# EDGAR Filing Document

**Accession Number:** 0000837010
**File Stem:** 0000837010-26-000006
**Filing Date:** 2026-5
**Character Count:** 252678
**Document Hash:** 682d9895b2c95a4e57cfda94b7f2f141
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000837010-26-000006.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0000837010-26-000006

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYA RETIREMENT INSURANCE & ANNUITY Co
- **CENTRAL INDEX KEY:** 0000837010
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 710294708
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-23376
- **FILM NUMBER:** 26968315

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ORANGE WAY
- **CITY:** WINDSOR
- **STATE:** CT
- **ZIP:** 06095-4774
- **BUSINESS PHONE:** 860-580-4646

**MAIL ADDRESS:**
- **STREET 1:** ONE ORANGE WAY
- **CITY:** WINDSOR
- **STATE:** CT
- **ZIP:** 06095-4774

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING LIFE INSURANCE & ANNUITY CO
- **DATE OF NAME CHANGE:** 20020319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AETNA LIFE INSURANCE & ANNUITY CO /CT
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? vriac-20260331

![voy_r_rgb_grd_pos.jpg](vriac-20260331_g1.jpg)

    

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**——————————————————————**

**FORM 10-Q** 

---

| | |
|:---|:---|
| **(Mark One)** | |
| **☒** | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026** 

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number: 033-23376** 

**Voya Retirement Insurance and Annuity Company** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **<u>Connecticut</u>** | **<u>71-0294708</u>** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>One Orange Way</u>** | **<u>Windsor,</u>** | **<u>Connecticut</u>** | **<u>06095-4774</u>** | **<u>(860) 580-4646</u>** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) | (Registrant's telephone number, including area code) |

---

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:** 

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp; | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company &nbsp;&nbsp;&nbsp;&nbsp; | ☐ |
| | | Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp; | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp; ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

**APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:** 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. &nbsp;&nbsp;&nbsp;&nbsp; ☐ Yes ☐ No

**APPLICABLE ONLY TO CORPORATE ISSUERS:**

As of May 1, 2026, 55,000 shares of Common Stock, $50 par value were outstanding, all of which were directly owned by Voya Holdings Inc.

NOTE: WHEREAS VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

    

 1

------

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Form 10-Q for the period ended March 31, 2026** 

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| **PART I.** | **FINANCIAL INFORMATION**  |  |
| Item 1. | Financial Statements: |  |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i98dfd4c8e68a446e978507a67e12dfa2_22)</u> | <u>[4](#i98dfd4c8e68a446e978507a67e12dfa2_22)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations](#i98dfd4c8e68a446e978507a67e12dfa2_25)</u> | <u>[6](#i98dfd4c8e68a446e978507a67e12dfa2_25)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Incom](#i98dfd4c8e68a446e978507a67e12dfa2_28)[e (L](#i98dfd4c8e68a446e978507a67e12dfa2_28)[oss)](#i98dfd4c8e68a446e978507a67e12dfa2_28)</u> | <u>[7](#i98dfd4c8e68a446e978507a67e12dfa2_28)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Changes in Shareholder's Equity](#i98dfd4c8e68a446e978507a67e12dfa2_31)</u> | <u>[8](#i98dfd4c8e68a446e978507a67e12dfa2_31)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i98dfd4c8e68a446e978507a67e12dfa2_34)</u> | <u>[9](#i98dfd4c8e68a446e978507a67e12dfa2_34)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements:](#i98dfd4c8e68a446e978507a67e12dfa2_37)</u> | <u>[10](#i98dfd4c8e68a446e978507a67e12dfa2_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Business, Basis of Presentation and Significant Accounting Policies](#i98dfd4c8e68a446e978507a67e12dfa2_40)</u> | <u>[10](#i98dfd4c8e68a446e978507a67e12dfa2_40)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Investments](#i98dfd4c8e68a446e978507a67e12dfa2_43)</u> | <u>[12](#i98dfd4c8e68a446e978507a67e12dfa2_43)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Derivative Financial Instruments](#i98dfd4c8e68a446e978507a67e12dfa2_46)</u> | <u>[21](#i98dfd4c8e68a446e978507a67e12dfa2_46)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Fair Value Measurements](#i98dfd4c8e68a446e978507a67e12dfa2_49)</u> | <u>[25](#i98dfd4c8e68a446e978507a67e12dfa2_49)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Deferred Policy Acquisition Costs and Value of Business Acquired](#i98dfd4c8e68a446e978507a67e12dfa2_58)</u> | <u>[33](#i98dfd4c8e68a446e978507a67e12dfa2_58)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Reserves for Contract Owner Account Balances](#i98dfd4c8e68a446e978507a67e12dfa2_58)</u> | <u>[34](#i98dfd4c8e68a446e978507a67e12dfa2_61)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Reinsurance](#i98dfd4c8e68a446e978507a67e12dfa2_64)</u> | <u>[35](#i98dfd4c8e68a446e978507a67e12dfa2_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Separate Accounts](#i98dfd4c8e68a446e978507a67e12dfa2_67)</u> | <u>[37](#i98dfd4c8e68a446e978507a67e12dfa2_67)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Accumulated Other Comprehensive Income (Loss)](#i98dfd4c8e68a446e978507a67e12dfa2_70)</u> | <u>[38](#i98dfd4c8e68a446e978507a67e12dfa2_70)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Revenue from Contracts with Customers](#i98dfd4c8e68a446e978507a67e12dfa2_73)</u> | <u>[39](#i98dfd4c8e68a446e978507a67e12dfa2_73)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Income Taxes](#i98dfd4c8e68a446e978507a67e12dfa2_76)</u> | <u>[39](#i98dfd4c8e68a446e978507a67e12dfa2_76)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Financing Agreements](#i98dfd4c8e68a446e978507a67e12dfa2_79)</u> | <u>[40](#i98dfd4c8e68a446e978507a67e12dfa2_79)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Commitments and Contingencies](#i98dfd4c8e68a446e978507a67e12dfa2_82)</u> | <u>[41](#i98dfd4c8e68a446e978507a67e12dfa2_82)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Related Party Transactions](#i98dfd4c8e68a446e978507a67e12dfa2_85)</u> | <u>[43](#i98dfd4c8e68a446e978507a67e12dfa2_85)</u> |
| Item 2. | <u>[Management's Narrative Analysis of the Results of Operations and Financial Condition](#i98dfd4c8e68a446e978507a67e12dfa2_88)</u> | <u>[44](#i98dfd4c8e68a446e978507a67e12dfa2_88)</u> |
| Item 4. | <u>[Controls and Procedures](#i98dfd4c8e68a446e978507a67e12dfa2_124)</u> | <u>[51](#i98dfd4c8e68a446e978507a67e12dfa2_124)</u> |
| **PART II.** | **OTHER INFORMATION** |  |
| Item 1. | <u>[Legal Proceedings](#i98dfd4c8e68a446e978507a67e12dfa2_130)</u> | <u>[51](#i98dfd4c8e68a446e978507a67e12dfa2_130)</u> |
| Item 1A. | <u>[Risk Factors](#i98dfd4c8e68a446e978507a67e12dfa2_133)</u> | <u>[51](#i98dfd4c8e68a446e978507a67e12dfa2_133)</u> |
| Item 5. | <u>[Other Information](#i98dfd4c8e68a446e978507a67e12dfa2_1192)</u> | <u>[51](#i98dfd4c8e68a446e978507a67e12dfa2_1192)</u> |
| Item 6. | <u>[Exhibits](#i98dfd4c8e68a446e978507a67e12dfa2_136)</u> | <u>[51](#i98dfd4c8e68a446e978507a67e12dfa2_136)</u> |
| <u>[Exhibit Index](#i98dfd4c8e68a446e978507a67e12dfa2_139)</u> |  | <u>[52](#i98dfd4c8e68a446e978507a67e12dfa2_139)</u> |
| <u>[Signature](#i98dfd4c8e68a446e978507a67e12dfa2_142)</u> |  | <u>[53](#i98dfd4c8e68a446e978507a67e12dfa2_142)</u> |

---

 2

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**NOTE CONCERNING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management's Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market and geopolitical risks (including war and terrorism), including general economic conditions, impacts of a U.S. government shutdown, tariffs imposed or proposed by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through lending programs; (iii) strategic and business risks, including our ability to maintain market share, adapt to disruptive technology or innovations, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns and liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management's Narrative Analysis of the Results of Operations and Financial Condition" in the <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u> and in this Quarterly Report on Form 10-Q.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all of them.

 3

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**PART I. &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION (UNAUDITED)**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

 **Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Balance Sheets**

**March 31, 2026 (Unaudited) and December 31, 2025**

(In millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets:** | | |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed maturities, available-for-sale, at fair value (amortized cost of $22,211 and $22,083 as of 2026 and 2025, respectively; net of allowance for credit losses of $20 and $17 as of 2026 and 2025, respectively) | $20689 | $20862 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | 1096 | 1131 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | 64 | 72 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 6 | 6 |
| &nbsp;&nbsp;Mortgage loans on real estate (net of allowance for credit losses of $27 as of 2026 and 2025) | 4618 | 4575 |
| &nbsp;&nbsp;&nbsp;Policy loans | 154 | 157 |
| &nbsp;&nbsp;&nbsp;Limited partnerships/corporations | 1387 | 1365 |
| &nbsp;&nbsp;&nbsp;Derivatives | 159 | 154 |
| &nbsp;&nbsp;Securities pledged (amortized cost of $921 and $959 as of 2026 and 2025, respectively) | 814 | 845 |
| &nbsp;&nbsp;&nbsp;Other investments | 56 | 61 |
| Total investments | 29043 | 29228 |
| Cash and cash equivalents | 211 | 352 |
| Short-term investments under securities loan agreements, including collateral delivered | 823 | 791 |
| Accrued investment income | 314 | 300 |
| Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2026 and 2025) | 2361 | 2421 |
| Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") | 1248 | 1257 |
| Deferred income taxes | 576 | 513 |
| Other assets (net of allowance for credit loss of $0 as of 2026 and 2025) | 2492 | 2795 |
| Assets held in separate accounts | 105455 | 109772 |
| Total assets | $142523 | $147429 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 4 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Balance Sheets**

**March 31, 2026 (Unaudited) and December 31, 2025**

(In millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Liabilities:** | | |
| Future policy benefits and contract owner account balances | $33166 | $33244 |
| Payables under securities loan and repurchase agreements, including collateral held | 777 | 826 |
| Due to affiliates | 153 | 124 |
| Derivatives | 215 | 232 |
| Other liabilities | 623 | 806 |
| Liabilities related to separate accounts | 105455 | 109772 |
| Total liabilities | $140389 | $145004 |
| Commitments and Contingencies (Note 13) |  |  |
| **Shareholder's equity:** |  |  |
| Common stock ($50 par value per share, 100,000 shares authorized, 55,000 issued and outstanding as of 2026 and 2025) | 3 | 3 |
| Additional paid-in capital | 2932 | 2929 |
| Accumulated other comprehensive income (loss) | (1352) | (1134) |
| Retained earnings | 551 | 627 |
| Total shareholder's equity | 2134 | 2425 |
| Total liabilities and shareholder's equity | $142523 | $147429 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 5 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

 **Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Statements of Operations**

**For the Three Months Ended March 31, 2026 and 2025 (Unaudited)**

(In millions)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;Net investment income | $433 | $413 |
| &nbsp;&nbsp;Fee income | 340 | 316 |
| &nbsp;&nbsp;Premiums | 2 | (1) |
| &nbsp;&nbsp;Net gains (losses) | (51) | (19) |
| &nbsp;&nbsp;Other revenue | 20 | 20 |
| Total revenues | 744 | 729 |
| **Benefits and expenses:** |  |  |
| &nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | 225 | 207 |
| &nbsp;&nbsp;Operating expenses | 336 | 323 |
| &nbsp;&nbsp;Net amortization of DAC and VOBA | 25 | 25 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1 |
| Total benefits and expenses | 586 | 556 |
| Income before income taxes | 158 | 173 |
| Income tax expense | 19 | 23 |
| Net income | $139 | $150 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 6 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

**For the Three Months Ended March 31, 2026 and 2025 (Unaudited)**

(In millions)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income | $139 | $150 |
| Other comprehensive income (loss), before tax: |  |  |
| &nbsp;&nbsp;&nbsp;Change in current discount rate | 6 | 4 |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on investments | (282) | 253 |
| Other comprehensive income (loss), before tax | (276) | 257 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to items of other comprehensive income (loss) | (58) | 54 |
| Other comprehensive income (loss), after tax | (218) | 203 |
| Comprehensive income (loss) | $(79) | $353 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 7 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Statements of Changes in Shareholder's Equity**

**For the Three Months Ended March 31, 2026 and 2025 (Unaudited)**

(In millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Deficit)** | **Total Shareholder's Equity** |
| Balance as of January 1, 2026 | $3 | $2929 | $(1134) | $627 | $2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 139 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), after tax |  |  | (218) |  | (218) |
| &nbsp;&nbsp;Total comprehensive income (loss) |  |  |  |  | (79) |
| &nbsp;&nbsp;&nbsp;Dividends paid  |  |  |  | (215) | (215) |
| &nbsp;&nbsp;Contributions of capital |  | 3 |  |  | 3 |
| Balance as of March 31, 2026 | $3 | $2932 | $(1352) | $551 | $2134 |
| Balance as of January 1, 2025 | $3 | $2754 | $(1644) | $427 | $1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, after tax |  |  | 203 |  | 203 |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | 353 |
| &nbsp;&nbsp;&nbsp;Impact of pushdown accounting related to business acquisition |  | 175 |  |  | 175 |
| &nbsp;&nbsp;&nbsp;Dividends paid  |  |  |  | (84) | (84) |
| Balance as of March 31, 2025 | $3 | $2929 | $(1441) | $493 | $1984 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 8 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Condensed Consolidated Statements of Cash Flows**

