EX-99.2 3 a2026q1voyainvestorsupplem.htm EX-99.2

|  | Exhibit 99.2 |

Quarterly Investor Supplement
March 31, 2026
This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2026. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

| Corporate Offices: |  | Investor Contact: |
| Voya Financial |  | Mei Ni Chu |
| 200 Park Avenue |  | IR@voya.com |
| New York, New York 10166 |  | Web Site: |
| NYSE Ticker: |  | investors.voya.com |
| VOYA |  |  |

Table of Contents

| Page |  |  | Page
Consolidated |  |  | Administrative Expenses and Adjusted Operating Return on Capital |
Explanatory Note on Non-GAAP Financial Information | 3 - 5 |  | Administrative Expenses | 30
Key Metrics | 6 |  | Adjusted Operating Return on Allocated Capital | 31
Consolidated Statements of Operations | 7 |  | Investment Information |
Consolidated Adjusted Operating Earnings Before Income Taxes | 8 |  | Portfolio Results GAAP Book Value, Gross Investment Income, and |
Adjusted Operating Earnings Before Income Taxes by Segment (QTD) | 9 |  | Earned Rate by Asset Class | 33
Consolidated Balance Sheets | 10 |  | Portfolio Results Statutory Carrying Values by Asset Class and NAIC |
DAC/VOBA Segment Trends | 11 |  | Ratings | 34
Consolidated Capital Structure | 12 |  | Alternative Investment Income | 35
Consolidated Assets Under Management, Assets Under Administration |  |  | Reconciliations |
and Advisement | 13 |  | Reconciliation of Adjusted Operating Earnings Before Income Taxes and |
Retirement |  |  | Earnings Per Common Share (Diluted) (QTD) | 37
Sources of Adjusted Operating Earnings Before Income Taxes |  |  | Reconciliation of Adjusted Operating Revenues and Adjusted Operating |
and Key Metrics | 15 |  | Benefits and Expenses | 38
Client Assets Rollforward by Product Group | 16 - 17 |  | Reconciliation of Net Revenues | 39
Investment Management |  |  | Reconciliation of Adjusted Operating Return on Common Equity |
Sources of Adjusted Operating Earnings Before Income Taxes | 19 |  | Excluding AOCI and NOL DTA | 40
Analysis of AUM and AUA | 20 |  | Reconciliation of Book Value Per Common Share, Excluding AOCI and |
Account Value Rollforward by Source | 21 |  | Leverage Ratio | 41
Account Value by Asset Type | 22 |  | Appendix |
Employee Benefits |  |  | Quarterly Loss Ratio Development for Group Stop Loss Details | 43
Sources of Adjusted Operating Earnings Before Income Taxes | 24 |  |  |
Quarterly Loss Ratio Development for Group Stop Loss | 25 |  |  |
Key Metrics | 26 |  |  |
Corporate |  |  |  |
Adjusted Operating Earnings Before Income Taxes | 28 |  |  |

Voya Financial |  | Page 3 of 43 |

Explanatory Note on Non-GAAP Financial Information
Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our 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 our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do 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 our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating 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 we are not economically entitled, such as the results attributable to the redeemable noncontrolling interest (referred to as 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 our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our 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 our 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.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.
Adjusted Operating Revenues
Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for 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 represent the attribution of results from consolidated VIEs or VOEs; and
•Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our 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.
The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.

Voya Financial |  | Page 4 of 43 |

Explanatory Note on Non-GAAP Financial Information
Adjusted Operating Benefits and Expenses
Adjusted operating benefits and expenses is a measure of our segment operating benefits and expenses and a non-GAAP financial measure. Each segment’s Adjusted operating benefits and expenses are calculated by adjusting Total benefits and expenses for the following items:
• Changes in market risk benefits;
• Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment;
• Expenses attributable to noncontrolling interests;
• Dividend payments made to preferred shareholders are included in adjusted operating benefits and expenses to reflect expenses related to our common shareholders;
• Other adjustments include:
• Income (loss) related to early extinguishment of debt;
• Impairment of goodwill and intangible assets;
• 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 our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments;
• Commissions paid to our broker-dealers for sales of non-proprietary products, other items where the income is passed on to third parties, which are reflected in adjusted operating revenue with the fee income related to those products and the elimination of intercompany investment expenses included in Adjusted operating benefits and expenses;
• Other items not indicative of normal operations or performance of our 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.
The most directly comparable U.S. GAAP measure to Adjusted operating benefits and expenses is Total benefits and expenses. For a reconciliation of Adjusted operating benefits and expenses to Total benefits and expenses, refer to the “Reconciliations” section of this document.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.
•Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.
•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.
•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.
•Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.
•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.
•DAC/VOBA and other intangibles amortization.

Voya Financial |  | Page 5 of 43 |

Explanatory Note on Non-GAAP Financial Information
Adjusted Operating Return on Common Equity excluding AOCI
•We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.
•The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.
•Adjusted operating return on common equity is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.
•We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.
•Please see the “Reconciliations” section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.
Net Revenue and Adjusted Operating Margin
• Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.
• Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a
reconciliation of net revenue to adjusted operating revenue for each of our segments.
•The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by “Interest credited and other benefits to contract owners / policyholders”. This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders (“loss ratio”).
•We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.
Other Information
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

Voya Financial |  | Page 6 of 43 |

Key Metrics

| Three Months Ended or As of |  | Year-to-Date or As of
(in millions USD, unless otherwise indicated) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 165 |  | 136 |  | 176 |  | 162 |  | 139 |  | 165 |  | 139
Per common share (basic) | 1.78 |  | 1.43 |  | 1.82 |  | 1.69 |  | 1.45 |  | 1.78 |  | 1.45
Per common share (diluted) | 1.75 |  | 1.41 |  | 1.80 |  | 1.66 |  | 1.42 |  | 1.75 |  | 1.42
Adjusted operating earnings: (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Before income taxes | 257 |  | 226 |  | 290 |  | 289 |  | 232 |  | 257 |  | 232
After income taxes | 214 |  | 188 |  | 239 |  | 240 |  | 195 |  | 214 |  | 195
Effective tax rate | 16.9 | % |  | 17.1 | % |  | 17.8 | % |  | 16.9 | % |  | 15.9 | % |  | 16.9 | % |  | 15.9 | %
Per common share (diluted) | 2.26 |  | 1.94 |  | 2.45 |  | 2.46 |  | 2.00 |  | 2.26 |  | 2.00
Return on Equity |  |  |  |  |  |  |  |  |  |  |  |  |
TTM Return on Voya Financial, Inc's Equity | 13.4 | % |  | 13.3 | % |  | 12.8 | % |  | 11.3 | % |  | 12.5 | % |  | 13.4 | % |  | 12.5 | %
TTM Adjusted operating return on common equity excluding AOCI (1) | 14.5 | % |  | 14.3 | % |  | 13.6 | % |  | 12.8 | % |  | 12.6 | % |  | 14.5 | % |  | 12.6 | %
TTM Adjusted operating return on common equity excluding AOCI and NOL DTA (1) | 18.7 | % |  | 18.6 | % |  | 17.9 | % |  | 17.0 | % |  | 16.7 | % |  | 18.7 | % |  | 16.7 | %
Shareholder's equity: |  |  |  |  |  |  |  |  |  |  |  |  |
Total Voya Financial, Inc. Shareholders' Equity | 4,658 |  | 4,953 |  | 4,957 |  | 4,629 |  | 4,383 |  | 4,658 |  | 4,383
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI | 6,107 |  | 6,129 |  | 6,123 |  | 6,084 |  | 5,952 |  | 6,107 |  | 5,952
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA | 4,797 |  | 4,800 |  | 4,751 |  | 4,654 |  | 4,486 |  | 4,797 |  | 4,486
Book value per common share (including AOCI) | 43.79 |  | 46.28 |  | 45.55 |  | 41.71 |  | 39.20 |  | 43.79 |  | 39.20
Book value per common share (excluding AOCI) (2) | 66.09 |  | 65.34 |  | 64.18 |  | 63.18 |  | 61.87 |  | 66.09 |  | 61.87
Leverage Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Debt-to-Capital | 34.9 | % |  | 29.8 | % |  | 29.8 | % |  | 31.2 | % |  | 32.4 | % |  | 34.9 | % |  | 32.4 | %
Financial Leverage - excluding AOCI (2)(3) | 29.7 | % |  | 27.0 | % |  | 26.7 | % |  | 27.4 | % |  | 27.5 | % |  | 29.7 | % |  | 27.5 | %
Shares: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 93 |  | 95 |  | 96 |  | 96 |  | 96 |  | 93 |  | 96
Dilutive effects (4) | 1 |  | 2 |  | 2 |  | 1 |  | 2 |  | 1 |  | 2
Diluted | 95 |  | 97 |  | 97 |  | 98 |  | 98 |  | 95 |  | 98
Ending shares outstanding | 92 |  | 94 |  | 95 |  | 96 |  | 96 |  | 92 |  | 96
Returned to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of common shares, excluding commissions | 150 |  | 120 |  | 80 |  | — |  | — |  | 150 |  | —
Dividends to common shareholders | 44 |  | 44 |  | 43 |  | 44 |  | 43 |  | 44 |  | 43
Total cash returned to common shareholders | 194 |  | 164 |  | 123 |  | 44 |  | 43 |  | 194 |  | 43
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 41 of this document.
(3) Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance.
(4) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

Voya Financial |  | Page 7 of 43 |

Consolidated Statements of Operations

| Three Months Ended |  | Year-to-Date
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income | 569 |  |  | 591 |  |  | 583 |  |  | 584 |  |  | 560 |  |  | 569 |  |  | 560 |
Fee income | 604 |  |  | 633 |  |  | 616 |  |  | 577 |  |  | 570 |  |  | 604 |  |  | 570 |
Premiums | 744 |  |  | 738 |  |  | 719 |  |  | 718 |  |  | 737 |  |  | 744 |  |  | 737 |
Net gains (losses) | (45) |  |  | (34) |  |  | (21) |  |  | (41) |  |  | (34) |  |  | (45) |  |  | (34) |
Other revenues | 109 |  |  | 136 |  |  | 100 |  |  | 100 |  |  | 104 |  |  | 109 |  |  | 104 |
Income (loss) related to consolidated investment entities | 50 |  |  | 47 |  |  | 131 |  |  | 43 |  |  | 32 |  |  | 50 |  |  | 32 |
Total revenues | 2,031 |  |  | 2,111 |  |  | 2,128 |  |  | 1,981 |  |  | 1,969 |  |  | 2,031 |  |  | 1,969 |
Benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Interest credited and other benefits to contract owners/policyholders | (819) |  |  | (875) |  |  | (850) |  |  | (801) |  |  | (835) |  |  | (819) |  |  | (835) |
Operating expenses | (848) |  |  | (937) |  |  | (829) |  |  | (857) |  |  | (824) |  |  | (848) |  |  | (824) |
Net amortization of DAC/VOBA | (65) |  |  | (64) |  |  | (65) |  |  | (58) |  |  | (62) |  |  | (65) |  |  | (62) |
Interest expense | (29) |  |  | (28) |  |  | (29) |  |  | (28) |  |  | (32) |  |  | (29) |  |  | (32) |
Operating expenses related to consolidated investment entities | (40) |  |  | (38) |  |  | (48) |  |  | (49) |  |  | (43) |  |  | (40) |  |  | (43) |
Total benefits and expenses | (1,801) |  |  | (1,942) |  |  | (1,821) |  |  | (1,793) |  |  | (1,796) |  |  | (1,801) |  |  | (1,796) |
Income (loss) before income taxes | 230 |  |  | 169 |  |  | 307 |  |  | 188 |  |  | 173 |  |  | 230 |  |  | 173 |
Income tax expense (benefit) | 35 |  |  | 20 |  |  | 35 |  |  | 27 |  |  | 22 |  |  | 35 |  |  | 22 |
Net income (loss) | 195 |  |  | 149 |  |  | 272 |  |  | 161 |  |  | 151 |  |  | 195 |  |  | 151 |
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 13 |  |  | 9 |  |  | 80 |  |  | (5) |  |  | (5) |  |  | 13 |  |  | (5) |
Net income (loss) available to Voya Financial, Inc. | 182 |  |  | 140 |  |  | 192 |  |  | 166 |  |  | 156 |  |  | 182 |  |  | 156 |
Less: Preferred stock dividends | 17 |  |  | 4 |  |  | 16 |  |  | 4 |  |  | 17 |  |  | 17 |  |  | 17 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 165 |  |  | 136 |  |  | 176 |  |  | 162 |  |  | 139 |  |  | 165 |  |  | 139 |

