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olivLaw · US equity research

Voya Financial, Inc. VOYA

Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)

104.63USD+1.47% · 1 dayClose 04 Nov 2026

Voya Financial is a major provider of retirement solutions, employee benefits and asset management, with a very large base of customers and assets under management. For this analysis, what matters is that it completed the OneAmerica integration and reported excess capital generation above 100% of adjusted operating earnings in the second quarter of 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Voya Financial, Inc. (VOYA) stock was 104.63 USD (+1.47% on the day), with market capitalisation 9.3 bn USD, P/E 16.7 on diluted EPS of 6.26 USD over the last 12 months, dividend yield 1.80%, beta 1.08, 52-week range 65.51–104.86 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (−4.8% YoY), net income of 209.0 m USD (+8.9% YoY), diluted EPS 2.09 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
9.3 bn USD
shares as of 28 Oct 2026
P/E (TTM)
16.7
Diluted EPS TTM 6.26 · TTM to 30 Sept 2026
E/P (TTM)
5.98%
TTM to 30 Sept 2026
Dividend yield
1.80%
DPS 12m 1.88
Beta (2y)
1.08
Volatility (1y) 26%
52-week range
65.51104.86

Price history

Loading chart…

Technical reading

RSI (14)
70.4
overbought (≥ 70)
Bollinger (20, 2)
91.45 – 102.46
above the upper band · %B 1.20 · band width 11.4%
SMA 50 / 200
98.72 / 86.67
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
1.04 / 0.02
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+6.7%−1.1%+7.8 pp—
3 months+4.5%−0.5%+5.0 pp—
6 months+30.0%+4.4%+25.6 pp—
Year to date+40.5%+12.3%+28.1 pp—
1 year+42.1%+13.5%+28.5 pp+1.1%
3 years+49.2%+76.4%−27.2 pp+45.9%
5 years+53.5%+63.7%−10.2 pp—
Max drawdown (1y)
−17.1%
08 Jan 2026 → 12 Mar 2026
Max drawdown (5y)
−35.3%
17 Oct 2024 → 08 Apr 2025
Compound annual growth (5y)
+8.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
2.0 bn USD
−4.8% YoY
Net income
209.0 m USD
+8.9% YoY
Diluted EPS
2.09
+16.1% YoY
net / operating
10.3% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.0 bn2.0 bn2.0 bn2.1 bn2.1 bn2.0 bn1.9 bn2.0 bn
Pre-tax income120.0 m173.0 m188.0 m307.0 m169.0 m230.0 m34.0 m287.0 m
Income tax-1.0 m22.0 m27.0 m35.0 m20.0 m35.0 m16.0 m34.0 m
Net income97.0 m156.0 m166.0 m192.0 m140.0 m182.0 m94.0 m209.0 m
Diluted EPS0.99 ≈1.421.661.801.45 ≈1.750.972.09
Operating cash flow79.0 m-179.0 m742.0 m ≈168.0 m ≈557.0 m-36.0 m503.0 m ≈644.0 m ≈
Dividends paid43.0 m43.0 m-40.0 m ≈130.0 m ≈45.0 m44.0 m-40.0 m ≈0 ≈
Share repurchases120.0 m00 ≈100.0 m ≈100.0 m150.0 m150.0 m ≈100.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 96 percentile of its own 27-quarter history (min 3.6, median 11.8, max 16.8; quarters with earnings only).