**For the Three Months Ended March 31, 2026 and 2025 (Unaudited)**

(In millions)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash Flows from Operating Activities:** |  |  |
| Net cash provided by operating activities | $334 | $332 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale, maturity, disposal or redemption of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | 1580 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 137 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships/corporations | 11 | 15 |
| &nbsp;&nbsp;&nbsp;Acquisition of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | (1829) | (1897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | (2) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | (177) | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships/corporations | (27) | (36) |
| &nbsp;&nbsp;&nbsp;Short-term investments, net |  | 1 |
| &nbsp;&nbsp;&nbsp;Derivatives, net | 18 | (39) |
| &nbsp;&nbsp;&nbsp;Short-term loan to affiliate, net | 268 | (463) |
| &nbsp;&nbsp;Collateral received (delivered), net | (82) | 46 |
| &nbsp;&nbsp;&nbsp;Receipts on deposit asset contracts | 26 | 30 |
| &nbsp;&nbsp;Cash and cash equivalents acquired from business acquisition |  | 274 |
| &nbsp;&nbsp;&nbsp;Other, net | 8 | (2) |
| Net cash provided by (used in) investing activities | (62) | (268) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Deposits received for investment contracts | 864 | 930 |
| &nbsp;&nbsp;&nbsp;Maturities and withdrawals from investment contracts | (1081) | (1235) |
| &nbsp;&nbsp;Dividends paid and contributions of capital, net | (212) | (84) |
| &nbsp;&nbsp;Other, net | 16 | 3 |
| Net cash provided by (used in) financing activities | (413) | (386) |
| Net increase (decrease) in cash and cash equivalents | (141) | (322) |
| Cash and cash equivalents, beginning of period | 352 | 516 |
| Cash and cash equivalents, end of period | $211 | $194 |
| **Supplemental cash flow information** |  |  |
| Equity impact of pushdown accounting related to business acquisition | $— | $175 |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* | *The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.* |
| | 9 |

---

------

<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

**1.&nbsp;&nbsp;&nbsp;&nbsp;Business, Basis of Presentation and Significant Accounting Policies** 

***Business***

Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC, together with its wholly owned subsidiaries (collectively the "Company"), provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial").

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by the Company and other general business expenses, and (c) Amortization of DAC and VOBA.

The Company offers annuity contracts that include a variety of funding and payout options for employer-sponsored retirement plans as well as some individual plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to small and mid-sized corporations, public and private school systems, higher education institutions, hospitals and healthcare facilities, religious and other not-for-profit organizations, state and local governments, and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts ("GICs"), and synthetic GICs, to institutional clients. The Company's products are generally distributed through third-party brokers and advisors, third-party administrators, pension consultants including national aggregators, and representatives associated with Voya Financial's owned broker-dealer and investment advisor, Voya Financial Advisors, Inc.

Products offered by the Company include deferred group and individual annuities. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, proprietary and non-proprietary fixed and variable investment options, participant communications and education programs, and a broad suite of financial wellness and retirement income solutions including retirement and financial planning guidance and advisory products, tools and services. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one reportable segment. The Director and President of the Company is the chief operating decision maker ("CODM"). The CODM reviews consolidated Net income, as presented in the Condensed Consolidated Statements of Operations, and assesses year over year changes in evaluating operating performance and allocating resources. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as Total assets. Significant expenses regularly provided to the CODM are consistent with those presented in the Condensed Consolidated Statements of Operations.

On January 2, 2025, the Company's ultimate parent, Voya Financial, acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement through which the Company will administer group annuity contracts on behalf of American United Life Insurance Company, an affiliate of OneAmerica Financial. As a result of the application of pushdown accounting associated with the acquisition, the Company recognized Additional paid-in capital of $175 in the first quarter of 2025.

 10

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

***Basis of Presentation***

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, Voya Financial Partners, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC. Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These

unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial

Statements and related notes included in the Company's <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u> for the year ended December 31, 2025.

***Future Adoption of Accounting Pronouncements***

<u>Disaggregation of Income Statement Expenses</u>

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.

 11

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

**2.&nbsp;&nbsp;&nbsp;&nbsp;Investments** 

*Fixed Maturities*

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Capital<br>Gains** | **Gross<br>Unrealized<br>Capital<br>Losses** | **Embedded Derivatives**<sup>(2)</sup> | **Allowance for credit losses** | **Fair<br>Value** |
| Fixed maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | $561 | $— | $52 | $— | $— | $509 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 29 |  | 1 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 396 |  | 67 |  |  | 329 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 6949 | 48 | 867 |  |  | 6130 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 4585 | 36 | 193 |  | 9 | 4419 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 2301 | 20 | 199 |  | 1 | 2121 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 2323 | 30 | 52 |  | 8 | 2293 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 3134 | 31 | 95 |  |  | 3070 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 1987 | 3 | 244 |  |  | 1746 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1963 | 13 | 20 |  | 2 | 1954 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 24228 | 181 | 1790 |  | 20 | 22599 |
| &nbsp;&nbsp;&nbsp;Less: Securities pledged | 921 |  | 107 |  |  | 814 |
| Total fixed maturities | $23307 | $181 | $1683 | $— | $20 | $21785 |

---

<sup>(1)</sup> Primarily U.S. dollar denominated.

<sup>(2)</sup> Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

 12

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Capital<br>Gains** | **Gross<br>Unrealized<br>Capital<br>Losses** | **Embedded Derivatives**<sup>(2)</sup> | **Allowance<br>for credit<br>losses** | **Fair<br>Value** |
| Fixed maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | $517 | $— | $47 | $— | $— | $470 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 29 |  | 1 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 427 |  | 68 |  |  | 359 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 6701 | 84 | 773 |  |  | 6012 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 4578 | 66 | 165 |  | 6 | 4473 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 2292 | 43 | 177 |  | 1 | 2157 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 2250 | 45 | 39 |  | 8 | 2248 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 3287 | 41 | 92 | 1 |  | 3237 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 2115 | 5 | 241 |  |  | 1879 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1977 | 17 | 17 |  | 2 | 1975 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 24173 | 301 | 1620 | 1 | 17 | 22838 |
| &nbsp;&nbsp;&nbsp;Less: Securities pledged | 959 |  | 114 |  |  | 845 |
| Total fixed maturities | $23214 | $301 | $1506 | $1 | $17 | $21993 |

---

<sup>(1)</sup> Primarily U.S. dollar denominated.

<sup>(2)</sup> Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2026, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

---

| | | |
|:---|:---|:---|
| | **Amortized<br>Cost** | **Fair<br>Value** |
| Due to mature: |  |  |
| &nbsp;&nbsp;&nbsp;One year or less | $738 | $738 |
| &nbsp;&nbsp;&nbsp;After one year through five years | 2883 | 2849 |
| &nbsp;&nbsp;&nbsp;After five years through ten years | 2965 | 2887 |
| &nbsp;&nbsp;&nbsp;After ten years | 10558 | 9355 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 5121 | 4816 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1963 | 1954 |
| Fixed maturities, including securities pledged | $24228 | $22599 |

---

As of March 31, 2026 and December 31, 2025, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholder's equity.

 13

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

*Securities Lending Program*

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | $45 | $29 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 393 | 391 |
| &nbsp;&nbsp;&nbsp;Short-term investments and cash equivalents | 20 | 13 |
| &nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments | 190 | 156 |
| &nbsp;&nbsp;Total<sup>(1)</sup> | $648 | $589 |

---

<sup>(1)</sup> As of March 31, 2026 and December 31, 2025, liabilities to return cash collateral were $624 and $575, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

*Allowance for credit losses*

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **U.S. corporate private securities** | **Commercial mortgage-backed securities** | **Foreign corporate public securities and foreign governments** | **Foreign corporate private securities** | **Other asset-backed securities** | **Total** |
| Balance as of January 1 | $6 | $— | $1 | $8 | $2 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit losses on securities for which credit losses were not previously recorded |  |  |  |  | 1 | 1 |
| &nbsp;&nbsp;Reductions for securities sold during the period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) on securities with allowance recorded in previous period | 3 |  |  |  | (1) | 2 |
| Balance as of March 31 | $9 | $— | $1 | $8 | $2 | $20 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **U.S. Corporate private securities** | **Commercial mortgage-backed securities** | **Foreign corporate public securities and foreign governments** | **Foreign corporate private securities** | **Other asset-backed securities** | **Total** |
| Balance as of January 1 | $3 | $17 | $1 | $8 | $1 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit losses on securities for which credit losses were not previously recorded | 6 |  |  |  | 1 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for securities sold during the period | (3) | (17) |  |  |  | (20) |
| Balance as of December 31 | $6 | $— | $1 | $8 | $2 | $17 |

---

For additional information about the Company's methodology and significant inputs used in determining whether a credit loss exists, see the *Business, Basis of Presentation and Significant Accounting Policies* Note to the Consolidated Financial Statements in Part II, Item 8. of the <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.

 14

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

*Unrealized Capital Losses*

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Twelve Months or Less**<br>**Below Amortized Cost** | **Twelve Months or Less**<br>**Below Amortized Cost** | **More Than Twelve Months**<br>**Below Amortized Cost** | **More Than Twelve Months**<br>**Below Amortized Cost** | **Total** | **Total** |
| | **Fair<br>Value** | **Unrealized Capital Losses** | **Fair<br>Value** | **Unrealized Capital Losses** | **Fair<br>Value** | **Unrealized Capital Losses** |
| U.S. Treasuries | $248 | $6 | $250 | $46 | $498 | $52 |
| U.S. Government, agencies and authorities |  |  | 14 | 1 | 14 | 1 |
| State, municipalities and political subdivisions | 4 |  | 324 | 67 | 328 | 67 |
| U.S. corporate public securities | 1276 | 56 | 3533 | 811 | 4809 | 867 |
| U.S. corporate private securities | 926 | 14 | 1674 | 179 | 2600 | 193 |
| Foreign corporate public securities and foreign governments | 563 | 11 | 943 | 188 | 1506 | 199 |
| Foreign corporate private securities | 576 | 6 | 783 | 46 | 1359 | 52 |
| Residential mortgage-backed | 447 | 5 | 554 | 90 | 1001 | 95 |
| Commercial mortgage-backed | 79 | 1 | 1411 | 243 | 1490 | 244 |
| Other asset-backed | 581 | 4 | 146 | 16 | 727 | 20 |
| &nbsp;&nbsp;&nbsp;Total | $4700 | $103 | $9632 | $1687 | $14332 | $1790 |

---

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Twelve Months or Less Below Amortized Cost** | **Twelve Months or Less Below Amortized Cost** | **More Than Twelve Months**<br>**Below Amortized Cost** | **More Than Twelve Months**<br>**Below Amortized Cost** | **Total** | **Total** |
| | **Fair<br>Value** | **Unrealized Capital Losses** | **Fair<br>Value** | **Unrealized Capital Losses** | **Fair<br>Value** | **Unrealized Capital Losses** |
| U.S. Treasuries | $212 | $4 | $252 | $43 | $464 | $47 |
| U.S. Government, agencies and authorities |  |  | 14 | 1 | 14 | 1 |
| State, municipalities and political subdivisions | 3 |  | 354 | 68 | 357 | 68 |
| U.S. corporate public securities | 516 | 32 | 3655 | 741 | 4171 | 773 |
| U.S. corporate private securities | 298 | 4 | 1857 | 161 | 2155 | 165 |
| Foreign corporate public securities and foreign governments | 136 | 3 | 1040 | 174 | 1176 | 177 |
| Foreign corporate private securities | 62 |  | 919 | 39 | 981 | 39 |
| Residential mortgage-backed | 206 | 2 | 686 | 90 | 892 | 92 |
| Commercial mortgage-backed | 61 |  | 1546 | 241 | 1607 | 241 |
| Other asset-backed | 188 | 1 | 158 | 16 | 346 | 17 |
| &nbsp;&nbsp;&nbsp;Total | $1682 | $46 | $10481 | $1574 | $12163 | $1620 |

---

As of March 31, 2026 and December 31, 2025, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

As of March 31, 2026, the weighted average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

*Evaluating Securities for Intent Impairments*

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. For the three months ended March 31, 2026 and 2025, intent impairments were $1 and $15, respectively.

*Debt Modifications*

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2026 and 2025, the Company had no material debt modifications that require such disclosure.

