# EDGAR Filing Document

**Accession Number:** 0001535929
**File Stem:** 0001535929-26-000080
**Filing Date:** 2026-5
**Character Count:** 257547
**Document Hash:** a512ded2f774c210cfde7416ad466c70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001535929-26-000080.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001535929-26-000080

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260505

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya Financial, Inc.
- **CENTRAL INDEX KEY:** 0001535929
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 521222820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35897
- **FILM NUMBER:** 26943427

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-309-8200

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING U.S., Inc.
- **DATE OF NAME CHANGE:** 20120709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING America Insurance Holdings, Inc.
- **DATE OF NAME CHANGE:** 20111130

?xml version='1.0' encoding='ASCII'? voya-20260505

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** 

May 5, 2026

**VOYA FINANCIAL, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-35897** | **No.** | **52-1222820** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | (IRS Employer Identification Number) |
| **200 Park Avenue** |  |  |  |
| **New York** |  | **10166** | **10166** |
| (Address of principal executive offices) |  | (Zip Code) | (Zip Code) |

---

Registrant's telephone number, including area code: **(212) 309-8200** 

N/A

(Former name or former address, if changed since last report)

&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $.01 Par Value | VOYA | New York Stock Exchange |
| Depositary Shares, each representing a 1/40th | VOYAPrB | New York Stock Exchange |
| interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value | VOYAPrB | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On May 5, 2026, Voya Financial, Inc. ("Voya Financial") reported its financial results for the three months ended March 31, 2026. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, May 6, 2026 at 10:00 am ET to discuss its first-quarter 2026 results. The call can be accessed via Voya Financial's investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial's Quarterly Investor Supplement for the quarter ended March 31, 2026, available on Voya Financial's investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2026 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

---

On May 5, 2026, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial's investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

**(d) Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release of Voya Financial, Inc., dated May 5, 2026](a2026q1pressrelease.htm)</u> (furnished and not filed)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Investor Supplement for the quarter ended March 31, 2026](a2026q1voyainvestorsupplem.htm)</u> (furnished and not filed)

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document)

------

<u>SIGNATURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized.

Voya Financial, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Julie Watson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Julie Watson

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Counsel and Corporate Secretary

Dated: May 5, 2026

## Exhibit 99.1

Exhibit 99.1

![newsreleaseheadera07a.jpg](newsreleaseheadera07a.jpg)

**Voya Financial announces first-quarter 2026 results**

**NEW YORK, May 5, 2026** — Voya Financial, Inc. (NYSE: VOYA) announced today its first-quarter 2026 financial results:

• First quarter 2026 net income available to common shareholders of $165 million, or $1.75 per diluted share, up 23% from the prior year.

• First quarter 2026 after-tax adjusted operating earnings<sup>1</sup> of $214 million, or $2.26 per diluted share, up 13% from the prior year.

• Delivered higher earnings and net revenue growth across all business segments.

• Generated and returned approximately $200 million of capital in the quarter through common dividends and share repurchases.

"We delivered strong results in the first quarter of 2026, including a 13% year-over-year increase in after-tax adjusted operating earnings per share, driven by higher earnings across our Retirement, Investment Management and Employee Benefits businesses," said Heather Lavallee, chief executive officer, Voya Financial. "Building on our track record in 2025, our teams executed well in the quarter, despite a challenging macro environment, reflecting the strength of our diversified and complementary businesses and our continued focus on delivering solutions that meet the evolving needs of our customers."

"Our strong cash flow generation and capital return through share repurchases and dividends, while maintaining a healthy balance sheet, demonstrate the disciplined choices we are making to execute our strategy through this environment," Lavallee added. "With a strong start to the year, we remain confident in our strategy and in our ability to deliver value for customers and shareholders."

<sup>1</sup> This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures, can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the "Non-GAAP Financial Measures" section of the company's Quarterly Investor Supplement, which is available at investors.voya.com.

------

**First-Quarter 2026 Consolidated Results**

First-Quarter 2026 net income available to common shareholders was $165 million, or $1.75 per diluted share, 23% higher compared with $139 million, or $1.42 per diluted share, in first-quarter 2025. The increase was primarily due to higher after-tax adjusted operating earnings, lower losses on businesses exited, and lower acquisition integration costs.

First-Quarter 2026 after-tax adjusted operating earnings were $214 million, or $2.26 per diluted share, 13% higher compared with $195 million, or $2.00 per diluted share, in first-quarter 2025. The increase was due to higher earnings contribution from all segments reflecting revenues generated from strong commercial success over the last year.

**Business Segment Results**

<u>Retirement</u>

Retirement First-Quarter 2026 pre-tax adjusted operating earnings were $209 million, up from $207 million in the prior year period.The increase reflects revenue growth driven by higher assets over the past twelve months, partially offset by expenses.

Net revenues for the trailing twelve months (TTM) ended Mar. 31, 2026 grew 15% compared with the prior-year period due to acquired spread and fee-based revenues from OneAmerica, positive capital markets and continued commercial momentum over time.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 39.4% and was broadly consistent with the prior-year period.

Total client assets as of Mar. 31, 2026 were $780 billion, up 12% from $694 billion as of Mar. 31, 2025.

<u>Investment Management</u>

Investment Management First-Quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $46 million, compared to $41 million in the prior-year period. The 12% increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets.

Net revenues for the TTM ended Mar. 31, 2026 grew 4.6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

Adjusted operating margin for the TTM ended Mar. 31, 2026 was 28.6% and was consistent with the prior-year period.

Investment Management generated net inflows of $65 million (excluding divested businesses) during the three months ended Mar. 31, 2026. Our overall assets under management were $353 billion as of Mar. 31, 2026 compared to $345 billion as of Mar. 31, 2025.&nbsp;&nbsp;&nbsp;&nbsp;

<u>Employee Benefits</u>

Employee Benefits First-Quarter 2026 pre-tax adjusted operating earnings were $63 million, up from $46 million in the prior-year period. The improvement was driven by higher net underwriting and increased fee-based revenue.

Net revenues for the TTM ended Mar. 31, 2026 increased 17.8% compared with the prior-year period. Higher net revenues reflect improved loss ratios primarily across Group Life and Voluntary

products as well as favorable performance in Stop Loss. Adjusted operating margin for the TTM ended Mar. 31, 2026 was 14.7% compared with 2.7% in the prior-year period.

Employee Benefits First-Quarter 2026 annualized in-force premiums and fees of $3.6 billion were relatively consistent compared with the prior-year period, as a result of prioritizing margin improvement over growth.

<u>Corporate</u>

Corporate First-Quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $61 million, compared with $62 million of losses in the prior-year period.

<u>Capital</u>

For the First-Quarter 2026, the company generated approximately $200 million of excess capital, reflecting capital generation consistent with our 90% target of after-tax adjusted operating earnings for the quarter. In the first quarter, the company returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively. In addition, the company has entered into a share repurchase agreement to repurchase $150 million of the Company's common stock during the second quarter of 2026. Remaining share repurchase authorization was $413 million, as of Mar. 31, 2026.

As of Mar. 31, 2026, the company's excess capital position was approximately $0.65 billion, higher than December 31, 2025 primarily due to capital generation in the quarter and $400 million debt issuance, partly offset by capital returned to shareholders and a deferred contingent payment to OneAmerica. On a pro forma basis, excess capital was approximately $0.25 billion, excluding the $400 million debt issuance that is expected to be used to repay maturing debt in the second quarter.

**Additional Financial Information and Earnings Call**

More detailed financial information can be found in the company's quarterly investor supplement, which is available on Voya's investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, May 6, 2026, at 10 a.m. ET, to discuss the company's First-Quarter 2026 results. The call and slide presentation can be accessed via the company's investor relations website at investors.voya.com. A replay of the call will be available on the company's investor relations website, investors.voya.com, starting at approximately 1 p.m. ET on May 6, 2026.

**Media Contact:**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Contact:**

Donna Sullivan &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mei Ni Chu

<u>Donna.Sullivan@voya.com</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>IR@voya.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**About Voya Financial**

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya's services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.

------

<u>Use of Non-GAAP Financial Measures</u>

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment's Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment gains (losses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) related to businesses exited or to be exited through reinsurance or divestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) attributable to noncontrolling interests to which we are not economically entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other adjustments may include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Income (loss) related to early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Impairment of goodwill and intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

<u>Sources of Earnings</u>

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment spread and other investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-based margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net underwriting gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premium taxes, fees and assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DAC/VOBA and other intangibles amortization.

<u>Net Revenue and Adjusted Operating Margin</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating margin is defined as Adjusted operating earnings before income taxes divided by net revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by "Interest credited and other benefits to contract owners / policyholders". This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders ("loss ratio").

<u>Forward-Looking and Other Cautionary Statements</u>

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market and geopolitical risks (including war and terrorism), including general economic conditions, impacts of a U.S. government shutdown, interest rates, inflation, tariffs imposed or proposed by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, adapt to disruptive technology or innovations, 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 Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") – Trends and Uncertainties" in our Annual Report on Form 10-K for the year ended Dec. 31, 2025 as filed with the SEC on February 20, 2026, and in our Quarterly Report on Form 10-Q for the three months ended Mar. 31, 2026, to be filed with the SEC on or before May 11, 2026.

VOYA-IR VOYA-CF

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| | **Three Months Ended** | **Three Months Ended** |
| (in millions USD, except per share) | **3/31/2026** | **3/31/2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $569 | $560 |
| &nbsp;&nbsp;&nbsp;Fee income | 604 | 570 |
| &nbsp;&nbsp;&nbsp;Premiums | 744 | 737 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (45) | (34) |
| &nbsp;&nbsp;&nbsp;Other revenues | 109 | 104 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | 50 | 32 |
| **Total revenues** | **2031** | **1969** |
| **Benefits and expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (819) | (835) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (848) | (824) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (65) | (62) |
| &nbsp;&nbsp;&nbsp;Interest expense | (29) | (32) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (40) | (43) |
| **Total benefits and expenses** | **(1801)** | **(1796)** |
| **Income (loss) before income taxes** | **230** | **173** |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 35 | 22 |
| **Net income (loss)** | **195** | **151** |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 13 | (5) |
| **Net income (loss) available to Voya Financial, Inc.** | **182** | **156** |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 17 | 17 |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | $**165** | $**139** |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;**Basic** | $**1.78** | $**1.45** |
| &nbsp;&nbsp;&nbsp;**Diluted** | $**1.75** | $**1.42** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| (in millions USD, except per share) | **3/31/2026** | **3/31/2026** | **3/31/2025** | **3/31/2025** |
|  | After-tax <sup>(1)</sup> | Per share | After-tax <sup>(1)</sup> | Per share |
| **Net Income (loss) available to Voya Financial, Inc.'s common shareholders** | $**165** | $**1.75** | $**139** | $**1.42** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (30) | (0.31) | (1) | (0.02) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (21) | (0.22) | (31) | (0.32) |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | 2 | 0.02 | (24) | (0.24) |
| **Adjusted operating earnings** | $**214** | $**2.26** | $**195** | $**2.00** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.

