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Voya Financial
VOYA
#2575
Rank
$7.09 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$74.51
Share price
0.55%
Change (1 day)
1.32%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Voya Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Voya Financial - 10-Q quarterly report FY2025 Q1


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voyrfinrgbgrdpos1567a07.jpg
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
——————————————————————
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to                           

Commission File Number: 001-35897

Voya Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware52-1222820
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
200 Park Avenue
New York, New York
10166
(212) 309-8200
(Address of principal executive offices)(Zip Code)(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueVOYANew York Stock Exchange
Depositary Shares, each representing a 1/40th
VOYAPrBNew York Stock Exchange
interest in a share of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B, $0.01 par value
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.           ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer    ☐
Non-accelerated filer     ☐Smaller reporting company     ☐
 Emerging growth company     ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).             ☐ Yes    ☒ No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.             ☐ Yes    ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of May 2, 2025, 96,293,937 shares of Common Stock, $0.01 par value, were outstanding.

1

Voya Financial, Inc.
Form 10-Q for the period ended March 31, 2025
Table of Contents
PART I.
FINANCIAL INFORMATION
Page
Item 1.Financial Statements:
Condensed Consolidated Balance Sheets
4
Condensed Consolidated Statements of Operations
6
Condensed Consolidated Statements of Comprehensive Income
7
Condensed Consolidated Statements of Changes in Shareholders' Equity
8
Condensed Consolidated Statements of Cash Flows
10
Notes to Condensed Consolidated Financial Statements:
11
1. Business, Basis of Presentation and Significant Accounting Policies
11
2. Investments (excluding Consolidated Investment Entities)
13
3. Derivative Financial Instruments
23
4. Fair Value Measurements (excluding Consolidated Investment Entities)
27
5. Deferred Policy Acquisition Costs and Value of Business Acquired
35
6. Reserves for Future Policy Benefit and Contract Owner Account Balances
36
7. Reinsurance
40
8. Separate Accounts
42
9. Segments
43
10. Goodwill and Other Intangible Assets
47
11. Share-based Incentive Compensation Plans
48
12. Shareholders' Equity
49
13. Earnings per Common Share
51
14. Accumulated Other Comprehensive Income (Loss)
51
15. Revenue from Contracts with Customers
53
16. Income Taxes
53
17. Financing Agreements
54
18. Commitments and Contingencies
56
19. Consolidated and Nonconsolidated Investment Entities
58
Item 2.
64
Item 3.
93
Item 4.
95
PART II.OTHER INFORMATION
Item 1.
96
Item 1A.
96
Item 2.
96
Item 5.
96
Item 6.
96
97
98
2
NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, interest rates, inflation, tariffs imposed or threatened by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns and liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Trends and Uncertainties" in the Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q.
The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all of them.
3
PART I.    FINANCIAL INFORMATION

Item 1.        Financial Statements
Voya Financial, Inc.
Condensed Consolidated Balance Sheets
March 31, 2025 (Unaudited) and December 31, 2024
(In millions, except share and per share data)
March 31,
2025		December 31,
2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $28,079 and $26,536 as of 2025 and 2024, respectively; net of allowance for credit losses of $18 and $38 as of 2025 and 2024, respectively)
$25,978 $24,089 
Fixed maturities, at fair value using the fair value option1,854 1,849 
Equity securities, at fair value
209 246 
Short-term investments149 94 
Mortgage loans on real estate (net of allowance for credit losses of $29 and $24 as of 2025 and 2024, respectively)
5,585 4,675 
Policy loans336 342 
Limited partnerships/corporations1,881 1,836 
Derivatives249 303 
Other investments
69 67 
Securities pledged (amortized cost of $1,502 and $1,665 as of 2025 and 2024, respectively)
1,393 1,523 
Total investments37,703 35,024 
Cash and cash equivalents868 1,399 
Short-term investments under securities loan agreements, including collateral delivered1,030 1,042 
Accrued investment income429 396 
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $17 and $16 as of 2025 and 2024, respectively)
11,144 11,284 
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA")
2,505 2,148 
Deferred income taxes2,032 2,134 
Goodwill804 748 
Other intangibles, net854 832 
Other assets (net of allowance for credit losses of $1 as of 2025 and 2024)
3,276 2,312 
Assets related to consolidated investment entities ("CIEs"):
Limited partnerships/corporations, at fair value2,923 3,067 
Cash and cash equivalents142 115 
Corporate loans, at fair value using the fair value option1,066 1,434 
Other assets226 278 
Assets held in separate accounts98,948 101,676 
Total assets$163,950 $163,889 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4
Voya Financial, Inc.
Condensed Consolidated Balance Sheets
March 31, 2025 (Unaudited) and December 31, 2024
(In millions, except share and per share data)
March 31,
2025		December 31,
2024
Liabilities:
Future policy benefits$9,214 $9,332 
Contract owner account balances40,549 37,104 
Payables under securities loan and repurchase agreements, including collateral held1,486 1,309 
Short-term debt1 399 
Long-term debt2,103 2,103 
Derivatives286 332 
Other liabilities2,762 2,886 
Liabilities related to CIEs:
Collateralized loan obligations notes, at fair value using the fair value option1,028 1,101 
Other liabilities1,212 1,640 
Liabilities related to separate accounts98,948 101,676 
Total liabilities$157,589 $157,882 
Commitments and Contingencies (Note 18)
Mezzanine equity:
Redeemable noncontrolling interest$214 $219 
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2025 and 2024)
— — 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 106,813,254 and 105,592,281 shares issued as of 2025 and 2024, respectively; 96,257,262 and 95,497,265 shares outstanding as of 2025 and 2024, respectively)
1 1 
Treasury stock (at cost; 10,555,992 and 10,095,016 shares as of 2025 and 2024, respectively)
(788)(754)
Additional paid-in capital6,299 6,266 
Accumulated other comprehensive income (loss)(2,181)(2,462)
Retained earnings:
Unappropriated1,052 954 
Total Voya Financial, Inc. shareholders' equity4,383 4,005 
Noncontrolling interest
1,764 1,783 
Total shareholders' equity6,147 5,788 
Total liabilities, mezzanine equity and shareholders' equity$163,950 $163,889 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5
Voya Financial, Inc.
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2025 and 2024 (Unaudited)
(In millions, except per share data)

Three Months Ended March 31,
20252024
Revenues:
Net investment income$560 $529 
Fee income570 513 
Premiums737 800 
Net gains (losses)(34)43 
Other revenue104 88 
Income related to CIEs:
Net investment income32 78 
Total revenues1,969 2,051 
Benefits and expenses:
Policyholder benefits579 605 
Interest credited to contract owner account balances256 246 
Operating expenses824 799 
Net amortization of DAC and VOBA
62 56 
Interest expense32 30 
Operating expenses related to CIEs:
Interest expense35 27 
Other expense8 1 
Total benefits and expenses1,796 1,764 
Income before income taxes173 287 
Income tax expense (benefit)22 (1)
Net income151 288 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest
(5)37 
Net income available to Voya Financial, Inc.156 251 
Less: Preferred stock dividends17 17 
Net income available to Voya Financial, Inc.'s common shareholders$139 $234 
Net income available to Voya Financial, Inc.'s common shareholders per common share:
Basic$1.45 $2.29 
Diluted$1.42 $2.24 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6
Voya Financial, Inc.
Condensed Consolidated Statements of Comprehensive Income
For the Three Months Ended March 31, 2025 and 2024 (Unaudited)
(In millions)

Three Months Ended March 31,
20252024
Net income$151 $288 
Other comprehensive income (loss), before tax:
Change in current discount rate12 38 
Unrealized gains (losses) on investments
344 (125)
Other comprehensive income (loss), before tax356 (87)
Income tax expense (benefit) related to items of other comprehensive income (loss)75 (18)
Other comprehensive income (loss), after tax281 (69)
Comprehensive income
432 219 
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest(5)37 
Comprehensive income attributable to Voya Financial, Inc.
$437 $182 




The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7
Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Three Months Ended March 31, 2025 (Unaudited)
(In millions)


Common
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity		Mezzanine Equity: Redeemable Noncontrolling Interest
Unappropriated
Balance as of January 1, 2025$1 $(754)$6,266 $(2,462)$954 $4,005 $1,783 $5,788 $219 
Comprehensive income (loss):
Net income (loss)
— — — — 156 156 (15)141 10 
Other comprehensive income, after tax
— — — 281 — 281 — 281 — 
Total comprehensive income (loss)437 (15)422 10 
Common stock issuance— — 3 — — 3 — 3 — 
Dividends on preferred stock— — — — (17)(17)— (17)— 
Dividends on common stock— — — — (43)(43)— (43)— 
Share-based compensation— (34)30 — — (4)— (4)— 
Contributions from (Distributions to) noncontrolling interest, net— — — — 2 2 (4)(2)(15)
Balance as of March 31, 2025$1 $(788)$6,299 $(2,181)$1,052 $4,383 $1,764 $6,147 $214 









The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8

Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Three Months Ended March 31, 2024 (Unaudited)
(In millions)
Common
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity		Mezzanine Equity: Redeemable Noncontrolling Interest
Unappropriated
Balance as of January 1, 2024$1 $(56)$6,143 $(2,400)$505 $4,193 $1,685 $5,878 $175 
Comprehensive income (loss):
Net income— — — — 251 251 30 281 7 
Other comprehensive income (loss), after tax— — — (69)— (69)— (69)— 
Total comprehensive income (loss)182 30 212 7 
Common stock issuance— — 3 — — 3 — 3 — 
Common stock acquired - Share repurchase— (172)— — — (172)— (172)— 
Dividends on preferred stock— — — — (17)(17)— (17)— 
Dividends on common stock— — — — (41)(41)— (41)— 
Share-based compensation— (35)41 — (1)5 — 5 — 
Contributions from (Distributions to) noncontrolling interest, net— — — — — — (171)(171)(8)
Balance as of March 31, 2024$1 $(263)$6,187 $(2,469)$697 $4,153 $1,544 $5,697 $174 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9
Voya Financial, Inc.
Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2025 and 2024 (Unaudited)
(In millions)
Three Months Ended March 31,
20252024
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities
$(179)$231 
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities2,477 1,262 
Equity securities48 26 
Mortgage loans on real estate135 206 
Limited partnerships/corporations51 38 
Acquisition of:
Fixed maturities(2,401)(504)
Equity securities(9)(3)
Mortgage loans on real estate(257)(107)
Limited partnerships/corporations(75)(125)
Short-term investments, net(3)36 
Derivatives, net(55)58 
Sales from CIEs372 307 
Purchases within CIEs(462)(267)
Collateral received (delivered), net185 102 
Receipts on deposit asset contracts33 69 
Cash and cash equivalents acquired from business acquisitions, net of cash paid (1)
224 — 
Other, net(18)(16)
Net cash provided by (used in) investing activities245 1,082 
Cash Flows from Financing Activities:
Deposits received for investment contracts1,060 825 
Maturities and withdrawals from investment contracts(1,515)(1,677)
Repayments of long-term debt, including current maturities(400)— 
Borrowings of CIEs208 73 
Repayments of borrowings of CIEs(294)(52)
Contributions from (distributions to) participants in CIEs, net486 (150)
Proceeds from issuance of common stock, net3 3 
Common stock acquired - Share repurchase— (172)
Dividends paid on preferred stock(17)(17)
Dividends paid on common stock
(43)(41)
Other, net(58)(47)
Net cash provided by (used in) financing activities(570)(1,255)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs(504)58 
Cash and cash equivalents, including cash in CIEs, beginning of period1,514 1,118 
Cash and cash equivalents, including cash in CIEs, end of period$1,010 $1,176 
(1) Includes $274 of cash equivalents received in 2025 as part of the OneAmerica acquisition.
March 31,
2025		December 31,
2024
Reconciliation of cash and cash equivalents, including cash in CIEs:
Cash and cash equivalents$868 $1,399 
Cash and cash equivalents in CIEs142 115 
Total cash and cash equivalents, including cash in CIEs$1,010 $1,514 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
10

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

1.    Business, Basis of Presentation and Significant Accounting Policies

Business    

Voya Financial, Inc., together with its subsidiaries (collectively, the "Company"), is a financial services organization that offers a broad range of retirement services, group insurance and supplemental health products, investment management services and mutual funds primarily in the United States. Products and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management. Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Condensed Consolidated Financial Statements.

On January 2, 2025, the Company acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to the Company's full-service business in Wealth Solutions, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities and opportunities for distribution partnerships. The purchase consideration at closing included approximately $50 in cash paid, and contingent consideration of up to $160 payable in 2026, based on plan persistency and transition incentives.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other voting interest entities ("VOEs") and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements. Intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholders’ equity.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Adoption of New Pronouncements

Profits Interest and Similar Awards

In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01"), which clarifies the accounting for profit interests.

ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company adopted ASU 2024-01 as of January 1, 2025 on a prospective basis. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows, as existing accounting policies are consistent with ASU 2024-01 requirements.

11

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Future Adoption of Accounting Pronouncements

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires:
•A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold.
•Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.

The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is in the process of finalizing the disclosures that will be required by the adoption of the provisions of ASU 2023-09 and will adopt these amendments for annual disclosures in the Annual Report on Form 10-K for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:
•Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption;
•Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements;
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.


12

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
2.    Investments (excluding Consolidated Investment Entities)

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$511 $2 $38 $— $— $475 
U.S. Government agencies and authorities
30 1 — — — 31 
State, municipalities and political subdivisions635 — 102 — — 533 
U.S. corporate public securities
8,313 138 989 — — 7,462 
U.S. corporate private securities5,672 56 279 — 1 5,448 
Foreign corporate public securities and foreign governments(1)
2,846 38 261 — 2 2,621 
Foreign corporate private securities(1)
2,887 31 121 — 9 2,788 
Residential mortgage-backed securities3,942 32 224 — — 3,750 
Commercial mortgage-backed securities3,578 4 467 — — 3,115 
Other asset-backed securities3,021 30 43 — 6 3,002 
Total fixed maturities, including securities pledged31,435 332 2,524 — 18 29,225 
Less: Securities pledged1,502 — 109 — — 1,393 
Total fixed maturities(3)
$29,933 $332 $2,415 $— $18 $27,832 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.

13

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$524 $— $52 $— $— $472 
U.S. Government agencies and authorities29 1 — — — 30 
State, municipalities and political subdivisions697 — 117 — — 580 
U.S. corporate public securities7,938 124 1,054 — — 7,008 
U.S. corporate private securities5,275 43 329 — 6 4,983 
Foreign corporate public securities and foreign governments(1)
2,729 32 287 — 2 2,472 
Foreign corporate private securities(1)
2,693 22 169 — 9 2,537 
Residential mortgage-backed securities3,709 27 261 (4)— 3,471 
Commercial mortgage-backed securities3,677 4 532 — 17 3,132 
Other asset-backed securities2,779 39 45 — 4 2,769 
Total fixed maturities, including securities pledged30,050 292 2,846 (4)38 27,454 
Less: Securities pledged1,665 — 149 — — 1,516 
Total fixed maturities$28,385 $292 $2,697 $(4)$38 $25,938 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
Amortized Cost
Fair Value
Due to mature:
One year or less$625 $620 
After one year through five years4,294 4,209 
After five years through ten years3,814 3,723 
After ten years12,161 10,806 
Mortgage-backed securities7,520 6,865 
Other asset-backed securities3,021 3,002 
Fixed maturities, including securities pledged$31,435 $29,225 

As of March 31, 2025 and December 31, 2024, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

14

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Repurchase Agreements and Securities Pledged

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.

