Voya Financial — Third-Quarter 2026 Earnings Summary

Financial Performance:

• Net income available to common shareholders was $193 million ($2.09 per diluted share) in Q3 2026, compared to $176 million ($1.80 per diluted share) in Q3 2025.
• After-tax adjusted operating earnings were $240 million ($2.60 per diluted share) in Q3 2026, compared to $239 million ($2.45 per diluted share) in Q3 2025.
• Consolidated total revenues were $2,025 million in Q3 2026, down from $2,128 million in Q3 2025.
• Net investment income was $581 million in Q3 2026, compared to $583 million in Q3 2025.
• Fee income was $640 million in Q3 2026, up from $616 million in Q3 2025.
• Premiums were $705 million in Q3 2026, down from $719 million in Q3 2025.
• Net gains (losses) were $(108) million in Q3 2026, compared to $(21) million in Q3 2025.
• Operating expenses were $831 million in Q3 2026, compared to $829 million in Q3 2025.
• Excess capital generation was approximately $225 million, exceeding 90% conversion of after-tax adjusted operating earnings.
• Total client assets were $878 billion as of September 30, 2026, up 12% from $785 billion as of September 30, 2025.
• Assets under management (AUM) were $363 billion as of September 30, 2026, down from $366 billion as of September 30, 2025.
• Assets under advisory (AUA) were $62 billion as of September 30, 2026, up from $54 billion as of September 30, 2025.

Guidance and Future Outlook:

• Management expects continued improvement in the second half of the year, driven by commercial momentum and margin improvement.
• The company aims to deliver sustained earnings growth and cash generation.
• The strong balance sheet provides flexibility to invest in growth and return capital to shareholders.

Business Segments and Product Lines:

• Retirement: Pre-tax adjusted operating earnings were $266 million in Q3 2026, up from $261 million in Q3 2025. Net revenues for the trailing twelve months (TTM) ended September 30, 2026, increased 6% year-over-year. Adjusted operating margin for the TTM was 37.8%, down from 39.8% in the prior-year period. Retirement participants grew to 10.3 million.
• Investment Management: Pre-tax adjusted operating earnings were $58 million in Q3 2026, down from $62 million in Q3 2025, primarily due to lower investment capital income. Net revenues for the TTM ended September 30, 2026, grew 5% year-over-year. Adjusted operating margin for the TTM was 28.6%, consistent with the prior-year period. Net inflows were $1.4 billion during the three months ended September 30, 2026.
• Employee Benefits: Pre-tax adjusted operating earnings were $51 million in Q3 2026, up from $47 million in Q3 2025, driven by a $12 million favorable annual assumption update and lower expenses. Net revenues for the TTM ended September 30, 2026, increased 10% year-over-year. The total aggregate loss ratio improved to 74% from 78% in the prior-year period. Adjusted operating margin for the TTM was 11.4%, up from 6.0% in the prior-year period. Annualized in-force premiums and fees were $3.5 billion.
• Corporate: Pre-tax adjusted operating losses were $87 million in Q3 2026, compared to losses of $80 million in Q3 2025. Results included approximately $25 million of severance expense related to cost structure actions.

Market and Competitive Landscape:

• Retirement segment revenue growth was supported by sustained commercial momentum and positive capital markets.
• Investment Management net inflows were positive across Institutional and Retail segments, nearly offsetting decreases from divestitures and a sub-advisor transition.
• Employee Benefits prioritized margin improvement over growth, resulting in lower in-force premiums but improved loss ratios.

Risks and Challenges:

• Investment Management earnings were negatively impacted by lower investment capital income.
• Retirement adjusted operating margin decreased due to the impact of lower alternative investment income.
• Corporate results included $25 million of severance expense.
• Forward-looking statements note risks including global market and geopolitical risks, interest rates, inflation, liquidity and credit risks, strategic risks, investment risks, operational risks, and tax, regulatory, and legal risks.

Management Commentary and Tone:

• CEO Heather Lavallee stated the company delivered a strong third quarter reflecting expected improvement in the second half and continued execution.
• Management cited commercial momentum in Retirement and Investment Management, continued margin improvement in Employee Benefits, and disciplined expense management as drivers of stronger operating performance.
• Management expressed confidence in the ability to deliver sustained earnings growth and cash generation, noting strong cash generation capacity.

Other Key Points:

• The Board of Directors authorized a 21% increase in the quarterly common stock dividend to $0.57 per share, beginning in the fourth quarter of 2026.
• The Board authorized a $500 million increase in the share repurchase authorization, in addition to approximately $163 million of remaining capacity as of September 30, 2026.
• The company returned approximately $150 million to shareholders through common dividends and share repurchases in the quarter.
• The company made the final $20 million payment related to the OneAmerica transaction, marking its successful completion.
• Excess capital was approximately $250 million as of September 30, 2026.
• Voya will host a conference call on November 3, 2026, at 10 a.m. ET to discuss results.