Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q2 2025 Earnings Presentation
35 slides from Voya Financial's earnings presentation, June 2026
Slide 1: Voya Global Perspectives: Market. Insights. Opportunities
Voya Global Perspectives Market. Insights. Opportunities . June 2026 CID#:3964314 Voya Global Perspectives®
Slide 2: Advancing Earnings Drive the Market
Advancing Earnings Drive the Market Corporate earnings growth is a barometer for the health of the global economy. 100% 7,000 Earnings growth changed to positive 6,500 85% Earnings growth changed to negative 6,000 70% 5,500 S&P 500 EPS Growth S&P 500 Index 5,000 55% S&P 500 Price 29.4 4,500 Q1 2026
Slide 3: Broadening Manufacturing
Broadening Manufacturing Global Manufacturing PMIs U.S. Industrial Production U.S. Expansionary (>50) 53.30 Euro 51.45 China 50.30 Index Level Index Level Recession Contractionary (<50) Source: Institute of Supply Management, FactSet. The Purchasing Managers' Index (PMI) is an indicator of economic
Slide 4: Consumer as the Game Changer
Consumer as the Game Changer At about 70% of gross domestic product (GDP), the U.S. consumer is a game changer. $ Billions per month U.S. Retail Sales Source: FactSet. U.S. retail sales as of 6/30/2026. Voya Global Perspectives® 4 20230113-2669564-8472926
Slide 5: Diversification
Diversification The U.S. has been the place to be, but global diversification is an attractive strategy in an uncertain future. 2 3 5 10 15 20 Index Q2 2025 2024 2023 2022 2021 2020 2019 02018 2017 2016 2015 2014 years years years years years 1 Equity S&P 500 15.2 17.9 25.0 26.3 (18.1) 28.7 18.4 31.
Slide 6: Europe
Europe Over the last 20 Years, Europe and other international developed equities have lagged U.S. S&P 500 MSCI EAFE Growth of $ Bloomberg US Aggregate Bloomberg Global Agg Data as of 6/30/2026. The S&P 500 Index covers 500 industrial, utility, transportation and financial companies of the U.S. market
Slide 7: The Fed
The Fed Fed Funds rate has been coming down since September 2024. Percent (%) Average (2.4) Source: FactSet, Fed Funds target rate upper bound, data as of 6/30/2026. Average Fed Funds Rate is average since 1988. Voya Global Perspectives® 7 20230113-2669564-8472926
Slide 8: U.S. Export, Import Growth (YoY % Change)
U.S. Export, Import Growth (YoY % Change) U.S. trade is highly dependent on global economic growth. Recession Percent (%) Source: FactSet. Data as of 5/31/2026. Voya Global Perspectives® 8 20230113-2669564-8472926
Slide 9: Housing
Housing S&P Case Shiller Housing Index Case-Shiller % (LHS) 1-Year Case-Shiller % change Index Level Case-Shiller Level (RHS) Source: FactSet, S&P Case-Shiller as of 5/31/2026. Voya Global Perspectives® 9 20230113-2669564-8472926
Slide 10: Inflation
Inflation Headline CPI Y/Y Percent (%) Core PCE Y/Y Core CPI Y/Y Source: FactSet, PCE as of 03/31/2026; CPI as of 6/30/2026 Voya Global Perspectives® 10 20230113-2669564-8472926
Slide 11: Jobs
Jobs The unemployment rate has creeped up but remains at historically low levels. Unemployment Rate New Weekly Claims Recession Unemployment Rate (RH) Initial Unemployment Claims (LH) Source: Bureau of Labor Statistics, FactSet. Data as of 6/30/2026. Voya Global Perspectives® 11 20230113-2669564-847
Slide 12: Dow Jones Industrials (price only — 100 years)
Dow Jones Industrials (price only — 100 years) It is not unusual for stocks to have prolonged periods of volatile returns. Great Recession 2007-2009 2022 Inflation Tech Wreck Q1 2020 Reaganomics 2000-2002 Global Pandemic Log Great Depression OPEC Oil Crisis Cuban Missile Inflation-Volker Fed Crisis
