Voya Financial, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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, 2026 · Filed May 7, 2026
VOYA$99.01+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001535929-25-000115
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001535929-26-000083
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 370 previous paragraphs and 284 current paragraphs.
182 unchanged; 59 reworded; 40 added; 122 removed; 7 previous and 3 current paragraphs rearranged.
Tables are not compared: 40 previous and 40 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (40)
Current report
(1)Includes eliminations for AUM and AUA in our Retirement and Employee Benefits segments that are managed by our Investment Management segment and also reported in their AUM and AUA.
Current report
Total revenues increased $62 million from $1,969 million to $2,031 million. The following items contributed to the overall increase.
Current report
Net investment income increased $9 million from $560 million to $569 million primarily due to:
Current report
•higher investment income on fixed maturity securities primarily due to interest rate movements and actions to improve the portfolio yield.
Current report
Fee income increased $34 million from $570 million to $604 million primarily due to:
Current report
•higher average equity markets; and
Current report
Net gains (losses) worsened $11 million from a loss of $34 million to a loss of $45 million primarily due to:
Current report
This was partially offset by:
Current report
•a gain on the sale of an office building.
Current report
Income related to CIEs increased $18 million from $32 million to $50 million primarily due to:
Current report
Total benefits and expenses increased $5 million from $1,796 million to $1,801 million. The following items contributed to the overall increase.
Current report
•favorable Group Life and Voluntary experience in Employee Benefits; and
Current report
The decrease was partially offset by:
Current report
•less favorable Stop Loss developments in the current period compared to the prior period in Employee Benefits; and
Current report
•an unfavorable change in market risk benefits driven by equity market performance and interest rate movements.
Current report
•business growth; and
Current report
•investments in Retirement.
Current report
•lower acquisition and integration costs; and
Current report
(2)Corporate is not a reportable segment.
Current report
•an unfavorable change in market risk benefits driven by equity market performance and interest rate movements.
Current report
This was partially offset by:
Current report
Income (loss) related to businesses exited or to be exited through reinsurance or divestment improved $13 million from a loss of $39 million to a loss of $26 million primarily due to:
Current report
•net unfavorable market value changes on embedded derivatives primarily due to interest rate movements.
Current report
•a gain on the sale of an office building;
Current report
•lower severance costs; and
Current report
•lower acquisition and integration costs.
Current report
(1)Full Service and Recordkeeping assets as of March 31, 2025 were recast to reflect the OneAmerica book of business consistent with Voya's definition. There was no change to Total Defined Contribution assets as a result of this recast.
Current report
(2) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through a wholly owned broker-dealer and investment advisor, Voya Financial Advisors ("VFA"). Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
Current report
(4)Includes eliminations for certain client assets included in Recordkeeping and Investment-only Stable Value to better reflect the asset bases generating revenue.
Current report
(2) Includes a proprietary IRA mutual fund product wholesaled as a manufacturer and sold to Wealth Management clients through VFA. Effective first quarter 2026, the VFA-sold or distributed portion previously eliminated through the Eliminations line is now eliminated within Wealth Management assets. This change did not affect Total Client Assets and prior periods have been recast for comparability.
Current report
(1) Full Service and Recordkeeping net flows for the three months ended March 31, 2025 were recast to reflect the OneAmerica book of business consistent with Voya's definition. There was no change to total Defined Contribution Net Flows as a result of this recast.
Current report
Adjusted operating earnings before income taxes increased $2 million from $207 million to $209 million primarily due to:
Current report
•higher fee income driven by positive defined contribution flows over the last year and higher average equity markets;
Current report
•higher expenses driven by business growth and investments.
Current report
Adjusted operating earnings before income taxes including noncontrolling interest increased $6 million from $53 million to $59 million primarily due to:
Current report
Adjusted Operating earnings before income taxes increased $17 million from $46 million to $63 million primarily due to:
Current report
•favorable Group Life and Voluntary experience;
Current report
•less favorable Stop Loss developments in the current period compared to the prior period; and
Current report
Adjusted operating earnings before income taxes including noncontrolling interest was flat.
Current report
As of March 31, 2026, we had neither recognized any asset or liability nor been required to perform under any intercompany indemnifications or guarantee agreement.
