VOYA · Voya Financial, Inc.

Voya Financial delivered strong Q1 2026 results with net income available to common shareholders rising 23% year-over-year to $165 million ($1.75 diluted EPS), driven by higher after-tax adjusted operating earnings, lower losses on exited businesses, and reduced acquisition integration costs. After-tax adjusted operating earnings increased 13% to $214 million ($2.26 diluted EPS), reflecting revenue growth and strong commercial execution across all segments despite a challenging macro environment, as noted by CEO Heather Lavallee. Retirement segment pre-tax adjusted operating earnings edged up to $209 million from $207 million, supported by 15% TTM net revenue growth from OneAmerica acquisition spreads, fee-based revenues, and positive capital markets, with total client assets expanding 12% to $780 billion and a stable 39.4% adjusted operating margin. Investment Management saw 12% growth in pre-tax adjusted operating earnings to $46 million (ex-noncontrolling interest), fueled by 4.6% TTM net revenue growth and strong momentum in Institutional and Retail channels, generating $65 million net inflows and lifting AUM to $353 billion with a consistent 28.6% margin. Employee Benefits improved sharply to $63 million pre-tax adjusted operating earnings from $46 million, driven by better net underwriting, higher fee-based revenue, and improved loss ratios in Group Life, Voluntary, and Stop Loss products, boosting TTM net revenues 17.8% and margin to 14.7% from 2.7%, while maintaining $3.6 billion annualized in-force premiums/fees by prioritizing margins. Corporate losses were stable at $61 million. The company generated approximately $200 million excess capital, aligning with its 90% target of after-tax adjusted operating earnings, returning $150 million via share repurchases and $44 million in dividends. Remaining repurchase authorization stood at $413 million as of March 31, 2026, with a new $150 million agreement for Q2; excess capital was $0.65 billion (pro forma $0.25 billion post-debt plans), underscoring disciplined capital management and balance sheet strength.