<sup>(2)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Mar 31, 2026, also includes a $15 million, after-tax, gain on the sale of an office building. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs.

------

---

| | | |
|:---|:---|:---|
| **Adjusted Operating Earnings** | **Adjusted Operating Earnings** | **Adjusted Operating Earnings** |
| | **Three Months Ended** | **Three Months Ended** |
| (in millions USD, except per share) | **3/31/2026** | **3/31/2025** |
| **Adjusted operating earnings** |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $209 | $207 |
| &nbsp;&nbsp;&nbsp;Investment Management | 46 | 41 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 63 | 46 |
| &nbsp;&nbsp;&nbsp;Corporate | (61) | (62) |
| **Adjusted operating earnings before income taxes** | **257** | **232** |
| &nbsp;&nbsp;Less: Income taxes <sup>(1)</sup> | 43 | 37 |
| **Adjusted operating earnings after income taxes** | $**214** | $**195** |
| **Adjusted operating earnings per share** | **2.26** | **2.00** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.

---

| | | |
|:---|:---|:---|
| **Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin** | **Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin** | **Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **3/31/2025** |
| **Net revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $2436 | $2119 |
| &nbsp;&nbsp;&nbsp;Investment Management | 1037 | 991 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 1145 | 972 |
| **Total net revenue** | $**4618** | $**4082** |
| **Adjusted operating earnings** |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $960 | $842 |
| &nbsp;&nbsp;&nbsp;Investment Management including noncontrolling interest | 296 | 278 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 169 | 27 |
| **Adjusted operating earnings, excluding Corporate** | $**1425** | $**1147** |
| **Adjusted operating margin** |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 39.4% | 39.7% |
| &nbsp;&nbsp;&nbsp;Investment Management | 28.6% | 28.1% |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 14.7% | 2.7% |
| **Adjusted operating margin, excluding Corporate** | **30.9%** | **28.1%** |

---

Note: Totals may not sum due to rounding.

## Exhibit 99.2

 Exhibit 99.2

![voyrfinrgbgrdpos1567a07a.jpg](voyrfinrgbgrdpos1567a07a.jpg)

**Quarterly Investor Supplement**

March 31, 2026

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

---

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

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**Table of Contents** 

---

| | | | |
|:---|:---|:---|:---|
| | Page | | Page |
| **Consolidated** |  | **Administrative Expenses and Adjusted Operating Return on Capital** |  |
| &nbsp;&nbsp;&nbsp;Explanatory Note on Non-GAAP Financial Information | 3 - 5 | &nbsp;&nbsp;&nbsp;Administrative Expenses | [30](#iebac34be2c9544c882643e3143c3a6a0_88) |
| &nbsp;&nbsp;&nbsp;Key Metrics | [6](#iebac34be2c9544c882643e3143c3a6a0_13) | &nbsp;&nbsp;&nbsp;Adjusted Operating Return on Allocated Capital | [31](#iebac34be2c9544c882643e3143c3a6a0_91) |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Operations | [7](#iebac34be2c9544c882643e3143c3a6a0_16) | **Investment Information** |  |
| &nbsp;&nbsp;&nbsp;Consolidated Adjusted Operating Earnings Before Income Taxes | [8](#iebac34be2c9544c882643e3143c3a6a0_19) | &nbsp;&nbsp;&nbsp;Portfolio Results GAAP Book Value, Gross Investment Income, and |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings Before Income Taxes by Segment (QTD) | [9](#iebac34be2c9544c882643e3143c3a6a0_22) | &nbsp;&nbsp;&nbsp;Earned Rate by Asset Class | [33](#iebac34be2c9544c882643e3143c3a6a0_97) |
| &nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [10](#iebac34be2c9544c882643e3143c3a6a0_28) | &nbsp;&nbsp;&nbsp;Portfolio Results Statutory Carrying Values by Asset Class and NAIC |  |
| &nbsp;&nbsp;&nbsp;DAC/VOBA Segment Trends | [11](#iebac34be2c9544c882643e3143c3a6a0_31) | &nbsp;&nbsp;&nbsp;&nbsp;Ratings | [34](#iebac34be2c9544c882643e3143c3a6a0_100) |
| &nbsp;&nbsp;&nbsp;Consolidated Capital Structure | [12](#iebac34be2c9544c882643e3143c3a6a0_34) | &nbsp;&nbsp;&nbsp;Alternative Investment Income | [35](#iebac34be2c9544c882643e3143c3a6a0_103) |
| &nbsp;&nbsp;&nbsp;Consolidated Assets Under Management, Assets Under Administration |  | **Reconciliations** |  |
| &nbsp;&nbsp;&nbsp; and Advisement | [13](#iebac34be2c9544c882643e3143c3a6a0_37) | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings Before Income Taxes and |  |
| **Retirement** |  | &nbsp;&nbsp;&nbsp;Earnings Per Common Share (Diluted) (QTD) | [37](#iebac34be2c9544c882643e3143c3a6a0_112) |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Revenues and Adjusted Operating |  |
| &nbsp;&nbsp;&nbsp; and Key Metrics | [15](#iebac34be2c9544c882643e3143c3a6a0_43) | &nbsp;&nbsp;&nbsp;&nbsp;Benefits and Expenses | [38](#iebac34be2c9544c882643e3143c3a6a0_121) |
| &nbsp;&nbsp;&nbsp;Client Assets Rollforward by Product Group | 16 - 17 | &nbsp;&nbsp;&nbsp;Reconciliation of Net Revenues | [39](#iebac34be2c9544c882643e3143c3a6a0_124) |
| **Investment Management** |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Return on Common Equity |  |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes | [19](#iebac34be2c9544c882643e3143c3a6a0_52) | &nbsp;&nbsp;&nbsp;&nbsp;Excluding AOCI and NOL DTA | [40](#iebac34be2c9544c882643e3143c3a6a0_133) |
| &nbsp;&nbsp;&nbsp;Analysis of AUM and AUA | [20](#iebac34be2c9544c882643e3143c3a6a0_55) | &nbsp;&nbsp;&nbsp;Reconciliation of Book Value Per Common Share, Excluding AOCI and |  |
| &nbsp;&nbsp;&nbsp;Account Value Rollforward by Source | [21](#iebac34be2c9544c882643e3143c3a6a0_58) | &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | [41](#iebac34be2c9544c882643e3143c3a6a0_136) |
| &nbsp;&nbsp;&nbsp;Account Value by Asset Type | [22](#iebac34be2c9544c882643e3143c3a6a0_61) | **Appendix** |  |
| **Employee Benefits** |  | &nbsp;&nbsp;&nbsp;Quarterly Loss Ratio Development for Group Stop Loss Details | [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes | [24](#iebac34be2c9544c882643e3143c3a6a0_67) |  |  |
| &nbsp;&nbsp;&nbsp;Quarterly Loss Ratio Development for Group Stop Loss | [25](#iebac34be2c9544c882643e3143c3a6a0_70) |  |  |
| &nbsp;&nbsp;&nbsp;Key Metrics | [26](#iebac34be2c9544c882643e3143c3a6a0_73) |  |  |
| **Corporate** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings Before Income Taxes | [28](#iebac34be2c9544c882643e3143c3a6a0_79) |  |  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page [3](#iebac34be2c9544c882643e3143c3a6a0_7) of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Explanatory Note on Non-GAAP Financial Information**

**Adjusted Operating Earnings Before Income Taxes**

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment's Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

▪ Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

• Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;

• Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as the results attributable to the redeemable noncontrolling interest (referred to as the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

• Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

• Other adjustments may include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) related to early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;• Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.

**Adjusted Operating Revenues**

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

• Net investment gains (losses);

• Revenues related to businesses exited or to be exited through reinsurance or divestment;

• Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

• Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments' operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 4 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Explanatory Note on Non-GAAP Financial Information**

**Adjusted Operating Benefits and Expenses**

Adjusted operating benefits and expenses is a measure of our segment operating benefits and expenses and a non-GAAP financial measure. Each segment's Adjusted operating benefits and expenses are calculated by adjusting Total benefits and expenses for the following items:

• Changes in market risk benefits;

• Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment;

• Expenses attributable to noncontrolling interests;

• Dividend payments made to preferred shareholders are included in adjusted operating benefits and expenses to reflect expenses related to our common shareholders;

• Other adjustments include:

&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) related to early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;• Impairment of goodwill and intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments;

&nbsp;&nbsp;&nbsp;&nbsp;• Commissions paid to our broker-dealers for sales of non-proprietary products, other items where the income is passed on to third parties, which are reflected in adjusted operating revenue with the fee income related to those products and the elimination of intercompany investment expenses included in Adjusted operating benefits and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

The most directly comparable U.S. GAAP measure to Adjusted operating benefits and expenses is Total benefits and expenses. For a reconciliation of Adjusted operating benefits and expenses to Total benefits and expenses, refer to the "Reconciliations" section of this document.

**Sources of Earnings**

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

• Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

• Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

• Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

• Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.

• Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.

• Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

• DAC/VOBA and other intangibles amortization.

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 5 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Explanatory Note on Non-GAAP Financial Information**

**Adjusted Operating Return on Common Equity excluding AOCI**

• We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.

• The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.

• Adjusted operating return on common equity is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.

• We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.

• Please see the "Reconciliations" section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.

**Net Revenue and Adjusted Operating Margin**

• &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

• &nbsp;&nbsp;&nbsp;&nbsp;Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the "Reconciliations" section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

• The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by "Interest credited and other benefits to contract owners / policyholders". This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders ("loss ratio").