Removed paragraphs (122)
Previous report
We have evolved as a company through the divestiture of substantially all of our closed block variable annuity, life insurance and legacy non-retirement annuity businesses and related assets. These divestitures align with our strategic focus on a capital light, high free cash flow business that maximizes value for our shareholders through capital return and accelerated profitable revenue growth while proactively managing risk.
Previous report
Trends and Uncertainties
Previous report
Market Conditions
Previous report
We continue to monitor the rapidly changing global financial, political and economic environment, while actively managing the Company’s businesses, investment portfolios and liquidity needs in light of current trends and uncertainties.
Previous report
During the first nine months of 2025, new tariffs were announced on major U.S. trading partners, who have in turn responded with retaliatory actions. While many of these tariffs have been put on hold, there is significant uncertainty about the future direction of trade policies between the U.S. and its partners. This in turn has led to a significant increase in volatility across financial markets and has created more uncertainty in the economic outlook. We describe how such macroeconomic developments, risks, and uncertainties may impact the Company in Risk Factors in Part I, Item 1A, and in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K.
Previous report
Total revenues increased $172 million from $1,956 million to $2,128 million. The following items contributed to the overall increase.
Previous report
Net investment income increased $77 million from $506 million to $583 million primarily due to:
Previous report
•income from onboarded OneAmerica assets;
Previous report
•active portfolio management.
Previous report
Fee income increased $76 million from $540 million to $616 million primarily due to:
Previous report
•onboarded OneAmerica assets; and
Previous report
Premiums decreased $77 million from $796 million to $719 million primarily due to:
Previous report
•actions to improve the Stop Loss business in Employee Benefits.
Previous report
Income (loss) related to consolidated investment entities increased $106 million from $25 million to $131 million primarily due to:
Previous report
•the deconsolidation of a collateral loan obligation in the prior period.
Previous report
Total benefits and expenses decreased $19 million from $1,840 million to $1,821 million. The following items contributed to the overall decrease.
Previous report
•unfavorable Stop Loss claim development in the prior period which did not repeat and a smaller block of business in the current period; and
Previous report
•interest credited associated with onboarded OneAmerica assets in Retirement; and
Previous report
•higher Voluntary reserving in the current period in Employee Benefits.
Previous report
Operating expenses increased $54 million from $775 million to $829 million primarily due to:
Previous report
•onboarded business from OneAmerica and growth in Retirement;
Previous report
•higher incentive compensation expenses in Corporate; and
Previous report
•investments in Short-Term Disability and Leave Management in Employee Benefits.
Previous report
•disciplined management of spend;
Previous report
•lower premium-driven expenses in Employee Benefits;
Previous report
•lower severance costs in the current period; and
Previous report
•lower integration costs in the current period associated with prior acquisitions.
Previous report
Net amortization of Deferred policy acquisition costs and Value of business acquired increased $10 million from $55 million to $65 million primarily due to:
Previous report
•amortization of the VOBA asset from the OneAmerica transaction.
Previous report
•a change in noncontrolling interest.
Previous report
Consolidated - Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous report
Total Revenues
Previous report
Total revenues increased $38 million from $6,040 million to $6,078 million. The following items contributed to the overall increase.
Previous report
Net investment income increased $174 million from $1,553 million to $1,727 million primarily due to:
Previous report
•income from onboarded OneAmerica assets;
Previous report
•interest rate movements.
Previous report
•higher investment expenses reflecting the additional OneAmerica assets.
Previous report
Fee income increased $193 million from $1,570 million to $1,763 million primarily due to:
Previous report
•onboarded OneAmerica assets; and
Previous report
•higher average equity markets and strong commercial momentum in Retirement and Investment Management.
Showing the first 40 of 122 passages. Open the source sections for the rest.
Reworded paragraphs (59)
Previous wording
The following discussion and analysis presents a review of our consolidated results of operations for the three and nine months ended September 30, 2025 and 2024 and financial condition as of September 30, 2025 and December 31, 2024. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I, Item 1. of this Quarterly Report on Form 10-Q, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") section contained in our Annual Report on Form 10-K.
Current wording
The following discussion and analysis presents a review of our condensed consolidated results of operations for the three months ended March 31, 2026 and 2025 and financial condition as of March 31, 2026 and December 31, 2025. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I, Item 1. of this Quarterly Report on Form 10-Q, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") section contained in our Annual Report on Form 10-K.