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue7.2 bn7.5 bn7.6 bn4.2 bn5.9 bn7.3 bn8.1 bn8.2 bn
Revenue YoY−0.9%+4.4%+2.3%—+42.1%+23.9%+9.6%+1.7%
Net income762.0 m-360.0 m-206.0 m2.4 bn510.0 m625.0 m667.0 m654.0 m
Net income YoYunavailable−147.2%unavailable—−78.5%+22.5%+6.7%−1.9%
Diluted EPS4.53-2.64-1.8418.564.305.426.176.29
Diluted EPS YoYunavailable−158.3%unavailable—−76.8%+26.0%+13.8%+1.9%
net %10.6%-4.8%-2.7%56.8%8.6%8.5%8.3%8.0%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.3 bn USD
Financial debt
2.1 bn USD
Net debt
756.0 m USD
Equity
6.8 bn USD
Total assets
178.9 bn USD
Debt / equity
0.31x
Current ratio
unavailable
ROE
10.4%
ROA
0.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net fee income
2023
147.0 m
2024
186.0 m
2025
204.0 m

SEC (XBRL)· 20 Feb 2026verified

Pre-tax income
2023
678.0 m
2024
799.0 m
2025
837.0 m

SEC (XBRL)· 20 Feb 2026verified

Net income
2023
625.0 m
2024
667.0 m
2025
654.0 m

SEC (XBRL)· 20 Feb 2026verified

Diluted EPS
2023
5.42
2024
6.17
2025
6.29

SEC (XBRL)· 20 Feb 2026verified

Dividend per share
2023
1.20
2024
1.70
2025
1.82

SEC (XBRL)· 20 Feb 2026verified

Balance sheet · USD

Cash
2023
1.1 bn
2024
1.5 bn
2025
1.3 bn

SEC (XBRL)· 20 Feb 2026verified

Total assets
2023
157.1 bn
2024
163.9 bn
2025
178.9 bn

SEC (XBRL)· 20 Feb 2026verified

Short-term debt
2023
1.0 m
2024
399.0 m
2025
586.0 m

SEC (XBRL)· 20 Feb 2026verified

Long-term debt
2023
2.1 bn
2024
2.1 bn
2025
1.5 bn

SEC (XBRL)· 20 Feb 2026verified

Total liabilities
2023
151.0 bn
2024
157.9 bn
2025
171.8 bn

SEC (XBRL)· 20 Feb 2026verified

Equity
2023
5.9 bn
2024
5.8 bn
2025
6.8 bn

SEC (XBRL)· 20 Feb 2026verified

Cash flow · USD

Dividends paid
2023
127.0 m
2024
171.0 m
2025
178.0 m

SEC (XBRL)· 20 Feb 2026verified

Share repurchases
2023
369.0 m
2024
640.0 m
2025
200.0 m

SEC (XBRL)· 20 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.4%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-1.9%
computed by olivLawFY 2025
Net income CAGR 3Y
8.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
1.9%
computed by olivLawFY 2025
EPS CAGR 3Y
13.5%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive

Profitability

Net margin
7.8%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
14.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
0.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
30.0%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
9.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
15.0x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
16.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
6.0%
computed by olivLawTTM to 30 Sept 2026
P/B
2.5x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.8%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
5.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 54 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

104.63 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 9.3 bn USD

Key indicators

Market capitalisation
9.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
16.7x
computed by olivLawTTM to 30 Sept 2026
P/B
2.5x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
14.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
7.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
1.7%
computed by olivLawFY 2025
Dividend yield
1.8%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

13/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 28 Oct 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 1692derived 109

Score by group

  • Valuation19
  • Returns66
  • Quality74
  • Balance sheet0
  • Growth100

Estimated value range

Low
23.92
USD per share
Mid
47.50
USD per share
High
52.09
USD per share
Price: 104.63 USD
The price is above the range
Potential to the central value: -54.6% (value / price − 1)
Margin of safety: -120.3% (1 − price / value)
Agreement between methods: low · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.40 – 86.47 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income46.46 – 48.59 (Mid 47.50)
  • Justified P/B64.30 – 86.47 (Mid 73.76)
  • Dividend discount (DDM)23.92 – 32.16 (Mid 27.43)
  • Peers: P/E21.97 – 81.90 (Mid 57.08)
    16 companies used · median multiple 9.1x · quartiles 3.5x – 13.1x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA
  • Peers: P/B10.40 – 52.09 (Mid 28.36)
    14 companies used · median multiple 0.7x · quartiles 0.2x – 1.2x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, RGA
Multiple comparisons use the SIC vertical: Life Insurance (SIC 6311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 54/100