• We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

**Other Information**&nbsp;&nbsp;&nbsp;&nbsp;

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 6 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

 **Key Metrics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD, unless otherwise indicated) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | 165 | 136 | 176 | 162 | 139 | 165 | 139 |
| &nbsp;&nbsp;&nbsp;Per common share (basic) | 1.78 | 1.43 | 1.82 | 1.69 | 1.45 | 1.78 | 1.45 |
| &nbsp;&nbsp;&nbsp;Per common share (diluted) | 1.75 | 1.41 | 1.80 | 1.66 | 1.42 | 1.75 | 1.42 |
| **Adjusted operating earnings:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before income taxes | 257 | 226 | 290 | 289 | 232 | 257 | 232 |
| &nbsp;&nbsp;&nbsp;After income taxes | 214 | 188 | 239 | 240 | 195 | 214 | 195 |
| &nbsp;&nbsp;&nbsp;Effective tax rate | 16.9% | 17.1% | 17.8% | 16.9% | 15.9% | 16.9% | 15.9% |
| &nbsp;&nbsp;&nbsp;Per common share (diluted) | 2.26 | 1.94 | 2.45 | 2.46 | 2.00 | 2.26 | 2.00 |
| **Return on Equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TTM Return on Voya Financial, Inc's Equity | 13.4% | 13.3% | 12.8% | 11.3% | 12.5% | 13.4% | 12.5% |
| &nbsp;&nbsp;TTM Adjusted operating return on common equity excluding AOCI <sup>(1)</sup> | 14.5% | 14.3% | 13.6% | 12.8% | 12.6% | 14.5% | 12.6% |
| &nbsp;&nbsp;TTM Adjusted operating return on common equity excluding AOCI and NOL DTA <sup>(1)</sup> | 18.7% | 18.6% | 17.9% | 17.0% | 16.7% | 18.7% | 16.7% |
| **Shareholder's equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Shareholders' Equity | 4658 | 4953 | 4957 | 4629 | 4383 | 4658 | 4383 |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI | 6107 | 6129 | 6123 | 6084 | 5952 | 6107 | 5952 |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA | 4797 | 4800 | 4751 | 4654 | 4486 | 4797 | 4486 |
| &nbsp;&nbsp;&nbsp;Book value per common share (including AOCI) | 43.79 | 46.28 | 45.55 | 41.71 | 39.20 | 43.79 | 39.20 |
| &nbsp;&nbsp;Book value per common share (excluding AOCI) <sup>(2)</sup> | 66.09 | 65.34 | 64.18 | 63.18 | 61.87 | 66.09 | 61.87 |
| **Leverage Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt-to-Capital | 34.9% | 29.8% | 29.8% | 31.2% | 32.4% | 34.9% | 32.4% |
| &nbsp;&nbsp;Financial Leverage - excluding AOCI <sup>(2)(3)</sup> | 29.7% | 27.0% | 26.7% | 27.4% | 27.5% | 29.7% | 27.5% |
| **Shares:** |  |  |  |  |  |  |  |
| Weighted-average common shares outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 93 | 95 | 96 | 96 | 96 | 93 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effects <sup>(4)</sup> | 1 | 2 | 2 | 1 | 2 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Diluted | 95 | 97 | 97 | 98 | 98 | 95 | 98 |
| Ending shares outstanding | 92 | 94 | 95 | 96 | 96 | 92 | 96 |
| **Returned to Common Shareholders:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares, excluding commissions | 150 | 120 | 80 |  |  | 150 |  |
| &nbsp;&nbsp;&nbsp;Dividends to common shareholders | 44 | 44 | 43 | 44 | 43 | 44 | 43 |
| **Total cash returned to common shareholders** | 194 | 164 | 123 | 44 | 43 | 194 | 43 |
| <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. |
| <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document.  |
| <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(3)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. |
| <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(4)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 7 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Consolidated Statements of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 569 | 591 | 583 | 584 | 560 | 569 | 560 |
| &nbsp;&nbsp;&nbsp;Fee income | 604 | 633 | 616 | 577 | 570 | 604 | 570 |
| &nbsp;&nbsp;&nbsp;Premiums | 744 | 738 | 719 | 718 | 737 | 744 | 737 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (45) | (34) | (21) | (41) | (34) | (45) | (34) |
| &nbsp;&nbsp;&nbsp;Other revenues | 109 | 136 | 100 | 100 | 104 | 109 | 104 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | 50 | 47 | 131 | 43 | 32 | 50 | 32 |
| **Total revenues** | **2031** | **2111** | **2128** | **1981** | **1969** | **2031** | **1969** |
| **Benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (819) | (875) | (850) | (801) | (835) | (819) | (835) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (848) | (937) | (829) | (857) | (824) | (848) | (824) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (65) | (64) | (65) | (58) | (62) | (65) | (62) |
| &nbsp;&nbsp;&nbsp;Interest expense | (29) | (28) | (29) | (28) | (32) | (29) | (32) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (40) | (38) | (48) | (49) | (43) | (40) | (43) |
| **Total benefits and expenses** | **(1801)** | **(1942)** | **(1821)** | **(1793)** | **(1796)** | **(1801)** | **(1796)** |
| **Income (loss) before income taxes** | **230** | **169** | **307** | **188** | **173** | **230** | **173** |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 35 | 20 | 35 | 27 | 22 | 35 | 22 |
| **Net income (loss)** | **195** | **149** | **272** | **161** | **151** | **195** | **151** |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 13 | 9 | 80 | (5) | (5) | 13 | (5) |
| **Net income (loss) available to Voya Financial, Inc.** | **182** | **140** | **192** | **166** | **156** | **182** | **156** |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 17 | 4 | 16 | 4 | 17 | 17 | 17 |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | **165** | **136** | **176** | **162** | **139** | **165** | **139** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 8 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Consolidated Adjusted Operating Earnings Before Income Taxes** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Consolidated Adjusted Operating Earnings Before Income Taxes** |  |  |  |  |  |  |  |
| **Adjusted operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 511 | 537 | 542 | 534 | 506 | 511 | 506 |
| &nbsp;&nbsp;&nbsp;Fee income | 605 | 636 | 617 | 577 | 572 | 605 | 572 |
| &nbsp;&nbsp;&nbsp;Premiums | 740 | 729 | 716 | 720 | 734 | 740 | 734 |
| &nbsp;&nbsp;&nbsp;Other revenue | 76 | 105 | 68 | 69 | 75 | 76 | 75 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1932** | **2006** | **1942** | **1900** | **1888** | **1932** | **1888** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (764) | (838) | (781) | (761) | (782) | (764) | (782) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (811) | (852) | (768) | (770) | (779) | (811) | (779) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (42) | (40) | (40) | (34) | (37) | (42) | (37) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> | (48) | (34) | (47) | (32) | (47) | (48) | (47) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(1665)** | **(1763)** | **(1635)** | **(1598)** | **(1645)** | **(1665)** | **(1645)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **267** | **244** | **307** | **302** | **243** | **267** | **243** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(3)</sup> | 11 | 17 | 17 | 13 | 11 | 11 | 11 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **257** | **226** | **290** | **289** | **232** | **257** | **232** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment** | | | | | | | |
| **Adjusted operating revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Retirement | 821 | 866 | 853 | 824 | 798 | 821 | 798 |
| &nbsp;&nbsp;&nbsp;Investment Management | 251 | 290 | 257 | 239 | 243 | 251 | 243 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 855 | 845 | 829 | 832 | 841 | 855 | 841 |
| &nbsp;&nbsp;&nbsp;Corporate | 5 | 6 | 3 | 5 | 6 | 5 | 6 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1932** | **2006** | **1942** | **1900** | **1888** | **1932** | **1888** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 209 | 255 | 261 | 235 | 207 | 209 | 207 |
| &nbsp;&nbsp;&nbsp;Investment Management | 46 | 72 | 62 | 51 | 41 | 46 | 41 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 63 | (10) | 47 | 69 | 46 | 63 | 46 |
| &nbsp;&nbsp;&nbsp;Corporate | (61) | (90) | (80) | (67) | (62) | (61) | (62) |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **257** | **226** | **290** | **289** | **232** | **257** | **232** |
| <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. |
| <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. |
| <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 9 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Adjusted Operating Earnings Before Income Taxes by Segment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| (in millions USD) | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 456 | 7 | 42 | 5 | 511 |
| &nbsp;&nbsp;&nbsp;Fee income | 341 | 243 | 21 |  | 605 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 739 |  | 740 |
| &nbsp;&nbsp;&nbsp;Other revenue | 24 | 1 | 52 |  | 76 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **821** | **251** | **855** | **5** | **1932** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (226) |  | (538) |  | (764) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (359) | (192) | (239) | (21) | (811) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (27) |  | (14) |  | (42) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (48) | (48) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(612)** | **(192)** | **(792)** | **(69)** | **(1665)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **209** | **59** | **63** | **(63)** | **267** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(3)</sup> |  | 13 |  | (2) | 11 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **209** | **46** | **63** | **(61)** | **257** |
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 458 | 6 | 36 | 6 | 506 |
| &nbsp;&nbsp;&nbsp;Fee income | 318 | 236 | 18 |  | 572 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 734 |  | 734 |
| &nbsp;&nbsp;&nbsp;Other revenue | 22 | 1 | 53 |  | 75 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **798** | **243** | **841** | **6** | **1888** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (231) |  | (551) |  | (782) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (333) | (190) | (234) | (22) | (779) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (27) |  | (9) |  | (37) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (47) | (47) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(591)** | **(190)** | **(795)** | **(69)** | **(1645)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **207** | **53** | **46** | **(63)** | **243** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(3)</sup> |  | 12 |  | (1) | 11 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **207** | **41** | **46** | **(62)** | **232** |
| <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. | <sup>(1)</sup> This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the "Explanatory Note on Non-GAAP Financial Information" beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the "Reconciliations" section beginning on page [36](#iebac34be2c9544c882643e3143c3a6a0_109) of this document. |
| <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. |
| <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 10 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Consolidated Balance Sheets**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 38124 | 38571 | 38199 | 37579 | 37703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 969 | 1228 | 1157 | 1179 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held in separate accounts | 108467 | 113007 | 111950 | 107278 | 98948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium receivable and reinsurance recoverable, net | 10609 | 10713 | 10835 | 10965 | 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term investments under securities loan agreement and accrued investment income | 1430 | 1398 | 1437 | 1418 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs, Value of business acquired | 2364 | 2401 | 2435 | 2472 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1911 | 1871 | 1872 | 1979 | 2032 |
| &nbsp;&nbsp;&nbsp;Other assets <sup>(1)</sup> | 4789 | 4845 | 4903 | 4926 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets related to consolidated investment entities | 4770 | 4825 | 4660 | 4640 | 4357 |
