Form 8-K

8-K — Voya Financial, Inc.

Accession: 0001535929-26-000149

Filed: 2026-08-04

Period: 2026-08-04

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-20260804.htm (Primary)

EX-99.1 (a2026q2pressrelease.htm)

EX-99.2 (a2026q2voyainvestorsupplem.htm)

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8-K

8-K (Primary)

Filename: voya-20260804.htm · Sequence: 1

voya-20260804

0001535929false00015359292026-08-042026-08-040001535929us-gaap:CommonStockMember2026-08-042026-08-040001535929voya:DepositarySharesMember2026-08-042026-08-04

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):

August 4, 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 August 4, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30, 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, August 5, 2026 at 10:00 am ET to discuss its second-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 June 30, 2026, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 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 August 4, 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 August 4, 2026 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended June 30, 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: August 4, 2026

EX-99.1

Filename: a2026q2pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

Voya Financial Announces Second-Quarter 2026 Results

NEW YORK, August 4, 2026 — Voya Financial, Inc. (NYSE: VOYA) announced today its second-quarter 2026 financial results:

•Second-quarter 2026 net income available to common shareholders of $90 million, or $0.97 per diluted share.

•Second-quarter 2026 after-tax adjusted operating earnings1 of $140 million, or $1.51 per diluted share.

◦Results included approximately $40 million of pre-tax severance expenses in Corporate related to targeted actions to improve operating efficiency and reduce ongoing operating expenses and a $15 million pre-tax loss from alternative investment results.

◦The operating efficiency actions are expected to generate ongoing expense savings that fully offset this severance expense within the next two quarters.

•Excess capital generation of approximately $150 million, exceeding 100% of after-tax adjusted operating earnings, while capital returns of approximately $200 million through common dividends and share repurchases remained robust.

•Business results remained strong, driven by higher fee-based revenues, continued commercial growth and disciplined operating execution across the company.

◦Strong underlying performance trends and benefits from expense actions support robust outlook for second half of 2026.

•Surpassed 10 million Retirement participant accounts and successfully completed integration of OneAmerica, demonstrating strong execution while enhancing our scale, capabilities, and long-term growth position in Retirement.

“Our businesses performed well during the second quarter, reflecting continued commercial momentum, higher fee-based revenues and disciplined execution across the company,” said Heather Lavallee, chief executive officer, Voya Financial. “These results demonstrate the strength of our workplace-centered business model, and the complementary capabilities of Voya Investment Management, which together position us to meet a broader range of customer needs while delivering value for shareholders. Strong underlying performance trends across our businesses, together with benefits from actions we took this quarter to reduce ongoing operating expenses, support our confidence in a robust outlook for the third and fourth quarters of 2026."

“We also completed the integration of OneAmerica in the quarter, an important milestone that strengthens our Retirement platform and expands our ability to serve customers while exceeding

our financial goals for the acquisition,” Lavallee added. “Combined with the momentum we are seeing across our businesses, this progress reflects our focus on executing our strategy, investing in growth opportunities and further strengthening Voya’s long-term competitive position.”

Second-Quarter 2026 Consolidated Results

Second-quarter 2026 net income available to common shareholders was $90 million, or $0.97 per diluted share, compared with $162 million, or $1.66 per diluted share, in second-quarter 2025. The change primarily reflects lower after-tax adjusted operating earnings, partially offset by lower acquisition and integration costs.

Second-quarter 2026 after-tax adjusted operating earnings were $140 million, or $1.51 per diluted share, compared with $240 million, or $2.46 per diluted share, in second-quarter 2025. The decrease was primarily driven by lower alternative investment income and severance expenses incurred during the second-quarter of 2026. These impacts were partially offset by the continued strength of our core businesses, supported by higher fee income in Retirement and Investment Management, continued commercial momentum and disciplined margin management.

Business Segment Results

Retirement

Retirement second-quarter 2026 pre-tax adjusted operating earnings were $190 million, a decrease from $235 million in the prior-year period. Strong underlying business momentum, including a 10% increase in fee-based revenues year-over-year, was more than offset by lower alternative investment income and planned strategic investment spend.

Net revenues for the trailing twelve months (TTM) ended Jun. 30, 2026 increased 10% compared with the prior-year period, driven by acquired spread- and fee-based revenues from the successful integration of OneAmerica, alongside positive capital markets and continued commercial momentum.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 37.9%, compared with 39.3% in the prior-year period, and remained within the company's target margin range.

Total client assets as of Jun. 30, 2026 were $863 billion, up 14% from $757 billion as of Jun. 30, 2025. The Retirement business surpassed 10 million participant accounts during the quarter, underscoring its expanding scale in the retirement industry.

Investment Management

Investment Management second-quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $57 million, compared with $51 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 Jun. 30, 2026 grew 6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

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.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 29.0%, a 100-basis point increase from the prior-year period.

Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. Assets under management were $377 billion as of Jun. 30, 2026 compared with $360 billion as of Jun. 30, 2025. Separately, Assets under advisory (AUA) generated net inflows of $1.0 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. AUA assets were $63 billion as of Jun. 30, 2026, compared with $54 billion as of Jun. 30, 2025.

Employee Benefits

Employee Benefits second-quarter 2026 pre-tax adjusted operating earnings were $22 million, down from $69 million in the prior-year period. The prior-year period benefited from more favorable prior-year claims development in Stop Loss. Voluntary loss ratios increased in the quarter from the lower levels observed in the prior-year period.

Net revenues for the TTM ended Jun. 30, 2026 increased 13% compared with the prior-year period, reflecting continued underwriting discipline, with the total aggregate loss ratio improving to 74% from 79% in the prior-year period.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 11.0% compared with 3.7% in the prior-year period, reflecting continued progress on initiatives to improve profitability through underwriting discipline, pricing actions and expense management.

Employee Benefits second-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 second-quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $102 million, compared with losses of $67 million in the prior-year period, primarily reflecting approximately $40 million of severance expenses related to targeted actions to improve operating efficiency and reduce ongoing operating expenses.

Capital

Supported by continued cash generation, Voya continued to create shareholder value through disciplined capital deployment. For the second-quarter 2026, the company generated approximately $150 million of excess capital and exceeded 100% conversion of after-tax adjusted operating earnings. In the second-quarter, the company completed its accelerated share repurchase program of $150 million at an average share price of $78.97. Additionally, the $42 million of common stock dividends drove a combined capital return to shareholders of approximately $200 million. At Jun. 30, 2026, remaining share repurchase authorization totaled $263 million.

As of Jun. 30, 2026, the company's balance sheet remained flexible and well-positioned with excess capital of approximately $200 million, compared with approximately $650 million at Mar. 31, 2026. As planned, the decrease reflects the repayment of maturing debt during the second-quarter that was primarily prefunded through the debt issuance completed in the first-quarter of 2026. The company’s strong balance sheet continues to provide the flexibility to invest in growth, return capital to shareholders and support long-term value creation.

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, August 5, 2026, at 10 a.m. ET, to discuss the company’s second-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 August 5, 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 Jun. 30, 2026, to be filed with the SEC on or before August 10, 2026.

