Voya Financial Inc
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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10. Goodwill and Other Intangible Assets
- Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:
| Wealth Solutions | Health Solutions | Investment Management | Corporate(1) | Consolidated | |
|---|---|---|---|---|---|
| Balance as of January 1, 2024 | $17 | $343 | $286 | $102 | $748 |
| Additions related to business acquisitions | — | — | — | — | — |
| Balance as of December 31, 2024 | $17 | $343 | $286 | $102 | $748 |
| Additions related to business acquisitions(2) | 56 | — | — | — | 56 |
| Balance as of March 31, 2025 | $73 | $343 | $286 | $102 | $804 |
(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10 respectively.
(2) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the Company recognized goodwill of $56 during the current quarter.
Other Intangible Assets
The following table presents other intangible assets as of the dates indicated:
| WeightedAverageAmortizationLives (Years) · March 31, 2025 · December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| GrossCarryingAmount · AccumulatedAmortization · NetCarryingAmount · GrossCarryingAmount · AccumulatedAmortization · NetCarryingAmount | |||||||
| Indefinite-life intangibles: | |||||||
| Management contract rights | N/A | $350 | $— | $350 | $350 | $— | $350 |
| Finite-life intangibles: | |||||||
| Management contract rights | 17 | 131 | 21 | 110 | 131 | 19 | 112 |
| Customer relationship lists(1) | 16 | 345 | 149 | 196 | 325 | 145 | 180 |
| Trademarks | 8 | 15 | 4 | 11 | 15 | 4 | 11 |
| Computer software | 4 | 455 | 268 | 187 | 432 | 253 | 179 |
| Total intangible assets | $1,296 | $442 | $854 | $1,253 | $421 | $832 | |
(1) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business during the quarter, the Company recognized intangible assets of $21, which will be amortized over a weighted average useful life of 13 years.
Amortization expense related to intangible assets was $25 and $23 for the three months ended March 31, 2025 and 2024, respectively.
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