| **Total Assets** | **173433** | **178859** | **177448** | **172436** | **163950** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | 49028 | 49356 | 49337 | 49665 | 49763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to separate accounts | 108467 | 113007 | 111950 | 107278 | 98948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables under securities loan agreements, including collateral held | 1218 | 1273 | 1375 | 1128 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 587 | 586 | 586 | 447 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 1913 | 1518 | 1518 | 1657 | 2103 |
| &nbsp;&nbsp;&nbsp;Other liabilities <sup>(2)</sup> | 2907 | 3492 | 3192 | 3155 | 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to consolidated investment entities | 2607 | 2588 | 2407 | 2553 | 2240 |
| **Total Liabilities** | **166727** | **171820** | **170365** | **165883** | **157589** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 226 | 222 | 221 | 215 | 214 |
| **Shareholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (1188) | (1010) | (883) | (796) | (788) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6395 | 6358 | 6316 | 6321 | 6299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | 1511 | 1392 | 1301 | 1170 | 1052 |
| **Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI** | **6719** | **6741** | **6735** | **6696** | **6564** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (2061) | (1788) | (1778) | (2067) | (2181) |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4658** | **4953** | **4957** | **4629** | **4383** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1822 | 1864 | 1905 | 1709 | 1764 |
| **Total Shareholders' Equity** | **6480** | **6817** | **6862** | **6338** | **6147** |
| **Total Liabilities, Mezzanine Equity and Shareholders' Equity** | **173433** | **178859** | **177448** | **172436** | **163950** |
| <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. |
| <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 11 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**DAC/VOBA Segment Trends**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Retirement** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 1387 | 1398 | 1410 | 1422 | 1044 | 1387 | 1044 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> |  |  |  |  | 390 |  | 390 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 17 | 17 | 16 | 15 | 15 | 17 | 15 |
| &nbsp;&nbsp;&nbsp;Amortization | (27) | (28) | (28) | (27) | (27) | (27) | (27) |
| **Balance as of End-of-Period** | **1376** | **1387** | **1398** | **1410** | **1422** | **1376** | **1422** |
| &nbsp;&nbsp;&nbsp;Deferred Sales Inducements as of End-of-Period | 21 | 21 | 22 | 22 | 22 | 21 | 22 |
| **Employee Benefits** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 240 | 241 | 241 | 237 | 234 | 240 | 234 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 10 | 12 | 11 | 11 | 13 | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Amortization | (14) | (12) | (12) | (7) | (9) | (14) | (9) |
| **Balance as of End-of-Period** | **236** | **240** | **241** | **241** | **237** | **236** | **237** |
| **Total** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 1627 | 1638 | 1651 | 1659 | 1278 | 1627 | 1278 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> |  |  |  |  | 390 |  | 390 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 27 | 29 | 27 | 26 | 28 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;Amortization | (42) | (40) | (40) | (34) | (37) | (42) | (37) |
| **Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment** | **1613** | **1627** | **1638** | **1651** | **1659** | **1613** | **1659** |
| Balance as of End-of-Period, businesses exited through reinsurance or divestment <sup>(2)</sup> | 751 | 774 | 797 | 821 | 846 | 751 | 846 |
| **Balance as of End-of-Period, including businesses exited through reinsurance or divestment** | **2364** | **2401** | **2435** | **2472** | **2505** | **2364** | **2505** |
| <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. |
| <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 12 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Consolidated Capital Structure**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** |
| **Financial Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior bonds | 2150 | 1754 | 1754 | 1753 | 1753 |
| &nbsp;&nbsp;&nbsp;Subordinated bonds | 349 | 349 | 349 | 349 | 349 |
| &nbsp;&nbsp;&nbsp;Other debt | 1 | 1 | 1 | 2 | 2 |
| **Total Financial Debt** | **2500** | **2104** | **2104** | **2104** | **2104** |
| &nbsp;&nbsp;Other financial obligations <sup>(1)</sup> | 334 | 329 | 289 | 305 | 298 |
| **Total Financial Obligations** | **2834** | **2433** | **2393** | **2409** | **2402** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 226 | 222 | 221 | 215 | 214 |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;Preferred equity <sup>(2)</sup> | 612 | 612 | 612 | 612 | 612 |
| &nbsp;&nbsp;&nbsp;Common equity (Excluding AOCI) | 6107 | 6129 | 6123 | 6084 | 5952 |
| **Total Equity (Excluding AOCI)**  | **6719** | **6741** | **6735** | **6696** | **6564** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI) | (2061) | (1788) | (1778) | (2067) | (2181) |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4658** | **4953** | **4957** | **4629** | **4383** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1822 | 1864 | 1905 | 1709 | 1764 |
| **Total Shareholders' Equity** | **6480** | **6817** | **6862** | **6338** | **6147** |
| **Capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capitalization** <sup>(3)</sup> | **7158** | **7057** | **7061** | **6733** | **6487** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Capitalization excluding AOCI** <sup>(4)</sup> | **11601** | **11260** | **11254** | **11029** | **10944** |
| **Leverage Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt-to-Capital** <sup>(5)</sup> | **34.9%** | **29.8%** | **29.8%** | **31.2%** | **32.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Leverage excluding AOCI** <sup>(6)(7)</sup> | **29.7%** | **27.0%** | **26.7%** | **27.4%** | **27.5%** |
| <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. |
| <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. |
| <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. |
| <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* |
| <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. |
| <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [41](#iebac34be2c9544c882643e3143c3a6a0_136) of this document. |
| <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. | <sup>(7)</sup> Financial leverage excluding AOCI of 29.7% reflects the $400 million of debt issued in first quarter of 2026 in anticipation of the $447 million 3.65% Senior Notes maturing on June 15, 2026. Proforma Financial Leverage excluding AOCI is 27.2% excluding the $400 million debt issuance. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 13 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Consolidated Assets Under Management, Assets Under Administration and Advisement**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | | | | | | |
| (in millions USD) | **General Account** | **Separate Account** | **Institutional/Mutual Funds** | **Total AUM - Assets Under Management** | **AUA - Assets Under Administration & Advisement** <sup>(2)</sup> | **Total AUM and AUA** |
| &nbsp;&nbsp;Retirement <sup>(1)</sup> | 32492 | 104059 | 160235 | 296786 | 482915 | 779701 |
| &nbsp;&nbsp;&nbsp;Investment Management | 36899 | 33655 | 282877 | 353431 | 58989 | 412420 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 1737 | 18 |  | 1755 |  | 1755 |
| &nbsp;&nbsp;Eliminations/Other <sup>(3)</sup> | (34229) | (29265) | (13192) | (76686) | (40157) | (116843) |
| **Total AUM and AUA** | **36899** | **108467** | **429920** | **575286** | **501747** | **1077033** |
| <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. |
| <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  |
| <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management segment and also reported in their AUM and AUA.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Retirement</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 15 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 416 | 426 | 429 | 431 | 425 | 1702 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | (20) | (20) | (19) | (20) | (19) | (80) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credited interest | (222) | (229) | (231) | (229) | (228) | (911) | (858) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Margin | 174 | 177 | 179 | 182 | 178 | 711 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investment income <sup>(1)</sup> | 29 | 47 | 42 | 42 | 22 | 160 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment income <sup>(2)</sup> | 28 | 23 | 27 | 26 | 28 | 105 | 116 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 231 | 247 | 248 | 250 | 228 | 976 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee-based revenue <sup>(3)</sup> | 216 | 236 | 225 | 201 | 204 | 878 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping and other fee-based revenue | 142 | 143 | 140 | 133 | 128 | 558 | 488 |
| &nbsp;&nbsp;&nbsp;Total Fee-based margin | 358 | 379 | 365 | 334 | 332 | 1436 | 1215 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 6 | 5 | 5 | 8 | 7 | 24 | 21 |
| **Net revenue** <sup>(4)</sup> | **595** | **631** | **618** | **592** | **567** | **2436** | **2119** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (286) | (271) | (254) | (259) | (261) | (1070) | (923) |
| &nbsp;&nbsp;&nbsp;Net commissions | (73) | (77) | (74) | (71) | (71) | (295) | (264) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization | (28) | (28) | (28) | (28) | (28) | (112) | (90) |
| **Adjusted operating earnings before income taxes** | **209** | **255** | **261** | **235** | **207** | **960** | **842** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 39.4% | 39.8% | 39.8% | 39.3% | 39.7% |  |  |
| **Full Service Revenue** <sup>(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Investment spread and other investment income | 219 | 238 | 236 | 235 | 212 | 928 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee-based revenue | 216 | 236 | 225 | 201 | 204 | 878 | 727 |
| **Total Full Service Revenue** | **435** | **474** | **461** | **437** | **416** | **1807** | **1546** |
| **Client Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fee-based | 685029 | 701089 | 689147 | 662433 | 601790 | 685029 | 601790 |
| &nbsp;&nbsp;Spread-based <sup>(6)</sup> | 32492 | 32684 | 32994 | 33220 | 33306 | 32492 | 33306 |
| &nbsp;&nbsp;&nbsp;Investment-only Stable Value | 36673 | 36659 | 36245 | 36678 | 36157 | 36673 | 36157 |
| &nbsp;&nbsp;Wealth Management <sup>(7)</sup> | 30261 | 30852 | 30363 | 28899 | 26946 | 30261 | 26946 |
| &nbsp;&nbsp;Eliminations <sup>(8)</sup> | (4755) | (4776) | (3930) | (3986) | (4018) | (4755) | (4018) |
| **Total Client Assets** | **779701** | **796508** | **784821** | **757244** | **694180** | **779701** | **694180** |
| <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income. |
| <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  | <sup>(2)</sup> Includes investment income on assets backing surplus, excluding Alternative investment income, investment income on cash balances, and income from policy loans.  |
| <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. | <sup>(3)</sup> The fourth quarter of 2025 includes approximately $11 million of revenue true-up not expected to recur in first quarter of 2026. |
| <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(4)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  |  |  |
| <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(5)</sup> Excludes Net underwriting gain (loss) and other revenue. |
| <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(6)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. |
| <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(7)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisor ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  |
