Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q3 2025 Earnings Presentation
29 slides from Voya Financial's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Call
Voya Financial Third Quarter 2025 Call November 5, 2025 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: Investor Value Proposition
Investor Value Proposition Well positioned Retirement, Investment Management, and Employee Benefits company Diverse and complementary businesses with attractive returns Consistent strong free cash flow generation Healthy balance sheet 4
Slide 5: Executing on Near-Term Priorities
Executing on Near-Term Priorities Retirement and Investment Management commercial momentum and AUM growth driving strong earnings OneAmerica exceeding planned revenue and earnings contributions Stop Loss driving meaningful improvement in Employee Benefits margins 5
Slide 6: Expanding Existing Wealth Management Capabilities
Expanding Existing Wealth Management Capabilities Investments to drive Growing opportunity Progress in 2025 profitable growth › Plan sponsors’ growing role in › 20% YoY sales growth and ~$35 › Talent: 40%+ employees’ retirement billion assets under advisement increase in overall readiness advisor co
Slide 7: Financial Highlights & Business Segment Performance
Financial Highlights & Business Segment Performance Mike Katz, Chief Financial Officer Information contained herein is proprietary, confidential and non-public and is not for public release.
Slide 8: 3Q'25 Financial Results
3Q’25 Financial Results Consistent cash flow generated by year-over-year growth FY’24 Highlights (update) (Millions except EPS and excess capital generation) 3Q’24 3Q’25 Highlights Adjusted $1.40 Operating EPS $1.90 $2.45 3Q'25 results reflect higher adjusted operating earnings Per Diluted Share acr
Slide 9: Retirement
Retirement Higher earnings driven by diverse revenue streams and disciplined expense management Adjusted Operating Earnings 3Q’25 Highlights (Millions) • 3Q’25 adjusted operating earnings increased by +20% 20%+ year-over-year and on a TTM basis, due to $913 OneAmerica contributions, commercial momen
Slide 10: Investment Management
Investment Management Strong organic growth across a diversified business, supports favorable financial performance Adjusted Operating Earnings 3Q’25 Highlights (Millions) Excludes Noncontrolling Interest • 3Q’25 adjusted operating earnings up 13% year over year and 15% on a TTM basis due to continu
Slide 11: Employee Benefits
Employee Benefits Margin expansion remains a strategic priority, driving improved profitability Adjusted Operating Earnings 3Q’25 Highlights (Millions) • Maintaining all reserve levels in Stop Loss • Jan-25 paid claims experience expected to be two-thirds complete in 4Q’25 $186 • Reinsurance recover
Slide 12: Strong Return on Equity and Consistent Free Cash Flow
Strong Return on Equity and Consistent Free Cash Flow Adjusted Operating Return on Equity ex. 18% 18% 17% 18% AOCI and NOL DTA2 $0.9 150% $0.8 $0.8 140% $0.7 $0.7 $0.7 130% $0.6 $0.6 $0.6 120% $0.5 100% 110% Target $0.490% 95% FCF 90% 90% 90% 100% $0.3 90% $0.2 80% $0.1 70% $0.0 60% FY'223 FY'23 FY'
Slide 13: Balanced Capital Deployment Driving Long-Term Shareholder Value
Balanced Capital Deployment Driving Long-Term Shareholder Value YTD’25 Capital Allocation Focus Areas for FY’26 • Ensure healthy balance sheet Excess Capital Strategic • Reinvest strategically, prioritizing opportunities 28% Investments1 that deliver strong returns above our weighted- 36% average co
Slide 14: Executing on Near-Term Priorities
Executing on Near-Term Priorities Retirement and Investment Management commercial momentum and AUM growth driving strong earnings OneAmerica exceeding planned revenue and earnings contributions Stop Loss driving meaningful improvement in Employee Benefits margins 14
Slide 15: Appendix
VOYA. iss pass Appendix
Slide 16: Key Sensitivities
Key Sensitivities Investment Annualized Pre-tax Impact Total Retirement Employee Management (Millions) Earnings Earnings Benefits Earnings Earnings1 S&P 500 Change +/- 10% +/- $55 – $75 +/- $45 – $55 +/- $10 – $20 Interest Rate Changes +/- 100 bps2 +/- $15 – $35 +/- $30 – $40 -/+ $5 – $15 $1B Change
Slide 17: Fourth Quarter 2025 Modeling Considerations
