Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q1 2026 Earnings Presentation
24 slides from Voya Financial's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Call
Voya Financial First Quarter 2026 Call May 6, 2026 Information contained herein is proprietary, confidential and non-public and is not for public release.
Slide 2: Forward-Looking and Other Cautionary Statements
Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements. 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 stat
Slide 3: Key Themes & Strategic Priorities
Key Themes & Strategic Priorities Heather Lavallee, Chief Executive Officer Information contained herein is proprietary, confidential and non-public and is not for public release. 3
Slide 4: 1Q'26 Highlights
1Q’26 Highlights Disciplined execution on priorities delivers strong earnings results Strong adjusted operating earnings of $2.26 per share, driven by higher earnings across all businesses Durable cash generation of approximately $200 million, driving first half 2026 capital return Robust and sustai
Slide 5: Financial Highlights & Business Segment Performance
Financial Highlights & Business Segment Performance Mike Katz, Chief Financial Officer
Slide 6: 1Q'26 Financial Results
1Q’26 Financial Results Higher earnings across all segments and robust capital return Adjusted Operating Earnings Adjusted Operating EPS After Tax (Millions) Per Diluted Share $214 $2.26 +13% +10% $2.00 $195 1Q'25 1Q'26 1Q'25 1Q'26 Net Income Adjusted Available to Common Shareholders $139 $165 Opera
Slide 7: Retirement
Retirement High quality and scaled franchise driving robust earnings growth and sustainable margins Adjusted Operating Earnings 1Q’26 Highlights (Millions) +14% • Adjusted operating earnings for 1Q’26 TTM increased 14% year-over-year $960 • Revenue growth of 15% while maintaining $842 operating marg
Slide 8: Investment Management
Investment Management Earnings growth underscores diversified platform strength and disciplined expense management Adjusted Operating Earnings 1Q’26 Highlights Excludes Noncontrolling Interest (Millions) • Adjusted operating earnings for 1Q’26 TTM +8% increased 8% year-over-year $231 • Performance r
Slide 9: Employee Benefits
Employee Benefits Executing on margin improvement across all product lines Adjusted Operating Earnings 1Q’26 Highlights (Millions) • Adjusted operating earnings for 1Q’26 TTM +526% increased meaningfully year-over-year • Performance reflects improved net underwriting from expanded margins • Stop Los
Slide 10: Durable Free Cash Flow and Strong Return on Equity
Durable Free Cash Flow and Strong Return on Equity Robust Cash Conversion and Excess Capital Adjusted Operating Return on Equity ex Generation1 AOCI and NOL DTA3 2 Free Cash Flows (Billions) FCF Conversion 18.6% 18.7% $0.8 $0.8 $0.2 1Q’26 $0.6 16.5% 90% 90% 90% Target FCF 90% FY'24 FY'25 1Q'26 TTM F
Slide 11: Capital Return Driving Meaningful Value for Shareholders
Capital Return Driving Meaningful Value for Shareholders Track Record of Consistent Dividend per Share Active Share Repurchase Program Has Lowered Growth Share Count by 14% Since 20221 $1.82 $1.84 110 109 $1.70 $1.20 101 97 $0.80 95 2022 2023 2024 2025 1Q'26 TTM 2022 2023 2024 2025 2026 Mar. 31 1. W
Slide 12: A Strong Start to 2026 Builds on 2025 Momentum
A Strong Start to 2026 Builds on 2025 Momentum Disciplined execution and clear priorities support shareholder value creation Grow excess cash generation in 2026 while maintaining balance sheet strength and capital flexibility Continue to drive strong commercial momentum across the business Further i
Slide 13: Investor Value Proposition
Investor Value Proposition Well positioned Retirement, Investment Management, and Employee Benefits company Diverse and complementary businesses with attractive returns Consistent and growing free cash flow Healthy balance sheet 13
Slide 14: Appendix
VOYA. iss pass Appendix
Slide 15: Strong and Well-Positioned Balance Sheet
Strong and Well-Positioned Balance Sheet Pro-Forma Pro-Forma Pro-Forma Excess RBC Ratio Financial $0.25B Capital1,2 396% above target ratio of 27.2% Leverage within target 375%2 25-30%2 1. Excess Capital is defined as Statutory Total Adjusted Capital (TAC) in excess of 375% RBC level, Holding Compan
Slide 16: Key Sensitivities
Key Sensitivities Annualized Pre-tax Earnings Impact Investment Employee Total Retirement (Millions) Management1 Benefits S&P 500 Change +/- 10% +/- $65 – $90 +/- $50 – $65 +/- $15 – $25 Interest Rate Changes +/- 100 bps2 +/- $15 – $35 +/- $30 – $40 -/+ $5 – $15 $1B Change in Spread Assets +/- $20 –
Slide 17: Seasonality
Seasonality Retirement Investment Management Employee Benefits Corporate & Other All Segments ▪ Defined Contribution tends ▪ Admin expenses tend to be to have the highest the highest recurring deposits ▪ Group Life loss ratio tends to be highest ▪ Seasonally higher preferred ▪ Payroll taxes and long
Slide 18: 1Q'26 Adjusted Operating to Net Income Walk
1Q’26 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Non-Cash Non-Cash Non-Cash $13 $214 $195 $4 $4 $(3) $(30) $2 $165 $(21) 1Q'25 Adj. Op. Retirement Investment Employee Corporate 1Q'26 Adj. Op. Net Business Other 3 1Q'26 Earnings Management Benefits Earnings Investm
Slide 19: Retirement
Retirement Defined Contribution assets grew at a 10% CAGR from 2021 to 1Q’26, outpacing the industry1 Defined Contribution Assets Key Priorities (Billions) Recordkeeping Full Service 10 $728 $712 $800 Drive continued commercial momentum $700 5 $549 $281 $272 $600 0 $467 $483 $500 $418 $208 Expand ou
Slide 20: Investment Management
Investment Management Diversified platform and solutions positioned to capitalize on growth opportunities Assets Under Management Key Priorities (Billions) Scale and expand alternatives and private asset strategies across distribution channels $360 Maintain strong momentum in insurance asset $353 $3
Slide 21: Investment Management
Investment Management Long-term performance remains strong across 3-, 5- and 10-year horizons Percent of AUM Above Benchmark or Peer Median1 Represents ~55% 3rd Party AUM 90 91 93 89 85 82 79 78 76 78 66 65 68 60 62 58 55 56 53 42 Equity Multi-Asset Fixed Income & Growth Voya IM Income Total 1 Year
Slide 22: Employee Benefits
Employee Benefits Executing on margin improvement across all product lines Aggregate Loss Ratio1 Key Priorities Further improve Stop Loss margins 80% Continue to execute on in-sourced Leave 73% 74% 73% Management and Short-Term Disability business 69% 67% Continue to enhance productivity FY'21 FY'22
Slide 23: High Quality and Well-Diversified Investment Portfolio
High Quality and Well-Diversified Investment Portfolio Strong credit performance with minimal impairments in 1Q’26 $40B General Account1 $9B Private Credit Allocation Limited Partnerships Commercial 5% Mortgage Loans Private Credit 14% 23% Asset Based Finance Liquidity 22% 2% Municipals 1% 96%+ 94%
Slide 24: Private Credit Allocation Highly Diversified and High Quality
Private Credit Allocation Highly Diversified and High Quality 94% Investment Grade including broad industry diversification Sector Diversification Key Highlights • Meaningful exposure to regulated and essential Transportation service industries with stable cash flows 10% • Limited technology exposur