| <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(8)</sup> Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 16 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Retirement Client Assets Rollforward by Product Group**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Full Service - Client Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based | 240088 | 248617 | 248945 | 237544 | 218347 | 240088 | 218347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread-based | 32218 | 32405 | 32709 | 32933 | 33010 | 32218 | 33010 |
| **Client Assets, end of period - Full Service Total** | **272305** | **281022** | **281654** | **270477** | **251357** | **272305** | **251357** |
| **Full Service - Total** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 281022 | 281654 | 270477 | 251357 | 208448 | 251357 | 196607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 2354 | 2460 | 1910 | 2174 | 2413 | 8898 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 6005 | 5008 | 5272 | 5396 | 6063 | 21681 | 17924 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 8359 | 7468 | 7182 | 7571 | 8475 | 30580 | 27311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (12623) | (11679) | (10104) | (8692) | (9304) | (43098) | (29412) |
| &nbsp;&nbsp;&nbsp;Net Flows | (4264) | (4211) | (2922) | (1121) | (828) | (12518) | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (4453) | 3579 | 14099 | 20241 | (3809) | 33466 | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  |  |  |  | 47547 |  | 47547 |
| **Client Assets, end of period - Full Service Total** | **272305** | **281022** | **281654** | **270477** | **251357** | **272305** | **251357** |
| **Recordkeeping** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 446988 | 434835 | 419669 | 378366 | 340254 | 378366 | 315134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 1806 | 8044 | 4272 | 15107 | 34611 | 29229 | 47429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 9072 | 6784 | 6567 | 7291 | 8380 | 29714 | 25800 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 10878 | 14828 | 10839 | 22399 | 42991 | 58944 | 73228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (15811) | (12379) | (18949) | (9667) | (12759) | (56806) | (39485) |
| &nbsp;&nbsp;&nbsp;Net Flows | (4933) | 2449 | (8110) | 12732 | 30232 | 2138 | 33744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (2567) | 9704 | 23276 | 28570 | (5200) | 58983 | 16408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  |  |  |  | 13080 |  | 13080 |
| **Client Assets, end of period - Recordkeeping** | **439488** | **446988** | **434835** | **419669** | **378366** | **439488** | **378366** |
| **Total Defined Contribution** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 728011 | 716489 | 690146 | 629723 | 548702 | 629723 | 511741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 4160 | 10503 | 6182 | 17282 | 37024 | 38127 | 56819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 15077 | 11793 | 11839 | 12688 | 14443 | 51397 | 43722 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 19237 | 22296 | 18021 | 29970 | 51467 | 89524 | 100541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (28434) | (24058) | (29053) | (18358) | (22063) | (99903) | (68898) |
| &nbsp;&nbsp;&nbsp;Net Flows | (9197) | (1762) | (11032) | 11611 | 29404 | (10380) | 31644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (7021) | 13284 | 37375 | 48811 | (9009) | 92449 | 25712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  |  |  |  | 60627 |  | 60627 |
| **Client Assets, end of period - Total Defined Contribution** | **711793** | **728011** | **716489** | **690146** | **629723** | **711793** | **629723** |
| <sup>(1)</sup> Total of Full Service and Recordkeeping. |  |  |  |  |  |  |  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 17 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Retirement Client Assets Rollforward by Product Group**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Defined Contribution Investment-only Stable Value (SV)** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets, beginning of period | 36659 | 36245 | 36678 | 36157 | 34557 | 36157 | 34814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 501 | 1192 | 94 | 814 | 1629 | 2601 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 152 | 350 | 367 | 145 | 554 | 1014 | 924 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 653 | 1542 | 462 | 959 | 2183 | 3616 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (1096) | (1713) | (1716) | (707) | (1024) | (5232) | (4606) |
| &nbsp;&nbsp;&nbsp;Net Flows | (443) | (171) | (1254) | 252 | 1159 | (1616) | (646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 456 | 585 | 821 | 270 | 440 | 2132 | 1988 |
| **Assets, end of period - Defined Contribution Investment-only SV** | **36673** | **36659** | **36245** | **36678** | **36157** | **36673** | **36157** |
| **Wealth Management** <sup>(2)(3)</sup> | **30261** | **30856** | **30367** | **28903** | **26950** | **30261** | **26950** |
| **Other Assets** <sup>(4)</sup> | **5728** | **5758** | **5648** | **5503** | **5368** | **5728** | **5368** |
| **Eliminations** <sup>(5)</sup> | **(4755)** | **(4776)** | **(3930)** | **(3986)** | **(4018)** | **(4755)** | **(4018)** |
| **Total Client Assets** | **779701** | **796508** | **784821** | **757244** | **694180** | **779701** | **694180** |
| <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. |
| <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  | <sup>(2)</sup> Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.  |
| <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  | <sup>(3)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker-dealers affiliated with VFA, as well as a proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated broker-dealers and investment advisors.  |
| <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. |
| <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(5)</sup> Includes eliminations for certain client assets included in Recordkeeping, and Investment-only Stable Value to better reflect the asset bases generating revenue. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Investment Management</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 19 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Investment Management Sources of Adjusted Operating Earnings Before Income Taxes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment capital income <sup>(1)</sup> | 7 | 6 | 11 | 4 | 5 | 28 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment income |  | 1 | 1 | 1 | 1 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 7 | 7 | 12 | 5 | 6 | 31 | 24 |
| &nbsp;&nbsp;Fee-based margin <sup>(2)</sup> | 244 | 283 | 245 | 234 | 237 | 1006 | 967 |
| **Net revenue** <sup>(3)</sup> | **251** | **290** | **257** | **239** | **243** | **1037** | **991** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (192) | (198) | (177) | (174) | (190) | (741) | (713) |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | **59** | **92** | **80** | **65** | **53** | **296** | **278** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 28.6% | 28.3% | 28.5% | 28.0% | 28.1% |  |  |
| **Fee-based margin** <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory and administrative revenue | 243 | 250 | 245 | 237 | 236 | 975 | 936 |
| &nbsp;&nbsp;&nbsp;Other fee-based margin | 1 | 33 |  | (3) | 1 | 31 | 30 |
| **Fee-based margin** | **244** | **283** | **245** | **234** | **237** | **1006** | **967** |
| **Reconciliation to Adjusted operating earnings before income taxes** |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | **59** | **92** | **80** | **65** | **53** | **296** | **278** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(4)</sup> | 13 | 21 | 18 | 14 | 12 | 66 | 65 |
| **Adjusted operating earnings before income taxes** | **46** | **72** | **62** | **51** | **41** | **231** | **213** |
| <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income, including Investment capital income. |
| <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. | <sup>(2)</sup> Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation. |
| <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  |
| <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 20 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Investment Management Analysis of AUM and AUA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Client Assets:** |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 169767 | 171557 | 173442 | 166833 | 161220 | 169767 | 161220 |
| &nbsp;&nbsp;Retail <sup>(1)</sup> | 146764 | 151279 | 156355 | 156329 | 147025 | 146764 | 147025 |
| **Subtotal External Clients** | **316532** | **322835** | **329797** | **323162** | **308245** | **316532** | **308245** |
| &nbsp;&nbsp;&nbsp;General Account | 36899 | 37290 | 36503 | 36428 | 36734 | 36899 | 36734 |
| **Total Client Assets (AUM)** | **353431** | **360125** | **366300** | **359589** | **344978** | **353431** | **344978** |
| &nbsp;&nbsp;Assets under Advisement and Administration (AUA) <sup>(1)</sup> | 58989 | 62030 | 53527 | 53530 | 50162 | 58989 | 50162 |
| **Total AUM and AUA** | **412420** | **422155** | **419827** | **413119** | **395140** | **412420** | **395140** |
| **Investment Advisory and Administrative Revenues** <sup>(2)</sup>  |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 92 | 94 | 92 | 89 | 89 | 367 | 355 |
| &nbsp;&nbsp;&nbsp;Retail | 127 | 134 | 130 | 125 | 124 | 516 | 494 |
| **Subtotal External Clients** | **219** | **228** | **222** | **214** | **213** | **883** | **849** |
| &nbsp;&nbsp;&nbsp;General Account | 19 | 18 | 18 | 19 | 19 | 74 | 70 |
| **Total Investment Advisory and Administrative Revenues (AUM)** | **238** | **246** | **240** | **232** | **232** | **956** | **919** |
| &nbsp;&nbsp;&nbsp;Administration Only Fees | 5 | 4 | 4 | 5 | 5 | 18 | 17 |
| **Total Investment Advisory and Administrative Revenues** | **243** | **250** | **245** | **237** | **236** | **975** | **936** |
| **Revenue Yield (bps)** <sup>(2)</sup> |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 21.4 | 21.7 | 21.6 | 21.7 | 22.1 | 21.6 | 22.8 |
| &nbsp;&nbsp;&nbsp;Retail | 33.8 | 34.1 | 33.1 | 33.2 | 33.0 | 33.6 | 33.0 |
| **Revenue Yield on External Clients** | **27.2** | **27.6** | **27.1** | **27.2** | **27.4** | **27.3** | **27.8** |
| &nbsp;&nbsp;&nbsp;General Account | 20.2 | 20.2 | 20.1 | 20.3 | 20.6 | 20.2 | 20.2 |
| **Revenue Yield on Client Assets (AUM)** | **26.5** | **26.8** | **26.4** | **26.5** | **26.7** | **26.6** | **27.0** |
| &nbsp;&nbsp;&nbsp;Revenue Yield on Advisement and Administrative Only Assets (AUA) | 3.4 | 3.0 | 3.3 | 3.5 | 3.6 | 3.3 | 3.3 |
| **Total Revenue Yield on AUM and AUA (bps)** | **23.1** | **23.7** | **23.4** | **23.6** | **23.8** | **23.5** | **23.9** |
| **Revenue Yield on Client Assets (AUM) TTM** | **26.6** | **26.6** | **26.7** | **26.9** | **27.0** | **26.6** | **27.0** |
| <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. | <sup>(1)</sup> In the fourth quarter of 2025, approximately $11 billion of separately managed account AUM was reclassified as AUA. This reclassification had an immaterial impact on revenue. |
| <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(2)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 21 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Investment Management Account Rollforward by Source**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Three Months Ended or as of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Institutional AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 171557 | 173442 | 166833 | 161220 | 156568 | 161220 | 148489 |
| &nbsp;&nbsp;&nbsp;Inflows | 5562 | 7672 | 12780 | 6665 | 10460 | 32679 | 35492 |
| &nbsp;&nbsp;&nbsp;Outflows | (5159) | (6986) | (9219) | (5713) | (5272) | (27077) | (23393) |
| **Net flows - Institutional** | **403** | **686** | **3560** | **952** | **5187** | **5601** | **12098** |
| &nbsp;&nbsp;&nbsp;Change in Market Value | (1850) | 772 | 4341 | 5622 | (345) | 8885 | 4243 |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | (342) | (3344) | (1292) | (961) | (191) | (5939) | (3611) |