VOYA-IR VOYA-CF

Consolidated Statement of Operations

Three Months Ended

(in millions USD, except per share) 6/30/2026 6/30/2025

Revenues

Net investment income $ 537 $ 584

Fee income 620 577

Premiums 716 718

Net gains (losses) (40) (41)

Other revenues 112 100

Income (loss) related to consolidated investment entities (49) 43

Total revenues 1,896 1,981

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders (825) (801)

Operating expenses (898) (857)

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

Interest expense (33) (28)

Operating expenses related to consolidated investment entities (44) (49)

Total benefits and expenses (1,862) (1,793)

Income (loss) before income taxes 34 188

Income tax expense (benefit) 16 27

Net income (loss) 18 161

Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest (76) (5)

Net income (loss) available to Voya Financial, Inc. 94 166

Less: Preferred stock dividends 4 4

Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 90 $ 162

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

Basic $ 0.99 $ 1.69

Diluted $ 0.97 $ 1.66

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

Three Months Ended

6/30/2026 6/30/2025

(in millions USD, except per share)

After-tax (1)

Per share

After-tax (1)

Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 90 $ 0.97 $ 162 $ 1.66

Less:

Net investment gains (losses) (16) (0.18) (23) (0.23)

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (23) (0.25) (24) (0.24)

Other adjustments (2)

(10) (0.11) (31) (0.32)

Adjusted operating earnings $ 140 $ 1.51 $ 240 $ 2.46

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 Jun. 30, 2025, also includes $18 million, after-tax, of severance expenses.

Adjusted Operating Earnings

Three Months Ended

(in millions USD, except per share) 6/30/2026 6/30/2025

Adjusted operating earnings

Retirement $ 190 $ 235

Investment Management 57 51

Employee Benefits 22 69

Corporate (102) (67)

Adjusted operating earnings before income taxes 167 289

Less: Income taxes (1)

27 49

Adjusted operating earnings after income taxes $ 140 $ 240

Adjusted operating earnings per share 1.51 2.46

Note: Totals may not sum due to rounding.

Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin

Twelve Months Ended

(in millions USD) 6/30/2026 6/30/2025

Net revenue

Retirement $ 2,417 $ 2,194

Investment Management 1,053 996

Employee Benefits 1,105 974

Total net revenue $ 4,575 $ 4,164

Adjusted operating earnings

Retirement $ 915 $ 863

Investment Management including noncontrolling interest 305 279

Employee Benefits 122 36

Adjusted operating earnings, excluding Corporate $ 1,342 $ 1,178

Adjusted operating margin

Retirement 37.9 % 39.3 %

Investment Management 29.0 % 28.0 %

Employee Benefits 11.0 % 3.7 %

Adjusted operating margin, excluding Corporate 29.3 % 28.3 %

Note: Totals may not sum due to rounding.

EX-99.2

Filename: a2026q2voyainvestorsupplem.htm · Sequence: 3

Document

Exhibit 99.2

Quarterly Investor Supplement

June 30, 2026

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 30, 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

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Balance Sheets

Ratings

DAC/VOBA Segment Trends

Alternative Investment Income

Consolidated Capital Structure

Reconciliations

Consolidated Assets Under Management, Assets Under Administration Reconciliation of Adjusted Operating Earnings Before Income Taxes and

and Advisement

Earnings Per Common Share (Diluted) (QTD)

Retirement Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes Earnings Per Common Share (Diluted) (YTD)

and Key Metrics

Reconciliation of Adjusted Operating Revenues and Adjusted Operating

Client Assets Rollforward by Product Group 17 - 18 Benefits and Expenses

Investment Management Reconciliation of Net Revenues

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliation of Adjusted Operating Return on Common Equity

Analysis of AUM and AUA

Excluding AOCI and NOL DTA

Net Flows Summary

Reconciliation of Book Value Per Common Share, Excluding AOCI and

Account Value Rollforward by Source

Leverage Ratio

Account Value by Asset Type

Employee Benefits

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 44

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 44

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 44

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 44

Key Metrics

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

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

Net income (loss) available to Voya Financial, Inc.'s common shareholders 90 165 136 176 162 255 301

Per common share (basic) 0.99 1.78 1.43 1.82 1.69 2.77 3.14

Per common share (diluted) 0.97 1.75 1.41 1.80 1.66 2.73 3.09

Adjusted operating earnings: (1)

Before income taxes 167 257 226 290 289 424 521

After income taxes 140 214 188 239 240 354 435

Effective tax rate 16.3 % 16.9 % 17.1 % 17.8 % 16.9 % 16.6 % 16.5 %

Per common share (diluted) 1.51 2.26 1.94 2.45 2.46 3.79 4.45

Return on Equity

TTM Return on Voya Financial, Inc's Equity 11.8 % 13.4 % 13.3 % 12.8 % 11.3 % 11.8 % 11.3 %

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

12.8 % 14.5 % 13.4 % 13.6 % 12.8 % 12.8 % 12.8 %

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

16.4 % 18.7 % 18.6 % 17.9 % 17.0 % 16.4 % 17.0 %

Shareholder's equity:

Total Voya Financial, Inc. Shareholders' Equity 4,685 4,658 4,953 4,957 4,629 4,685 4,629

Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI 6,025 6,107 6,129 6,123 6,084 6,025 6,084

Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA 4,746 4,797 4,800 4,751 4,654 4,746 4,654

Book value per common share (including AOCI) 44.96 43.79 46.28 45.55 41.71 44.96 41.71

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

66.50 66.09 65.34 64.18 63.18 66.50 63.18

Leverage Ratios:

Debt-to-Capital 31.0 % 34.9 % 29.8 % 29.8 % 31.2 % 31.0 % 31.2 %

Financial Leverage - excluding AOCI (2)(3)

27.6 % 29.7 % 27.0 % 26.7 % 27.4 % 27.6 % 27.4 %

Weighted-average common shares outstanding

Basic 91 93 95 96 96 92 96

Dilutive effects (4)

2 1 2 2 1 1 2

Diluted 92 95 97 97 98 93 98

Ending shares outstanding 91 92 94 95 96 91 96

Returned to Common Shareholders:

Repurchase of common shares, excluding commissions 150 150 120 80 — 300 —

Dividends to common shareholders 42 44 44 43 44 86 87

Total cash returned to common shareholders 192 194 164 123 44 386 87

(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 38 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 44 of this document.

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

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Consolidated Statements of Operations

Three Months Ended Year-to-Date

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

Revenues

Net investment income 537 569 591 583 584 1,106 1,144

Fee income 620 604 633 616 577 1,224 1,147

Premiums 716 744 738 719 718 1,460 1,455

Net gains (losses) (40) (45) (34) (21) (41) (85) (75)

Other revenues 112 109 136 100 100 221 204

Income (loss) related to consolidated investment entities (49) 50 47 131 43 1 75

Total revenues 1,896 2,031 2,111 2,128 1,981 3,927 3,950

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders (825) (819) (875) (850) (801) (1,644) (1,636)

Operating expenses (898) (848) (937) (829) (857) (1,746) (1,681)

Net amortization of DAC/VOBA (62) (65) (64) (65) (58) (127) (120)

Interest expense (33) (29) (28) (29) (28) (62) (60)

Operating expenses related to consolidated investment entities (44) (40) (38) (48) (49) (84) (92)

Total benefits and expenses (1,862) (1,801) (1,942) (1,821) (1,793) (3,663) (3,589)

Income (loss) before income taxes 34 230 169 307 188 264 361

Income tax expense (benefit) 16 35 20 35 27 51 49

Net income (loss) 18 195 149 272 161 213 312

Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest (76) 13 9 80 (5) (63) (10)

Net income (loss) available to Voya Financial, Inc. 94 182 140 192 166 276 322

Less: Preferred stock dividends 4 17 4 16 4 21 21

Net income (loss) available to Voya Financial, Inc.'s common shareholders 90 165 136 176 162 255 301

Voya Financial

Page 8 of 44

Consolidated Adjusted Operating Earnings Before Income Taxes

Three Months Ended Year-to-Date

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

Consolidated Adjusted Operating Earnings Before Income Taxes

Adjusted operating revenues

Net investment income and net gains (losses) 465 511 537 542 534 976 1,041

Fee income 622 605 636 617 577 1,226 1,149

Premiums 717 740 729 716 720 1,456 1,454

Other revenue 79 76 105 68 69 156 145

Adjusted operating revenues (1)

1,883 1,932 2,006 1,942 1,900 3,815 3,788

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (785) (764) (838) (781) (761) (1,548) (1,544)