Voya Financial |  | Page 8 of 43 |

Consolidated Adjusted Operating Earnings Before Income Taxes

| Three Months Ended |  | Year-to-Date
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Consolidated Adjusted Operating Earnings Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income and net gains (losses) | 511 |  |  | 537 |  |  | 542 |  |  | 534 |  |  | 506 |  |  | 511 |  |  | 506 |
Fee income | 605 |  |  | 636 |  |  | 617 |  |  | 577 |  |  | 572 |  |  | 605 |  |  | 572 |
Premiums | 740 |  |  | 729 |  |  | 716 |  |  | 720 |  |  | 734 |  |  | 740 |  |  | 734 |
Other revenue | 76 |  |  | 105 |  |  | 68 |  |  | 69 |  |  | 75 |  |  | 76 |  |  | 75 |
Adjusted operating revenues (1) | 1,932 |  |  | 2,006 |  |  | 1,942 |  |  | 1,900 |  |  | 1,888 |  |  | 1,932 |  |  | 1,888 |
Adjusted operating benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Interest credited and other benefits to contract owners/policyholders | (764) |  |  | (838) |  |  | (781) |  |  | (761) |  |  | (782) |  |  | (764) |  |  | (782) |
Operating expenses | (811) |  |  | (852) |  |  | (768) |  |  | (770) |  |  | (779) |  |  | (811) |  |  | (779) |
Net amortization of DAC/VOBA | (42) |  |  | (40) |  |  | (40) |  |  | (34) |  |  | (37) |  |  | (42) |  |  | (37) |
Interest expense (2) | (48) |  |  | (34) |  |  | (47) |  |  | (32) |  |  | (47) |  |  | (48) |  |  | (47) |
Adjusted operating benefits and expenses (1) | (1,665) |  |  | (1,763) |  |  | (1,635) |  |  | (1,598) |  |  | (1,645) |  |  | (1,665) |  |  | (1,645) |
Adjusted operating earnings before income taxes, including noncontrolling interest (1) | 267 |  |  | 244 |  |  | 307 |  |  | 302 |  |  | 243 |  |  | 267 |  |  | 243 |
Less: Earnings (loss) attributable to the noncontrolling interest (3) | 11 |  |  | 17 |  |  | 17 |  |  | 13 |  |  | 11 |  |  | 11 |  |  | 11 |
Adjusted operating earnings before income taxes (1) | 257 |  |  | 226 |  |  | 290 |  |  | 289 |  |  | 232 |  |  | 257 |  |  | 232 |

Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement | 821 |  |  | 866 |  |  | 853 |  |  | 824 |  |  | 798 |  |  | 821 |  |  | 798 |
Investment Management | 251 |  |  | 290 |  |  | 257 |  |  | 239 |  |  | 243 |  |  | 251 |  |  | 243 |
Employee Benefits | 855 |  |  | 845 |  |  | 829 |  |  | 832 |  |  | 841 |  |  | 855 |  |  | 841 |
Corporate | 5 |  |  | 6 |  |  | 3 |  |  | 5 |  |  | 6 |  |  | 5 |  |  | 6 |
Adjusted operating revenues (1) | 1,932 |  |  | 2,006 |  |  | 1,942 |  |  | 1,900 |  |  | 1,888 |  |  | 1,932 |  |  | 1,888 |
Adjusted operating earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement | 209 |  |  | 255 |  |  | 261 |  |  | 235 |  |  | 207 |  |  | 209 |  |  | 207 |
Investment Management | 46 |  |  | 72 |  |  | 62 |  |  | 51 |  |  | 41 |  |  | 46 |  |  | 41 |
Employee Benefits | 63 |  |  | (10) |  |  | 47 |  |  | 69 |  |  | 46 |  |  | 63 |  |  | 46 |
Corporate | (61) |  |  | (90) |  |  | (80) |  |  | (67) |  |  | (62) |  |  | (61) |  |  | (62) |
Adjusted operating earnings before income taxes (1) | 257 |  |  | 226 |  |  | 290 |  |  | 289 |  |  | 232 |  |  | 257 |  |  | 232 |
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial |  | Page 9 of 43 |

Adjusted Operating Earnings Before Income Taxes by Segment

| Three Months Ended March 31, 2026
(in millions USD) | Retirement |  | Investment Management |  |  |  | Employee Benefits |  | Corporate |  | Consolidated
Adjusted operating revenues |  |  |  |  |  |  |  |  |  |  |
Net investment income and net gains (losses) | 456 |  |  | 7 |  |  |  |  | 42 |  |  | 5 |  |  | 511 |
Fee income | 341 |  |  | 243 |  |  |  |  | 21 |  |  | — |  |  | 605 |
Premiums | — |  |  | — |  |  |  |  | 739 |  |  | — |  |  | 740 |
Other revenue | 24 |  |  | 1 |  |  |  |  | 52 |  |  | — |  |  | 76 |
Adjusted operating revenues (1) | 821 |  |  | 251 |  |  |  |  | 855 |  |  | 5 |  |  | 1,932 |
Adjusted operating benefits and expenses |  |  |  |  |  |  |  |  |  |  |
Interest credited and other benefits to contract owners/policyholders | (226) |  |  | — |  |  |  |  | (538) |  |  | — |  |  | (764) |
Operating expenses | (359) |  |  | (192) |  |  |  |  | (239) |  |  | (21) |  |  | (811) |
Net amortization of DAC/VOBA | (27) |  |  | — |  |  |  |  | (14) |  |  | — |  |  | (42) |
Interest expense (2) | — |  |  | — |  |  |  |  | — |  |  | (48) |  |  | (48) |
Adjusted operating benefits and expenses (1) | (612) |  |  | (192) |  |  |  |  | (792) |  |  | (69) |  |  | (1,665) |
Adjusted operating earnings before income taxes, including noncontrolling interest (1) | 209 |  |  | 59 |  |  |  |  | 63 |  |  | (63) |  |  | 267 |
Less: Earnings (loss) attributable to the noncontrolling interest (3) | — |  |  | 13 |  |  |  |  | — |  |  | (2) |  |  | 11 |
Adjusted operating earnings before income taxes (1) | 209 |  |  | 46 |  |  |  |  | 63 |  |  | (61) |  |  | 257 |
| Three Months Ended March 31, 2025
| Retirement |  | Investment Management |  |  |  | Employee Benefits |  | Corporate |  | Consolidated
Adjusted operating revenues |  |  |  |  |  |  |  |  |  |  |
Net investment income and net gains (losses) | 458 |  |  | 6 |  |  |  |  | 36 |  |  | 6 |  |  | 506 |
Fee income | 318 |  |  | 236 |  |  |  |  | 18 |  |  | — |  |  | 572 |
Premiums | — |  |  | — |  |  |  |  | 734 |  |  | — |  |  | 734 |
Other revenue | 22 |  |  | 1 |  |  |  |  | 53 |  |  | — |  |  | 75 |
Adjusted operating revenues (1) | 798 |  |  | 243 |  |  |  |  | 841 |  |  | 6 |  |  | 1,888 |
Adjusted operating benefits and expenses |  |  |  |  |  |  |  |  |  |  |
Interest credited and other benefits to contract owners/policyholders | (231) |  |  | — |  |  |  |  | (551) |  |  | — |  |  | (782) |
Operating expenses | (333) |  |  | (190) |  |  |  |  | (234) |  |  | (22) |  |  | (779) |
Net amortization of DAC/VOBA | (27) |  |  | — |  |  |  |  | (9) |  |  | — |  |  | (37) |
Interest expense (2) | — |  |  | — |  |  |  |  | — |  |  | (47) |  |  | (47) |
Adjusted operating benefits and expenses (1) | (591) |  |  | (190) |  |  |  |  | (795) |  |  | (69) |  |  | (1,645) |
Adjusted operating earnings before income taxes, including noncontrolling interest (1) | 207 |  |  | 53 |  |  |  |  | 46 |  |  | (63) |  |  | 243 |
Less: Earnings (loss) attributable to the noncontrolling interest (3) | — |  |  | 12 |  |  |  |  | — |  |  | (1) |  |  | 11 |
Adjusted operating earnings before income taxes (1) | 207 |  |  | 41 |  |  |  |  | 46 |  |  | (62) |  |  | 232 |
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial |  | Page 10 of 43 |

Consolidated Balance Sheets

| Balances as of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
Assets |  |  |  |  |  |  |  |  |
Total investments | 38,124 |  |  | 38,571 |  |  | 38,199 |  |  | 37,579 |  |  | 37,703 |
Cash and cash equivalents | 969 |  |  | 1,228 |  |  | 1,157 |  |  | 1,179 |  |  | 868 |
Assets held in separate accounts | 108,467 |  |  | 113,007 |  |  | 111,950 |  |  | 107,278 |  |  | 98,948 |
Premium receivable and reinsurance recoverable, net | 10,609 |  |  | 10,713 |  |  | 10,835 |  |  | 10,965 |  |  | 11,144 |
Short term investments under securities loan agreement and accrued investment income | 1,430 |  |  | 1,398 |  |  | 1,437 |  |  | 1,418 |  |  | 1,459 |
Deferred policy acquisition costs, Value of business acquired | 2,364 |  |  | 2,401 |  |  | 2,435 |  |  | 2,472 |  |  | 2,505 |
Deferred income taxes | 1,911 |  |  | 1,871 |  |  | 1,872 |  |  | 1,979 |  |  | 2,032 |
Other assets (1) | 4,789 |  |  | 4,845 |  |  | 4,903 |  |  | 4,926 |  |  | 4,934 |
Assets related to consolidated investment entities | 4,770 |  |  | 4,825 |  |  | 4,660 |  |  | 4,640 |  |  | 4,357 |
Total Assets | 173,433 |  |  | 178,859 |  |  | 177,448 |  |  | 172,436 |  |  | 163,950 |
Liabilities |  |  |  |  |  |  |  |  |
Future policy benefits and contract owner account balances | 49,028 |  |  | 49,356 |  |  | 49,337 |  |  | 49,665 |  |  | 49,763 |
Liabilities related to separate accounts | 108,467 |  |  | 113,007 |  |  | 111,950 |  |  | 107,278 |  |  | 98,948 |
Payables under securities loan agreements, including collateral held | 1,218 |  |  | 1,273 |  |  | 1,375 |  |  | 1,128 |  |  | 1,486 |
Short-term debt | 587 |  |  | 586 |  |  | 586 |  |  | 447 |  |  | 1 |
Long-term debt | 1,913 |  |  | 1,518 |  |  | 1,518 |  |  | 1,657 |  |  | 2,103 |
Other liabilities (2) | 2,907 |  |  | 3,492 |  |  | 3,192 |  |  | 3,155 |  |  | 3,048 |
Liabilities related to consolidated investment entities | 2,607 |  |  | 2,588 |  |  | 2,407 |  |  | 2,553 |  |  | 2,240 |
Total Liabilities | 166,727 |  |  | 171,820 |  |  | 170,365 |  |  | 165,883 |  |  | 157,589 |
Mezzanine Equity |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest | 226 |  |  | 222 |  |  | 221 |  |  | 215 |  |  | 214 |
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Treasury stock | (1,188) |  |  | (1,010) |  |  | (883) |  |  | (796) |  |  | (788) |
Additional paid-in capital | 6,395 |  |  | 6,358 |  |  | 6,316 |  |  | 6,321 |  |  | 6,299 |
Retained earnings (deficit) | 1,511 |  |  | 1,392 |  |  | 1,301 |  |  | 1,170 |  |  | 1,052 |
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI | 6,719 |  |  | 6,741 |  |  | 6,735 |  |  | 6,696 |  |  | 6,564 |
Accumulated other comprehensive income | (2,061) |  |  | (1,788) |  |  | (1,778) |  |  | (2,067) |  |  | (2,181) |
Total Voya Financial, Inc. Shareholders' Equity | 4,658 |  |  | 4,953 |  |  | 4,957 |  |  | 4,629 |  |  | 4,383 |
Noncontrolling interest | 1,822 |  |  | 1,864 |  |  | 1,905 |  |  | 1,709 |  |  | 1,764 |
Total Shareholders' Equity | 6,480 |  |  | 6,817 |  |  | 6,862 |  |  | 6,338 |  |  | 6,147 |
Total Liabilities, Mezzanine Equity and Shareholders' Equity | 173,433 |  |  | 178,859 |  |  | 177,448 |  |  | 172,436 |  |  | 163,950 |
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.

