$VOYA-PB

Voya Financial, Inc.

CIK:0001535929|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net investment income	$ 537	$ 584	$ 1,106	$ 1,144
Fee income	620	577	1,224	1,147
Premiums	716	718	1,460	1,455
Net gains (losses)	(40)	(41)	(85)	(75)
Other revenue	112	100	221	204
Income (loss) related to CIEs:
Net investment income (loss)	(49)	43	1	75
Total revenues	1,896	1,981	3,927	3,950
Benefits and expenses:
Policyholder benefits	560	541	1,124	1,120
Interest credited to contract owner account balances	265	260	520	516
Operating expenses	898	857	1,746	1,681
Net amortization of DAC and VOBA	62	58	127	120
Interest expense	33	28	62	60
Operating expenses related to CIEs:
Interest expense	35	35	67	70
Other expense	9	14	17	22
Total benefits and expenses	1,862	1,793	3,663	3,589
Income (loss) before income taxes	34	188	264	361
Income tax expense (benefit)	16	27	51	49
Net income (loss)	18	161	213	312
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(76)	(5)	(63)	(10)
Net income (loss) available to Voya Financial, Inc.	94	166	276	322
Less: Preferred stock dividends	4	4	21	21
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$ 90	$ 162	$ 255	$ 301
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic (usd per share)	$ 0.99	$ 1.69	$ 2.77	$ 3.14
Diluted (usd per share)	$ 0.97	$ 1.66	$ 2.73	$ 3.09

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	$ 467	$ 563
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	4,398	4,115
Equity securities	40	82
Mortgage loans on real estate	618	391
Limited partnerships/corporations	139	107
Acquisition of:
Fixed maturities	(4,142)	(3,800)
Equity securities	(35)	(42)
Mortgage loans on real estate	(496)	(447)
Limited partnerships/corporations	(106)	(214)
Short-term investments, net	(34)	(42)
Derivatives, net	45	(44)
Sales from CIEs	907	664
Purchases within CIEs	(1,067)	(1,140)
Collateral received (delivered), net	56	(156)
Receipts on deposit asset contracts	53	64
Cash and cash equivalents acquired from business acquisitions, net of cash paid	0	224
Other, net	(4)	(41)
Net cash provided by (used in) investing activities	372	(279)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,778	2,002
Maturities and withdrawals from investment contracts	(2,787)	(2,723)
Proceeds from issuance of long-term debt, net	446	0
Repayments of long-term debt, including current maturities	(447)	(400)
Borrowings of CIEs	683	719
Repayments of borrowings of CIEs	(720)	(831)
Contributions from (distributions to) participants in CIEs, net	543	965
Proceeds from issuance of common stock, net	3	3
Common stock acquired - Share repurchase	(300)	0
Dividends paid on preferred stock	(21)	(21)
Dividends paid on common stock (including dividend equivalent payments of $4 and $3 as of 2026 and 2025, respectively)	(90)	(90)
Contingent consideration paid	130	34
Other, net	(60)	(67)
Net cash provided by (used in) financing activities	(1,102)	(477)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs	(263)	(193)
Cash and cash equivalents, including cash in CIEs, beginning of period	1,348	1,514
Cash and cash equivalents, including cash in CIEs, end of period	1,085	$ 1,321
Total cash and cash equivalents, including cash in CIEs	1,085
Excluding consolidated VIEs
Cash and cash equivalents	1,008
VIEs
Cash and cash equivalents	$ 77

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Short-term investments under securities loan agreements, including collateral delivered	$ 964	$ 984
Accrued investment income	413	414
Premium receivable and reinsurance recoverable	10,426	10,713
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA")	2,328	2,401
Deferred income taxes	1,872	1,871
Goodwill	804	804
Other intangibles, net	854	874
Assets held in separate accounts	119,424	113,007
Total assets	182,946	178,859
Liabilities:
Future policy benefits	8,845	8,982
Contract owner account balances	39,679	40,374
Payables under securities loan and repurchase agreements, including collateral held	1,309	1,273
Short-term debt	153	586
Long-term debt	1,950	1,518
Derivatives	248	282
Liabilities related to separate accounts	119,424	113,007
Total liabilities	176,304	171,820
Commitments and Contingencies (Note 18)
Mezzanine equity:
Redeemable noncontrolling interest	230	222
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625000000 aggregate liquidation preference as of 2025 and 2024)	0	0
Common stock ($0.01 par value per share; 900000000 shares authorized; 0 and 105,592,281 shares issued as of 2025 and 2024, respectively; 0 and 95,497,265 shares outstanding as of 2025 and 2024, respectively)	1	1
Treasury stock (at cost; 0 and 10,095,016 shares as of 2025 and 2024, respectively)	(1,347)	(1,010)
Additional paid-in capital	6,421	6,358
Accumulated other comprehensive income (loss)	(1,952)	(1,788)
Retained earnings:
Unappropriated	1,562	1,392
Total Voya Financial, Inc. shareholders' equity	4,685	4,953
Noncontrolling interest	1,727	1,864
Total shareholders' equity	6,412	6,817
Total liabilities, mezzanine equity and shareholders' equity	182,946	178,859
Excluding consolidated VIEs
Investments:
Fixed maturities, available-for-sale, at fair value	26,406	27,150
Fixed maturities, at fair value using the fair value option	1,576	1,740
Equity securities, at fair value	202	201
Short-term investments	179	145
Mortgage loans on real estate	5,459	5,577
Policy loans	312	323
Limited partnerships/corporations	1,879	1,891
Derivatives	197	197
Other investments	89	86
Securities pledged	1,351	1,261
Total investments	37,650	38,571
Cash and cash equivalents	1,008	1,228
Other assets	3,110	3,167
Corporate loans, at fair value using the fair value option	5,459	5,577
Liabilities:
Other liabilities	2,643	3,210
VIEs
Investments:
Mortgage loans on real estate	965	1,350
Limited partnerships/corporations	2,854	3,142
Cash and cash equivalents	77	120
Other assets	197	213
Corporate loans, at fair value using the fair value option	965	1,350
Liabilities:
Other liabilities	1,151	1,454
Collateralized loan obligations notes, at fair value using the fair value option	$ 902	$ 1,134