Voya Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
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Item 8. Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Voya Financial, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Voya Financial, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 20, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
| Medical Stop Loss Unpaid Claim Liability | |
| Description of the Matter | As described in Notes 1 and 6 to the consolidated financial statements, at December 31, 2025, the Company reported incurred but not reported (IBNR) unpaid claim liability related to the Employee Benefits segment medical stop loss product of $458 million, which is reported within Future Policy Benefits. This liability represented the Company’s best estimate of the ultimate costs associated with unpaid claims and claim adjustment expenses for the medical stop loss product. The Company established the unpaid claim liability using actuarial methodologies and claim development assumptions which were based on the Company’s own experience and required significant management judgment.The subjectivity of estimating the IBNR unpaid claim liability is caused by various factors including uncertainty in claim development assumptions. Performing audit procedures to evaluate the reserve for losses and loss adjustment expenses required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial specialists. |
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| How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that relate to the development of the IBNR unpaid claim liability estimate. This included, among others, controls over the inputs, methods, and assumptions used by the Company when estimating the liability.Among other audit procedures performed, with the assistance of our actuarial specialists we evaluated the actuarial methods and assumptions used by the Company as well as judgments made by the Company in determining the best estimate liability. We independently estimated a range of reasonable unpaid claim liabilities using current data and historical loss development patterns and compared the Company’s recorded liability to this independent estimate. |
/s/Ernst & Young LLP
We have served as the Company’s auditor since 2001.
Atlanta, Georgia
February 20, 2026
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