# EDGAR Filing Document

**Accession Number:** 0000837010
**File Stem:** 0000837010-25-000059
**Filing Date:** 2025-11
**Character Count:** 313640
**Document Hash:** 82e8af5349aac62e17d94fb65c11915f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000837010-25-000059.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000837010-25-000059

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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:** 251470856

**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-20250930

![voyrfinrgbgrdpos1567a12.jpg](vriac-20250930_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 September 30, 2025** 

**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 November 7, 2025, 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 September 30, 2025** 

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| **PART I.** | **FINANCIAL INFORMATION**  |  |
| Item 1. | Financial Statements: |  |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#ib1545c3bccb24476ac5b70d54fa827c5_22)</u> | <u>[4](#ib1545c3bccb24476ac5b70d54fa827c5_22)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations](#ib1545c3bccb24476ac5b70d54fa827c5_25)</u> | <u>[6](#ib1545c3bccb24476ac5b70d54fa827c5_25)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income](#ib1545c3bccb24476ac5b70d54fa827c5_28)</u> | <u>[7](#ib1545c3bccb24476ac5b70d54fa827c5_28)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Changes in Shareholder's Equity](#ib1545c3bccb24476ac5b70d54fa827c5_31)</u> | <u>[8](#ib1545c3bccb24476ac5b70d54fa827c5_31)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#ib1545c3bccb24476ac5b70d54fa827c5_34)</u> | <u>[10](#ib1545c3bccb24476ac5b70d54fa827c5_34)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements:](#ib1545c3bccb24476ac5b70d54fa827c5_37)</u> | <u>[11](#ib1545c3bccb24476ac5b70d54fa827c5_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Business, Basis of Presentation and Significant Accounting Policies](#ib1545c3bccb24476ac5b70d54fa827c5_40)</u> | <u>[11](#ib1545c3bccb24476ac5b70d54fa827c5_40)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Investments](#ib1545c3bccb24476ac5b70d54fa827c5_43)</u> | <u>[13](#ib1545c3bccb24476ac5b70d54fa827c5_43)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Derivative Financial Instruments](#ib1545c3bccb24476ac5b70d54fa827c5_46)</u> | <u>[22](#ib1545c3bccb24476ac5b70d54fa827c5_46)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Fair Value Measurements](#ib1545c3bccb24476ac5b70d54fa827c5_49)</u> | <u>[27](#ib1545c3bccb24476ac5b70d54fa827c5_49)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Deferred Policy Acquisition Costs and Value of Business Acquired](#ib1545c3bccb24476ac5b70d54fa827c5_58)</u> | <u>[36](#ib1545c3bccb24476ac5b70d54fa827c5_58)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Reserves for Contract Owner Account Balances](#ib1545c3bccb24476ac5b70d54fa827c5_58)</u> | <u>[37](#ib1545c3bccb24476ac5b70d54fa827c5_61)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Reinsurance](#ib1545c3bccb24476ac5b70d54fa827c5_64)</u> | <u>[38](#ib1545c3bccb24476ac5b70d54fa827c5_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Separate Accounts](#ib1545c3bccb24476ac5b70d54fa827c5_67)</u> | <u>[40](#ib1545c3bccb24476ac5b70d54fa827c5_67)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Accumulated Other Comprehensive Income (Loss)](#ib1545c3bccb24476ac5b70d54fa827c5_70)</u> | <u>[41](#ib1545c3bccb24476ac5b70d54fa827c5_70)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Revenue from Contracts with Customers](#ib1545c3bccb24476ac5b70d54fa827c5_73)</u> | <u>[43](#ib1545c3bccb24476ac5b70d54fa827c5_73)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Income Taxes](#ib1545c3bccb24476ac5b70d54fa827c5_76)</u> | <u>[43](#ib1545c3bccb24476ac5b70d54fa827c5_76)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Financing Agreements](#ib1545c3bccb24476ac5b70d54fa827c5_79)</u> | <u>[45](#ib1545c3bccb24476ac5b70d54fa827c5_79)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Commitments and Contingencies](#ib1545c3bccb24476ac5b70d54fa827c5_82)</u> | <u>[45](#ib1545c3bccb24476ac5b70d54fa827c5_82)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Related Party Transactions](#ib1545c3bccb24476ac5b70d54fa827c5_85)</u> | <u>[47](#ib1545c3bccb24476ac5b70d54fa827c5_85)</u> |
| Item 2. | <u>[Management's Narrative Analysis of the Results of Operations and Financial Condition](#ib1545c3bccb24476ac5b70d54fa827c5_88)</u> | <u>[48](#ib1545c3bccb24476ac5b70d54fa827c5_88)</u> |
| Item 4. | <u>[Controls and Procedures](#ib1545c3bccb24476ac5b70d54fa827c5_124)</u> | <u>[53](#ib1545c3bccb24476ac5b70d54fa827c5_124)</u> |
| **PART II.** | **OTHER INFORMATION** |  |
| Item 1. | <u>[Legal Proceedings](#ib1545c3bccb24476ac5b70d54fa827c5_130)</u> | <u>[54](#ib1545c3bccb24476ac5b70d54fa827c5_130)</u> |
| Item 1A. | <u>[Risk Factors](#ib1545c3bccb24476ac5b70d54fa827c5_133)</u> | <u>[54](#ib1545c3bccb24476ac5b70d54fa827c5_133)</u> |
| Item 6. | <u>[Exhibits](#ib1545c3bccb24476ac5b70d54fa827c5_136)</u> | <u>[54](#ib1545c3bccb24476ac5b70d54fa827c5_136)</u> |
| <u>[Exhibit Index](#ib1545c3bccb24476ac5b70d54fa827c5_139)</u> |  | <u>[55](#ib1545c3bccb24476ac5b70d54fa827c5_139)</u> |
| <u>[Signature](#ib1545c3bccb24476ac5b70d54fa827c5_142)</u> |  | <u>[56](#ib1545c3bccb24476ac5b70d54fa827c5_142)</u> |

---

 2

------

<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 general economic conditions, impacts of a U.S. government shutdown, interest rates, inflation, tariffs imposed or threatened 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 or otherwise manage our third party relationships; (iv) investment risks, including the ability to achieve desired returns or 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/837010/000083701025000003/vriac-20241231.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**](#ib1545c3bccb24476ac5b70d54fa827c5_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**

**September 30, 2025 (Unaudited) and December 31, 2024**

(In millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed maturities, available-for-sale, at fair value (amortized cost of $21,623 and $19,743 as of 2025 and 2024, respectively; net of allowance for credit losses of $39 and $30 as of 2025 and 2024, respectively) | $20397 | $17848 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | 1168 | 1197 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | 74 | 66 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 33 | 20 |
| &nbsp;&nbsp;Mortgage loans on real estate (net of allowance for credit losses of $17 and $19 as of 2025 and 2024, respectively) | 4412 | 3613 |
| &nbsp;&nbsp;&nbsp;Policy loans | 159 | 163 |
| &nbsp;&nbsp;&nbsp;Limited partnerships/corporations | 1309 | 1227 |
| &nbsp;&nbsp;&nbsp;Derivatives | 142 | 239 |
| &nbsp;&nbsp;Securities pledged (amortized cost of $1,106 and $1,223 as of 2025 and 2024, respectively) | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;Other investments | 117 | 94 |
| Total investments | 28811 | 25556 |
| Cash and cash equivalents | 320 | 516 |
| Short-term investments under securities loan agreements, including collateral delivered | 828 | 839 |
| Accrued investment income | 311 | 276 |
| Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2025 and 2024) | 2460 | 2560 |
| Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") | 1265 | 907 |
| Deferred income taxes | 502 | 662 |
| Other assets (net of allowance for credit losses of $0 as of 2025 and 2024) | 2638 | 1396 |
| Assets held in separate accounts | 108695 | 98579 |
| Total assets | $145830 | $131291 |

---

---

| | |
|:---|:---|
| *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 |

---

------

**Voya Retirement Insurance and Annuity Company**

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

**Condensed Consolidated Balance Sheets**

**September 30, 2025 (Unaudited) and December 31, 2024**

(In millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Liabilities:** | | |
| Future policy benefits and contract owner account balances | $32902 | $29268 |
| Payables under securities loan and repurchase agreements, including collateral held | 938 | 897 |
| Due to affiliates | 94 | 100 |
| Derivatives | 238 | 268 |
| Other liabilities | 676 | 639 |
| Liabilities related to separate accounts | 108695 | 98579 |
| Total liabilities | 143543 | 129751 |
| 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 2025 and 2024) | 3 | 3 |
| Additional paid-in capital | 2929 | 2754 |
| Accumulated other comprehensive income (loss) | (1116) | (1644) |
| Retained earnings (deficit) | 471 | 427 |
| Total shareholder's equity | 2287 | 1540 |
| Total liabilities and shareholder's equity | $145830 | $131291 |

---

---

| | |
|:---|:---|
| *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 |

---

------

 **Voya Retirement Insurance and Annuity Company**

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

**Condensed Consolidated Statements of Operations**

**For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income | $435 | $361 | $1282 | $1110 |
| &nbsp;&nbsp;Fee income | 344 | 289 | 977 | 841 |
| &nbsp;&nbsp;Premiums | 1 | 6 | (4) | 4 |
| &nbsp;&nbsp;Net gains (losses) | (30) | (26) | (99) | (22) |
| &nbsp;&nbsp;Other revenue | 18 | 19 | 57 | 47 |
| Total revenues | 768 | 649 | 2213 | 1980 |
| **Benefits and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | 243 | 208 | 659 | 584 |
| &nbsp;&nbsp;Operating expenses | 326 | 290 | 972 | 875 |
| &nbsp;&nbsp;Net amortization of DAC and VOBA | 25 | 18 | 76 | 55 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1 |  | 2 | 1 |
| Total benefits and expenses | 595 | 516 | 1709 | 1515 |
| Income before income taxes | 173 | 133 | 504 | 465 |
| Income tax expense (benefit) | 23 | 15 | 66 | 46 |
| Net income | $150 | $118 | $438 | $419 |

---

---

| | |
|:---|:---|
| *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 |

---

------

**Voya Retirement Insurance and Annuity Company**

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

**Condensed Consolidated Statements of Comprehensive Income**

**For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $150 | $118 | $438 | $419 |
| Other comprehensive income (loss), before tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in current discount rate | 5 | 4 | 18 | 21 |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on investments | 291 | 728 | 650 | 493 |
| Other comprehensive income (loss), before tax | 296 | 732 | 668 | 514 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to items of other comprehensive income (loss) | 62 | 153 | 140 | 108 |
| Other comprehensive income (loss), after tax | 234 | 579 | 528 | 406 |
| Comprehensive income | $384 | $697 | $966 | $825 |

---

---

| | |
|:---|:---|
| *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 |

---

------

**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 September 30, 2025 and 2024 (Unaudited)**

(In millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Deficit)** | **Total Shareholder's Equity** |
| Balance at July 1, 2025 | $3 | $2929 | $(1350) | $321 | $1903 |
| &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 |  |  | 234 |  | 234 |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | 384 |
| Balance as of September 30, 2025 | $3 | $2929 | $(1116) | $471 | $2287 |
| Balance as of July 1, 2024 | $3 | $2754 | $(1704) | $142 | $1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, after tax |  |  | 579 |  | 579 |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | 697 |
| Balance as of September 30, 2024 | $3 | $2754 | $(1125) | $260 | $1892 |

---

---

| | |
|:---|:---|
| *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 |

---

------

**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 Nine Months Ended September 30, 2025 and 2024 (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, 2025 | $3 | $2754 | $(1644) | $427 | $1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 438 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, after tax |  |  | 528 |  | 528 |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | 966 |
| &nbsp;&nbsp;&nbsp;Impact of pushdown accounting related to business acquisition |  | 175 |  |  | 175 |
| &nbsp;&nbsp;&nbsp;Dividends paid and distributions of capital |  |  |  | (394) | (394) |
| Balance as of September 30, 2025 | $3 | $2929 | $(1116) | $471 | $2287 |
| Balance as of January 1, 2024 | $3 | $2770 | $(1531) | $298 | $1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 419 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, after tax |  |  | 406 |  | 406 |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | 825 |
| &nbsp;&nbsp;&nbsp;Dividends paid and distributions of capital |  | (16) |  | (457) | (473) |
| Balance as of September 30, 2024 | $3 | $2754 | $(1125) | $260 | $1892 |

---

---

| | |
|:---|:---|
| *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 |

---

------

**Voya Retirement Insurance and Annuity Company**

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

**Condensed Consolidated Statements of Cash Flows**

**For the Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

(In millions)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net cash provided by operating activities | $1107 | $995 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale, maturity, disposal or redemption of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | 4964 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 513 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships/corporations | 58 | 61 |
| &nbsp;&nbsp;&nbsp;Acquisition of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | (5253) | (2355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | (28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | (524) | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships/corporations | (156) | (131) |
| &nbsp;&nbsp;&nbsp;Short-term investments, net | 46 | 85 |
| &nbsp;&nbsp;&nbsp;Derivatives, net | (30) | 33 |
| &nbsp;&nbsp;&nbsp;Short-term loan to affiliate, net | (249) | 140 |
| &nbsp;&nbsp;Collateral received (delivered), net | 51 | (7) |
| &nbsp;&nbsp;&nbsp;Receipts on deposit asset contracts | 86 | 165 |
| &nbsp;&nbsp;Cash and cash equivalents acquired from business acquisition | 274 |  |
| &nbsp;&nbsp;&nbsp;Other, net | (4) | (3) |
| Net cash provided by (used in) investing activities | (236) | 1172 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Deposits received for investment contracts | 2443 | 1534 |
| &nbsp;&nbsp;&nbsp;Maturities and withdrawals from investment contracts | (3125) | (2997) |
| &nbsp;&nbsp;&nbsp;Dividends paid and distributions of capital | (394) | (473) |
| &nbsp;&nbsp;Other, net | 9 | 19 |
| Net cash provided by (used in) financing activities | (1067) | (1917) |
| Net increase (decrease) in cash and cash equivalents | (196) | 250 |
| Cash and cash equivalents, beginning of period | 516 | 186 |
| Cash and cash equivalents, end of period | $320 | $436 |
| **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.* |
| | 10 |

---

------

<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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. ("VFA").