Operating expenses (839) (811) (852) (768) (770) (1,650) (1,549)

Net amortization of DAC/VOBA (39) (42) (40) (40) (34) (80) (71)

Interest expense (2)

(38) (48) (34) (47) (32) (86) (80)

Adjusted operating benefits and expenses (1)

(1,701) (1,665) (1,763) (1,635) (1,598) (3,366) (3,243)

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

183 267 244 307 302 450 545

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

16 11 17 17 13 27 24

Adjusted operating earnings before income taxes (1)

167 257 226 290 289 424 521

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

Adjusted operating revenues

Retirement 799 821 866 853 824 1,620 1,622

Investment Management 255 251 290 257 239 507 482

Employee Benefits 821 855 845 829 832 1,675 1,673

Corporate 8 5 6 3 5 13 11

Adjusted operating revenues (1)

1,883 1,932 2,006 1,942 1,900 3,815 3,788

Adjusted operating earnings before income taxes

Retirement 190 209 255 261 235 399 442

Investment Management 57 46 72 62 51 103 92

Employee Benefits 22 63 (10) 47 69 85 115

Corporate (4)

(102) (61) (90) (80) (67) (163) (129)

Adjusted operating earnings before income taxes (1)

167 257 226 290 289 424 521

(2) Includes dividend payments made to preferred shareholders.

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

(4) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses.

Voya Financial

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Adjusted Operating Earnings Before Income Taxes by Segment

Three Months Ended June 30, 2026

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

Adjusted operating revenues

Net investment income and net gains (losses) 422 2 34 8 465

Fee income 350 253 20 — 622

Premiums — — 717 — 717

Other revenue 28 1 50 — 79

Adjusted operating revenues (1)

799 255 821 8 1,883

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (227) — (558) — (785)

Operating expenses (2)

(356) (181) (229) (74) (839)

Net amortization of DAC/VOBA (27) — (12) — (39)

Interest expense (3)

— — — (38) (38)

Adjusted operating benefits and expenses (1)

(609) (181) (799) (112) (1,701)

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

190 74 22 (104) 183

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

— 18 — (2) 16

Adjusted operating earnings before income taxes (1)

190 57 22 (102) 167

Three Months Ended June 30, 2025

Retirement Investment Management Employee Benefits Corporate Consolidated

Adjusted operating revenues

Net investment income and net gains (losses) 482 5 43 5 534

Fee income 319 237 21 — 577

Premiums — — 720 — 720

Other revenue 24 (3) 48 — 69

Adjusted operating revenues (1)

824 239 832 5 1,900

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (232) — (529) — (761)

Operating expenses (330) (174) (227) (40) (770)

Net amortization of DAC/VOBA (27) — (7) — (34)

Interest expense (3)

— — — (32) (32)

Adjusted operating benefits and expenses (1)

(589) (174) (763) (72) (1,598)

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

235 65 69 (67) 302

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

— 14 — (1) 13

Adjusted operating earnings before income taxes (1)

235 51 69 (67) 289

(2) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses in Corporate.

(3) Includes dividend payments made to preferred shareholders.

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

Voya Financial

Page 10 of 44

Adjusted Operating Earnings Before Income Taxes by Segment

Six Months Ended June 30, 2026

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

Adjusted operating revenues

Net investment income and net gains (losses) 878 9 76 13 976

Fee income 691 496 41 — 1,226

Premiums — — 1,456 — 1,456

Other revenue 52 2 102 — 156

Adjusted operating revenues (1)

1,620 507 1,675 13 3,815

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (452) — (1,096) — (1,548)

Operating expenses (2)

(714) (373) (469) (95) (1,650)

Net amortization of DAC/VOBA (54) — (26) — (80)

Interest expense (3)

— — — (86) (86)

Adjusted operating benefits and expenses (1)

(1,221) (373) (1,591) (181) (3,366)

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

399 133 85 (167) 450

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

— 30 — (4) 27

Adjusted operating earnings before income taxes (1)

399 103 85 (163) 424

Six Months Ended June 30, 2025

Retirement Investment Management Employee Benefits Corporate Consolidated

Adjusted operating revenues

Net investment income and net gains (losses) 939 11 80 10 1,041

Fee income 637 472 39 — 1,149

Premiums — — 1,454 — 1,454

Other revenue 46 (1) 100 1 145

Adjusted operating revenues (1)

1,622 482 1,673 11 3,788

Adjusted operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (463) — (1,081) — (1,544)

Operating expenses (662) (364) (461) (62) (1,549)

Net amortization of DAC/VOBA (54) — (16) — (71)

Interest expense (3)

— — — (80) (80)

Adjusted operating benefits and expenses (1)

(1,180) (364) (1,558) (142) (3,243)

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

442 118 115 (131) 545

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

— 26 — (2) 24

Adjusted operating earnings before income taxes (1)

442 92 115 (129) 521

(2) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses in Corporate.

(3) Includes dividend payments made to preferred shareholders.

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

Voya Financial

Page 11 of 44

Consolidated Balance Sheets

Balances as of

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

Assets

Total investments 37,650 38,124 38,571 38,199 37,579

Cash and cash equivalents 1,008 969 1,228 1,157 1,179

Assets held in separate accounts 119,424 108,467 113,007 111,950 107,278

Premium receivable and reinsurance recoverable, net 10,426 10,609 10,713 10,835 10,965

Short term investments under securities loan agreement and accrued investment income 1,377 1,430 1,398 1,437 1,418

Deferred policy acquisition costs, Value of business acquired 2,328 2,364 2,401 2,435 2,472

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

Other assets (1)

4,768 4,789 4,845 4,903 4,926

Assets related to consolidated investment entities 4,093 4,770 4,825 4,660 4,640

Total Assets 182,946 173,433 178,859 177,448 172,436

Liabilities

Future policy benefits and contract owner account balances 48,524 49,028 49,356 49,337 49,665

Liabilities related to separate accounts 119,424 108,467 113,007 111,950 107,278

Payables under securities loan agreements, including collateral held 1,309 1,218 1,273 1,375 1,128

Short-term debt 153 587 586 586 447

Long-term debt 1,950 1,913 1,518 1,518 1,657

Other liabilities (2)

2,891 2,907 3,492 3,192 3,155

Liabilities related to consolidated investment entities 2,053 2,607 2,588 2,407 2,553

Total Liabilities 176,304 166,727 171,820 170,365 165,883

Mezzanine Equity

Redeemable noncontrolling interest 230 226 222 221 215

Shareholders' Equity

Preferred stock — — — — —

Common stock 1 1 1 1 1

Treasury stock (1,347) (1,188) (1,010) (883) (796)

Additional paid-in capital 6,421 6,395 6,358 6,316 6,321

Retained earnings (deficit) 1,562 1,511 1,392 1,301 1,170

Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,637 6,719 6,741 6,735 6,696

Accumulated other comprehensive income (1,952) (2,061) (1,788) (1,778) (2,067)

Total Voya Financial, Inc. Shareholders' Equity 4,685 4,658 4,953 4,957 4,629

Noncontrolling interest 1,727 1,822 1,864 1,905 1,709

Total Shareholders' Equity 6,412 6,480 6,817 6,862 6,338

Total Liabilities, Mezzanine Equity and Shareholders' Equity 182,946 173,433 178,859 177,448 172,436

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

(2) Includes Other liabilities and Derivatives.

