Voya Financial (VOYA) investor relations material

Executive summary

• Net income available to common shareholders reached $176 million ($1.80 per diluted share) in Q3 2025, up from $98 million ($0.98 per share) year-over-year, driven by commercial momentum, OneAmerica contributions, and disciplined expense management.

• After-tax adjusted operating earnings were $239 million ($2.45 per diluted share), a 26% increase from $190 million ($1.90 per share) in the prior year, with all business segments contributing to higher earnings.

• Adjusted operating EPS grew nearly 30% year-over-year, reflecting profitable growth across all business segments.

• Over $200 million of excess capital was generated in the quarter, with $600 million year-to-date, supporting ongoing capital deployment and shareholder value creation.

• Strategic focus on growing core markets, expanding Wealth Management, and integrating OneAmerica, which is exceeding revenue and earnings expectations.

Financial highlights

• Adjusted operating EPS rose to $2.45 from $1.90 year-over-year; adjusted operating earnings increased to $239 million from $190 million.

• Net income available to common shareholders grew to $176 million from $98 million year-over-year.

• Net revenues for the quarter were $2,128 million, up from $1,956 million year-over-year.

• Over $200 million in excess capital generated in Q3; year-to-date capital generation at $600 million.

• Return on equity improved to 18%.

Outlook and guidance

• On track to exceed $700 million full-year capital generation target.

• Expect to repurchase another $100 million in Q4 and raised dividends per share by over 4%.

• 2026 capital return guidance of $100–$150 million per quarter, with flexibility for strategic M&A.

• Wealth Management investments in 2026 expected to impact margins by ~200 basis points.

• Management remains focused on capital-light, high free cash flow business, with a clear path to increasing free cash flow and adjusted operating earnings.