FactorValueScoreWeight used
ROE · Quality14.3%74 (vs peers)20%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growth13.5%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth11.4%100 (on a fixed band)9%
ROA · Balance sheet0.4%0 (on a fixed band)9%
P/B · Valuation2.5x13 (vs peers)16%
P/E (TTM) · Valuation16.7x25 (vs peers)16%
Dividend yield · Returns1.8%46 (vs peers)11%
Payout ratio (EPS) · Returns30.0%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 1/1 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality· partial74/100 · 1/2 factors with a value
  • Returns66/100 · 2/2 factors with a value
  • Valuation19/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Voya Financial, Inc. (VOYA). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: YoY growth 1.7%; net margin 7.8%; ROE 14.3%.

The estimated value range is 23.92–52.09 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 47.50 USD, the price of 104.63 USD leaves a potential of -54.6% (value / price − 1) and a margin of safety of -120.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 14.3%
  • EPS CAGR 3Y: 13.5%
  • Revenue CAGR 3Y: 11.4%
  • Payout ratio (EPS): 30.0%

What contradicts it

  • ROA: 0.4%
  • P/B: 2.5x
  • P/E (TTM): 16.7x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Loss ratio.

Versus the vertical median

Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies

Multiples and returns vs the median

P/E
16.7x
vertical median 9.1x
above median (+83.3%)
EV/EBITDA
—
vertical median —
P/S
1.2x
vertical median 0.5x
above median (+144.9%)
P/B
2.5x
vertical median 0.8x
above median (+208.3%)
ROE
14.3%
vertical median 11.7%
above median (+21.6%)
Net margin
7.8%
vertical median 9.5%
below median (−18.7%)
EBIT margin
—
vertical median —
Revenue YoY
1.7%
vertical median 6.6%
below median (−73.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
1.8%
vertical median 2.2%
below median (−19.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PUKPrudential PLC67.2 bn17.221.2%34.6%+7.0%−10% / +20%
METMetLife, Inc.65.4 bn19.513.2%4.6%+8.6%+34% / +62%
RGAReinsurance Group Of America, Incorporated17.4 bn11.711.7%5.8%+7.2%+40% / +64%
GLGlobe Life Inc.12.2 bn10.819.3%18.9%+3.7%+20% / +31%
VOYAVoya Financial, Inc.9.3 bn16.714.3%7.8%+1.7%+42% / +49%
CRBDCorebridge Financial, Inc.9.3 bn4.621.7%10.6%−1.2%−11% / unavailable
JXNJackson Financial Inc.9.1 bn11.19.5%13.4%+104.3%+40% / +188%
PRIPrimerica, Inc.8.8 bn11.433.0%23.2%+6.6%+11% / +36%
LNCLincoln National Corp8.0 bn3.622.6%12.2%−1.2%+1% / +75%
PFHPrudential Financial, Inc.5.3 bn1.412.6%6.3%−13.7%−11% / −20%
GNWGenworth Financial, Inc.3.5 bn17.52.4%2.9%+0.1%+6% / +56%
FGF&G Annuities & Life, Inc.2.9 bn7.49.2%6.9%−0.2%−32% / −46%
BHFBrighthouse Financial, Inc.2.4 bn3.313.6%12.5%+43.2%−35% / −18%
CIACitizens, Inc.209.2 m18.05.0%4.5%+4.3%−31% / +25%
AAMEAtlantic American Corporation24.3 m4.35.2%2.9%+11.9%−51% / −39%
ATHSAthene Holding Ltd4.7 m0.04.5%2.9%+24.1%−8% / unavailable
ANG-PDAmerican National Group Inc.215.5 k0.08.4%12.6%−0.4%−15% / unavailable
SLFSun Life Financial Inc——14.2%8.5%+8.0%+39% / +62%
MFCManulife Financial Corporation——11.0%68.5%+7.1%+31% / +135%
AEGAegon Ltd.——10.5%—+1.1%+7% / +56%