The following table presents Securities pledged as of the dates indicated:
March 31, 2025December 31, 2024
Securities pledged/obligations under repurchase agreements(1)
$482 $281 
Securities loaned to lending agent(2)
755 1,083 
Securities pledged as collateral(2)(3)
156 159 
Total
$1,393 $1,523 
(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.
(2) Included in Securities pledged on the Condensed Consolidated Balance Sheets.
(3) See Collateral within the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for more information.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
March 31, 2025December 31, 2024
U.S. Treasuries$31 $22 
U.S. corporate public securities417 601 
Short-term investments13 241 
Foreign corporate public securities and foreign governments321 258 
Total(1)
$782 $1,122 
(1) As of March 31, 2025 and December 31, 2024, liabilities to return cash collateral were $757 and $736, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

15

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Allowance for credit losses

The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Three Months Ended March 31, 2025
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded1 — — — 2 3 
Reductions for securities sold during the period(6)(17)— — — (23)
Increase (decrease) on securities with allowance recorded in previous period— — — — — — 
Balance as of March 31$1 $— $2 $9 $6 $18 

Year Ended December 31, 2024
U.S. corporate private securities
Commercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $9 $3 $2 $3 $17 
Credit losses on securities for which credit losses were not previously recorded6 9 — 8 1 24 
Reductions for securities sold during the period— — (1)— — (1)
Increase (decrease) on securities with allowance recorded in previous period— (1)— (1)— (2)
Balance as of December 31$6 $17 $2 $9 $4 $38 

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

16

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Unrealized Capital Losses

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:
As of March 31, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$254 $11 $138 $27 $392 $38 
U.S. Government agencies and authorities— — — — — — 
State, municipalities and political subdivisions4 — 515 102 519 102 
U.S. corporate public securities876 45 4,258 944 5,134 989 
U.S. corporate private securities412 5 2,951 274 3,363 279 
Foreign corporate public securities and foreign governments525 12 1,282 249 1,807 261 
Foreign corporate private securities521 5 1,457 116 1,978 121 
Residential mortgage-backed257 4 1,228 220 1,485 224 
Commercial mortgage-backed 90 — 2,639 467 2,729 467 
Other asset-backed584 6 305 37 889 43 
Total$3,523 $88 $14,773 $2,436 $18,296 $2,524 

As of December 31, 2024
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$304 $20 $133 $32 $437 $52 
U.S. Government agencies and authorities14 — — — 14 — 
State, municipalities and political subdivisions7 — 562 117 569 117 
U.S. corporate public securities818 35 4,215 1,019 5,033 1,054 
U.S. corporate private securities546 13 2,845 316 3,391 329 
Foreign corporate public securities and foreign governments450 17 1,285 270 1,735 287 
Foreign corporate private securities490 12 1,468 157 1,958 169 
Residential mortgage-backed311 8 1,210 253 1,521 261 
Commercial mortgage-backed24 — 2,751 532 2,775 532 
Other asset-backed93 2 315 43 408 45 
Total$3,057 $107 $14,784 $2,739 $17,841 $2,846 

As of March 31, 2025, the average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

17

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
As of March 31, 2025 and December 31, 2024, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Evaluating Securities for Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. Intent impairments were $19 for the three months ended March 31, 2025. There were no intent impairments for the three months ended March 31, 2024.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

Debt Modifications

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2025 and 2024, the Company had no material debt modifications that require such disclosure.

Mortgage Loans on Real Estate
 
The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

18

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025$76 $155 $24 $— $— $255 
2024136 149 15 — — 300 
202395 209 41 — — 345 
2022271 297 97 — — 665 
2021247 217 84 — — 548 
Prior
3,249 234 — — 18 3,501 
Total(1)
$4,074 $1,261 $261 $— $18 $5,614 
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.

As of December 31, 2024
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% -70%
>70% - 80%
>80% and above
Total
2024$138 $131 $15 $— $— $284 
202396 221 40 — — 357 
2022239 282 95 — — 616 
2021240 184 95 — — 519 
2020184 71 — — — 255 
Prior
2,500 148 2 — 18 2,668 
Total$3,397 $1,037 $247 $— $18 $4,699 

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025$115 $82 $58 $— $255 
2024187 92 21 — 300 
2023102 179 49 15 345 
2022345 101 78 141 665 
2021299 30 97 122 548 
Prior
2,652 341 401 107 3,501 
Total$3,700 $825 $704 $385 $5,614 
(1) No commercial mortgage loans were secured by land or construction loans.

19

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2024
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2024$161 $93 $28 $2 $284 
2023118 180 48 11 357 
2022295 101 76 144 616 
2021258 16 97 148 519 
2020207 20 20 8 255 
Prior
2,018 219 346 85 2,668 
Total$3,057 $629 $615 $398 $4,699 
(1) No commercial mortgage loans were secured by land or construction loans.

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$16 $34 $107 $4 $3 $62 $3 $11 $15 $255 
202458 80 49 57 20 17 8 3 8 300 
202333 85 17 101 39 38 3 26 3 345 
2022153 120 53 94 107 107 4 7 20 665 
2021102 55 114 93 111 52 11 10 — 548 
Prior
879 859 675 258 239 271 63 171 86 3,501 
Total$1,241 $1,233 $1,015 $607 $519 $547 $92 $228 $132 $5,614 

As of December 31, 2024
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2024$58 $80 $41 $57 $20 $9 $7 $3 $9 $284 
202349 85 12 101 39 39 3 26 3 357 
2022140 122 49 98 89 92 5 1 20 616 
202195 51 113 93 96 47 9 15 — 519 
202061 118 17 10 12 15 — 7 15 255 
Prior
707 632 619 176 211 134 51 109 29 2,668 
Total$1,110 $1,088 $851 $535 $467 $336 $75 $161 $76 $4,699 

20

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$71 $165 $19 $— $— $— $— $255 
202473 155 57 15 — — — 300 
2023124 161 13 15 32 — — 345 
2022112 271 228 35 10 9 — 665 
202147 145 223 115 — 9 9 548 
Prior
929 858 901 549 66 153 45 3,501 
Total$1,356 $1,755 $1,441 $729 $108 $171 $54 $5,614 

As of December 31, 2024
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2024$58 $154 $57 $15 $— $— $— $284 
2023124 172 13 16 32 — — 357 
202279 261 222 35 10 9 — 616 
202135 128 218 111 — 18 9 519 
202055 48 56 96 — — — 255 
Prior
610 713 640 437 67 155 46 2,668 
Total$961 $1,476 $1,206 $710 $109 $182 $55 $4,699 

The following table summarizes activity in the allowance for losses for commercial mortgage loans for the periods indicated:
March 31, 2025December 31, 2024
Allowance for credit losses, beginning of period$24 $26 
Credit losses on mortgage loans for which credit losses were not previously recorded6 1 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period
2 — 
Provision for expected credit losses32 27 
Write-offs(3)(3)
Allowance for credit losses, end of period$29 $24 

The following table presents the payment status of commercial mortgage loans as of the dates indicated:
March 31, 2025December 31, 2024
Current$5,598 $4,673 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due16 26 
Total$5,614 $4,699 

21

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of March 31, 2025 and December 31, 2024, the Company had $16 and $26, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2025 and the year ended December 31, 2024 was immaterial.

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended March 31,
20252024
Fixed maturities$465 $416 
Equity securities3 5 
Mortgage loans on real estate67 61 
Policy loans5 6 
Short-term investments and cash equivalents10 10 
Limited partnerships and other32 48 
Gross investment income
582 546 
Less: Investment expenses22 17 
Net investment income$560 $529 

As of March 31, 2025 and December 31, 2024, the Company had $2 and $18, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Net Gains (Losses)

Net gains (losses) were as follows for the periods indicated:
Three Months Ended March 31,
20252024
Fixed maturities, available-for-sale, including securities pledged$1 $(20)
Fixed maturities, at fair value option20 (81)
Equity securities, at fair value1 3 
Derivatives(53)136 
Embedded derivatives within fixed maturities
4 (1)
Other derivatives
— 1 
Standalone derivatives1 1 
Managed custody guarantees(1)1 
Stabilizer
4 — 
Mortgage loans(6)1 
Other investments(5)2 
Net gains (losses)$(34)$43 

22

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended March 31,
20252024
Proceeds on sales$1,410 $829 
Gross gains17 11 
Gross losses35 27 

3.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

Interest rate swaps: The Company uses interest rate swaps primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2025 and December 31, 2024.
23

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

The notional amounts and fair values of derivatives were as follows as of the dates indicated:
March 31, 2025December 31, 2024
Notional
Amount		Asset Fair ValueLiability Fair ValueNotional
Amount		Asset Fair ValueLiability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$— $— $— $— $— $— 
Foreign exchange contracts99 — 5 106 6 — 
Cash flow hedges:
Interest rate contracts
12 — — 11 — — 
Foreign exchange contracts
568 32 5 623 46 2 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts
14,448 208 271 14,633 246 313 
Foreign exchange contracts208 8 1 203 3 6 
Equity contracts273 1 3 286 2 9 
Credit contracts93 — 1 97 — 2 
Embedded derivatives and Managed custody guarantees ("MCGs"):
Within fixed maturity investments(4)
N/A— — N/A— 4 
Within reinsurance agreements(5)
N/A62 42 N/A55 41 
MCGs(6)
N/A— 5 N/A— 4 
Stabilizer(6)
N/A— 11 N/A— 15 
Total$311 $344 $358 $396 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.
(2) Total carrying amount of hedged assets and liabilities was $311 and $307 as of March 31, 2025 and December 31, 2024, respectively.
(3) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $(4) and $(8) as of March 31, 2025 and December 31, 2024, respectively, of which includes $2 and $2, respectively, of hedging adjustments on discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(5) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets.
(6) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets.
N/A - Not applicable

See the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for additional information on derivative asset and liability fair values.

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:
Gross Amount Recognized
Counterparty Netting(1)
Cash Collateral Netting(1)
Securities Collateral Netting(1)
Net Receivables/ Payables
March 31, 2025
Derivative assets
$249 $(212)$(26)$(2)$9 
Derivative liabilities
286 (212)(73)(1)— 
December 31, 2024
Derivative assets
303 (261)(34)(3)5 
Derivative liabilities
332 (261)(58)(6)7 
(1) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
24

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets.

As of March 31, 2025, the Company held $14 and pledged $65 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2024, the Company held $33 and pledged $56 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2025, the Company delivered $156 of securities and held $2 of securities as collateral. As of December 31, 2024, the Company delivered $159 of securities and held $4 of securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:
20252024
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Three Months Ended March 31,
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$— $(16)$— $8 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income— 2 — 3 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Condensed Consolidated Financial Statements for additional information.
25

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
20252024
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$560 $(34)$529 $43 
Fair value hedges:
Foreign exchange contracts:
Hedged items— 4 — (2)
Derivatives designated as hedging instruments(1)
— (4)— 3 
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
2 — 3 — 
(1) The change in derivative instruments designated and qualifying as fair value hedges of $0 and $1 were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the three months ended March 31, 2025 and March 31, 2024, respectively.

The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Three Months Ended March 31,
20252024
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$(47)$126 
Foreign exchange contractsNet gains (losses)5 (2)
Equity contractsNet gains (losses)(7)10 
Credit contractsNet gains (losses)— (1)
Embedded derivatives and MCGs:
Within fixed maturity investmentsNet gains (losses)4 (1)
Within reinsurance agreements(1)
(2)
5 — 
MCGs
Net gains (losses)(1)1 
Stabilizer
Net gains (losses)
4 — 
Total$(37)$133 
(1) For the three months ended March 31, 2025 and 2024, the amount excluded gains (losses) of $1 from standalone derivatives recognized in Net gains (losses).
(2) Gains (losses) on embedded derivatives within reinsurance agreements are recognized in either Policyholder benefits or Net gains (losses).
26

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
4.    Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2025:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries
$401 $74 $— $475 
U.S. Government agencies and authorities
— 31 — 31 
State, municipalities and political subdivisions
— 533 — 533 
U.S. corporate public securities— 7,414 48 7,462 
U.S. corporate private securities— 3,771 1,677 5,448 
Foreign corporate public securities and foreign governments(1)
— 2,562 59 2,621 
Foreign corporate private securities(1)
— 2,198 590 2,788 
Residential mortgage-backed securities— 3,680 70 3,750 
Commercial mortgage-backed securities— 3,115 — 3,115 
Other asset-backed securities— 2,983 19 3,002 
Total fixed maturities, including securities pledged
401 26,361 2,463 29,225 
Equity securities
99 — 110 209 
Derivatives:
Interest rate contracts2 206 — 208 
Foreign exchange contracts— 40 — 40 
Equity contracts— 1 — 1 
Embedded derivatives within reinsurance
— 62 — 62 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements1,971 52 24 2,047 
Assets held in separate accounts93,414 5,196 338 98,948 
Total assets$95,887 $31,918 $2,935 $130,740 
Liabilities:
Contingent consideration$— $— $152 $152 
Stabilizer and MCGs— — 16 16 
Derivatives:
Interest rate contracts— 271 — 271 
Foreign exchange contracts— 11 — 11 
Equity contracts— 3 — 3 
Credit contracts— 1 — 1 
Embedded derivatives within reinsurance
— (10)
(2)
52 42 
Total liabilities$— $276 $220 $496 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

27

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries$402 $70 $— $472 
U.S. Government agencies and authorities— 30 — 30 
State, municipalities and political subdivisions— 580 — 580 
U.S. corporate public securities— 6,949 59 7,008 
U.S. corporate private securities— 3,486 1,497 4,983 
Foreign corporate public securities and foreign governments(1)
— 2,412 60 2,472 
Foreign corporate private securities(1)
— 2,116 421 2,537 
Residential mortgage-backed securities— 3,404 67 3,471 
Commercial mortgage-backed securities— 3,132 — 3,132 
Other asset-backed securities— 2,746 23 2,769 
Total fixed maturities, including securities pledged402 24,925 2,127 27,454 
Equity securities
148 — 98 246 
Derivatives:
Interest rate contracts— 246 — 246 
Foreign exchange contracts— 55 — 55 
Equity contracts— 2 — 2 
Embedded derivatives within reinsurance
— 55 — 55 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,511 1 23 2,535 
Assets held in separate accounts95,946 5,390 340 101,676 
Total assets$99,007 $30,674 $2,588 $132,269 
Liabilities:
Contingent consideration$— $— $2 $2 
Stabilizer and MCGs— — 19 19 
Derivatives:
Interest rate contracts11 302 — 313 
Foreign exchange contracts— 8 — 8 
Equity contracts— 9 — 9 
Credit contracts— 2 — 2 
Embedded derivatives within reinsurance
— (12)
(2)
53 41 
Total liabilities$11 $309 $74 $394 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based
28

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

29

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond.

Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for more information.

Contingent consideration: The fair value of the contingent consideration liability associated with the Company's acquisitions uses unobservable inputs and as such are reported as Level 3. Unobservable inputs include projected revenues, duration of earnouts and other metrics as well as discount rate. Changes in the fair value of the contingent consideration are recorded in Operating expenses in the Company's Condensed Consolidated Statements of Operations.

Stabilizer and MCGs: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative liabilities and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

Embedded derivatives: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable/receivable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money.

30

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

Significant Unobservable Inputs

The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

31
Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

Three Months Ended March 31, 2025
Fair Value as of January 1 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$59 $(1)$2 $1 $— $(11)$— $— $(2)$48 $— $— 
U.S. corporate private securities1,497 (1)19 194 — (7)(25)— — 1,677 — 19 
Foreign corporate public securities and foreign governments(1)
60 — (1)— — — — — — 59 — (1)
Foreign corporate private securities(1)
421 (19)29 161 — — (2)— — 590 (19)29 
Residential mortgage-backed securities67 (3)— 16 — — — — (10)70 (3)— 
Other asset-backed securities23 — — 3 — — (3)— (4)19 — — 
Total fixed maturities, including securities pledged2,127 (24)49 375 — (18)(30)— (16)2,463 (22)47 
Equity securities, at fair value
98 3 — 9 — — — — — 110 3 — 
Contingent consideration(2)(2)— — (149)
(5)
— 1 — — (152)— — 
Stabilizer and MCGs(2)
(19)3 — — — — — — — (16)— — 
Embedded derivatives within reinsurance
(53)1 — — — — — — — (52)— — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements23 — 1 — — — — — — 24 — 1 
Assets held in separate accounts(4)
340 4 — 8 — (14)— — — 338 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.




32
Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Three Months Ended March 31, 2024
Fair Value as of January 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities$1 $— $— $— $— $— $— $— $— $1 $— $— 
U.S. corporate public securities18 — — — — — — — — 18 — — 
U.S. corporate private securities1,526 — (15)67 — (9)(79)— (35)1,455 — (19)
Foreign corporate private securities(1)
436 — (4)— — — (35)51 — 448 — (4)
Residential mortgage-backed securities57 (1)— — — — — — (4)52 (1)— 
Other asset-backed securities52 — — 5 — — (2)— — 55 — — 
Total fixed maturities, including securities pledged2,090 (1)(19)72 — (9)(116)51 (39)2,029 (1)(23)
Equity securities, at fair value
96 3 — — — — — — — 99 2 — 
Contingent consideration(51)1 — — — — 2 — — (48)— — 
Stabilizer and MCGs(2)
(9)2 — — (1)— — — — (8)— — 
Embedded derivatives within reinsurance
(58)1 — — — — — — — (57)— — 
Assets held in separate accounts(4)
348 — — 16 — (3)— 5 (6)360 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.