| **End of period AUM - Institutional** | **169767** | **171557** | **173442** | **166833** | **161220** | **169767** | **161220** |
| &nbsp;&nbsp;&nbsp;Organic Growth (Net Flows/Beginning of period AUM) | 0.2% | 0.4% | 2.1% | 0.6% | 3.3% | 3.5% | 8.1% |
| &nbsp;&nbsp;&nbsp;Market Growth % | -1.1% | 0.4% | 2.6% | 3.5% | -0.2% | 5.5% | 2.9% |
| **Retail AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 151279 | 156355 | 156329 | 147025 | 149214 | 147025 | 148710 |
| &nbsp;&nbsp;&nbsp;Inflows | 10474 | 12033 | 11408 | 11093 | 12774 | 45008 | 44624 |
| &nbsp;&nbsp;&nbsp;Outflows | (10812) | (11540) | (11091) | (10218) | (10279) | (43661) | (37076) |
| **Net flows - Retail** | **(338)** | **493** | **317** | **874** | **2496** | **1346** | **7549** |
| &nbsp;&nbsp;&nbsp;Net Money Market Flows | (133) | (42) | (38) | 49 | 117 | (164) | 312 |
| &nbsp;&nbsp;&nbsp;Change in Market Value | (4648) | 2289 | 7072 | 8984 | (4816) | 13695 | 1124 |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses <sup>(1)</sup> | (270) | (28) | (6397) | (259) | (374) | (6954) | (8717) |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | 875 | (7787) | (927) | (344) | 388 | (8183) | (1954) |
| **End of period AUM - Retail** | **146764** | **151279** | **156355** | **156329** | **147025** | **146764** | **147025** |
| &nbsp;&nbsp;&nbsp;Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) | -0.2% | 0.3% | 0.2% | 0.6% | 1.7% | 0.9% | 5.1% |
| &nbsp;&nbsp;&nbsp;Market Growth % | -3.1% | 1.5% | 4.5% | 6.1% | -3.2% | 9.3% | 0.8% |
| **Net Flows:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Net Flows | 403 | 686 | 3560 | 952 | 5187 | 5601 | 12097 |
| &nbsp;&nbsp;&nbsp;Retail Net Flows | (338) | 493 | 317 | 874 | 2496 | 1346 | 7549 |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses | (270) | (28) | (6397) | (259) | (374) | (6954) | (8717) |
| **Total Net Flows** | **(205)** | **1151** | **(2520)** | **1567** | **7310** | **(7)** | **10930** |
| &nbsp;&nbsp;**Net Flows excluding Net Flows from Divested Businesses** | **65** | **1179** | **3877** | **1826** | **7683** | **6947** | **19646** |
| &nbsp;&nbsp;**Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)** | **— %** | **0.4%** | **1.2%** | **0.6%** | **2.5%** | **2.3%** | **6.6%** |
| <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(1)</sup> In the third quarter of 2025, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 22 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Investment Management Account Value by Asset Type**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 27382 | 29286 | 29404 | 27457 | 22375 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 61306 | 61530 | 61776 | 56899 | 57182 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 70118 | 70105 | 69611 | 68818 | 67245 |
| &nbsp;&nbsp;&nbsp;Alternatives | 10961 | 10636 | 12651 | 13659 | 14418 |
| &nbsp;&nbsp;&nbsp;Money Market |  |  |  |  |  |
| **Total** | **169767** | **171557** | **173442** | **166833** | **161220** |
| **Retail** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 70203 | 73239 | 77684 | 78699 | 70634 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 72138 | 73414 | 73976 | 72870 | 71625 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 125 | 128 | 123 | 277 | 311 |
| &nbsp;&nbsp;&nbsp;Alternatives | 1891 | 1961 | 1995 | 1876 | 1910 |
| &nbsp;&nbsp;&nbsp;Money Market | 2407 | 2537 | 2576 | 2606 | 2544 |
| **Total** | **146764** | **151279** | **156355** | **156329** | **147025** |
| **General Account** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 269 | 279 | 125 | 112 | 138 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 18136 | 18284 | 18272 | 17870 | 18071 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 16005 | 16072 | 15973 | 16271 | 16574 |
| &nbsp;&nbsp;&nbsp;Alternatives | 1960 | 2003 | 1712 | 1615 | 1650 |
| &nbsp;&nbsp;&nbsp;Money Market | 529 | 652 | 421 | 560 | 300 |
| **Total** | **36899** | **37290** | **36503** | **36428** | **36734** |
| **Combined Asset Type** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 97854 | 102804 | 107213 | 106268 | 93147 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 151579 | 153227 | 154024 | 147639 | 146878 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 86248 | 86305 | 85707 | 85366 | 84130 |
| &nbsp;&nbsp;&nbsp;Alternatives | 14813 | 14600 | 16359 | 17150 | 17979 |
| &nbsp;&nbsp;&nbsp;Money Market | 2936 | 3189 | 2997 | 3166 | 2844 |
| **Total** | **353431** | **360125** | **366300** | **359589** | **344978** |
| **Total Private and Alternative Assets** | **101061** | **100905** | **102066** | **102516** | **102109** |
| **% of Private and Alternative Assets / Total AUM** | **28.6%** | **28.0%** | **27.9%** | **28.5%** | **29.6%** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Employee Benefits</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 24 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Employee Benefits Sources of Adjusted Operating Earnings before income taxes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 27 | 27 | 27 | 27 | 27 | 108 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | (1) | (1) | (1) | (1) | (1) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credited interest | (11) | (11) | (11) | (11) | (12) | (44) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net margin | 14 | 15 | 15 | 14 | 14 | 58 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investment income <sup>(1)</sup> | 5 | 8 | 7 | 7 | 3 | 27 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investment income | 12 | 11 | 12 | 10 | 10 | 45 | 39 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 31 | 34 | 34 | 31 | 27 | 130 | 104 |
| &nbsp;&nbsp;&nbsp;Fee-based margin <sup>(2)</sup> | 59 | 57 | 54 | 56 | 56 | 226 | 224 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 226 | 151 | 195 | 216 | 206 | 788 | 644 |
| **Net revenue** <sup>(3)</sup> | **316** | **242** | **284** | **303** | **290** | **1145** | **972** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (145) | (143) | (134) | (132) | (139) | (554) | (530) |
| &nbsp;&nbsp;&nbsp;Premium taxes, fees and assessments | (50) | (52) | (52) | (50) | (50) | (204) | (196) |
| &nbsp;&nbsp;&nbsp;Net commissions | (44) | (45) | (39) | (44) | (45) | (172) | (182) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization | (14) | (12) | (12) | (7) | (9) | (45) | (36) |
| **Adjusted operating earnings before income taxes** | **63** | **(10)** | **47** | **69** | **46** | **169** | **27** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 14.7% | 13.6% | 6.0% | 3.7% | 2.7% |  |  |
| **Group life:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 155 | 165 | 162 | 166 | 162 | 648 | 667 |
| &nbsp;&nbsp;&nbsp;Benefits | (110) | (116) | (120) | (124) | (146) | (470) | (542) |
| &nbsp;&nbsp;&nbsp;Other <sup>(4)</sup> | (3) | (3) | (3) | (3) | (2) | (12) | (11) |
| **Total Group life** | **43** | **47** | **39** | **40** | **14** | **169** | **115** |
| &nbsp;&nbsp;**Group life Loss Ratio (interest adjusted)** <sup>(5)</sup> | **70.6%** | **70.0%** | **74.2%** | **74.3%** | **90.3%** | **72.3%** | **81.2%** |
| **Group Stop loss:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 382 | 391 | 388 | 388 | 390 | 1549 | 1746 |
| &nbsp;&nbsp;&nbsp;Benefits <sup>(6)</sup> | (304) | (375) | (324) | (312) | (293) | (1315) | (1613) |
| &nbsp;&nbsp;&nbsp;Other <sup>(4)</sup> | (1) | (1) | (1) | (2) | (2) | (5) | (7) |
| **Total Group Stop loss** | **77** | **14** | **62** | **75** | **96** | **228** | **127** |
| &nbsp;&nbsp;**Stop loss Loss Ratio** <sup>(5)</sup> | **79.5%** | **96.0%** | **83.6%** | **80.3%** | **75.0%** | **84.9%** | **92.3%** |
| **Voluntary Benefits, Disability, and Other** | **106** | **90** | **94** | **100** | **97** | **390** | **402** |
| **Net underwriting gain (loss) and other revenue** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 743 | 744 | 739 | 741 | 747 | 2967 | 3165 |
| &nbsp;&nbsp;&nbsp;Benefits | (515) | (591) | (542) | (524) | (538) | (2172) | (2512) |
| &nbsp;&nbsp;&nbsp;Other <sup>(4)</sup> | (2) | (2) | (2) | (2) | (3) | (8) | (8) |
| **Total Net underwriting gain (loss) and other revenue** | **226** | **151** | **195** | **216** | **206** | **788** | **644** |
| &nbsp;&nbsp;**Total Aggregate Loss Ratio** <sup>(5)</sup> | **69.4%** | **79.5%** | **73.4%** | **70.7%** | **72.0%** | **73.2%** | **79.4%** |
| &nbsp;&nbsp;**Total Aggregate Loss Ratio TTM** <sup>(5)</sup> | **73.2%** | **73.9%** | **78.0%** | **79.0%** | **79.4%** |  |  |
| <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  | <sup>(1)</sup> See page 35 for additional detail on Alternative investment income.  |
| <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(2)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. |  |  |
| <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. |  |  |
| <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(4)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. |  |  |
| <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  | <sup>(5)</sup> Reported Loss ratios are net of reinsurance recoveries.  |
| <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. | <sup>(6)</sup> The first quarter of 2026 reflects favorable reserve releases on the 2024 and 2025 policy years. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 25 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Quarterly Loss Ratio Development for Group Stop Loss**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **3/31/2024** |
| **2026 Stop Loss Policy Year** <sup>(1)</sup>  | 87% | —% | —% | —% | —% | —% | —% | —% | —% |
| **2025 Stop Loss Policy Year**<sup>(1)</sup>  | 90% | 90% | 87% | 87% | 87% | —% | —% | —% | —% |
| **2024 Stop Loss Policy Year (Largely Developed)** <sup>(1)</sup>  | 89% | 89% | 90% | 90% | 92% | 94% | 86% | 81% | 81% |
| **Reported Loss Ratio for Stop Loss** <sup>(2)</sup> | **80%** | **96%** | **84%** | **80%** | **75%** | **115%** | **93%** | **83%** | **84%** |
| <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  | <sup>(1)</sup> Loss ratios by policy year reflect reserve levels and are gross of reinsurance recoveries. See page [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000) for further details on January and Non-January cohorts.  |
| <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. | <sup>(2)</sup> Reported Loss ratios are net of reinsurance recoveries. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 26 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Employee Benefits Key Metrics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Sales by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 71 | 7 | 29 | 22 | 74 | 129 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 280 | 27 | 59 | 14 | 265 | 380 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary and Other <sup>(1)</sup> | 121 | 11 | 17 | 37 | 99 | 186 | 168 |
| **Total sales by product line** | **472** | **45** | **105** | **73** | **438** | **695** | **612** |
| Total gross premiums and deposits | 838 | 825 | 837 | 843 | 846 | 3343 | 3546 |
| **Annualized In-force Premiums and Fees by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 916 | 965 | 989 | 977 | 971 | 916 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 1563 | 1578 | 1572 | 1569 | 1589 | 1563 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary and Other <sup>(1)</sup> | 1157 | 1103 | 1100 | 1103 | 1117 | 1157 | 1117 |
| **Total annualized in-force premiums and fees by product line** | **3636** | **3646** | **3662** | **3649** | **3677** | **3636** | **3677** |
| **Assets Under Management by Fund Group:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General account | 1737 | 1805 | 1906 | 1945 | 1870 | 1737 | 1870 |
| &nbsp;&nbsp;&nbsp;Separate account | 18 | 19 | 19 | 18 | 17 | 18 | 17 |
| **Total AUM** | **1755** | **1824** | **1925** | **1963** | **1887** | **1755** | **1887** |
| <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. |  |  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Corporate</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 28 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Corporate Adjusted Operating Earnings Before Income Taxes**