Voya Financial

Page 12 of 44

DAC/VOBA Segment Trends

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

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

Retirement

Balance as of Beginning-of-Period 1,376 1,387 1,398 1,410 1,422 1,387 1,044

Additions related to business acquisitions(1)

— — — — — — 390

Deferrals of commissions and expenses 14 17 17 16 15 31 30

Amortization (27) (27) (28) (28) (27) (54) (54)

Balance as of End-of-Period 1,364 1,376 1,387 1,398 1,410 1,364 1,410

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

Employee Benefits

Balance as of Beginning-of-Period 236 240 241 241 237 240 234

Deferrals of commissions and expenses 13 10 12 11 11 23 24

Amortization (12) (14) (12) (12) (7) (26) (16)

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

Total

Balance as of Beginning-of-Period 1,613 1,627 1,638 1,651 1,659 1,627 1,278

Additions related to business acquisitions(1)

— — — — — — 390

Deferrals of commissions and expenses 27 27 29 27 26 54 54

Amortization (39) (42) (40) (40) (34) (80) (71)

Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 1,601 1,613 1,627 1,638 1,651 1,601 1,651

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

727 751 774 797 821 727 821

Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,328 2,364 2,401 2,435 2,472 2,328 2,472

(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

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Consolidated Capital Structure

Balances as of

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

Financial Debt

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

Subordinated bonds 350 349 349 349 349

Other debt — 1 1 1 2

Total Financial Debt 2,103 2,500 2,104 2,104 2,104

Other financial obligations (1)

332 334 329 289 305

Total Financial Obligations 2,435 2,834 2,433 2,393 2,409

Mezzanine Equity

Redeemable noncontrolling interest 230 226 222 221 215

Equity

Preferred equity (2)

612 612 612 612 612

Common equity (Excluding AOCI) 6,025 6,107 6,129 6,123 6,084

Total Equity (Excluding AOCI)

6,637 6,719 6,741 6,735 6,696

Accumulated other comprehensive income (AOCI) (1,952) (2,061) (1,788) (1,778) (2,067)

Total Voya Financial, Inc. Shareholders' Equity 4,685 4,658 4,953 4,957 4,629

Noncontrolling interest 1,727 1,822 1,864 1,905 1,709

Total Shareholders' Equity 6,412 6,480 6,817 6,862 6,338

Capital

Capitalization (3)

6,788 7,158 7,057 7,061 6,733

Adjusted Capitalization excluding AOCI (4)

11,029 11,601 11,260 11,254 11,029

Leverage Ratios

Debt-to-Capital (5)

31.0 % 34.9 % 29.8 % 29.8 % 31.2 %

Financial Leverage excluding AOCI (6)(7)

27.6 % 29.7 % 27.0 % 26.7 % 27.4 %

(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 44 of this document.

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

Voya Financial

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Consolidated Assets Under Management, Assets Under Administration and Advisement

As of June 30, 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)

32,057 114,809 176,919 323,785 539,672 863,457

Investment Management 36,118 36,918 304,175 377,211 62,666 439,877

Employee Benefits 1,872 19 — 1,892 — 1,892

Eliminations/Other (3)

(33,929) (32,322) (13,468) (79,719) (41,735) (121,454)

Total AUM and AUA 36,118 119,424 467,626 623,169 560,603 1,183,772

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

(2) Assets for which administrative or advisory services are performed. Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Advisory include Mutual Fund, Institutional, Stable Value, and General Account assets for which investment advisory, portfolio management, or related investment oversight services are provided.

(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

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

Sources of Adjusted operating earnings before income taxes:

Gross investment income 420 416 426 429 431 1,691 1,626

Investment expenses (20) (20) (20) (19) (20) (80) (74)

Credited interest (224) (222) (229) (231) (229) (906) (877)

Net Margin 176 174 177 179 182 705 675

Alternative investment income (1)

(12) 29 47 42 42 106 117

Other investment income (2)

32 28 23 27 26 111 112

Investment spread and other investment income 196 231 247 248 250 922 904

Full Service Fee-based revenue (3)

224 216 236 225 201 901 760

Recordkeeping and other fee-based revenue 142 142 143 140 133 567 504

Total Fee-based margin 366 358 379 365 334 1,468 1,264

Net underwriting gain (loss) and other revenue 10 6 5 5 8 26 27

Net revenue (4)

573 595 631 618 592 2,417 2,194

Administrative expenses (275) (286) (271) (254) (259) (1,086) (962)

Net commissions (80) (73) (77) (74) (71) (304) (273)

DAC/VOBA and other intangibles amortization (27) (28) (28) (28) (28) (111) (97)

Adjusted operating earnings before income taxes 190 209 255 261 235 915 863

Adjusted Operating Margin TTM 37.9 % 39.4 % 39.8 % 39.8 % 39.3 %

Full Service Revenue (5)

Full Service Investment spread and other investment income 185 219 238 236 235 878 842

Full Service Fee-based revenue 224 216 236 225 201 901 760

Total Full Service Revenue 409 435 474 461 437 1,779 1,602

Client Assets

Fee-based 766,014 685,029 701,089 689,147 662,433 766,014 662,433

Spread-based (6)

32,057 32,492 32,684 32,994 33,220 32,057 33,220

Investment-only Stable Value 36,965 36,673 36,659 36,245 36,678 36,965 36,678

Wealth Management (7)

33,509 30,261 30,852 30,363 28,899 33,509 28,899

Eliminations (8)

(5,088) (4,755) (4,776) (3,930) (3,986) (5,088) (3,986)

Total Client Assets 863,457 779,701 796,508 784,821 757,244 863,457 757,244

(1) See page 37 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 17 of 44

Retirement Client Assets Rollforward by Product Group

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

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

Full Service - Client Assets

Fee-based 265,910 240,088 248,617 248,945 237,544 265,910 237,544

Spread-based 31,791 32,218 32,405 32,709 32,933 31,791 32,933

Client Assets, end of period - Full Service Total 297,701 272,305 281,022 281,654 270,477 297,701 270,477

Full Service - Total

Client Assets, beginning of period 272,305 281,022 281,654 270,477 251,357 270,477 199,196

Transfers / Single deposits 2,560 2,354 2,460 1,910 2,174 9,284 9,796

Recurring deposits 5,525 6,005 5,008 5,272 5,396 21,810 19,276

Total Deposits 8,085 8,359 7,468 7,182 7,571 31,094 29,071

Surrenders, benefits, and product charges (11,083) (12,623) (11,679) (10,104) (8,692) (45,489) (31,695)

Net Flows (2,998) (4,264) (4,211) (2,922) (1,121) (14,395) (2,624)

Interest credited and investment performance 28,394 (4,453) 3,579 14,099 20,241 41,619 26,359

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

Client Assets, end of period - Full Service Total 297,701 272,305 281,022 281,654 270,477 297,701 270,477

Recordkeeping

Client Assets, beginning of period 439,488 446,988 434,835 419,669 378,366 419,669 319,819

Transfers / Single deposits 14,946 1,806 8,044 4,272 15,107 29,068 61,241

Recurring deposits 7,614 9,072 6,784 6,567 7,291 30,037 27,271

Total Deposits 22,560 10,878 14,828 10,839 22,399 59,105 88,512

Surrenders, benefits, and product charges (11,484) (15,811) (12,379) (18,949) (9,667) (58,623) (41,009)

Net Flows 11,077 (4,933) 2,449 (8,110) 12,732 483 47,503

Interest credited and investment performance 43,258 (2,567) 9,704 23,276 28,570 73,671 39,266

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

Client Assets, end of period - Recordkeeping 493,823 439,488 446,988 434,835 419,669 493,823 419,669

Total Defined Contribution (1)

Client Assets, beginning of period 711,793 728,011 716,489 690,146 629,723 690,146 519,015

Transfers / Single deposits 17,506 4,160 10,503 6,182 17,282 38,351 71,038

Recurring deposits 13,140 15,077 11,793 11,839 12,688 51,849 46,547

Total Deposits 30,646 19,237 22,296 18,021 29,970 90,200 117,585

Surrenders, benefits, and product charges (22,567) (28,434) (24,058) (29,053) (18,358) (104,112) (72,705)

Net Flows 8,079 (9,197) (1,762) (11,032) 11,611 (13,912) 44,880

Interest credited and investment performance 71,652 (7,021) 13,284 37,375 48,811 115,290 65,625

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

Client Assets, end of period - Total Defined Contribution 791,524 711,793 728,011 716,489 690,146 791,524 690,146

(1) Total of Full Service and Recordkeeping.