33

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
For the three months ended March 31, 2025 and 2024, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.
Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

March 31, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,225 $29,225 $27,454 $27,454 
Equity securities209 209 246 246 
Mortgage loans on real estate5,614 5,428 4,699 4,459 
Policy loans336 336 342 342 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,047 2,047 2,535 2,535 
Derivatives249 249 303 303 
Embedded derivatives within reinsurance
62 62 55 55 
Other investments, including securities pledged69 69 74 74 
Assets held in separate accounts98,948 98,948 101,676 101,676 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$34,573 $37,362 $31,082 $32,877 
Funding agreements with fixed maturities1,299 1,303 1,249 1,257 
Supplementary contracts and immediate annuities
551 506 570 515 
Stabilizer and MCGs16 16 19 19 
Derivatives286 286 332 332 
Embedded derivatives within reinsurance
42 42 41 41 
Short-term debt1 1 399 399 
Long-term debt2,103 2,042 2,103 2,023 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
34

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2

5.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:
DAC
VOBA(2)
Wealth Solutions Deferred and Individual Annuities
Health Solutions Voluntary
Businesses Exited
Balance as of January 1, 2024$695 $193 $938 $406 
Deferrals of commissions and expenses60 58 — 3 
Amortization expense(54)(36)(100)(33)
Balance as of December 31, 2024$701 $215 $838 $376 
Additions related to business acquisitions(1)
— — — 390 
Deferrals of commissions and expenses14 13 — 1 
Amortization expense(13)(9)(24)(15)
Balance as of March 31, 2025$702 $219 $814 $752 
(1) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the estimated VOBA amortization is expected to increase by $21 to $29 annually for years 2025 through 2029.
(2) Primarily related to the Wealth Solutions segment.

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets as of the periods indicated:
March 31, 2025December 31, 2024
DAC:
Wealth Solutions Deferred and Individual Annuities
$702 $701 
Health Solutions Voluntary
219 215 
Businesses Exited
814 838 
Other
18 18 
VOBA752 376 
Total$2,505 $2,148 


35

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
6.     Reserves for Future Policy Benefits and Contract Owner Account Balances

Health Solutions Group products include long-duration term life insurance, as well as long-term disability products that are mostly employer paid. Health Solutions Voluntary products include long-duration whole life insurance, critical illness, and accident and hospital indemnity insurance that are mostly employee paid. The following tables present the balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited as of March 31, 2025 and December 31, 2024:

Health Solutions GroupHealth Solutions Voluntary
Businesses Exited
202520242025202420252024
Present Value of Expected Net Premiums:
Balance at January 1$4 $68 $171 $101 $2,872 $3,145 
Beginning balance at original discount rate4 71 180 102 2,842 2,992 
Reclassifications(2)
— (65)— 65 — — 
Effect of change in cash flow assumptions— (1)— (1)— 110 
Effect of actual variances from expected experience— — 8 40 15 (106)
Adjusted balance at January 14 5 188 206 2,857 2,996 
Interest accrual— — 2 8 39 158 
Net premiums collected(1)
— (1)(9)(34)(77)(312)
Ending balance at original discount rate4 4 181 180 2,819 2,842 
Effects of changes in discount rate assumptions— — (7)(9)60 30 
Balance at end of period$4 $4 $174 $171 $2,879 $2,872 

Present Value of Expected Future Policy Benefits:
Balance at January 1$772 $899 $461 $307 $7,017 $7,538 
Beginning balance at original discount rate801 918 487 307 7,138 7,404 
Reclassifications(2)
— (150)— 150 — — 
Effect of change in cash flow assumptions— (12)— (1)— 187 
Effect of actual variances from expected experience(3)10 25 54 5 (90)
Adjusted balance at January 1798 766 512 510 7,143 7,501 
Issuances36 131 — — 3 14 
Interest accrual6 21 5 18 91 370 
Benefit payments(26)(117)(11)(41)(188)(747)
Ending balance at original discount rate814 801 506 487 7,049 7,138 
Effects of changes in discount rate assumptions(20)(29)(22)(26)(43)(121)
Balance at end of period$794 $772 $484 $461 $7,006 $7,017 

36

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Net liability for future policy benefits$790 $768 $310 $290 $4,127 $4,145 
Less: Reinsurance recoverable341 330 13 9 4,042 4,056 
Net liability for future policy benefits, after reinsurance recoverable$449 $438 $297 $281 $85 $89 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) During the second quarter 2024, the Company reclassified certain insurance products within Health Solutions from Group to Voluntary.

The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
Businesses Exited
March 31, 2025December 31, 2024
Balance at beginning of period$1,883 $2,001 
Effect of change in cash flow assumptions— (39)
Effect of actual variances from expected experience(11)14 
Adjusted balance at January 11,872 1,976 
Interest accrual20 83 
Excess Benefits(102)(404)
Assessments79 228 
Balance at end of period1,870 1,883 
Less: Reinsurance recoverable1,819 1,832 
Net additional liability, after reinsurance recoverable$51 $51 

Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Health Solutions segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:

Medical Stop Loss
Three Months Ended March 31,
20252024
Balance at January 1$595 $401 
Less: reinsurance recoverable(5)(16)
Net balance at January 1590 385 
Incurred claims and claim adjustment expenses related to:
Current year273 307 
Prior years12 72 
Total incurred285 379 
Paid claim and claim adjustment expenses related to:
Current year(25)(33)
Prior years(383)(321)
Total paid(408)(354)
Net balance at March 31
467 410 
Plus: reinsurance recoverable9 10 
Balance at March 31
$476 $420 

37

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Pricing, underwriting and reserving on the medical stop loss products are performed based on policy years, and key metrics such as loss ratios are tracked, managed and reported on this basis. The majority of the medical stop loss policies renew in January of each year. For the three months ended March 31, 2025, $12 of claims incurred on prior years is primarily attributed to incurred claims for policy years effective during 2024 and partially offset by favorable claim development for policy years effective during 2023 and 2024. For the three months ended March 31, 2024, $72 of claims incurred on prior years is primarily attributed to incurred claims and unfavorable claim development for policy years effective during 2023.

The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
March 31, 2025December 31, 2024
Health Solutions Group$790 $768 
Health Solutions Voluntary310 290 
Businesses Exited - Future policy benefits
4,127 4,145 
Businesses Exited - Additional liability
1,870 1,883 
Businesses Exited - Other
1,279 1,284
Medical stop loss products476 595 
Other
362 367 
Total$9,214 $9,332 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
March 31, 2025December 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Health Solutions Group
Expected future benefit payments$1,007 $814 $990 $801 
Expected future gross premiums11 8 11 8 
Health Solutions Voluntary
Expected future benefit payments902 506 881 487 
Expected future gross premiums644 438 631 427 
    
The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:
Health Solutions GroupHealth Solutions Voluntary
Businesses Exited
March 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Weighted average duration (in years)(1)
77141488
Interest accretion rate4.2 %4.0 %5.0 %5.1 %4.9 %5.0 %
Current discount rate5.3 %5.4 %5.7 %5.7 %5.4 %5.6 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rates for the additional liability related to Businesses Exited were 4.2% and 4.3% for the periods ended March 31, 2025 and December 31, 2024, respectively.

38

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table presents a rollforward of Contract owner account balances for the periods indicated:
Wealth Solutions Deferred Group and Individual Annuity
 Businesses Exited
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Balance at January 1$29,624 $31,139 $4,182 $4,635 
Additions related to business acquisitions(1)
3,458 — — — 
Deposits823 2,505 68 287 
Fee income(15)(50)(94)(371)
Surrenders, withdrawals and benefits
(1,516)(5,127)(106)(544)
Net transfers (from) to the general account(2)
213 312 2 4 
Interest credited226 845 43 171 
Ending Balance$32,813 $29,624 $4,095 $4,182 

Weighted-average crediting rate2.8 %2.8 %4.2 %3.9 %
Net amount at risk(3)
$70 $90 $680 $676 
Cash surrender value$32,373 $29,169 $1,195 $1,236 
(1)    In addition, $0.3 billion of acquired other investment contracts during the current quarter from OneAmerica Financial are reported in Other in the table below.
(2)    Net transfers (from) to the general account for Wealth Solutions include transfers of $(301) and $(1,149) for 2025 and 2024, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table presents a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
March 31, 2025December 31, 2024
Wealth Solutions Deferred group and individual annuity$32,813 $29,624 
Businesses Exited
4,095 4,182 
Non-putable funding agreements1,299 1,249 
Businesses Exited - Other
1,120 1,158 
Other(1)
1,222 891 
Total$40,549 $37,104 
(1)    Primarily consists of other investment and universal life contracts.

39

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
Account Value(1)
Excess of crediting rate over GMIR
At GMIRUp to .50% Above GMIR0.51% - 1.00%
Above GMIR		1.01% - 1.50% Above GMIR1.51% - 2.00% Above GMIRMore than 2.00% Above GMIRTotal
As of March 31, 2025
Up to 1.00%$134$4,275$3,881$2,192$2,284$1,529$14,295
1.01% - 2.00%4198957735580
2.01% - 3.00%10,3642735294—510,788
3.01% - 4.00%9,248149—1——9,398
4.01% and Above1,43579————1,514
Renewable beyond 12 months (MYGA)(2)
351———2—353
Total discretionary rate setting products$21,951$4,865$3,990$2,294$2,289$1,539$36,928

As of December 31, 2024
Up to 1.00%$82$4,378$3,691$1,705$1,545$928$12,329
1.01% - 2.00%43710654726612
2.01% - 3.00%10,266936260—410,485
3.01% - 4.00%8,368150—1——8,519
4.01% and Above1,46480————1,544
Renewable beyond 12 months (MYGA)(2)
364———2—366
Total discretionary rate setting products$20,981$4,807$3,807$1,773$1,549$938$33,855
(1)    The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2025 and December 31, 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.

7.    Reinsurance

The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC").

40

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed (1)
Ceded
Total, Net of Reinsurance
March 31, 2025
Assets
Premium receivable$213 $12 $(248)$(23)
Reinsurance recoverable, net of allowance for credit losses— — 11,167 11,167 
Total$213 $12 $10,919 $11,144 
Liabilities
Future policy benefits and contract owner account balances
$45,368 $4,395 

$— $49,763 
Total$45,368 $4,395 $— $49,763 
December 31, 2024
Assets
Premium receivable$205 $10 $(238)$(23)
Reinsurance recoverable, net of allowance for credit losses— — 11,307 11,307 
Total$205 $10 $11,069 $11,284 
Liabilities
Future policy benefits and contract owner account balances$45,540 $896 $— $46,436 
Total$45,540 $896 $— $46,436 
(1) As of March 31, 2025, Future policy benefits and contract owner account balances include $3.5 billion of investment contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.

Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
Three Months Ended March 31,
20252024
Premiums:
Direct premiums$958 $1,029 
Reinsurance assumed8 7 
Reinsurance ceded(229)(236)
Net premiums$737 $800 
Fee income:
Gross fee income$645 $608 
Reinsurance assumed26 4 
Reinsurance ceded(101)(99)
Net fee income$570 $513 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$1,154 $1,181 
Reinsurance assumed25 19 
Reinsurance ceded(344)(349)
Net interest credited and other benefits to contract owners / policyholders
$835 $851 

41

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
As part of the Company’s acquisition of the full-service retirement plan business of OneAmerica Financial, as disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Condensed Consolidated Financial Statements, the Company's wholly owned subsidiary, Voya Retirement Insurance and Annuity Company ("VRIAC"), entered into an indemnity reinsurance agreement with American United Life Insurance Company ("AULIC"), a subsidiary of OneAmerica Financial. Under the reinsurance agreement, VRIAC assumed a 100% quota share of fixed and variable annuities as well as other investment contracts, resulting in the Company assuming contract owner account balances of $3.8 billion under a combination indemnity coinsurance and coinsurance with funds withheld, and $20.6 billion of separate account liabilities under a modified coinsurance arrangement. Assumed separate account assets and liabilities are presented on a net basis in the accompanying Condensed Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of March 31, 2025 and December 31, 2024, the Company had a deposit asset net of the allowance for credit losses of $1.0 billion and $1.1 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. In addition, the Company had a liability for funds withheld under ceded reinsurance agreements of $109 and $103 as of March 31, 2025 and December 31, 2024, respectively, which was recorded in Other Liabilities on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of March 31, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.

8.     Separate Accounts

The following tables present a rollforward of separate account liabilities for the Wealth Solutions stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated:
March 31, 2025December 31, 2024
Wealth Solutions
Stabilizer (1)
Deferred Annuity
Total
Stabilizer (1)
Deferred Annuity
Total
Balance at January 1$6,901 $90,756 $97,657 $7,175 $82,310 $89,485 
Premiums and deposits
297 2,844 3,141 891 9,970 10,861 
Fee income(8)(124)(132)(33)(487)(520)
Surrenders, withdrawals and benefits(299)(3,121)(3,420)(1,376)(12,539)(13,915)
Net transfers (from) to the separate account— (514)(514)— (1,461)(1,461)
Investment performance178 (1,922)(1,744)244 12,963 13,207 
Balance at end of period$7,069 $87,919 $94,988 $6,901 $90,756 $97,657 
Reconciliation to Condensed Consolidated Balance Sheets:
Other variable products liabilities3,960 4,019 
Total Separate Account liabilities$98,948 $101,676 
(1) Stabilizer products allow the contract holder to select either the market value of the account or the book value of the account at termination.

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for Wealth Solutions deferred annuity products was $87,898 and $90,734, as of March 31, 2025 and December 31, 2024, respectively.

42

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The aggregate fair value of assets, by major investment asset category, supporting separate accounts was as follows for the periods indicated:
March 31, 2025December 31, 2024
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$1,077 $913 
Corporate and foreign debt securities
2,516 2,493 
Mortgage-backed securities3,124 3,087 
Equity securities (including mutual funds)91,581 94,685 
Cash, cash equivalents and short-term investments473 437 
Receivable for securities and accruals177 61 
Total$98,948 $101,676 

9.    Segments

The Company provides its principal products and services through three segments: Wealth Solutions, Health Solutions and Investment Management. The Chief Executive Officer of the Company is the chief operating decision maker ("CODM") who assesses performance and makes final resource allocation decisions for the three operating segments. The CODM assesses segment performance by measuring Adjusted operating earnings before income taxes against internally developed annual targets, rolling quarterly forecasts, industry peers and investor expectations.

The Wealth Solutions segment provides tax-deferred, employer-sponsored retirement plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers.

The Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans.

The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

Corporate adjusted operating earnings before income taxes include corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, other items not allocated or directly related to the Company's segments, such as certain expenses of employee benefit plans, certain adjustments to short-term and long-term incentive accruals, intercompany eliminations, and investment income in excess of amounts attributable to the segments.

Measurement

Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate its business and segment performance. This measure enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of the Company's segments. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both measures when reviewing the Company’s financial and operating
43

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:
•Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;
•Income (loss) attributable to noncontrolling interests to which the Company is not economically entitled, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;
•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
◦Income (loss) related to early extinguishment of debt;
◦Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;
◦Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and
◦Other items not indicative of normal operations or performance of the Company's segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues to exclude the following items:
•Net investment gains (losses);
•Revenues related to businesses exited or to be exited through reinsurance or divestment;
•Revenues attributable to noncontrolling interests, which represents the attribution of results from consolidated VIEs or VOEs; and
•Other adjustments that primarily reflect fee income earned by the Company's broker-dealers for sales of nonproprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

Significant Expenses

•Administrative expenses are compensation, technology and other general costs, net of amounts capitalized and exclude commission expenses.
•Premium taxes, fees and assessments are taxes on paid premium and third-party fees correlated to business volumes.
•Net commissions are commissions paid net of amounts deferred.





44

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:
Three Months Ended March 31, 2025
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateTotal
Revenues:
External customer revenue(1)
$380 $807 $223 $1 $1,411 
Net investment income
471 36 7 46 560 
Net gains (losses)
(31)(1)(1)(1)(34)
Income (loss) related to CIEs— — 36 (4)32 
Intersegment Fee income and elimination— — 22 (22)— 
Total revenues1,969 
Adjustments(2)
(22)(1)(44)(14)(81)
Adjusted operating revenues798 841 243 6 1,888 
Less:
Interest credited and other benefits to contract owners/policyholders231 551 — — 782 
Administrative expenses261 139 190 — 590 
Premium taxes, fees and assessments— 50 — — 50 
Net commissions71 45 — — 116 
DAC/VOBA and other intangibles amortization28 9 — — 37 
Financing costs and preferred dividends— — — 47 47 
Other corporate— — — 22 22 
Adjusted operating earnings before income taxes including noncontrolling interest
207 46 53 (63)243 
Less: Earnings (loss) attributable to the noncontrolling interest
— — 12 (1)11 
Adjusted operating earnings before income taxes207 46 41 (62)232 
Plus adjustments:
Net investment gains (losses)(2)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(39)
Income (loss) attributable to noncontrolling interests(5)
Dividend payments made to preferred shareholders17 
Other adjustments(30)
Income (loss) before income taxes$173 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $(5), Revenues related to businesses exited or to be exited through reinsurance or divestment of $28, Revenues attributable to noncontrolling interests of $25 and Other adjustments of $33.