Previous wording
We are focused on executing our mission to make a secure financial future possible—one person, one family and one institution at a time. Voya’s scale, business mix, risk profile, and strong free cash flow generation are competitive differentiators, and we have a clear path to increasing free cash flow generation and Adjusted operating earnings growth via net revenue growth, margin expansion, and disciplined capital management.
Current wording
We are focused on executing our mission to make a secure financial future possible—one person, one family and one institution at a time. Voya’s scale, business mix, risk profile, and strong excess capital generation are competitive differentiators, and we have a clear path to increasing excess capital generation and Adjusted operating earnings growth via net revenue growth, margin expansion, and disciplined capital management.
Previous wording
On August 5, 2025, we announced we would return to using our prior segment names — Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in our financial statements. We will continue to provide our products and services through three segments: Retirement, Investment Management and Employee Benefits.
Current wording
We provide products and services through three segments: Retirement, Investment Management and Employee Benefits.
Previous wording
Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Fee income is generated from asset based and participant based administrative, recordkeeping and advisory fees. Investment income derives from our general account assets and other funds. Because a significant portion of our revenues is tied to account values, our profitability is determined in part by the amount of assets we have under management, administration or advisement. This in turn depends on sales volumes to new and existing clients, net deposits from retirement plan participants, asset retention, and changes in the market value of account assets. Our profitability also depends on the difference between the investment income we earn on our general account assets, or our portfolio yield, and crediting rates on client accounts.
Current wording
Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Fee income is generated from asset-based and participant-based administrative, recordkeeping and advisory fees. Investment income derives from our general account assets and other funds. Because a significant portion of our revenues is tied to account values, our profitability is determined in part by the amount of assets we have under management, administration or advisement. This in turn depends on sales volumes from new and existing clients, net deposits from retirement plan participants, asset retention, and changes in the market value of account assets. Our profitability also depends on the difference between the investment income we earn on our general account assets, or our portfolio yield, and crediting rates on client accounts.
Previous wording
Through our institutional distribution channel and our Retirement business, we serve a variety of institutional clients, including public, corporate and multiemployer defined benefit and defined contribution retirement plans, endowments and foundations, and insurance companies. We are a market leader in providing third-party general account management services to insurance companies, with a focus on public and private fixed income asset strategies, and a client service model adapted for the particular needs of insurance company clients. We also serve individual investors by offering our mutual funds, separately managed accounts, and private and alternative funds through an intermediary-focused distribution platform or through affiliate and third-party retirement platforms. Our scaled and growing international retail business is conducted through sub-advisory agreements with investment vehicles sponsored by affiliates of AllianzGI and distributed in Europe and Asia.
Current wording
Through our institutional distribution channel and our Retirement and Employee Benefits businesses, we serve a variety of institutional clients, including public, corporate and multiemployer defined benefit and defined contribution retirement plans, endowments and foundations, and insurance companies. We are a market leader in providing third-party general account management services to insurance companies, with a focus on public and private fixed income asset strategies, and a client service model adapted for the particular needs of insurance company clients. We also serve individual investors by offering our mutual funds, separately managed accounts, and private and alternative funds through an intermediary-focused distribution platform or through affiliate and third-party retirement platforms. Our scaled and growing international retail business is conducted through sub-advisory agreements with investment vehicles sponsored by affiliates of AllianzGI and distributed in Europe and Asia.
Previous wording
Our Employee Benefits segment provides worksite employee benefits, Health Account Solutions (Health Savings Account ("HSA")/Flexible Spending Account ("FSA")/Health Reimbursement Arrangements ("HRA") and COBRA administration), leave management, financial wellness, and decision support products and services to mid-size and large corporate employers and professional associations. In addition, our Employee Benefits segment serves the employer market by providing stop-loss coverage to employer plan sponsors that self-fund their pharmaceutical and medical benefits plans.
Current wording
Our Employee Benefits 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. We serve the employer market by providing stop-loss coverage to employer plan sponsors that self-fund their pharmaceutical and medical benefits plans. In addition, we provide Health Account Solutions (Health Savings Account ("HSA")/Flexible Spending Account ("FSA")/Health Reimbursement Arrangements ("HRA") and COBRA administration).