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. 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 operating segment. The Director and President of the Company is the chief operating decision maker ("CODM"). The CODM assesses performance and makes resource allocation decisions based upon Net income (loss) presented in the Condensed Consolidated Statements of Operations. 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 ("Voya"), 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.

 11

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 ("VFP"), Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). 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/837010/000083701025000003/vriac-20241231.htm)</u> for the year ended December 31, 2024.

***Future Adoption of Accounting Pronouncements***

<u>Income Tax Disclosures</u>

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.

The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is in the process of finalizing the disclosures that will be required by the adoption of the provisions of ASU 2023-09, and will adopt these amendments for annual disclosures in the Annual Report on Form 10-K for the year ending December 31, 2025.

<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; and

&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.

 12

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $463 | $— | $41 | $— | $— | $422 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 29 |  | 1 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 434 |  | 67 |  |  | 367 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 6579 | 89 | 732 |  |  | 5936 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 4448 | 66 | 166 |  | 1 | 4347 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 2271 | 46 | 171 |  | 1 | 2145 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 2315 | 45 | 44 |  | 36 | 2280 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 3180 | 39 | 97 | 3 |  | 3125 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 2241 | 4 | 266 |  |  | 1979 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1937 | 19 | 19 |  | 1 | 1936 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 23897 | 308 | 1604 | 3 | 39 | 22565 |
| &nbsp;&nbsp;&nbsp;Less: Securities pledged | 1106 |  | 106 |  |  | 1000 |
| Total fixed maturities<sup>(3)</sup> | $22791 | $308 | $1498 | $3 | $39 | $21565 |

---

<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.

<sup>(3)</sup> Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025, as a result of the reinsured business included in the Voya acquisition of OneAmerica Financial's full-service retirement plan business.

 13

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $428 | $— | $50 | $— | $— | $378 |
| &nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities | 29 |  | 2 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions | 491 |  | 82 |  |  | 409 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 6095 | 50 | 896 |  |  | 5249 |
| &nbsp;&nbsp;&nbsp;U.S. corporate private securities | 4035 | 31 | 264 |  | 3 | 3799 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 2087 | 17 | 235 |  | 1 | 1868 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 2160 | 15 | 138 |  | 8 | 2029 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 2638 | 19 | 128 | (4) |  | 2525 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 2459 | 2 | 333 |  | 17 | 2111 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1741 | 24 | 25 |  | 1 | 1739 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 22163 | 158 | 2153 | (4) | 30 | 20134 |
| &nbsp;&nbsp;&nbsp;Less: Securities pledged | 1223 |  | 134 |  |  | 1089 |
| Total fixed maturities | $20940 | $158 | $2019 | $(4) | $30 | $19045 |

---

<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 September 30, 2025, 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 | $591 | $588 |
| &nbsp;&nbsp;&nbsp;After one year through five years | 3139 | 3119 |
| &nbsp;&nbsp;&nbsp;After five years through ten years | 2928 | 2890 |
| &nbsp;&nbsp;&nbsp;After ten years | 9881 | 8928 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities | 5421 | 5104 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1937 | 1936 |
| Fixed maturities, including securities pledged | $23897 | $22565 |

---

As of September 30, 2025 and December 31, 2024, 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.

 14

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

*Repurchase Agreements and Securities Pledged*

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company's Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. See *Restricted Assets* within the *Commitments and Contingencies* Note to these Condensed Consolidated Financial Statements for information regarding assets pledged and collateral received in securities lending agreements.

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;U.S. Treasuries | $35 | $7 |
| &nbsp;&nbsp;&nbsp;U.S. corporate public securities | 414 | 461 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 216 |
| &nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments | 185 | 217 |
| &nbsp;&nbsp;Total<sup>(1)</sup> | $634 | $901 |

---

<sup>(1)</sup> As of September 30, 2025 and December 31, 2024, liabilities to return cash collateral were $610 and $581, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 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 | 1 |  |  | 28 |  | 29 |
| &nbsp;&nbsp;Reductions for securities sold during the period | (3) | (17) |  |  |  | (20) |
| Balance as of September 30 | $1 | $— | $1 | $36 | $1 | $39 |

---

 15

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **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 | $— | $9 | $3 | $1 | $1 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit losses on securities for which credit losses were not previously recorded | 3 | 8 |  | 7 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for securities sold during the period |  |  | (2) |  |  | (2) |
| Balance as of December 31 | $3 | $17 | $1 | $8 | $1 | $30 |

---

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/837010/000083701025000003/vriac-20241231.htm)</u>.

*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 September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **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 | $97 | $2 | $236 | $39 | $333 | $41 |
| U.S. Government, agencies and authorities |  |  | 15 | 1 | 15 | 1 |
| State, municipalities and political subdivisions | 4 |  | 361 | 67 | 365 | 67 |
| U.S. corporate public securities | 452 | 24 | 3572 | 708 | 4024 | 732 |
| U.S. corporate private securities | 157 | 3 | 2009 | 163 | 2166 | 166 |
| Foreign corporate public securities and foreign governments | 142 | 3 | 991 | 168 | 1133 | 171 |
| Foreign corporate private securities | 67 | 1 | 950 | 43 | 1017 | 44 |
| Residential mortgage-backed | 206 | 3 | 690 | 94 | 896 | 97 |
| Commercial mortgage-backed | 52 |  | 1581 | 266 | 1633 | 266 |
| Other asset-backed | 101 | 1 | 162 | 18 | 263 | 19 |
| &nbsp;&nbsp;&nbsp;Total | $1278 | $37 | $10567 | $1567 | $11845 | $1604 |

---

 16

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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 | $229 | $16 | $127 | $34 | $356 | $50 |
| U.S. Government, agencies and authorities | 13 |  | 14 | 2 | 27 | 2 |
| State, municipalities and political subdivisions | 4 |  | 403 | 82 | 407 | 82 |
| U.S. corporate public securities | 615 | 28 | 3626 | 868 | 4241 | 896 |
| U.S. corporate private securities | 405 | 10 | 2260 | 254 | 2665 | 264 |
| Foreign corporate public securities and foreign governments | 355 | 14 | 1051 | 221 | 1406 | 235 |
| Foreign corporate private securities | 429 | 11 | 1205 | 127 | 1634 | 138 |
| Residential mortgage-backed | 253 | 6 | 704 | 122 | 957 | 128 |
| Commercial mortgage-backed | 18 |  | 1888 | 333 | 1906 | 333 |
| Other asset-backed | 29 | 1 | 197 | 24 | 226 | 25 |
| &nbsp;&nbsp;&nbsp;Total | $2350 | $86 | $11475 | $2067 | $13825 | $2153 |

---

As of September 30, 2025, the average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

As of September 30, 2025 and December 31, 2024, 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.

*Evaluating Securities for Impairments*

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired.

There were no intent impairments for the three months ended September 30, 2025. For the nine months ended September 30, 2025, intent impairments were $15. There were $1 and $5 intent impairments for the three and nine months ended September 30, 2024, respectively.

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.

 17

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

*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 and nine months ended September 30, 2025 and 2024, 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 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 September 30, 2025 and December 31, 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | $193 | $251 | $42 | $— | $— | $486 |
| 2024 | 135 | 126 | 11 |  |  | 272 |
| 2023 | 73 | 137 |  |  |  | 210 |
| 2022 | 226 | 243 | 83 |  |  | 552 |
| 2021 | 199 | 171 | 59 |  |  | 429 |
| Prior | 2323 | 155 |  |  | 2 | 2480 |
| Total<sup>(1)</sup> | $3149 | $1083 | $195 | $— | $2 | $4429 |

---

<sup>(1)</sup> Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025, as a result of the reinsured business included in the Voya acquisition of OneAmerica Financial's full-service retirement plan business.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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** |
| 2024 | $111 | $107 | $11 | $— | $— | $229 |
| 2023 | 76 | 151 | 29 |  |  | 256 |
| 2022 | 201 | 240 | 94 |  |  | 535 |
| 2021 | 189 | 148 | 93 |  |  | 430 |
| 2020 | 149 | 63 |  |  |  | 212 |
| Prior | 1827 | 126 | 1 |  | 16 | 1970 |
| Total | $2553 | $835 | $228 | $— | $16 | $3632 |

---

 18

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 2025 and December 31, 2024, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | $249 | $141 | $82 | $14 | $486 |
| 2024 | 117 | 79 | 71 | 5 | 272 |
| 2023 | 129 | 14 | 63 | 4 | 210 |
| 2022 | 296 | 105 | 62 | 89 | 552 |
| 2021 | 255 | 20 | 61 | 93 | 429 |
| Prior | 1829 | 355 | 225 | 71 | 2480 |
| Total | $2875 | $714 | $564 | $276 | $4429 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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> |
| 2024 | $132 | $71 | $24 | $2 | $229 |
| 2023 | 93 | 118 | 36 | 9 | 256 |
| 2022 | 254 | 88 | 63 | 130 | 535 |
| 2021 | 203 | 10 | 88 | 129 | 430 |
| 2020 | 170 | 17 | 20 | 5 | 212 |
| Prior | 1461 | 164 | 276 | 69 | 1970 |
| Total | $2313 | $468 | $507 | $344 | $3632 |

---

 <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 September 30, 2025 and December 31, 2024, respectively.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | $93 | $67 | $134 | $37 | $32 | $51 | $34 | $18 | $20 | $486 |
| 2024 | 51 | 76 | 39 | 58 | 17 | 11 | 7 | 2 | 11 | 272 |
| 2023 | 25 | 36 | 14 | 70 | 16 | 25 | 2 | 20 | 2 | 210 |
| 2022 | 126 | 75 | 54 | 79 | 97 | 94 | 1 | 7 | 19 | 552 |
| 2021 | 83 | 46 | 91 | 55 | 96 | 37 | 11 | 10 |  | 429 |
| Prior | 561 | 628 | 531 | 170 | 171 | 215 | 48 | 86 | 70 | 2480 |
| Total | $939 | $928 | $863 | $469 | $429 | $433 | $103 | $143 | $122 | $4429 |

---

 19

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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** |
| 2024 | $50 | $60 | $31 | $51 | $17 | $3 | $7 | $2 | $8 | $229 |
| 2023 | 37 | 67 | 10 | 75 | 16 | 27 | 2 | 20 | 2 | 256 |
| 2022 | 114 | 108 | 46 | 87 | 78 | 80 | 1 | 1 | 20 | 535 |
| 2021 | 75 | 33 | 95 | 88 | 83 | 32 | 9 | 15 |  | 430 |
| 2020 | 52 | 104 | 13 | 8 | 8 | 10 |  | 5 | 12 | 212 |
| Prior | 446 | 472 | 515 | 130 | 156 | 112 | 38 | 81 | 20 | 1970 |
| Total | $774 | $844 | $710 | $439 | $358 | $264 | $57 | $124 | $62 | $3632 |

---

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 September 30, 2025 and December 31, 2024, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | $139 | $228 | $114 | $— | $2 | $3 | $— | $486 |
| 2024 | 60 | 146 | 55 | 11 |  |  |  | 272 |
| 2023 | 79 | 91 | 6 | 10 | 24 |  |  | 210 |
| 2022 | 104 | 235 | 169 | 28 | 10 | 6 |  | 552 |
| 2021 | 33 | 123 | 169 | 89 |  | 7 | 8 | 429 |
| Prior | 615 | 650 | 648 | 383 | 34 | 117 | 33 | 2480 |
| Total | $1030 | $1473 | $1161 | $521 | $70 | $133 | $41 | $4429 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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** |
| 2024 | $45 | $119 | $54 | $11 | $— | $— | $— | $229 |
| 2023 | 81 | 128 | 11 | 11 | 25 |  |  | 256 |
| 2022 | 72 | 230 | 192 | 26 | 9 | 6 |  | 535 |
| 2021 | 21 | 110 | 197 | 86 |  | 8 | 8 | 430 |
| 2020 | 48 | 36 | 49 | 79 |  |  |  | 212 |
| Prior | 436 | 580 | 426 | 324 | 48 | 121 | 35 | 1970 |
| Total | $703 | $1203 | $929 | $537 | $82 | $135 | $43 | $3632 |

---

 20

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Allowance for credit losses, beginning of the period | $19 | $22 |
| Credit losses on mortgage loans for which credit losses were not previously recorded | 6 |  |
| Increase (decrease) on mortgage loans with an allowance recorded in a previous period | 1 |  |
| Provision for expected credit losses | 26 | 22 |
| Write-offs | (9) | (3) |
| Allowance for credit losses, end of period | $17 | $19 |

---

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Current | $4358 | $3608 |
| 30-59 days past due | 44 |  |
| 60-89 days past due |  |  |
| Greater than 90 days past due | 27 | 24 |
| Total | $4429 | $3632 |

---

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 September 30, 2025 and December 31, 2024, the Company had $71 and $24 respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the nine months ended September 30, 2025 and the year ended December 31, 2024 was immaterial.