45

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Three Months Ended March 31, 2024
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateTotal
Revenues:
External customer revenue(1)
$313 $867 $218 $3 $1,401 
Net investment income
442 38 5 44 529 
Net gains (losses)
38 1 (1)5 43 
Income (loss) related to CIEs— — 78 — 78 
Intersegment Fee income and elimination— — 20 (20)— 
Total revenues2,051 
Adjustments(2)
(74)(1)(86)(27)(188)
Adjusted operating revenues719 905 234 4 1,863 
Less:
Interest credited and other benefits to contract owners/policyholders216 613 — — 829 
Administrative expenses234 134 181 — 549 
Premium taxes, fees and assessments— 41 — — 41 
Net commissions62 51 — — 113 
DAC/VOBA and other intangibles amortization22 8 — — 30 
Financing costs and preferred dividends— — — 45 45 
Other corporate— — — 23 23 
Adjusted operating earnings before income taxes including noncontrolling interest
186 59 53 (64)235 
Less: Earnings (loss) attributable to the noncontrolling interest
— — 12 (1)11 
Adjusted operating earnings before income taxes186 59 42 (63)224 
Plus adjustments:
Net investment gains (losses)63 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(32)
Income (loss) attributable to noncontrolling interests37 
Dividend payments made to preferred shareholders17 
Other adjustments(22)
Income (loss) before income taxes$288 
(1) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(2) Total adjustments include Net investment gains (losses) of $47, Revenues related to businesses exited or to be exited through reinsurance or divestment of $24, Revenues attributable to noncontrolling interests of $65 and Other adjustments of $52.


46

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The summary below presents Total assets for the Company's segments as of the dates indicated:
March 31, 2025December 31, 2024
Wealth Solutions$131,059 $129,058 
Health Solutions3,423 3,490 
Investment Management1,783 1,873 
Corporate23,678 24,940 
Total assets, before consolidation(1)
159,943 159,361 
Consolidation of investment entities4,007 4,528 
Total assets
$163,950 $163,889 
(1) Includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.


10.    Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:
Wealth SolutionsHealth SolutionsInvestment Management
Corporate(1)
Consolidated
Balance as of January 1, 2024$17 $343 $286 $102 $748 
Additions related to business acquisitions
— — — — — 
Balance as of December 31, 2024$17 $343 $286 $102 $748 
Additions related to business acquisitions(2)
56 — — — 56 
Balance as of March 31, 2025$73 $343 $286 $102 $804 
(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10 respectively.
(2) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the Company recognized goodwill of $56 during the current quarter.

Other Intangible Assets

The following table presents other intangible assets as of the dates indicated:
Weighted
Average
Amortization
Lives (Years)
March 31, 2025December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Indefinite-life intangibles:
Management contract rightsN/A$350 $— $350 $350 $— $350 
Finite-life intangibles:
Management contract rights17131 21 110 131 19 112 
Customer relationship lists(1)
16345 149 196 325 145 180 
Trademarks815 4 11 15 4 11 
Computer software4455 268 187 432 253 179 
Total intangible assets$1,296 $442 $854 $1,253 $421 $832 
(1) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business during the quarter, the Company recognized intangible assets of $21, which will be amortized over a weighted average useful life of 13 years.

47

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Amortization expense related to intangible assets was $25 and $23 for the three months ended March 31, 2025 and 2024, respectively.
11.    Share-based Incentive Compensation Plans

Omnibus Incentive Plans

The Company previously offered equity-based compensation awards to its employees and non-employee directors under various employee and non-employee incentive plans (together, the "Omnibus Plans"). On May 23, 2024, the Company's shareholders approved the Voya Financial, Inc. 2024 Omnibus Incentive Plan (the "2024 Omnibus Plan"), which is a successor to the Omnibus Plans, and no further grants shall be made pursuant to the Omnibus Plans. The 2024 Omnibus Plan provides for 8,000,000 shares of common stock to be initially available for issuance as equity-based compensation awards, less one share for every one share granted under the Omnibus Plans after December 31, 2023 and prior to the effective date of the 2024 Omnibus Plan. As of March 31, 2025, common stock reserved and available for issuance under the 2024 Omnibus Plan was 6,143,494 shares.

Compensation Cost

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
Three Months Ended March 31,
20252024
Restricted Stock Unit (RSU) awards$20 $23 
Performance Stock Unit (PSU) awards8 16 
Total share-based compensation expense28 39 
Income tax benefit7 10 
After-tax share-based compensation expense$21 $29 

Awards Outstanding

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20251.9 $67.95 2.2 $63.48 
Adjustment for PSU performance factor— — (0.1)65.46 
Granted0.8 74.25 0.6 78.82 
Vested(0.7)68.59 (0.5)66.57 
Forfeited(0.1)69.38 — *62.97 
Outstanding as of March 31, 20251.9 $70.41 2.2 $67.21 
*Less than 0.1

48

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the number of options under the Omnibus Plans for the periods indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 20250.8 $45.71 
Granted— — 
Exercised— 
*
49.41 
Forfeited— — 
Outstanding as of March 31, 20250.8 $45.52 
Vested, exercisable, as of March 31, 20250.8 $45.52 
*Less than 0.1

12.    Shareholders' Equity

Common Shares

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
Common Shares
(shares in millions)
IssuedHeld in TreasuryOutstanding
Balance, January 1, 2024103.6 0.7 102.9 
Common shares issued0.1 — 0.1 
Common shares acquired - share repurchase— 8.6 (8.6)
Share-based compensation programs1.9 0.8 1.1 
Balance, December 31, 2024105.610.195.5 
Common shares issued— — — 
Common shares acquired - share repurchase— — — 
Share-based compensation programs1.2 0.5 0.7 
Balance, March 31, 2025106.810.696.2

Dividends declared per share of common stock were as follows for the periods indicated:

Three Months Ended March 31,
20252024
Dividends declared per share of common stock$0.45 $0.40 

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

As of March 31, 2025, the aggregate amount remaining under the Company's share repurchase authorization was $761. This share repurchase authorization expires on December 31, 2025 (unless extended) and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board at any time.

49

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table presents repurchases of the Company's common stock pursuant to 10b5-1 plans and through open market repurchases for the periods indicated:
Three Months Ended March 31,
20252024
Shares of common stock— 2,445,386 
Payment$— $172 

Preferred Stock

As of March 31, 2025 and December 31, 2024, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding were as follows for the periods indicated:
March 31, 2025December 31, 2024
SeriesIssuedOutstandingIssuedOutstanding
7.758% Non-cumulative Preferred Stock, Series A
325,000 325,000 325,000 325,000 
5.35% Non-cumulative Preferred Stock, Series B
300,000 300,000 300,000 300,000 
Total625,000 625,000 625,000 625,000 

The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:
Series ASeries B
Three Months Ended March 31,Per ShareAggregatePer ShareAggregate
2025$38.790 $13 $13.375 $4 
202438.790 13 13.375 4 

As of March 31, 2025, there were no preferred stock dividends in arrears.

50

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
13.    Earnings per Common Share
The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
Three Months Ended March 31,
(in millions, except for per share data)20252024
Earnings
Net income available to common shareholders:
Net income$151 $288 
Less: Preferred stock dividends17 17 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest
(5)37 
Net income available to common shareholders$139 $234 
Weighted average common shares outstanding
Basic95.9 102.1 
Dilutive Effects:
RSUs
1.1 1.2 
PSUs
0.5 0.8 
Stock Options0.3 0.4 
Diluted97.8 104.5 
Net income available to Voya Financial, Inc.'s common shareholders per common share (1)
Basic$1.45 $2.29 
Diluted$1.42 $2.24 
(1) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options, performance share units and warrants using the treasury stock method.

14.    Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:
March 31, 2025March 31, 2024
Fixed maturities, net of impairment$(2,190)$(2,498)
Derivatives(1)
47 67 
Change in current discount rate(775)(853)
Deferred income tax asset (liability)(2)
736 813 
Total(2,182)(2,471)
Pension and other postretirement benefits liability, net of tax1 2 
AOCI$(2,181)$(2,469)
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2025, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $9.
(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

51

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
Three Months Ended March 31, 2025
Before-Tax AmountIncome Tax (Benefit)After-Tax Amount
Available-for-sale securities:
Fixed maturities$332 $(69)$263 
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations
31 (7)24 
Change in unrealized gains (losses) on available-for-sale securities
363 (76)287 
Derivatives:
Derivatives(16)
(1)
3 (13)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3)1 (2)
Change in unrealized gains (losses) on derivatives
(19)4 (15)
Change in current discount rate 12 (3)9 
Change in AOCI
$356 $(75)$281 
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
Three Months Ended March 31, 2024
Before-Tax AmountIncome Tax (Benefit)After-Tax Amount
Available-for-sale securities:
Fixed maturities$(145)$30 $(115)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations16 (3)13 
Change in unrealized gains (losses) on available-for-sale securities(129)27 (102)
Derivatives:
Derivatives8 
(1)
(2)6 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(4)1 (3)
Change in unrealized gains (losses) on derivatives4 (1)3 
Change in current discount rate38 (8)30 
Change in AOCI
$(87)$18 $(69)
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

52

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
15.    Revenue from Contracts with Customers

Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table:
Three Months Ended March 31,
2025
2024
Wealth Solutions
Advisory and recordkeeping and administration
$176 $143 
Distribution and shareholder servicing31 34 
Investment Management
Advisory, asset management and recordkeeping and administration
236 242 
Distribution and shareholder servicing36 39 
Health Solutions
Recordkeeping and administration
8 5 
Software subscriptions and services51 54 
Corporate
Recordkeeping and administration
— 2 
Total financial services and software subscriptions and services revenue538 519 
Revenue from other sources(1)
136 82 
Total Fee income and Other revenue$674 $601 
(1) Primarily consists of revenue from insurance contracts and financial instruments.

Net receivables of $357 and $361 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.

16.    Income Taxes

The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred.

The Company's effective tax rate for the three months ended March 31, 2025 was 12.7%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits.

The Company's effective tax rate for the three months ended March 31, 2024 was (0.3)%. The effective tax rate differed from the statutory rate of 21% primarily due to the Security Life of Denver Company capital loss carryback, the effect of the DRD, noncontrolling interest and tax credits. For more details on the Security Life of Denver Company capital loss carryback, see the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8. of the Annual Report on Form 10-K.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2025, the Company had net unrealized capital losses on investments of $2.1 billion in AOCI. The Company expects this DTA to be utilized by its hold-to-maturity tax planning strategy. Additionally, income before income taxes available to the Company remained positive for the period. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs.

53

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Tax Regulatory Matters

For the tax years 2023 through 2025, the Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. For the 2024 and 2025 tax years, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While the Company does not expect to be subject to the CAMT for 2025, the Company continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.

17.    Financing Agreements

Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated:
IssuerMaturityMarch 31, 2025December 31, 2024
3.976% Senior Notes, due 2025 (2)(3)
Voya Financial, Inc.02/15/2025$— $399 
3.65% Senior Notes, due 2026 (2)(3)
Voya Financial, Inc.06/15/2026446 446 
5.0% Senior Notes, due 2034 (2)(3)
Voya Financial, Inc.09/20/2034396 395 
5.7% Senior Notes, due 2043 (2)(3)
Voya Financial, Inc.07/15/2043396 396 
4.8% Senior Notes, due 2046 (2)(3)
Voya Financial, Inc.06/15/2046297 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 (2)(3)
Voya Financial, Inc.01/23/2048336 336 
7.625% Voya Holdings Inc. debentures, due 2026(1)
Voya Holdings, Inc.08/15/2026139 139 
6.97% Voya Holdings Inc. debentures, due 2036(1)
Voya Holdings, Inc.08/15/203679 79 
8.424% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Equitable of Iowa Capital Trust II04/01/202713 13 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/20272 2 
Subtotal2,104 2,502 
Less: Current portion of long-term debt1 399 
Total$2,103 $2,103 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.

As of March 31, 2025, the Company was in compliance with its debt covenants.

Senior Notes

On September 20, 2024, Voya Financial, Inc. issued $400 of unsecured 5.0% Senior Notes due 2034 (the "2034 Notes"). The 2034 Notes are fully, irrevocably, and unconditionally guaranteed by Voya Holdings Inc. Interest is paid semi-annually in arrears on March 20 and September 20 of each year, commencing on March 20, 2025. The offering resulted in aggregate net
54

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
proceeds to the Company of $397, after deducting commissions and expenses. The Company used the net proceeds for the repayment at maturity of the $400 outstanding principal amount of its 3.976% Senior Notes on February 14, 2025.

Aetna Notes

As of March 31, 2025, outstanding principal amount of the 7.625% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of March 31, 2025, the Company provided $231 of collateral benefiting ING Group, comprised of a deposit of $219 to a control account with a third-party collateral agent and $12 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Credit Facilities

The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the three months ended March 31, 2025 and 2024 were immaterial.

The following table summarizes the Company's credit facilities as of March 31, 2025:
Obligor / ApplicantSecured / UnsecuredCommitted / UncommittedExpirationCapacityUtilizationUnused Commitment
Voya Financial, Inc.UnsecuredCommitted05/01/2028$500 $— $500 
Voya Financial, Inc.UnsecuredCommitted04/07/202512 12 
(1)
— 
Total$512 $12 $500 
(1) Amount utilized as collateral for outstanding Aetna Notes.


Put Option Agreement for Senior Debt Issuance

During 2015, the Company entered into an off-balance sheet 10-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of pre-capitalized trust securities ("P-Caps"), that provided Voya Financial, Inc. the right, at any time over a 10-year period, to issue up to $500 principal amount of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") to the trust and receive in exchange a corresponding principal amount of U.S. Treasury securities that were held by the trust.

During 2023, the Company exercised the put option to require the trust to purchase $400 aggregate principal amount of 3.976% Senior Notes in exchange for a corresponding amount of U.S. Treasury securities held by the trust. As of December 31, 2024, the company was able to issue up to an additional $100 principal amount on the 3.976% Senior Notes. The put option agreement expired on February 15, 2025.

Senior Unsecured Credit Facility Agreement

As of March 31, 2025, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of March 31, 2025, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company.

55

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
18.    Commitments and Contingencies

Leases

During the three months ended March 31, 2025 and 2024, there was no impairment on the Company's right-of-use asset associated with leased office space.

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of March 31, 2025, the Company had off-balance sheet commitments to acquire mortgage loans of $224 and purchase limited partnerships and private placement investments of $1,731, of which $411 related to consolidated investment entities.

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of the dates indicated:
March 31, 2025December 31, 2024
Fixed maturity collateral pledged to FHLB(1)
$2,041 $2,007 
FHLB restricted stock(2)
67 65 
Fixed maturities-state and other deposits
39 35 
Cash and cash equivalents22 21 
Securities pledged(3)
1,393 1,523 
Total restricted assets$3,562 $3,651 
(1) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(2) Included in Other investments on the Condensed Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $755 and $1,083 as of March 31, 2025 and December 31, 2024, respectively. In addition, as of March 31, 2025 and December 31, 2024, the Company delivered securities as collateral of $156 and $159, respectively, and repurchase agreements of $482 and $281, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Des Moines and the FHLB of Boston and is required to pledge collateral to back funding agreements issued to the FHLB. As of March 31, 2025 and December 31, 2024, the Company had $1,299 and $1,249, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. Assets pledged to the FHLB are reflected in the table above.

Litigation, Regulatory Matters and Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrate that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim.

56

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry.

While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large, and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2025, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $25. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss.

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

Contingencies related to Performance-based Capital Allocations on Private Equity Funds

Certain performance-based capital allocations related to sponsored private equity funds ("carried interest") are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation. Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered.

As of March 31, 2025, approximately $93 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds.

57

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
19.    Consolidated and Nonconsolidated Investment Entities

The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of the Company's consolidated investment entities.

The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $350 and $366 as of March 31, 2025 and December 31, 2024, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation.

Consolidated VIEs and VOEs

Collateral Loan Obligations Entities ("CLOs")

The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, and securitizing these assets by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under ASC Topic 810, CLOs are variable interest entities by definition.

In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often invests in the subordinated debt of entities formed to be the issuers of CLO offerings during their warehouse periods. The Company’s investments in these CLOs are repaid when the CLOs’ warehouse periods are closed and the CLO offerings are issued. The Company performs ongoing monitoring of the consolidation assessment for CLOs during and after their warehouse periods to determine if the Company remains the primary beneficiary of the CLOs. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 5 and 4 CLOs as of March 31, 2025 and December 31, 2024, respectively.

Limited Partnerships ("LPs")

The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. The LPs generally have a ten-year life and a specified period during which investors can subscribe for limited partnership interests. Once the investors are admitted as limited partners, the investors are required to contribute capital when called by the general partners. The purpose of the LPs is to obtain subscriptions from limited partners and maximize the return to their partners by assembling a diversified portfolio of investments pursuant to the applicable investment strategy and guidelines, including investments in private equity funds and other securities or assets with similar risk and return characteristics primarily through secondary market purchases, and investments in fixed and floating rate loans and other instruments. The majority of the investors in the LPs are unrelated parties to the Company. In return for subscriptions, each partner receives an equity interest in the LPs in proportion to its respective investment. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest.

In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 13 partnerships as of March 31, 2025 and December 31, 2024.