---

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

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Administrative Expenses and Adjusted Operating Return on Capital</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 30 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Administrative Expenses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| &nbsp;&nbsp;&nbsp;Retirement | (286) | (271) | (254) | (259) | (261) | (1070) | (923) |
| &nbsp;&nbsp;&nbsp;Investment Management | (192) | (198) | (177) | (174) | (190) | (741) | (713) |
| &nbsp;&nbsp;&nbsp;Employee Benefits | (145) | (143) | (134) | (132) | (139) | (554) | (530) |
| **Total Administrative Expenses** <sup>(1)</sup> | **(623)** | **(612)** | **(565)** | **(565)** | **(590)** | **(2365)** | **(2166)** |
| <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 31 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Adjusted Operating Return on Allocated Capital**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD, unless otherwise indicated) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** |
| **Retirement** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest | 960 | 959 | 913 | 863 | 842 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 137 | 139 | 131 | 122 | 119 |
| **Adjusted Operating Earnings - before interest and after income taxes** | **823** | **820** | **782** | **741** | **723** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 12.9% | 14.9% | 15.0% | 14.3% | 13.4% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 14.3% | 14.5% | 14.3% | 14.1% | 14.1% |
| &nbsp;&nbsp;&nbsp;Average Capital | 3783 | 3747 | 3674 | 3584 | 3483 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 3852 | 3746 | 3791 | 3771 | 3796 |
| **Adjusted Return on Capital** | **21.8%** | **21.9%** | **21.3%** | **20.7%** | **20.7%** |
| **Investment Management** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest <sup>(3)</sup> | 231 | 226 | 220 | 214 | 213 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 49 | 47 | 46 | 45 | 45 |
| **Adjusted Operating Earnings - before interest and after income taxes** <sup>(3)</sup> | **182** | **179** | **174** | **169** | **168** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 877 | 876 | 870 | 861 | 851 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 872 | 876 | 883 | 875 | 874 |
| **Adjusted Return on Capital** | **20.9%** | **20.4%** | **20.1%** | **19.6%** | **19.7%** |
| **Employee Benefits** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest | 169 | 152 | 59 | 36 | 27 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 35 | 32 | 12 | 7 | 6 |
| **Adjusted Operating Earnings - before interest and after income taxes** | **134** | **120** | **47** | **29** | **21** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 1275 | 1288 | 1291 | 1286 | 1275 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 1237 | 1259 | 1295 | 1281 | 1295 |
| **Adjusted Return on Capital** | **10.4%** | **9.3%** | **3.6%** | **2.2%** | **1.6%** |
| <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  |
| <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. | <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. | <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. | <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. | <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. | <sup>(2)</sup> Capital is allocated to each of our segments in proportion to each segment's target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment's portion of these differences. |
| <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Investment Information</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 33 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD) | **3/31/2026** | **3/31/2026** | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **3/31/2026** | **3/31/2026** | **3/31/2026** | **3/31/2026** |
| **Invested Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Book Values, Gross investment income and Earned rate** <sup>(1)</sup> | **Book Value** | **BV %** | **Gross Investment Income** | **Earned Rate (annualized)** | **Book Value** | **BV %** | **Gross Investment Income** | **Earned Rate (annualized)** | **Book Value** | **BV %** | **Gross Investment Income** | **Earned Rate (annualized)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public corporate | 10782 | 28.0% | 136 | 5.2% | 10942 | 28.0% | 152 | 5.7% | 10782 | 28.0% | 136 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit | 8877 | 23.0% | 116 | 5.4% | 8501 | 22.0% | 99 | 4.7% | 8877 | 23.0% | 116 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitized <sup>(2)(3)</sup> | 9632 | 25.0% | 131 | 5.4% | 10034 | 26.0% | 136 | 5.5% | 9632 | 25.0% | 131 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5631 | 15.0% | 67 | 4.9% | 5574 | 14.0% | 67 | 5.0% | 5631 | 15.0% | 67 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals | 552 | 1.0% | 6 | 3.9% | 598 | 2.0% | 6 | 3.9% | 552 | 1.0% | 6 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 663 | 2.0% | 7 | 4.3% | 636 | 2.0% | 6 | 4.3% | 663 | 2.0% | 7 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 196 | 1.0% | 3 | 5.8% | 201 | 1.0% | 3 | 5.8% | 196 | 1.0% | 3 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 361 | 1.0% | 4 | 5.1% | 369 | 1.0% | 5 | 5.4% | 361 | 1.0% | 4 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (5) | —% | 4 | N/A | (5) | —% | 4 | N/A | (5) | —% | 4 | N/A |
| &nbsp;&nbsp;**Book Values and Gross Investment Income before variable components** | **36690** | **95.0%** | **472** | **5.3%** | **36850** | **95.0%** | **477** | **5.3%** | **36690** | **95.0%** | **472** | **5.3%** |
| &nbsp;&nbsp;**Book Values and Gross Investment Income on variable components** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnership <sup>(4)</sup> | 1936 | 5.0% | 32 | 6.9% | 1909 | 5.0% | 53 | 11.7% | 1936 | 5.0% | 32 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment / Other fee income | N/A | —% | 6 | 0.1% | N/A | —% | 7 | 0.1% | N/A | —% | 6 | 0.1% |
| &nbsp;&nbsp;**Book Values and Gross Investment Income (variable)** | 1936 | 5.0% | 37 | N/A | 1909 | 5.0% | 60 | N/A | 1936 | 5.0% | 37 | N/A |
| **Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings** | **38626** | **100.0%** | **510** | **5.4%** | **38759** | **100.0%** | **537** | **5.7%** | **38626** | **100.0%** | **510** | **5.4%** |
| <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. | <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, and other miscellaneous items are excluded. |
| <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. |
| <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. | <sup>(3)</sup> For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded. |
| <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 34 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> |
| (in millions USD) | **12/31/2025** | **12/31/2025** | **09/30/2025** | **09/30/2025** | **06/30/2025** | **06/30/2025** | **03/31/2025** | **03/31/2025** |
| **Statutory Carrying Value** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** |
| &nbsp;&nbsp;&nbsp;&nbsp;Public corporate | 11035 | 28.0% | 10913 | 28.0% | 10585 | 28.0% | 10610 | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Private credit | 8408 | 22.0% | 8367 | 22.0% | 8420 | 22.0% | 8506 | 22.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitized | 9988 | 26.0% | 9979 | 26.0% | 9852 | 26.0% | 9996 | 26.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipals | 598 | 2.0% | 606 | 2.0% | 609 | 2.0% | 623 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 709 | 2.0% | 637 | 2.0% | 640 | 2.0% | 524 | 1.0% |
| &nbsp;&nbsp;**Total Fixed maturities** | **30738** | **79.0%** | **30501** | **79.0%** | **30107** | **79.0%** | **30258** | **79.0%** |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5560 | 14.0% | 5371 | 14.0% | 5483 | 14.0% | 5553 | 14.0% |
| &nbsp;&nbsp;&nbsp;Limited partnership | 1815 | 5.0% | 1913 | 5.0% | 1923 | 5.0% | 1910 | 5.0% |
| &nbsp;&nbsp;&nbsp;Equity securities | 662 | 2.0% | 626 | 2.0% | 566 | 1.0% | 577 | 2.0% |
| **Total** | **38775** | **100.0%** | **38410** | **100.0%** | **38079** | **100.0%** | **38298** | **100.0%** |
| **NAIC Ratings** |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC 1 | 16987 | 55.0% | 16695 | 55.0% | 16532 | 55.0% | 16304 | 54.0% |
| &nbsp;&nbsp;&nbsp;NAIC 2 | 12448 | 40.0% | 12470 | 41.0% | 12178 | 40.0% | 12459 | 41.0% |
| &nbsp;&nbsp;&nbsp;NAIC 3 and below | 1303 | 4.0% | 1335 | 4.0% | 1396 | 5.0% | 1495 | 5.0% |
| **Total Fixed maturities** | **30738** | **100.0%** | **30501** | **100.0%** | **30107** | **100.0%** | **30258** | **100.0%** |
| Commercial Mortgage Loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CML 1 | 3970 | 71.0% | 3905 | 73.0% | 4039 | 74.0% | 4111 | 74.0% |
| &nbsp;&nbsp;&nbsp;CML 2 | 1235 | 22.0% | 1092 | 20.0% | 1079 | 20.0% | 1000 | 18.0% |
| &nbsp;&nbsp;&nbsp;CML 3 and below | 355 | 6.0% | 374 | 7.0% | 366 | 7.0% | 441 | 8.0% |
| **Total Commercial mortgage loans** | **5560** | **100.0%** | **5371** | **100.0%** | **5483** | **100.0%** | **5553** | **100.0%** |
| <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 35 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Alternative Investment Income**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Retirement** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income at long-term expectations <sup>(2)</sup> | 37 | 37 | 37 | 35 | 36 | 146 | 139 |
| &nbsp;&nbsp;&nbsp;Alternative investment income above (below) expectations | (8) | 10 | 5 | 7 | (14) | 14 | (30) |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 29 | 47 | 42 | 42 | 22 | 160 | 109 |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 1645 | 1644 | 1657 | 1590 | 1591 | 1634 | 1565 |
| **Investment Management** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income at long-term expectations <sup>(2)</sup> | 7 | 7 | 7 | 8 | 7 | 29 | 31 |
| &nbsp;&nbsp;&nbsp;Alternative investment income above (below) expectations |  | (1) | 4 | (4) | (2) | (1) | (11) |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 7 | 6 | 11 | 4 | 5 | 28 | 20 |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 305 | 314 | 331 | 344 | 326 | 324 | 341 |
| **Employee Benefits** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income at long-term expectations <sup>(2)</sup> | 5 | 5 | 7 | 6 | 5 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;Alternative investment income above (below) expectations |  | 3 |  | 1 | (2) | 4 | (9) |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 5 | 8 | 7 | 7 | 3 | 27 | 13 |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 216 | 238 | 284 | 268 | 238 | 252 | 221 |
| **Total** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income at long-term expectations <sup>(2)</sup> | 49 | 49 | 51 | 49 | 49 | 198 | 192 |
| &nbsp;&nbsp;&nbsp;Alternative investment income above (below) expectations | (8) | 12 | 9 | 4 | (19) | 17 | (50) |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 41 | 61 | 60 | 53 | 30 | 215 | 142 |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 2166 | 2196 | 2272 | 2202 | 2155 | 2210 | 2127 |
| <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. |
| <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. | <sup>(2)</sup> The long-term expected return for alternative investments and investment capital is 9% annually. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Reconciliations</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 37 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