*Net Investment Income*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Fixed maturities | $351 | $305 | $1054 | $912 |
| Equity securities | 2 | 2 | 5 | 5 |
| Mortgage loans on real estate | 57 | 45 | 168 | 140 |
| Policy loans | 2 | 2 | 6 | 6 |
| Short-term investments and cash equivalents | 4 | 3 | 11 | 8 |
| Limited partnerships and other | 39 | 22 | 98 | 89 |
| Gross investment income | $455 | $379 | $1342 | $1160 |
| &nbsp;&nbsp;&nbsp;Less: Investment expenses | 20 | 18 | 60 | 50 |
| Net investment income | $435 | $361 | $1282 | $1110 |

---

As of September 30, 2025 and December 31, 2024, the Company had $3 and $9, 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.

 21

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Fixed maturities, available-for-sale, including securities pledged | $13 | $18 | $(5) | $(7) |
| Fixed maturities, at fair value option | (48) | 62 | (39) | (23) |
| Equity securities, at fair value | (5) | 2 | (4) | 4 |
| Derivatives | 5 | (106) | (65) | 4 |
| Embedded derivatives within fixed maturities | 1 | 2 | 7 | 1 |
| Other derivatives | (3) |  | (2) | 1 |
| Managed custody guarantees | 2 | 6 | 3 | 6 |
| Stabilizer | 5 | (6) | 10 | (7) |
| Mortgage loans | (2) | (4) | (5) | (1) |
| Other investments | 2 |  | 1 |  |
| Net gains (losses)<sup>(1)</sup> | $(30) | $(26) | $(99) | $(22) |

---

<sup>(1)</sup> Investment gains and losses on sales of securities are generally determined based on the amortized cost of the asset being disposed of using the specific identification method.

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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Proceeds on sales | $896 | $504 | $2863 | $1514 |
| Gross gains | 9 | 18 | 33 | 32 |
| Gross losses | 7 | 2 | 39 | 28 |

---

**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 and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an 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.

 22

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

*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 with 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.

*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.

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 September 30, 2025 and December 31, 2024.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **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;Cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 270 | 1 |  | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 433 | 9 | 16 | 504 | 37 | 2 |
| **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 | 12596 | 131 | 221 | 11626 | 201 | 266 |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | 94 | 1 | 1 | 44 | 1 |  |
| &nbsp;&nbsp;&nbsp;Credit contracts | 61 |  |  | 72 |  |  |
| **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 | 3 |  | N/A |  | 4 |
| &nbsp;&nbsp;Within reinsurance agreements<sup>(5)</sup> | N/A | 29 |  | N/A |  |  |
| &nbsp;&nbsp;MCGs<sup>(6)</sup> | N/A |  | 1 | N/A |  | 4 |
| &nbsp;&nbsp;Stabilizer<sup>(6)</sup> | N/A |  | 5 | N/A |  | 15 |
| Total |  | $174 | $244 |  | $239 | $291 |

---

<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 $202 as of September 30, 2025 and December 31, 2024.

<sup>(3)</sup> Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $2 as of September 30, 2025 and December 31, 2024 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

 23

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

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

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** |
| **September 30, 2025** | | | | | |
| Derivative assets | $142 | $(138) | $(4) | $— | $— |
| Derivative liabilities | 238 | (138) | (87) | (9) | 4 |
| **December 31, 2024** |  |  |  |  |  |
| Derivative assets | 239 | (207) | (28) | (3) | 1 |
| Derivative liabilities | 268 | (207) | (54) | (6) | 1 |

---

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

*Collateral*

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets.

As of September 30, 2025, the Company held $4 and pledged $87 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2024, the Company held $31 and delivered $54 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2025, the Company delivered $189 of securities and held no securities as collateral. As of December 31, 2024, the Company delivered $133 of securities and held $3 securities as collateral.

 24

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Interest Rate Contracts** | **Foreign Exchange Contracts** | **Interest Rate Contracts** | **Foreign Exchange Contracts** |
| &nbsp;&nbsp;&nbsp;Location of Gain or (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 September 30,** |  |  |  |  |
| &nbsp;&nbsp;Amount of Gain or (Loss) Recognized in Other Comprehensive Income<sup>(1)</sup> | $— | $6 | $— | $(23) |
| &nbsp;&nbsp;Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income |  | 1 |  | 4 |
| **Nine Months Ended September 30,** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $— | $(41) | $— | $(14) |
| &nbsp;&nbsp;Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income<sup>(1)</sup> |  | 3 |  | 9 |

---

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

 25

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Net investment income** | **Net gains (losses)** | **Net investment income** | **Net gains (losses)** |
| **Three Months Ended September 30,** |  |  |  |  |
| Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded | $435 | $(30) | $361 | $(26) |
| &nbsp;&nbsp;&nbsp;**Derivatives: Qualifying for hedge accounting** |  |  |  |  |
| &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 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  |  |  | (7) |
| &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 |  | 2 | 2 |
| **Nine Months Ended September 30,** |  |  |  |  |
| Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded | $1282 | $(99) | $1110 | $(22) |
| &nbsp;&nbsp;&nbsp;**Derivatives: Qualifying for hedge accounting** |  |  |  |  |
| &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 |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments |  |  |  | (8) |
| &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 | 3 |  | 6 | 3 |

---

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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **Location of Gain (Loss) Recognized on Derivative** | **2025** | **2024** | **2025** | **2024** |
| **Derivatives: Non-qualifying for hedge accounting** | **Derivatives: Non-qualifying for hedge accounting** | **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) | $4 | $(101) | $(60) | $10 |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | Net gains (losses) | 2 | (2) | (3) | (2) |
| &nbsp;&nbsp;&nbsp;Credit contracts | Net gains (losses) | (1) | 1 | (2) | 1 |
| **Embedded derivatives and MCGs:** | **Embedded derivatives and MCGs:** | **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 | 2 | 7 | 1 |
| &nbsp;&nbsp;Within reinsurance agreements | Net gains (losses) | 13 |  | 29 |  |
| &nbsp;&nbsp;MCGs | Net gains (losses) | 2 | 6 | 3 | 6 |
| &nbsp;&nbsp;Stabilizer | Net gains (losses) | 5 | (6) | 10 | (7) |
| &nbsp;&nbsp;&nbsp;Total |  | $26 | $(100) | $(16) | $9 |

---

 26

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 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 | $326 | $96 | $— | $422 |
| &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 |  | 367 |  | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate public securities |  | 5886 | 50 | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate private securities |  | 2911 | 1436 | 4347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 2096 | 49 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate private securities <sup>(1)</sup> |  | 1808 | 472 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities |  | 3064 | 61 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 1979 |  | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 1771 | 165 | 1936 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 326 | 20006 | 2233 | 22565 |
| &nbsp;&nbsp;&nbsp;Equity securities | 22 |  | 52 | 74 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 1 | 131 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 10 |  | 10 |
| &nbsp;&nbsp;Embedded derivatives within reinsurance |  | 29 |  | 29 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1147 | 26 | 8 | 1181 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 102964 | 5359 | 372 | 108695 |
| Total assets | $104460 | $25561 | $2665 | $132686 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Stabilizer and MCGs | $— | $— | $6 | $6 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 3 | 218 |  | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 17 |  | 17 |
| Total liabilities | $3 | $235 | $6 | $244 |

---

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

 27

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $307 | $71 | $— | $378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government agencies and authorities |  | 27 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State, municipalities and political subdivisions |  | 409 |  | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate public securities |  | 5202 | 47 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. corporate private securities |  | 2628 | 1171 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> |  | 1820 | 48 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate private securities <sup>(1)</sup> |  | 1688 | 341 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities |  | 2471 | 54 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 2111 |  | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 1725 | 14 | 1739 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, including securities pledged | 307 | 18152 | 1675 | 20134 |
| &nbsp;&nbsp;&nbsp;Equity securities | 10 |  | 56 | 66 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1356 |  | 19 | 1375 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 92849 | 5390 | 340 | 98579 |
| Total assets | $94522 | $23781 | $2090 | $120393 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Stabilizer and MCGs | $— | $— | $19 | $19 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 10 | 256 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 2 |  | 2 |
| Total liabilities | $10 | $258 | $19 | $287 |

---

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

 28

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 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 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.

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

  

*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, London Interbank Offered Rates ("LIBOR"), 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 individual insurance subsidiary that issued the guarantee, 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.

*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.

 30

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Fair Value as of <br>July 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>September 30** | **Change In Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in Unrealized Gains (Losses) Included in OCI**<sup>(3)</sup> |
| | **Fair Value as of <br>July 1** | **Net Income** | **OCI** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>September 30** | **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 | $39 | $— | $— | $12 | $— | $— | $— | $— | $(1) | $50 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1317 |  | 12 | 210 |  | (24) | (79) |  |  | 1436 |  | 12 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 48 |  | 1 |  |  |  |  |  |  | 49 |  | 1 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 504 | 2 |  | 27 |  |  | (61) |  |  | 472 |  | 3 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 84 | (1) |  |  |  |  |  |  | (22) | 61 | (2) |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 68 |  | 1 | 111 |  | (10) | (2) |  | (3) | 165 |  | 1 |
| Total fixed maturities, including securities pledged | 2060 | 1 | 14 | 360 |  | (34) | (142) |  | (26) | 2233 | (2) | 17 |
| Equity securities, at fair value | 51 | 1 |  |  |  |  |  |  |  | 52 | 1 |  |
| Stabilizers and MCGs<sup>(2)</sup> | (13) | 5 |  |  |  |  | 2 |  |  | (6) |  |  |
| Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement | 21 | 1 | (1) |  |  |  | (13) |  |  | 8 |  |  |
| Assets held in separate accounts<sup>(4)</sup> | 347 | 2 |  | 36 |  | (10) |  |  | (3) | 372 |  |  |
| <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 September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) for the Company. |

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 31

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 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>September 30** | **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>September 30** | **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 | $47 | $(1) | $2 | $12 | $— | $(10) | $— | $— | $— | $50 | $— | $1 |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1171 | 2 | 42 | 441 |  | (43) | (177) |  |  | 1436 |  | 39 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 48 |  | 1 |  |  |  |  |  |  | 49 |  | 1 |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 341 | (39) | 41 | 205 |  |  | (76) |  |  | 472 | (14) | 40 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 54 | (4) |  | 18 |  |  |  |  | (7) | 61 | (4) |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 14 |  | 1 | 166 |  | (10) | (6) |  |  | 165 |  | 1 |
| Total fixed maturities, including securities pledged | 1675 | (42) | 87 | 842 |  | (63) | (259) |  | (7) | 2233 | (18) | 82 |
| Equity securities, at fair value | 56 | 3 |  | 6 |  | (13) |  |  |  | 52 | 3 |  |
| Stabilizer and MCGs<sup>(2)</sup> | (19) | 12 |  |  | (1) |  | 2 |  |  | (6) |  |  |
| Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements | 19 | 1 |  |  |  |  | (12) |  |  | 8 |  |  |
| Assets held in separate accounts<sup>(4)</sup> | 340 | 8 |  | 57 |  | (27) |  |  | (6) | 372 |  |  |
| <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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) for the Company. |