The noncontrolling interest related to partnerships decreased from $1,783 at December 31, 2024 to $1,764 at March 31, 2025. Changes in market value, consolidations, deconsolidations, contributions, and distributions related to these investments in the funds directly impact the noncontrolling interest component of Shareholders' equity on the Company's Condensed Consolidated
58

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Balance Sheets. The change in noncontrolling interest was primarily driven by unfavorable market depreciation in limited partnership investments and an increase in net distributions. The Company records the noncontrolling interest using a lag methodology relying on the most recent financial information available.
Fair Value Measurement

Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities.

Investments held by consolidated private equity funds are measured and reported at fair value in the Company's Condensed Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Condensed Consolidated Statements of Operations.

The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio, as discussed within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements.

As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply the net asset value ("NAV"), or its equivalent, per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review.

When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

Cash and Cash Equivalents

The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1.

CLOs

Corporate loans: Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2025 and 2032, paying interest at SOFR, EURIBOR or PRIME plus a spread of up to 8.0%. As of March 31, 2025 and December 31, 2024, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $18 and $17, respectively. Corporate loans are moved to non-accrual status when the investment defaults. Less than 2.0% of the collateral loans were in default as of March 31, 2025 and December 31, 2024.

The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from or corroborated by observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs.
59

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below.

CLO notes: The CLO notes are backed by diversified loan portfolios consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on SOFR or EURIBOR plus a pre-defined spread, which varies from 1.0% for the more senior tranches to 8.8% for the more subordinated tranches. CLO notes mature in 2034 and 2036, and have a weighted average maturity of 10 years as of March 31, 2025. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt.

The fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under ASU 2014-13 and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets.

The Company reviews the detailed prices including comparisons to prior periods for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted.

The following narrative indicates the sensitivity of inputs:
•Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes.
•Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes.
•Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease).
•Discount Margin (spread over SOFR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes would decrease (increase) the value of the CLO investments and CLO notes.

Private Equity Funds

As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds.

Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources.

The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities.
•Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date;
•Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and
•Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value.

60

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate.

Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restriction on near term redemptions.

As of March 31, 2025 and December 31, 2024, certain private equity funds maintained revolving lines of credit of $1,308. The revolving lines of credit are eligible for renewal every three years; all loans bear interest at EURIBOR or SOFR plus 140 - 240 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. As of March 31, 2025 and December 31, 2024, outstanding borrowings amount to $1,064 and $1,153, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - Other liabilities on the Company's Condensed Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2025:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$140 $— $— $— $140 
Corporate loans— 1,066 — — 1,066 
Limited partnerships/corporations— — — 2,923 2,923 
Other investments(1)
— — 44 — 44 
VOEs
Cash and cash equivalents2 — — — 2 
Other investments(1)
— — — 46 46 
Total assets$142 $1,066 $44 $2,969 $4,221 
Liabilities
VIEs
CLO notes$— $1,028 $— $— $1,028 
Total liabilities$— $1,028 $— $— $1,028 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

61

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2024:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$113 $— $— $— $113 
Corporate loans— 1,434 — — 1,434 
Limited partnerships/corporations— — — 3,067 3,067 
Other investments(1)
— — 53 — 53 
VOEs
Cash and cash equivalents2 — — — 2 
Other investments(1)
— — — 50 50 
Total assets$115 $1,434 $53 $3,117 $4,719 
Liabilities
VIEs
CLO notes$— $1,101 $— $— $1,101 
Total liabilities$— $1,101 $— $— $1,101 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the three months ended March 31, 2025 and 2024, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2.

Deconsolidation of Certain Investment Entities

Certain investment entities that have historically been consolidated in the financial statements may require deconsolidation as of the reporting period because: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs/VOEs as it no longer has a controlling financial interest.

The change in CLO’s consolidation status due to the close of the warehouse and the launch of the CLO do not meet the criteria described above as this transaction represents normal business operations of the entity. Refer to the CLO life cycle described above.

The Company had no deconsolidation during the three months ended March 31, 2025 and 2024. For deconsolidated investment entities, the Company continues to serve as the general partner and/or investment manager until such entities are fully liquidated.

Nonconsolidated VIEs

The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary.

CLOs

As of March 31, 2025 and December 31, 2024, the Company held $426 and $466 ownership interests, respectively, in unconsolidated CLOs, which also represents the Company's maximum exposure to loss.

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Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
LPs

As of March 31, 2025 and December 31, 2024, the Company held $1,881 and $1,836 ownership interests, respectively, in unconsolidated limited partnerships, which also represents the Company's maximum exposure to loss.

Securitizations

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Net gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

For the purposes of this discussion, the terms "Voya," "the Company," "we," "our," and "us" refer to Voya Financial, Inc. and its subsidiaries.

The following discussion and analysis presents a review of our consolidated results of operations for the three months ended March 31, 2025 and 2024 and financial condition as of March 31, 2025 and December 31, 2024. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I, Item 1. of this Quarterly Report on Form 10-Q, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") section contained in our Annual Report on Form 10-K.

In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Concerning Forward-Looking Statements.

Overview

We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through our retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products. We are also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in U.S. markets and a large and growing business managing retail and institutional equity, fixed income and blended strategies for clients in Europe and Asia.

We have evolved as a company through the divestiture of substantially all of our closed block variable annuity, life insurance and legacy non-retirement annuity businesses and related assets. These divestitures align with our strategic focus on a capital light, high free cash flow business that maximizes value for our shareholders through capital return and accelerated profitable revenue growth while proactively managing risk.

We are focused on executing our mission to make a secure financial future possible—one person, one family and one institution at a time. Voya’s scale, business mix, risk profile, and strong free cash flow generation are competitive differentiators, and we have a clear path to increasing free cash flow generation and Adjusted operating earnings growth via net revenue growth, margin expansion, and disciplined capital management. We provide our products and services principally through our Workplace Solutions business, which encompasses both our Wealth Solutions and Health Solutions business segments, and through our Investment Management segment.

Wealth Solutions
Our Wealth Solutions segment provides retirement plan solutions and administration technology and services to employers. These products and services include full-service and recordkeeping-only defined contribution plan administration, stable value and fixed general account investment products and non-qualified plan administration. It also includes tools, guidance, and services to promote the financial well-being and retirement security of employees. Additionally, we provide individual retirement accounts and financial guidance and advisory services that enables us to deepen relationships with our retirement plan participants.

Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Fee income is generated from asset based and participant based administrative, recordkeeping and advisory fees. Investment income derives from our general account assets and other funds. Because a significant portion of our revenues is tied to account values, our profitability is determined in part by the amount of assets we have under management, administration or advisement. This in turn depends on sales volumes to new and existing clients, net deposits from retirement plan participants, asset retention, and changes in the market value of account assets. Our profitability also depends on the difference between the investment income we earn on our general account assets, or our portfolio yield, and crediting rates on client accounts.

Health Solutions
Our Health Solutions segment provides worksite employee benefits, Health Account Solutions (Health Savings Account ("HSA")/Flexible Spending Account ("FSA")/Health Reimbursement Arrangements ("HRA") and COBRA administration), leave management, financial wellness, and decision support products and services to mid-size and large corporate employers
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and professional associations. In addition, our Health Solutions segment serves the employer market by providing stop-loss coverage to employer plan sponsors that self-fund their pharmaceutical and medical benefits plans.

Our Health Solutions segment also provides benefits and plan administration services to employers and health plans through our Benefitfocus business. Benefitfocus provides market-leading benefits enrollment and administration services to employers and plan enrollment services to health plans. It also provides a benefits marketplace through which employees can select and enroll in voluntary benefits offered by their employers. Our Benefitfocus platform is open-architecture and product-agnostic, enrolling and administering benefits from a variety of third-party carriers.

In addition, we also provide decision support tools through the Benefitfocus enrollment platform and through our MyVoyage mobile application, which provides a comprehensive guidance tool for employees to see their entire financial picture including their workplace benefits and savings. We support employers by taking on the administrative burden of benefits enrollment and administration, leave management, COBRA administration, and other obligations.

The Health Solutions segment generates revenue from premiums and fees, investment income, mortality and morbidity income, and policy and other charges. Underwriting income comprises the majority of revenues in this segment and derives from the difference between premiums and mortality charges collected and benefits and expenses paid for group life, stop loss and voluntary benefits. Fee income is generated from services provided on benefits administration, leave management, HSA/FSA/HRA and COBRA administration and proprietary decision support tools. Investment income is driven by the spread between investment yields and credited rates (the interest and income that is credited to the policies) to policyholders on voluntary universal life, whole life products, and HSA invested assets, as well as the spread earned on policyholder reserves and target surplus.

Investment Management
With global distribution capabilities, we offer domestic and international fixed income, equity, alternatives and multi-asset products and solutions across market sectors and investment styles through our actively managed, full-service investment management business. We aim to provide positive investment results that are repeatable and consistent, and deliver research-driven, risk-adjusted, client-oriented investment strategies and solutions and advisory services across asset classes, geographies and investment styles.

Through our institutional distribution channel and our Workplace Solutions business, we serve a variety of institutional clients, including public, corporate and multiemployer defined benefit and defined contribution retirement plans, endowments and foundations, and insurance companies. We are a market leader in providing third-party general account management services to insurance companies, with a focus on public and private fixed income asset strategies, and a client service model adapted for the particular needs of insurance company clients. We also serve individual investors by offering our mutual funds, separately managed accounts, and private and alternative funds through an intermediary-focused distribution platform or through affiliate and third-party retirement platforms. Our scaled and growing international retail business is conducted through sub-advisory agreements with investment vehicles sponsored by affiliates of AllianzGI and distributed in Europe and Asia.

Investment Management’s primary source of revenue is management fees collected on the assets we manage. These fees are typically based on a percentage of AUM. In certain investment management fee arrangements, we may also receive performance-based incentive fees when the return on AUM exceeds certain benchmark returns or other performance hurdles. In addition, and to a lesser extent, Investment Management collects administrative fees on outside managed assets that are administered by our mutual fund platform and distributed primarily by our Wealth Solutions segment. Investment Management also receives fees as the primary investment manager of our general account, which is managed on a market-based pricing basis. Finally, Investment Management generates revenues from a portfolio of seed capital investments in private equity, collateralized loan obligations and various funds.

Business Update

On January 2, 2025, the Company acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to the Company's full-service business in Wealth Solutions, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities and opportunities for distribution partnerships. The purchase consideration at closing included approximately $50 million in cash paid, and contingent consideration of up to $160 million payable in 2026, based on plan persistency and transition incentives.

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Trends and Uncertainties

Market Conditions

We continue to monitor the rapidly changing global financial, political and economic environment, while actively managing the Company’s businesses, investment portfolios and liquidity needs in light of current trends and uncertainties.

In the first quarter of 2025, significant tariffs were announced on major U.S. trading partners, who have in turn responded with retaliatory actions. While many of these tariffs have been put on hold, there is significant uncertainty about the future direction of trade policies between the U.S. and its partners. This in turn has led to a significant increase in volatility across financial markets and has created more uncertainty in the economic outlook. We describe how such macroeconomic developments, risks, and uncertainties may impact the Company in Risk Factors in Part I, Item 1A, and in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K.

Operating Measures

In this MD&A, we discuss Adjusted operating earnings before income taxes and Adjusted operating revenues, each of which is a measure used by management to evaluate segment performance. For additional information on each measure, see Segments Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Assets Under Management ("AUM") and Assets Under Advisement ("AUA")

The following table presents AUM and AUA as of the dates indicated:
As of March 31,
($ in millions)20252024
AUM and AUA:
Wealth Solutions
$694,180 $573,861 
Health Solutions1,887 1,860 
Investment Management395,140 384,278 
Eliminations/Other(114,152)(111,370)
Total AUM and AUA (1)
$977,055 $848,629 
AUM526,951 483,108 
AUA
450,103 365,522 
Total AUM and AUA (1)
$977,055 $848,629 
(1) Includes AUM and AUA related to the divested businesses, for which a substantial portion of the assets continue to be managed by our Investment Management segment.


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Results of Operations - Consolidated

The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024Change
Revenues:
Net investment income$560 $529 $31 
Fee income570 513 57 
Premiums737 800 (63)
Net gains (losses)(34)43 (77)
Other revenue104 88 16 
Income (loss) related to consolidated investment entities32 78 (46)
Total revenues1,969 2,051 (82)
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders835 851 (16)
Operating expenses824 799 25 
Net amortization of Deferred policy acquisition costs and Value of business acquired62 56 6 
Interest expense32 30 2 
Operating expenses related to consolidated investment entities43 28 15 
Total benefits and expenses1,796 1,764 32 
Income (loss) before income taxes173 287 (114)
Income tax expense (benefit)22 (1)23 
Net Income (loss)151 288 (137)
Less: Net income (loss) attributable to noncontrolling interest(5)37 (42)
Less: Preferred stock dividends17 17 — 
Net income (loss) available to our common shareholders$139 $234 $(95)

Consolidated - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Total Revenues

Total revenues decreased $82 million from $2,051 million to $1,969 million. The following items contributed to the overall decrease.

Net investment income increased $31 million from $529 million to $560 million primarily due to:

•income on fixed maturity securities which benefited from onboarded OneAmerica assets and interest rate movements.

The increase was partially offset by:

•overall market impacts to limited partnership valuations; and
•other interest income included in Other revenues in the current period.

Fee income increased $57 million from $513 million to $570 million primarily due to:

•onboarded OneAmerica assets, higher average equity markets, and positive defined contribution flows in Wealth Solutions; and
•strong commercial momentum and favorable market impacts in Investment Management.

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Premiums decreased $63 million from $800 million to $737 million primarily due to:

•actions to improve the Stop Loss business, partially offset by growth in the Voluntary business in Health Solutions.

Net gains (losses) changed $77 million from a gain of $43 million to a loss of $34 million primarily due to:

•net unfavorable changes in derivative valuations due to interest rate movements; and
•higher impairments in the current period compared to the prior period.

The unfavorable change was partially offset by:

•a favorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements.

Other revenue increased $16 million from $88 million to $104 million primarily due to:

•other interest income included in Net investment income in the prior period; and
•tax benefits associated with the acquired OneAmerica business transferred to the Company in cash.

Income (loss) related to consolidated investment entities decreased $46 million from $78 million to $32 million primarily due to:

•overall market impacts to limited partnership valuations.

Total Benefits and Expenses

Total benefits and expenses increased $32 million from $1,764 million to $1,796 million. The following items contributed to the overall increase.

Interest credited and other benefits to contract owners/policyholders decreased $16 million from $851 million to $835 million primarily due to:

•favorable loss reserve development in the current period associated with the Stop Loss business in Health Solutions.

The decrease was partially offset by:

•unfavorable claims development in Group Life and Voluntary products in Health Solutions;
•interest credited to participants associated with onboarded OneAmerica spread-based assets in Wealth Solutions;
•an unfavorable change in market risk benefits driven by equity market performance and interest rate movements; and
•unfavorable changes in the fair value of embedded derivatives associated with businesses exited primarily due to changes in interest rates, which are mostly offset by a corresponding amount in Net gains (losses).

Operating expenses increased $25 million from $799 million to $824 million primarily due to:

•onboarded business from OneAmerica in Wealth Solutions;
•investments in Short-Term Disability and Leave Management in Health Solutions;
•higher seasonal expenses in Investment Management;
•higher severance costs in the current period; and
•closing costs incurred in the current period associated with the OneAmerica transaction.

The increase was partially offset by:

•actions to efficiently manage spend; and
•lower integration costs associated with prior acquisitions in the current period.

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Operating expenses related to consolidated investment entities increased $15 million from $28 million to $43 million primarily due to:

•an increase in interest costs of limited partnerships.

Income Tax Expense/(Benefit)

Income tax expense/(benefit) changed $23 million from a benefit of $1 million to an expense of $22 million primarily due to:

•the Security Life of Denver Company capital loss carryback recorded in 2024. For more details, see the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8. of the Annual Report on Form 10-K.; and
•a change in noncontrolling interest.

The change was partially offset by:

•a decrease in income before income taxes.

Adjustments from Income (Loss) before Income Taxes to Adjusted Operating Earnings (Loss) before Income Taxes

The summary below reconciles Income (loss) before income taxes to Adjusted operating earnings before income taxes for the periods indicated:
Three Months Ended March 31,
20252024Change
Income (loss) before income taxes$173 $287 $(114)
Less adjustments:
Net investment gains (losses)(2)63 (65)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(39)(32)(7)
Income (loss) attributable to noncontrolling interests(5)37 (42)
Dividend payments made to preferred shareholders17 17 — 
Other adjustments(1)
(30)(23)(7)
Total adjustments to income (loss) before income taxes(59)63 (122)
Total adjusted operating earnings before income taxes
$232 $224 $8 
Adjusted operating earnings before income taxes by segment:
Wealth Solutions$207 $186 $21 
Health Solutions46 59 (13)
Investment Management53 53 — 
Corporate(63)(64)1 
Total including noncontrolling interest
243 235 8 
Less: Earning (loss) attributable to the noncontrolling interest(2)
11 11 — 
Total$232 $224 $8 
(1) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended March 31, 2025, also includes $8 million, pre-tax, of severance costs.
(2) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

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Consolidated - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Adjustments to Income (loss) before income taxes

Net investment gains (losses) changed $65 million from a gain of $63 million to a loss of $2 million primarily due to:

•net unfavorable changes in derivative valuations due to interest rate movements;
•unfavorable market risk benefit remeasurements primarily due to equity market performance and interest rate movements in the prior period; and
•higher impairments in the current period compared to the prior period.