Voya Financial

Page 18 of 44

Retirement Client Assets Rollforward by Product Group

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

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

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

Assets, beginning of period 36,673 36,659 36,245 36,678 36,157 36,678 33,985

Transfers / Single deposits 1,134 501 1,192 94 814 2,921 3,753

Recurring deposits 111 152 350 367 145 980 975

Total Deposits 1,246 653 1,542 462 959 3,903 4,728

Surrenders, benefits, and product charges (790) (1,096) (1,713) (1,716) (707) (5,315) (4,061)

Net Flows 456 (443) (171) (1,254) 252 (1,412) 667

Interest credited and investment performance (164) 456 585 821 270 1,698 2,026

Assets, end of period - Defined Contribution Investment-only SV 36,965 36,673 36,659 36,245 36,678 36,965 36,678

Wealth Management (2)(3)

33,509 30,261 30,856 30,367 28,903 33,509 28,903

Other Assets (4)

6,547 5,728 5,758 5,648 5,503 6,547 5,503

Eliminations (5)

(5,088) (4,755) (4,776) (3,930) (3,986) (5,088) (3,986)

Total Client Assets 863,457 779,701 796,508 784,821 757,244 863,457 757,244

(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 20 of 44

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

Three Months Ended Twelve Months Ended

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

Sources of Adjusted operating earnings before income taxes:

Investment capital income (1)

— 7 6 11 4 24 17

Other investment income 1 — 1 1 1 4 5

Investment spread and other investment income 2 7 7 12 5 28 22

Fee-based margin (2)

254 244 283 245 234 1,026 974

Net revenue (3)

255 251 290 257 239 1,053 996

Administrative expenses (181) (192) (198) (177) (174) (748) (717)

Adjusted operating earnings before income taxes, including noncontrolling interest

74 59 92 80 65 305 279

Adjusted Operating Margin TTM 29.0 % 28.6 % 28.3 % 28.5 % 28.0 %

Fee-based margin (2)

Investment advisory and administrative revenue 253 243 250 245 237 991 948

Other fee-based margin 1 1 33 — (3) 35 26

Fee-based margin 254 244 283 245 234 1,026 974

Reconciliation to Adjusted operating earnings before income taxes

Adjusted operating earnings before income taxes, including noncontrolling interest

74 59 92 80 65 305 279

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

18 13 21 18 14 70 65

Adjusted operating earnings before income taxes 57 46 72 62 51 237 214

(1) See page 37 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 21 of 44

Investment Management Analysis of AUM and AUA

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

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

Client Assets:

External Clients

Institutional 178,751 169,767 171,557 173,442 166,833 178,751 166,833

Retail (1)

162,342 146,764 151,279 156,355 156,329 162,342 156,329

Subtotal External Clients 341,093 316,532 322,835 329,797 323,162 341,093 323,162

General Account 36,118 36,899 37,290 36,503 36,428 36,118 36,428

Total Client Assets (AUM) 377,211 353,431 360,125 366,300 359,589 377,211 359,589

Assets under Advisory (AUA) (1)

62,666 58,989 62,030 53,527 53,530 62,666 53,530

Total AUM and AUA 439,877 412,420 422,155 419,827 413,119 439,877 413,119

Investment Advisory and Administrative Revenues (2)

External Clients

Institutional 97 92 94 92 89 375 358

Retail 132 127 134 130 125 523 501

Subtotal External Clients 230 219 228 222 214 899 858

General Account 19 19 18 18 19 74 72

Total Investment Advisory and Administrative Revenues (AUM) 248 238 246 240 232 972 931

Advisory Only Fees 4 5 4 4 5 17 19

Total Investment Advisory and Administrative Revenues 253 243 250 245 237 991 948

Revenue Yield (bps) (2)

External Clients

Institutional 22.2 21.4 21.7 21.6 21.7 21.7 22.4

Retail 33.8 33.8 34.1 33.1 33.2 33.5 33.2

Revenue Yield on External Clients 27.7 27.2 27.6 27.1 27.2 27.3 27.7

General Account 20.4 20.2 20.2 20.1 20.3 20.2 20.3

Revenue Yield on Client Assets (AUM) 27.0 26.5 26.8 26.4 26.5 26.6 26.9

Revenue Yield on Advisory Only Assets (AUA) 2.7 3.4 3.0 3.3 3.5 3.1 3.5

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

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

(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 22 of 44

Investment Management Net Flows Summary

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

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

AUM Net Flows:

Institutional Net Flows 1,611 403 686 3,560 952 6,260 9,915

Retail Net Flows (426) (338) 493 317 874 46 6,783

Net Flows from Divested Businesses (1)

(25) (270) (28) (6,397) (259) (6,720) (8,353)

Total AUM Net Flows 1,160 (205) 1,151 (2,520) 1,567 (414) 8,346

Net Flows excluding Net Flows from Divested Businesses 1,185 65 1,179 3,877 1,826 6,306 16,698

Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM) 0.4 % — % 0.4 % 1.2 % 0.6 % 2.0 % 5.5 %

AUA Net Flows:

Assets Under Advisory Net Flows (AUA) 956 362 354 (1,278) 1,967 394 2,613

AUA Net Flows from Divested Businesses (1)

(5) (84) (11) (523) (29) (623) (2,947)

Total AUA Net Flows 951 278 343 (1,802) 1,938 (229) (334)

AUA Organic Growth (AUA Flows excluding Divested Businesses / Beginning period AUA) 1.6 % 0.6 % 0.7 % -2.4 % 3.9 % 0.7 % 5.0 %

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

Voya Financial

Page 23 of 44

Investment Management Account Rollforward by Source

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

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

Institutional AUM:

Beginning of period AUM 169,767 171,557 173,442 166,833 161,220 166,833 152,165

Inflows 10,008 5,562 7,672 12,780 6,665 36,022 33,391

Outflows (8,397) (5,159) (6,986) (9,219) (5,713) (29,761) (23,474)

Net flows - Institutional 1,611 403 686 3,560 952 6,260 9,915

Change in Market Value 7,360 (1,850) 772 4,341 5,622 10,623 8,730

Other (Including Acquisitions / Divestitures) 15 (342) (3,344) (1,292) (961) (4,963) (3,979)

End of period AUM - Institutional 178,751 169,767 171,557 173,442 166,833 178,751 166,833

Organic Growth (Net Flows/Beginning of period AUM) 0.9 % 0.2 % 0.4 % 2.1 % 0.6 % 3.8 % 6.5 %

Market Growth % 4.3 % -1.1 % 0.4 % 2.6 % 3.5 % 6.4 % 5.7 %

Retail AUM:

Beginning of period AUM 146,764 151,279 156,355 156,329 147,025 156,329 150,341

Inflows 11,512 10,474 12,033 11,408 11,093 45,427 45,971

Outflows (11,938) (10,812) (11,540) (11,091) (10,218) (45,381) (39,188)

Net flows - Retail (426) (338) 493 317 874 46 6,783

Net Money Market Flows (51) (133) (42) (38) 49 (264) 294

Change in Market Value 17,113 (4,648) 2,289 7,072 8,984 21,826 9,086

Net Flows from Divested Businesses (1)

(25) (270) (28) (6,397) (259) (6,720) (8,353)

Other (Including Acquisitions / Divestitures) (1,034) 875 (7,787) (927) (344) (8,873) (1,824)

End of period AUM - Retail 162,342 146,764 151,279 156,355 156,329 162,342 156,329

Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) -0.3 % -0.2 % 0.3 % 0.2 % 0.6 % — % 4.5 %