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 32

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Fair Value as of <br>July 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>September 30** | **Change In Unrealized Gains (Losses) Included in Earnings**<sup>(3)</sup> | **Change in Unrealized Gains (Losses) Included in OCI**<sup>(3)</sup> |
| | **Fair Value as of <br>July 1** | **Net Income** | **OCI** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Transfers into Level 3** | **Transfers out of Level 3** | **Fair Value as of <br>September 30** | **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 | $9 | $— | $(1) | $— | $— | $— | $— | $— | $— | $8 | $— | $(1) |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1144 | (2) | 44 | 86 |  | (1) | (64) |  | (89) | 1118 | 1 | 42 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> | 12 |  |  | 8 |  | (12) |  |  |  | 8 |  |  |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 363 | 1 | 1 | 16 |  |  | (2) |  |  | 379 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 39 | 4 |  | 12 |  |  |  |  |  | 55 | 4 |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 17 |  |  | 3 |  |  | (2) |  |  | 18 |  |  |
| Total fixed maturities, including securities pledged | 1584 | 3 | 44 | 125 |  | (13) | (68) |  | (89) | 1586 | 6 | 43 |
| Equity securities, at fair value | 56 | 2 |  |  |  |  |  |  |  | 58 | 2 |  |
| Stabilizer and MCGs<sup>(2)</sup> | (10) |  |  |  |  |  |  |  |  | (10) |  |  |
| Assets held in separate accounts<sup>(4)</sup> | 363 | 11 |  | 12 |  | (9) |  |  | (29) | 348 |  |  |
| <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 September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. | <sup>(3)</sup> For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. |
| <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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) for the Company. |

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 33

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **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>September 30** | **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>September 30** | **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 | $13 | $— | $— | $— | $— | $— | $(5) | $— | $— | $8 | $— | $(1) |
| &nbsp;&nbsp;&nbsp;U.S. Corporate private securities | 1185 | (1) | 27 | 186 |  | (10) | (162) |  | (107) | 1118 | 1 | 21 |
| &nbsp;&nbsp;Foreign corporate public securities and foreign governments<sup>(1)</sup> |  |  |  | 8 |  |  |  |  |  | 8 |  |  |
| &nbsp;&nbsp;Foreign corporate private securities<sup>(1)</sup> | 354 | 1 | (8) | 32 |  | (8) | (36) | 44 |  | 379 | 1 | (8) |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 48 |  |  | 11 |  |  |  |  | (4) | 55 |  |  |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 37 |  |  | 3 |  |  | (5) |  | (17) | 18 |  |  |
| Total fixed maturities, including securities pledged | 1637 |  | 19 | 240 |  | (18) | (208) | 44 | (128) | 1586 | 2 | 12 |
| Equity securities, at fair value | 54 | 4 |  |  |  |  |  |  |  | 58 | 4 |  |
| Stabilizer and MCGs<sup>(2)</sup> | (9) |  |  |  | (1) |  |  |  |  | (10) |  |  |
| Assets held in separate accounts<sup>(4)</sup> | 348 | 12 |  | 47 |  | (24) |  | 5 | (40) | 348 |  |  |
| <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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) 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 (loss) for the Company. |

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 34

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 and nine months ended September 30, 2025 and 2024, the transfers in and out of Level 3 for fixed maturities 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying<br>Value** | **Fair<br>Value** | **Carrying<br>Value** | **Fair<br>Value** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;Fixed maturities, including securities pledged | $22565 | $22565 | $20134 | $20134 |
| &nbsp;&nbsp;&nbsp;Equity securities | 74 | 74 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 4429 | 4338 | 3632 | 3440 |
| &nbsp;&nbsp;&nbsp;Policy loans | 159 | 159 | 163 | 163 |
| &nbsp;&nbsp;Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 1181 | 1181 | 1375 | 1375 |
| &nbsp;&nbsp;&nbsp;Derivatives | 142 | 142 | 239 | 239 |
| &nbsp;&nbsp;Short-term loan to affiliate<sup>(1)</sup> | 349 | 349 | 100 | 100 |
| &nbsp;&nbsp;Embedded derivatives within reinsurance | 29 | 29 |  |  |
| &nbsp;&nbsp;&nbsp;Other investments | 117 | 117 | 94 | 94 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | 108695 | 108695 | 98579 | 98579 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment contract liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements without fixed maturities and deferred annuities<sup>(2)</sup> | $29249 | $32637 | $25769 | $27652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding agreements with fixed maturities | 973 | 977 | 721 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplementary contracts and immediate annuities | 196 | 172 | 214 | 180 |
| &nbsp;&nbsp;Stabilizer and MCGs | 6 | 6 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;Derivatives | 238 | 238 | 268 | 268 |
| &nbsp;&nbsp;Short-term debt<sup>(3)</sup> | 54 | 54 | 44 | 44 |
| &nbsp;&nbsp;Long-term debt<sup>(3)</sup>  |  |  | 1 | 1 |
| <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 MCG. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCG. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCG. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCG. | <sup>(2)</sup> Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCG. |
| <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. |

---

 35

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 and Long-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, 2024 | $589 | $321 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 57 | 3 |
| &nbsp;&nbsp;&nbsp;Amortization expense | (46) | (26) |
| Balance as of December 31, 2024 | $600 | $298 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> |  | 390 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 41 | 3 |
| &nbsp;&nbsp;&nbsp;Amortization expense | (34) | (42) |
| Balance as of September 30, 2025 | $607 | $649 |

---

<sup>(1)</sup> As a result of the application of pushdown accounting associated with Voya acquisition of OneAmerica Financial's full-service retirement plan business, the estimated VOBA amortization is expected to increase from the 2024 amount by $21 to $29 annually for years 2025 through 2029.

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| DAC: |  |  |
| &nbsp;&nbsp;Deferred and Individual Annuities | $607 | $600 |
| &nbsp;&nbsp;Other | 9 | 9 |
| VOBA | 649 | 298 |
| Total | $1265 | $907 |

---

 36

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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** |
| | **September 30, 2025** | **December 31, 2024** |
| Balance at January 1 | $25031 | $25991 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> | 3458 |  |
| &nbsp;&nbsp;Deposits | 2349 | 2435 |
| &nbsp;&nbsp;Fee income | (45) | (50) |
| &nbsp;&nbsp;Surrenders, withdrawals and benefits | (3614) | (4368) |
| &nbsp;&nbsp;Net transfers (from) to the general account<sup>(2)</sup> | 452 | 313 |
| &nbsp;&nbsp;Interest credited | 590 | 710 |
| Balance at end of period | $28221 | $25031 |

---

---

| | | |
|:---|:---|:---|
| Weighted-average crediting rate | 2.8 | 2.8 |
| Net amount at risk<sup>(3)</sup> | $63 | $86 |
| Cash surrender value | $27868 | $24669 |

---

<sup>(1)</sup> In addition, $0.3 billion of acquired other investment contracts during the current year from OneAmerica Financial are reported in Other in the table below.

<sup>(2)</sup> Net transfers (from) to the general account includes transfers of $(750) and $(1,150) for 2025 and 2024, respectively, related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

<sup>(3)</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 accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Deferred group and individual annuity (Contract owner account balances) | $28221 | $25031 |
| Non-putable funding agreements | 973 | 721 |
| Other (Future policy benefits and Contract owner account balances)<sup>(1)</sup> | 3708 | 3516 |
| Ending balance | $32902 | $29268 |

---

<sup>(1)</sup> Primarily related to reinsured business and other investments contracts.

 37

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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 September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| &nbsp;&nbsp;Up to 1.00% | $60 | $3783 | $4032 | $2168 | $2184 | $1825 | $14052 |
| &nbsp;&nbsp;1.01% - 2.00% | 118 | 54 | 41 | 3 |  | 1 | 217 |
| &nbsp;&nbsp;2.01% - 3.00% | 5837 | 182 | 17 | 33 |  |  | 6069 |
| &nbsp;&nbsp;3.01% - 4.00% | 8024 |  |  |  |  |  | 8024 |
| &nbsp;&nbsp;4.01% and Above | 4 |  |  |  |  |  | 4 |
| &nbsp;&nbsp;Renewable beyond 12 months (MYGA)<sup>(2)</sup> | 315 |  |  |  | 2 |  | 317 |
| Total discretionary rate setting products | $14358 | $4019 | $4090 | $2204 | $2186 | $1826 | $28683 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| &nbsp;&nbsp;Up to 1.00% | $8 | $4010 | $3671 | $1688 | $1533 | $925 | $11835 |
| &nbsp;&nbsp;1.01% - 2.00% | 110 | &nbsp;&nbsp;&nbsp;&nbsp;56 | 44 | 4 |  | 1 | 215 |
| &nbsp;&nbsp;2.01% - 3.00% | 5833 | &nbsp;&nbsp;&nbsp;&nbsp;31 | 1 |  |  |  | 5865 |
| &nbsp;&nbsp;3.01% - 4.00% | 7291 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 7291 |
| &nbsp;&nbsp;4.01% and Above | 4 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 4 |
| &nbsp;&nbsp;Renewable beyond 12 months (MYGA)<sup>(2)</sup> | 341 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 2 |  | 343 |
| Total discretionary rate setting products | $13587 | $4097 | $3716 | $1692 | $1535 | $926 | $25553 |

---

<sup>(1)</sup> The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. 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 September 30, 2025 and December 31, 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.

**7. Reinsurance**

As of September 30, 2025, 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.

 38

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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** <sup>(1)</sup> | **Ceded** | **Total, Net of Reinsurance** |
| **September 30, 2025** | | | | |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Premium receivable | $1 | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable, net of allowance for credit losses |  |  | 2460 | 2460 |
| Total | $1 | $— | $2459 | $2460 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | $29442 | $3460 | $— | $32902 |
| Total | $29442 | $3460 | $— | $32902 |
| **December 31, 2024** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium receivable | $1 | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverable, net of allowance for credit losses |  |  | 2560 | 2560 |
| Total | $1 | $— | $2559 | $2560 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | $29133 | $135 | $— | $29268 |
| Total | $29133 | $135 | $— | $29268 |

---

<sup>(1)</sup> As of September 30, 2025, Future policy benefits and contract owner account balances include $3.3 billion of investment contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Fee income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Fee Income | $322 | $289 | $912 | $841 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | 25 |  | 68 |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (3) |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fee income | $344 | $289 | $977 | $841 |
| **Interest credited and other benefits to contract owners / policyholders:** | **Interest credited and other benefits to contract owners / policyholders:** | **Interest credited and other benefits to contract owners / policyholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Direct interest credited and other benefits to contract owners / policyholders | $225 | $247 | $637 | $658 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | 23 | 1 | 71 | 3 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (5) | (40) | (49) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest credited and other benefits to contract owners / policyholders | $243 | $208 | $659 | $584 |

---

As part of the acquisition by the Company's ultimate parent, Voya Financial, of the full-service retirement plan business of OneAmerica Financial, as disclosed in the *Business, Basis of Presentation and Significant Accounting Policies* Note to these Condensed Consolidated Financial Statements, the Company entered into an indemnity reinsurance agreement with American United Life Insurance Company, a subsidiary of OneAmerica Financial. Under the reinsurance agreement, the Company assumed a 100% quota share of fixed and variable annuities as well as other investment contracts, resulting in the Company assuming contract owner account balances of $3.8 billion under a combination indemnity coinsurance and coinsurance with

 39

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

funds withheld, and $20.6 billion of separate account liabilities under a modified coinsurance arrangement. Assumed separate account assets and liabilities are presented on a net basis in the accompanying Condensed Consolidated Balance Sheets.

