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Schedule II - Condensed Financial Information of Parent
 12 Months Ended
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,
20252024
Assets:
Investments:
Equity securities, at fair value
$— $3 
Short-term investments78 20 
Limited partnerships/corporations6 6 
Derivatives3 14 
Investments in subsidiaries6,363 5,116 
Total investments6,450 5,159 
Cash and cash equivalents155 217 
Short-term investments under securities loan agreements, including collateral delivered— 1 
Loans to subsidiaries and affiliates305 392 
Due from subsidiaries and affiliates3 — 
Deferred income taxes722 819 
Other assets28 6 
Total assets$7,663 $6,594 
Liabilities:
Short-term debt1,054 575 
Long-term debt1,426 1,871 
Derivatives2 22 
Due to subsidiaries and affiliates— 2 
Other liabilities228 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 capital6,358 6,266 
Accumulated other comprehensive income (loss)(1,788)(2,462)
Retained earnings:
Unappropriated1,392 954 
Total Voya Financial, Inc. shareholders' equity4,953 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,
202520242023
Revenues:
Net investment income$31 $36 $38 
Net gains
29 20 65 
Other revenue1 1 27 
Total revenues61 57 130 
Expenses:
Interest expense124 130 130 
Operating expenses26 5 35 
Total expenses150 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 dividends41 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,
202520242023
Net income available to Voya Financial, Inc.
$654 $667 $625 
Other comprehensive income (loss), after tax674 (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,
202520242023
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 subsidiaries435 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, net3 (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 maturities174 6 — 
Acquisition of:
Fixed maturities(174)— — 
Equity securities— — (3)
Short-term investments, net(58)(7)(13)
Derivatives, net10 29 19 
Maturity (issuance) of short-term intercompany loans, net87 (99)(203)
Capital contributions to subsidiaries(75)(60)(8)
Payments for business acquisitions, net of cash acquired
(50)— (584)
Collateral received (delivered), net1 (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,
202520242023
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 subsidiaries431 (269)250 
Proceeds from issuance of common stock, net5 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 period217 206 209 
Cash and cash equivalents, end of period$155 $217 $206 
Supplemental cash flow information:
Income taxes paid, net
$2 $5 $4 
Interest paid126 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,
SubsidiariesRateMaturity Date20252024
Voya Institutional Plan Services, LLC4.50%01/02/2025$— $43 
Voya Institutional Plan Services, LLC3.91%01/02/202642 — 
Voya Investment Management LLC
4.57%01/30/2025— 50 
Voya Investment Management LLC
3.77%01/12/202645 — 
Voya Services Company3.91%01/02/2026217 — 
Voya Services Company4.50%01/02/2025— 224 
Voya Special Investments, Inc.
3.80%01/12/20261 — 
Voya Payroll Management, Inc.4.50%01/02/2025— 2 
Voya Holdings Inc.4.57%01/30/2025— 5 
ReliaStar Life Insurance Company4.50%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,
20252024
Intercompany financing - Subsidiaries$607 $176 
Current portion of long-term debt447 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,
202520242023
Voya Holdings Inc.$422 $861 $1,057 
Voya Global Services Private Limited13 — — 
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.