The unfavorable change was partially offset by:

•a favorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements.

Income (loss) related to businesses exited or to be exited through reinsurance or divestment decreased $7 million from a loss of $32 million to a loss of $39 million primarily due to:

•an unfavorable change in market risk benefits driven by equity market performance and interest rate movements; and
•net unfavorable market value changes on embedded derivatives primarily due to interest rate movements.

Other adjustments to operating earnings decreased $7 million from a loss of $23 million to a loss of $30 million primarily due to:

•higher severance costs in the current period; and
•closing costs incurred in the current period associated with the OneAmerica transaction.

The decrease was partially offset by:

•lower integration costs associated with prior acquisitions in the current period.

Results of Operations - Segment by Segment

Adjusted operating earnings before income taxes is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings before income taxes should not be viewed as a substitute for GAAP pre-tax income. We believe that the presentation of segment adjusted operating earnings before income taxes as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. Refer to the Segments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on the presentation of segment results and our definition of adjusted operating earnings before income taxes.

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Wealth Solutions

The following table presents Adjusted operating earnings before income taxes of our Wealth Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating revenues:
Net investment income and net gains (losses)$458 $437 
Fee income318 263 
Other revenue22 19 
Total adjusted operating revenues798 719 
Operating benefits and expenses:
Interest credited and other benefits to contract owners/policyholders231 216 
Operating expenses333 296 
Net amortization of DAC/VOBA27 21 
Total operating benefits and expenses591 534 
Adjusted operating earnings before income taxes$207 $186 

The following table presents Net revenue and Adjusted operating margin for our Wealth Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating earnings before income taxes$207$186
Total adjusted operating revenues798719
Less: Interest credited and other benefits to contract owners/policyholders231216
Net revenue$567$504
Adjusted operating margin (1)
36.5 %36.9 %
(1) Adjusted operating earnings before income taxes divided by Net revenue.

The following table presents Total Client Assets by product group, which comprise total AUM and AUA, for our Wealth Solutions segment as of the dates indicated:
As of March 31,
($ in millions)20252024
Full Service$228,601 $196,607 
Recordkeeping401,122 315,134 
Total Defined Contribution629,723 511,741 
Investment-only Stable Value36,157 34,814 
Retail Client and Other Assets (1)
36,043 34,694 
Eliminations
(7,743)(7,387)
Total Client Assets by product group
$694,180 $573,861 
(1) Other assets includes other guaranteed payout products and non-qualified retirement plans.

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The following table presents Total Client Assets by source of earnings, which comprise total AUM and AUA, for our Wealth Solutions segment as of the dates indicated:
As of March 31,
($ in millions)20252024
Fee-based$601,790 $486,196 
Spread-based (1)
33,306 30,746 
Investment-only Stable Value36,157 34,814 
Retail Client Assets30,670 29,492 
Eliminations
(7,743)(7,387)
Total Client Assets by source of earnings
$694,180 $573,861 
(1) Spread-based client assets include Full Service, as well as proprietary IRA mutual fund products and other guaranteed payout products.

The following table presents Full Service, Recordkeeping, and Stable Value net flows for our Wealth Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Deposits$7,923 $6,409 
Surrenders, benefits and product charges(8,546)(6,386)
Total Full Service Net flows
(622)22 
Recordkeeping Net Flows
30,027 (312)
Total Defined Contribution Net Flows(1)
$29,404 $(289)
Investment-only Stable Value Net Flows$1,159 $(919)
(1) Total of Full Service and Recordkeeping.

Wealth Solutions - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Adjusted operating earnings before income taxes increased $21 million from $186 million to $207 million primarily due to:

•onboarded OneAmerica fee and spread-based assets, higher average equity markets, and positive defined contribution flows; and
•actions to efficiently manage spend.

The increase was partially offset by:

•higher expenses which primarily reflects the onboarded business and amortization of the VOBA asset from the OneAmerica transaction.

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Health Solutions

The following table presents Adjusted operating earnings before income taxes of the Health Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating revenues:
Net investment income and net gains (losses)$36 $38 
Fee income18 18 
Premiums734 797 
Other revenue53 51 
Total adjusted operating revenues841 905 
Operating benefits and expenses:
Interest credited and other benefits to contract owners/policyholders551 613 
Operating expenses234 224 
Net amortization of DAC/VOBA9 8 
Total operating benefits and expenses795 846 
Adjusted operating earnings before income taxes $46 $59 

The following table presents Net revenue and Adjusted operating margin for our Health Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating earnings before income taxes$46 $59 
Total adjusted operating revenues841 905 
Less: Interest credited and other benefits to contract owners/policyholders551 613 
Net revenue$290 $293 
Adjusted operating margin (1)
16.0 %20.3 %
(1) Adjusted operating earnings before income taxes divided by Net revenue.

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The following table presents sales, gross premiums and in-force for our Health Solutions segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Sales by Product Line:
Group life and Disability$74 $130 
Stop loss265 537 
Total group products339 667 
Voluntary and Other (1)
99 142 
Total sales by product line$438 $809 
Total gross premiums and deposits$846 $900 
Group life and Disability$971 $989 
Stop loss1,589 1,839 
Voluntary and Other (1)
1,117 1,033 
Total annualized in-force premiums and fees$3,677 $3,861 
Loss Ratios:
Group life (interest adjusted)
90.3 %81.0 %
Stop loss75.0 %84.2 %
Total Aggregate Loss Ratio
72.0 %73.8 %
Total Aggregate Loss Ratio Trailing Twelve Months
79.4 %69.5 %
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Health Solutions - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Adjusted Operating earnings before income taxes decreased $13 million from $59 million to $46 million primarily due to:

•lower premiums driven by actions to improve the Stop Loss business, partially offset by growth in the Voluntary business; and
•higher operating expenses primarily driven by investments in Short-Term Disability and Leave Management.

The decrease was partially offset by:

•lower benefits to policyholders due to favorable loss reserve development in the current period associated with the Stop Loss business, partially offset by unfavorable claim developments in Group Life and Voluntary products; and
•actions to efficiently manage spend.


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Investment Management

The following table presents Adjusted operating earnings before income taxes of our Investment Management segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating revenues:
Net investment income and net gains (losses)$6 $9 
Fee income236 227 
Other revenue1 (1)
Total adjusted operating revenues243 234 
Operating benefits and expenses:
Operating expenses190 181 
Total operating benefits and expenses190 181 
Adjusted operating earnings before income taxes including noncontrolling interest
53 53 
Less: Earnings (loss) attributable to the noncontrolling interest(1)
12 12 
Adjusted operating earnings before income taxes
$41 $42 
(1) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

The following table presents Net revenue and Adjusted operating margin for our Investment Management segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating earnings before income taxes including noncontrolling interest
$53$53
Total adjusted operating revenues243234
Net revenue$243$234
Adjusted operating margin (1)
21.8 %22.7 %
(1) Adjusted operating earnings before income taxes divided by Net revenue.

Our Investment Management segment operating revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees, for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Investment Management intersegment revenues$22 $20 

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The following table presents AUM and AUA for our Investment Management segment as of the dates indicated:
As of March 31,
($ in millions)20252024
External clients:
Institutional(1)
$161,220 $148,489 
Retail(1)
147,025 148,710 
Total external clients308,245 297,199 
General account36,734 34,138 
Total AUM
344,978 331,337 
AUA(2)
50,162 52,942 
Total AUM and AUA
$395,140 $384,278 
(1) Includes assets associated with the divested businesses.
(2) Includes assets sourced by other segments and also reported as AUA or AUM by such other segments. Assets Under Advisement, presented in AUA, includes advisory assets, mutual fund, general account and stable value assets.

The following table presents net flows for our Investment Management segment for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Net Flows:
Institutional$5,187 $(1,225)
Retail (1)
2,496 1,800 
Net Flows excluding Net Flows from Divested Businesses
7,683 574 
Divested businesses
(374)(651)
Total$7,310 $(76)
(1) Includes reinvested dividends.

Investment Management - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Adjusted operating earnings before income taxes including noncontrolling interest did not change. The following are improvements to earnings:

•higher fee-based revenues benefiting from strong commercial momentum and favorable market impacts; and
•actions to efficiently manage spend.

These improvements were offset by:

•higher operating expenses driven by seasonal expenses; and
•lower investment capital returns primarily driven by overall market performance.

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Corporate

The following table presents Adjusted operating earnings before income taxes of Corporate for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Adjusted operating revenues:
Net investment income and net gains (losses)$6 $4 
Total adjusted operating revenues6 4 
Operating benefits and expenses:
Operating expenses(1)
22 23 
Interest expense(2)
47 45 
Total operating benefits and expenses69 68 
Adjusted operating earnings before income taxes including noncontrolling interest
(63)(64)
Less: Earnings (loss) attributable to the noncontrolling interest
(1)(1)
Adjusted operating earnings before income taxes$(62)$(63)
(1) Includes expenses from corporate activities and expenses not allocated to our segments.
(2) Includes dividend payments made to preferred shareholders.
Corporate - Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Adjusted operating earnings before income taxes including noncontrolling interest improved $1 million from a loss of $64 million to a loss of $63 million primarily due to:

•adjustments to incentive compensation mostly offset by higher expenses not directly related to the segments.

Alternative Investment Income

Investment income on certain alternative investments can be volatile due to changes in market conditions. The following table presents the amount of investment income (loss) on certain alternative investments that is included in segment Adjusted operating earnings before income taxes and the average level of assets in each segment, prior to intercompany eliminations, which excludes alternative investments and income that are a component of Income (loss) related to businesses exited or to be exited through reinsurance or divestment. These alternative investments are carried at fair value, which is estimated based on the NAV of these funds. While investment income on these assets can be volatile, based on current plans, we expect to earn 9% on these assets over the long term.

The following table presents alternative investment income and average assets of alternative investments for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Wealth Solutions:
Alternative investment income$22 $24 
Average alternative investment1,591 1,459 
Health Solutions:
Alternative investment income3 6 
Average alternative investment238 243 
Investment Management:
Alternative investment income5 6 
Average alternative investment326 312 


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Liquidity and Capital Resources
Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows on investments and products, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

The following presents a review of our sources and uses of liquidity and capital and should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements discussion included further below.

Consolidated Sources and Uses of Liquidity and Capital

Our principal available sources of liquidity are product charges, investment income, proceeds from the maturity and sale of investments, proceeds from debt issuance and borrowing facilities, equity securities issuance, repurchase agreements, contract deposits and securities lending. Primary uses of these funds are payments of policyholder benefits, commissions and operating expenses, interest credits, dividends, debt maturities and redemptions, share repurchases, investment purchases, business acquisitions and contract maturities, withdrawals and surrenders.

Parent Company Sources and Uses of Liquidity

Voya Financial, Inc. is largely dependent on cash flows from its operating subsidiaries to meet its obligations. The principal sources of funds available to Voya Financial, Inc. include dividends and returns of capital from its operating subsidiaries, as well as cash and short-term investments, and proceeds from debt issuances, borrowing facilities and equity securities issuances.

These sources of funds include the $500 million revolving credit sublimit of our senior unsecured credit facility and reciprocal borrowing facilities maintained with Voya Financial, Inc.'s subsidiaries as well as alternate sources of liquidity described below.

We estimate that our excess capital (which we define as the amount of total adjusted capital in our insurance subsidiaries above our 375% RBC target, plus the amount of holding company liquidity above our $200 million target) as of March 31, 2025, was approximately $150 million. As of March 31, 2025, our estimated combined RBC ratio was 385%. Excess capital and the estimated RBC ratio are both adjusted for certain intercompany loans and transactions.

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Voya Financial, Inc.'s primary sources and uses of cash for the periods indicated are presented in the following table:

Three Months Ended March 31,
($ in millions)20252024
Beginning cash and cash equivalents balance$217 $206 
Sources:
Dividends and returns of capital from subsidiaries84 163 
Loans from subsidiaries, net of repayments
622 150 
Settlement of amounts due from subsidiaries and affiliates, net
3 — 
Asset maturities and investment income, net7 — 
Other, net— 45 
Total sources716 358 
Uses:
Payment of interest expense43 36 
Payment for business acquisitions50 — 
Loans to subsidiaries, net of repayments
99 51 
Settlement of amounts paid to subsidiaries and affiliates, net
— 12 
Amounts paid to subsidiaries under tax sharing agreements, net6 1 
Payment of income taxes, net— 1 
Common stock acquired - share repurchase
— 172 
Share-based compensation33 34 
Dividends paid on preferred stock17 17 
Dividends paid on common stock43 41 
Debt maturity(1)
400 — 
Collateral delivered, net8 10 
Asset purchases and investment expense, net— 13 
Derivatives, net20 — 
Other, net39 — 
Total uses758 388 
Net increase (decrease) in cash and cash equivalents
(42)(30)
Ending cash and cash equivalents balance$175 $176 
Liquid short-term investments(2)
25 50 
Ending cash, cash equivalents and liquid short-term investments(3)
$200 $226 
(1) See Put Option Agreement for Senior Debt Issuance below for further detail.
(2) Short-term investments have maturities of one year or less, but greater than three months, are liquid and primarily consist of commercial paper investments rated BBB+ or greater.
(3) Total met or exceeded the holding company's liquidity target of $200 million. Total ending liquidity excludes $19 million of U.S. Treasury securities with a maturity of 397 days for the period ended March 31, 2025.

Liquidity

We manage liquidity through access to substantial investment portfolios as well as a variety of other sources of liquidity including committed credit facilities, securities lending and repurchase agreements. Our asset-liability management ("ALM") process considers the expected maturity of investments and expected benefit payments as well as the specific nature and risk profile of the liabilities. As part of our liquidity management process, we model different scenarios to determine whether existing assets are adequate to meet projected cash flows.

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Capitalization

The primary components of our capital structure consist of debt and equity securities. Our capital position is supported by cash flows within our operating subsidiaries, the availability of borrowed funds under liquidity facilities, and any additional capital we raise to invest in the growth of the business and for general corporate purposes. We manage our capital position based on a variety of factors including, but not limited to, our financial strength, the credit rating of Voya Financial, Inc. and of its insurance company subsidiaries and general macroeconomic conditions. We may repurchase or otherwise retire our debt and preferred stock and take other steps to reduce our debt and preferred stock or otherwise improve our financial position. These actions could include open market repurchases, negotiated repurchases, tender offers or other retirements of outstanding debt and opportunistic refinancing of debt. The amount that may be repurchased or otherwise retired, if any, will depend on market conditions, trading levels, cash position, compliance with covenants and other considerations.

See the Consolidated and Nonconsolidated Investment Entities Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details over changes in noncontrolling interest during the year and impacting capitalization.

Share Repurchase Program and Dividends to Common Shareholders

See the Shareholders' Equity Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information relating to authorizations by the Board of Directors to repurchase our shares and amounts of common stock repurchased pursuant to such authorizations during the three months ended March 31, 2025. As of March 31, 2025, our remaining repurchase capacity under the Board's authorization was $761 million.

The following table provides a summary of common dividends and repurchases of common shares for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Dividends paid on common shares$43 $41 
Repurchases of common shares (at cost)— 172 
Total$43 $213 

Debt

As of March 31, 2025, we had $1 million of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. The following table summarizes our borrowing activities for the three months ended March 31, 2025:

($ in millions)Beginning BalanceIssuanceMaturities and Repayment
Other Changes

Ending Balance
Total long-term debt$2,103 $— $— $— $2,103 
    

See the Financing Agreements and Shareholders' Equity Notes to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details on changes in debt and equity during the year.

Put Option Agreement for Senior Debt Issuance

See the Financing Agreements Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on the Put Option and the 3.976% Senior Notes due 2025. The Company repaid the $400 million outstanding principal amount of its 3.976% Senior Notes upon maturity on February 14, 2025. The put option agreement expired on February 15, 2025.

Credit Facilities

See the Financing Agreements Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on credit facilities.

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Voya Financial, Inc. Credit Support of Subsidiaries

Voya Financial, Inc. provide guarantees to certain of our subsidiaries to support various business requirements:

•Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 million principal amount of the 8.42% Equitable of Iowa Companies Capital Trust II Notes due 2027, and provides a back-to-back guarantee to ING Group in respect of its guarantee of $218 million combined principal amount of Aetna Notes.
•Voya Financial, Inc. and Voya Holdings provide a guarantee of payment of obligations to certain subsidiaries under certain surplus notes held by those subsidiaries.

