Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Q3 2026 Earnings Presentation
22 slides from Voya Financial's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Call
Voya Financial Third Quarter 2026 Call November 3, 2026 Information contained herein is proprietary, confidential and non-public and is not for public release.
Slide 2: Forward-Looking and Other Cautionary Statements
Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements. 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 stat
Slide 3: Key Themes & Strategic Priorities
Key Themes & Strategic Priorities Heather Lavallee, Chief Executive Officer Information contained herein is proprietary, confidential and non-public and is not for public release. 3
Slide 4: 3Q'26 Highlights
3Q’26 Highlights Execution in the quarter drove EPS growth, improved cash generation, and continued commercial momentum 3Q’26 EPS of $2.60 reflects continued execution; year-to-date expense actions driving benefit to 4Q'26 and FY'27 Excess capital generation of $225 million represents 95% of after-t
Slide 5: Financial Highlights & Business Segment Performance
Financial Highlights & Business Segment Performance Mike Katz, Chief Financial Officer
Slide 6: 3Q'26 Financial Results
3Q’26 Financial Results Growing momentum across all businesses is driving stronger operating performance Adjusted Operating Earnings Adjusted Operating EPS 3Q’26 includes pre- 3Q’26 includes After Tax (Millions) tax severance impact Per Diluted Share severance impact of of approximately approximatel
Slide 7: Retirement
Retirement Strong commercial momentum continues to expand scale and drive fee-based revenue growth Adjusted Operating Earnings 3Q’26 Highlights (Millions) 3Q'26 TTM alternative investment income was $35 • 6% growth in fee-based revenue and 5% million lower than 3Q’25 TTM growth in participant accoun
Slide 8: Investment Management
Investment Management Strong profitability with durable institutional and income-oriented demand Adjusted Operating Earnings 3Q’26 Highlights Excludes Noncontrolling Interest (Millions) • Fee-based revenue growth of 4% year-over year, supported by flows at stable and +6% attractive yields $233 • Ins
Slide 9: Employee Benefits
Employee Benefits Continued execution on margin improvement Adjusted Operating Earnings 3Q’26 Highlights (Millions) • Stop Loss experience continues to improve, reflecting progress from pricing and +114% underwriting actions • Group Life trends remain favorable, with $126 Voluntary performance in li
Slide 10: Strong Cash Generation Supports Increased Shareholder Returns
Strong Cash Generation Supports Increased Shareholder Returns Strong cash generation and higher business returns demonstrate continued operating progress Expect Over $800 Million of Excess Capital¹ in 2026 Adjusted Operating Return on Equity ex $1,000 Despite Approximately $70 Million of YTD Severan
Slide 11: Consistent Capital Return Creating Value for Shareholders
Consistent Capital Return Creating Value for Shareholders 21% Dividend increase reflects confidence in earnings and free cash flow growth Dividend Increase Reflects Confidence in Active Share Repurchases Have Reduced Share Free Cash Flow Generation Count by 14% Since Year-End 20221 107 $2.28 99 $1.9
Slide 12: Positioned for Earnings and Cash Generation Growth
Positioned for Earnings and Cash Generation Growth Scaled businesses and commercial opportunities provide a foundation for organic growth Expense actions and operating leverage strengthen earnings momentum Strong cash generation and capital flexibility support shareholder returns 12
Slide 13: Appendix
VOYA. iss pass Appendix
Slide 14: Strong and Well-Positioned Balance Sheet
Strong and Well-Positioned Balance Sheet RBC Ratio Financial Excess above target Leverage $0.25B Capital1,2 396% ratio of 27% within target 375%2 25-30% 1. Excess Capital is defined as Statutory Total Adjusted Capital (TAC) in excess of 375% RBC level, Holding Company Liquidity in excess of required
Slide 15: Key Sensitivities
Key Sensitivities Annualized Pre-tax Earnings Impact (Millions) Investment Employee Sensitivity Total Impact Retirement Management1 Benefits S&P 500 Change +/- 10% +/- $65 – $90 +/- $50 – $653 +/- $15 – $25 Interest Rate Changes +/- 100 bps2 +/- $15 – $35 +/- $30 – $40 -/+ $5 – $15 $1B Change in Spr
Slide 16: Seasonality
Seasonality Retirement1 Investment Management Employee Benefits2 Corporate & Other All Segments ▪ Defined Contribution tends ▪ Admin expenses tend to be to have the highest the highest recurring deposits ▪ Group Life loss ratio tends to be highest ▪ Seasonally higher preferred ▪ Payroll taxes and lo
Slide 17: 3Q'26 Adjusted Operating to Net Income Walk
3Q’26 Adjusted Operating to Net Income Walk (Millions) Primarily Primarily Primarily Non-Cash Non-Cash Non-Cash $239 $6 $3 $240 $(3) $(5) $(23) $193 $(13) $(11) 3Q'25 Adj. Op. Retirement Investment Employee Corporate 3Q'26 Adj. Op. Net Business Other 3 3Q'26 Earnings Management Benefits Earnings Inv
Slide 18: Retirement
Retirement Defined Contribution assets grew at a 12% CAGR from 2021 to 3Q’26, outpacing the industry1 Defined Contribution Assets Key Priorities (Billions) 10 Recordkeeping Full Service $900 $805 $728 $800 Drive continued commercial momentum 5 $294 $700 $281 0 $549 $600 $467 $483 -5 $418 $208 $500 E
Slide 19: Investment Management
Investment Management Diversified platform and solutions positioned to capitalize on growth opportunities 3Q’26 includes Assets Under Management previously disclosed Key Priorities (Billions) sub-advisor related AUM impact of $5B Scale and expand alternatives and private asset $360 $363 strategies a
Slide 20: Investment Management
Investment Management Long-term performance remains strong and important to future success Percent of AUM Above Benchmark or Peer Median1 Represents ~55% 3rd Party AUM 87 90 90 87 90 85 83 83 83 77 77 80 73 69 60 62 59 54 47 6 Equity Multi-Asset Fixed Income & Growth Voya IM Income Total 1 Year 3 Ye
Slide 21: Employee Benefits
Employee Benefits Executing on margin improvement across all product lines Aggregate Loss Ratio1 Key Priorities Further improve Stop Loss margins 80% Continue to execute on in-sourced Leave 73% 74% 74% Management and Short-Term Disability business 69% 67% Continue to enhance productivity FY'21 FY'22
Slide 22: High Quality and Well-Diversified Investment Portfolio
High Quality and Well-Diversified Investment Portfolio Strong credit performance with minimal impairments in 3Q’26 $40B General Account1 $9B Private Credit Allocation Limited Partnerships Commercial 4% Mortgage Loans 14% Private Credit Liquidity 23% Asset Based Finance 3% 27% Municipals 1% Equities