Voya Financial, Inc. (NYSE: VOYA-PB)

Voya Financial Inc is a leading provider of workplace benefits and savings solutions and technologies to U. S. employers enabling better financial outcomes for their employees and dependents. The company delivers retirement solutions retail wealth services and a comprehensive portfolio of benefits products. In addition Voya Financial Inc operates as a leading international asset manager with a foundation of institutional quality fixed income and private asset strategies serving clients in Europe and Asia. As of December 31 2025 the firm reported over 18 million individual customer relationships and more than 50 thousand employer and institutional client relationships across its businesses supported by approximately 11000 employees located in the United States and a global services center in India.

Voya Financial Inc generates revenue through multiple streams that reflect its diversified business model. In the Retirement segment revenue comes from fee based sources such as asset based and participant based administrative recordkeeping and advisory fees as well as investment income derived from general account assets and other funds. The Investment Management segment earns primarily management fees calculated as a percentage of assets under management with additional performance based incentive fees when returns exceed benchmarks and administrative fees on outside managed assets. The Employee Benefits segment derives the majority of its revenue from underwriting income which is the difference between premiums collected and mortality charges plus benefits and expenses paid for group life stop loss and voluntary benefits supplemented by fee income from benefits administration leave management HSA FSA HRA and COBRA services and investment income from the spread between investment yields and credited rates on policyholder reserves.

The company operates through the following segments: Retirement Investment Management and Employee Benefits.

• Retirement This segment provides retirement plan solutions and administration technology and services to employers through its Retirement business and offers individual retirement accounts and financial guidance planning and advisory services through its Wealth Management business. As of December 31 2025 Retirement managed approximately 796 point 5 billion dollars of assets under management and administration of which about 84 point 7 billion dollars were proprietary assets. Revenue is earned from a mix of fee and investment income with fee income sourced from asset based and participant based administrative recordkeeping and advisory fees and investment income derived from general account assets and other funds. The segment generated adjusted operating earnings before income taxes of 959 million dollars for the year ended December 31 2025.

• Investment Management This segment delivers domestic and international fixed income equity alternatives and multi-asset products and solutions across market sectors and investment styles through an actively managed full-service investment management business. As of December 31 2025 Investment Management managed 286 point 9 billion dollars for third-party institutional and individual investors 35 point 9 billion dollars in separate account assets for other businesses and 37 point 3 billion dollars in general account assets while also managing 100 point 9 billion dollars in private and alternative asset solutions. Revenue is primarily derived from management fees based on a percentage of assets under management with additional performance based incentive fees and administrative fees on outside managed assets. Excluding Allianz's non-controlling interest the segment generated adjusted operating earnings before income taxes of 226 million dollars for the year ended December 31 2025.

• Employee Benefits This segment provides workplace employee benefits including group life insurance disability insurance leave management services supplemental benefit insurance financial wellness and decision support products and services to mid-size and large corporate employers and professional associations. As of December 31 2025 the segment reported total in-force premiums and fees of 3 point 6 billion dollars and ranked third among direct providers of stop-loss coverage on a premium basis with approximately 1 point 6 billion dollars of in-force premiums. Revenue is generated from premiums and fees investment income mortality and morbidity income and policy and other charges with underwriting income comprising the majority of revenues. The segment generated adjusted operating earnings before income taxes of 152 million dollars for the year ended December 31 2025.

Voya Financial Inc holds a strong position within the financial services industry particularly in the retirement and employee benefits markets where it is recognized as a leading provider of plan administration technology and benefits solutions. In the investment management arena the firm competes with a wide array of asset managers including insurance-owned firms such as Principal Global Investors Prudential and Ameriprise as well as bank-owned managers like Invesco T Rowe Price Franklin Templeton Janus Henderson and Virtus Investment Partners. Competitive advantages stem from its diversified revenue base spanning fee based spread based and underwriting sources its capital light operating model and its extensive distribution network that includes unaffiliated channels affiliated advisors and dedicated sales teams. The company's technology platforms such as the Voya Retire mobile application and the Benefitfocus benefits administration system enhance client experience and operational efficiency.

The company serves a broad customer base that includes U. S. employers across private public and tax exempt markets ranging from small businesses with fewer than 50 employees to the largest corporations and public-sector employers in the country. Its retirement platform reaches nearly 10 million workplace retirement plan participant accounts while its benefits administration platform engages approximately 12 point 2 million employees in the United States as they enroll in and use workplace benefits. In addition Voya Financial Inc provides investment management services to institutional clients such as public corporate and multiemployer defined benefit and defined contribution retirement plans endowments foundations and insurance companies as well as to individual investors through intermediary focused distribution platforms and affiliate and third-party retirement platforms. The firm also works with financial intermediaries independent producers affiliated advisors and dedicated sales specialists throughout the United States to deliver its products and services.