Market Growth % 11.7 % -3.1 % 1.5 % 4.5 % 6.1 % 14.0 % 6.0 %

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

Voya Financial

Page 24 of 44

Investment Management Account Value by Asset Type

Balances as of

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

Institutional

Equity 34,078 27,382 29,286 29,404 27,457

Fixed Income - Public 62,337 61,306 61,530 61,776 56,899

Fixed Income - Privates 71,105 70,118 70,105 69,611 68,818

Alternatives 11,231 10,961 10,636 12,651 13,659

Money Market — — — — —

Total 178,751 169,767 171,557 173,442 166,833

Retail

Equity 82,402 70,203 73,239 77,684 78,699

Fixed Income - Public 75,682 72,138 73,414 73,976 72,870

Fixed Income - Privates 87 125 128 123 277

Alternatives 1,814 1,891 1,961 1,995 1,876

Money Market 2,356 2,407 2,537 2,576 2,606

Total 162,342 146,764 151,279 156,355 156,329

General Account

Equity 261 269 279 125 112

Fixed Income - Public 18,275 18,136 18,284 18,272 17,870

Fixed Income - Privates 15,341 16,005 16,072 15,973 16,271

Alternatives 1,982 1,960 2,003 1,712 1,615

Money Market 259 529 652 421 560

Total 36,118 36,899 37,290 36,503 36,428

Combined Asset Type

Equity 116,741 97,854 102,804 107,213 106,268

Fixed Income - Public 156,294 151,579 153,227 154,024 147,639

Fixed Income - Privates 86,533 86,248 86,305 85,707 85,366

Alternatives 15,027 14,813 14,600 16,359 17,150

Money Market 2,615 2,936 3,189 2,997 3,166

Total 377,211 353,431 360,125 366,300 359,589

Total Private and Alternative Assets 101,560 101,061 100,905 102,066 102,516

% of Private and Alternative Assets / Total AUM 26.9 % 28.6 % 28.0 % 27.9 % 28.5 %

Employee Benefits

Voya Financial

Page 26 of 44

Employee Benefits Sources of Adjusted Operating Earnings before income taxes

Three Months Ended Twelve Months Ended

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

Sources of Adjusted operating earnings before income taxes:

Gross investment income 28 27 27 27 27 109 106

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

Credited interest (11) (11) (11) (11) (11) (44) (47)

Net margin 15 14 15 15 14 59 54

Alternative investment income (1)

(3) 5 8 7 7 17 18

Other investment income 11 12 11 12 10 46 39

Investment spread and other investment income 23 31 34 34 31 122 111

Fee-based margin (2)

57 59 57 54 56 227 226

Net underwriting gain (loss) and other revenue 184 226 151 195 216 756 637

Net revenue (3)

263 316 242 284 303 1,105 974

Administrative expenses (140) (145) (143) (134) (132) (562) (531)

Premium taxes, fees and assessments (49) (50) (52) (52) (50) (203) (195)

Net commissions (40) (44) (45) (39) (44) (168) (175)

DAC/VOBA and other intangibles amortization (12) (14) (12) (12) (7) (50) (35)

Adjusted operating earnings before income taxes 22 63 (10) 47 69 122 36

Adjusted Operating Margin TTM 11.0 % 14.7 % 13.6 % 6.0 % 3.7 %

Group life:

Premiums 156 155 165 162 166 638 661

Benefits (112) (110) (116) (120) (124) (458) (528)

Other (4)

(2) (3) (3) (3) (3) (11) (10)

Total Group life 42 43 47 39 40 171 122

Group life Loss Ratio (interest adjusted) (5)

72.1 % 70.6 % 70.0 % 74.2 % 74.3 % 71.7 % 79.9 %

Group Stop loss:

Premiums 381 382 391 388 388 1,542 1,682

Benefits (6)

(325) (304) (375) (324) (312) (1,328) (1,549)

Other (4)

(1) (1) (1) (1) (2) (4) (8)

Total Group Stop loss 55 77 14 62 75 208 128

Stop loss Loss Ratio (5)

85.4 % 79.5 % 96.0 % 83.6 % 80.3 % 86.2 % 92.0 %

Voluntary Benefits, Disability, and Other 87 106 90 94 100 377 386

Net underwriting gain (loss) and other revenue

Premiums 736 743 744 739 741 2,962 3,094

Benefits (551) (515) (591) (542) (524) (2,199) (2,444)

Other (4)

(1) (2) (2) (2) (2) (7) (13)

Total Net underwriting gain (loss) and other revenue 184 226 151 195 216 756 637

Total Aggregate Loss Ratio (5)

75.0 % 69.4 % 79.5 % 73.4 % 70.7 % 74.3 % 79.0 %

Total Aggregate Loss Ratio TTM (5)

74.3 % 73.2 % 73.9 % 78.0 % 79.0 %

(1) See page 37 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 reflect aggregate loss ratios in the quarter net of reinsurance. They include claims paid and premiums earned in the quarter and change in reserves including prior period developments.

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

Voya Financial

Page 27 of 44

Quarterly Loss Ratio Development for Group Stop Loss

Estimated Ultimate Loss Ratio as of

Three Months Ended

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

2026 Stop Loss Policy Year (1)

87 % 87 % — % — % — % — % — % — % — %

2025 Stop Loss Policy Year(1)

89 % 90 % 90 % 87 % 87 % 87 % — % — % — %

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

88 % 89 % 89 % 90 % 90 % 92 % 94 % 86 % 81 %

Reported Loss Ratio for Stop Loss (2)

85 % 80 % 96 % 84 % 80 % 75 % 115 % 93 % 83 %

(1) Loss ratios by policy year reflect expected loss ratios for business sold in that policy year gross of reinsurance. The unrounded Stop Loss Policy Year loss ratios were unchanged for 2026 at 87.0% for both June 30, 2026 and March 31, 2026. For 2025, the ratios were 89.0% and 89.6%, respectively, and for 2024, 88.5% and 88.6%, respectively.

(2) Reported Loss ratios reflect aggregate loss ratios in the quarter net of reinsurance. They include claims paid and premiums earned in the quarter and change in reserves including prior period developments.

Voya Financial

Page 28 of 44

Employee Benefits Key Metrics

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

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

Sales by Product Line:

Group life and Disability 12 71 7 29 22 119 114

Stop loss (1)

3 276 27 59 14 365 326

Voluntary and Other (2)

29 121 11 17 37 178 167

Total sales by product line 44 468 45 105 73 662 607

Total gross premiums and deposits 823 838 825 837 843 3,323 3,485

Annualized In-force Premiums and Fees by Product Line:

Group life and Disability 913 916 965 989 977 913 977

Stop loss 1,537 1,563 1,578 1,572 1,569 1,537 1,569

Voluntary and Other (2)

1,139 1,157 1,103 1,100 1,103 1,139 1,103

Total annualized in-force premiums and fees by product line 3,589 3,636 3,646 3,662 3,649 3,589 3,649

Assets Under Management by Fund Group:

General account 1,872 1,737 1,805 1,906 1,945 1,872 1,945

Separate account 19 18 19 19 18 19 18

Total AUM 1,892 1,755 1,824 1,925 1,963 1,892 1,963

(1) Stop loss sales for the first quarter 2026 have been recast to remove a minor double count of sales in the previously reported figure.

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

Corporate

Voya Financial

Page 30 of 44

Corporate Adjusted Operating Earnings Before Income Taxes

Three Months Ended Twelve Months Ended

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

Interest expense (excluding Preferred stock dividends) (1)

(34) (31) (30) (30) (28) (125) (122)

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

Pension expense (2)

(13) (13) (13) (13) (13) (52) (50)

Other (3)(4)

(53) (2) (47) (22) (22) (124) (4)

Adjusted operating earnings before income taxes, including noncontrolling interest

(104) (63) (94) (81) (67) (342) (217)

Less: Earnings (loss) attributable to the noncontrolling interest (2) (2) (3) (1) (1) (8) (2)

Adjusted operating earnings before income taxes (102) (61) (90) (80) (67) (333) (215)

(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, severance expenses incurred in the ordinary course of business, 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.