Previous wording
In addition, we also provide decision support tools through the Benefitfocus enrollment platform and through our MyVoyage mobile application, which provides a comprehensive guidance tool for employees to see their entire financial picture including their workplace benefits and savings. We support employers by taking on the administrative burden of benefits enrollment and administration, leave management, COBRA administration, and other obligations.
Current wording
In addition, we also provide decision support tools through the Benefitfocus enrollment platform and through our MyVoyage application, which provides a comprehensive guidance tool for employees to see their entire financial picture including their workplace benefits and savings. We support employers by taking on the administrative burden of benefits enrollment and administration, leave management, COBRA administration, and other obligations.
Previous wording
On January 2, 2025, the Company acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to the Company's full-service business in Retirement, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities and opportunities for distribution partnerships. The purchase consideration at closing included approximately $50 million in cash paid, and contingent consideration of up to $160 million payable in 2026, based on plan persistency and transition incentives.
Current wording
On January 2, 2025, we completed the acquisition of the full-service retirement plan business of OneAmerica Financial through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to our full-service business in Retirement, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities and new distribution partnerships. The purchase consideration included $50 million in cash paid at closing and contingent consideration based on plan persistency and transition incentives. During the first quarter of 2026, we paid $129 million of contingent consideration, with up to $20 million remaining payable later in 2026 based on the achievement of transition incentives.
Previous wording
In this MD&A, we discuss Adjusted operating earnings before income taxes and Adjusted operating revenues, each of which is a measure used by management to evaluate segment performance. For additional information on each measure, see Segments Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.
Current wording
In this MD&A, we discuss Adjusted operating earnings before income taxes and Adjusted operating revenues, each of which is a measure used by management to evaluate segment performance. For additional information on each measure, see the Segments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.
Previous wording
(1) Includes AUM and AUA related to the divested businesses, for which a substantial portion of the assets continue to be managed by our Investment Management segment.
Current wording
(2) Includes AUM and AUA related to the divested businesses managed by our Investment Management segment.
Previous wording
•higher average equity markets and strong commercial momentum in Retirement and Investment Management.
Current wording
•strong commercial momentum over the last year in Retirement and Investment Management.
Previous wording
Interest credited and other benefits to contract owners/policyholders decreased $88 million from $938 million to $850 million primarily due to:
Current wording
Interest credited and other benefits to contract owners/policyholders decreased $16 million from $835 million to $819 million primarily due to:
Previous wording
Adjusted Operating earnings before income taxes increased $24 million from $23 million to $47 million primarily due to:
Current wording
Operating expenses increased $24 million from $824 million to $848 million primarily due to:
Previous wording
Income tax expense increased $17 million from $18 million to $35 million primarily due to:
Current wording
Income tax expense increased $13 million from $22 million to $35 million primarily due to:
Previous wording
Adjustments from Income (Loss) before Income Taxes to Adjusted Operating Earnings (Loss) before Income Taxes
Current wording
Adjustments from Income before income taxes to Adjusted operating earnings before income taxes
Previous wording
The summary below reconciles Income (loss) before income taxes to Adjusted operating earnings before income taxes for the periods indicated:
Current wording
The summary below reconciles Income before income taxes to Adjusted operating earnings before income taxes for the periods indicated:
Previous wording
(1)Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the nine months ended September 30, 2025, also includes $31 million, pre-tax, of severance costs. For the three and nine months ended September 30, 2024, also includes $9 million, pre-tax, of severance costs.
Current wording
(1)Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended March 31, 2026, also includes a $21 million, pre-tax, gain on the sale of an office building. For the three months ended March 31, 2025, also includes $8 million, pre-tax, of severance costs.
Previous wording
Net investment gains (losses) improved $17 million from a loss of $33 million to a loss of $16 million primarily due to:
Current wording
Net investment gains (losses) worsened $35 million from a loss of $2 million to a loss of $37 million primarily due to:
Previous wording
Other adjustments to operating earnings improved $17 million from a loss of $28 million to a loss of $11 million primarily due to:
Current wording
Other adjustments to operating earnings improved $36 million from a loss of $30 million to a loss of $6 million primarily due to:
Previous wording
Adjusted operating earnings before income taxes is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings before income taxes should not be viewed as a substitute for GAAP pre-tax income. We believe that the presentation of segment Adjusted operating earnings before income taxes as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. Refer to the Segments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on the presentation of segment results, our definition of Adjusted operating earnings before income taxes and Adjusted operating revenues, which are both non-GAAP financial measures, and a reconciliation to the most directly comparable GAAP measure.