*Mortgage Loans on Real Estate*

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to

 16

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** |
| **Year of Origination** | **0% - 50%** | **>50% - 60%** | **>60% - 70%** | **>70% - 80%** | **>80% and above** | **Total** |
| 2026 | $59 | $74 | $29 | $— | $— | $162 |
| 2025 | 343 | 406 | 65 | 21 |  | 835 |
| 2024 | 163 | 109 | 11 |  |  | 283 |
| 2023 | 60 | 133 |  |  |  | 193 |
| 2022 | 218 | 202 | 74 | 3 |  | 497 |
| Prior | 2352 | 270 | 36 | 15 | 2 | 2675 |
| Total | $3195 | $1194 | $215 | $39 | $2 | $4645 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** | **Loan-to-Value Ratios** |
| **Year of Origination** | **0% - 50%** | **>50% - 60%** | **>60% - 70%** | **>70% - 80%** | **>80% and above** | **Total** |
| 2025 | $337 | $406 | $85 | $— | $— | $828 |
| 2024 | 150 | 126 | 11 |  |  | 287 |
| 2023 | 72 | 137 |  |  |  | 209 |
| 2022 | 218 | 221 | 83 |  |  | 522 |
| 2021 | 189 | 151 | 35 | 15 |  | 390 |
| Prior | 2225 | 139 |  |  | 2 | 2366 |
| Total | $3191 | $1180 | $214 | $15 | $2 | $4602 |

---

 17

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** |
| **Year of Origination** | **>1.5x** | **>1.25x - 1.5x** | **>1.0x - 1.25x** | **<1.0x** | **Total**<sup>(1)</sup> |
| 2026 | $65 | $68 | $29 | $— | $162 |
| 2025 | 629 | 116 | 56 | 34 | 835 |
| 2024 | 149 | 80 | 34 | 20 | 283 |
| 2023 | 124 | 14 | 53 | 2 | 193 |
| 2022 | 305 | 90 | 27 | 75 | 497 |
| Prior | 1958 | 347 | 248 | 122 | 2675 |
| Total | $3230 | $715 | $447 | $253 | $4645 |

---

<sup>(1)</sup> No commercial mortgage loans were secured by land or construction loans

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** |
| **Year of Origination** | **>1.5x** | **>1.25x - 1.5x** | **>1.0x - 1.25x** | **<1.0x** | **Total**<sup>(1)</sup> |
| 2025 | $628 | $131 | $55 | $14 | $828 |
| 2024 | 138 | 107 | 37 | 5 | 287 |
| 2023 | 128 | 14 | 65 | 2 | 209 |
| 2022 | 299 | 97 | 42 | 84 | 522 |
| 2021 | 254 | 19 | 41 | 76 | 390 |
| Prior | 1743 | 342 | 203 | 78 | 2366 |
| Total | $3190 | $710 | $443 | $259 | $4602 |

---

 <sup>(1)</sup> No commercial mortgage loans were secured by land or construction loans

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** |
| **Year of Origination** | **Pacific** | **South Atlantic** | **Middle Atlantic** | **West South Central** | **Mountain** | **East North Central** | **New England** | **West North Central** | **East South Central** | **Total** |
| 2026 | $26 | $54 | $55 | $8 | $— | $11 | $1 | $— | $7 | $162 |
| 2025 | 205 | 91 | 210 | 160 | 68 | 26 | 36 | 19 | 20 | 835 |
| 2024 | 55 | 86 | 39 | 52 | 17 | 10 | 7 | 2 | 15 | 283 |
| 2023 | 24 | 32 | 13 | 70 | 16 | 16 |  | 20 | 2 | 193 |
| 2022 | 118 | 58 | 53 | 71 | 96 | 74 |  | 8 | 19 | 497 |
| Prior | 602 | 606 | 575 | 212 | 234 | 240 | 49 | 88 | 69 | 2675 |
| Total | $1030 | $927 | $945 | $573 | $431 | $377 | $93 | $137 | $132 | $4645 |

---

 18

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** | **U.S. Region** |
| **Year of Origination** | **Pacific** | **South Atlantic** | **Middle Atlantic** | **West South Central** | **Mountain** | **East North Central** | **New England** | **West North Central** | **East South Central** | **Total** |
| 2025 | $205 | $91 | $210 | $156 | $67 | $26 | $35 | $18 | $20 | $828 |
| 2024 | 52 | 84 | 39 | 61 | 17 | 11 | 7 | 2 | 14 | 287 |
| 2023 | 25 | 36 | 13 | 70 | 16 | 25 | 2 | 20 | 2 | 209 |
| 2022 | 125 | 63 | 54 | 72 | 97 | 85 |  | 7 | 19 | 522 |
| 2021 | 83 | 45 | 82 | 55 | 76 | 37 | 2 | 10 |  | 390 |
| Prior | 538 | 584 | 506 | 161 | 168 | 207 | 48 | 84 | 70 | 2366 |
| Total | $1028 | $903 | $904 | $575 | $441 | $391 | $94 | $141 | $125 | $4602 |

---

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** |
| **Year of Origination** | **Retail** | **Industrial** | **Apartments** | **Office** | **Hotel/Motel** | **Other** | **Mixed Use** | **Total** |
| 2026 | $— | $83 | $25 | $— | $54 | $— | $— | $162 |
| 2025 | 350 | 346 | 125 | 7 | 4 | 3 |  | 835 |
| 2024 | 50 | 164 | 58 | 11 |  |  |  | 283 |
| 2023 | 74 | 89 | 6 |  | 24 |  |  | 193 |
| 2022 | 99 | 216 | 139 | 28 | 9 | 6 |  | 497 |
| Prior | 602 | 738 | 706 | 446 | 33 | 110 | 40 | 2675 |
| Total | $1175 | $1636 | $1059 | $492 | $124 | $119 | $40 | $4645 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** | **Property Type** |
| **Year of Origination** | **Retail** | **Industrial** | **Apartments** | **Office** | **Hotel/Motel** | **Other** | **Mixed Use** | **Total** |
| 2025 | $350 | $341 | $124 | $7 | $3 | $3 | $— | $828 |
| 2024 | 60 | 160 | 56 | 11 |  |  |  | 287 |
| 2023 | 79 | 91 | 6 | 9 | 24 |  |  | 209 |
| 2022 | 99 | 224 | 156 | 28 | 9 | 6 |  | 522 |
| 2021 | 33 | 121 | 145 | 79 |  |  | 12 | 390 |
| Prior | 589 | 635 | 593 | 372 | 33 | 115 | 29 | 2366 |
| Total | $1210 | $1572 | $1080 | $506 | $69 | $124 | $41 | $4602 |

---

 19

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Allowance for credit losses, beginning of the period | $27 | $19 |
| Credit losses on mortgage loans for which credit losses were not previously recorded | 2 | 15 |
| Increase (decrease) on mortgage loans with an allowance recorded in a previous period | (2) | 2 |
| Provision for expected credit losses | 27 | 36 |
| Write-offs |  | (9) |
| Allowance for credit losses, end of period | $27 | $27 |

---

The following table presents the payment status of commercial mortgage loans as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Current | $4574 | $4531 |
| 30-59 days past due |  |  |
| 60-89 days past due |  |  |
| Greater than 90 days past due | 71 | 71 |
| Total | $4645 | $4602 |

---

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of March 31, 2026 and December 31, 2025, the Company had $71 of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2026 and the year ended December 31, 2025 was immaterial.

*Net Investment Income*

The following table summarizes Net investment income by investment type for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Fixed maturities | $361 | $351 |
| Equity securities | 2 | 1 |
| Mortgage loans on real estate | 57 | 55 |
| Policy loans | 2 | 2 |
| Short-term investments and cash equivalents | 3 | 4 |
| Limited partnerships and other | 28 | 20 |
| Gross investment income | $453 | $433 |
| &nbsp;&nbsp;&nbsp;Less: Investment expenses | 20 | 20 |
| Net investment income | $433 | $413 |

---

As of March 31, 2026 and December 31, 2025, the Company had $47 and $4, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

 20

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

*Net Gains (Losses)*

Net gains (losses) were as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Fixed maturities, available-for-sale, including securities pledged | $(16) | $4 |
| Fixed maturities, at fair value option | (49) | 12 |
| Equity securities, at fair value | (2) | 1 |
| Derivatives | 19 | (37) |
| Embedded derivatives within fixed maturities | (1) | 4 |
| Other derivatives |  | (1) |
| Managed custody guarantees |  | (1) |
| Stabilizer | (2) | 4 |
| Mortgage loans |  | (4) |
| Other investments |  | (1) |
| Net gains (losses) | $(51) | $(19) |

---

Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Proceeds on sales | $1000 | $1170 |
| Gross gains | 18 | 15 |
| Gross losses | 17 | 27 |

---

**3.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments** 

The Company primarily enters into the following types of derivatives:

*Interest rate swaps:* The Company uses interest rate swaps primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

*Foreign exchange swaps:* The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

*Futures:* The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures through regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

 21

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

*Embedded derivatives:* The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. These derivatives are generally considered total return swaps with contractual returns attributable to various assets and liabilities associated with these reinsurance agreements.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2026 and December 31, 2025.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Notional<br>Amount** | **Asset<br>Fair Value** | **Liability<br>Fair Value** | **Notional<br>Amount** | **Asset<br>Fair Value** | **Liability<br>Fair Value** |
| **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Qualifying for hedge accounting**<sup>(1)</sup> |
| &nbsp;&nbsp;Fair value hedges<sup>(2)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts<sup>(3)</sup> | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 22 |  |  | 22 |  |  |
| &nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 10 |  |  | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 426 | 11 | 10 | 422 | 7 | 16 |
| **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> | **Derivatives: Non-qualifying for hedge accounting**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | 12319 | 147 | 204 | 12031 | 147 | 215 |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | 43 | 1 | 1 | 40 |  | 1 |
| &nbsp;&nbsp;&nbsp;Credit contracts | 90 |  |  | 61 |  |  |
| **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** | **Embedded derivatives and Managed custody guarantees ("MCGs"):** |
| &nbsp;&nbsp;Within fixed maturity investments<sup>(4)</sup> | N/A |  |  | N/A | 1 |  |
| &nbsp;&nbsp;Within reinsurance agreements<sup>(5)</sup> | N/A | 9 |  | N/A | 23 |  |
| &nbsp;&nbsp;Stabilizer<sup>(6)</sup> | N/A |  | 7 | N/A |  | 5 |
| Total |  | $168 | $222 |  | $178 | $237 |

---

<sup>(1)</sup> Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.

<sup>(2)</sup> Total carrying amount of the hedged assets and liabilities was $212 and $213 as of March 31, 2026 and December 31, 2025, respectively.

<sup>(3)</sup> The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $2 as of March 31, 2026 and December 31, 2025, all of which is related to hedging adjustments on discontinued hedging relationships.

<sup>(4)</sup> Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

<sup>(5)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets.

<sup>(6)</sup> Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not applicable

See the *Fair Value Measurements* Note to these Condensed Consolidated Financial Statements for additional information on derivative asset and liability fair values.

 22

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Amount Recognized** | **Counterparty Netting**<sup>(1)</sup> | **Cash Collateral Netting**<sup>(1)</sup> | **Securities Collateral Netting**<sup>(1)</sup> | **Net Receivables/ Payables** |
| **March 31, 2026** | | | | | |
| Derivative assets | $159 | $(151) | $(6) | $(1) | $1 |
| Derivative liabilities | 215 | (151) | (52) | (11) | 1 |
| **December 31, 2025** |  |  |  |  |  |
| Derivative assets | 154 | (149) | (4) |  | 1 |
| Derivative liabilities | 232 | (149) | (71) | (11) | 1 |

---

<sup>(1)</sup> Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

*Collateral*

As of March 31, 2026, the Company held $6 and pledged $52 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2025, the Company held $6 and delivered $71 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2026, the Company delivered $187 of securities and held $2 securities as collateral. As of December 31, 2025, the Company delivered $174 of securities and held no securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2025** | **2025** |
| | **Interest Rate Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Foreign Exchange Contracts** |
| &nbsp;&nbsp;Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Net investment income | Net investment income and Net gains (losses) | Net investment income | Net investment income and Net gains (losses) |
| **Three Months Ended March 31,** |  |  |  |  |
| &nbsp;&nbsp;Amount of Gain (Loss) Recognized in Other Comprehensive Income<sup>(1)</sup> | $— | $9 | $— | $(13) |
| &nbsp;&nbsp;Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income |  | 1 |  | 1 |

---

<sup>(1)</sup> See the *Accumulated Other Comprehensive Income (Loss)* Note to these Condensed Consolidated Financial Statements for additional information.

 23

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2025** | **2025** |
| | **Net investment income** | **Net gains (losses)** | **Net investment income** | **Net gains (losses)** |
| **Three Months Ended March 31,** |  |  |  |  |
| Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded | $433 | $(51) | $413 | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) reclassified from Accumulated Other Comprehensive Income into income | 1 |  | 1 |  |

---

The location and effect of derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Location of Gain (Loss) Recognized on Derivative** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **Location of Gain (Loss) Recognized on Derivative** | **2026** | **2025** |
| **Derivatives: Non-qualifying for hedge accounting** | **Derivatives: Non-qualifying for hedge accounting** | **Derivatives: Non-qualifying for hedge accounting** | **Derivatives: Non-qualifying for hedge accounting** |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | Net gains (losses) | $17 | $(38) |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | Net gains (losses) | 1 | 1 |
| **Embedded derivatives and MCGs:** | **Embedded derivatives and MCGs:** | **Embedded derivatives and MCGs:** | **Embedded derivatives and MCGs:** |
| &nbsp;&nbsp;&nbsp;Within fixed maturity investments | Net gains (losses) | (1) | 4 |
| &nbsp;&nbsp;Within reinsurance agreements | Net gains (losses) | (14) | 12 |
| &nbsp;&nbsp;MCGs | Net gains (losses) |  | (1) |
| &nbsp;&nbsp;Stabilizer | Net gains (losses) | (2) | 4 |
| &nbsp;&nbsp;&nbsp;Total |  | $1 | $(18) |

---

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

**4.&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements** 

*Fair Value Measurement*

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, including securities pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $384 | $125 | $— | $509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities |  | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions |  | 329 |  | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate public securities |  | 6069 | 61 | 6130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate private securities |  | 2526 | 1893 | 4419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 2074 | 47 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> |  | 1707 | 586 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities |  | 3003 | 67 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 1746 |  | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 1696 | 258 | 1954 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 384 | 19303 | 2912 | 22599 |
| &nbsp;&nbsp;&nbsp;Equity securities | 20 |  | 44 | 64 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 147 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 12 |  | 12 |
| &nbsp;&nbsp;Embedded derivatives within reinsurance |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1035 | 5 |  | 1040 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 99807 | 5222 | 426 | 105455 |
| Total assets | $101246 | $24698 | $3382 | $129326 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Stabilizer and MCGs | $— | $— | $7 | $7 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 4 | 200 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 11 |  | 11 |
| Total liabilities | $4 | $211 | $7 | $222 |

---

<sup>(1)</sup> Primarily U.S. dollar denominated.