We did not recognize any asset or liability as of March 31, 2025 in relation to intercompany indemnifications, guarantees or support agreements. As of March 31, 2025, no guarantees existed in which we were required to currently perform under these arrangements.

Borrowings from Subsidiaries

We maintain revolving reciprocal loan agreements with a number of our life and non-life insurance subsidiaries that are used to fund short-term cash requirements that arise in the ordinary course of business. Under these agreements, either party may borrow up to the maximum allowable under the agreement for a term not more than 270 days. For life insurance subsidiaries, the amounts that either party may borrow under the agreement vary and are between 3% and 5% of the insurance subsidiary's statutory net admitted assets (excluding separate accounts) as of the previous year end depending on the state of domicile. As of March 31, 2025, the aggregate amount that may be borrowed or lent under agreements with life insurance subsidiaries was $1.4 billion. For non-life insurance subsidiaries, the maximum allowable under the agreement is based on the assets of the subsidiaries and their particular cash requirements. As of March 31, 2025, Voya Financial, Inc. had $799 million in outstanding borrowings from subsidiaries and had loaned $491 million to its subsidiaries.

Ratings

Our access to funding and our related cost of borrowing, collateral requirements for derivative instruments and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Credit ratings are also important to our ability to raise capital through the issuance of debt and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our rated subsidiaries could have a material adverse effect on our results of operations and financial condition. See A downgrade or a potential downgrade in our financial strength or credit ratings may result in a loss of business and adversely affect our results of operations and financial condition in Risk Factors in Part I, Item 1A. of our most current Annual Report on Form 10-K.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's ability to repay its indebtedness. These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Rating agencies use an "outlook" statement for both industry sectors and individual companies. A stable outlook from rating agencies is an opinion generally indicating that the rating is not likely to change over the medium term.
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The financial strength and credit ratings of Voya Financial, Inc. and its principal subsidiaries as of the date of this Quarterly Report on Form 10-Q are summarized in the following table.
Rating Agency
A.M. BestFitch, Inc.Moody's Investors Service, Inc.Standard & Poor's
("A.M. Best")(1)
("Fitch")(2)
("Moody's")(3)
("S&P")(4)
Long-term Issuer Credit Rating/Outlook:
Voya Financial, Inc.
(5)
A-/stable
Baa2/stableBBB+/stable
Financial Strength Rating/Outlook:
Voya Retirement Insurance and Annuity Company
(5)
A+/stable
A2/stableA+/stable
ReliaStar Life Insurance Company
A/stable
A+/stable
A2/stableA+/stable
ReliaStar Life Insurance Company of New YorkA/stable
A+/stable
A2/stableA+/stable
(1) A.M. Best's financial strength ratings for insurance companies range from "A++ (superior)" to "s (suspended)." Long-term credit ratings range from "aaa (exceptional)" to "s (suspended)."
(2) Fitch's financial strength ratings for insurance companies range from "AAA (exceptionally strong)" to "C (distressed)." Long-term credit ratings range from "AAA (highest credit quality)," which denotes exceptionally strong capacity for timely payment of financial commitments, to "D (default)."
(3) Moody’s financial strength ratings for insurance companies range from "Aaa (exceptional)" to "C (lowest)." Numeric modifiers are used to refer to the ranking within the group, with 1 being the highest and 3 being the lowest. These modifiers are used to indicate relative strength within a category. Long-term credit ratings range from "Aaa (highest)" to "C (default)."
(4) S&P's financial strength ratings for insurance companies range from "AAA (extremely strong)" to "D (default)." Long-term credit ratings range from "AAA (extremely strong)" to "D (default)."
(5) Effective April 11, 2019, A.M. Best withdrew, at the Company’s request, its financial strength ratings with respect to Voya Financial, Inc. and Voya Retirement Insurance and Annuity Company.

On September 18, 2024, Fitch upgraded Voya Financial, Inc.'s life insurance subsidiaries' Insurer Financial Strength to A+ from A, long-term issuer default rating to A- from BBB+ and senior unsecured debt to BBB+ from BBB. In conjunction with the upgrade, Fitch revised its outlook to stable.

In December of 2024, Moody’s confirmed its outlook for the U.S. life insurance sector as stable. Also, in December of 2024, A.M. Best maintained a stable outlook on the U.S. life insurance sector and Fitch changed its outlook from improving to stable for the North American life insurance sector.

Restrictions on Dividends and Returns of Capital from Subsidiaries

Our business is conducted through operating subsidiaries. U.S. insurance laws and regulations regulate the payment of dividends and other distributions by our U.S. insurance subsidiaries to their respective parents. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend. In addition, under the insurance laws of our principal insurance subsidiaries domiciled in Connecticut and Minnesota (these insurance subsidiaries are referred to collectively as our "Principal Insurance Subsidiaries"), no dividend or other distribution exceeding an amount equal to an insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval.

Our Principal Insurance Subsidiaries domiciled in Connecticut and Minnesota both have ordinary dividend capacity for 2025. Any extraordinary dividend payment would be subject to domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator.

We may receive dividends from or contribute capital to our wholly owned non-life insurance subsidiaries such as broker-dealers, investment management entities and intermediate holding companies.








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Insurance Subsidiaries - Dividends, Returns of Capital, and Capital Contributions

The following table summarizes dividends by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
Dividends Paid
Extraordinary
Distributions Paid
Three Months Ended March 31,Three Months Ended March 31,
($ in millions)2025202420252024
Subsidiary Name (State of domicile):
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)$84 $163 $— $— 
ReliaStar Life Insurance Company ("RLI") (MN)— 57 — — 

Off-Balance Sheet Arrangements

Off-balance sheet arrangements are mostly related to commitments to either purchase or sell securities, mortgage loans or money market instruments, at a specified future date and at a specified price or yield. In addition, off-balance sheet arrangements include obligations to return non-cash collateral under our securities lending program. Non-cash collateral received in connection with the securities lending program may not be sold or re-pledged by our lending agent, except in the event of default. For information regarding off-balance sheet arrangements, see the Investments (excluding Consolidated Investment Entities) Note and the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.


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Leverage Ratios

Our Leverage Ratios are a measure that we use to monitor the level of our debt relative to our total capitalization. The following table presents our leverage ratios for the periods indicated:
March 31,December 31,
($ in millions)20252024
Financial Debt
Total financial debt$2,104 $2,502 
Other financial obligations(1)
298 304 
Total financial obligations2,402 2,806 
Mezzanine equity
Redeemable noncontrolling interest
214 219 
Equity
Preferred equity(2)
612 612 
Common equity, excluding AOCI5,952 5,855 
Total equity, excluding AOCI6,564 6,467 
AOCI(2,181)(2,462)
Total Voya Financial, Inc. shareholders' equity4,383 4,005 
Noncontrolling interest1,764 1,783 
Total shareholders' equity$6,147 $5,788 
Capital
Capitalization(3)
$6,487 $6,507 
Adjusted capitalization excluding AOCI(4)
$10,944 $11,275 
Leverage Ratios
Debt-to-Capital Ratio(5)
32.4 %38.5 %
Financial Leverage excluding AOCI(6)
27.5 %30.3 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial, Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.

Our Financial Leverage Ratio, excluding AOCI, decreased from 30.3% at December 31, 2024 to 27.5% at March 31, 2025. This decrease was primarily due to the repayment at maturity of the $400 million outstanding principal amount of 3.976% Senior Notes on February 14, 2025, using the proceeds from the September 20, 2024 issuance of $400 million of unsecured 5.0% Senior Notes due 2034.

Critical Accounting Judgments and Estimates

General

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an on-going basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect changes in these estimates and assumptions from time to time. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the accompanying Condensed Consolidated Financial Statements.

In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe that the
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amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

For further information refer to the critical accounting estimates described in the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K.

As of March 31, 2025, there have been no material changes to the disclosures made in Critical Accounting Judgments and Estimates in Part II. Item 7. of our Annual Report on Form 10-K.

Income Taxes

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes a 15% corporate alternative minimum tax ("CAMT"). The CAMT is effective in taxable years beginning after December 31, 2022. In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While we do not expect to be subject to the CAMT for 2025, we are continuing to review the proposed regulations, and our CAMT determination will need to be evaluated in light of future guidance.

See the Income Taxes Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information.

Investments (excluding Consolidated Investment Entities)

Investments for our general account are primarily managed by our wholly owned asset manager, Voya Investment Management LLC, pursuant to investment advisory agreements with affiliates. In addition, our internal treasury group manages our holding company liquidity investments, primarily money market funds. See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K for information on our investment strategy.

See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on investments. Additionally, see the Condensed Consolidated Balance Sheets to our Condensed Consolidated Financial Statements Part I, Item 1. of this Quarterly Report on Form 10-Q for a composition of our investment portfolio.

Fixed Maturities Credit Quality - Ratings

For information regarding our fixed maturities credit quality ratings, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K.

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The following tables present credit quality of fixed maturities, including securities pledged, using NAIC designations as of the dates indicated:
($ in millions)March 31, 2025
NAIC Quality Designation123456Total Fair Value
U.S. Treasuries$475 $— $— $— $— $— $475 
U.S. Government agencies and authorities31 — — — — — 31 
State, municipalities and political subdivisions499 32 2 — — — 533 
U.S. corporate public securities2,319 4,935 182 20 6 — 7,462 
U.S. corporate private securities2,255 2,712 386 93 2 — 5,448 
Foreign corporate public securities and foreign governments(1)
788 1,615 150 68 — — 2,621 
Foreign corporate private securities(1)
375 2,185 185 — 43 — 2,788 
Residential mortgage-backed securities3,708 16 6 3 9 8 3,750 
Commercial mortgage-backed securities2,597 339 109 49 21 — 3,115 
Other asset-backed securities2,685 253 17 12 1 34 3,002 
Total fixed maturities$15,732 $12,087 $1,037 $245 $82 $42 $29,225 
% of Fair Value
53.8%41.4%3.5%0.8%0.3%0.2%100.0%
(1) Primarily U.S. dollar denominated.
($ in millions)December 31, 2024
NAIC Quality Designation123456Total Fair Value
U.S. Treasuries$472 $— $— $— $— $— $472 
U.S. Government agencies and authorities30 — — — — — 30 
State, municipalities and political subdivisions547 31 2 — — — 580 
U.S. corporate public securities2,207 4,603 165 16 17 — 7,008 
U.S. corporate private securities2,042 2,505 349 85 2 — 4,983 
Foreign corporate public securities and foreign governments(1)
749 1,525 131 59 8 — 2,472 
Foreign corporate private securities(1)
329 2,017 147 — 44 — 2,537 
Residential mortgage-backed securities3,418 29 5 4 8 7 3,471 
Commercial mortgage-backed securities2,570 386 107 48 21 — 3,132 
Other asset-backed securities2,460 256 8 12 1 32 2,769 
Total fixed maturities$14,824 $11,352 $914 $224 $101 $39 $27,454 
% of Fair Value54.0%41.3%3.3%0.8%0.4%0.2%100.0%
(1)Primarily U.S. dollar denominated.

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The following tables present credit quality of fixed maturities, including securities pledged, using NAIC acceptable rating organizations ("ARO") ratings as of the dates indicated:
($ in millions)March 31, 2025
ARO Quality Ratings
AAAAAABBBBB and BelowTotal Fair Value
U.S. Treasuries$— $475 $— $— $— $475 
U.S. Government agencies and authorities— 31 — — — 31 
State, municipalities and political subdivisions19 300 179 32 3 533 
U.S. corporate public securities18 329 2,133 4,782 200 7,462 
U.S. corporate private securities8 314 1,839 2,701 586 5,448 
Foreign corporate public securities and foreign governments(1)
— 121 714 1,561 225 2,621 
Foreign corporate private securities(1)
— 38 302 2,221 227 2,788 
Residential mortgage-backed securities1,303 2,278 3 14 152 3,750 
Commercial mortgage-backed securities181 1,400 618 753 163 3,115 
Other asset-backed securities468 627 1,575 250 82 3,002 
Total fixed maturities$1,997 $5,913 $7,363 $12,314 $1,638 $29,225 
% of Fair Value6.8%20.2%25.2%42.2%5.6%100.0%
(1) Primarily U.S. dollar denominated.
($ in millions)December 31, 2024
ARO Quality Ratings
AAAAAABBBBB and BelowTotal Fair Value
U.S. Treasuries$— $472 $— $— $— $472 
U.S. Government agencies and authorities— 30 — — — 30 
State, municipalities and political subdivisions37 314 195 31 3 580 
U.S. corporate public securities25 321 1,977 4,487 198 7,008 
U.S. corporate private securities8 309 1,607 2,522 537 4,983 
Foreign corporate public securities and foreign governments(1)
— 122 662 1,487 201 2,472 
Foreign corporate private securities(1)
— 38 215 2,087 197 2,537 
Residential mortgage-backed securities1,197 2,081 19 22 152 3,471 
Commercial mortgage-backed securities214 1,276 631 829 182 3,132 
Other asset-backed securities302 593 1,553 260 61 2,769 
Total fixed maturities$1,783 $5,556 $6,859 $11,725 $1,531 $27,454 
% of Fair Value6.5 %20.2 %25.0 %42.7 %5.6 %100.0 %
(1) Primarily U.S. dollar denominated.

Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

As of March 31, 2025 and December 31, 2024, we held fixed maturities rated BBB of $12,314 and $11,725, respectively. Our higher allocation to BBB relative to industry peers is a function of our underweight to high yield debt and preference for private credit, which is primarily a BBB market. Private credit within the BBB space provides issuer diversification, offers a higher overall return profile, and includes stronger credit protections that come with better covenant structures.

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Unrealized Capital Losses

As of March 31, 2025 and December 31, 2024, we held eight and nine fixed maturities with unrealized capital loss in excess of $10 million, respectively. As of March 31, 2025 and December 31, 2024, the unrealized capital losses on these fixed maturities equaled $88 million or 3.5% and $114 million or 4.0% of the total unrealized losses, respectively.
See the Investments (excluding Consolidated Investment Entities) Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on unrealized capital losses.

CMO-B Portfolio

The following table presents fixed maturities balances held in the CMO-B portfolio by NAIC quality rating as of the dates indicated:
($ in millions)March 31, 2025December 31, 2024
NAIC Quality DesignationAmortized CostFair Value% Fair ValueAmortized CostFair Value% Fair Value
1$1,736 $1,742 98.8 %$1,708 $1,708 98.1 %
27 8 0.4 %19 20 1.1 %
3— — — %— — — %
4— 1 0.1 %— 1 0.1 %
54 6 0.3 %4 5 0.3 %
67 8 0.4 %6 7 0.4 %
Total$1,754 $1,765 100.0 %$1,737 $1,741 100.0 %

For CMO securities where we elected the FVO, amortized cost represents the market values. For details on the NAIC designation methodology, see Fixed Maturities Credit Quality-Ratings in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K.

The following table presents the notional amounts and fair values of interest rate derivatives not qualifying for hedge accounting and used in our CMO-B portfolio as of the dates indicated:
March 31, 2025December 31, 2024
($ in millions)
Notional
Amount
Asset Fair Value  
Liability Fair Value  
Notional
Amount
Asset Fair Value
Liability Fair Value  
Interest Rate Contracts$11,484 $115 $238 $11,669 $141 $271 

The Company utilizes interest rate futures and interest rate swaps as a part of the CMO-B portfolio to hedge interest rate risk.

The following table presents our CMO-B fixed maturity securities balances and tranche type as of the dates indicated:
($ in millions)March 31, 2025December 31, 2024
Tranche TypeAmortized CostFair Value% Fair ValueAmortized CostFair Value% Fair Value
Inverse Floater$209 $208 11.8 %$196 $190 10.9 %
Interest Only (IO)939 940 53.3 %941 942 54.1 %
Inverse IO441 447 25.3 %411 414 23.8 %
Principal Only (PO)57 57 3.2 %57 57 3.3 %
Floater4 4 0.2 %4 4 0.2 %
Agency Credit Risk Transfer96 100 5.7 %114 119 6.8 %
Other8 9 0.5 %14 15 0.9 %
Total$1,754 $1,765 100.0 %$1,737 $1,741 100.0 %

During the three months ended March 31, 2025, the market value of our CMO-B securities portfolio was higher on a combination of transactional activity and valuation movements among tranche types.

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The following table presents returns for our CMO-B portfolio for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Net investment income
$72 $64 
Net gains (losses)(1)
(25)19 
Income before income taxes
$47 $83 
(1) Net gains (losses) also include derivatives interest settlements, mark to market adjustments and realized gains (losses) on standalone derivatives contracts that are in the CMO-B portfolio.