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 September 30, 2025 and December 31, 2024, the Company had a deposit asset net of the allowance for credit losses of $0.8 billion and $0.9 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 September 30, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Stabilizer**<sup>(1)</sup> | **Deferred Annuity** | **Total** | **Stabilizer**<sup>(1)</sup> | **Deferred Annuity** | **Total** |
| Balance at January 1 | $6901 | $89837 | $96738 | $7175 | $81440 | $88615 |
| &nbsp;&nbsp;Premiums and deposits | 760 | 8136 | 8896 | 891 | 9955 | 10846 |
| &nbsp;&nbsp;&nbsp;Fee income | (23) | (368) | (391) | (33) | (474) | (507) |
| &nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (899) | (9029) | (9928) | (1376) | (12415) | (13791) |
| &nbsp;&nbsp;&nbsp;Net transfers (from) to separate accounts |  | (1202) | (1202) |  | (1463) | (1463) |
| &nbsp;&nbsp;&nbsp;Investment performance | 436 | 12100 | 12536 | 244 | 12794 | 13038 |
| Balance at end of period | $7175 | $99474 | $106649 | $6901 | $89837 | $96738 |

---

Reconciliation to Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Other variable products liabilities | 2046 | 1841 |
| Total Separate Account liabilities | $108695 | $98579 |

---

<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 $99,454 and $89,817 as of September 30, 2025 and December 31, 2024, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government, corporations and agencies | $991 | $913 |
| &nbsp;&nbsp;&nbsp;Corporate and foreign debt securities | 2572 | 2493 |
| &nbsp;&nbsp;Mortgage-backed securities | 2903 | 3087 |
| &nbsp;&nbsp;Equity securities (including mutual funds) | 101370 | 91588 |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 651 | 437 |
| &nbsp;&nbsp;Receivable for securities and accruals | 208 | 61 |
| Total | $108695 | $98579 |

---

 40

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
| Fixed maturities, net of impairment | $(1296) | $(1308) |
| Derivatives<sup>(1)</sup> | 7 | 31 |
| Change in current discount rate | (287) | (312) |
| Deferred income tax asset (liability)<sup>(2)</sup> | 459 | 462 |
| Total | (1117) | (1127) |
| Pension and other postretirement benefits liability, net of tax | 1 | 2 |
| AOCI | $(1116) | $(1125) |

---

<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 September 30, 2025, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $7.

<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 September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Before-Tax Amount** | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $288 | $(61) | $227 |
| &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 | 287 | (61) | 226 |
| Derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | 6 | (1) | 5 |
| &nbsp;&nbsp;&nbsp;Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (2) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on derivatives | 4 |  | 4 |
| Change in current discount rate | 5 | (1) | 4 |
| Change in AOCI | $296 | $(62) | $234 |

---

<sup>(1)</sup> See the *Derivative Financial Instruments* Note to these Condensed Consolidated Financial Statements for additional information.

 41

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Before-Tax Amount** | | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $674 |  | $(142) | $532 |
| &nbsp;&nbsp;&nbsp;Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 25 |  | (5) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on available-for-sale securities | 699 |  | (147) | 552 |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | (41) | <sup>(1)</sup> | 9 | (32) |
| &nbsp;&nbsp;&nbsp;Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (8) |  | 2 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on derivatives | (49) |  | 11 | (38) |
| Change in current discount rate | 18 |  | (4) | 14 |
| Change in AOCI | $668 |  | $(140) | $528 |

---

<sup>(1)</sup> See the *Derivative Financial Instruments* Note to these Condensed Consolidated Financial Statements for additional information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Before-Tax Amount** | | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $775 |  | $(164) | $611 |
| &nbsp;&nbsp;&nbsp;Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (20) |  | 5 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on available-for-sale securities | 755 |  | (159) | 596 |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | (23) | <sup>(1)</sup> | 5 | (18) |
| &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 | (27) |  | 6 | (21) |
| Change in current discount rate | 4 |  |  | 4 |
| Change in AOCI | $732 |  | $(153) | $579 |

---

<sup>(1)</sup> See the *Derivative Financial Instruments* Note to these Condensed Consolidated Financial Statements for additional information.

 42

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Before-Tax Amount** | | **Income Tax** | **After-Tax Amount** |
| Available-for-sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities | $522 |  | $(111) | $411 |
| &nbsp;&nbsp;&nbsp;Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (3) |  | 1 | (2) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on available-for-sale securities | 519 |  | (110) | 409 |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives | (14) | <sup>(1)</sup> | 3 | (11) |
| &nbsp;&nbsp;&nbsp;Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (12) |  | 3 | (9) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on derivatives | (26) |  | 6 | (20) |
| Change in current discount rate | 21 |  | (4) | 17 |
| Change in AOCI | $514 |  | $(108) | $406 |

---

<sup>(1)</sup> See the *Derivative Financial Instruments* Note to these Condensed Consolidated Financial Statements for additional information.

**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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Advisory and recordkeeping and administration | $161 | $148 | $465 | $424 |
| Distribution and shareholder servicing | 21 | 20 | 57 | 59 |
| **Total financial services revenue** | 182 | 168 | 522 | 483 |
| Revenue from other sources<sup>(1)</sup> | 180 | 140 | 512 | 405 |
| **Total Fee income and Other revenue** | $362 | $308 | $1034 | $888 |

---

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

Receivables of $88 and $109 are included in Other assets on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.

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

The Company's effective tax rate for the three and nine months ended September 30, 2025 was 13.3% and 13.1%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits.

The Company's effective tax rate for the three months ended September 30, 2024 was 11.3%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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's effective tax rate for the nine months ended September 30, 2024 was 9.9%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD, the Security Life of Denver Company capital loss carryback and tax credits. For more details on the Security Life of Denver Company capital loss carryback, see the *Income Taxes* Note to the Consolidated Financial Statements included in Part II, Item 8 of the <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701025000003/vriac-20241231.htm)</u>.

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 September 30, 2025, the Company had net unrealized capital losses on investments of $1.3 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 2023 through 2025, 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 2023 tax year, Voya Financial is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. For the 2024 and 2025 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.

***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 the Company does not expect to be subject to the CAMT for 2025, the Company continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.

In July 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which includes changes to the Internal Revenue Code. The Company does not expect the OBBBA to have a material impact on its financial statements.

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<u>[**Table of Contents**](#ib1545c3bccb24476ac5b70d54fa827c5_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)

**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, 2026, 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 $1 and $2 interest expense for the three and nine months ended September 30, 2025, and $1 interest expense for the three and nine months ended September 30, 2024. The Company earned $4 and $16 of interest income for the three and nine months ended September 30, 2025, respectively, and $5 and $18 of interest income for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, VRIAC had an outstanding receivable of $349 and VIPS had an outstanding payable of $54 under the reciprocal loan agreement. As of December 31, 2024, VRIAC had an outstanding receivable of $100 and VIPS had an outstanding payable of $44 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 September 30, 2025, the Company had off-balance sheet commitments to acquire mortgage loans of $273 and purchase limited partnerships and private placement investments of $2,060.

***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:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Fixed maturity collateral pledged to FHLB<sup>(1)</sup> | $1508 | $1238 |
| &nbsp;&nbsp;FHLB restricted stock<sup>(2)</sup> | 44 | 34 |
| &nbsp;&nbsp;Other fixed maturities-state deposits | 7 | 8 |
| &nbsp;&nbsp;Securities pledged<sup>(3)</sup> | 1000 | 1089 |
| Total restricted assets | $2559 | $2369 |

---

<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 $611 and $871 as of September 30, 2025 and December 31, 2024, respectively. In addition, as of September 30, 2025 and December 31, 2024, the Company delivered securities as collateral of $189 and $133, respectively, and repurchase agreements of $200 and $85, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

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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)

***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 September 30, 2025 and December 31, 2024, the Company had $973 and $721, respectively, in non-putable funding agreements, 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.

***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 September 30, 2025, 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. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company denies 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 and nine months ended September 30, 2025, revenues received from affiliates related to these agreements were $39 and $96, respectively. For the three and nine months ended September 30, 2024, revenues with affiliated entities related to these agreements were $21 and $63, respectively.

For the three and nine months ended September 30, 2025, expenses with affiliated entities related to the aforementioned operating agreements were $142 and $428, respectively. For the three and nine months ended September 30, 2024, expenses with affiliated entities related to the aforementioned operating agreements were $143 and $431, 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 results of operations for the three and nine months ended September 30, 2025 and 2024 and financial condition as of September 30, 2025 and December 31, 2024. 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/837010/000083701025000003/vriac-20241231.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 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, the Company's ultimate parent, Voya Financial ("Voya"), 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 million in the first quarter.

**Recent Developments**

***<u>Market Conditions</u>***

We continue to monitor the rapidly changing global financial, political and economic environment, while actively managing the Company's businesses, investment portfolios and liquidity needs in light of current trends and uncertainties.

During the first nine months of 2025, new tariffs were announced on major U.S. trading partners, who have in turn responded with retaliatory actions. While many of these tariffs have been put on hold, there is significant uncertainty about the future direction of trade policies between the U.S. and its partners. This in turn has led to a significant increase in volatility across financial markets and has created more uncertainty in the economic outlook. We describe how such macroeconomic developments, risks, and uncertainties may impact the Company in Risk Factors in Part I, Item 1A, and in Management's Narrative Analysis of the Results of Operations in Part II, Item 7. of our <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701025000003/vriac-20241231.htm)</u>.

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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 September 30,** | **Three Months Ended September 30,** |  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $435 | $361 | $74 | $1282 | $1110 | $172 |
| &nbsp;&nbsp;&nbsp;Fee income | 344 | 289 | 55 | 977 | 841 | 136 |
| &nbsp;&nbsp;&nbsp;Premiums | 1 | 6 | (5) | (4) | 4 | (8) |
| &nbsp;&nbsp;Net gains (losses) | (30) | (26) | (4) | (99) | (22) | (77) |
| &nbsp;&nbsp;&nbsp;Other revenue | 18 | 19 | (1) | 57 | 47 | 10 |
| Total revenues | 768 | 649 | 119 | 2213 | 1980 | 233 |
| **Benefits and expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | 243 | 208 | 35 | 659 | 584 | 75 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 326 | 290 | 36 | 972 | 875 | 97 |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC and VOBA | 25 | 18 | 7 | 76 | 55 | 21 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1 |  | 1 | 2 | 1 | 1 |
| Total benefits and expenses | 595 | 516 | 79 | 1709 | 1515 | 194 |
| Income before income taxes | 173 | 133 | 40 | 504 | 465 | 39 |
| Income tax expense (benefit) | 23 | 15 | 8 | 66 | 46 | 20 |
| Net income | $150 | $118 | $32 | $438 | $419 | $19 |

---

***Three Months Ended September 30, 2025 compared to Three Months Ended September 30, 2024*** 

***Revenues***

*Net investment income* increased by $74 million from $361 million to $435 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income from acquired OneAmerica assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• active portfolio management.

*Fee income* increased by $55 million from $289 million to $344 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired OneAmerica assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher average equity markets and strong commercial momentum.

***Benefits and Expenses***

*Interest credited and other benefits to contract owners/policyholders* increased by $35 million from $208 million to $243 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest credited associated with acquired OneAmerica spread-based assets.

*Operating expenses* increased by $36 million from $290 million to $326 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired business from OneAmerica; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in business growth.

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*Net amortization of DAC and VOBA* increased by $7 million from $18 million to $25 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* amortization of the VOBA asset acquired from the OneAmerica transaction.

***Income Tax Expense***

*Income tax expense* increased by $8 million from $15 million to $23 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in income before income taxes.

***Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024***

***Revenues***

*Net investment income* increased by $172 million from $1,110 million to $1,282 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income from acquired OneAmerica assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• active portfolio management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rate movements.

The increase was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher investment expenses reflecting the additional OneAmerica assets.

*Fee income* increased by $136 million from $841 million to $977 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired OneAmerica assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher average equity markets and strong commercial momentum.

*Net gains (losses)* changed $77 million from a loss of $22 million to a loss of $99 million primarily due to:

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

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher credit allowances on private available-for-sale fixed maturity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• favorable changes in equity securities in the prior year period.

***Benefits and Expenses***

*Interest credited and other benefits to contract owners/policyholders* increased by $75 million from $584 million to $659 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest credited associated with acquired OneAmerica spread-based assets.

*Operating expenses* increased by $97 million from $875 million to $972 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired business from OneAmerica; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in business growth.

*Net amortization of DAC and VOBA* increased by $21 million from $55 million to $76 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amortization of the VOBA asset acquired from the OneAmerica transaction.

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***Income Tax Expense***

*Income tax expense* increased by $20 million from $46 million to $66 million primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Security Life of Denver Company capital loss carryback recorded in 2024. For more details, see the *Income Taxes* Note to the Consolidated Financial Statements included in Part II, Item 8 of the <u>[Annual Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/837010/000083701025000003/vriac-20241231.htm)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in income before income taxes.

**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 presents a review 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 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 debt issuance and borrowing facilities, repurchase agreements, contract deposits, securities lending and capital contributions. Primary uses of these funds are payments of 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.

***Liquidity and Capital Resources***

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 46.3% 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, dollar rolls 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, securities lending and dollar roll 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 the three programs. As of September 30, 2025, VRIAC had securities lending collateral assets of $610 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.

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***Capital Contributions and Dividends***

During the nine months ended September 30, 2025, 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 nine months ended September 30, 2024, VRIAC did not receive any capital contribution from its Parent. During the nine months ended September 30, 2025 and 2024, VRIAC paid ordinary dividends to its Parent of $394 million and $473 million, respectively.