Voya Financial |  | Page 11 of 43 |

DAC/VOBA Segment Trends

| Three Months Ended or As of |  | Year-to-Date or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Retirement |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of Beginning-of-Period | 1,387 |  |  | 1,398 |  |  | 1,410 |  |  | 1,422 |  |  | 1,044 |  |  | 1,387 |  |  | 1,044 |
Additions related to business acquisitions(1) | — |  |  | — |  |  | — |  |  | — |  |  | 390 |  |  | — |  |  | 390 |
Deferrals of commissions and expenses | 17 |  |  | 17 |  |  | 16 |  |  | 15 |  |  | 15 |  |  | 17 |  |  | 15 |
Amortization | (27) |  |  | (28) |  |  | (28) |  |  | (27) |  |  | (27) |  |  | (27) |  |  | (27) |
Balance as of End-of-Period | 1,376 |  |  | 1,387 |  |  | 1,398 |  |  | 1,410 |  |  | 1,422 |  |  | 1,376 |  |  | 1,422 |
Deferred Sales Inducements as of End-of-Period | 21 |  |  | 21 |  |  | 22 |  |  | 22 |  |  | 22 |  |  | 21 |  |  | 22 |
Employee Benefits |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of Beginning-of-Period | 240 |  |  | 241 |  |  | 241 |  |  | 237 |  |  | 234 |  |  | 240 |  |  | 234 |
Deferrals of commissions and expenses | 10 |  |  | 12 |  |  | 11 |  |  | 11 |  |  | 13 |  |  | 10 |  |  | 13 |
Amortization | (14) |  |  | (12) |  |  | (12) |  |  | (7) |  |  | (9) |  |  | (14) |  |  | (9) |
Balance as of End-of-Period | 236 |  |  | 240 |  |  | 241 |  |  | 241 |  |  | 237 |  |  | 236 |  |  | 237 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of Beginning-of-Period | 1,627 |  |  | 1,638 |  |  | 1,651 |  |  | 1,659 |  |  | 1,278 |  |  | 1,627 |  |  | 1,278 |
Additions related to business acquisitions(1) | — |  |  | — |  |  | — |  |  | — |  |  | 390 |  |  | — |  |  | 390 |
Deferrals of commissions and expenses | 27 |  |  | 29 |  |  | 27 |  |  | 26 |  |  | 28 |  |  | 27 |  |  | 28 |
Amortization | (42) |  |  | (40) |  |  | (40) |  |  | (34) |  |  | (37) |  |  | (42) |  |  | (37) |
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment | 1,613 |  |  | 1,627 |  |  | 1,638 |  |  | 1,651 |  |  | 1,659 |  |  | 1,613 |  |  | 1,659 |
Balance as of End-of-Period, businesses exited through reinsurance or divestment (2) | 751 |  |  | 774 |  |  | 797 |  |  | 821 |  |  | 846 |  |  | 751 |  |  | 846 |
Balance as of End-of-Period, including businesses exited through reinsurance or divestment | 2,364 |  |  | 2,401 |  |  | 2,435 |  |  | 2,472 |  |  | 2,505 |  |  | 2,364 |  |  | 2,505 |
(1) Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025.
(2) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses.

Voya Financial |  | Page 12 of 43 |

Consolidated Capital Structure

| Balances as of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
Financial Debt |  |  |  |  |  |  |  |  |
Senior bonds | 2,150 |  | 1,754 |  | 1,754 |  | 1,753 |  | 1,753
Subordinated bonds | 349 |  | 349 |  | 349 |  | 349 |  | 349
Other debt | 1 |  | 1 |  | 1 |  | 2 |  | 2
Total Financial Debt | 2,500 |  | 2,104 |  | 2,104 |  | 2,104 |  | 2,104
Other financial obligations (1) | 334 |  | 329 |  | 289 |  | 305 |  | 298
Total Financial Obligations | 2,834 |  | 2,433 |  | 2,393 |  | 2,409 |  | 2,402
Mezzanine Equity |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest | 226 |  | 222 |  | 221 |  | 215 |  | 214
Equity |  |  |  |  |  |  |  |  |
Preferred equity (2) | 612 |  | 612 |  | 612 |  | 612 |  | 612
Common equity (Excluding AOCI) | 6,107 |  | 6,129 |  | 6,123 |  | 6,084 |  | 5,952
Total Equity (Excluding AOCI) | 6,719 |  | 6,741 |  | 6,735 |  | 6,696 |  | 6,564
Accumulated other comprehensive income (AOCI) | (2,061) |  | (1,788) |  | (1,778) |  | (2,067) |  | (2,181)
Total Voya Financial, Inc. Shareholders' Equity | 4,658 |  | 4,953 |  | 4,957 |  | 4,629 |  | 4,383
Noncontrolling interest | 1,822 |  | 1,864 |  | 1,905 |  | 1,709 |  | 1,764
Total Shareholders' Equity | 6,480 |  | 6,817 |  | 6,862 |  | 6,338 |  | 6,147
Capital |  |  |  |  |  |  |  |  |
Capitalization (3) | 7,158 |  | 7,057 |  | 7,061 |  | 6,733 |  | 6,487
Adjusted Capitalization excluding AOCI (4) | 11,601 |  | 11,260 |  | 11,254 |  | 11,029 |  | 10,944
Leverage Ratios |  |  |  |  |  |  |  |  |
Debt-to-Capital (5) | 34.9 | % |  | 29.8 | % |  | 29.8 | % |  | 31.2 | % |  | 32.4 | %
Financial Leverage excluding AOCI (6)(7) | 29.7 | % |  | 27.0 | % |  | 26.7 | % |  | 27.4 | % |  | 27.5 | %
(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. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 41 of this document.
(7) Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance.

Voya Financial |  | Page 13 of 43 |

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 2026 |  |  |  |  |  |  |  |  |  |  |
(in millions USD) | General Account |  | Separate Account |  | Institutional/Mutual Funds |  | Total AUM - Assets Under Management |  | AUA - Assets Under Administration & Advisement (2) |  | Total AUM and AUA
Retirement (1) | 32,492 |  |  | 104,059 |  |  | 160,235 |  |  | 296,786 |  |  | 482,915 |  |  | 779,701 |
Investment Management | 36,899 |  |  | 33,655 |  |  | 282,877 |  |  | 353,431 |  |  | 58,989 |  |  | 412,420 |
Employee Benefits | 1,737 |  |  | 18 |  |  | — |  |  | 1,755 |  |  | — |  |  | 1,755 |
Eliminations/Other (3) | (34,229) |  |  | (29,265) |  |  | (13,192) |  |  | (76,686) |  |  | (40,157) |  |  | (116,843) |
Total AUM and AUA | 36,899 |  |  | 108,467 |  |  | 429,920 |  |  | 575,286 |  |  | 501,747 |  |  | 1,077,033 |
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.

Retirement

Voya Financial |  | Page 15 of 43 |

Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

| Three Months Ended or As of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Sources of Adjusted operating earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross investment income | 416 |  |  | 426 |  |  | 429 |  |  | 431 |  |  | 425 |  |  |  |  |  |  | 1,702 |  |  | 1,588 |
Investment expenses | (20) |  |  | (20) |  |  | (19) |  |  | (20) |  |  | (19) |  |  |  |  |  |  | (80) |  |  | (71) |
Credited interest | (222) |  |  | (229) |  |  | (231) |  |  | (229) |  |  | (228) |  |  |  |  |  |  | (911) |  |  | (858) |
Net Margin | 174 |  |  | 177 |  |  | 179 |  |  | 182 |  |  | 178 |  |  |  |  |  |  | 711 |  |  | 659 |
Alternative investment income (1) | 29 |  |  | 47 |  |  | 42 |  |  | 42 |  |  | 22 |  |  |  |  |  |  | 160 |  |  | 109 |
Other investment income (2) | 28 |  |  | 23 |  |  | 27 |  |  | 26 |  |  | 28 |  |  |  |  |  |  | 105 |  |  | 116 |
Investment spread and other investment income | 231 |  |  | 247 |  |  | 248 |  |  | 250 |  |  | 228 |  |  |  |  |  |  | 976 |  |  | 884 |
Full Service Fee-based revenue (3) | 216 |  |  | 236 |  |  | 225 |  |  | 201 |  |  | 204 |  |  |  |  |  |  | 878 |  |  | 727 |
Recordkeeping and other fee-based revenue | 142 |  |  | 143 |  |  | 140 |  |  | 133 |  |  | 128 |  |  |  |  |  |  | 558 |  |  | 488 |
Total Fee-based margin | 358 |  |  | 379 |  |  | 365 |  |  | 334 |  |  | 332 |  |  |  |  |  |  | 1,436 |  |  | 1,215 |
Net underwriting gain (loss) and other revenue | 6 |  |  | 5 |  |  | 5 |  |  | 8 |  |  | 7 |  |  |  |  |  |  | 24 |  |  | 21 |
Net revenue (4) | 595 |  |  | 631 |  |  | 618 |  |  | 592 |  |  | 567 |  |  |  |  |  |  | 2,436 |  |  | 2,119 |
Administrative expenses | (286) |  |  | (271) |  |  | (254) |  |  | (259) |  |  | (261) |  |  |  |  |  |  | (1,070) |  |  | (923) |
Net commissions | (73) |  |  | (77) |  |  | (74) |  |  | (71) |  |  | (71) |  |  |  |  |  |  | (295) |  |  | (264) |
DAC/VOBA and other intangibles amortization | (28) |  |  | (28) |  |  | (28) |  |  | (28) |  |  | (28) |  |  |  |  |  |  | (112) |  |  | (90) |
Adjusted operating earnings before income taxes | 209 |  |  | 255 |  |  | 261 |  |  | 235 |  |  | 207 |  |  |  |  |  |  | 960 |  |  | 842 |
Adjusted Operating Margin TTM | 39.4 | % |  | 39.8 | % |  | 39.8 | % |  | 39.3 | % |  | 39.7 | % |  |  |  |  |  |  |  |
Full Service Revenue (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Full Service Investment spread and other investment income | 219 |  |  | 238 |  |  | 236 |  |  | 235 |  |  | 212 |  |  |  |  |  |  | 928 |  |  | 820 |
Full Service Fee-based revenue | 216 |  |  | 236 |  |  | 225 |  |  | 201 |  |  | 204 |  |  |  |  |  |  | 878 |  |  | 727 |
Total Full Service Revenue | 435 |  |  | 474 |  |  | 461 |  |  | 437 |  |  | 416 |  |  |  |  |  |  | 1,807 |  |  | 1,546 |
Client Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fee-based | 685,029 |  | 701,089 |  | 689,147 |  | 662,433 |  | 601,790 |  |  |  |  |  | 685,029 |  |  | 601,790 |
Spread-based (6) | 32,492 |  | 32,684 |  | 32,994 |  | 33,220 |  | 33,306 |  |  |  |  |  | 32,492 |  |  | 33,306 |
Investment-only Stable Value | 36,673 |  | 36,659 |  | 36,245 |  | 36,678 |  | 36,157 |  |  |  |  |  | 36,673 |  |  | 36,157 |
Wealth Management (7) | 30,261 |  | 30,852 |  | 30,363 |  | 28,899 |  | 26,946 |  |  |  |  |  | 30,261 |  |  | 26,946 |
Eliminations (8) | (4,755) |  | (4,776) |  | (3,930) |  | (3,986) |  | (4,018) |  |  |  |  |  | (4,755) |  |  | (4,018) |
Total Client Assets | 779,701 |  | 796,508 |  | 784,821 |  | 757,244 |  | 694,180 |  |  |  |  |  | 779,701 |  |  | 694,180 |
(1) See page 35 for additional detail on Alternative investment income.
(2) Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.
(3) The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026.
(4) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. |  |  |  |
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(7) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
(8) Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.

