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Schedule II - Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Schedule II - Condensed Financial Information of Parent | Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Balance Sheets December 31, 2025 and 2024 (In millions, except share and per share data)
| As of December 31,
| 2025 |  | 2024
Assets: |  |  |
Investments: |  |  |
Equity securities, at fair value | $ | — |  |  | $ | 3 |
Short-term investments | 78 |  |  | 20 |
Limited partnerships/corporations | 6 |  |  | 6 |
Derivatives | 3 |  |  | 14 |
Investments in subsidiaries | 6,363 |  |  | 5,116 |
Total investments | 6,450 |  |  | 5,159 |
Cash and cash equivalents | 155 |  |  | 217 |
Short-term investments under securities loan agreements, including collateral delivered | — |  |  | 1 |
Loans to subsidiaries and affiliates | 305 |  |  | 392 |
Due from subsidiaries and affiliates | 3 |  |  | — |
Deferred income taxes | 722 |  |  | 819 |
Other assets | 28 |  |  | 6 |
Total assets | $ | 7,663 |  |  | $ | 6,594 |
Liabilities: |  |  |
Short-term debt | 1,054 |  |  | 575 |
Long-term debt | 1,426 |  |  | 1,871 |
Derivatives | 2 |  |  | 22 |
Due to subsidiaries and affiliates | — |  |  | 2 |
Other liabilities | 228 |  |  | 119 |
Total liabilities | $ | 2,710 |  |  | $ | 2,589 |
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; 107,424,252 and 105,592,281 shares issued as of 2025 and 2024, respectively; 93,842,616 and 95,497,265 shares outstanding as of 2025 and 2024, respectively) | 1 |  |  | 1 |
Treasury stock (at cost; 13,581,636 and 10,095,016 shares as of 2025 and 2024, respectively) | (1,010) |  |  | (754) |
Additional paid-in capital | 6,358 |  |  | 6,266 |
Accumulated other comprehensive income (loss) | (1,788) |  |  | (2,462) |
Retained earnings: |  |  |
Unappropriated | 1,392 |  |  | 954 |
Total Voya Financial, Inc. shareholders' equity | 4,953 |  |  | 4,005 |
Total liabilities and shareholders' equity | $ | 7,663 |  |  | $ | 6,594 |
The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Operations For the Year Ended December 31, 2025, 2024 and 2023 (In millions)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Revenues: |  |  |  |  |
Net investment income | $ | 31 |  |  | $ | 36 |  |  | $ | 38 |
Net gains | 29 |  |  | 20 |  |  | 65 |
Other revenue | 1 |  |  | 1 |  |  | 27 |
Total revenues | 61 |  |  | 57 |  |  | 130 |
Expenses: |  |  |  |  |
Interest expense | 124 |  |  | 130 |  |  | 130 |
Operating expenses | 26 |  |  | 5 |  |  | 35 |
Total expenses | 150 |  |  | 135 |  |  | 165 |
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (89) |  |  | (78) |  |  | (35) |
Income tax expense (benefit) | (12) |  |  | (18) |  |  | (18) |
Net income (loss) before equity in earnings of subsidiaries | (77) |  |  | (60) |  |  | (17) |
Equity in earnings of subsidiaries, net of tax | 731 |  |  | 727 |  |  | 642 |
Net income available to Voya Financial, Inc. | 654 |  |  | 667 |  |  | 625 |
Less: Preferred stock dividends | 41 |  |  | 41 |  |  | 36 |
Net income available to Voya Financial, Inc.'s common shareholders | $ | 613 |  |  | $ | 626 |  |  | $ | 589 |
The accompanying notes are an integral part of this Condensed Financial Information. Condensed Financial Information of Parent Statements of Comprehensive Income For the Year Ended December 31, 2025, 2024 and 2023 (In millions)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Net income available to Voya Financial, Inc. | $ | 654 |  |  | $ | 667 |  |  | $ | 625 |
Other comprehensive income (loss), after tax | 674 |  |  | (62) |  |  | 655 |
Comprehensive income attributable to Voya Financial, Inc. | $ | 1,328 |  |  | $ | 605 |  |  | $ | 1,280 |