***Ratings***

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 capital through the issuance of debt 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/837010/000083701025000003/vriac-20241231.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 |

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<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)."

On September 18, 2024, Fitch upgraded Voya Retirement Insurance and Annuity Company's Financial Strength to A+ from A. In conjunction with the upgrade, Fitch revised its outlook to Stable.

In December 2024, Moody's confirmed its outlook for the U.S. life insurance sector as stable. Also, Fitch changed its outlook from improving to stable 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* 

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*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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an on-going 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 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/837010/000083701025000003/vriac-20241231.htm)</u>.

As of September 30, 2025, 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/837010/000083701025000003/vriac-20241231.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 2025, we are continuing to review the proposed regulations, and our CAMT determination will need to be evaluated in light of future guidance.

In July 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which includes changes to the Internal Revenue Code. We do not expect the OBBBA to have a material impact to the financial statements.

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.

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

***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 Securities Exchange Act of 1934, as amended ("Exchange Act")) 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 SEC filings is made known to them in a timely manner.

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***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 September 30, 2025 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 *Commitments and Contingencies* Note in our Condensed Consolidated Financial Statements in Part I., Item 1. of this Quarterly Report on Form 10-Q.

**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/837010/000083701025000003/vriac-20241231.htm)</u>.

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

See Exhibit Index on the following page.

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**Voya Retirement Insurance and Annuity Company**

---

| | |
|:---|:---|
| **<u>Exhibit Index</u>**  | **<u>Exhibit Index</u>**  |
| **Exhibit No.** | **Description of Exhibit** |
| 10.3+ | <u>[Third Amended and Restated Services Agreement, dated as of January 2, 2025, between VRIAC, the affiliated companies and certain other affiliated companies in Exhibit B of the Agreement.](vriacexhibit103.htm)</u> |
| 31.1+ | <u>[Certificate of Curtis Heaser pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vriac2025q310-qex311.htm)</u> |
| 31.2+ | <u>[Certificate of Jay S. Kaduson pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vriac2025q310-qex312.htm)</u> |
| 32.1+ | <u>[Certificate of Curtis Heaser pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vriac2025q310-qex321.htm)</u> |
| 32.2+ | <u>[Certificate of Jay S. Kaduson pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vriac2025q310-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.

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**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.

---

| | | | |
|:---|:---|:---|:---|
| November 12, 2025 |  |  | Voya Retirement Insurance and Annuity Company |
| (Date) |  |  | (Registrant) |
|  | By: | /s/ | Curtis Heaser |
|  |  |  | Curtis Heaser |
|  |  |  | Chief Financial Officer |
|  |  |  | (Duly Authorized Officer and Principal Financial Officer) |

---

 56

## Exhibit 10.3

Exhibit 10.3

THIRD AMENDED AND RESTATED SERVICES AGREEMENT

This Third Amended and Restated Services Agreement (this "Agreement") is made as of this 2nd day of January, 2025, by and among Voya Retirement Insurance and Annuity Company ("VRIAC"), an insurance company organized and existing under the laws of the state of Connecticut, the affiliated insurance companies specified in Exhibit B hereto and certain other affiliated companies specified in Exhibit B hereto.

<u>RECITALS</u>

WHEREAS, certain of the parties to this Agreement entered into a Services Agreement (the "Original Agreement"), made January 1, 2001, as amended effective January 1, 2002, December 31, 2007, and October 1, 2008, by and among ING Life Insurance and Annuity Company (now known as VRIAC) and the affiliated insurance companies specified in Exhibit B to the Original Agreement (or successors by merger to such affiliated insurance companies).

WHEREAS, the Original Agreement was amended and restated effective April 1, 2015 (the "2015 Agreement").

WHEREAS, the 2015 Agreement was amended and restated effective March 4, 2019 (the "2019 Agreement").

WHEREAS, the parties hereto wish to enter into this amendment and restatement to the 2019 Agreement, effective January 2, 2025, in order to update the parties to this Agreement, to include new and current business services specific to annuity business, and to include the provision of anti-money laundering, counter-terrorist financing, and counter-proliferation financing and related services.

WHEREAS, the parties are affiliates under the common control of Voya Financial, Inc.

WHEREAS, each party possesses certain resources, including experienced personnel, facilities and equipment, which enables it to provide certain administrative, management, professional, advisory, consulting and other services to the others ("Services").

WHEREAS, each party desires from time to time to perform certain Services on behalf of, and receive certain Services from, the others, as described with particularity in Exhibit A attached hereto.

WHEREAS, each party contemplates that such an arrangement will achieve operating economies, synergies and expense savings, and improve services for its benefit and that of its account owners, policyholders or contract holders, as applicable.

WHEREAS, the parties wish to identify the Services to be provided, to provide a method for identifying the charges to be assessed and the compensation to be paid for the Services, and to assure that all charges for the Services are reasonable and in accordance with the applicable laws and regulations of the states in which each of them is domiciled.

NOW, THEREFORE, in consideration of these premises and of the mutual promises set forth herein, and intending to be legally bound hereby, the parties agree as follows:

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Exhibit 10.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms, conditions, and limitations of this Agreement, the party providing a service hereunder ("Service Provider") will perform for the party requesting a service hereunder ("Company") such of the Services described in Exhibit A, attached hereto and incorporated herein by this reference, as the Company may from time to time request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Provider shall employ all operating and management personnel necessary to provide the Services required by this Agreement. The Service Provider shall also maintain such facilities and equipment as it deems reasonably necessary in order to provide the Services required by the Agreement. Subject to the terms (including any limitations and restrictions) of any applicable software or hardware licensing agreement then in effect between the Service Provider and any licensor, the Service Provider shall, upon termination of this Agreement, grant to the Company a perpetual license, without payment of any fee, in any electronic data processing software developed or used by the Service Provider in connection with the Services provided to the Company, if such software is not commercially available and is necessary, in the Company's reasonable judgment, for the Company to perform the functions provided by the Service Provider hereunder after termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The parties agree that all documents, reports, records, books, files and other materials relative to the Services performed for the Company under this Agreement shall be the sole property of the Company. The Service Provider shall keep and maintain or cause to be kept and maintained full and complete documentation and records related to the Services provided including the accounting necessary to support charges for Services for no less than the period of time required by applicable law and regulation. The Service Provider shall maintain custody of said documentation and records and shall make them available to the Company and the appropriate insurance or other regulator of the Company upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Charges</u> <u>for</u> <u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is the intention of the parties that the charges for the Services provided under this Agreement be determined in accordance with fair and reasonable standards and that no party realize a profit nor incur a loss as a result of the Services rendered pursuant to this Agreement. The parties intend that the provision of Services hereunder shall have no impact on the surplus of the Company. All funds and invested assets of the Company are the exclusive property of the Company held for the benefit of the Company, and are subject to the control of the Company. Expenses incurred by the Service Provider and payment received by/from the Service Provider shall be allocated to the Service Provider in conformity with customary insurance accounting practices, consistently applied and in compliance with the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. No Company that is an insurance company and is party to this Agreement shall advance any funds to the Service Provider except to pay for services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company agrees to reimburse the Service Provider for all direct costs incurred on behalf of the Company and for all indirect costs, which may be charged to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"Direct Costs" include costs incurred by the Service Provider for Services provided directly to the Company, including but not limited to: (a) All costs incident to any employee or employees who are employed in rendering Services to the Company, such as salary, payroll taxes, and benefits and (b) the cost of other reasonable and necessary business expenses incurred by employees who are employed in rendering Services to the Company such as training, travel and lodging. Direct Costs shall be charged in accordance with reasonable functional cost studies and/or other information and methodologies used by the Service Provider for internal cost distribution including, where appropriate, an analysis of time spent by each employee providing Services to the Company and/or the percentage of administrative systems utilized. Data for this analysis will be

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Exhibit 10.3

collected through tracking of unit costs of Services, through time studies conducted periodically, or through other methods consistent with customary insurance accounting practices consistently applied. Annually, the bases for determining direct costs shall be modified and adjusted by mutual agreement of the Service Provider and the Company, where necessary or appropriate, to fairly and equitably reflect the actual cost incurred by the Service Provider on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"Indirect Costs" include all other costs incurred by the Service Provider in rendering Services to the Company, including but not limited to the cost of rent or depreciation of office space, utilities, office equipment, and supplies utilized by employees who are employed in rendering Services to the Company. Indirect costs shall be charged to the Company based on an acceptable allocation methodology in conformity with insurance accounting practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The charges for Direct Costs and Indirect Costs referred to above shall be made by the Service Provider on a monthly or quarterly basis as appropriate for the particular Service and shall be paid not later than forty-five days following the date of the charge. Charges paid by any party to the Service Provider may be net of charges for Direct and Indirect Costs charged by such party as Service Provider to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event the Service Provider or the Company should discover upon review of its accounting by its internal auditors, independent auditor, any state insurance department, or other regulatory agency, that an amount charged for Services provided hereunder was erroneous, the party discovering the error will give prompt notice of such error to the affected party under this Agreement. Such notice shall contain a description of the accounting error, corrective action and supporting documentation. Any amounts owing, as a result of the correction shall be paid within sixty (60) days after notice has been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Company shall have the right to inspect and audit, upon reasonable notice to the Service Provider, all books and records of the Service Provider related to the provision of the Services so as to verify the accuracy of all expenses reimbursed under this Agreement. As used herein the "books and records" of a party shall be deemed to include all books and records developed or maintained under or related to this Agreement and such books and records are and shall remain the property and subject to the control of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Voya Services Company shall be the party responsible for the execution of the allocation process for expenses incurred by the parties hereto and facilitating resulting payments among and between the parties hereto, in each case in strict accordance with Section 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Costs</u> <u>Assumed</u> <u>on</u> <u>Behalf</u> <u>of</u> <u>Broker-</u><u>Dealer</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Pursuant to Exchange Act Rule 17a-3, the parties hereto acknowledge that a Company registered as a broker or a dealer pursuant to Section 15 of the Securities Exchange Act of 1934 ("Company Broker-Dealer") will make a record reflecting each expense and corresponding liability incurred relating to its business regardless of whether the liability is joint or several with any entity and regardless of whether a third party has agreed to assume the expense or liability. Such a Company Broker-Dealer and Service Provider agree that Company Broker-Dealer will record all distribution-related expenses and administrative expenses and liabilities relating to its business on its books and records. Any expense recorded will be based on allocation methods consistent with Section 2(a) above. Notwithstanding anything to the contrary contained herein, in no event will any insurance company that is a party to this Agreement assume any expense or liability of another party hereto.

Subject to the final sentence of the preceding paragraph, where a Service Provider agrees to assume the costs for Services provided to a Company, such Company will not be obligated to reimburse the Service Provider, and the Service Provider will have no recourse to such Company, for the costs of such services. For

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Exhibit 10.3

any expenses that a Service Provider agrees to assume, the Service Provider and the Company agree to comply with the requirements specified in Section 3 of NASD Notice to Members 03-63 (Oct. 2003) ("NTM 03-63").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Term</u>.

This Agreement shall be effective as of the second day of January, 2025, and shall end on the 31st day of December, 2025. This Agreement shall be automatically renewed on the first day of each calendar year thereafter for a twelve-month period under the same terms and conditions, subject to the provisions for termination set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Termination</u>.

This Agreement may be terminated, with or without cause, by the Service Provider or by the Company by providing thirty (30) days' written notice to that effect addressed to the other party. Each U.S. insurance company that is subject to state insurance holding company act provisions and is a party to the Agreement shall provide notice of termination of the Agreement to its domiciliary state insurance department not later than 30 days after termination of the Agreement. Any Services provided following the date of termination which, by their nature, continue after termination shall be provided under the same terms and conditions which prevailed at the time of such notice. No Service Provider shall have an automatic right to terminate this Agreement if the Company is an insurance company that is placed in receivership pursuant to applicable domiciliary state insurance insolvency laws. Any Services provided following the date of termination which, by their nature, continue after termination shall be provided under the same terms and conditions which prevailed at the time of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Standard</u> <u>of</u> <u>Service</u>.

The Service Provider shall perform the Services in a competent and professional manner according to standards agreed upon by the Service Provider and the Company. The Service Provider agrees that it will exercise due diligence to abide by and comply with all laws, statutes, rules, regulations, and orders of any governmental authority in the performance of its Services under this Agreement. The Service Provider will conduct its business and perform its obligations in a manner which will not cause the possible revocation or suspension of the Company's Certificate(s) of Authority or cause the Company to sustain any fines, penalties, or other disciplinary action of any nature whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Limitation</u> <u>of</u> <u>Authority</u>.