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, including securities pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $344 | $126 | $— | $470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities |  | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions |  | 359 |  | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate public securities |  | 5950 | 62 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate private securities |  | 2772 | 1701 | 4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 2109 | 48 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> |  | 1755 | 493 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities |  | 3176 | 61 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 1879 |  | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 1735 | 240 | 1975 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 344 | 19889 | 2605 | 22838 |
| &nbsp;&nbsp;&nbsp;Equity securities | 21 |  | 51 | 72 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 1 | 146 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embedded derivatives within reinsurance |  | 23 |  | 23 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1144 | 5 |  | 1149 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 103956 | 5428 | 388 | 109772 |
| Total assets | $105466 | $25498 | $3044 | $134008 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Stabilizer and MCGs | $— | $— | $5 | $5 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 215 |  | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 17 |  | 17 |
| Total liabilities | $— | $232 | $5 | $237 |

---

<sup>(1)</sup> Primarily U.S. dollar denominated.

*Valuation of Financial Assets and Liabilities at Fair Value*

Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company's matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

*U.S. Treasuries:* Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

*U.S. government agencies and authorities, State, municipalities and political subdivisions:* Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

*U.S. corporate public securities, Foreign corporate public securities and foreign governments:* Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

*U.S. corporate private securities and Foreign corporate private securities:* Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

*RMBS, CMBS and ABS:* Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond.

*Equity securities*: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

*Derivatives*: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third-party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. See the *Derivative Financial Instruments* Note to these Condensed Consolidated Financial Statements for more information.

*Stabilizer and MCGs*: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

*Embedded derivatives within reinsurance:* The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld receivable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2.

*Level 3 Financial Instruments*

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

  

*Significant Unobservable Inputs*

The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)** 

(Dollar amounts in millions, unless otherwise stated)

  

The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | |
| | **Fair Value<br>as of<br>January 1** | **Realized/Unrealized<br>Gains (Losses) Included in:** | **Realized/Unrealized<br>Gains (Losses) Included in:** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>March 31** | **Change in Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in Unrealized Gains (Losses) Included in OCI**<sup>(3)</sup> |
| | **Fair Value<br>as of<br>January 1** | **Net income** | **OCI** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>March 31** | **Change in Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in Unrealized Gains (Losses) Included in OCI**<sup>(3)</sup> |
| Fixed maturities, including securities pledged: | Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Corporate public securities | $62 | $— | $(1) | $— | $— | $— | $— | $— | $— | $61 | $— | $(1) |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1701 | (1) | (22) | 248 |  | (34) | (79) | 105 | (25) | 1893 |  | (22) |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 48 |  | (1) |  |  |  |  |  |  | 47 |  | (1) |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 493 |  | (5) | 104 |  |  | (6) |  |  | 586 |  | (5) |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 61 | (2) |  | 12 |  |  |  |  | (4) | 67 | (2) |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 240 |  |  | 66 |  | (1) | (9) |  | (38) | 258 |  |  |
| Total fixed maturities, including securities pledged | 2605 | (3) | (29) | 430 |  | (35) | (94) | 105 | (67) | 2912 | (2) | (29) |
| Equity securities, at fair value | 51 |  |  |  |  | (7) |  |  |  | 44 |  |  |
| Stabilizer and MCGs<sup>(2)</sup> | (5) | (2) |  |  |  |  |  |  |  | (7) |  |  |
| Assets held in separate accounts<sup>(4)</sup> | 388 | (4) |  | 38 |  | (7) |  | 12 | (1) | 426 |  |  |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |
| <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. |
| <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. |
| <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. |

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)** 

(Dollar amounts in millions, unless otherwise stated)

  

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Fair Value<br>as of<br>January 1** | **Realized/Unrealized<br>Gains (Losses) Included in:** | **Realized/Unrealized<br>Gains (Losses) Included in:** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>March 31** | **Change in Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in**<br>**Unrealized**<br>**Gains**<br>**(Losses)**<br>**Included**<br>**in OCI**<sup>(3)</sup> |
| | **Fair Value<br>as of<br>January 1** | **Net Income** | **OCI** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>March 31** | **Change in Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in**<br>**Unrealized**<br>**Gains**<br>**(Losses)**<br>**Included**<br>**in OCI**<sup>(3)</sup> |
| Fixed maturities, including securities pledged: | Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Corporate public securities | $47 | $(1) | $1 | $1 | $— | $(8) | $— | $— | $(2) | $38 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1171 |  | 15 | 156 |  | (4) | (22) |  |  | 1316 |  | 15 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 48 |  |  |  |  |  |  |  |  | 48 |  |  |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 341 | (15) | 24 | 124 |  |  | (2) |  |  | 472 | (15) | 24 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 54 | (2) |  | 16 |  |  |  |  | (7) | 61 | (2) |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 14 |  |  | 2 |  |  | (2) |  |  | 14 |  |  |
| Total fixed maturities, including securities pledged | 1675 | (18) | 40 | 299 |  | (12) | (26) |  | (9) | 1949 | (17) | 39 |
| Equity securities, at fair value | 56 | 2 |  | 6 |  |  |  |  |  | 64 | 2 |  |
| Stabilizer and MCGs<sup>(2)</sup> | (19) | 3 |  |  |  |  |  |  |  | (16) |  |  |
| Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 19 |  | 1 |  |  |  |  |  |  | 20 |  | 1 |
| Assets held in separate accounts<sup>(4)</sup> | 340 | 4 |  | 8 |  | (14) |  |  |  | 338 |  |  |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |
| <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(2)</sup> All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. |
| <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income. |
| <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. | <sup>(4)</sup> The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company. |

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

For the three months ended March 31, 2026 and 2025, the transfers in and out of Level 3 for fixed maturities and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

*Other Financial Instruments*

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying<br>Value** | **Fair<br>Value** | **Carrying<br>Value** | **Fair<br>Value** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;Fixed maturities, including securities pledged | $22599 | $22599 | $22838 | $22838 |
| &nbsp;&nbsp;&nbsp;Equity securities | 64 | 64 | 72 | 72 |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 4645 | 4530 | 4602 | 4534 |
| &nbsp;&nbsp;&nbsp;Policy loans | 154 | 154 | 157 | 157 |
| &nbsp;&nbsp;Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 1040 | 1040 | 1149 | 1149 |
| &nbsp;&nbsp;&nbsp;Derivatives | 159 | 159 | 154 | 154 |
| &nbsp;&nbsp;Short-term loan to affiliate<sup>(1)</sup> | 301 | 301 | 569 | 569 |
| &nbsp;&nbsp;Embedded derivatives within reinsurance | 9 | 9 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;Other investments | 56 | 56 | 61 | 61 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 105455 | 105455 | 109772 | 109772 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment contract liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements without fixed maturities and deferred annuities<sup>(2)</sup> | $28891 | $31925 | $29002 | $32344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements with fixed maturities | 1678 | 1696 | 1573 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplementary contracts and immediate annuities | 180 | 176 | 177 | 167 |
| &nbsp;&nbsp;Stabilizer and MCGs | 7 | 7 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Derivatives | 215 | 215 | 232 | 232 |
| &nbsp;&nbsp;Short-term debt<sup>(3)</sup> | 59 | 59 | 42 | 42 |
| <sup>(1)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets. | <sup>(1)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets. | <sup>(1)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets. | <sup>(1)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets. | <sup>(1)</sup> Included in Other assets on the Condensed Consolidated Balance Sheets. |
| <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs. |
| <sup>(3)</sup> Included in Other liabilities on the Condensed Consolidated Balance Sheets. | <sup>(3)</sup> Included in Other liabilities on the Condensed Consolidated Balance Sheets. | <sup>(3)</sup> Included in Other liabilities on the Condensed Consolidated Balance Sheets. | <sup>(3)</sup> Included in Other liabilities on the Condensed Consolidated Balance Sheets. | <sup>(3)</sup> Included in Other liabilities on the Condensed Consolidated Balance Sheets. |

---

 32

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:

---

| | |
|:---|:---|
| **<u>Financial Instrument</u>** | **<u>Classification</u>** |
| Mortgage loans on real estate | Level 3 |
| Policy loans | Level 2 |
| Short-term loan to affiliate | Level 2 |
| Other investments | Level 2 |
| Funding agreements without fixed maturities and deferred annuities | Level 3 |
| Funding agreements with fixed maturities | Level 2 |
| Supplementary contracts and immediate annuities | Level 3 |
| Short-term debt | Level 2 |

---

**5.&nbsp;&nbsp;&nbsp;&nbsp;Deferred Policy Acquisition Costs and Value of Business Acquired**

The following table presents a rollforward of DAC and VOBA for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **DAC** | **VOBA** |
| | **Deferred and Individual Annuities** | |
| Balance as of January 1, 2025 | $600 | $298 |
| &nbsp;&nbsp;&nbsp;Additions related to business acquisitions |  | 390 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 56 | 4 |
| &nbsp;&nbsp;&nbsp;Amortization expense | (46) | (55) |
| Balance as of December 31, 2025 | $610 | $637 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 15 | 1 |
| &nbsp;&nbsp;&nbsp;Amortization expense | (11) | (14) |
| Balance as of March 31, 2026 | $614 | $624 |

---

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| DAC: |  |  |
| &nbsp;&nbsp;Deferred and Individual Annuities | $614 | $610 |
| &nbsp;&nbsp;Other | 10 | 10 |
| VOBA | 624 | 637 |
| Total | $1248 | $1257 |

---

 33

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

**6. &nbsp;&nbsp;&nbsp;&nbsp;Reserves for Contract Owner Account Balances**

The following table presents a rollforward of Contract owner account balances for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Deferred Group and Individual Annuity** | **Deferred Group and Individual Annuity** |
| | **March 31, 2026** | **December 31, 2025** |
| Balance at January 1 | $28034 | $25031 |
| &nbsp;&nbsp;Additions related to business acquisitions |  | 3458 |
| &nbsp;&nbsp;Deposits | 744 | 2973 |
| &nbsp;&nbsp;Fee income | (19) | (62) |
| &nbsp;&nbsp;Surrenders, withdrawals and benefits | (1232) | (4842) |
| &nbsp;&nbsp;Net transfers (from) to the general account<sup>(1)</sup> | 233 | 687 |
| &nbsp;&nbsp;Interest credited | 193 | 789 |
| Ending Balance | $27953 | $28034 |

---

---

| | | |
|:---|:---|:---|
| Weighted-average crediting rate | 2.8 | 2.8 |
| Net amount at risk<sup>(2)</sup> | $55 | $58 |
| Cash surrender value | $27606 | $27683 |

---

<sup>(1)</sup> Net transfers (from) to the general account includes transfers of $(139) and $(884) for 2026 and 2025, respectively, related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

<sup>(2)</sup> For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Deferred group and individual annuity (Contract owner account balances) | $27953 | $28034 |
| Non-putable funding agreements | 1678 | 1573 |
| Other (Future policy benefits and Contract owner account balances)<sup>(1)</sup> | 3535 | 3637 |
| Ending balance | $33166 | $33244 |

---

<sup>(1)</sup> Primarily consists of reinsured business and other retirement contracts.

 34

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> | **Account Value**<sup>(1)</sup> |
| | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** | **Excess of crediting rate over GMIR** |
| | **At GMIR** | **Up to 0.50% Above GMIR** | **0.51% - 1.00% Above GMIR** | **1.01% - 1.50% Above GMIR** | **1.51% - 2.00% Above GMIR** | **More than 2.00% Above GMIR** | **Total** |
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| &nbsp;&nbsp;Up to 1.00% | $56 | $3798 | $3812 | $1916 | $1897 | $2717 | $14196 |
| &nbsp;&nbsp;1.01% - 2.00% | 113 | 50 | 39 | 4 |  |  | 206 |
| &nbsp;&nbsp;2.01% - 3.00% | 5847 | 185 | 15 | 10 |  |  | 6057 |
| &nbsp;&nbsp;3.01% - 4.00% | 7597 |  |  |  |  |  | 7597 |
| &nbsp;&nbsp;4.01% and Above | 4 |  |  |  |  |  | 4 |
| &nbsp;&nbsp;Renewable beyond 12 months (MYGA)<sup>(2)</sup> | 312 |  |  |  | 2 |  | 314 |
| Total discretionary rate setting products | $13929 | $4033 | $3866 | $1930 | $1899 | $2717 | $28374 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| &nbsp;&nbsp;Up to 1.00% | $57 | $3711 | $3842 | $2015 | $2142 | $2338 | $14105 |
| &nbsp;&nbsp;1.01% - 2.00% | 116 | &nbsp;&nbsp;&nbsp;&nbsp;53 | 41 | 3 |  | 1 | 214 |
| &nbsp;&nbsp;2.01% - 3.00% | 5877 | &nbsp;&nbsp;&nbsp;&nbsp;179 | 16 | 23 |  |  | 6095 |
| &nbsp;&nbsp;3.01% - 4.00% | 7737 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 7737 |
| &nbsp;&nbsp;4.01% and Above | 4 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 4 |
| &nbsp;&nbsp;Renewable beyond 12 months (MYGA)<sup>(2)</sup> | 316 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 2 |  | 318 |
| Total discretionary rate setting products | $14107 | $3943 | $3899 | $2041 | $2144 | $2339 | $28473 |

---

<sup>(1)</sup> Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.