Voya Financial |  | Page 16 of 43 |

Retirement Client Assets Rollforward by Product Group

| Three Months Ended or As of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Full Service - Client Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fee-based | 240,088 |  |  | 248,617 |  |  | 248,945 |  |  | 237,544 |  |  | 218,347 |  |  |  |  |  |  | 240,088 |  |  | 218,347 |
Spread-based | 32,218 |  |  | 32,405 |  |  | 32,709 |  |  | 32,933 |  |  | 33,010 |  |  |  |  |  |  | 32,218 |  |  | 33,010 |
Client Assets, end of period - Full Service Total | 272,305 |  |  | 281,022 |  |  | 281,654 |  |  | 270,477 |  |  | 251,357 |  |  |  |  |  |  | 272,305 |  |  | 251,357 |
Full Service - Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client Assets, beginning of period | 281,022 |  |  | 281,654 |  |  | 270,477 |  |  | 251,357 |  |  | 208,448 |  |  |  |  |  |  | 251,357 |  |  | 196,607 |
Transfers / Single deposits | 2,354 |  |  | 2,460 |  |  | 1,910 |  |  | 2,174 |  |  | 2,413 |  |  |  |  |  |  | 8,898 |  |  | 9,389 |
Recurring deposits | 6,005 |  |  | 5,008 |  |  | 5,272 |  |  | 5,396 |  |  | 6,063 |  |  |  |  |  |  | 21,681 |  |  | 17,924 |
Total Deposits | 8,359 |  |  | 7,468 |  |  | 7,182 |  |  | 7,571 |  |  | 8,475 |  |  |  |  |  |  | 30,580 |  |  | 27,311 |
Surrenders, benefits, and product charges | (12,623) |  |  | (11,679) |  |  | (10,104) |  |  | (8,692) |  |  | (9,304) |  |  |  |  |  |  | (43,098) |  |  | (29,412) |
Net Flows | (4,264) |  |  | (4,211) |  |  | (2,922) |  |  | (1,121) |  |  | (828) |  |  |  |  |  |  | (12,518) |  |  | (2,100) |
Interest credited and investment performance | (4,453) |  |  | 3,579 |  |  | 14,099 |  |  | 20,241 |  |  | (3,809) |  |  |  |  |  |  | 33,466 |  |  | 9,304 |
Transfer due to business acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 47,547 |  |  |  |  |  |  | — |  |  | 47,547 |
Client Assets, end of period - Full Service Total | 272,305 |  |  | 281,022 |  |  | 281,654 |  |  | 270,477 |  |  | 251,357 |  |  |  |  |  |  | 272,305 |  |  | 251,357 |
Recordkeeping |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client Assets, beginning of period | 446,988 |  |  | 434,835 |  |  | 419,669 |  |  | 378,366 |  |  | 340,254 |  |  |  |  |  |  | 378,366 |  |  | 315,134 |
Transfers / Single deposits | 1,806 |  |  | 8,044 |  |  | 4,272 |  |  | 15,107 |  |  | 34,611 |  |  |  |  |  |  | 29,229 |  |  | 47,429 |
Recurring deposits | 9,072 |  |  | 6,784 |  |  | 6,567 |  |  | 7,291 |  |  | 8,380 |  |  |  |  |  |  | 29,714 |  |  | 25,800 |
Total Deposits | 10,878 |  |  | 14,828 |  |  | 10,839 |  |  | 22,399 |  |  | 42,991 |  |  |  |  |  |  | 58,944 |  |  | 73,228 |
Surrenders, benefits, and product charges | (15,811) |  |  | (12,379) |  |  | (18,949) |  |  | (9,667) |  |  | (12,759) |  |  |  |  |  |  | (56,806) |  |  | (39,485) |
Net Flows | (4,933) |  |  | 2,449 |  |  | (8,110) |  |  | 12,732 |  |  | 30,232 |  |  |  |  |  |  | 2,138 |  |  | 33,744 |
Interest credited and investment performance | (2,567) |  |  | 9,704 |  |  | 23,276 |  |  | 28,570 |  |  | (5,200) |  |  |  |  |  |  | 58,983 |  |  | 16,408 |
Transfer due to business acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 13,080 |  |  |  |  |  |  | — |  |  | 13,080 |
Client Assets, end of period - Recordkeeping | 439,488 |  |  | 446,988 |  |  | 434,835 |  |  | 419,669 |  |  | 378,366 |  |  |  |  |  |  | 439,488 |  |  | 378,366 |
Total Defined Contribution (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client Assets, beginning of period | 728,011 |  |  | 716,489 |  |  | 690,146 |  |  | 629,723 |  |  | 548,702 |  |  |  |  |  |  | 629,723 |  |  | 511,741 |
Transfers / Single deposits | 4,160 |  |  | 10,503 |  |  | 6,182 |  |  | 17,282 |  |  | 37,024 |  |  |  |  |  |  | 38,127 |  |  | 56,819 |
Recurring deposits | 15,077 |  |  | 11,793 |  |  | 11,839 |  |  | 12,688 |  |  | 14,443 |  |  |  |  |  |  | 51,397 |  |  | 43,722 |
Total Deposits | 19,237 |  |  | 22,296 |  |  | 18,021 |  |  | 29,970 |  |  | 51,467 |  |  |  |  |  |  | 89,524 |  |  | 100,541 |
Surrenders, benefits, and product charges | (28,434) |  |  | (24,058) |  |  | (29,053) |  |  | (18,358) |  |  | (22,063) |  |  |  |  |  |  | (99,903) |  |  | (68,898) |
Net Flows | (9,197) |  |  | (1,762) |  |  | (11,032) |  |  | 11,611 |  |  | 29,404 |  |  |  |  |  |  | (10,380) |  |  | 31,644 |
Interest credited and investment performance | (7,021) |  |  | 13,284 |  |  | 37,375 |  |  | 48,811 |  |  | (9,009) |  |  |  |  |  |  | 92,449 |  |  | 25,712 |
Transfer due to business acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 60,627 |  |  |  |  |  |  | — |  |  | 60,627 |
Client Assets, end of period - Total Defined Contribution | 711,793 |  |  | 728,011 |  |  | 716,489 |  |  | 690,146 |  |  | 629,723 |  |  |  |  |  |  | 711,793 |  |  | 629,723 |
(1) Total of Full Service and Recordkeeping. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Voya Financial |  | Page 17 of 43 |

Retirement Client Assets Rollforward by Product Group

| Three Months Ended or As of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Defined Contribution Investment-only Stable Value (SV) (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets, beginning of period | 36,659 |  |  | 36,245 |  |  | 36,678 |  |  | 36,157 |  |  | 34,557 |  |  |  |  |  |  | 36,157 |  |  | 34,814 |
Transfers / Single deposits | 501 |  |  | 1,192 |  |  | 94 |  |  | 814 |  |  | 1,629 |  |  |  |  |  |  | 2,601 |  |  | 3,036 |
Recurring deposits | 152 |  |  | 350 |  |  | 367 |  |  | 145 |  |  | 554 |  |  |  |  |  |  | 1,014 |  |  | 924 |
Total Deposits | 653 |  |  | 1,542 |  |  | 462 |  |  | 959 |  |  | 2,183 |  |  |  |  |  |  | 3,616 |  |  | 3,960 |
Surrenders, benefits, and product charges | (1,096) |  |  | (1,713) |  |  | (1,716) |  |  | (707) |  |  | (1,024) |  |  |  |  |  |  | (5,232) |  |  | (4,606) |
Net Flows | (443) |  |  | (171) |  |  | (1,254) |  |  | 252 |  |  | 1,159 |  |  |  |  |  |  | (1,616) |  |  | (646) |
Interest credited and investment performance | 456 |  |  | 585 |  |  | 821 |  |  | 270 |  |  | 440 |  |  |  |  |  |  | 2,132 |  |  | 1,988 |
Assets, end of period - Defined Contribution Investment-only SV | 36,673 |  |  | 36,659 |  |  | 36,245 |  |  | 36,678 |  |  | 36,157 |  |  |  |  |  |  | 36,673 |  |  | 36,157 |
Wealth Management (2)(3) | 30,261 |  |  | 30,856 |  |  | 30,367 |  |  | 28,903 |  |  | 26,950 |  |  |  |  |  |  | 30,261 |  |  | 26,950 |
Other Assets (4) | 5,728 |  |  | 5,758 |  |  | 5,648 |  |  | 5,503 |  |  | 5,368 |  |  |  |  |  |  | 5,728 |  |  | 5,368 |
Eliminations (5) | (4,755) |  |  | (4,776) |  |  | (3,930) |  |  | (3,986) |  |  | (4,018) |  |  |  |  |  |  | (4,755) |  |  | (4,018) |
Total Client Assets | 779,701 |  |  | 796,508 |  |  | 784,821 |  |  | 757,244 |  |  | 694,180 |  |  |  |  |  |  | 779,701 |  |  | 694,180 |
(1) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(2) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
(3) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue.

Investment Management

Voya Financial |  | Page 19 of 43 |

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

| Three Months Ended |  |  |  | Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Sources of Adjusted operating earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment capital income (1) | 7 |  |  | 6 |  |  | 11 |  |  | 4 |  |  | 5 |  |  |  |  |  |  | 28 |  |  | 20 |
Other investment income | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |  |  | 3 |  |  | 4 |
Investment spread and other investment income | 7 |  |  | 7 |  |  | 12 |  |  | 5 |  |  | 6 |  |  |  |  |  |  | 31 |  |  | 24 |
Fee-based margin (2) | 244 |  |  | 283 |  |  | 245 |  |  | 234 |  |  | 237 |  |  |  |  |  |  | 1,006 |  |  | 967 |
Net revenue (3) | 251 |  |  | 290 |  |  | 257 |  |  | 239 |  |  | 243 |  |  |  |  |  |  | 1,037 |  |  | 991 |
Administrative expenses | (192) |  |  | (198) |  |  | (177) |  |  | (174) |  |  | (190) |  |  |  |  |  |  | (741) |  |  | (713) |
Adjusted operating earnings before income taxes, including noncontrolling interest | 59 |  |  | 92 |  |  | 80 |  |  | 65 |  |  | 53 |  |  |  |  |  |  | 296 |  |  | 278 |
Adjusted Operating Margin TTM | 28.6 | % |  | 28.3 | % |  | 28.5 | % |  | 28.0 | % |  | 28.1 | % |  |  |  |  |  |  |  |
Fee-based margin (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory and administrative revenue | 243 |  |  | 250 |  |  | 245 |  |  | 237 |  |  | 236 |  |  |  |  |  |  | 975 |  |  | 936 |
Other fee-based margin | 1 |  |  | 33 |  |  | — |  |  | (3) |  |  | 1 |  |  |  |  |  |  | 31 |  |  | 30 |
Fee-based margin | 244 |  |  | 283 |  |  | 245 |  |  | 234 |  |  | 237 |  |  |  |  |  |  | 1,006 |  |  | 967 |
Reconciliation to Adjusted operating earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating earnings before income taxes, including noncontrolling interest | 59 |  |  | 92 |  |  | 80 |  |  | 65 |  |  | 53 |  |  |  |  |  |  | 296 |  |  | 278 |
Less: Earnings (loss) attributable to the noncontrolling interest (4) | 13 |  |  | 21 |  |  | 18 |  |  | 14 |  |  | 12 |  |  |  |  |  |  | 66 |  |  | 65 |
Adjusted operating earnings before income taxes | 46 |  |  | 72 |  |  | 62 |  |  | 51 |  |  | 41 |  |  |  |  |  |  | 231 |  |  | 213 |
(1) See page 35 for additional detail on Alternative investment income, including Investment capital income.
(2) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Voya Financial |  | Page 20 of 43 |

Investment Management Analysis of AUM and AUA

| Three Months Ended or as of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Client Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional | 169,767 |  |  | 171,557 |  |  | 173,442 |  |  | 166,833 |  |  | 161,220 |  |  |  |  |  |  | 169,767 |  |  | 161,220 |
Retail (1) | 146,764 |  |  | 151,279 |  |  | 156,355 |  |  | 156,329 |  |  | 147,025 |  |  |  |  |  |  | 146,764 |  |  | 147,025 |
Subtotal External Clients | 316,532 |  |  | 322,835 |  |  | 329,797 |  |  | 323,162 |  |  | 308,245 |  |  |  |  |  |  | 316,532 |  |  | 308,245 |
General Account | 36,899 |  |  | 37,290 |  |  | 36,503 |  |  | 36,428 |  |  | 36,734 |  |  |  |  |  |  | 36,899 |  |  | 36,734 |
Total Client Assets (AUM) | 353,431 |  |  | 360,125 |  |  | 366,300 |  |  | 359,589 |  |  | 344,978 |  |  |  |  |  |  | 353,431 |  |  | 344,978 |
Assets under Advisement and Administration (AUA) (1) | 58,989 |  |  | 62,030 |  |  | 53,527 |  |  | 53,530 |  |  | 50,162 |  |  |  |  |  |  | 58,989 |  |  | 50,162 |
Total AUM and AUA | 412,420 |  |  | 422,155 |  |  | 419,827 |  |  | 413,119 |  |  | 395,140 |  |  |  |  |  |  | 412,420 |  |  | 395,140 |
Investment Advisory and Administrative Revenues (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional | 92 |  |  | 94 |  |  | 92 |  |  | 89 |  |  | 89 |  |  |  |  |  |  | 367 |  | 355
Retail | 127 |  |  | 134 |  |  | 130 |  |  | 125 |  |  | 124 |  |  |  |  |  |  | 516 |  | 494
Subtotal External Clients | 219 |  |  | 228 |  |  | 222 |  |  | 214 |  |  | 213 |  |  |  |  |  |  | 883 |  | 849
General Account | 19 |  |  | 18 |  |  | 18 |  |  | 19 |  |  | 19 |  |  |  |  |  |  | 74 |  | 70
Total Investment Advisory and Administrative Revenues (AUM) | 238 |  |  | 246 |  |  | 240 |  |  | 232 |  |  | 232 |  |  |  |  |  |  | 956 |  | 919
Administration Only Fees | 5 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 5 |  |  |  |  |  |  | 18 |  | 17
Total Investment Advisory and Administrative Revenues | 243 |  |  | 250 |  |  | 245 |  |  | 237 |  |  | 236 |  |  |  |  |  |  | 975 |  | 936
Revenue Yield (bps) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Clients |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional | 21.4 |  |  | 21.7 |  |  | 21.6 |  |  | 21.7 |  |  | 22.1 |  |  |  |  |  |  | 21.6 |  |  | 22.8 |
Retail | 33.8 |  |  | 34.1 |  |  | 33.1 |  |  | 33.2 |  |  | 33.0 |  |  |  |  |  |  | 33.6 |  |  | 33.0 |
Revenue Yield on External Clients | 27.2 |  |  | 27.6 |  |  | 27.1 |  |  | 27.2 |  |  | 27.4 |  |  |  |  |  |  | 27.3 |  |  | 27.8 |
General Account | 20.2 |  |  | 20.2 |  |  | 20.1 |  |  | 20.3 |  |  | 20.6 |  |  |  |  |  |  | 20.2 |  |  | 20.2 |
Revenue Yield on Client Assets (AUM) | 26.5 |  |  | 26.8 |  |  | 26.4 |  |  | 26.5 |  |  | 26.7 |  |  |  |  |  |  | 26.6 |  |  | 27.0 |
Revenue Yield on Advisement and Administrative Only Assets (AUA) | 3.4 |  |  | 3.0 |  |  | 3.3 |  |  | 3.5 |  |  | 3.6 |  |  |  |  |  |  | 3.3 |  |  | 3.3 |
Total Revenue Yield on AUM and AUA (bps) | 23.1 |  |  | 23.7 |  |  | 23.4 |  |  | 23.6 |  |  | 23.8 |  |  |  |  |  |  | 23.5 |  |  | 23.9 |
Revenue Yield on Client Assets (AUM) TTM | 26.6 |  |  | 26.6 |  |  | 26.7 |  |  | 26.9 |  |  | 27.0 |  |  |  |  |  |  | 26.6 |  |  | 27.0 |
(1) In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