In defining the Adjusted operating earnings before income taxes for our CMO-B portfolio (including CMO-B portfolio income (loss) related to businesses to be exited through reinsurance or divestment) certain recharacterizations are recognized. The net coupon settlement on interest rate swaps hedging CMO-B securities that is included in Net gains (losses) is reflected. In addition, the premium amortization and change in fair value for securities designated under the FVO are included in Net gains (losses), whereas the coupon for these securities is included in Net investment income. In order to present the economics of these fair value securities in a similar manner to those of an available for sale security, the premium amortization is reclassified from Net gains (losses).

After adjusting for the two items referenced immediately above, the following table presents a reconciliation of Income (loss) before income taxes from our CMO-B portfolio to Adjusted operating earnings before income taxes from our CMO-B portfolio for the periods indicated:
Three Months Ended March 31,
($ in millions)20252024
Income (loss) before income taxes$47 $83 
Realized gains (losses) including impairment(1)— 
Fair value adjustments(9)(34)
Total adjustments to income (loss) (10)(34)
Adjusted operating earnings before income taxes$37 $49 

See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K for information on our CMO-B portfolio.

Structured Securities

Residential Mortgage-backed Securities

The following tables present our residential mortgage-backed securities as of the dates indicated:
March 31, 2025
($ in millions)Amortized CostGross Unrealized Capital GainsGross Unrealized Capital LossesEmbedded DerivativesFair Value
Prime Agency$2,180 $15 $39 $(1)$2,155 
Prime Non-Agency1,551 13 178 — 1,386 
Alt-A159 3 5 1 158 
Sub-Prime(1)
60 2 2 — 60 
Total
$3,950 $33 $224 $— $3,759 
(1) Includes subprime other asset backed securities.

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December 31, 2024
($ in millions)Amortized CostGross Unrealized Capital GainsGross Unrealized Capital LossesEmbedded DerivativesFair Value
Prime Agency$2,026 $12 $51 $(5)$1,982 
Prime Non-Agency1,625 12 208 — 1,429 
Alt-A48 4 1 1 52 
Sub-Prime(1)
20 1 1 — 20 
Total$3,719 $29 $261 $(4)$3,483 
(1) Includes subprime other asset backed securities.

Commercial Mortgage-backed Securities

The following tables present our commercial mortgage-backed securities by origination as of the dates indicated:
March 31, 2025
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
2025$— $— $— $— $— $— $— $— $— $— $— $— 
2024— — 3 3 — — — — — — 3 3 
2023— — — — 4 4 — — — — 4 4 
202222 21 104 78 108 104 73 70 — — 307 273 
202166 63 204 141 168 158 261 246 21 19 720 627 
Prior104 97 1,346 1,178 383 352 505 437 206 144 2,544 2,208 
Total
$192 $181 $1,657 $1,400 $663 $618 $839 $753 $227 $163 $3,578 $3,115 

December 31, 2024
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
2024$— $— $3 $3 $— $— $— $— $— $— $3 $3 
2023— — 4 5 4 4 — — — — 8 9 
202222 21 112 85 109 106 93 90 — — 336 302 
202196 93 210 143 186 173 295 277 21 18 808 704 
202027 26 40 31 62 53 109 94 24 5 262 209 
Prior84 74 1,201 1,009 320 295 433 368 222 159 2,260 1,905 
Total
$229 $214 $1,570 $1,276 $681 $631 $930 $829 $267 $182 $3,677 $3,132 

As of March 31, 2025, 83.3% and 10.9% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2024, 82.0% and 12.4% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively.

90
Other Asset-backed Securities

The following tables present our other asset-backed securities as of the dates indicated:
March 31, 2025
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Collateralized Obligation$389 $392 $563 $568 $1,415 $1,427 $106 $107 $69 $52 $2,542 $2,546 
Auto-Loans5 5 — — 3 3 — — — — 8 8 
Student Loans4 4 61 57 — — — — — — 65 61 
Credit Card loans5 5 — — — — — — 2 2 7 7 
Other Loans67 61 2 2 155 145 144 140 23 23 391 371 
Total(1)
$470 $467 $626 $627 $1,573 $1,575 $250 $247 $94 $77 $3,013 $2,993 
(1) Excludes subprime other asset backed securities.
December 31, 2024
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Collateralized Obligation$225 $229 $528 $534 $1,410 $1,433 $123 $125 $68 $52 $2,354 $2,373 
Auto-Loans— — — — — — — — — — — — 
Student Loans5 4 61 56 — — — — — — 66 60 
Credit Card loans9 9 — — — — 2 2 2 2 13 13 
Other Loans67 60 2 2 132 120 135 129 — — 336 311 
Total(1)
$306 $302 $591 $592 $1,542 $1,553 $260 $256 $70 $54 $2,769 $2,757 
(1) Excludes subprime other asset backed securities.

As of March 31, 2025, 89.4% and 8.5% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2024, 88.9% and 9.3% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively.

Mortgage Loans on Real Estate

As of March 31, 2025, our mortgage loans on real estate portfolio had a weighted average DSC of 2.08 times and a weighted average LTV ratio of 42.4%. As of December 31, 2024, our mortgage loans on real estate portfolio had a weighted average DSC of 2.03 times, and a weighted average LTV ratio of 43.4%. See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on mortgage loans on real estate.

Impairments

We evaluate available-for-sale fixed maturities for impairment on a regular basis. The assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying reasons for the decline in estimated fair value. See the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for the policy used to evaluate whether the investments are impaired. See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on impairment.

Derivatives
We use derivatives for a variety of hedging purposes. We also have embedded derivatives within fixed maturities instruments and certain product features. See the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for further information. See the
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Derivative Financial Instruments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on derivatives.

European Exposures

We quantify and allocate our exposure to the region by attempting to identify aspects of the region or country risk to which we are exposed. Among the factors we consider are the nationality of the issuer, the nationality of the issuer's ultimate parent, the corporate and economic relationship between the issuer and its parent, as well as the political, legal and economic environment in which each functions. By undertaking this assessment, we believe that we develop a more accurate assessment of the actual geographic risk, with a more integrated understanding of contributing factors to the full risk profile of the issuer.

In the normal course of our ongoing risk and portfolio management process, we closely monitor compliance with a credit limit hierarchy designed to minimize overly concentrated risk exposures by geography, sector and issuer. This framework takes into account various factors such as internal and external ratings, capital efficiency and liquidity and is overseen by a combination of Investment and Corporate Risk Management, as well as insurance portfolio managers focused specifically on managing the investment risk embedded in our portfolio.

As of March 31, 2025, our total European exposure had an amortized cost and fair value of $2.5 billion and $2.3 billion, respectively. Some of the major country level exposures were in the United Kingdom of $0.9 billion, in The Netherlands of $256 million, in France of $226 million, in Germany of $182 million, in Switzerland of $83 million, in Ireland of $203 million, and in Belgium of $39 million.

Consolidated and Nonconsolidated Investment Entities

We use many forms of entities to achieve our business objectives and we have participated in varying degrees in the design and formation of these entities. These entities are considered to be VIEs or VOEs (collectively, "Consolidated Investment Entities"), or nonconsolidated VIEs, and we evaluate our involvement with each entity to determine whether consolidation is required.

We perform a quarterly consolidation analysis to assess if the consolidation of a fund is required. The consolidation process brings on the assets, liabilities, noncontrolling interest and operations of the VIE and/or VOE into our financial statements.

If the fund no longer meets the criteria for consolidation, the assets, liabilities, noncontrolling interest and operations of the fund is removed from our financial statements. This process of consolidation/deconsolidation could have a material impact on Total shareholders’ equity.

See Consolidation and Noncontrolling Interests and Fair Value Measurements in the Business, Basis of Presentation and Significant Accounting Policies Note to our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K. Additionally, see the Consolidated and Nonconsolidated Investment Entities Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information.

Securitizations

We invest in various tranches of securitization entities, including RMBS, CMBS and ABS. Refer to the Consolidated and Nonconsolidated Investment Entities Note and Fair Value Measurements (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for an understanding over the Company's Securitizations. Refer to the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for details regarding the carrying amounts and classifications of these assets.

Guarantors and Issuers of Guaranteed Securities 

Voya Financial, Inc. (the "Parent Issuer") has issued certain notes pursuant to transactions registered under the Securities Act of 1933. As of March 31, 2025, such securities consist of (i) the 3.65% senior notes due 2026, the 5.0% senior notes due 2034, the 5.7% senior notes due 2043, and the 4.8% senior notes due 2046, with an aggregate principal amount of $1.5 billion (collectively, the "Senior Notes") and (ii) the 4.7% fixed-to-floating junior subordinated notes due 2048, with principal amount of $336 million (the "Junior Subordinated Notes" and, together with the Senior Notes, the "Registered Notes"). As of December 31, 2024, such securities consist of (i) the 3.976% senior notes due 2025, which was repaid at maturity on February 14, 2025, the 3.65% senior notes due 2026, the 5.0% senior notes due 2034, the 5.7% senior notes due 2043, and the 4.8%
92
senior notes due 2046, with an aggregate principal amount of $1.9 billion and (ii) the 4.7% fixed-to-floating junior subordinated notes due 2048, with principal amount of $336 million.

Voya Holdings, Inc. (the "Subsidiary Guarantor"), a wholly owned subsidiary of the Parent Issuer, has guaranteed each of the Registered Notes on a full and unconditional basis. No other subsidiary of the Parent Issuer has guaranteed any of the Registered Notes. The Parent Issuer and the Subsidiary Guarantor are hereby referred to below as the "Obligor Group."

The full and unconditional guarantees require the Subsidiary Guarantor to satisfy the obligations of the guaranteed security immediately, if and when the Parent Issuer has failed to make a scheduled payment thereunder. If the Subsidiary Guarantor does not make such payment, any holder of the guaranteed security may immediately bring suit directly against the Subsidiary Guarantor for payment of amounts due and payable.

Set forth below is summarized financial information of the Obligor Group, as presented on a combined basis. Inter-combination transactions and balances within the Obligor Group have been eliminated. In addition, financial information of any non-issuer or non-guarantor subsidiaries, which would normally be consolidated by either the Parent Issuer or the Subsidiary Guarantor under U.S. generally accepted accounting principles, has been excluded from such presentation.

Refer to the Summarized Financial Information of the Obligor Group for the periods indicated:
As of and for the
($ in millions)
Three Months Ended March 31, 2025Year Ended December 31, 2024
Summarized Statements of Operations Information:
Total revenues$1 $57 
Total benefits and expenses51 171 
Income (loss), net of tax(47)(96)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates(47)(96)
Net income (loss) available to Obligor Group(47)(96)
Summarized Balance Sheets Information:
Total investments64 44 
Cash and cash equivalents176 217 
Deferred income taxes
854 863 
Goodwill94 94 
Loans to non-obligated subsidiaries491 387 
Due from non-obligated subsidiaries30 — 
Total assets1,749 1,612 
Short-term debt with non-obligated subsidiaries773 176 
Due to non-obligated subsidiaries11 11 
Short-term debt
— 399 
Long-term debt2,103 2,103 
Total liabilities$3,161 $2,852 

Item 3.        Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk that our consolidated financial position and results of operations will be affected by fluctuations in the value of financial instruments. We have significant holdings in financial instruments and are naturally exposed to a variety of market risks. The main market risks we are exposed to include interest rate risk, equity market price risk and credit risk. We do not have material market risk exposure to "trading" activities in our Condensed Consolidated Financial Statements. For further details on these market risks, see Quantitative and Qualitative Disclosures About Market Risk in Part II, Item 7A. of our Annual Report on Form 10-K.
93

Market Risk Related to Interest Rates

We assess interest rate exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either increasing or decreasing 100 basis point parallel shifts in the yield curve. In calculating these amounts, we exclude gains and losses on separate account fixed income securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding future interest rates or the performance of fixed income markets, they are near-term, reasonably possible hypothetical changes that illustrate the potential impact of such events. These tests do not measure the change in value that could result from non-parallel shifts in the yield curve. As a result, the actual change in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations.

The following table summarizes the net estimated potential change in fair value from hypothetical 100 basis point upward and downward shifts in interest rates as of March 31, 2025:
Hypothetical Change in
Fair Value(2)
($ in millions)Notional
Fair Value(1)
+ 100 Basis Points Yield Curve Shift- 100 Basis Points Yield Curve Shift
Financial assets with interest rate risk:
Fixed maturity securities, including securities pledged$— $29,225 $(1,702)$1,883 
Mortgage loans on real estate— 5,428 (170)181 
Financial liabilities with interest rate risk:
Investment contracts:
Funding agreements without fixed maturities and deferred annuities(3)
— 37,362 (1,289)1,577 
Funding agreements with fixed maturities— 1,303 — — 
Supplementary contracts and immediate annuities— 506 (36)8 
Derivatives:
Interest rate contracts14,460 63 146 (181)
Long-term debt— 2,042 (79)88 
Stabilizer and MCGs— 16 17 — 
Embedded derivatives within reinsurance
— (20)23 (26)
(1) Separate account assets and liabilities, which are interest rate sensitive, are not included herein as any interest rate risk is borne by the holder of separate account.
(2) Increases in assets and liabilities are presented without parentheses while (decreases) in assets and liabilities are presented with parentheses.
(3) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.

Market Risk Related to Equity Market Prices

We assess equity risk exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either an increase or decrease of 10% in all equity market benchmark levels. In calculating these amounts, we exclude gains and losses on separate account equity securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding the future performance of equity markets, they are near-term, reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct effect on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue or changes in any other assumptions such as market volatility or mortality, utilization or persistency rates in insurance contracts. In addition, these scenarios do not reflect the effect of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the equity market benchmark we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features, in comparison to the hypothetical test scenarios.

94
The following table summarizes the net estimated potential change in fair value from an instantaneous increase and decrease in all equity market benchmark levels of 10% as of March 31, 2025:
Hypothetical Change in
Fair Value(1)
($ in millions)NotionalFair Value+ 10%
Equity Shock		-10%
Equity Shock
Financial assets with equity market risk:
Equity securities, at fair value$— $209 $21 $(21)
Limited partnerships/corporations
— 1,881 110 (110)
Derivatives:
Equity futures and total return swaps238 (3)20 (20)
Equity options35 1 — — 
(1) Increases in assets and liabilities are presented without parentheses while (decreases) in assets and liabilities are presented with parentheses.

Item 4.        Controls and Procedures

Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act")) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company's current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company's periodic SEC filings is made known to them in a timely manner.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.


95
PART II.     OTHER INFORMATION

Item 1.        Legal Proceedings

See the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.


Item 1A.    Risk Factors

For a discussion of the Company’s potential risks and uncertainties, see Risk Factors in Part I, Item 1A. of our Annual Report on Form 10-K.


Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer

The following table summarizes Voya Financial, Inc.’s repurchases of its common stock for the three months ended March 31, 2025:
Period
Total Number of Shares Purchased(1)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)
(in millions)
January 1, 2025- January 31, 202536,301 $70.26 — $761 
February 1, 2025 - February 28, 2025418,951 75.64 — 761 
March 1, 2025 - March 31, 20251,463 69.58 — 761 
Total456,715 $75.20 — N/A
(1) In connection with the exercise or vesting of equity-based compensation awards, employees may remit to Voya Financial, Inc., or Voya Financial, Inc. may withhold into treasury stock, shares of common stock in respect of tax withholding obligations and option exercise cost associated with such exercise or vesting. For the three months ended March 31, 2025, there was an increase of 456,715 treasury shares in connection with such withholding activities.
(2) This share repurchase authorization expires on December 31, 2025 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board at any time.

Item 5.         Other Information

During the three months ended March 31, 2025, none of the Company's directors and officers (as defined in Rule 16a-1(f)) adopted or terminated any trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Item 6.        Exhibits

See Exhibit Index on the following page.
96
Table of Contents
Voya Financial, Inc.
Exhibit Index
Exhibit No. Description of Exhibit
10.1+
Form of 2025 Executive Officer Award Agreement pursuant to the Voya Financial 2024 Omnibus Incentive Plan
10.2+
Form of 2025 Award Agreement pursuant to the Voya Financial 2024 Omnibus Incentive Plan
31.1+
Rule 13a-14(a)/15d-14(a) Certification of Heather H. Lavallee, Chief Executive Officer (included as Exhibit 31.1 to Form 10-Q)
31.2+
Rule 13a-14(a)/15d-14(a) Certification of Michael R. Katz, Chief Financial Officer (included as Exhibit 31.2 to Form 10-Q)
32.1+
Section 1350 Certification of Heather H. Lavallee, Chief Executive Officer (included as Exhibit 32.1 to Form 10-Q)
32.2+
Section 1350 Certification of Michael R. Katz, Chief Financial Officer (included as Exhibit 32.2 to Form 10-Q)
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+Inline XBRL Taxonomy Extension Schema
101.CAL+Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF+Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB+Inline XBRL Taxonomy Extension Label Linkbase
101.PRE+Inline XBRL Taxonomy Extension Presentation Linkbase
104+Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
+ Filed herewith.


97
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


May 8, 2025Voya Financial, Inc.
(Date)(Registrant)
By:
/s/
Michael R. Katz
Michael R. Katz
Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
98

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