Fourth Quarter 2025 Modeling Considerations • 4Q’25 Retirement Defined Contribution net flows expected to be between $(2 – 4) billion Retirement • 4Q’25 administrative expenses expected to be between $255 – $265 million • 4Q'25 performance fees expected to be between $5 – 15 million, before variable
Slide 18: Seasonality
Seasonality Retirement IM Employee Benefits Corporate & Other All Segments ▪ Admin expenses tend to be ▪ Defined Contribution tends to have ▪ Group Life loss ratio the highest the highest recurring deposits tends to be highest ▪ Seasonally higher preferred ▪ Payroll taxes and long-term 1Q ▪ Withdraw
Slide 19: 3Q'25 Adjusted Operating to Net Income Walk
3Q’25 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Cash Non-Cash Non-Cash $19 $41 $5 $239 $(16) $(12) $190 $176 $(42) $(10) 3Q'24 Adj. Op. Retirement Investment Employee Corporate 3Q'25 Adj. Op. Investment Loss on Other 1 3Q'25 Earnings Management Benefits Earings L
Slide 20: Retirement
Retirement Defined Contribution asset growth has outpaced industry1 over time Participant Accounts Have Grown at a 11% Defined Contribution Assets $800 CAGR (2020-2025) Nearing 10 Million2 13 (Billions) $716 12 Recordkeeping Full Service $700 11 $600 $549 9.8 $282 10 $467 $483 $500 9 $208 $413 $418
Slide 21: Retirement
Retirement Diversified retirement provider focused on driving profitable growth Contribution to Voya’s Earnings Key Priorities Scale provider in defined contribution market: Drive continued commercial momentum 66%1 • #5 in Plans2 Avg. Historical Adj. Op. Earnings • #5 in Participants2 • #6 in Total
Slide 22: Investment Management
Investment Management Diversified platform generating nearly $17 billion of net flows in the last twelve months, driving record AUM levels Assets Under Management $366 Billion Diversified Asset Manager (Billions) (% of AUM) $366 $339 Public $321 $322 Institutional Fixed 47% 42% $264 $246 US 76% FY’2
Slide 23: Investment Management
Investment Management Strategically positioned to capitalize on growth opportunities through diversified platforms & solutions Contribution to Voya’s Earnings Key Priorities Market rankings: • Top 50 for worldwide Asset Scale and expand private asset strategies across Under Management2 distribution
Slide 24: Investment Management
Investment Management Long-term investment performance critical to future success – September 2025 Percent of AUM Above Benchmark or Peer Median(1) Represents ~60% 3rd Party AUM 95 94 87 89 88 81 78 81 79 82 81 82 78 84 78 74 69 69 61 57 Equity Multi-Asset Fixed Income & Growth Voya IM Income Total
Slide 25: Employee Benefits
Employee Benefits Stop Loss execution and focus on improving margins Loss Ratios for Stop Loss – Policy Year1 View Stop Loss Actions • Margin improvement remains the key priority in Jan-26 execution, pricing for higher medical 93% inflation in FY’26 2 87% 91% • Jan-24 and nonJan-24 continue to be re
Slide 26: Employee Benefits
Employee Benefits Stop Loss stabilization of loss ratios and generating profitable margins Contribution to Voya’s Earnings Key Priorities Market ranking: • #3 largest direct writer2 Improve Stop Loss margins 17% 1 of Stop Loss with 50 Avg. Historical Adj. Op. years experience Earnings • #3 by Group
Slide 27: Well-Diversified Investment Portfolio Built for Through-the-Cycle Risk Adjusted Returns
Well-Diversified Investment Portfolio Built for Through-the-Cycle Risk Adjusted Returns $40 Billion General Account Investment Portfolio1 Fixed Maturity NAIC Rating Distribution 96%+ Investment Grade2 1% Commercial Mortgage Limited 3% 1A (AAA) Loans Partnerships 5% 10% 23% Private Credit 3 14% Munic
Slide 28: Alternatives Portfolio Has Delivered Favorable Investment Performance Over Time
Alternatives Portfolio Has Delivered Favorable Investment Performance Over Time Calendar Year Net Returns 1,2 GA Alt Portfolio of $1.92 Billion As of 9/30/25 Long-Term Return Target: 9% Hedge Funds 43% Credit 1% 6% Secondary 9% Infrastructure 9% 17% Private Equity 52% 13% 12% Real Estate 11% Average
Slide 29: Strong Balance Sheet
Strong Balance Sheet Prudent and well-positioned in current market dynamics RBC Financial Excess Ratio2 above Leverage $0.35B Capital1,2 407% target ratio of 26.7% Ratio within 375% target 25-30% 1. Excess Capital is defined as Statutory Total Adjusted Capital (TAC) in excess of 375% RBC level, Hold