Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q2 2026 Earnings Presentation
22 slides from Voya Financial's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Call
Voya Financial Second Quarter 2026 Call August 5, 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: 2Q'26 Highlights
2Q’26 Highlights Commercial momentum and expense discipline support a stronger second half Strong commercial results continue to drive growth across Retirement and Investment Management Disciplined expense actions support improved margins and a stronger 2H'26 earnings outlook Cash generation exceede
Slide 5: Financial Highlights & Business Segment Performance
Financial Highlights & Business Segment Performance Mike Katz, Chief Financial Officer
Slide 6: 2Q'26 Financial Results
2Q’26 Financial Results Underlying business performance and expense actions support a stronger second half Adjusted Operating Earnings Adjusted Operating EPS After Tax (Millions) Per Diluted Share Alternative investment performance below expectations and severance actions impact of $2.46 approximate
Slide 7: Retirement
Retirement Scaled platform serving over 10 million participant accounts, powering reach and growth opportunities Adjusted Operating Earnings 2Q’26 Highlights (Millions) +6% • Fee-based revenue increased 10% year- over-year, reflecting continued growth in assets and participant accounts. $915 $863 •
Slide 8: Investment Management
Investment Management Driving higher revenue, operating margins, and earnings Adjusted Operating Earnings 2Q’26 Highlights Excludes Noncontrolling Interest (Millions) • AUM net inflows of $1.2 billion reflect +11% continued momentum across institutional $237 and retail channels. $214 • Higher adviso
Slide 9: Employee Benefits
Employee Benefits Continued execution on margin improvement across product lines Adjusted Operating Earnings 2Q’26 Highlights (Millions) • Aggregate loss ratio on a trailing twelve month basis improved 5 points year- +239% over-year to 74%. • Improving Stop Loss and Group Life performance, contribut
Slide 10: 2026 Cash Generation on Track to Exceed 2025
2026 Cash Generation on Track to Exceed 2025 Robust cash conversion is supported by underlying business momentum Robust Cash Conversion and Excess Capital Adjusted Operating Return on Equity ex Generation1 AOCI and NOL DTA3 2Q’26 Alternative investment Free Cash Flows (Billions) 2 FCF Conversion per
Slide 11: Positioned for Continued Earnings and Cash Generation Growth
Positioned for Continued Earnings and Cash Generation Growth Strong commercial results continue to drive growth across Retirement and Investment Management Disciplined expense actions support improved margins and a stronger 2H'26 earnings outlook Cash generation exceeded 90% of after-tax earnings po
Slide 12: Appendix
VOYA. iss pass Appendix
Slide 13: Strong and Well-Positioned Balance Sheet
Strong and Well-Positioned Balance Sheet RBC Ratio Financial Excess above target Leverage $0.2B Capital1,2 390% ratio of 27.6% within target 375%2 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 require
Slide 14: Capital Return Driving Meaningful Value for Shareholders
Capital Return Driving Meaningful Value for Shareholders Balanced capital deployment has driven average total payout ratio1 of over 75% since 2022 Track Record of Consistent Dividend per Active Share Repurchase Program Has Lowered Share Growth Share Count by 14% Since Year End 20222 107 $1.82 $1.86
Slide 15: Key Sensitivities
Key Sensitivities Annualized Pre-tax Earnings Impact Investment Employee Total Retirement (Millions) Management1 Benefits S&P 500 Change +/- 10% +/- $65 – $90 +/- $50 – $653 +/- $15 – $25 Interest Rate Changes +/- 100 bps2 +/- $15 – $35 +/- $30 – $40 -/+ $5 – $15 $1B Change in Spread Assets +/- $20
Slide 16: Seasonality
Seasonality Retirement1 Investment Management Employee Benefits2 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 lo
Slide 17: 2Q'26 Adjusted Operating to Net Income Walk
2Q’26 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Non-Cash Non-Cash Non-Cash $240 $4 $(33) $(37) $140 $(35) $(16) $90 $(23) $(10) 2Q'25 Adj. Op. Retirement Investment Employee Corporate 2Q'26 Adj. Op. Net Business Other 3 2Q'26 Earnings Management Benefits Earnings
Slide 18: Retirement
Retirement Defined Contribution assets grew at a 12.4% CAGR from 2021 to 2Q’26, outpacing the industry1 Defined Contribution Assets Key Priorities (Billions) Recordkeeping Full Service 10 $900 $792 Drive continued commercial momentum $728 $800 5 $298 $700 $281 0 $549 $600 $467 $483 Expand our soluti
Slide 19: Investment Management
Investment Management Diversified platform and solutions positioned to capitalize on growth opportunities Assets Under Management Key Priorities (Billions) $377 Scale and expand alternatives and private asset $360 strategies across distribution channels $339 $321 $322 Maintain strong momentum in ins
Slide 20: Investment Management
Investment Management Long-term performance remains strong and important to future success Percent of AUM Above Benchmark or Peer Median1 Represents ~55% 3rd Party AUM 95 90 90 91 90 87 85 82 83 76 79 78 77 72 72 74 69 69 68 65 Equity Multi-Asset Fixed Income & Growth Voya IM Income Total 1 Year 3 Y
Slide 21: 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% 74% Management and Short-Term Disability business 69% 67% Continue to enhance productivity FY'21 FY'22
Slide 22: High Quality and Well-Diversified Investment Portfolio
High Quality and Well-Diversified Investment Portfolio Strong credit performance with minimal impairments in 2Q’26 $39B General Account1 $9B Private Credit Allocation Limited Partnerships Commercial 4% Mortgage Loans Private Credit 14% 23% Asset Based Finance Liquidity 3% 24% Municipals 1% Equities