Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q4 2025 Earnings Presentation
24 slides from Voya Financial's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Results
Voya Financial Fourth Quarter and Full-Year 2025 Results February 4, 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: A Strong Year of Growth and Execution in 2025
A Strong Year of Growth and Execution in 2025 FY’25 momentum supports tailwinds for FY’26 cash generation Robust excess cash generation of $775 million, above target and supported by growth across all businesses Record commercial results in Retirement and Investment Management, driving combined asse
Slide 5: Financial Highlights & Business Segment Performance
Financial Highlights & Business Segment Performance Mike Katz, Chief Financial Officer
Slide 6: 4Q'25 and FY'25 Financial Results
4Q’25 and FY’25 Financial Results Strong growth drives earnings above $1 billion in FY’25, while improving cash generation Adjusted Operating Earnings Adjusted Operating EPS Pre Tax (Millions) Per Diluted Share +19% +22% $1,038 $8.85 $870 $7.25 +54% +39% $226 $1.94 $147 $1.40 4Q’24 4Q’25 FY’24 FY’25
Slide 7: Retirement
Retirement Execution drives record commercial results and strong earnings growth Adjusted Operating Earnings FY’25 Highlights (Millions) +17% • Adjusted operating earnings $959 increased 17% year-over-year, driven by organic business growth, $820 OneAmerica revenue and earnings ahead of expectations
Slide 8: Investment Management
Investment Management Record net inflows highlight scale and breadth of our platform Adjusted Operating Earnings FY’25 Highlights Excludes Noncontrolling Interest (Millions) +6% • Adjusted operating earnings increased 6% year-over-year, due to $226 strong commercial momentum, $213 favorable capital
Slide 9: Employee Benefits
Employee Benefits Executing on margin improvement in Stop Loss and maintaining disciplined approach to reserving Adjusted Operating Earnings FY’25 Highlights (Millions) +283% • Adjusted operating earnings increased meaningfully year-over- year, primarily due to margin improvement in Stop Loss: $152
Slide 10: Employee Benefits
Employee Benefits Meaningful improvement in Stop Loss margins Reported Loss Ratios1 for Stop Loss Stop Loss Actions • Increased reserve levels for Stop Loss 94% in 4Q'25 to better navigate 2026 healthcare landscape 84% • Completed execution of Jan-26 renewal and new business: 77-80% long-term • Main
Slide 11: Return on Equity and Free Cash Flow Strength
Return on Equity and Free Cash Flow Strength Significant Growth in Excess Capital Adjusted Operating Return on Equity Generation 140% 20.0% ex AOCI and NOL DTA2 $1.0 Free Cash Flows (Billions) 1 FCF Conversion 130% 19.0% 18.6% $0.8 $0.8 18.3% $0.8 120% 18.0% $0.7 17.5% $0.6 110% $0.6 17.0% 16.5% 100
Slide 12: A Robust Year in 2025 Creates Strong Foundation for 2026
A Robust Year in 2025 Creates Strong Foundation for 2026 2026 priorities are clear and compelling in driving long-term shareholder value Grow excess cash generation in 2026 Maintain strong balance sheet and capital flexibility Continue to drive strong commercial momentum across Retirement and Invest
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 strong 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 RBC Financial Excess Ratio2 above Leverage $0.4B Capital1,2 413% target ratio of 27.0% Ratio within 375% target 25-30% 1. Excess Capital is defined as Statutory Total Adjusted Capital (TAC) in excess of 375% RBC level, Holding Company Liquidity in excess of r
Slide 16: Key Sensitivities
Key Sensitivities Annualized Pre-tax Earnings Impact Investment Employee Total Retirement (Millions) Management1 Benefits S&P 500 Change +/- 10%2 +/- $65 – $90 +/- $50 – $65 +/- $15 – $25 Interest Rate Changes +/- 100 bps3 +/- $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: 4Q'25 Adjusted Operating to Net Income Walk
4Q’25 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Primarily Non-Cash Non-Cash Cash Non-Cash $73 $188 $3 $37 $4 $(64) $138 $(20) $136 $(15) $(20) 4Q'24 Adj. Op. Retirement Investment Employee Corporate 4Q'25 Adj. Op. Net Business Severance and Pension, 4Q'25 Earning
Slide 19: FY'25 Adjusted Operating to Net Income Walk
FY’25 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Primarily Non-Cash Non-Cash Cash Non-Cash $88 $116 $11 $861 $736 $(90) $(33) $(116) $613 $(49) $(50) FY'24 Adj. Op. Retirement Investment Employee Corporate FY'25 Adj. Op. Net Business Severance and Pension, FY'25 E
Slide 20: Retirement
Retirement Defined Contribution asset growth has outpaced industry1 over time Defined Contribution Assets Key Priorities (Billions) 10 $800 Recordkeeping Full Service $728 $700 5 $600 Drive continued commercial momentum $549 $281 0 $483 $467 $500 $413 $418 $208 -5 $188 $185 $400 Expand our solutions
Slide 21: Investment Management
Investment Management Diversified platform generating nearly $15 billion of net flows, driving record AUM levels Assets Under Management Key Priorities (Billions) Scale and expand private asset strategies across distribution channels $360 Maintain strong momentum in insurance asset $339 $321 $322 ma
Slide 22: Investment Management
Investment Management Long-term performance remains strong, particularly across 3-, 5- and 10-year horizons Percent of AUM Above Benchmark or Peer Median1 Represents ~60% 3rd Party AUM 96 92 94 90 88 81 85 82 76 79 78 72 66 68 63 60 57 39 42 15 Equity Multi-Asset Fixed Income & Growth Voya IM Income
Slide 23: Employee Benefits
Employee Benefits Further margin improvement through efficiencies, enhanced risk selection, and appropriate pricing Aggregate Loss Ratio1 Key Priorities Further improve Stop Loss margins 80% 73% 74% 70% Continue to execute on in-sourced Leave 69% 67% Management and Short-Term Disability business Con
Slide 24: High Quality and Well-Diversified Investment Portfolio
High Quality and Well-Diversified Investment Portfolio Investment Portfolio Mix1 $9B Investment-Grade Focused, Private Credit Allocation Limited Partnerships Commercial 4% Mortgage Loans Private Credit Liquidity 14% 23% Asset Based Finance 3% 21% Municipals 1% Equities $40B 95% Corporate 1% General