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

---

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

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 38 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Total revenues** | **2031** | **2111** | **2128** | **1981** | **1969** | **2031** | **1969** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (22) | (8) | (9) | (38) | (5) | (22) | (5) |
| &nbsp;&nbsp;&nbsp;Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment | 19 | 31 | 28 | 30 | 28 | 19 | 28 |
| &nbsp;&nbsp;&nbsp;Revenues (loss) attributable to noncontrolling interests | 46 | 37 | 115 | 35 | 25 | 46 | 25 |
| &nbsp;&nbsp;&nbsp;Other adjustments | 55 | 45 | 50 | 54 | 33 | 55 | 33 |
| **Total adjusted operating revenues** | **1932** | **2006** | **1942** | **1900** | **1888** | **1932** | **1888** |
| **Adjusted operating revenues by segment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 821 | 866 | 853 | 824 | 798 | 821 | 798 |
| &nbsp;&nbsp;&nbsp;Investment Management | 251 | 290 | 257 | 239 | 243 | 251 | 243 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 855 | 845 | 829 | 832 | 841 | 855 | 841 |
| &nbsp;&nbsp;&nbsp;Corporate | 5 | 6 | 3 | 5 | 6 | 5 | 6 |
| **Total adjusted operating revenues** | **1932** | **2006** | **1942** | **1900** | **1888** | **1932** | **1888** |
| **Total benefits and expenses** | **(1801)** | **(1942)** | **(1821)** | **(1793)** | **(1796)** | **(1801)** | **(1796)** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in market risk benefits | (16) | 12 | (7) | 9 | 3 | (16) | 3 |
| &nbsp;&nbsp;&nbsp;Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment | (45) | (56) | (81) | (60) | (67) | (45) | (67) |
| &nbsp;&nbsp;&nbsp;Expenses attributable to noncontrolling interests | (43) | (45) | (51) | (54) | (41) | (43) | (41) |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 17 | 4 | 16 | 4 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (49) | (94) | (63) | (95) | (63) | (49) | (63) |
| **Total adjusted operating benefits and expenses** | **(1665)** | **(1763)** | **(1635)** | **(1598)** | **(1645)** | **(1665)** | **(1645)** |
| **Adjusted operating benefits and expenses by segment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | (612) | (610) | (592) | (589) | (591) | (612) | (591) |
| &nbsp;&nbsp;&nbsp;Investment Management | (192) | (198) | (177) | (174) | (190) | (192) | (190) |
| &nbsp;&nbsp;&nbsp;Employee Benefits | (792) | (856) | (783) | (763) | (795) | (792) | (795) |
| &nbsp;&nbsp;&nbsp;Corporate | (69) | (99) | (84) | (72) | (69) | (69) | (69) |
| **Total adjusted operating benefits and expenses** | **(1665)** | **(1763)** | **(1635)** | **(1598)** | **(1645)** | **(1665)** | **(1645)** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 39 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

**Reconciliation of Net Revenues**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Page* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | *Reference* | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2026** | **3/31/2025** |
| **Retirement** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#iebac34be2c9544c882643e3143c3a6a0_22)* | **821** | **866** | **853** | **824** | **798** | **3364** | **2985** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (226) | (234) | (235) | (232) | (231) | (927) | (865) |
| **Net revenue** | *page [15](#iebac34be2c9544c882643e3143c3a6a0_43)* | **595** | **631** | **618** | **592** | **567** | **2436** | **2119** |
| **Investment Management** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#iebac34be2c9544c882643e3143c3a6a0_22)* | **251** | **290** | **257** | **239** | **243** | **1037** | **991** |
| **Net revenue** | *page [19](#iebac34be2c9544c882643e3143c3a6a0_52)* | **251** | **290** | **257** | **239** | **243** | **1037** | **991** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Employee Benefits** | | | | | | | | |
| **Adjusted operating revenues** | *page [9](#iebac34be2c9544c882643e3143c3a6a0_22)* | **855** | **845** | **829** | **832** | **841** | **3361** | **3513** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (538) | (603) | (546) | (529) | (551) | (2216) | (2540) |
| **Net revenue** | *page [24](#iebac34be2c9544c882643e3143c3a6a0_67)* | **316** | **242** | **284** | **303** | **290** | **1145** | **972** |
| **Consolidated** |  |  |  |  |  |  |  |  |
| **Total Adjusted operating revenues** | *page [9](#iebac34be2c9544c882643e3143c3a6a0_22)* | **1932** | **2006** | **1942** | **1900** | **1888** | **7780** | **7512** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (764) | (838) | (781) | (761) | (782) | (3144) | (3406) |
| &nbsp;&nbsp;Corporate Adjusted operating revenues <sup>(1)</sup> |  | (5) | (6) | (3) | (5) | (6) | (19) | (24) |
| **Net revenue** | *pages [15](#iebac34be2c9544c882643e3143c3a6a0_43)/19/24* | **1163** | **1163** | **1159** | **1134** | **1100** | **4618** | **4082** |
| <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(1)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 40 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **3/31/2026** | **12/31/2025** | **9/30/2025** | **6/30/2025** | **3/31/2025** |
| TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders | 639 | 613 | 570 | 492 | 531 |
| TTM Average Total Voya Financial, Inc. Shareholders' Equity | 4765 | 4612 | 4464 | 4361 | 4259 |
| **TTM Return on Voya Financial, Inc Equity** | **13.4%** | **13.3%** | **12.8%** | **11.3%** | **12.5%** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI | -2.0% | -2.0% | -2.0% | -1.8% | -2.1% |
| &nbsp;&nbsp;&nbsp;TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI | 4.9% | 5.1% | 5.3% | 4.8% | 5.6% |
| &nbsp;&nbsp;&nbsp;TTM Net investment gains (losses), after-tax | -1.0% | -0.5% | -0.6% | -0.8% | -0.2% |
| &nbsp;&nbsp;&nbsp;TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax | -1.8% | -1.9% | -1.9% | -1.9% | -2.0% |
| &nbsp;&nbsp;&nbsp;TTM Other adjustments, after-tax | -1.2% | -1.7% | -1.5% | -1.8% | -1.4% |
| **TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI** | **14.5%** | **14.3%** | **13.6%** | **12.8%** | **12.6%** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA | -4.2% | -4.3% | -4.3% | -4.2% | -4.1% |
| **TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA** | **18.7%** | **18.6%** | **17.9%** | **17.0%** | **16.7%** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 41 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)** |

---

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

---

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

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**Page 42 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)**<br>

**<u>Appendix</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**Page 43 of [43](#iebac34be2c9544c882643e3143c3a6a0_549755815000)**<br>

**Quarterly Loss Ratio Development for Group Stop Loss Details**

---

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

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)