1- and 3-year price returns: for VOYA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
73.89
Total return -28% · Per year -28%
130.23
Total return 27% · Per year 27%
195.60
Total return 90% · Per year 90%
3 years
81.94
Total return -16% · Per year -6%
161.49
Total return 62% · Per year 17%
264.84
Total return 163% · Per year 38%
5 years
90.86
Total return -4% · Per year -1%
200.26
Total return 105% · Per year 15%
358.57
Total return 261% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 40.37
  • Net margin± 28.26
  • Annual revenue growth± 21.77
  • Annual dilution± 2.37

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).

In brief

Voya Financial is a major provider of retirement solutions, employee benefits and asset management, with a very large base of customers and assets under management. For this analysis, what matters is that it completed the OneAmerica integration and reported excess capital generation above 100% of adjusted operating earnings in the second quarter of 2026 13.

SWOT

Strengths

  • The company has a broad base of customers and managed assets, diversified across segments, geographies and revenue types 1.
  • Excess capital generation is strong, and the company has returned capital to shareholders through dividends and repurchases 13.
  • The OneAmerica integration has been completed, extending the capacity of the Retirement segment 3.

Weaknesses

  • Adjusted operating earnings fell in the second quarter of 2026 because of alternative investment losses and restructuring costs 3.
  • The Employee Benefits segment earned a weaker margin in the quarter, and results depend on claims development 3.
  • The company relies on intermediaries and must maintain market share in highly competitive segments 1.

Opportunities

  • Growth in Investment Management and Retirement assets could support fee revenues 3.
  • Savings from the efficiency program could improve margins later if they are realised as management expects 3.
  • Expansion into emerging and mid-market segments after the OneAmerica deal could bring new clients 1.

Threats

  • Capital market volatility and interest rate changes can affect asset values and portfolio returns 1.
  • A downgrade or potential downgrade in credit ratings could lead to lost business, according to the risks the company describes 1.
  • Regulatory and tax changes could affect the business model, especially in retirement plans 1.

Risks

  • Interest rate exposurehigh

    Sudden changes in interest rates can reduce the value of the bond portfolio and raise collateral requirements, which could affect liquidity 1.

  • Stable value productshigh

    Stable value products can generate additional reserves if rates or withdrawals change, which could affect the financial position 1.

  • Credit ratingmedium

    A downgrade or potential downgrade in credit ratings could lead to lost clients and higher financing costs 1.

  • Alternative investment lossesmedium

    Quarterly results can be affected by losses from alternative investments, which are hard to predict 3.

  • Cybersecurity and operationsmedium

    Failures in IT systems or security breaches could affect customer data and the company's reputation 1.

Investment thesis

What would need to be true (bull case)

  • A broad base of customers and assets, combined with excess capital generation, gives the company flexibility to invest and return capital to shareholders 13.
  • Growth in fee revenues and the OneAmerica integration could support steadier growth in the Retirement segment 3.
  • The efficiency program could reduce costs and improve margins if the savings materialise in coming quarters 3.

What would break the thesis

  • Adjusted earnings fell, and losses from alternative investments show that results can be volatile 3.
  • The rate environment and market volatility could affect asset values and fee income 1.
  • Margins in Employee Benefits declined from the prior year, and results depend on claims experience 3.

What to watch

  • Progress of efficiency savings and whether they cover the severance costsQ3 2026
  • Alternative investment results and their effect on adjusted operating earningsQ3 2026
  • Growth in Investment Management assets and fee revenuesQ4 2026
  • Employee Benefits margin trend and the total aggregate loss rationext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).