<sup>(2)</sup> Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.

**7. Reinsurance**

As of March 31, 2026, the Company has reinsurance treaties with three unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements.

 35

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Direct** | **Assumed** | **Ceded** | **Total, Net of Reinsurance** |
| **March 31, 2026** | | | | |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Premium receivable | $1 | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable, net of allowance for credit losses |  |  | 2361 | 2361 |
| Total | $1 | $— | $2360 | $2361 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | $30095 | $3071 | $— | $33166 |
| Total | $30095 | $3071 | $— | $33166 |
| **December 31, 2025** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium receivable | $1 | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable, net of allowance for credit losses |  |  | 2421 | 2421 |
| Total | $1 | $— | $2420 | $2421 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | $30017 | $3227 | $— | $33244 |
| Total | $30017 | $3227 | $— | $33244 |

---

Information regarding the effect of reinsurance in the Condensed Consolidated Statements of Operations is as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Fee income:** |  |  |
| &nbsp;&nbsp;&nbsp;Direct fee income | $323 | $294 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | 20 | 22 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fee income | $340 | $316 |
| **Interest credited and other benefits to contract owners / policyholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Direct interest credited and other benefits to contract owners / policyholders | $242 | $212 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | 10 | 24 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (27) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest credited and other benefits to contract owners / policyholders | $225 | $207 |

---

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of March 31, 2026 and December 31, 2025, the Company had a deposit asset net of the allowance for credit losses of $0.7 billion and $0.8 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of March 31, 2026 and December 31, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.

 36

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

**8.**&nbsp;&nbsp;&nbsp;&nbsp;**Separate Accounts**

The following tables present a rollforward of separate account liabilities for the stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Stabilizer**<sup>(1)</sup> | **Deferred Annuity** | **Total** | **Stabilizer**<sup>(1)</sup> | **Deferred Annuity** | **Total** |
| Balance at January 1 | $7159 | $100211 | $107370 | $6901 | $89837 | $96738 |
| &nbsp;&nbsp;Premiums and deposits | 233 | 2908 | 3141 | 963 | 10745 | 11708 |
| &nbsp;&nbsp;&nbsp;Fee income | (8) | (129) | (137) | (31) | (501) | (532) |
| &nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (328) | (3780) | (4108) | (1205) | (12462) | (13667) |
| &nbsp;&nbsp;&nbsp;Net transfers (from) to separate accounts |  | (372) | (372) |  | (1571) | (1571) |
| &nbsp;&nbsp;&nbsp;Investment performance | 11 | (2708) | (2697) | 531 | 14163 | 14694 |
| Balance at end of period | $7067 | $96130 | $103197 | $7159 | $100211 | $107370 |

---

Reconciliation to Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Other variable products liabilities | 2258 | 2402 |
| Total Separate Account liabilities | $105455 | $109772 |

---

<sup>(1)</sup> Stabilizer products allow the contract holder to select either the market value of the account or the book value of the account at termination.

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for deferred annuity products was $96,113 and $100,190 as of March 31, 2026 and December 31, 2025, respectively.

The aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government, corporations and agencies | $862 | $909 |
| &nbsp;&nbsp;&nbsp;Corporate and foreign debt securities | 2729 | 2635 |
| &nbsp;&nbsp;Mortgage-backed securities | 3015 | 2928 |
| &nbsp;&nbsp;Equity securities (including mutual funds) | 97878 | 102097 |
| &nbsp;&nbsp;Cash, cash equivalents, and short-term investments | 572 | 734 |
| &nbsp;&nbsp;Receivable for securities and accruals | 399 | 469 |
| Total | $105455 | $109772 |

---

 37

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

**9.&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Income (Loss)**

Shareholder's equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Fixed maturities, net of impairment | $(1609) | $(1725) |
| Derivatives<sup>(1)</sup> | 10 | 39 |
| Change in current discount rate | (276) | (301) |
| Deferred income tax asset<sup>(2)</sup> | 522 | 545 |
| Total | (1353) | (1442) |
| Pension and other postretirement benefits liability, net of tax | 1 | 1 |
| AOCI | $(1352) | $(1441) |

---

<sup>(1)</sup> Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2026, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $1.

<sup>(2)</sup> The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Before-Tax Amount** | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $(289) | $61 | $(228) |
| &nbsp;&nbsp;&nbsp;Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on available-for-sale securities | (290) | 61 | (229) |
| Derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | 9 | (2) | 7 |
| &nbsp;&nbsp;&nbsp;Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on derivatives | 8 | (2) | 6 |
| Change in current discount rate | 6 | (1) | 5 |
| Change in AOCI | $(276) | $58 | $(218) |

---

 38

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Before-Tax Amount** | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $243 | $(51) | $192 |
| &nbsp;&nbsp;&nbsp;Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 27 | (6) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on available-for-sale securities | 270 | (57) | 213 |
| Derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | (13) | 3 | (10) |
| &nbsp;&nbsp;&nbsp;Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) | 1 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on derivatives | (17) | 4 | (13) |
| Change in current discount rate | 4 | (1) | 3 |
| Change in AOCI | $257 | $(54) | $203 |

---

**10.**&nbsp;&nbsp;&nbsp;&nbsp;**Revenue from Contracts with Customers**

Financial services revenue is disaggregated by type of service in the following table:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Advisory and recordkeeping and administration | $165 | $151 |
| Distribution and shareholder servicing | 13 | 18 |
| **Total financial services revenue** | 178 | 169 |
| Revenue from other sources<sup>(1)</sup> | 182 | 167 |
| **Total Fee income and Other revenue** | $360 | $336 |

---

<sup>(1)</sup> Primarily consists of revenue from insurance contracts and financial instruments.

Receivables of $111 and $96 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes** 

The Company's effective tax rates for the three months ended March 31, 2026 and March 31, 2025 were 12.0% and 13.3%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction and tax credits.

 39

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2026, the Company had net unrealized capital losses on investments of $1.6 billion in AOCI. The company expects this DTA to be utilized by its hold-to-maturity tax planning strategy. Additionally, income before income taxes remained positive for the period. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs and did not establish a valuation allowance.

***Tax Sharing Agreement***

The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

***Tax Regulatory Matters***

For the tax years 2024 through 2026, Voya Financial participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2024 through 2026 tax years, Voya Financial is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

Voya Financial received a partial acceptance letter for the 2024 tax year and does not anticipate any material adjustments to its tax return as filed.

Voya Financial filed amended federal income tax returns for tax years 2012 through 2018 to claim a foreign tax credit instead

of utilizing a foreign tax deduction. Voya Financial does not anticipate an adjustment to its claim as filed. The audit of the

claim is ongoing.

***Tax Legislative Matters***

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While Voya Financial does not expect to be subject to the CAMT for 2026, Voya Financial continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Financing Agreements** 

***Reciprocal Loan Agreement***

The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2031, either party can borrow from the other up to 3.0% of the Company's statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company incurred immaterial and $1 interest expense for the three months ended March 31, 2026

 40

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

and 2025, respectively. The Company earned $6 and $5 of interest income for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, VRIAC had a $301 outstanding receivable and VIPS had a $59 outstanding payable. As of December 31, 2025, VRIAC had an outstanding receivable of $569 and VIPS had an outstanding payable of $42 under the reciprocal loan agreement.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies** 

***Commitments***

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of March 31, 2026, the Company had off-balance sheet commitments to acquire mortgage loans of $76 and purchase limited partnerships and private placement investments of $1,857.

***Restricted Assets***

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit ("LOC") and derivative transactions as described further in this note.

The components of the fair value of the restricted assets were as follows as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Fixed maturity collateral pledged to FHLB<sup>(1)</sup> | $1622 | $1663 |
| &nbsp;&nbsp;FHLB restricted stock<sup>(2)</sup> | 56 | 52 |
| &nbsp;&nbsp;Fixed maturities-state and other deposits | 8 | 8 |
| &nbsp;&nbsp;Securities pledged<sup>(3)</sup> | 814 | 845 |
| Total restricted assets | $2500 | $2568 |

---

<sup>(1)</sup> Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

<sup>(2)</sup> Included in Other investments on the Condensed Consolidated Balance Sheets.

<sup>(3)</sup> Includes the fair value of loaned securities of $627 and $565 as of March 31, 2026 and December 31, 2025, respectively. In addition, as of March 31, 2026 and December 31, 2025, the Company delivered securities as collateral of $187 and $174, respectively, and repurchase agreements of $0 and $106, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

***Federal Home Loan Bank Funding***

The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of March 31, 2026 and December 31, 2025, the Company had liabilities associated with funding agreements issued to the FHLB of $1,272 and $1,172, respectively, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. Assets pledged to the FHLB are reflected in the table above.

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**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

***Funding Agreement-Backed Notes Program***

The Company participates in a Funding Agreement-Backed Notes program, pursuant to which the Company may issue funding agreements to a Delaware special purpose statutory trust (the "Trust") in exchange for proceeds from the Trust's medium-term note issuances. As of March 31, 2026 and December 31, 2025, the Company had liabilities associated with the funding agreement outstanding under the program of $406 and $400, respectively, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

***Litigation, Regulatory Matters and Contingencies***

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry.

While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large, and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2026, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss.

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the "crediting rate" for participants' investment in the Stable Value Fund artificially low in relation to Voya's general account investment returns in order to maximize the spread and Voya's profits at the participants' expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. On December 10, 2025, the plaintiffs filed an amended complaint. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

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**Voya Retirement Insurance and Annuity Company**

**(A wholly owned subsidiary of Voya Holdings Inc.)**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(Dollar amounts in millions, unless otherwise stated)

**14.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions**

The Company has various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include, but are not limited to, administrative, management, financial and information technology services, asset management and distribution services. Management and service contracts and all cost sharing arrangements with affiliated companies are allocated in accordance with the Company's expense and cost allocation methods. Revenues and expenses recorded as a result of transactions and agreements with affiliates may not be the same as those incurred if the Company was not a wholly owned subsidiary of its Parent.

For the three months ended March 31, 2026 and 2025, revenues received from affiliates related to these agreements were $34 and $21, respectively. For the three months ended March 31, 2026 and 2025, expenses with affiliated entities related to the aforementioned operating agreements were $152 and $140, respectively.

See the *Financing Agreements* Note to these Condensed Consolidated Financial Statements for information on related party receivables and payables.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Narrative Analysis of the Results of Operations and Financial Condition**

*For the purposes of this discussion, the terms "VRIAC", "the Company", "we", "our", and "us" refer to Voya Retirement Insurance and Annuity Company and its subsidiaries. We are a direct, wholly owned subsidiary of Voya Holdings Inc., which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial" or "Parent").*

*The following discussion and analysis presents a review of our condensed consolidated results of operations for the three months ended March 31, 2026 and 2025 and financial condition as of March 31, 2026 and December 31, 2025. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I., Item 1. of this Quarterly Report on Form 10-Q, as well as "Management's Narrative Analysis of the Results of Operations and Financial Condition" section contained in our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.*

*In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Concerning Forward-Looking Statements.*

**Overview**

VRIAC is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

***Business Update***

On January 2, 2025, our ultimate parent, Voya Financial, acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement through which we will administer group annuity contracts on behalf of American United Life Insurance Company, an affiliate of OneAmerica Financial. As a result of the application of pushdown accounting associated with the acquisition, we recognized Additional paid-in capital of $175 million in the first quarter of 2025.

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**Results of Operations**

The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** |  |
|  | **2026** | **2025** | **Change** |
| **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $433 | $413 | $20 |
| &nbsp;&nbsp;&nbsp;Fee income | 340 | 316 | 24 |
| &nbsp;&nbsp;&nbsp;Premiums | 2 | (1) | 3 |
| &nbsp;&nbsp;Net gains (losses) | (51) | (19) | (32) |
| &nbsp;&nbsp;&nbsp;Other revenue | 20 | 20 |  |
| Total revenues | 744 | 729 | 15 |
| **Benefits and expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | 225 | 207 | 18 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 336 | 323 | 13 |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC and VOBA | 25 | 25 |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1 | (1) |
| Total benefits and expenses | 586 | 556 | 30 |
| Income before income taxes | 158 | 173 | (15) |
| Income tax expense | 19 | 23 | (4) |
| Net income | $139 | $150 | $(11) |

---

***Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025*** 

***Total revenues***

*Total revenues* increased $15 million from $729 million to $744 million. The following items contributed to the overall increase.

*Net investment income* increased by $20 million from $413 million to $433 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall market impacts to limited partnership valuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher investment income on fixed maturity securities primarily due to interest rate movements and actions to improve the portfolio yield.

*Fee income* increased by $24 million from $316 million to $340 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher average equity markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong commercial momentum over the last year.

*Net gains (losses)* worsened by $32 million from a loss of $19 million to a loss of $51 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an unfavorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements.

This was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net favorable changes in derivative valuations due to interest rate movements.

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**Liquidity and Capital Resources** 

Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows on investments and products, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

The following discussion presents an analysis of our sources and uses of liquidity and capital and should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements discussion included further below.