The Company shall retain ultimate control and responsibility for all Services that it has delegated to the Service Provider under this Agreement and to the extent that the Company is an insurance company, it will maintain oversight for the Services provided to the Company by the Service Provider and will monitor the Services annually for quality assurance. In no event shall the Services involve control of the management of the business and affairs of the Company. The Service Provider shall provide Services hereunder as an independent contractor, and shall act hereunder so as to assure the separate operating identity of the Company. While rendering Services to the Company pursuant to this Agreement, the Service Provider, its officers and employees shall not at any time or for any purpose be considered agents of the Company unless otherwise expressly agreed to by the parties. Under no circumstances shall the Services provided pursuant to this Agreement be deemed to be those of a third party administrator pursuant to any applicable state statutes.

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Exhibit 10.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company hereby agrees to indemnify, defend and hold harmless the Service Provider, its officers, directors and employees, from and against any and all claims, demands, losses, liabilities, actions, lawsuits and other proceedings, judgements and awards, and costs and expenses (including reasonable attorneys' fees), arising directly or indirectly, in whole or in part out of any action taken by the Service Provider within the scope of its duties or authority hereunder, excluding only such of the foregoing as result from the negligence or willful acts or omissions of the Service Provider, its officers, directors, agents and employees. The provisions of this section shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Provider hereby agrees to indemnify, defend and hold harmless the Company and its officers, directors and employees from and against any and all claims, demands, losses, liabilities, action, lawsuits and other proceedings, judgments and awards, fines and penalties, and costs and expenses (including reasonable attorneys' fees), arising directly or indirectly, in whole or in part, out of the negligence or any willful act or omission of the Service Provider or of any of its officers, directors, agents or employees, in connection with this Agreement or the performance of the Service Provider's Services hereunder, or out of any action taken by the Service Provider beyond the scope of the Service Provider's duties or authority hereunder. The provisions of this section shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Notices</u>.

All notices, requests, and communications required or permitted under this Agreement shall be in writing and deemed given when addressed to the applicable address set forth in Exhibit B attached hereto and (i) delivered by hand to an officer of the other party, (ii) deposited with the U.S. Postal Service, as first-class certified or registered mail, postage prepaid, or (iii) deposited with an overnight courier. Any notice of a change of address shall be given in the same manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Cooperation</u>.

Each party to this Agreement shall cooperate with the other party, and with appropriate governmental authorities (including, without limitation, the Securities and Exchange Commission, the National Association of Securities Dealers and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Arbitration</u>.

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in accordance with the Rules of the American Arbitration Association, and judgment upon the award maybe entered in any Court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Waiver</u>.

No waiver of any provision of this Agreement shall be deemed, or shall constitute, waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver. Failure of any party to exercise or delay in exercising any right or power granted under this Agreement shall not operate as a waiver of any such right or power.

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Exhibit 10.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Miscellaneous</u>.

This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement constitutes the entire agreement of the parties hereto. Assignment by any party of all or a portion of its rights and obligations under this Agreement to an affiliate will (i) be subject to the state insurance holding company act provisions governing transfers and assignments of the domiciliary state insurance department of each insurance company that is a party to this Agreement and that will either receive services from, or provide services to, such affiliate assignee; (ii) be subject to the state insurance holding company act provisions governing transfers and assignments of the assignor's domiciliary state, to the extent that the assignor is a U.S. insurance company; and (iii) requires notice of this assignment to the domiciliary state insurance department of any insurance company that is a party to this Agreement to the extent the assignment involves such insurance company. This Agreement may be amended only by a written instrument executed by all parties and with the prior approval of the domiciliary state insurance department of each U.S. insurance company that is a party to this Agreement. If any portion of this Agreement is invalid under any applicable statute or rule of law, it shall not affect the remainder of this Agreement which shal1 remain valid and binding. This Agreement shall be binding on the parties, their legal representatives and successors. This Agreement shall be construed in accordance with and governed by the laws of the state in which the Services are provided, without regard to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Receivership</u>.

No party to this Agreement may automatically terminate this Agreement if another party to this Agreement that is a U.S. insurance company (the "Insurance Affiliate") is placed in receivership or seized by its respective domiciliary state Insurance Commissioner ("Commissioner") pursuant to applicable domiciliary state insurance receivership statutes. In the event the Insurance Affiliate is placed in receivership or seized by its domiciliary state Commissioner pursuant to applicable domiciliary state insurance receivership statutes, (i) all of the rights of the Insurance Affiliate, as applicable, under this Agreement will extend to the receiver or the Commissioner, as applicable, and (ii) all books and records related to the Services hereunder will be made available to the receiver or the Commissioner, as applicable, immediately upon request thereby. The Insurance Affiliate will continue to maintain any systems, programs or other infrastructure notwithstanding a seizure of the Insurance Affiliate by the Commissioner under the applicable domiciliary state insurance receivership statutes, and will make them available to the receiver for as long as the Insurance Affiliate continues to receive timely payment for services rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement</u>.

This Agreement, as amended from time to time as described herein, represents the entire agreement between the parties. The parties may, from time to time, enter into additional or other written agreements relating to other aspects of this business relationship. Such agreements shall be considered part of this Agreement and incorporated by reference. Neither party shall have any duties or responsibilities other than as specified or incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Counterparts</u>.

This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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Exhibit 10.3

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

**Voya Retirement Insurance and Annuity Company**

By: /s/Melissa O'Donnell

Name: Melissa O'Donnell

Title: Secretary

**ReliaStar Life Insurance Company**

By: /s/Melissa O'Donnell

Name: Melissa O'Donnell

Title: Secretary

**OneAmerica Investment Advisory Services, LLC**

By: /s/Lombard L. Gasbarro

Name: Lombard L. Gasbarro

Title: Sr. Vice President, Deputy General

Counsel – Workplace Solutions

**OneAmerica Retirement Services, LLC**

By: /s/Lombard L. Gasbarro

Name: Lombard L. Gasbarro

Title: Sr. Vice President, Deputy General

Counsel – Workplace Solutions

**Pen-Cal Administrators, Inc.**

By: /s/Amelia (Amy) J. Vaillancourt

Name: Amelia (Amy) J. Vaillancourt

Title: President

**Voya Alternative Asset Management LLC**

By: /s/Matthew Toms

Name: Matthew Toms

Title: Senior Managing Director

**Voya Financial Advisors, Inc.**

By: /s/Jonathan R. Reilly

Name: Jonathan R. Reilly

Title: President

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Exhibit 10.3

**Voya Financial Partners, LLC**

By: /s/William P. Elmslie

Name: William P. Elmslie

Title: Managing Director

**Voya Institutional Plan Services, LLC**

By: /s/Amelia (Amy) J. Vaillancourt

Name: Amelia (Amy) J. Vaillancourt

Title: President

**Voya Investments Distributor, LLC**

By: /s/Stephen Easton

Name: Stephen Easton

Title: Vice President

**Voya Investment Management Alternative Assets LLC**

By: /s/Matthew Toms

Name: Matthew Toms

Title: Senior Managing Director

**Voya Investment Management Co. LLC**

By: /s/Matthew Toms

Name: Matthew Toms

Title: Senior Managing Director

**Voya Investment Management LLC**

By: /s/Matthew Toms

Name: Matthew Toms

Title: Senior Managing Director

**Voya Investment Trust Co.**

By: /s/Jessica Zito

Name: Jessica Zito

Title: President

**Voya Investments, LLC**

By: /s/Todd Modic

Name: Todd Modic

Title: Senior Vice President

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Exhibit 10.3

**Voya Retirement Advisors, LLC**

By: /s/Christopher E. Trovato

Name: Christopher E. Trovato

Title: Managing Director

**Voya Services Company**

By: /s/Melissa O'Donnell

Name: Melissa O'Donnell

Title: Secretary

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Exhibit 10.3

LIST OF EXHIBITS

A-1&nbsp;&nbsp;&nbsp;&nbsp;Underwriting and New Business Processing Services A-2&nbsp;&nbsp;&nbsp;&nbsp;Licensing and Contracting Services

A-3Policyowner/Contractowner and Claims or Other Business Processing Services and Operational Support

A-4Actuarial Services

A-5Information Services

A-6Cybersecurity Services

A-7 &nbsp;&nbsp;&nbsp;&nbsp;Legal, Risk Management and Compliance Services A-8&nbsp;&nbsp;&nbsp;&nbsp;Human Resource Services

A-9&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Sales Promotion Services A-10&nbsp;&nbsp;&nbsp;&nbsp;Tax Services

A-11&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Management and Administration Services A-12&nbsp;&nbsp;&nbsp;&nbsp;Management Services

A-13Printing, Record, File, Mail and Supply Services

A-14Financial Management Services for Retail and Other Customer Products

A-15 &nbsp;&nbsp;&nbsp;&nbsp;Pricing, Trading, Performance Reporting and Accounting Services for Variable Products

B&nbsp;&nbsp;&nbsp;&nbsp;Voya Affiliate Companies

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Exhibit 10.3

**Exhibit A-1**

**Underwriting and New Business Processing Services**

Services related to underwriting for insurance products and new business processes for insurance and non- insurance products including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Underwriting and risk consulting services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Analysis of underwriting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assistance and advice in the development of appropriate underwriting standards in accordance with all laws and regulations of the Company's state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Perform underwriting in accordance with Company guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Provide medical and/or technical support and advice to underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Approve for issue all applications which meet underwriting criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Process all approved applications and issue and deliver policies to policyholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Financial and other reporting in connection with underwriting and new business processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Process transferred assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Process participant data files.

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Exhibit 10.3

**Exhibit A-2**

**Licensing and Contracting Services**

Services related to producer licensing and contracting including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Assist with pre-appointment investigations of producers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Administer producer licenses, contracts and producer compensation and maintain a computer database for license and contract status.

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Exhibit 10.3

**Exhibit A-3**

**Policyowner/Contractowner and Claims or Other Business Processing Services and Operational Support Services**

Operational services related to policyowner, contractowner, or account owner and claims or other business processing including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Bill policyholders or contractowners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Collect premiums or deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Respond to customer inquiries by phone or letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Administer policy or contract changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Administration and support for claims or other operational and business processing requests, including plan document support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Process claims and/or render legal, medical or technical support and advice relating to the processing, settlement and payment of claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Surrender, lapse and maturity processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Distribute benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Financial and other reporting in connection with policyowner/contractowner/account owner, claims and other business processing services.

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Exhibit 10.3

**Exhibit A-4 Actuarial Services**

Actuarial related services including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Actuarial consulting services, including clerical, technical and product actuarial support and product development support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Prepare actuarial reports, opinions and memoranda and assist with asset/liability management and cash flow testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Conduct product experience studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Prepare reserve calculations and valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Develop new products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Evaluate product performance versus expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Financial and other reporting in connection with actuarial services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Development and support of actuarial models and corresponding actuarial assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Governance and oversight of aforementioned actuarial services.

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Exhibit 10.3

**Exhibit A-5 Information Services**

Services related to information management including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Professional, technical, supervisory, programming and clerical support for information services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Informational and computer services may be in the nature of applications and programming support, enhancing existing systems, helping to install new systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Develop data processing systems strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Implement systems strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Program computers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Provide data center services, including maintenance and support of mainframe and distribution process hardware and software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Standard systems for enterprise-wide applications, including, but not limited to: product administration, finance, human resources, operations, legal and compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Manage data and voice communications systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Manage local area networks and other desktop software and systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Provide data security and maintain effective disaster recovery program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Purchase hardware, software and supplies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Provide information security risk management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Manage all aspects of production support related to technology applications and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Provide program/project management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Develop and maintain operational reporting statistics for technology related services.

Subject to the terms (including any limitations and restrictions) of any applicable software or hardware licensing agreement then in effect between Service Provider and any licensor, Service Provider shall, upon termination of this Agreement, grant to Company a perpetual license, without payment of any fee, in any electronic data processing software developed or used by the Service Provider in connection with the Services provided to the Company hereunder if such software is not commercially available and is necessary, in the Company's reasonable judgment, for the Company to perform subsequent to termination the functions provided by the Service Provider hereunder.