Current wording
Adjusted operating earnings before income taxes is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings before income taxes should not be viewed as a substitute for GAAP pre-tax income. We believe the presentation of segment Adjusted operating earnings before income taxes as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. Refer to the Segments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on the presentation of segment results, our definition of Adjusted operating earnings before income taxes and Adjusted operating revenues, which are both non-GAAP financial measures, and a reconciliation to the most directly comparable GAAP measure.
Previous wording
(1) Spread-based client assets include Full Service, as well as proprietary IRA mutual fund products and other guaranteed payout products.
Current wording
(1) Spread-based client assets includes a portion of Full Service, as well as proprietary IRA mutual fund products and other guaranteed payout products.
Previous wording
Our Investment Management segment operating revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees, for the periods indicated:
Current wording
Our Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees, for the periods indicated:
Previous wording
(1)Includes assets associated with the divested businesses.
Current wording
(1)Includes assets associated with divested businesses.
Previous wording
•higher fee-based revenues benefiting from strong commercial momentum and favorable market impacts;
Current wording
•higher fee-based revenues benefiting from positive net flows over the last year and positive markets; and
Previous wording
•active portfolio management; and
Current wording
•higher alternative investment income and active portfolio management; and
Previous wording
(2)Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
Current wording
(3)Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC.
Previous wording
Investment income on certain alternative investments can be volatile due to changes in market conditions. The following table presents the amount of investment income (loss) on certain alternative investments that is included in segment Adjusted operating earnings before income taxes and the average level of assets in each segment, prior to intercompany eliminations, which excludes alternative investments and income that are a component of Income (loss) related to businesses exited or to be exited through reinsurance or divestment. These alternative investments are carried at fair value, which is estimated based on the NAV of these funds. While investment income on these assets can be volatile, based on current plans, we expect to earn 9% on these assets over the long term.
Current wording
Investment income on certain alternative investments can be volatile due to changes in market conditions. The following table presents the amount of investment income on certain alternative investments that is included in segment Adjusted operating earnings before income taxes and the average level of assets in each segment, prior to intercompany eliminations. This excludes alternative investments and income that are a component of Income (loss) related to businesses exited or to be exited through reinsurance or divestment. These alternative investments are carried at fair value, which is estimated based on the NAV of these funds. While investment income on these assets can be volatile, based on current plans, we expect to earn 9% on these assets over the long-term.
Previous wording
The following table presents alternative investment income and average assets of alternative investments for the periods indicated:
Current wording
The following table presents the alternative investment income and the average assets of alternative investments for the periods indicated:
Previous wording
The following presents a review of our sources and uses of liquidity and capital and should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements discussion included further below.
Current wording
The following discussion presents an analysis of our sources and uses of liquidity and capital and should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements discussion included further below.
Previous wording
These sources of funds include the $500 million revolving credit sublimit of our senior unsecured credit facility and reciprocal borrowing facilities maintained with Voya Financial, Inc.'s subsidiaries as well as alternate sources of liquidity described below.
Current wording
These sources of funds include the $500 million revolving credit sublimit of our senior unsecured credit facility, the $600 million undrawn capacity of our pre-capitalized trust securities ("P-Caps") and reciprocal borrowing facilities maintained with Voya Financial, Inc.'s subsidiaries as well as alternate sources of liquidity described below.
Previous wording
We estimate that our excess capital (which we define as the amount of total adjusted capital in our insurance subsidiaries above our 375% RBC target, plus the amount of holding company liquidity above our $200 million target) as of September 30, 2025, was approximately $0.35 billion. As of September 30, 2025, our estimated combined RBC ratio was 407%. Excess capital and the estimated RBC ratio are both adjusted for certain intercompany loans and transactions.