Voya Financial |  | Page 21 of 43

Investment Management Account Rollforward by Source

| Three Months Ended or as of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Institutional AUM: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period AUM | 171,557 |  |  | 173,442 |  |  | 166,833 |  |  | 161,220 |  |  | 156,568 |  |  |  |  |  |  | 161,220 |  |  | 148,489 |
Inflows | 5,562 |  |  | 7,672 |  |  | 12,780 |  |  | 6,665 |  |  | 10,460 |  |  |  |  |  |  | 32,679 |  |  | 35,492 |
Outflows | (5,159) |  |  | (6,986) |  |  | (9,219) |  |  | (5,713) |  |  | (5,272) |  |  |  |  |  |  | (27,077) |  |  | (23,393) |
Net flows - Institutional | 403 |  |  | 686 |  |  | 3,560 |  |  | 952 |  |  | 5,187 |  |  |  |  |  |  | 5,601 |  |  | 12,098 |
Change in Market Value | (1,850) |  |  | 772 |  |  | 4,341 |  |  | 5,622 |  |  | (345) |  |  |  |  |  |  | 8,885 |  |  | 4,243 |
Other (Including Acquisitions / Divestitures) | (342) |  |  | (3,344) |  |  | (1,292) |  |  | (961) |  |  | (191) |  |  |  |  |  |  | (5,939) |  |  | (3,611) |
End of period AUM - Institutional | 169,767 |  |  | 171,557 |  |  | 173,442 |  |  | 166,833 |  |  | 161,220 |  |  |  |  |  |  | 169,767 |  |  | 161,220 |
Organic Growth (Net Flows/Beginning of period AUM) | 0.2 | % |  | 0.4 | % |  | 2.1 | % |  | 0.6 | % |  | 3.3 | % |  |  |  |  |  | 3.5 | % |  | 8.1 | %
Market Growth % | -1.1 | % |  | 0.4 | % |  | 2.6 | % |  | 3.5 | % |  | -0.2 | % |  |  |  |  |  | 5.5 | % |  | 2.9 | %
Retail AUM: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period AUM | 151,279 |  |  | 156,355 |  |  | 156,329 |  |  | 147,025 |  |  | 149,214 |  |  |  |  |  |  | 147,025 |  |  | 148,710 |
Inflows | 10,474 |  |  | 12,033 |  |  | 11,408 |  |  | 11,093 |  |  | 12,774 |  |  |  |  |  |  | 45,008 |  |  | 44,624 |
Outflows | (10,812) |  |  | (11,540) |  |  | (11,091) |  |  | (10,218) |  |  | (10,279) |  |  |  |  |  |  | (43,661) |  |  | (37,076) |
Net flows - Retail | (338) |  |  | 493 |  |  | 317 |  |  | 874 |  |  | 2,496 |  |  |  |  |  |  | 1,346 |  |  | 7,549 |
Net Money Market Flows | (133) |  |  | (42) |  |  | (38) |  |  | 49 |  |  | 117 |  |  |  |  |  |  | (164) |  |  | 312 |
Change in Market Value | (4,648) |  |  | 2,289 |  |  | 7,072 |  |  | 8,984 |  |  | (4,816) |  |  |  |  |  |  | 13,695 |  |  | 1,124 |
Net Flows from Divested Businesses (1) | (270) |  |  | (28) |  |  | (6,397) |  |  | (259) |  |  | (374) |  |  |  |  |  |  | (6,954) |  |  | (8,717) |
Other (Including Acquisitions / Divestitures) | 875 |  |  | (7,787) |  |  | (927) |  |  | (344) |  |  | 388 |  |  |  |  |  |  | (8,183) |  |  | (1,954) |
End of period AUM - Retail | 146,764 |  |  | 151,279 |  |  | 156,355 |  |  | 156,329 |  |  | 147,025 |  |  |  |  |  |  | 146,764 |  |  | 147,025 |
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) | -0.2 | % |  | 0.3 | % |  | 0.2 | % |  | 0.6 | % |  | 1.7 | % |  |  |  |  |  | 0.9 | % |  | 5.1 | %
Market Growth % | -3.1 | % |  | 1.5 | % |  | 4.5 | % |  | 6.1 | % |  | -3.2 | % |  |  |  |  |  | 9.3 | % |  | 0.8 | %
Net Flows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Net Flows | 403 |  |  | 686 |  |  | 3,560 |  |  | 952 |  |  | 5,187 |  |  |  |  |  |  | 5,601 |  |  | 12,097 |
Retail Net Flows | (338) |  |  | 493 |  |  | 317 |  |  | 874 |  |  | 2,496 |  |  |  |  |  |  | 1,346 |  |  | 7,549 |
Net Flows from Divested Businesses | (270) |  |  | (28) |  |  | (6,397) |  |  | (259) |  |  | (374) |  |  |  |  |  |  | (6,954) |  |  | (8,717) |
Total Net Flows | (205) |  |  | 1,151 |  |  | (2,520) |  |  | 1,567 |  |  | 7,310 |  |  |  |  |  |  | (7) |  |  | 10,930 |
Net Flows excluding Net Flows from Divested Businesses | 65 |  |  | 1,179 |  |  | 3,877 |  |  | 1,826 |  |  | 7,683 |  |  |  |  |  |  | 6,947 |  |  | 19,646 |
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM) | — | % |  | 0.4 | % |  | 1.2 | % |  | 0.6 | % |  | 2.5 | % |  |  |  |  |  | 2.3 | % |  | 6.6 | %
(1) In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership.

Voya Financial |  | Page 22 of 43

Investment Management Account Value by Asset Type

| Balances as of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
Institutional |  |  |  |  |  |  |  |  |
Equity | 27,382 |  |  | 29,286 |  |  | 29,404 |  |  | 27,457 |  |  | 22,375 |
Fixed Income - Public | 61,306 |  |  | 61,530 |  |  | 61,776 |  |  | 56,899 |  |  | 57,182 |
Fixed Income - Privates | 70,118 |  |  | 70,105 |  |  | 69,611 |  |  | 68,818 |  |  | 67,245 |
Alternatives | 10,961 |  |  | 10,636 |  |  | 12,651 |  |  | 13,659 |  |  | 14,418 |
Money Market | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 169,767 |  |  | 171,557 |  |  | 173,442 |  |  | 166,833 |  |  | 161,220 |
Retail |  |  |  |  |  |  |  |  |
Equity | 70,203 |  |  | 73,239 |  |  | 77,684 |  |  | 78,699 |  |  | 70,634 |
Fixed Income - Public | 72,138 |  |  | 73,414 |  |  | 73,976 |  |  | 72,870 |  |  | 71,625 |
Fixed Income - Privates | 125 |  |  | 128 |  |  | 123 |  |  | 277 |  |  | 311 |
Alternatives | 1,891 |  |  | 1,961 |  |  | 1,995 |  |  | 1,876 |  |  | 1,910 |
Money Market | 2,407 |  |  | 2,537 |  |  | 2,576 |  |  | 2,606 |  |  | 2,544 |
Total | 146,764 |  |  | 151,279 |  |  | 156,355 |  |  | 156,329 |  |  | 147,025 |
General Account |  |  |  |  |  |  |  |  |
Equity | 269 |  |  | 279 |  |  | 125 |  |  | 112 |  |  | 138 |
Fixed Income - Public | 18,136 |  |  | 18,284 |  |  | 18,272 |  |  | 17,870 |  |  | 18,071 |
Fixed Income - Privates | 16,005 |  |  | 16,072 |  |  | 15,973 |  |  | 16,271 |  |  | 16,574 |
Alternatives | 1,960 |  |  | 2,003 |  |  | 1,712 |  |  | 1,615 |  |  | 1,650 |
Money Market | 529 |  |  | 652 |  |  | 421 |  |  | 560 |  |  | 300 |
Total | 36,899 |  |  | 37,290 |  |  | 36,503 |  |  | 36,428 |  |  | 36,734 |
Combined Asset Type |  |  |  |  |  |  |  |  |
Equity | 97,854 |  |  | 102,804 |  |  | 107,213 |  |  | 106,268 |  |  | 93,147 |
Fixed Income - Public | 151,579 |  |  | 153,227 |  |  | 154,024 |  |  | 147,639 |  |  | 146,878 |
Fixed Income - Privates | 86,248 |  |  | 86,305 |  |  | 85,707 |  |  | 85,366 |  |  | 84,130 |
Alternatives | 14,813 |  |  | 14,600 |  |  | 16,359 |  |  | 17,150 |  |  | 17,979 |
Money Market | 2,936 |  |  | 3,189 |  |  | 2,997 |  |  | 3,166 |  |  | 2,844 |
Total | 353,431 |  |  | 360,125 |  |  | 366,300 |  |  | 359,589 |  |  | 344,978 |
Total Private and Alternative Assets | 101,061 |  |  | 100,905 |  |  | 102,066 |  |  | 102,516 |  |  | 102,109 |
% of Private and Alternative Assets / Total AUM | 28.6 | % |  | 28.0 | % |  | 27.9 | % |  | 28.5 | % |  | 29.6 | %