The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows For the Year Ended December 31, 2025, 2024 and 2023 (In millions)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash Flows from Operating Activities: |  |  |  |  |
Net income available to Voya Financial, Inc. | $ | 654 |  |  | $ | 667 |  |  | $ | 625 |
Adjustments to reconcile Net income available to Voya Financial, Inc. to Net cash provided in operating activities: |  |  |  |  |
Equity in earnings of subsidiaries | (731) |  |  | (727) |  |  | (642) |
Dividends from subsidiaries | 435 |  |  | 861 |  |  | 1,057 |
Deferred income tax expense | 102 |  |  | 37 |  |  | 54 |
Net gains | (29) |  |  | (20) |  |  | (65) |
Change in: |  |  |  |  |
Other receivables and asset accruals | (22) |  |  | 1 |  |  | 5 |
Due to/from subsidiaries and affiliates | 65 |  |  | 106 |  |  | 108 |
Other payables and accruals | (26) |  |  | (12) |  |  | — |
Other, net | 3 |  |  | (2) |  |  | (7) |
Net cash provided in operating activities | 451 |  |  | 911 |  |  | 1,135 |
Cash Flows from Investing Activities: |  |  |  |  |
Proceeds from the sale, maturity, disposal or redemption of limited partnerships/corporations | — |  |  | — |  |  | 53 |
Proceeds from the sale, maturity, disposal or redemption of fixed maturities | 174 |  |  | 6 |  |  | — |
Acquisition of: |  |  |  |  |
Fixed maturities | (174) |  |  | — |  |  | — |
Equity securities | — |  |  | — |  |  | (3) |
Short-term investments, net | (58) |  |  | (7) |  |  | (13) |
Derivatives, net | 10 |  |  | 29 |  |  | 19 |
Maturity (issuance) of short-term intercompany loans, net | 87 |  |  | (99) |  |  | (203) |
Capital contributions to subsidiaries | (75) |  |  | (60) |  |  | (8) |
Payments for business acquisitions, net of cash acquired | (50) |  |  | — |  |  | (584) |
Collateral received (delivered), net | 1 |  |  | (10) |  |  | 15 |
Other, net | — |  |  | — |  |  | (94) |
Net cash used in investing activities | (85) |  |  | (141) |  |  | (818) |
The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows (Continued) For the Year Ended December 31, 2025, 2024 and 2023 (In millions)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash Flows from Financing Activities: |  |  |  |  |
Proceeds from issuance of debt with maturities of more than three months | — |  |  | 397 |  |  | 400 |
Repayment of debt with maturities of more than three months | (400) |  |  | — |  |  | (393) |
Payment for debt issuance costs | (6) |  |  | — |  |  | — |
Net proceeds from (repayments of) short-term loans to subsidiaries | 431 |  |  | (269) |  |  | 250 |
Proceeds from issuance of common stock, net | 5 |  |  | 6 |  |  | — |
Share-based compensation | (43) |  |  | (44) |  |  | (47) |
Common stock acquired - Share repurchase | (200) |  |  | (640) |  |  | (369) |
Dividends paid on common stock | (174) |  |  | (168) |  |  | (125) |
Dividends paid on preferred stock | (41) |  |  | (41) |  |  | (36) |
Net cash used in financing activities | (428) |  |  | (759) |  |  | (320) |
Net increase (decrease) in cash and cash equivalents | (62) |  |  | 11 |  |  | (3) |
Cash and cash equivalents, beginning of period | 217 |  |  | 206 |  |  | 209 |
Cash and cash equivalents, end of period | $ | 155 |  |  | $ | 217 |  |  | $ | 206 |
Supplemental cash flow information: |  |  |  |  |
Income taxes paid, net | $ | 2 |  |  | $ | 5 |  |  | $ | 4 |
Interest paid | 126 |  |  | 110 |  |  | 111 |
The accompanying notes are an integral part of this Condensed Financial Information. 1. Business and Basis of Presentation The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements"). The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting. 2. Loans to Subsidiaries Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated:
|  |  |  |  | As of December 31,
Subsidiaries | Rate |  | Maturity Date |  | 2025 |  | 2024