The business

Voya is a holding company incorporated in Delaware that operates through subsidiaries and is a major provider of savings and benefits solutions for U.S. employers. The company reports over 18 million individual customer relationships and approximately 11,000 employees as of December 31, 2025 1. It is also an international asset manager with a solid presence in the U.S. and operations in Europe and Asia 1.

The company reports three segments: Retirement, Investment Management and Employee Benefits 1. Effective August 5, 2025, the Retirement and Employee Benefits segments returned to their prior names, replacing Wealth Solutions and Health Solutions, with no effect on reported amounts 1. The business model is described as capital light, with revenues from fees, spreads and underwriting 1.

In January 2025 Voya completed the acquisition of the full-service retirement plan business of OneAmerica Financial, which added assets in emerging and mid-market segments 1. In the second quarter of 2026 the company announced that the OneAmerica integration was complete and that it had exceeded the financial goals set for the acquisition 3.

Segments

Retirement

The Retirement segment provides retirement plan solutions and administration technology to employers, with approximately 796.5 billion dollars of AUM and AUA at the end of 2025 1. Revenue comes mainly from asset-based fees, and adjusted operating earnings before taxes were 959 million dollars in fiscal 2025 1.

Investment Management

The segment manages fixed income, equity, alternatives and multi-asset strategies for institutions and individual investors, with fees based mainly on assets under management 1. According to the August 2026 release, assets under management rose to 377 billion dollars, and net revenues for the trailing twelve months grew 6% 3.

Employee Benefits

The segment offers group life, disability, leave management, stop-loss coverage and the Benefitfocus enrollment platform 1. Adjusted operating margin for the trailing twelve months rose to 11% on underwriting discipline and pricing actions, although second-quarter earnings fell from the prior year 3.

Market context

Voya operates in the U.S. defined contribution retirement market, serving employers from small businesses to large corporations, schools, hospitals and state and local governments 1. The employee benefits market is tied to employers' health plans and group insurance 1.

The asset management business has an international dimension through its partnership with Allianz Global Investments, with distribution in Europe and Asia 1. The company is also a market leader in third-party general account management for insurance companies, with a focus on public and private fixed income 1.

Trends

  • Market volatility and interest ratesmixed

    The interest rate environment and market volatility can affect portfolio yields and fee revenues tied to assets, which could reduce income if volatility persists 1. Over the long term the company believes such conditions may enhance the attractiveness of its products 1.

  • Growth in fee revenuestailwind

    The August 2026 release shows fee-based revenues rising in Retirement and Investment Management, supported by asset growth and the OneAmerica integration 3. If this continues, it could support margins over the medium term 3.

  • Alternative investment incomeheadwind

    Alternative investment results declined in the second quarter of 2026, which contributed to lower adjusted operating earnings 3. Future results could be affected by similar non-recurring losses if they recur 3.

  • Operating efficiency actionstailwind

    The company launched targeted actions to improve operating efficiency and reduce expenses, with severance costs in the second quarter of 2026 3. Management says the expense savings could offset these costs within the next two quarters 3.

Competitive position

In U.S. retirement plans Voya competes with large administration and asset management providers that offer both proprietary and multi-vendor solutions distributed through brokers and consultants 1. Competition is intense in larger plan segments, and the ability to maintain market share is cited as a risk 1.

In asset management the company competes with fund managers and providers of solutions for insurance companies, where performance and distribution are key criteria 1. In benefits, competition extends to benefits administration platforms 1.

  • Empower Retirement (Great-West Lifeco)

    Provider of retirement plans for U.S. employers, in direct competition in the Retirement segment in the context described by the company.

  • Fidelity Investments

    Competitor in administering defined contribution plans and distributing products to employers; not separately listed in the sources reviewed.

  • Principal Financial GroupPFG

    Competitor in employer retirement plans and asset management, present in the same markets as Voya.

  • Prudential FinancialPRU

    Competitor in employee benefits solutions and in asset management for institutional clients.

News & filings

In the press

The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Voya Financial, Inc. · 20 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Voya Financial, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Voya Financial, Inc. · 04 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.