Slide 13: Index Total Returns
Index Total Returns Index Q2 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 1 year 3 years 5 years 10 years Broad Market Dow Industrial 13.4 14.9 15.0 16.2 (6.9) 20.9 9.7 25.3 (3.5) 28.1 16.5 0.2 10.0 20.6 17.1 10.8 13.7 S&P 500 15.2 17.9 25.0 26.3 (18.1) 28.7 18.4 31.5 (4.4) 21.8 12.0
Slide 14: The Fed Model
The Fed Model Stock and bond comparison translated into comparable valuations. Forward Earnings Yield (NTM) 10 Year U.S. Treasury Yield Percent (%) EPS Yield 4.89% = P/E* of 20.5 T-Yield 4.44% = P/E* of 22.5 Data as of 6/30/2026. * P/E is Price/Earnings Note: Earnings yield is the inverse of the pri
Slide 15: U.S. Consumer Confidence
U.S. Consumer Confidence Index Level Present Situation Expectations Source: FactSet, data as of 6/30/2026 Voya Global Perspectives® 15 20230113-2669564-8472926
Slide 16: Performance by Market Capitalization
Performance by Market Capitalization Large-cap stocks have grown faster than smaller caps in recent years and growth has dominated value. Russell 1000 Growth Index Large Cap Mid Cap Growth of $ (%) Index Price Small Cap Russell 1000 Value Index Source: FactSet, as of 6/30/2026 Large-cap companies ar
Slide 17: Global Central Bank Balance Sheets
Global Central Bank Balance Sheets The major developed market central banks are reducing their balance sheets. Fed Balance Sheet ($) ECB Balance Sheet (€) BoJ Balance Sheet (¥) Assets in Local Currency - Millions 6736 6551 6117 Source: FactSet, Voya Investment Management, as of 6/26/2026. BoJ data a
Slide 18: Equity Volatility (VIX)
Equity Volatility (VIX) Volatility tends to spike when investors get complacent after long periods of low volatility. Lehman Crisis Coronavirus U.S. Credit 12/31/07 = 22.5 Euro Crisis Downgrade 11/20/08 = 80.9 China Currency Devaluation 12/31/08 = 40.0 Brexit 06/30/26 = 16.5 Historical Average (20)
Slide 19: Bond and Loan Returns
Bond and Loan Returns Index Q2 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 1 year 3 years 5 years 10 years U.S. Investment Grade Treasury 0.3 6.3 0.6 4.1 (12.5) (2.3) 8.0 6.9 0.9 2.3 1.0 2.7 3.2 (0.4) 0.9 Treasury (1-3YR) 0.4 5.2 4.0 4.3 (3.8) (0.6) 3.2 3.6 1.6 0.4 0.9 2.9 4.4 1.9 1.8 Treasury
Slide 20: Global Yields
Global Yields Investors seeking income may benefit from the higher yield available from global bonds. Current 10-Year Sovereign Bond Yields as of 6/30/2026 Russia 47.9% South Africa 8.8% Brazil 14.8% India 6.8% Philippines 7.4% Indonesia 7.3% New Zealand 4.6% United Kingdom 5.0% Australia 4.9% US 4.
Slide 21: Growth and Inflation
Growth and Inflation The 10-year U.S. Treasury yield historically tracks real U.S. GDP and inflation. Inflation – Core CPI Y/Y 10-Year Treasury Yield Real U.S. GDP Growth Percent (%) Source: FactSet. Real U.S. GDP growth as of 3/31/2026, 10-Year Treasury Yield and CPI data as of 6/30/2026. Voya Glob
Slide 22: Credit Spreads
Credit Spreads Credit spreads are indicative of risk. The lower they are implies more stability. High Yield Spreads Basis Points 270 Source: Moody’s, Reuters, Federal Reserve, FactSet, as of 6/30/2026 Note: The TED spread is the difference between the interest rates on interbank loans and on short-t
Slide 23: International Economics
International Economics The “Big 3” dominate the global economy while the U.S. and China are putting distance on Europe. Countries GDP Trade (% of GDP) Demographics Per Capita Exports Population Unemployment Developed Markets USD (Billions) ($1000) 1-Yr Change (Goods Only) (Millions) % Median Age U.