***Liquidity Management***

Our principal available sources of liquidity are product charges, investment income, proceeds from the maturity and sale of investments, proceeds from various borrowing channels and facilities, repurchase agreements, contract deposits, securities lending and capital contributions. Primary uses of these funds are payments of policyholder benefits, commissions and operating expenses, interest credits, investment purchases and contract maturities, withdrawals and surrenders and payment of dividends.

Our liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents and short-term investments. As part of the liquidity management process, different scenarios are modeled to determine whether existing assets are adequate to meet projected cash flows. Key variables in the modeling process include interest rates, equity market movements, quantity and type of interest and equity market hedges, anticipated contract owner behavior, market value of the general account assets, variable separate account performance and implications of rating agency actions.

The fixed account liabilities are supported by a general account portfolio, principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the fixed account considers the assets available-for-sale. This strategy enables us to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook and other relevant factors. The objective of portfolio management is to maximize returns, taking into account interest rate and credit risk, as well as other risks. Our asset-liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, we use derivative instruments to manage these risks. Our derivative counterparties are of high credit quality.

***Additional Sources of Liquidity***

Additional sources of liquidity include borrowing facilities to meet short-term cash requirements that arise in the ordinary course of business. For information regarding our reciprocal loan agreement with Voya Financial, see the *Financing Agreements* Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

We hold approximately 40.7% of our assets in marketable securities. These assets include cash, U.S. Treasuries, agencies, corporate bonds, ABS, CMBS and collateralized mortgage obligations ("CMO") and equity securities. In the event of a temporary liquidity need, cash may be raised by entering into repurchase agreements or security lending agreements by temporarily lending securities and receiving cash collateral. Under our Liquidity Plan, up to 12% of our general account statutory invested assets may be allocated to repurchase and securities lending programs. At the time a temporary cash need arises, the actual percentage of statutory invested assets available for repurchase transactions will depend upon outstanding allocations to these programs. As of March 31, 2026, VRIAC had securities lending collateral assets of $624 million, which represents approximately 2.0% of its general account statutory invested assets. Management believes that our sources of liquidity are adequate to meet our short-term cash obligations.

***Capital Contributions and Dividends***

During the three months ended March 31, 2026, VRIAC received $3 million in capital contributions from its Parent. During the three months ended March 31, 2026, VRIAC recognized $175 million in Additional paid-in capital as a result of the application of pushdown accounting associated with the Company's ultimate parent, Voya Financial, acquisition of OneAmerica Financial's full-service retirement plan business. During the three months ended March 31, 2026 and 2025, VRIAC paid ordinary dividends to its Parent of $215 million and $84 million, respectively.

***Ratings***

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Our access to funding and our related cost of borrowing, collateral requirements for derivative instruments and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Credit ratings are also important to our ability to raise liquidity through various borrowing channels and facilities, and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our Parent or rated affiliates could have a material adverse effect on our results of operations and financial condition. See *A downgrade or a potential downgrade in our financial strength or credit ratings may result in a loss of business and adversely affect our results of operations and financial condition* in Risk Factors in Part I, Item 1A. of our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's ability to repay its indebtedness. These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Rating agencies use an "outlook" statement for both industry sectors and individual companies. A stable outlook from rating agencies is an opinion generally indicating that the rating is not likely to change over the medium term.

Our financial strength rating as of the date of this Quarterly Report on Form 10-Q are summarized in the following table.

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| | | | |
|:---|:---|:---|:---|
| | **Rating Agency** | **Rating Agency** | **Rating Agency** |
|<br>**Company** | **Fitch, Inc.**<br>**("Fitch")**<sup>(1)</sup> | **Moody's Investors Service, Inc.**<br>**("Moody's")**<sup>(2)</sup> | **Standard & Poor's**<br>**("S&P")**<sup>(3)</sup> |
| Voya Retirement Insurance and Annuity Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Strength Rating | A+/stable | A2/stable | A+/stable |

---

<sup>(1)</sup> Fitch's financial strength rating for insurance companies ranges from "AAA (exceptionally strong)" to "C (distressed)." Long-term credit ratings range from "AAA (highest credit quality)," which denotes exceptionally strong capacity for timely payment of financial commitments, to "D (default)."

<sup>(2)</sup> Moody's financial strength ratings for insurance companies range from "Aaa (exceptional)" to "C (lowest)." Numeric modifiers are used to refer to the ranking within the group with 1 being the highest and 3 being the lowest. These modifiers are used to indicate relative strength within a category. Long-term credit ratings range from "Aaa (highest)" to "C (default)."

<sup>(3)</sup> S&P's financial strength ratings for insurance companies range from "AAA (extremely strong)" to "D (default)." Long-term credit ratings range from "AAA (extremely strong)" to "D (default)."

In December 2025, Moody's confirmed its outlook for the U.S. life insurance sector as stable and Fitch confirmed its neutral outlook for the North American life insurance sector.

***Off-Balance Sheet Arrangements***

Off-balance sheet arrangements are mostly related to commitments to either purchase or sell securities, mortgage loans or money market instruments, at a specified future date and at a specified price or yield. In addition, off-balance sheet arrangements include obligations to return non-cash collateral under our securities lending program. Non-cash collateral received in connection with the securities lending program may not be sold or re-pledged by our lending agent, except in the event of default. For information regarding off-balance sheet arrangements, see the *Investments* Note and the *Commitments and Contingencies* Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

**Critical Accounting Judgments and Estimates** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an ongoing basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect changes in these estimates and assumptions

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from time to time. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the accompanying Condensed Consolidated Financial Statements.

In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe that the amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

For further information, refer to the critical accounting estimates described in the *Business, Basis of Presentation and Significant Accounting Policies* Note in our Consolidated Financial Statements in Part II, Item 8. of our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.

As of March 31, 2026, there have been no material changes to the disclosures made in *Critical Accounting Judgments and Estimates* in Part II., Item 7. of our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.

**Income Taxes**

In August 2022, the Inflation Reduction Act of 2022 was signed into law, which includes a 15% corporate alternative minimum tax ("CAMT"). The CAMT is effective in taxable years beginning after December 31, 2022. In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While we do not expect to be subject to the CAMT for 2026, we are continuing to review the proposed regulations, and our CAMT determination will need to be evaluated in light of future guidance.

See the *Income Taxes* Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on income taxes.

**Investments**

See the *Investments* Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on investments. Additionally, see the *Condensed Consolidated Balance Sheets* to our Condensed Consolidated Financial Statements Part I, Item 1. of this Quarterly Report on Form 10-Q for a composition of our investment portfolio.

***Fixed Maturities Credit Quality - Ratings***

The following tables present credit quality of fixed maturities, including securities pledged, using NAIC designations as of the dates indicated:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **NAIC Quality Designation** | **1** | **2** | **3** | **4** | **4** | **5** | **5** | **6** | **6** | **Total Fair Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | 509 | $| $| $|  | $|  | $|  | 509 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 28 |  |  |  |  |  |  |  |  | 28 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 310 | 17 | 2 |  |  |  |  |  |  | 329 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 2054 | 3867 | 199 | 10 | 10 |  |  |  |  | 6130 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 1834 | 2278 | 255 | 42 | 42 | 10 | 10 |  |  | 4419 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 652 | 1328 | 132 | 4 | 4 | 5 | 5 |  |  | 2121 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 472 | 1711 | 81 | 25 | 25 | 4 | 4 |  |  | 2293 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 3030 | 27 | 4 |  |  | 8 | 8 | 1 | 1 | 3070 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 1515 | 110 | 59 | 38 | 38 | 19 | 19 | 5 | 5 | 1746 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1622 | 232 | 9 | 5 | 5 |  |  | 86 | 86 | 1954 |
| &nbsp;&nbsp;Total fixed maturities | 12026 | $| $| $| 124 | $| 46 | $| 92 | 22599 |
| &nbsp;&nbsp;% of Fair Value | 53.3% | 42.3% | 3.3% | 0.5% | 0.5% | 0.2% | 0.2% | 0.4% | 0.4% | 100.0% |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **NAIC Quality Designation** | **1** | **2** | **3** | **4** | **4** | **5** | **5** | **6** | **6** | **Total Fair Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | 470 | $| $| $|  | $|  | $|  | 470 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 28 |  |  |  |  |  |  |  |  | 28 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 339 | 18 | 2 |  |  |  |  |  |  | 359 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 1951 | 3882 | 170 | 9 | 9 |  |  |  |  | 6012 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 1928 | 2251 | 245 | 41 | 41 | 8 | 8 |  |  | 4473 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 648 | 1355 | 144 | 10 | 10 |  |  |  |  | 2157 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 419 | 1737 | 81 | 7 | 7 | 4 | 4 |  |  | 2248 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 3196 | 27 | 3 |  |  | 10 | 10 | 1 | 1 | 3237 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 1620 | 142 | 55 | 39 | 39 | 20 | 20 | 3 | 3 | 1879 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1689 | 197 | 9 | 6 | 6 |  |  | 74 | 74 | 1975 |
| &nbsp;&nbsp;Total fixed maturities | 12288 | $| $| $| 112 | $| 42 | $| 78 | 22838 |
| &nbsp;&nbsp;% of Fair Value | 53.8% | 42.1% | 3.1% | 0.5% | 0.5% | 0.2% | 0.2% | 0.3% | 0.3% | 100.0% |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |

---

The following tables present credit quality of fixed maturities, including securities pledged, using NAIC acceptable rating organizations ("ARO") ratings as of the dates indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **ARO Quality Ratings** | **AAA** | **AA** | **A** | **BBB** | **BB and Below** | **Total Fair Value** |
| U.S. Treasuries | $— | $509 | $— | $— | $— | $509 |
| U.S. Government agencies and authorities |  | 28 |  |  |  | 28 |
| State, municipalities and political subdivisions | 14 | 187 | 109 | 17 | 2 | 329 |
| U.S. corporate public securities | 16 | 276 | 1873 | 3754 | 211 | 6130 |
| U.S. corporate private securities | 27 | 224 | 1560 | 2202 | 406 | 4419 |
| Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 72 | 600 | 1306 | 143 | 2121 |
| Foreign corporate private securities<sup>(1)</sup> |  | 23 | 411 | 1720 | 139 | 2293 |
| Residential mortgage-backed securities | 958 | 1965 | 19 | 25 | 103 | 3070 |
| Commercial mortgage-backed securities | 61 | 921 | 281 | 367 | 116 | 1746 |
| Other asset-backed securities | 329 | 316 | 949 | 234 | 126 | 1954 |
| &nbsp;&nbsp;Total fixed maturities | $1405 | $4521 | $5802 | $9625 | $1246 | $22599 |
| &nbsp;&nbsp;% of Fair Value | 6.2% | 20.0% | 25.7% | 42.6% | 5.5% | 100.0% |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **ARO Quality Ratings** | **AAA** | **AA** | **A** | **BBB** | **BB and Below** | **Total Fair Value** |
| U.S. Treasuries | $— | $470 | $— | $— | $— | $470 |
| U.S. Government agencies and authorities |  | 28 |  |  |  | 28 |
| State, municipalities and political subdivisions | 15 | 205 | 119 | 18 | 2 | 359 |
| U.S. corporate public securities | 16 | 244 | 1814 | 3761 | 177 | 6012 |
| U.S. corporate private securities | 22 | 223 | 1663 | 2162 | 403 | 4473 |
| Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 77 | 591 | 1332 | 157 | 2157 |
| Foreign corporate private securities<sup>(1)</sup> |  | 23 | 381 | 1723 | 121 | 2248 |
| Residential mortgage-backed securities | 976 | 2117 | 20 | 25 | 99 | 3237 |
| Commercial mortgage-backed securities | 69 | 966 | 298 | 420 | 126 | 1879 |
| Other asset-backed securities | 330 | 336 | 999 | 199 | 111 | 1975 |
| &nbsp;&nbsp;Total fixed maturities | $1428 | $4689 | $5885 | $9640 | $1196 | $22838 |
| &nbsp;&nbsp;% of Fair Value | 6.3% | 20.5% | 25.8% | 42.2% | 5.2% | 100.0% |
| <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. | <sup>(1)</sup> Primarily U.S. dollar denominated. |

---

Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

 50

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

The Company carried out an evaluation, under the supervision and with the participation of its management, including its President and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act of 1934 as of the end of the period covered by this report. Based on that evaluation, the President and the Chief Financial Officer have concluded that the Company's current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company's periodic filings with the SEC is made known to them in a timely manner.

***Changes in Internal Control Over Financial Reporting***

There were no changes to the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**PART II.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings** 

See the Litigation, Regulatory Matters and Contingencies section of the *Commitments and Contingencies* Note in our Condensed Consolidated Financial Statements in Part I., Item 1. of this Quarterly Report on Form 10-Q for a description of our material legal proceedings.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors** 

For a discussion of the Company's potential risks and uncertainties, see Risk Factors in Part I, Item 1A. of our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701026000003/vriac-20251231.htm)</u>.

**Item 5.**&nbsp;&nbsp;&nbsp;&nbsp;**Other Information**&nbsp;&nbsp;&nbsp;&nbsp;

None.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

See Exhibit Index on the following page.