Employee Benefits

Voya Financial |  | Page 24 of 43 |

Employee Benefits Sources of Adjusted Operating Earnings before income taxes

| Three Months Ended |  |  |  | Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Sources of Adjusted operating earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross investment income | 27 |  |  | 27 |  |  | 27 |  |  | 27 |  |  | 27 |  |  |  |  |  |  | 108 |  |  | 105 |
Investment expenses | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  |  |  |  |  | (4) |  |  | (4) |
Credited interest | (11) |  |  | (11) |  |  | (11) |  |  | (11) |  |  | (12) |  |  |  |  |  |  | (44) |  |  | (49) |
Net margin | 14 |  |  | 15 |  |  | 15 |  |  | 14 |  |  | 14 |  |  |  |  |  |  | 58 |  |  | 52 |
Alternative investment income (1) | 5 |  |  | 8 |  |  | 7 |  |  | 7 |  |  | 3 |  |  |  |  |  |  | 27 |  |  | 13 |
Other investment income | 12 |  |  | 11 |  |  | 12 |  |  | 10 |  |  | 10 |  |  |  |  |  |  | 45 |  |  | 39 |
Investment spread and other investment income | 31 |  |  | 34 |  |  | 34 |  |  | 31 |  |  | 27 |  |  |  |  |  |  | 130 |  |  | 104 |
Fee-based margin (2) | 59 |  |  | 57 |  |  | 54 |  |  | 56 |  |  | 56 |  |  |  |  |  |  | 226 |  |  | 224 |
Net underwriting gain (loss) and other revenue | 226 |  |  | 151 |  |  | 195 |  |  | 216 |  |  | 206 |  |  |  |  |  |  | 788 |  |  | 644 |
Net revenue (3) | 316 |  |  | 242 |  |  | 284 |  |  | 303 |  |  | 290 |  |  |  |  |  |  | 1,145 |  |  | 972 |
Administrative expenses | (145) |  |  | (143) |  |  | (134) |  |  | (132) |  |  | (139) |  |  |  |  |  |  | (554) |  |  | (530) |
Premium taxes, fees and assessments | (50) |  |  | (52) |  |  | (52) |  |  | (50) |  |  | (50) |  |  |  |  |  |  | (204) |  |  | (196) |
Net commissions | (44) |  |  | (45) |  |  | (39) |  |  | (44) |  |  | (45) |  |  |  |  |  |  | (172) |  |  | (182) |
DAC/VOBA and other intangibles amortization | (14) |  |  | (12) |  |  | (12) |  |  | (7) |  |  | (9) |  |  |  |  |  |  | (45) |  |  | (36) |
Adjusted operating earnings before income taxes | 63 |  |  | (10) |  |  | 47 |  |  | 69 |  |  | 46 |  |  |  |  |  |  | 169 |  |  | 27 |
Adjusted Operating Margin TTM | 14.7 | % |  | 13.6 | % |  | 6.0 | % |  | 3.7 | % |  | 2.7 | % |  |  |  |  |  |  |  |
Group life: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums | 155 |  |  | 165 |  |  | 162 |  |  | 166 |  |  | 162 |  |  |  |  |  |  | 648 |  |  | 667 |
Benefits | (110) |  |  | (116) |  |  | (120) |  |  | (124) |  |  | (146) |  |  |  |  |  |  | (470) |  |  | (542) |
Other (4) | (3) |  |  | (3) |  |  | (3) |  |  | (3) |  |  | (2) |  |  |  |  |  |  | (12) |  |  | (11) |
Total Group life | 43 |  |  | 47 |  |  | 39 |  |  | 40 |  |  | 14 |  |  |  |  |  |  | 169 |  |  | 115 |
Group life Loss Ratio (interest adjusted) (5) | 70.6 | % |  | 70.0 | % |  | 74.2 | % |  | 74.3 | % |  | 90.3 | % |  |  |  |  |  | 72.3 | % |  | 81.2 | %
Group Stop loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums | 382 |  |  | 391 |  |  | 388 |  |  | 388 |  |  | 390 |  |  |  |  |  |  | 1,549 |  |  | 1,746 |
Benefits (6) | (304) |  |  | (375) |  |  | (324) |  |  | (312) |  |  | (293) |  |  |  |  |  |  | (1,315) |  |  | (1,613) |
Other (4) | (1) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (2) |  |  |  |  |  |  | (5) |  |  | (7) |
Total Group Stop loss | 77 |  |  | 14 |  |  | 62 |  |  | 75 |  |  | 96 |  |  |  |  |  |  | 228 |  |  | 127 |
Stop loss Loss Ratio (5) | 79.5 | % |  | 96.0 | % |  | 83.6 | % |  | 80.3 | % |  | 75.0 | % |  |  |  |  |  | 84.9 | % |  | 92.3 | %
Voluntary Benefits, Disability, and Other | 106 |  |  | 90 |  |  | 94 |  |  | 100 |  |  | 97 |  |  |  |  |  |  | 390 |  |  | 402 |
Net underwriting gain (loss) and other revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums | 743 |  |  | 744 |  |  | 739 |  |  | 741 |  |  | 747 |  |  |  |  |  |  | 2,967 |  |  | 3,165 |
Benefits | (515) |  |  | (591) |  |  | (542) |  |  | (524) |  |  | (538) |  |  |  |  |  |  | (2,172) |  |  | (2,512) |
Other (4) | (2) |  |  | (2) |  |  | (2) |  |  | (2) |  |  | (3) |  |  |  |  |  |  | (8) |  |  | (8) |
Total Net underwriting gain (loss) and other revenue | 226 |  |  | 151 |  |  | 195 |  |  | 216 |  |  | 206 |  |  |  |  |  |  | 788 |  |  | 644 |
Total Aggregate Loss Ratio (5) | 69.4 | % |  | 79.5 | % |  | 73.4 | % |  | 70.7 | % |  | 72.0 | % |  |  |  |  |  | 73.2 | % |  | 79.4 | %
Total Aggregate Loss Ratio TTM (5) | 73.2 | % |  | 73.9 | % |  | 78.0 | % |  | 79.0 | % |  | 79.4 | % |  |  |  |  |  |  |  |
(1) See page 35 for additional detail on Alternative investment income.
(2) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. |  |  |  |
(3) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. |  |  |  |
(4) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. |  |  |  |
(5) Reported Loss ratios are net of reinsurance recoveries.
(6) The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years.

Voya Financial |  | Page 25 of 43 |

Quarterly Loss Ratio Development for Group Stop Loss

| Estimated Ultimate Loss Ratio as of
| Three Months Ended |
| 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  |  |
2026 Stop Loss Policy Year (1) | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |
2025 Stop Loss Policy Year(1) | 90 | % |  | 90 | % |  | 87 | % |  | 87 | % |  | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |
2024 Stop Loss Policy Year (Largely Developed) (1) | 89 | % |  | 89 | % |  | 90 | % |  | 90 | % |  | 92 | % |  | 94 | % |  | 86 | % |  | 81 | % |  | 81 | % |  |  |
Reported Loss Ratio for Stop Loss (2) | 80 | % |  | 96 | % |  | 84 | % |  | 80 | % |  | 75 | % |  | 115 | % |  | 93 | % |  | 83 | % |  | 84 | % |  |  |
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page 43 for further details on January and Non-January cohorts.
(2) Reported Loss ratios are net of reinsurance recoveries.

Voya Financial |  | Page 26 of 43 |

Employee Benefits Key Metrics

| Three Months Ended or As of |  |  |  | Twelve Months Ended or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Sales by Product Line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group life and Disability | 71 |  |  | 7 |  |  | 29 |  |  | 22 |  |  | 74 |  |  |  |  |  |  | 129 |  |  | 110 |
Stop loss | 280 |  |  | 27 |  |  | 59 |  |  | 14 |  |  | 265 |  |  |  |  |  |  | 380 |  |  | 335 |
Voluntary and Other (1) | 121 |  |  | 11 |  |  | 17 |  |  | 37 |  |  | 99 |  |  |  |  |  |  | 186 |  |  | 168 |
Total sales by product line | 472 |  |  | 45 |  |  | 105 |  |  | 73 |  |  | 438 |  |  |  |  |  |  | 695 |  |  | 612 |
Total gross premiums and deposits | 838 |  |  | 825 |  |  | 837 |  |  | 843 |  |  | 846 |  |  |  |  |  |  | 3,343 |  |  | 3,546 |
Annualized In-force Premiums and Fees by Product Line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group life and Disability | 916 |  |  | 965 |  |  | 989 |  |  | 977 |  |  | 971 |  |  |  |  |  |  | 916 |  |  | 971 |
Stop loss | 1,563 |  |  | 1,578 |  |  | 1,572 |  |  | 1,569 |  |  | 1,589 |  |  |  |  |  |  | 1,563 |  |  | 1,589 |
Voluntary and Other (1) | 1,157 |  |  | 1,103 |  |  | 1,100 |  |  | 1,103 |  |  | 1,117 |  |  |  |  |  |  | 1,157 |  |  | 1,117 |
Total annualized in-force premiums and fees by product line | 3,636 |  |  | 3,646 |  |  | 3,662 |  |  | 3,649 |  |  | 3,677 |  |  |  |  |  |  | 3,636 |  |  | 3,677 |
Assets Under Management by Fund Group: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General account | 1,737 |  |  | 1,805 |  |  | 1,906 |  |  | 1,945 |  |  | 1,870 |  |  |  |  |  |  | 1,737 |  |  | 1,870 |
Separate account | 18 |  |  | 19 |  |  | 19 |  |  | 18 |  |  | 17 |  |  |  |  |  |  | 18 |  |  | 17 |
Total AUM | 1,755 |  |  | 1,824 |  |  | 1,925 |  |  | 1,963 |  |  | 1,887 |  |  |  |  |  |  | 1,755 |  |  | 1,887 |
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products. |  |  |  |

Corporate

Voya Financial |  | Page 28 of 43 |

Corporate Adjusted Operating Earnings Before Income Taxes

| Three Months Ended |  |  |  | Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  |  |  |  |  | 3/31/2026 |  | 3/31/2025
Interest expense (excluding Preferred stock dividends) (1) | (31) |  |  | (30) |  |  | (30) |  |  | (28) |  |  | (31) |  |  |  |  |  |  | (119) |  |  | (123) |
Preferred stock dividends | (17) |  |  | (4) |  |  | (16) |  |  | (4) |  |  | (17) |  |  |  |  |  |  | (41) |  |  | (41) |
Pension expense (2) | (13) |  |  | (13) |  |  | (13) |  |  | (13) |  |  | (13) |  |  |  |  |  |  | (52) |  |  | (49) |
Other (3) | (2) |  |  | (47) |  |  | (22) |  |  | (22) |  |  | (2) |  |  |  |  |  |  | (93) |  |  | 9 |
Adjusted operating earnings before income taxes, including noncontrolling interest | (63) |  |  | (94) |  |  | (81) |  |  | (67) |  |  | (63) |  |  |  |  |  |  | (305) |  |  | (204) |
Less: Earnings (loss) attributable to the noncontrolling interest | (2) |  |  | (3) |  |  | (1) |  |  | (1) |  |  | (1) |  |  |  |  |  |  | (7) |  |  | (3) |
Adjusted operating earnings before income taxes | (61) |  |  | (90) |  |  | (80) |  |  | (67) |  |  | (62) |  |  |  |  |  |  | (298) |  |  | (201) |
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Administrative Expenses and Adjusted Operating Return on Capital

Voya Financial |  | Page 30 of 43

Administrative Expenses

| Three Months Ended |  | Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Retirement | (286) |  |  | (271) |  |  | (254) |  |  | (259) |  |  | (261) |  |  | (1,070) |  |  | (923) |
Investment Management | (192) |  |  | (198) |  |  | (177) |  |  | (174) |  |  | (190) |  |  | (741) |  |  | (713) |
Employee Benefits | (145) |  |  | (143) |  |  | (134) |  |  | (132) |  |  | (139) |  |  | (554) |  |  | (530) |
Total Administrative Expenses (1) | (623) |  |  | (612) |  |  | (565) |  |  | (565) |  |  | (590) |  |  | (2,365) |  |  | (2,166) |
(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

Voya Financial |  | Page 31 of 43

Adjusted Operating Return on Allocated Capital

| Twelve Months Ended
(in millions USD, unless otherwise indicated) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
Retirement |  |  |  |  |  |  |  |  |
Adjusted operating earnings before income taxes - before interest | 960 |  |  | 959 |  |  | 913 |  |  | 863 |  |  | 842 |
Income tax expense | 137 |  |  | 139 |  |  | 131 |  |  | 122 |  |  | 119 |
Adjusted Operating Earnings - before interest and after income taxes | 823 |  |  | 820 |  |  | 782 |  |  | 741 |  |  | 723 |
Adjusted Operating effective tax rate (1) | 12.9 | % |  | 14.9 | % |  | 15.0 | % |  | 14.3 | % |  | 13.4 | %
Adjusted Operating effective tax rate TTM | 14.3 | % |  | 14.5 | % |  | 14.3 | % |  | 14.1 | % |  | 14.1 | %
Average Capital | 3,783 |  |  | 3,747 |  |  | 3,674 |  |  | 3,584 |  |  | 3,483 |
Ending Capital (2) | 3,852 |  |  | 3,746 |  |  | 3,791 |  |  | 3,771 |  |  | 3,796 |
Adjusted Return on Capital | 21.8 | % |  | 21.9 | % |  | 21.3 | % |  | 20.7 | % |  | 20.7 | %
Investment Management |  |  |  |  |  |  |  |  |
Adjusted operating earnings before income taxes - before interest (3) | 231 |  |  | 226 |  |  | 220 |  |  | 214 |  |  | 213 |
Income tax expense | 49 |  |  | 47 |  |  | 46 |  |  | 45 |  |  | 45 |
Adjusted Operating Earnings - before interest and after income taxes (3) | 182 |  |  | 179 |  |  | 174 |  |  | 169 |  |  | 168 |
Adjusted Operating effective tax rate (1) | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Adjusted Operating effective tax rate TTM | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Average Capital | 877 |  |  | 876 |  |  | 870 |  |  | 861 |  |  | 851 |
Ending Capital (2) | 872 |  |  | 876 |  |  | 883 |  |  | 875 |  |  | 874 |
Adjusted Return on Capital | 20.9 | % |  | 20.4 | % |  | 20.1 | % |  | 19.6 | % |  | 19.7 | %
Employee Benefits |  |  |  |  |  |  |  |  |
Adjusted operating earnings before income taxes - before interest | 169 |  |  | 152 |  |  | 59 |  |  | 36 |  |  | 27 |
Income tax expense | 35 |  |  | 32 |  |  | 12 |  |  | 7 |  |  | 6 |
Adjusted Operating Earnings - before interest and after income taxes | 134 |  |  | 120 |  |  | 47 |  |  | 29 |  |  | 21 |
Adjusted Operating effective tax rate (1) | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Adjusted Operating effective tax rate TTM | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Average Capital | 1,275 |  |  | 1,288 |  |  | 1,291 |  |  | 1,286 |  |  | 1,275 |
Ending Capital (2) | 1,237 |  |  | 1,259 |  |  | 1,295 |  |  | 1,281 |  |  | 1,295 |
Adjusted Return on Capital | 10.4 | % |  | 9.3 | % |  | 3.6 | % |  | 2.2 | % |  | 1.6 | %
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.
(3) Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.