Current wording
We estimate that our excess capital (which we define as the amount of total adjusted capital in our insurance subsidiaries above our 375% RBC target, plus the amount of holding company liquidity above our $200 million target) as of March 31, 2026, was approximately $0.25 billion. As of March 31, 2026, our estimated combined RBC ratio was 396%. Excess capital and the estimated RBC ratio are both adjusted for certain intercompany loans and transactions including the anticipated repayment of the 3.65% Senior Notes due June 15, 2026. See the Financing Agreements Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details on the maturing debt.
Previous wording
(1) See Pre-capitalized Trust Securities below for further detail.
Current wording
(1) See Debt below for further detail.
Previous wording
(2) Short-term investments have maturities of one year or less, but greater than three months, are liquid and primarily consist of commercial paper investments rated BBB+ or greater. Short-term investments also include receivables for securities sold.
Current wording
(2) Short-term investments have maturities of one year or less, but greater than three months, are liquid and primarily consist of commercial paper investments rated BBB+ or greater.
Previous wording
See the Consolidated and Nonconsolidated Investment Entities Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details over changes in noncontrolling interest during the year and impacting capitalization.
Current wording
See the Consolidated and Nonconsolidated Investment Entities Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for details regarding changes in noncontrolling interest during the year and their impact on capitalization.
Previous wording
See the Shareholders' Equity Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information relating to authorizations by the Board of Directors to repurchase our shares and amounts of common stock repurchased pursuant to such authorizations during the nine months ended September 30, 2025. As of September 30, 2025, our remaining repurchase capacity under the Board's authorization was $661 million.
Current wording
See the Shareholders' Equity Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information relating to authorizations by the Board of Directors to repurchase our shares and amounts of common stock repurchased pursuant to such authorizations during the three months ended March 31, 2026. As of March 31, 2026, our remaining repurchase capacity under the Board's authorization was $413 million.
Previous wording
As of September 30, 2025, we had $586 million of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. The following table summarizes our borrowing activities for the nine months ended September 30, 2025:
Current wording
As of March 31, 2026, we had $587 million of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. The following table summarizes our borrowing activities for the three months ended March 31, 2026:
Previous wording
See the Financing Agreements and Shareholders' Equity Notes to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details on changes in debt and equity during the year.
Current wording
See the Financing Agreements and Shareholders' Equity Notes to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for additional details on changes in debt and equity during the year and their impact on capitalization.
Previous wording
Under the Facility Agreement, we have the right, on one or more occasions, to issue and sell up to $600 million of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, we pay the Trust a semi-annual facility fee at a rate of 1.5175% per annum on the unexercised portion of the facility. These fees are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. We also reimburse the Trust for its administrative expenses.
Current wording
Under the Facility Agreement, we have the right, on one or more occasions, to issue and sell up to $600 million of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, we pay the Trust a semi-annual facility fee at a rate of 1.5175% per annum on the unexercised portion of the facility.
Previous wording
See the Financing Agreements Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on credit facilities.
Current wording
See the Financing Agreements Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on credit facilities.
Previous wording
Voya Financial, Inc. provide guarantees to certain of our subsidiaries to support various business requirements:
Current wording
Voya Financial, Inc. provides guarantees to certain of our subsidiaries to support various business requirements:
Showing the first 40 of 59 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•net favorable changes in derivative valuations due to interest rate movements; and
Current report — wording carried from elsewhere
These fees are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. We also reimburse the Trust for its administrative expenses.
Current report — wording carried from elsewhere
2034, the 5.7% senior notes due 2043, and the 4.8% senior notes due 2046, with an aggregate principal amount of $1.5 billion and (ii) the 4.7% fixed-to-floating junior subordinated notes due 2048, with principal amount of $336 million.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
•overall market impacts to limited partnership valuations; and
Previous report — wording carried elsewhere
Interest credited and other benefits to contract owners/policyholders decreased $146 million from $2,632 million to $2,486 million primarily due to:
Previous report — wording carried elsewhere
Adjustments to Income (loss) before income taxes
Previous report — wording carried elsewhere
•an unfavorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements;
Previous report — wording carried elsewhere
•higher alternative investment income and active portfolio management;
Previous report — wording carried elsewhere
•higher alternative investment income and active portfolio management.
Previous report — wording carried elsewhere
•higher alternative investment income and active portfolio management.