 51

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**Voya Retirement Insurance and Annuity Company**

---

| | |
|:---|:---|
| **<u>Exhibit Index</u>**  | **<u>Exhibit Index</u>**  |
| **Exhibit No.** | **Description of Exhibit** |
| 10.3+ | <u>[Reciprocal Loan Agreement, dated as of April 1, 2026, between VRIAC & Voya Financial, Inc.](exhibit103reciprocalloanag.htm)</u> |
| 31.1+ | <u>[Certificate of William T. Bainbridge pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vriac2026q110-qex311.htm)</u> |
| 31.2+ | <u>[Certificate of Amelia J. Vaillancourt pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vriac2026q110-qex312.htm)</u> |
| 32.1+ | <u>[Certificate of William T. Bainbridge pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vriac2026q110-qex321.htm)</u> |
| 32.2+ | <u>[Certificate of Amelia J. Vaillancourt pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vriac2026q110-qex322.htm)</u> |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH+ | Inline XBRL Taxonomy Extension Schema |
| 101.CAL+ | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF+ | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB+ | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE+ | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |

---

+Filed herewith.

 52

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<u>[**Table of Contents**](#i98dfd4c8e68a446e978507a67e12dfa2_10)</u>

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| May 12, 2026 |  |  | Voya Retirement Insurance and Annuity Company |
| (Date) |  |  | (Registrant) |
|  | By: | /s/ | William T. Bainbridge |
|  |  |  | William T. Bainbridge |
|  |  |  | Chief Financial Officer |
|  |  |  | (Duly Authorized Officer and Principal Financial Officer) |

---

 53

## Exhibit 10.3

Exhibit 10.3

**RECIPROCAL LOAN AGREEMENT**

This RECIPROCAL LOAN AGREEMENT (this "Agreement"), dated as of April 1, 2026, between Voya Retirement Insurance and Annuity Company, a Connecticut life insurance company ("VRIAC" or "Company"), located at One Orange Way, Windsor, Connecticut 06095 and Voya Financial, Inc., a Delaware corporation ("Voya Financial" or "Company"), located at 200 Park Avenue, New York, New York 10166 (collectively referred to as the "Companies").

WITNESSETH:

WHEREAS, each of the Companies may have, from time to time, a need to borrow funds on a revolving basis; and

WHEREAS, each of the Companies may have, from time to time, excess cash available to lend to the other on a revolving basis; and

WHEREAS, the Companies are affiliated entities and as such are willing to extend financing to, and borrow from each other as provided herein; and

WHEREAS, each of the Companies desires to enter into this Agreement providing for, among other things, the making of such Loans by and among each other;

NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies agree as follows:

<u>ARTICLE</u> <u>1</u>

<u>DEFINITIONS</u>

<u>Section</u> <u>1.1</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined</u> <u>Terms</u>. For purposes of this Agreement:

"Agreement" shall have the meaning set forth in the preamble hereto.

"Authorized Person" shall mean the CFO, Treasurer, Assistant Treasurer, Treasury Officer, or Treasury Manager of the Borrowing Company, or a person so designated.

"Borrowing Company" shall mean each of the Companies to which a Loan is outstanding or is to be made pursuant to a Request for Borrowing.

"Business Day" shall mean a day on which U.S. financial markets are open for the transaction of business required for this Agreement.

"Companies" shall have the meaning set forth in the preamble hereto.

------

Exhibit 10.3

"Company" shall have the meaning set forth in the preamble hereto.

"Corporate Treasury Office" ("CTO") shall mean the Treasurer's office of Voya Financial,

Inc.

"Default" shall mean any of the events specified in Section 6.1, regardless of whether there shall have occurred any passage of time or giving of notice, or both, that would be necessary in order to constitute such an Event of Default.

"Event of Default" shall mean any of the events specified in Section 6.1.

"Interest Period" shall mean the number of days or months that a particular interest rate applies to a particular Loan advanced hereunder.

"Lending Company" shall mean each of the Companies that has made, or is obligated to make, in accordance with a Request for Borrowing one or more Loans hereunder.

"Loans" shall mean the amounts advanced by a Lending Company to a Borrowing Company under this Agreement.

"Notice of Borrowing" shall have the meaning set forth in Section 2.2(b) of this Agreement.

"Obligations" shall mean all payment and performance obligations of every kind, nature and description of each Borrowing Company to the Lending Company, or either of them, under this Agreement (including any interest, fees and other charges on the Loans or otherwise), whether such obligations are direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, now existing or hereafter arising.

"Request for Borrowing" shall have the meaning set forth in Section 2.2(a) of this Agreement.

"Revolving Loan Commitment" shall mean the maximum outstanding amount to be funded by the Lending Company to the Borrowing Company. The aggregate sum which the Lending Company may loan to the Borrowing Company under this Agreement shall not exceed three percent of VRIAC's admitted assets as of the thirty-first day of December next preceding.

"Termination Date" shall mean April 1, 2031, or such earlier date as payment of the Obligations shall be due (whether by acceleration or otherwise).

"Voya Financial" shall have the meaning set forth in the preamble hereto. "VRIAC" shall have the meaning set forth in the preamble hereto.

<u>Section</u> <u>1.2</u>. <u>Terminology</u>. Each definition of a document in this Article 1 shall include such document as amended, modified, or supplemented from time to time, and, except where the

------

Exhibit 10.3

context otherwise requires, definitions imparting the singular shall include the plural and visa versa. Except where specifically restricted, reference to a party shall include that party and its successors and assigns. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender, shall include all other genders. Titles of articles and sections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement, and all references in this Agreement to articles, sections, subsections, paragraphs, clauses, subclauses or exhibits shall refer to the corresponding article, section, subsection, paragraph, clause, subclause of, or exhibit attached to, this Agreement, unless otherwise provided.

<u>Section</u> <u>1.3</u>. <u>Accounting Terms</u>. Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted in accordance with customary insurance accounting practices consistently applied.

<u>ARTICLE</u> <u>2</u>

<u>TERMS</u> <u>OF</u> <u>THE</u> <u>LOANS</u>

<u>Section</u> <u>2.1</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Revolving</u> <u>Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to and upon the terms and conditions set forth in this Agreement, each Lending Company agrees to advance Loans to the Borrowing Company, from time to time prior to the Termination Date. Loans advanced under the Revolving Loan Commitment shall be repaid in accordance with Section 2.4 and may be reborrowed from time to time on a revolving basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Borrowing Company's obligation to pay to the Lending Company the principal of and interest on the Loans shall be evidenced by the records of the CTO in lieu of a promissory note or notes.

<u>Section</u> <u>2.2.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u> <u>and</u> <u>Manner</u> <u>of</u> <u>Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Whenever the Borrowing Company desires to borrow money hereunder, it shall give the CTO a written or facsimile request (or verbal request promptly confirmed in writing or by facsimile) of such borrowing or reborrowing (a "Request for Borrowing"). Such Request for Borrowing shall be given by an Authorized Person to the CTO prior to 10:00 a.m. (New York, New York time). Any Request for Borrowing received after 10:00

a.m. shall be deemed received on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The CTO, upon receipt of a Request for Borrowing, shall determine if the requested funds are available and the interest rates in accordance with Section 2.3(a) of this Agreement (and related Interest Periods, if any) at which the Borrowing Company can borrow money in a principal amount equal to, and on the date of, the proposed borrowing or reborrowing described in each such Request for Borrowing, and shall notify the Lending Company of such interest rates and the related Interest Periods, if any, and the principal amount of the proposed borrowing or reborrowing (a "Notice of Borrowing") by telephone (confirmed in writing) or by facsimile no later than 12 p.m. (New York, New York time) on

------

Exhibit 10.3

the Business Day of the requested borrowing or reborrowing. The CTO shall promptly convey to the Borrowing Company the information contained in the Notice of Borrowing by telephone (confirmed in writing) or by facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On the date of each borrowing, the Lending Company will make available the amount of such borrowing or reborrowing in immediately available funds to the Borrowing Company by depositing such amount in the account of the Borrowing Company by wire transfer via electronic funds transfer (EFT).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The CTO shall maintain on its books a control account for each Company in which shall be recorded (i) the amount and payment terms of each Loan made hereunder to each such Company, (ii) the interest rate applicable with respect to each Loan, (iii) the amount of any principal, interest or fees due or to become due from each Borrowing Company with respect to the Loans, (iv) the payment dates for any principal, interest or fees due or to become due from each Borrowing Company with respect to each Loan made hereunder, and (v) the amount of any sum received by each Lending Company hereunder in respect of any such principal, interest or fees due on such Loans. The entries made in the CTO's control accounts shall be prima facie evidence, in the absence of manifest error, of the existence and amounts of Obligations therein recorded and any payments thereon. Accordingly, the Companies acknowledge and agree that the payment terms and due dates set out in the CTO's control accounts with respect to each Loan made hereunder shall be deemed incorporated herein by this reference and shall govern as the payment terms and due dates for each such Loan made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The CTO shall account to each Company on a quarterly basis with a statement of borrowings, interest rates, charges and payments made pursuant to this Agreement with respect to the Loans and Revolving Loan Commitment. An Authorized Person of the Companies shall review each quarterly accounting for accuracy within thirty days of receipt thereof from the CTO. Each such account rendered by the CTO shall be deemed final, binding and conclusive unless the CTO is notified by the Lending Company or the Borrowing Company within thirty days after the date the account is so rendered that either the Lending Company or the Borrowing Company disputes any item thereof. Disputes for which the CTO receives notice in accordance with this Section 2.2(e) will be settled in accordance with Section 7.5 only if an amicable understanding cannot be reached by the parties within sixty (60) days of receipt of the notice of dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The CTO shall be justified in assuming, for purposes of carrying out its duties and obligations under this Agreement, including, without limitation, its obligation to maintain accounts and provide accountings of the Loans pursuant to Section 2.2(d) and (e) above, that (1) Loans are disbursed by the Lending Company to the Borrowing Company in accordance with the terms of the Notice of Borrowing, (2) payments on the Loans are made to the Lending Company when due, and (3) no prepayments of any Loans prior to the date that they are due and payable under Section 2.4(a) have occurred, unless the CTO is otherwise notified by either Company within seven Business Days of any such delayed disbursement, overdue payment, or receipt of a prepayment.

------

Exhibit 10.3

<u>Section</u> <u>2.3</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrowing Company agrees to pay interest in respect of all unpaid principal amounts of the Loans from the respective dates such principal amounts were advanced until the respective dates such principal amounts are repaid at a rate per annum as determined by the CTO and agreed upon by the Companies pursuant to Section 2.2(b) of this Agreement. The Borrowing Company shall pay interest on each Loan at a per annum rate which is based on the prevailing market rate for similar borrowings or securities with a similar credit quality and with a similar duration. The interest rate shall be determined by the CTO in accordance with its usual practices. In the event that there is no market for similar borrowings or securities, or the market for such borrowings is limited, the CTO shall determine the interest rate for a Loan by performing a relative analysis of other borrowings or securities that are not materially dissimilar to the Loan in order to infer the prevailing market rate for such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Overdue principal and, to the extent not prohibited by applicable law, overdue interest in respect of any of the Loans and all other overdue amounts owing hereunder shall bear interest from each date that such amounts are overdue at the rate otherwise applicable to such underlying Loans plus an additional 2% per annum. Interest on each Loan shall accrue from and including the date of such Loan to, but excluding, the date of any repayment thereof; <u>provided, however</u>, that if a Loan is repaid on the same day it is made, one day's interest shall be paid on such Loan. Interest shall be computed on the basis of a year of 360 days for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Companies hereby agree that the only charges imposed or to be imposed by the Lending Company hereunder for the use of money in connection with the Loans is and will be the interest required to be paid under the provisions of Sections 2.2(b). In no event shall the amount of interest due and payable under this Agreement or any other documents executed in connection herewith exceed the maximum rate of interest allowed by applicable law and, in the event any such payment is made by the Borrowing Company or received by the Lending Company, such excess sum shall be credited as a payment of principal. It is the express intent hereof that the Borrowing Company not pay and the Lending Company not receive, directly or indirectly in any manner, interest in excess of that which may be lawfully paid under applicable law.

<u>Section</u> <u>2.4</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Repayment</u> <u>of</u> <u>Principal</u> <u>and</u> <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The entire outstanding principal balance of the Loans shall be due and payable by no later than 5:00 p.m. (Eastern time) on the Business Day on which the Loan is due, together with all remaining accrued and unpaid interest thereon, unless an extension of no more than three additional days is authorized by the Lending Company. The maximum term of any Loan shall be 270 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any of the Loans may be prepaid in whole or in part at any time without premium or penalty. Any such prepayment made on any Loan shall be applied, first, to interest accrued thereon through the date thereof and then to the principal balance thereof.

------

Exhibit 10.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each payment and prepayment of principal of any Loan and each payment of interest on any Loan shall be made to the Lending Company and applied to outstanding Loan balances in the following order; first, toward any Loan or Loans then due and payable; and, second, towards the Loan or Loans which are next due and payable at the time of such prepayment.

<u>ARTICLE</u> <u>3</u>

<u>REPRESENTATIONS</u> <u>AND</u> <u>WARRANTIES</u>

<u>Section</u> <u>3.1</u>. <u>Representations</u> <u>and</u> <u>Warranties</u>. In order to induce the Lending Company to enter into this Agreement, the Borrowing Company hereby represents and warrants as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Organization; Power; Qualification</u>. The Borrowing Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, has the power and authority to own or lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing as a foreign corporation, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business require such qualification or authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Authorization;</u> <u>Enforceability</u>. The Borrowing Company has the power and has taken all necessary action to authorize it to execute, deliver and perform this Agreement in accordance with the terms hereof and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Borrowing Company and is a legal, valid and binding obligation of the Borrowing Company, enforceable in accordance with its respective terms, (i) subject to limitations imposed by general principles of equity and (ii) subject to applicable bankruptcy, reorganization, insolvency and other similar laws affecting creditors' rights generally and to moratorium laws from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No</u> <u>Conflict</u>. The execution, delivery and performance of this Agreement in accordance with its terms and the consummation of the transactions contemplated hereby do not and will not (i) violate any applicable law or regulation, (ii) conflict with, result in a breach of, or constitute a default under the articles or certificate of incorporation or by-laws of the Borrowing Company or under any indenture, agreement or other instrument to which the Borrowing Company is a party or by which it or any of its properties may be bound, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in or require the creation or imposition of any lien upon or with respect to any property now owned or hereafter acquired by the Borrowing Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Compliance</u> <u>with</u> <u>Law;</u> <u>Absence</u> <u>of</u> <u>Default</u>. The Borrowing Company is in compliance with all applicable laws the failure to comply with which has or could reasonably be expected to have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company, and no event has occurred or

------

Exhibit 10.3

has failed to occur which has not been remedied or waived, the occurrence or non-occurrence of which constitutes a Default.