(4) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses.

Administrative Expenses and Adjusted Operating Return on Capital

Voya Financial

Page 32 of 44

Administrative Expenses

Three Months Ended Twelve Months Ended

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

Retirement (275) (286) (271) (254) (259) (1,086) (962)

Investment Management (181) (192) (198) (177) (174) (748) (717)

Employee Benefits (140) (145) (143) (134) (132) (562) (531)

Total Administrative Expenses (1)

(596) (623) (612) (565) (565) (2,396) (2,210)

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

Voya Financial

Page 33 of 44

Adjusted Operating Return on Allocated Capital

Twelve Months Ended

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

Retirement

Adjusted operating earnings before income taxes - before interest 915 960 959 913 863

Income tax expense 127 137 139 131 122

Adjusted Operating Earnings - before interest and after income taxes 788 823 820 782 741

Adjusted Operating effective tax rate (1)

12.1 % 12.9 % 14.9 % 15.0 % 14.3 %

Adjusted Operating effective tax rate TTM 13.9 % 14.3 % 14.5 % 14.3 % 14.1 %

Average Capital 3,798 3,783 3,747 3,674 3,584

Ending Capital (2)

3,836 3,852 3,746 3,791 3,771

Adjusted Return on Capital 20.8 % 21.8 % 21.9 % 21.3 % 20.7 %

Investment Management

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

237 231 226 220 214

Income tax expense 50 49 47 46 45

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

187 182 179 174 169

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 874 877 876 870 861

Ending Capital (2)

855 872 876 883 875

Adjusted Return on Capital 21.4 % 20.9 % 20.4 % 20.1 % 19.6 %

Employee Benefits

Adjusted operating earnings before income taxes - before interest 122 169 152 59 36

Income tax expense 26 35 32 12 7

Adjusted Operating Earnings - before interest and after income taxes 96 134 120 47 29

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 1,262 1,275 1,288 1,291 1,286

Ending Capital (2)

1,229 1,237 1,259 1,295 1,281

Adjusted Return on Capital 7.6 % 10.4 % 9.3 % 3.6 % 2.2 %

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

Investment Information

Voya Financial

Page 35 of 44

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) 6/30/2026 3/31/2026 6/30/2026

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 10,806 28.0 % 147 5.5 % 10,782 28.0 % 136 5.2 % 10,806 28.0 % 283 5.3 %

Private credit 8,722 23.0 % 109 5.0 % 8,877 23.0 % 116 5.4 % 8,722 23.0 % 225 5.2 %

Securitized (2)(3)

9,418 25.0 % 129 5.5 % 9,632 25.0 % 131 5.4 % 9,418 25.0 % 260 5.4 %

Commercial mortgage loans 5,452 14.0 % 69 5.0 % 5,631 15.0 % 67 4.9 % 5,452 14.0 % 135 5.0 %

Municipals 536 1.0 % 5 4.0 % 552 1.0 % 6 3.9 % 536 1.0 % 11 3.9 %

Short-term / Treasury 685 2.0 % 8 4.4 % 663 2.0 % 7 4.3 % 685 2.0 % 14 4.4 %

Equity securities 197 1.0 % 3 6.1 % 196 1.0 % 3 5.8 % 197 1.0 % 6 5.9 %

Policy loans 358 1.0 % 4 4.9 % 361 1.0 % 4 5.1 % 358 1.0 % 9 5.0 %

Derivatives (5) — % 3 N/A (5) — % 4 N/A (5) — % 7 N/A

Book Values and Gross Investment Income before variable components 36,170 95.0 % 478 5.3 % 36,690 95.0 % 472 5.3 % 36,170 95.0 % 950 5.3 %

Book Values and Gross Investment Income on variable components

Limited partnership (4)

1,872 5.0 % (15) -3.0 % 1,936 5.0 % 32 6.9 % 1,872 5.0 % 17 1.8 %

Prepayment / Other fee income N/A — % 11 0.1 % N/A — % 6 0.1 % N/A — % 16 0.1 %

Book Values and Gross Investment Income (variable) 1,872 5.0 % (4) N/A 1,936 5.0 % 37 N/A 1,872 5.0 % 34 N/A

Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings 38,042 100.0 % 474 5.0 % 38,626 100.0 % 510 5.4 % 38,042 100.0 % 984 5.2 %

(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 36 of 44

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

Three Months Ended or As of (1)

(in millions USD) 3/31/2026 12/31/2025 09/30/2025 06/30/2025

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

Public corporate 10,865 28.0 % 11,035 28.0 % 10,913 28.0 % 10,585 28.0 %

Private credit 8,753 23.0 % 8,408 22.0 % 8,367 22.0 % 8,420 22.0 %

Securitized 9,589 25.0 % 9,988 26.0 % 9,979 26.0 % 9,852 26.0 %

Municipals 552 1.0 % 598 2.0 % 606 2.0 % 609 2.0 %

Short-term / Treasury 732 2.0 % 709 2.0 % 637 2.0 % 640 2.0 %

Total Fixed maturities 30,491 79.0 % 30,738 79.0 % 30,501 79.0 % 30,107 79.0 %

Commercial mortgage loans 5,619 15.0 % 5,560 14.0 % 5,371 14.0 % 5,483 14.0 %

Limited partnership 1,831 5.0 % 1,815 5.0 % 1,913 5.0 % 1,923 5.0 %

Equity securities 689 2.0 % 662 2.0 % 626 2.0 % 566 1.0 %

Total 38,630 100.0 % 38,775 100.0 % 38,410 100.0 % 38,079 100.0 %

NAIC Ratings

Fixed Maturities:

NAIC 1 16,707 55.0 % 16,987 55.0 % 16,695 55.0 % 16,532 55.0 %

NAIC 2 12,389 41.0 % 12,448 40.0 % 12,470 41.0 % 12,178 40.0 %

NAIC 3 and below 1,395 5.0 % 1,303 4.0 % 1,335 4.0 % 1,396 5.0 %

Total Fixed maturities 30,491 100.0 % 30,738 100.0 % 30,501 100.0 % 30,107 100.0 %

Commercial Mortgage Loans:

CML 1 3,912 70.0 % 3,970 71.0 % 3,905 73.0 % 4,039 74.0 %

CML 2 1,265 23.0 % 1,235 22.0 % 1,092 20.0 % 1,079 20.0 %

CML 3 and below 442 8.0 % 355 6.0 % 374 7.0 % 366 7.0 %

Total Commercial mortgage loans 5,619 100.0 % 5,560 100.0 % 5,371 100.0 % 5,483 100.0 %

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

Voya Financial

Page 37 of 44

Alternative Investment Income

Three Months Ended Twelve Months Ended

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

Retirement (1)

Alternative investment income at long-term expectations (2)

37 37 37 37 35 148 141

Alternative investment income above (below) expectations (49) (8) 10 5 7 (42) (24)

Alternative investment income (12) 29 47 42 42 106 117

Average alternative investments 1,651 1,645 1,644 1,657 1,590 1,649 1,579

Investment Management (1)

Alternative investment income at long-term expectations (2)

7 7 7 7 8 27 30

Alternative investment income above (below) expectations (6) — (1) 4 (4) (3) (13)

Alternative investment income — 7 6 11 4 24 17

Average alternative investments 292 305 314 331 344 311 339

Employee Benefits (1)

Alternative investment income at long-term expectations (2)

5 5 5 7 6 22 23

Alternative investment income above (below) expectations (8) — 3 — 1 (5) (5)

Alternative investment income (3) 5 8 7 7 17 18

Average alternative investments 214 216 238 284 268 238 233

Total (1)

Alternative investment income at long-term expectations (2)