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Exhibit 10.3

**Exhibit A-6 Cybersecurity Services**

Services related to cybersecurity preparedness and information security, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Cybersecurity Policies and Procedures, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Data governance and classification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Asset inventory and device management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Access controls and identity management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Systems operations and availability concerns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Systems and network security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Systems and network monitoring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Systems and application development and quality assurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Physical security and environmental controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Customer data privacy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Vendor and third party service provider management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Risk assessment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Incident response

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Chief Information Security Officer, responsible for oversight and implementation of cybersecurity program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Information Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Information Classification, Data Privacy and Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Configuration Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Operating Procedures and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Security Awareness and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Cybersecurity Education and Threat Intelligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.User Access Controls and Access Control Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.User Access Management / Information Access Restriction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Employee Workstation and Mobile Device System Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Remote Network Access Controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Generic Application and Database Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Security Event Monitoring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Threat and Vulnerability Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Security Architecture and Technical State Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Incident Response

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Risk Assessments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Cybersecurity Controls, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Penetration Testing and Vulnerability Assessments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Audit Trail

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Multi-factor Authentication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Encryption of Nonpublic Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Data Retention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Remote Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Wireless Networks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Mobile Devices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Application Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Network Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Malware Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Training and Monitoring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Third Party Service Provider Security Due Diligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.Cybersecurity Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Cybersecurity Planning and Roadmap

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Exhibit 10.3

**Exhibit A-7**

**Legal, Risk Management and Compliance Services**

Services related to legal, risk management and compliance including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Provide counsel, advice and assistance in any matter of law, corporate governance and governmental relations, including advisory and consulting services, in connection with the maintenance of corporate existence, licenses, dealing with regulatory agencies, development of products, contracts and legal documents, product approvals, registration and filing of insurance and securities products, handling of claims and matters involving legal controversy, assist with dispute resolution, select, retain and manage outside counsel and provide other legal services as reasonably required or requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Provide assistance in any matter relating to risk management, including procurement of fidelity bond insurance, blanket bonds, general liability insurance, property damage insurance, directors' and officers' liability insurance, workers compensation, and any other insurance purchased by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assist in the development and maintenance of a corporate compliance program and a state insurance fraud reporting program. Assist in maintaining appropriate records and systems in connection with the Company's compliance obligations under application state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Provide assistance with internal audit including review of operational procedures, performance of compliance tests, and assist to independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Develop and maintain necessary enterprise risk management framework and reporting, including operational risk management, investment management, financial and actuarial risk management, information security risk management and crisis management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Manage incident response, remediation, and reporting processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Performing all services necessary to comply with anti-money laundering, counter- terrorist financing, and counter-proliferation financing rules (collectively, "AML rules"), including customer identification, suspicious activity monitoring and reporting, and sanctions screening. This includes compliance with US AML rules such as sanctions issued by the Office of Foreign Assets Control, the USA Patriot Act, and Bank Secrecy Act, as well as non-US AML rules of foreign jurisdictions, where applicable.

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Exhibit 10.3

**Exhibit A-8 Human Resource Services**

Services related to human resource management including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Personnel recruiting and support services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Design and implementation of human resources training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Compensation studies and benefits consulting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Support employee communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Payroll services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Benefits compensation and design and administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Employee relations.

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Exhibit 10.3

**Exhibit A-9**

**Marketing and Sales Promotion Services**

Services related to marketing and sales promotion including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Prepare sales promotional items, advertising materials and artwork, design, text and articles relevant to such work, including clerical, technical and supervisory support and related communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Manage all aspects of advertising including but not limited to print, digital, and mass media advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Support general communications with producers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Conduct formal insurance market and other product market research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Develop sales illustrations, advertising materials, and software for products, in compliance with applicable state or federal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Design and implement training programs, including product and industry developments and legal compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Distribute to employees and/or agents underwriting guidelines for the products, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Analyze and develop compensation and benefit plans for general agents and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Plan and support of producer conferences.

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Exhibit 10.3

**Exhibit A-10 Tax Services**

Services related to tax including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Maintenance of tax compliance, including tax return preparation and review of financial statement tax provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Management of tax and audit appeals, including processing information requests, protest preparation, and participation in any appeals conference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Direction of tax research and planning, including research of compliance issues for consistency, development of tax strategies and working with new legislative proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Administration of tax liens, levies and garnishment of wages of Company employees and agents

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Exhibit 10.3

**Exhibit A-11**

**Reinsurance Management and Administration Services**

Services related to reinsurance management and administration including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Advise with respect to reinsurance retention limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Advice and support with respect to negotiation of reinsurance treaties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Advice and support with respect to the management of reinsurer relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Provide operational support and reporting for reinsurance relationships.

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Exhibit 10.3

**Exhibit A-12 Management Services**

Services related to general management including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Consultative and advisory services to the Company's senior executive officers and staff with respect to conduct of the Company's business operations and the execution of directives and resolutions of the Company's Board of Directors pertaining to business operations and functions, including provision of personnel to serve as officers and directors of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Consultation and participation in the Company's strategic planning process; the development of business goals, objectives and policies; the development of operational, administrative and quality programs; preparation of financial and other reports; and the coordination of such processes, goals, objectives, policies and programs with those of the holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Advice and assistance with respect to maintenance of the Company's capital and surplus, the development and implementation of financing strategies and plans and the production of financial reports and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Representation of the Company's interests at government affairs and industry meetings; shareholder and investment analyst meetings; participation in the deliberation and affairs of trade associations and promotion of the Company's products, relationships and financial performance results with the public and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Consultative, advisory and administrative services to the Company's senior executive officers and staff in respect to development, implementation and administration of human resource programs and policies, the delivery of communications and information to employees regarding enterprise plans, objectives and results; and the maintenance of employee relations, morale and developmental opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Direction and performance of internal audits and arrangement for independent evaluation of business processes and internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Consultation, development and support of programs designed to enhance operational excellence and drive process improvements, including program management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Provide advice and support for internal and external communications.

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Exhibit 10.3

**Exhibit A-13**

**Printing, Record, File, Mail and Supply Services**

Services related to printing, records, files, mail, electronic delivery and supplies including, but not limited to:

Printing, record, file, mail and supply services including, maintaining policy or other customer files, prospectus and other regulatory documents, and marketing material; document control; production and distribution of standard forms, stationary, business cards and other material; arrangement of warehouse storage space; supply fulfillment; mail processing, delivery and shipping; participation in purchasing agreements; retrieval and production of documents for regulatory examinations and litigation; and development and administration of record retention programs.

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Exhibit 10.3

**Exhibit A-14**

**Financial Management Services for Retail and Other Customer Products**

Services related to accounting and finance for retail life and annuity products and other customer products, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Consultation, technical assistance and oversight in all matters related to financial management and analysis for all retail life and annuity products and other customer products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Coordination of product expense pricing reporting and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Maintenance of financial controls with respect to the balancing and reconciliation of Administrative systems and general ledger suspense accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Treasury operations, including but not limited to bank reconciliation and disbursement processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Accounting and reporting for general and separate account products and other customer products, including preparation of general ledgers, transaction ledgers and trial balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Management reporting services, including coordination of the annual planning process and consolidation of monthly and quarterly results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Consultation and assistance in coordinating the internal and external audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Provide support as necessary for the preparation of financial statements and reports, including monthly, quarterly and annual financial statements on both a statutory and GAAP basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Maintenance of cost accounting reports and services in support of monthly management reporting, quarterly and annual external reporting, and budgeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Provide resources and methodologies associated with internal control evaluation and awareness related to financial reporting including but not limited to Sarbanes-Oxley and the National Association of Insurance Commissioners Model Audit Rule.

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Exhibit 10.3

**Exhibit A-15**

**Pricing, Trading, Performance Reporting and Accounting Services for Variable Products**

Services related to support of day to day pricing, trading, performance reporting and accounting operations for variable products, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Pricing</u>. Collect pricing information (net asset value and ordinary income / capital gain distributions) from Investment Companies, and where applicable, calculate the variable account unit value. Provide pricing information to the applicable Voya administrative systems / business units and external business partners; pricing calculations for insurance products shall be reported as required by the prospectus for each product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Trading</u>. Collect net trade data from Voya administrative systems, consolidate to a legal entity level per investment option, and submit to Investment Companies; on a daily basis reconcile the shares/trade per Voya to Investment Company; provide to Voya Treasury wire data for the settlement of trades placed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Accounting</u>. Post to ledger the entries supporting the trades and wires processed; entries will include any applicable Variable Annuity Account contract charges; daily reconcile entries posted to ledger/market value to Variable Annuity Account liability/reserve; provide Variable Annuity Account data for the Financials and Insurance Company Schedule D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Investment Company Revenue</u>. Calculate asset based revenue/sub-accounting fees monthly and post accruals to the ledger; collect revenue from investment companies in a timely manner; reconcile amounts received to the estimated calculated, and book actual payments to ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Performance Reporting</u>. Calculate product and investment option level returns in accordance with SEC and NASD guidelines; provide returns to Voya applications, web sites, marketing, and field.

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Exhibit 10.3

**Exhibit B**

**Voya Affiliate Companies**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name | &nbsp;&nbsp;&nbsp;Domestic State | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Mailing Address |
| OneAmerica Investment Advisory Services, LLC | Indiana | One American Square Indianapolis, IN 46282 | One American Square Indianapolis, IN 46282 |
| OneAmerica Retirement Services, LLC | Indiana | One American Square Indianapolis, IN 46282 | One American Square Indianapolis, IN 46282 |
| Voya Retirement Insurance and Annuity Company | Connecticut | One Orange Way<br>Windsor, Connecticut 06095 | 5780 Powers Ferry Road, N.W. Atlanta, Georgia 30327-4390 |
| Pen-Cal Administrators, Inc. | California | One Orange Way<br>Windsor, Connecticut 06095 | 5780 Powers Ferry Road, N.W. Atlanta, Georgia 30327-4390 |
| ReliaStar Life Insurance Company | Minnesota | 20 Washington Avenue South Minneapolis, Minnesota 55401 | 5780 Powers Ferry Road, N.W. Atlanta, Georgia 30327-4390 |
| Voya Alternative Asset Management LLC | Delaware | 230 Park Avenue<br>New York, New York 10169 | 230 Park Avenue<br>New York, New York 10169 |
| Voya Financial Advisors, Inc. | Minnesota | 699 Walnut Street, Suite 1000 Des Moines, Iowa 50309 | 20 Washington Avenue<br>Minneapolis, Minnesota 55401 |
| Voya Financial Partners, LLC | Delaware | One Orange Way<br>Windsor, Connecticut 06095 | 20 Washington Avenue<br>Minneapolis, Minnesota 55401 |
| Voya Institutional Plan Services, LLC | Delaware | One Orange Way<br>Windsor, Connecticut 06095 | One Orange Way<br>Windsor, Connecticut 06095 |
| Voya Investments Distributor, LLC | Delaware | Suite 100, 7337 E. Doubletree Ranch Road<br>Scottsdale, Arizona 85258-2034 | Suite 100, 7337 E. Doubletree Ranch Road<br>Scottsdale, Arizona 85258-2034 |
| Voya Investment Management Alternative Assets LLC | Delaware | 230 Park Avenue<br>New York, New York 10169 | 230 Park Avenue<br>New York, New York 10169 |
| Voya Investment Management Co. LLC | Delaware | 230 Park Avenue<br>New York, New York 10169 | 230 Park Avenue<br>New York, New York 10169 |
| Voya Investment Management LLC | Delaware | 5780 Powers Ferry Road NW Suite 300<br>Atlanta, Georgia 30327-4349 | 5780 Powers Ferry Road NW Suite 300<br>Atlanta, Georgia 30327-4349 |
| Voya Investment Trust Co. | Connecticut | One Orange Way<br>Windsor, Connecticut 06095 | One Orange Way<br>Windsor, Connecticut 06095 |
| Voya Investments, LLC | Arizona | Suite 100, 7337 E. Doubletree Ranch Road<br>Scottsdale, Arizona 85258-2034 | Suite 100, 7337 E. Doubletree Ranch Road<br>Scottsdale, Arizona 85258-2034 |

---

------

Exhibit 10.3

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| | | | |
|:---|:---|:---|:---|
| Voya Retirement Advisors, LLC | New Jersey | One Orange Way<br>Windsor, Connecticut 06095 | One Orange Way<br>Windsor, Connecticut 06095 |
| Voya Services Company | Delaware | 5780 Powers Ferry Road NW Suite 300<br>Atlanta, Georgia 30327-4349 | 5780 Powers Ferry Road NW Suite 300<br>Atlanta, Georgia 30327-4349 |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Curtis Heaser, 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: |  | November 12, 2025 |
| By: | /s/ | Curtis Heaser |
|  |  | Curtis Heaser |
|  |  | Chief Financial Officer |
|  |  | (Duly Authorized Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Jay S. Kaduson, 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: |  | November 12, 2025 |
| By: | /s/ | Jay S. Kaduson |
|  |  | Jay S. Kaduson |
|  |  | 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 September 30, 2025 (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.

---

| | | | |
|:---|:---|:---|:---|
| November 12, 2025 | By: | /s/ | Curtis Heaser |
| (Date) |  |  | Curtis Heaser<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 September 30, 2025 (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.

---

| | | | |
|:---|:---|:---|:---|
| November 12, 2025 | By: | /s/ | Jay S. Kaduson |
| (Date) |  |  | Jay S. Kaduson<br>President |

---