Investment Information

Voya Financial |  | Page 33 of 43

Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class

| Three Months Ended or As of |  | Year-to-Date or As of
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 3/31/2026
Invested Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book Values, Gross investment income and Earned rate (1) | Book Value | BV % | Gross Investment Income | Earned Rate (annualized) |  | Book Value | BV % | Gross Investment Income | Earned Rate (annualized) |  | Book Value | BV % | Gross Investment Income | Earned Rate (annualized)
Public corporate | 10,782 |  | 28.0 | % | 136 |  | 5.2 | % |  | 10,942 |  | 28.0 | % | 152 |  | 5.7 | % |  | 10,782 |  | 28.0 | % | 136 |  | 5.2 | %
Private credit | 8,877 |  | 23.0 | % | 116 |  | 5.4 | % |  | 8,501 |  | 22.0 | % | 99 |  | 4.7 | % |  | 8,877 |  | 23.0 | % | 116 |  | 5.4 | %
Securitized (2)(3) | 9,632 |  | 25.0 | % | 131 |  | 5.4 | % |  | 10,034 |  | 26.0 | % | 136 |  | 5.5 | % |  | 9,632 |  | 25.0 | % | 131 |  | 5.4 | %
Commercial mortgage loans | 5,631 |  | 15.0 | % | 67 |  | 4.9 | % |  | 5,574 |  | 14.0 | % | 67 |  | 5.0 | % |  | 5,631 |  | 15.0 | % | 67 |  | 4.9 | %
Municipals | 552 |  | 1.0 | % | 6 |  | 3.9 | % |  | 598 |  | 2.0 | % | 6 |  | 3.9 | % |  | 552 |  | 1.0 | % | 6 |  | 3.9 | %
Short-term / Treasury | 663 |  | 2.0 | % | 7 |  | 4.3 | % |  | 636 |  | 2.0 | % | 6 |  | 4.3 | % |  | 663 |  | 2.0 | % | 7 |  | 4.3 | %
Equity securities | 196 |  | 1.0 | % | 3 |  | 5.8 | % |  | 201 |  | 1.0 | % | 3 |  | 5.8 | % |  | 196 |  | 1.0 | % | 3 |  | 5.8 | %
Policy loans | 361 |  | 1.0 | % | 4 |  | 5.1 | % |  | 369 |  | 1.0 | % | 5 |  | 5.4 | % |  | 361 |  | 1.0 | % | 4 |  | 5.1 | %
Derivatives | (5) |  | — | % | 4 |  | N/A |  | (5) |  | — | % | 4 |  | N/A |  | (5) |  | — | % | 4 |  | N/A
Book Values and Gross Investment Income before variable components | 36,690 |  | 95.0 | % | 472 |  | 5.3 | % |  | 36,850 |  | 95.0 | % | 477 |  | 5.3 | % |  | 36,690 |  | 95.0 | % | 472 |  | 5.3 | %
Book Values and Gross Investment Income on variable components |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited partnership (4) | 1,936 |  | 5.0 | % | 32 |  | 6.9 | % |  | 1,909 |  | 5.0 | % | 53 |  | 11.7 | % |  | 1,936 |  | 5.0 | % | 32 |  | 6.9 | %
Prepayment / Other fee income | N/A | — | % | 6 |  | 0.1 | % |  | N/A | — | % | 7 |  | 0.1 | % |  | N/A | — | % | 6 |  | 0.1 | %
Book Values and Gross Investment Income (variable) | 1,936 |  | 5.0 | % | 37 |  | N/A |  | 1,909 |  | 5.0 | % | 60 |  | N/A |  | 1,936 |  | 5.0 | % | 37 |  | N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings | 38,626 |  | 100.0 | % | 510 |  | 5.4 | % |  | 38,759 |  | 100.0 | % | 537 |  | 5.7 | % |  | 38,626 |  | 100.0 | % | 510 |  | 5.4 | %
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.
(4) Includes assets and income related to foreclosed real estate.

Voya Financial |  | Page 34 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

| Three Months Ended or As of (1)
(in millions USD) | 12/31/2025 |  | 09/30/2025 |  | 06/30/2025 |  | 03/31/2025
Statutory Carrying Value | Statutory Value | SV % |  | Statutory Value | SV % |  | Statutory Value | SV % |  | Statutory Value | SV %
Public corporate | 11,035 |  | 28.0 | % |  | 10,913 |  | 28.0 | % |  | 10,585 |  | 28.0 | % |  | 10,610 |  | 28.0 | %
Private credit | 8,408 |  | 22.0 | % |  | 8,367 |  | 22.0 | % |  | 8,420 |  | 22.0 | % |  | 8,506 |  | 22.0 | %
Securitized | 9,988 |  | 26.0 | % |  | 9,979 |  | 26.0 | % |  | 9,852 |  | 26.0 | % |  | 9,996 |  | 26.0 | %
Municipals | 598 |  | 2.0 | % |  | 606 |  | 2.0 | % |  | 609 |  | 2.0 | % |  | 623 |  | 2.0 | %
Short-term / Treasury | 709 |  | 2.0 | % |  | 637 |  | 2.0 | % |  | 640 |  | 2.0 | % |  | 524 |  | 1.0 | %
Total Fixed maturities | 30,738 |  | 79.0 | % |  | 30,501 |  | 79.0 | % |  | 30,107 |  | 79.0 | % |  | 30,258 |  | 79.0 | %
Commercial mortgage loans | 5,560 |  | 14.0 | % |  | 5,371 |  | 14.0 | % |  | 5,483 |  | 14.0 | % |  | 5,553 |  | 14.0 | %
Limited partnership | 1,815 |  | 5.0 | % |  | 1,913 |  | 5.0 | % |  | 1,923 |  | 5.0 | % |  | 1,910 |  | 5.0 | %
Equity securities | 662 |  | 2.0 | % |  | 626 |  | 2.0 | % |  | 566 |  | 1.0 | % |  | 577 |  | 2.0 | %
Total | 38,775 |  | 100.0 | % |  | 38,410 |  | 100.0 | % |  | 38,079 |  | 100.0 | % |  | 38,298 |  | 100.0 | %
NAIC Ratings |  |  |  |  |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |
NAIC 1 | 16,987 |  | 55.0 | % |  | 16,695 |  | 55.0 | % |  | 16,532 |  | 55.0 | % |  | 16,304 |  | 54.0 | %
NAIC 2 | 12,448 |  | 40.0 | % |  | 12,470 |  | 41.0 | % |  | 12,178 |  | 40.0 | % |  | 12,459 |  | 41.0 | %
NAIC 3 and below | 1,303 |  | 4.0 | % |  | 1,335 |  | 4.0 | % |  | 1,396 |  | 5.0 | % |  | 1,495 |  | 5.0 | %
Total Fixed maturities | 30,738 |  | 100.0 | % |  | 30,501 |  | 100.0 | % |  | 30,107 |  | 100.0 | % |  | 30,258 |  | 100.0 | %
Commercial Mortgage Loans: |  |  |  |  |  |  |  |  |  |  |
CML 1 | 3,970 |  | 71.0 | % |  | 3,905 |  | 73.0 | % |  | 4,039 |  | 74.0 | % |  | 4,111 |  | 74.0 | %
CML 2 | 1,235 |  | 22.0 | % |  | 1,092 |  | 20.0 | % |  | 1,079 |  | 20.0 | % |  | 1,000 |  | 18.0 | %
CML 3 and below | 355 |  | 6.0 | % |  | 374 |  | 7.0 | % |  | 366 |  | 7.0 | % |  | 441 |  | 8.0 | %
Total Commercial mortgage loans | 5,560 |  | 100.0 | % |  | 5,371 |  | 100.0 | % |  | 5,483 |  | 100.0 | % |  | 5,553 |  | 100.0 | %
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial |  | Page 35 of 43

Alternative Investment Income

| Three Months Ended |  | Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Retirement (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investment income at long-term expectations (2) | 37 |  |  | 37 |  |  | 37 |  |  | 35 |  |  | 36 |  |  | 146 |  |  | 139 |
Alternative investment income above (below) expectations | (8) |  |  | 10 |  |  | 5 |  |  | 7 |  |  | (14) |  |  | 14 |  |  | (30) |
Alternative investment income | 29 |  |  | 47 |  |  | 42 |  |  | 42 |  |  | 22 |  |  | 160 |  |  | 109 |
Average alternative investments | 1,645 |  |  | 1,644 |  |  | 1,657 |  |  | 1,590 |  |  | 1,591 |  |  | 1,634 |  |  | 1,565 |
Investment Management (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investment income at long-term expectations (2) | 7 |  |  | 7 |  |  | 7 |  |  | 8 |  |  | 7 |  |  | 29 |  |  | 31 |
Alternative investment income above (below) expectations | — |  |  | (1) |  |  | 4 |  |  | (4) |  |  | (2) |  |  | (1) |  |  | (11) |
Alternative investment income | 7 |  |  | 6 |  |  | 11 |  |  | 4 |  |  | 5 |  |  | 28 |  |  | 20 |
Average alternative investments | 305 |  |  | 314 |  |  | 331 |  |  | 344 |  |  | 326 |  |  | 324 |  |  | 341 |
Employee Benefits (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investment income at long-term expectations (2) | 5 |  |  | 5 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | 23 |  |  | 22 |
Alternative investment income above (below) expectations | — |  |  | 3 |  |  | — |  |  | 1 |  |  | (2) |  |  | 4 |  |  | (9) |
Alternative investment income | 5 |  |  | 8 |  |  | 7 |  |  | 7 |  |  | 3 |  |  | 27 |  |  | 13 |
Average alternative investments | 216 |  |  | 238 |  |  | 284 |  |  | 268 |  |  | 238 |  |  | 252 |  |  | 221 |
Total (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investment income at long-term expectations (2) | 49 |  |  | 49 |  |  | 51 |  |  | 49 |  |  | 49 |  |  | 198 |  |  | 192 |
Alternative investment income above (below) expectations | (8) |  |  | 12 |  |  | 9 |  |  | 4 |  |  | (19) |  |  | 17 |  |  | (50) |
Alternative investment income | 41 |  |  | 61 |  |  | 60 |  |  | 53 |  |  | 30 |  |  | 215 |  |  | 142 |
Average alternative investments | 2,166 |  |  | 2,196 |  |  | 2,272 |  |  | 2,202 |  |  | 2,155 |  |  | 2,210 |  |  | 2,127 |
(1) Excludes assets and income related to foreclosed real estate.
(2) The long-term expected return for alternative investments and investment capital is 9% annually.

Reconciliations

Voya Financial |  | Page 37 of 43 |

Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)

| Three Months Ended
(in millions USD, except per share) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
| Before income taxes | After income taxes (1) | Per share (2) |  | Before income taxes | After income taxes (1) | Per share (2) |  | Before income taxes | After income taxes (1) | Per share (2) |  | Before income taxes | After income taxes (1) | Per share (2) |  | Before income taxes | After income taxes (1) | Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders |  | 165 |  | 1.75 |  |  |  | 136 |  | 1.41 |  |  |  | 176 |  | 1.80 |  |  |  | 162 |  | 1.66 |  |  |  | 139 |  | 1.42 |
Plus: Net income (loss) attributable to noncontrolling interests |  | 13 |  | 0.14 |  |  |  | 9 |  | 0.09 |  |  |  | 80 |  | 0.83 |  |  |  | (5) |  | (0.05) |  |  |  | (5) |  | (0.05) |
Less: Preferred stock dividends |  | (17) |  | (0.18) |  |  |  | (4) |  | (0.04) |  |  |  | (16) |  | (0.17) |  |  |  | (4) |  | (0.04) |  |  |  | (17) |  | (0.17) |
Income (loss) | 230 |  | 195 |  | 2.07 |  |  | 169 |  | 149 |  | 1.54 |  |  | 307 |  | 272 |  | 2.79 |  |  | 188 |  | 161 |  | 1.65 |  |  | 173 |  | 151 |  | 1.54 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) | (37) |  | (30) |  | (0.31) |  |  | 4 |  | 3 |  | 0.03 |  |  | (16) |  | (12) |  | (0.13) |  |  | (29) |  | (23) |  | (0.23) |  |  | (2) |  | (1) |  | (0.02) |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (26) |  | (21) |  | (0.22) |  |  | (25) |  | (20) |  | (0.21) |  |  | (52) |  | (42) |  | (0.43) |  |  | (30) |  | (24) |  | (0.24) |  |  | (39) |  | (31) |  | (0.32) |
Net income (loss) attributable to noncontrolling interests | 13 |  | 13 |  | 0.14 |  |  | 9 |  | 9 |  | 0.09 |  |  | 80 |  | 80 |  | 0.83 |  |  | (5) |  | (5) |  | (0.05) |  |  | (5) |  | (5) |  | (0.05) |
Dividend payments made to preferred shareholders | 17 |  | 17 |  | 0.18 |  |  | 4 |  | 4 |  | 0.04 |  |  | 16 |  | 16 |  | 0.17 |  |  | 4 |  | 4 |  | 0.04 |  |  | 17 |  | 17 |  | 0.17 |
Other adjustments (3) | 6 |  | 2 |  | 0.02 |  |  | (50) |  | (35) |  | (0.36) |  |  | (11) |  | (10) |  | (0.10) |  |  | (41) |  | (31) |  | (0.32) |  |  | (30) |  | (24) |  | (0.24) |
Adjusted operating earnings | 257 |  | 214 |  | 2.26 |  |  | 226 |  | 188 |  | 1.94 |  |  | 290 |  | 239 |  | 2.45 |  |  | 289 |  | 240 |  | 2.46 |  |  | 232 |  | 195 |  | 2.00 |
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended Dec. 31, 2025, also includes a $19 million, after-tax, net actuarial loss related to pension and other postretirement benefit obligations and $14 million, after-tax, of severance costs. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.