48 49 49 51 49 197 194

Alternative investment income above (below) expectations (63) (8) 12 9 4 (50) (42)

Alternative investment income (15) 41 61 60 53 147 152

Average alternative investments 2,157 2,166 2,196 2,272 2,202 2,198 2,151

(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 39 of 44

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

Three Months Ended

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

(in millions USD, except per share) 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 90 0.97 165 1.75 136 1.41 176 1.80 162 1.66

Plus: Net income (loss) attributable to noncontrolling interests

(76) (0.83) 13 0.14 9 0.09 80 0.83 (5) (0.05)

Less: Preferred stock dividends

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

Income (loss) 34 18 0.19 230 195 2.07 169 149 1.54 307 272 2.79 188 161 1.65

Less:

Net investment gains (losses)

(21) (16) (0.18) (37) (30) (0.31) 4 3 0.03 (16) (12) (0.13) (29) (23) (0.23)

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

(29) (23) (0.25) (26) (21) (0.22) (25) (20) (0.21) (52) (42) (0.43) (30) (24) (0.24)

Net income (loss) attributable to noncontrolling interests (76) (76) (0.83) 13 13 0.14 9 9 0.09 80 80 0.83 (5) (5) (0.05)

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

Other adjustments (3)

(11) (10) (0.11) 6 2 0.02 (50) (35) (0.36) (11) (10) (0.10) (41) (31) (0.32)

Adjusted operating earnings 167 140 1.51 257 214 2.26 226 188 1.94 290 239 2.45 289 240 2.46

(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 March 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended December 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 expenses. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance expenses.

Voya Financial

Page 40 of 44

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

Six months ended

6/30/2026 6/30/2025

(in millions USD, except per share) 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 255 2.73 301 3.09

Plus: Net income (loss) attributable to noncontrolling interests

(63) (0.67) (10) (0.11)

Less: Preferred stock dividends

(21) (0.22) (21) (0.21)

Income (loss) 264 213 2.28 361 312 3.19

Less:

Net investment gains (losses) (58) (46) (0.49) (31) (24) (0.25)

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (55) (44) (0.47) (69) (55) (0.56)

Net income (loss) attributable to noncontrolling interests (63) (63) (0.67) (10) (10) (0.11)

Dividend payments made to preferred shareholders 21 21 0.22 21 21 0.21

Other adjustments (3)

(5) (9) (0.10) (71) (55) (0.56)

Adjusted operating earnings 424 354 3.79 521 435 4.45

(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 six months ended June 30, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance expenses.

Voya Financial

Page 41 of 44

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

Three Months Ended Year-to-Date

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

Total revenues 1,896 2,031 2,111 2,128 1,981 3,927 3,950

Less:

Net investment gains (losses) (31) (22) (8) (9) (38) (53) (44)

Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment 21 19 31 28 30 40 58

Revenues (loss) attributable to noncontrolling interests (37) 46 37 115 35 9 60

Other adjustments 61 55 45 50 54 116 87

Total adjusted operating revenues 1,883 1,932 2,006 1,942 1,900 3,815 3,788

Adjusted operating revenues by segment

Retirement 799 821 866 853 824 1,620 1,622

Investment Management 255 251 290 257 239 507 482

Employee Benefits 821 855 845 829 832 1,675 1,673

Corporate 8 5 6 3 5 13 11

Total adjusted operating revenues 1,883 1,932 2,006 1,942 1,900 3,815 3,788

Total benefits and expenses (1,862) (1,801) (1,942) (1,821) (1,793) (3,663) (3,589)

Less:

Changes in market risk benefits 12 (16) 12 (7) 9 (4) 12

Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment (50) (45) (56) (81) (60) (95) (127)

Expenses attributable to noncontrolling interests (56) (43) (45) (51) (54) (98) (95)

Dividend payments made to preferred shareholders 4 17 4 16 4 21 21

Other adjustments (71) (49) (94) (63) (95) (121) (158)

Total adjusted operating benefits and expenses (1,701) (1,665) (1,763) (1,635) (1,598) (3,366) (3,243)

Adjusted operating benefits and expenses by segment

Retirement (609) (612) (610) (592) (589) (1,221) (1,180)

Investment Management (181) (192) (198) (177) (174) (373) (364)

Employee Benefits (799) (792) (856) (783) (763) (1,591) (1,558)

Corporate (112) (69) (99) (84) (72) (181) (142)

Total adjusted operating benefits and expenses (1,701) (1,665) (1,763) (1,635) (1,598) (3,366) (3,243)

Voya Financial

Page 42 of 44

Reconciliation of Net Revenues

Page Three Months Ended Twelve Months Ended

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

Retirement

Adjusted operating revenues

page 9

799 821 866 853 824 3,339 3,079

Interest credited and other benefits to contract owners/policyholders (227) (226) (234) (235) (232) (922) (884)

Net revenue

page 16

573 595 631 618 592 2,417 2,194

Investment Management

Adjusted operating revenues

page 9

255 251 290 257 239 1,053 996

Net revenue

page 20

255 251 290 257 239 1,053 996

Employee Benefits

Adjusted operating revenues

page 9

821 855 845 829 832 3,350 3,453

Interest credited and other benefits to contract owners/policyholders (558) (538) (603) (546) (529) (2,245) (2,478)

Net revenue

page 26

263 316 242 284 303 1,105 974

Consolidated

Total Adjusted operating revenues

page 9

1,883 1,932 2,006 1,942 1,900 7,763 7,552

Interest credited and other benefits to contract owners/policyholders (785) (764) (838) (781) (761) (3,168) (3,363)

Corporate Adjusted operating revenues (1)

(8) (5) (6) (3) (5) (22) (25)

Net revenue

pages 16/20/26

1,091 1,163 1,163 1,159 1,134 4,575 4,164

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

Voya Financial

Page 43 of 44

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

Twelve Months Ended

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

TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders 567 639 613 570 492

TTM Average Total Voya Financial, Inc. Shareholders' Equity 4,807 4,765 4,612 4,464 4,361

TTM Return on Voya Financial, Inc Equity 11.8 % 13.4 % 13.3 % 12.8 % 11.3 %

Less:

TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI -1.7 % -2.0 % -2.0 % -2.0 % -1.8 %

TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI 4.2 % 4.9 % 5.1 % 5.3 % 4.8 %

TTM Net investment gains (losses), after-tax -0.9 % -1.0 % -0.5 % -0.6 % -0.8 %

TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax -1.7 % -1.8 % -1.9 % -1.9 % -1.9 %

TTM Other adjustments, after-tax -0.9 % -1.2 % -1.7 % -1.5 % -1.8 %

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

Less:

Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA -3.6 % -4.2 % -4.3 % -4.3 % -4.2 %

TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA 16.4 % 18.7 % 18.6 % 17.9 % 17.0 %

Voya Financial

Page 44 of 44

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

Book value per common share, including AOCI 44.96 43.79 46.28 45.55 41.71 44.96 41.71

Per share impact of AOCI 21.55 22.31 19.06 18.64 21.46 21.55 21.46

Book value per common share, excluding AOCI 66.50 66.09 65.34 64.18 63.18 66.50 63.18

Debt to capital ratio 31.0 % 34.9 % 29.8 % 29.8 % 31.2 % 31.0 % 31.2 %

Plus:

Capital impact of adding noncontrolling interest

-7.0 % -7.7 % -6.8 % -6.9 % -6.9 % -7.0 % -6.9 %

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

9.6 % 8.9 % 9.1 % 8.8 % 9.4 % 9.6 % 9.4 %

Capital impact of excluding AOCI -6.0 % -6.4 % -5.1 % -5.0 % -6.3 % -6.0 % -6.3 %

Financial leverage ratio excluding AOCI 27.6 % 29.7 % 27.0 % 26.7 % 27.4 % 27.6 % 27.4 %

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

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Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Data Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- Details

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