Voya Financial, Inc.

10. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:

(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 Retirement, Investment Management and Employee Benefits segments as $72, $10 and $20, respectively.

(2) During 2025, the Company recognized goodwill of $56 as a result of the acquisition of OneAmerica Financial's full-service retirement plan business.

During the fourth quarter of 2025, the Company performed its annual goodwill impairment assessment and determined there wasno goodwill impairment as of December 31, 2025. There wereno accumulated impairments associated with goodwill as of December 31, 2025 and 2024.

The Company’s indefinite-lived intangible assets, primarily related to the right to manage client assets, were valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including the projected revenues and discount rate. The right to manage client assets was determined to have an indefinite life based on the open-ended nature of the right to manage, and the ability to continue to manage the assets with no specific termination date.

During the fourth quarter of 2025 and 2024, the Company completed an assessment for recoverability of its definite-lived intangible assets, and determined that the carrying value was recoverable. During 2023, the Company recognized an impairment loss of $33 in relation to management contract rights, which was included in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2023.

The following table presents other intangible assets as of the dates indicated:

(1)During the fourth quarter of 2024, $18 of management contracts related to a prior acquisition were derecognized, and the related loss was recorded in Operating expenses in the Consolidated Statements of Operations, and reported in the Investment Management segment.

(2) During 2025, as a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the Company recognized intangible assets of $21, which will be amortized over a weighted average useful life of 13 years.

(3) Fully amortized computer software of $47 was written-off during the year ended December 31, 2025.

Amortization expense related to intangible assets was $103, $96 and $85 for the years ended December 31, 2025, 2024 and 2023, respectively.

The estimated amortization of intangible assets for the next five years are as follows: