Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin
Twelve Months Ended
(in millions USD)
12/31/2025
12/31/2024
Net revenue
Retirement
$
2,408
$
2,056
Investment Management
1,030
982
Employee Benefits
1,118
975
Total net revenue
$
4,556
$
4,012
Adjusted operating earnings
Retirement
$
959
$
820
Investment Management including noncontrolling interest
291
278
Employee Benefits
152
40
Adjusted operating earnings, excluding Corporate
$
1,402
$
1,138
Adjusted operating margin
Retirement
39.8
%
39.9
%
Investment Management
28.3
%
28.3
%
Employee Benefits
13.6
%
4.1
%
Adjusted operating margin, excluding Corporate
30.8
%
28.4
%