Voya Financial |  | Page 38 of 43 |

Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses

| Three Months Ended |  | Year-to-Date
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Total revenues | 2,031 |  |  | 2,111 |  |  | 2,128 |  |  | 1,981 |  |  | 1,969 |  |  | 2,031 |  |  | 1,969 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) | (22) |  |  | (8) |  |  | (9) |  |  | (38) |  |  | (5) |  |  | (22) |  |  | (5) |
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment | 19 |  |  | 31 |  |  | 28 |  |  | 30 |  |  | 28 |  |  | 19 |  |  | 28 |
Revenues (loss) attributable to noncontrolling interests | 46 |  |  | 37 |  |  | 115 |  |  | 35 |  |  | 25 |  |  | 46 |  |  | 25 |
Other adjustments | 55 |  |  | 45 |  |  | 50 |  |  | 54 |  |  | 33 |  |  | 55 |  |  | 33 |
Total adjusted operating revenues | 1,932 |  |  | 2,006 |  |  | 1,942 |  |  | 1,900 |  |  | 1,888 |  |  | 1,932 |  |  | 1,888 |
Adjusted operating revenues by segment |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement | 821 |  |  | 866 |  |  | 853 |  |  | 824 |  |  | 798 |  |  | 821 |  |  | 798 |
Investment Management | 251 |  |  | 290 |  |  | 257 |  |  | 239 |  |  | 243 |  |  | 251 |  |  | 243 |
Employee Benefits | 855 |  |  | 845 |  |  | 829 |  |  | 832 |  |  | 841 |  |  | 855 |  |  | 841 |
Corporate | 5 |  |  | 6 |  |  | 3 |  |  | 5 |  |  | 6 |  |  | 5 |  |  | 6 |
Total adjusted operating revenues | 1,932 |  |  | 2,006 |  |  | 1,942 |  |  | 1,900 |  |  | 1,888 |  |  | 1,932 |  |  | 1,888 |
Total benefits and expenses | (1,801) |  |  | (1,942) |  |  | (1,821) |  |  | (1,793) |  |  | (1,796) |  |  | (1,801) |  |  | (1,796) |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in market risk benefits | (16) |  |  | 12 |  |  | (7) |  |  | 9 |  |  | 3 |  |  | (16) |  |  | 3 |
Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment | (45) |  |  | (56) |  |  | (81) |  |  | (60) |  |  | (67) |  |  | (45) |  |  | (67) |
Expenses attributable to noncontrolling interests | (43) |  |  | (45) |  |  | (51) |  |  | (54) |  |  | (41) |  |  | (43) |  |  | (41) |
Dividend payments made to preferred shareholders | 17 |  |  | 4 |  |  | 16 |  |  | 4 |  |  | 17 |  |  | 17 |  |  | 17 |
Other adjustments | (49) |  |  | (94) |  |  | (63) |  |  | (95) |  |  | (63) |  |  | (49) |  |  | (63) |
Total adjusted operating benefits and expenses | (1,665) |  |  | (1,763) |  |  | (1,635) |  |  | (1,598) |  |  | (1,645) |  |  | (1,665) |  |  | (1,645) |
Adjusted operating benefits and expenses by segment |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement | (612) |  |  | (610) |  |  | (592) |  |  | (589) |  |  | (591) |  |  | (612) |  |  | (591) |
Investment Management | (192) |  |  | (198) |  |  | (177) |  |  | (174) |  |  | (190) |  |  | (192) |  |  | (190) |
Employee Benefits | (792) |  |  | (856) |  |  | (783) |  |  | (763) |  |  | (795) |  |  | (792) |  |  | (795) |
Corporate | (69) |  |  | (99) |  |  | (84) |  |  | (72) |  |  | (69) |  |  | (69) |  |  | (69) |
Total adjusted operating benefits and expenses | (1,665) |  |  | (1,763) |  |  | (1,635) |  |  | (1,598) |  |  | (1,645) |  |  | (1,665) |  |  | (1,645) |

Voya Financial |  | Page 39 of 43 |

Reconciliation of Net Revenues

| Page | Three Months Ended |  | Twelve Months Ended
(in millions USD) | Reference | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating revenues | page 9 | 821 |  |  | 866 |  |  | 853 |  |  | 824 |  |  | 798 |  |  | 3,364 |  |  | 2,985 |
Interest credited and other benefits to contract owners/policyholders |  | (226) |  |  | (234) |  |  | (235) |  |  | (232) |  |  | (231) |  |  | (927) |  |  | (865) |
Net revenue | page 15 | 595 |  |  | 631 |  |  | 618 |  |  | 592 |  |  | 567 |  |  | 2,436 |  |  | 2,119 |
Investment Management |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating revenues | page 9 | 251 |  |  | 290 |  |  | 257 |  |  | 239 |  |  | 243 |  |  | 1,037 |  |  | 991 |
Net revenue | page 19 | 251 |  |  | 290 |  |  | 257 |  |  | 239 |  |  | 243 |  |  | 1,037 |  |  | 991 |

Employee Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating revenues | page 9 | 855 |  |  | 845 |  |  | 829 |  |  | 832 |  |  | 841 |  |  | 3,361 |  |  | 3,513 |
Interest credited and other benefits to contract owners/policyholders |  | (538) |  |  | (603) |  |  | (546) |  |  | (529) |  |  | (551) |  |  | (2,216) |  |  | (2,540) |
Net revenue | page 24 | 316 |  |  | 242 |  |  | 284 |  |  | 303 |  |  | 290 |  |  | 1,145 |  |  | 972 |
Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Adjusted operating revenues | page 9 | 1,932 |  |  | 2,006 |  |  | 1,942 |  |  | 1,900 |  |  | 1,888 |  |  | 7,780 |  |  | 7,512 |
Interest credited and other benefits to contract owners/policyholders |  | (764) |  |  | (838) |  |  | (781) |  |  | (761) |  |  | (782) |  |  | (3,144) |  |  | (3,406) |
Corporate Adjusted operating revenues (1) |  | (5) |  |  | (6) |  |  | (3) |  |  | (5) |  |  | (6) |  |  | (19) |  |  | (24) |
Net revenue | pages 15/19/24 | 1,163 |  |  | 1,163 |  |  | 1,159 |  |  | 1,134 |  |  | 1,100 |  |  | 4,618 |  |  | 4,082 |
(1) Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue.

Voya Financial |  | Page 40 of 43 |

Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA

| Twelve Months Ended
(in millions USD) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025
TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders | 639 |  |  | 613 |  |  | 570 |  |  | 492 |  |  | 531 |
TTM Average Total Voya Financial, Inc. Shareholders' Equity | 4,765 |  |  | 4,612 |  |  | 4,464 |  |  | 4,361 |  |  | 4,259 |
TTM Return on Voya Financial, Inc Equity | 13.4 | % |  | 13.3 | % |  | 12.8 | % |  | 11.3 | % |  | 12.5 | %
Less: |  |  |  |  |  |  |  |  |
TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI | -2.0 | % |  | -2.0 | % |  | -2.0 | % |  | -1.8 | % |  | -2.1 | %
TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI | 4.9 | % |  | 5.1 | % |  | 5.3 | % |  | 4.8 | % |  | 5.6 | %
TTM Net investment gains (losses), after-tax | -1.0 | % |  | -0.5 | % |  | -0.6 | % |  | -0.8 | % |  | -0.2 | %
TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax | -1.8 | % |  | -1.9 | % |  | -1.9 | % |  | -1.9 | % |  | -2.0 | %
TTM Other adjustments, after-tax | -1.2 | % |  | -1.7 | % |  | -1.5 | % |  | -1.8 | % |  | -1.4 | %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI | 14.5 | % |  | 14.3 | % |  | 13.6 | % |  | 12.8 | % |  | 12.6 | %
Less: |  |  |  |  |  |  |  |  |
Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA | -4.2 | % |  | -4.3 | % |  | -4.3 | % |  | -4.2 | % |  | -4.1 | %
TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA | 18.7 | % |  | 18.6 | % |  | 17.9 | % |  | 17.0 | % |  | 16.7 | %

Voya Financial |  | Page 41 of 43 |

Reconciliation of Book Value Per Common Share, Excluding AOCI and Leverage Ratio

| Three Months Ended or As of |  | Year-to-Date or As of
(in whole dollars) | 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 3/31/2026 |  | 3/31/2025
Book value per common share, including AOCI | 43.79 |  | 46.28 |  | 45.55 |  | 41.71 |  | 39.20 |  | 43.79 |  | 39.20
Per share impact of AOCI | 22.31 |  | 19.06 |  | 18.64 |  | 21.46 |  | 22.67 |  | 22.31 |  | 22.67
Book value per common share, excluding AOCI | 66.09 |  | 65.34 |  | 64.18 |  | 63.18 |  | 61.87 |  | 66.09 |  | 61.87
Debt to capital ratio | 34.9 | % |  | 29.8 | % |  | 29.8 | % |  | 31.2 | % |  | 32.4 | % |  | 34.9 | % |  | 32.4 | %
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |
Capital impact of adding noncontrolling interest | -7.7 | % |  | -6.8 | % |  | -6.9 | % |  | -6.9 | % |  | -7.5 | % |  | -7.7 | % |  | -7.5 | %
Impact of adding other financial obligations and treatment of preferred stock (1) | 8.9 | % |  | 9.1 | % |  | 8.8 | % |  | 9.4 | % |  | 9.5 | % |  | 8.9 | % |  | 9.5 | %
Capital impact of excluding AOCI | -6.4 | % |  | -5.1 | % |  | -5.0 | % |  | -6.3 | % |  | -6.9 | % |  | -6.4 | % |  | -6.9 | %
Financial leverage ratio excluding AOCI | 29.7 | % |  | 27.0 | % |  | 26.7 | % |  | 27.4 | % |  | 27.5 | % |  | 29.7 | % |  | 27.5 | %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.

|  | Page 42 of 43 |

Appendix

|  | Page 43 of 43 |

Quarterly Loss Ratio Development for Group Stop Loss Details

| Estimated Ultimate Loss Ratio as of |  |  |  |  |  |  |  |
| Three Months Ended |  |  |  |  |  |  |  |  |  |
| 3/31/2026 |  | 12/31/2025 |  | 9/30/2025 |  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
2026 Stop Loss Policy Year Development (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January Business | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-January Business | NM (2) |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total 2026 Policy Year | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 Stop Loss Policy Year Development (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January Business | 91 | % |  | 91 | % |  | 87 | % |  | 87 | % |  | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-January Business | 85 | % |  | 85 | % |  | 85 | % |  | 85 | % |  | NM (2) |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total 2025 Policy Year | 90 | % |  | 90 | % |  | 87 | % |  | 87 | % |  | 87 | % |  | — | % |  | — | % |  | — | % |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 Stop Loss Policy Year Development (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January Business | 90 | % |  | 91 | % |  | 91 | % |  | 91 | % |  | 93 | % |  | 95 | % |  | 86 | % |  | 81 | % |  | 81 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-January Business | 81 | % |  | 83 | % |  | 85 | % |  | 85 | % |  | 85 | % |  | 85 | % |  | 80 | % |  | 81 | % |  | 81 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total 2024 Policy Year | 89 | % |  | 89 | % |  | 90 | % |  | 90 | % |  | 92 | % |  | 94 | % |  | 86 | % |  | 81 | % |  | 81 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reported Loss Ratio for Stop Loss (3) | 80 | % |  | 96 | % |  | 84 | % |  | 80 | % |  | 75 | % |  | 115 | % |  | 93 | % |  | 83 | % |  | 84 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries.
(2) In the first quarter of each policy year, the Non-January business does not have a material impact to that policy year’s loss ratio.
(3) Reported Loss ratios are net of reinsurance recoveries.