Slide 24: Savings Rates and Household Net Worth
Savings Rates and Household Net Worth Savings Rate Household Net Worth 3 month average, % of disposable income $ trillions Source: Bureau of Economic Analysis, Federal Reserve, FactSet. Savings rate data as of 6/30/2026; household net worth data as of 3/31//2026. Note: BEA implemented a metrics revi
Slide 25: Commodities Prices
Commodities Prices Gold continues to rise in nominal and real terms. Industrial metals, such as copper, have been more volatile. 4023 $/oz. COPPER $/ton $/ton (LHS) GOLD Nominal Price/oz. CRB Index (RHS) 697 GOLD Real Price/oz. Source: FactSet. Note Gold’s “real price/oz.” is equal to the indexed no
Slide 26: WTI Crude Oil Prices
WTI Crude Oil Prices Crude oil prices are a good indicator of global demand with too high and too low both ominous signals. Crude Oil (NYM $/barrel) $69.50 30-year average = $55.99/barrel per Barrel Source: FactSet. Data as of 6/30/2026. Note: Oil prices are represented by West Texas Intermediate li
Slide 27: U.S. Government Debt and Deficit
U.S. Government Debt and Deficit U.S. Government Debt Debt as percentage of GDP $39.5 Trillion % of GDP $ Trillions Source: FactSet. U.S. government debt data as of 6/30/2026. Debt as a percentage of GDP as of 3/31/2026. Voya Global Perspectives® 27 20230113-2669564-8472926
Slide 28: Corporate Income Tax Rates
Corporate Income Tax Rates Global corporate income taxes have declined since early 2000s, as countries compete for investment. 45 40 35 30 25 20 15 10 5 0 2001 Corp. Tax Rate (%) 2025 Corp. Tax Rate (%) Source: Organization for Economic Cooperation and Development. Data as of 2025. Voya Global Persp
Slide 29: The Folly of Gaming Diversification – Asset Class Returns
The Folly of Gaming Diversification – Asset Class Returns 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Yr U.S. Treas 20+ S&P 500 Small Cap Emerging Mkts Global Bond S&P 500 S&P 500 S&P 500 High Yield S&P 500 S&P 500 Emerging Mkts S&P 500 27.5 1.4 26.6 37.3 -1.2 31.5 18.4 28.7 -11.2
Slide 30: A Plan for the Inevitable Bear Market beats “Stay the Course”
A Plan for the Inevitable Bear Market beats “Stay the Course” Strategic and tactical allocation over 25 years shows that active management may add value especially in market downturns 9 8 Annualized Standard Sharpe Return Deviation Ratio 7 Tactical Allocation 8.9% 9.6% 0.72 Strategic Allocation 8.8%
Slide 31: Sequence of Returns Matters
Sequence of Returns Matters It is crucial to de-risk once retirement begins due to possible adverse “Sequence of Returns”. Date Annual Income Annual Returns Portfolio Value Annual Returns Portfolio Value Starting Nest Egg Value $ 1,000,000 $ 1,000,000 Year 1 $ 40,000 -5% 912,000 15% 1,104,000 Year 2
Slide 32: Index Definitions
Index Definitions Bloomberg Barclays U.S. Aggregate Bond Index is composed of U.S. securities in Treasury, FTSE NAREIT U.S. Real Estate Index presents comprehensive REIT performance across the Government-Related, Corporate and Securitized sectors that are of investment-grade quality or U.S. economy,
Slide 33: Index Definitions
Index Definitions Asset classes are represented by the following indexes: S&P SmallCap 600 Index covers approximately 3% of the domestic equities Bloomberg Barclays U.S. Corporate Bond Index is a component of the Bloomberg Barclays U.S. market and is designed to represent a portfolio of small compan
Slide 34: Index Definitions
Index Definitions MSCI U.S. REIT Index is a free float-adjusted market capitalization weighted index comprised of Russell Midcap Value Index measures the performance of the mid-cap value equity REITs that generate a majority of their revenue and income from real estate rental and segment of the U.S.
Slide 35: Important Disclosures
Important Disclosures This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management (“Voya IM”) considers reliable; Voya IM does not represent that such information is accurate or complete. Certain statements cont