Voya Institutional Plan Services, LLC | 4.50% |  | 01/02/2025 |  | $ | — |  |  | $ | 43 |
Voya Institutional Plan Services, LLC | 3.91% |  | 01/02/2026 |  | 42 |  |  | — |
Voya Investment Management LLC | 4.57% |  | 01/30/2025 |  | — |  |  | 50 |
Voya Investment Management LLC | 3.77% |  | 01/12/2026 |  | 45 |  |  | — |
Voya Services Company | 3.91% |  | 01/02/2026 |  | 217 |  |  | — |
Voya Services Company | 4.50% |  | 01/02/2025 |  | — |  |  | 224 |
Voya Special Investments, Inc. | 3.80% |  | 01/12/2026 |  | 1 |  |  | — |
Voya Payroll Management, Inc. | 4.50% |  | 01/02/2025 |  | — |  |  | 2 |
Voya Holdings Inc. | 4.57% |  | 01/30/2025 |  | — |  |  | 5 |
ReliaStar Life Insurance Company | 4.50% |  | 01/02/2025 |  | — |  |  | 68 |
Total |  |  |  |  | $ | 305 |  |  | $ | 392 |
Interest income earned on loans to subsidiaries was $21, $24 and $18 for the years ended December 31, 2025, 2024 and 2023, respectively. Interest income is included in Net investment income in the Condensed Statements of Operations. 3. Financing Agreements Debt Securities The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated:
| As of December 31,
| 2025 |  | 2024
Intercompany financing - Subsidiaries | $ | 607 |  |  | $ | 176 |
Current portion of long-term debt | 447 |  |  | 399 |
Total | $ | 1,054 |  |  | $ | 575 |
Intercompany financing Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities.
As of December 31, 2025 and 2024, Voya Financial, Inc. was in compliance with its debt covenants. See the Financing Agreements Note to the Consolidated Financial Statements for further information regarding long-term debt and the five-year maturities of long-term debt. Credit Facilities Voya Financial, Inc. uses credit facilities for contingent liquidity to be used as needed for general business purposes. As of December 31, 2025, unsecured and committed facilities totaled $500. As of December 31, 2025, there were no amounts outstanding. Total fees associated with credit facilities in 2025, 2024 and 2023 were $1. Guarantees In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters. In addition, Voya Financial, Inc. provides guarantees to certain of its subsidiaries to support various business requirements: •Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 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 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. As of December 31, 2025 and 2024 Voya Financial, Inc. had neither recognized any asset or liability nor been required to perform under any intercompany indemnification or guarantee agreement. 4. Returns of Capital and Dividends Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods indicated:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Voya Holdings Inc. | $ | 422 |  |  | $ | 861 |  |  | $ | 1,057 |
Voya Global Services Private Limited | 13 |  |  | — |  |  | — |
Total | $ | 435 |  |  | $ | 861 |  |  | $ | 1,057 |
5. Income Taxes As of December 31, 2025 and 2024, Voya Financial, Inc. held deferred tax assets related to loss and credit carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards. Valuation allowances have been applied to a portion of the state deferred tax assets as of December 31, 2025 and 2024. Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements. As of December 31, 2025 and 2024, Voya Financial, Inc. has recognized deferred tax assets of $722 and $819, respectively, primarily related to federal net operating loss carryforwards. As of December 31, 2025 and 2024, Voya Financial, Inc. had a current income tax receivable of $22 and $4, respectively. Tax Sharing Agreement Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.

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