<u>Section</u> <u>3.2</u>. <u>Survival of Representations and Warranties</u>. All representations and warranties made under this Agreement shall be deemed to be made, and shall be true and correct, as of the date hereof and as of the date of each Loan.

<u>ARTICLE</u> <u>4</u>

<u>AFFIRMATIVE</u> <u>COVENANTS</u>

So long as this Agreement is in effect:

<u>Section</u> <u>4.1.</u> <u>Preservation of Existence</u>. The Borrowing Company will (a) preserve and maintain its existence, rights, franchises, licenses and privileges in its jurisdiction of organization and (b) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization.

<u>Section</u> <u>4.2</u>. <u>Compliance with Applicable Laws and Regulations</u>. The Borrowing Company will comply with the requirements of all applicable laws and regulations the failure with which to comply could have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company.

<u>Section</u> <u>4.3</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Visits</u> <u>and</u> <u>Inspections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon reasonable advance notice from the Lending Company, the Borrowing Company will permit representatives of the Lending Company to (a) visit and inspect the properties of the Borrowing Company during normal business hours, (b) inspect and make extracts from and copies of its books and records, and (c) discuss with its principal officers its businesses, assets, liabilities, financial positions and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Company agrees that upon reasonable advance notice from an auditor of either Company or any regulatory official employed by the Department of Insurance of any state in which either Company is engaged in business, each Company will prepare and deliver to such auditor or regulatory official, within a reasonable time following such request, a written verification of all Loans made to and by the relevant Company. Upon reasonable advance notice to each Company, the books and records of the CTO and each Company relating to the subject matter of this Agreement shall be available for inspection by any auditor of either Company or any regulatory official during normal business hours, and the CTO and each Company will cooperate with said auditor or regulatory official in making any audit which requires inspection of said books and records.

<u>ARTICLE</u> <u>5</u>

<u>NEGATIVE</u> <u>COVENANTS</u>

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Exhibit 10.3

So long as this Agreement is in effect:

<u>Section</u> <u>5.1</u>. <u>Liquidation; Merger; Sale of Assets; Change of Business</u>. The Borrowing Company shall not at any time, without proper notice to the Lending Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liquidate or dissolve itself (or suffer any liquidation or dissolution) or otherwise wind up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Merge or consolidate with any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Sell, lease, abandon or otherwise dispose of or transfer all or substantially all of its assets other than in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Make any substantial change in the type of business conducted by the Borrowing Company as of the date hereof without the prior written consent of the Lending Company if such action would have a material adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company.

Any corporation into which either Company may be merged, converted or with which either Company may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which either Company shall be a party, shall succeed to all either Company's rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

<u>ARTICLE</u> <u>6</u>

<u>DEFAULT</u>

<u>Section</u> <u>6.1</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Events</u> <u>of</u> <u>Default</u>. Each of the following shall constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any representation or warranty made by the Borrowing Company under this Agreement shall prove incorrect or misleading in any material respect when made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrowing Company shall default in the payment of (i) any interest payable under this Agreement within five days of when due, or (ii) any principal payable under this Agreement within three days of when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrowing Company shall default in the performance or observance of any agreement or covenant contained in this Agreement, and such Default shall not be cured within a period of 30 days from the occurrence of such Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Borrowing Company shall default under any other agreement or instrument evidencing or relating to any indebtedness which Default shall not have been cured within any applicable grace period set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)There shall be entered a decree or order by a court having jurisdiction in the

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Exhibit 10.3

premises constituting an order for relief in respect of the Borrowing Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or similar official of the Borrowing Company or of any substantial part of its properties, or ordering the winding-up or liquidation of the affairs of the Borrowing Company and any such decree or order shall continue in effect for a period of sixty consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrowing Company shall file a petition, answer or consent seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or the Borrowing Company shall consent to the institution of proceedings thereunder or to the filing of any such petition or to the appointment or taking of possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrowing Company or of any substantial part of its properties, or the Borrowing Company shall fail generally to pay its debts as such debts become due, or the Borrowing Company shall take any corporate action in furtherance of any such action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement or any provision hereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by the Borrowing Company or any other person or entity seeking to establish the invalidity or unenforceability thereof, or the Borrowing Company shall deny that it has any liability or any obligation for the payment of principal or interest purported to be created under this Agreement.

<u>Section</u> <u>6.2</u>. <u>Remedies</u>. If an Event of Default shall have occurred and shall be continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligation of the Lending Company to make Loans hereunder shall immediately cease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With the exception of an Event of Default specified in Section 6.1(e) or (f), the Lending Company, shall declare the principal of and interest on the Loans and all other amounts owed under this Agreement to be forthwith due and payable, whereupon all such amounts shall immediately become absolute and due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding, and whereupon all such amounts shall be immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the occurrence and continuance of an Event of Default specified in Section 6.1(e) or (f), such principal, interest and other amounts shall thereupon and concurrently therewith become absolute and due and payable, all without any action by the Lending Company, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Lending Company shall have the right and option to exercise all of the post-default rights granted to them hereunder; and

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Exhibit 10.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Lending Company shall have the right and option to exercise all rights and remedies available to them at law or in equity.

ARTICLE 7 MISCELLANEOUS

<u>Section</u> <u>7.1</u>. <u>Notices</u>. Except as otherwise provided herein, all notices and other communications required or permitted under this Agreement shall be in writing and, if mailed, shall be deemed to have been received on the earlier of the date shown on the receipt or three Business Days after the postmarked date thereof and, if sent by facsimile, shall be followed forthwith by letter and shall be deemed to have been received on the next Business Day following dispatch and acknowledgment of receipt by the recipient's facsimile machine. In addition, notices hereunder may be delivered by hand or overnight courier, in which event the notice shall be deemed effective when delivered. All notices and other communications under this Agreement shall be given to the parties at the address or facsimile number listed below such party's signature line hereto, or such other address or facsimile number as may be specified by any party in a writing addressed to the other parties hereto.

<u>Section</u> <u>7.2</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)VRIAC shall indemnify and hold harmless Voya Financial against any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit arising out of, or in connection with (i) VRIAC's failure to perform its duties and responsibilities under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the breach of any representation or warranty under this Agreement by VRIAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Voya Financial shall indemnify and hold harmless VRIAC against any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit arising out of, or in connection with (i) Voya Financial's failure to perform its duties and responsibilities under this Agreement; or (ii) the breach of any representation or warranty under this Agreement by Voya Financial.

Section 7.3. <u>Waivers</u>. The rights and remedies of the Lending Company under this Agreement shall be cumulative and not exclusive of any rights or remedies which they would otherwise have. No failure or delay by the Lending Company in exercising any right shall operate as a waiver of it. The Lending Company expressly reserves the right to require strict compliance with the terms of this Agreement. In the event the Lending Company decides to fund a request for a Loan at a time when the Borrowing Company is not in strict compliance with the terms of this Agreement, such decision by the Lending Company shall not be deemed to constitute an undertaking by the Lending Company to fund any further requests for Loans or precluding the Lending Company from exercising any rights available to it under the Agreement or at law or equity with respect to the Borrowing Company. Any waiver or indulgence granted by the Lending Company shall not constitute a modification of this Agreement, except to the extent expressly provided in such waiver

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Exhibit 10.3

or indulgence, or constitute a course of dealing by the Lending Company at variance with the terms of this Agreement such as to require further notice by the Lending Company of its intent to require strict adherence to the terms of this Agreement in the future. Any such actions shall not in any way affect the ability of the Lending Company, in their respective sole discretion, to exercise any of their respective rights under this Agreement or under any other agreement.

<u>Section</u> <u>7.4</u>.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment;</u> <u>Successors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrowing Company may not assign or transfer any of its rights or obligations hereunder without notice to the Lending Company. Assignment by the Borrowing Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Connecticut insurance holding company act notice and/or approval provisions. An assignee of the Borrowing Company shall be required to assume and agree to perform and discharge the obligations of the Borrowing Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Lending Company may not at any time assign or participate its interest under this Agreement without notice to the Borrowing Company. Assignment by the Lending Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Connecticut insurance holding company act notice and/or approval requirements. An assignee of the Lending Company shall be required to assume and agree to perform and discharge the obligations of the Lending Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment. Any holder of a participation in, and any assignee or transferee of, all or any portion of any amount owed by the Borrowing Company under this Agreement may exercise any and all rights provided in this Agreement with respect to any and all amounts owed by the Borrowing Company to such assignee, transferee or holder as fully as if such assignee, transferee or holder had made the Loans in the amount of the obligation in which its holds a participation or which is assigned or transferred to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement shall be binding upon, and inure to the benefit of, the Borrowing Company, the Lending Company, and the permitted successors and assigns of each party hereto.

<u>Section</u> <u>7.5</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any dispute or difference with respect to the operation or interpretation of this Agreement on which an amicable understanding cannot be reached shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association and the Expedited Procedures thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The arbitration shall be held in New York, New York, or such other place as may be mutually agreed between the parties, and the arbitration panel shall consist of three arbitrators. VRIAC shall appoint one arbitrator and Voya Financial the second. Such

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Exhibit 10.3

arbitrators shall then select the third arbitrator before the arbitration commences. Should one of the parties decline to appoint an arbitrator or should the two arbitrators be unable to agree upon the choice of a third, such appointment shall be left to the American Arbitration Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Decisions of the arbitrators shall be by majority vote. The award rendered by the arbitrators shall be final and binding upon the parties, and the judgment upon the award rendered by the arbitrators may be entered in any Court having jurisdiction thereof. Each party shall bear its own costs of the arbitration, except that the fees of the arbitrators shall be borne equally by the parties.

<u>Section</u> <u>7.6</u>. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

<u>Section</u> <u>7.7</u>. <u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

<u>Section</u> <u>7.8</u>. <u>Entire Agreement; Amendments</u>. This Agreement represents the entire agreement among the parties hereto with respect to the subject matter of this transaction. No amendment or modification of the terms and provisions of this Agreement shall be effective unless such amendment or modification is: (i) in writing and signed by both Companies and (ii) undertaken in accordance with the Connecticut insurance holding company act notice and/or approval provisions.

<u>Section</u> <u>7.9</u>. <u>Payment on Non-Business Days</u>. Whenever any payment to be made hereunder shall be stated to be due on a non-Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest hereunder.

<u>Section</u> <u>7.10</u>. <u>Termination</u>. This Agreement may be terminated with respect to any party hereto by such party upon its giving the other parties thirty days notice of its intent to terminate. In the event of termination as provided in this paragraph, the Lending Company's obligation to make Loans to the Borrowing Company shall cease; provided, however, that the Borrowing Company shall continue to be obligated to make all repayments of Loans and all other amounts due and payable by it as provided under this Agreement.

<u>Section</u> <u>7.11</u>. <u>Governing</u> <u>Law</u>. This Agreement shall be construed in accordance with and governed by the laws of Delaware and Connecticut, without regard to the conflict of laws rules thereof.

------

Exhibit 10.3

IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused it to be executed by their duly authorized officers, all as of the day and year first above written.

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

By: /s/ Tony Oh

Name: Tony Oh

Title: Senior Vice President and Chief Accounting Officer

Address for notices:

200 Park Avenue

New York, New York 10166

Attention: Chief Accounting Officer

VOYA FINANCIAL, INC.

By: /s/ Michelle Luk

Name: Michelle Luk

Title: Senior Vice President and Treasurer

Address for notices:

200 Park Avenue

New York, New York 10166

Attention: Treasurer

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, William T. Bainbridge, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Voya Retirement Insurance and Annuity Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: |  | May 12, 2026 |
| By: | /s/ | William T. Bainbridge |
|  |  | William T. Bainbridge |
|  |  | Chief Financial Officer |
|  |  | (Duly Authorized Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Amelia J. Vaillancourt, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Voya Retirement Insurance and Annuity Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: |  | May 12, 2026 |
| By: | /s/ | Amelia J. Vaillancourt |
|  |  | Amelia J. Vaillancourt |
|  |  | President |
|  |  | (Duly Authorized Officer and Principal Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION**

Pursuant to 18 U.S.C. §1350, the undersigned officer of Voya Retirement Insurance and Annuity Company (the "Company") hereby certifies that, to the officer's knowledge, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| May 12, 2026 | By: | /s/ | William T. Bainbridge |
| (Date) |  |  | William T. Bainbridge<br> Chief Financial Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION**

Pursuant to 18 U.S.C. §1350, the undersigned officer of Voya Retirement Insurance and Annuity Company (the "Company") hereby certifies that, to the officer's knowledge, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| May 12, 2026 | By: | /s/ | Amelia J. Vaillancourt |
| (Date) |  |  | Amelia J. Vaillancourt<br>President |

---