Voya Financial reported fourth-quarter 2025 net income available to common shareholders of $136 million, or $1.41 per diluted share, up from $93 million, or $0.94 per share, in Q4 2024. After-tax adjusted operating earnings in the quarter rose 36% year-over-year to $188 million, or $1.94 per diluted share. For full-year 2025, net income available to common shareholders was $613 million, or $6.29 per share, compared with $626 million, or $6.17 per share, in 2024. Full-year after-tax adjusted operating earnings grew 17% to $861 million, or $8.85 per share, driven by higher earnings across all businesses and a reduced share count from repurchases.

In Retirement, pre-tax adjusted operating earnings were $255 million in Q4 and $959 million for the year, driven by the OneAmerica acquisition, higher alternative investment income and record organic defined contribution inflows of $28 billion. Year-end client assets reached $797 billion, up 30%. Investment Management delivered Q4 pre-tax earnings of $72 million and full-year earnings of $226 million, supported by fee-based revenue growth and $14.6 billion of net inflows, lifting AUM to $360 billion. Employee Benefits swung to a Q4 adjusted operating loss of $10 million versus a $102 million loss a year earlier and delivered $152 million of full-year earnings, as underwriting margins improved and revenues grew nearly 15%.

During Q4, Voya generated $175 million of excess capital and returned $164 million to shareholders through $120 million of share repurchases and $44 million of dividends. For the full year, excess capital totaled $775 million—90% of after-tax adjusted operating earnings—with $200 million deployed to repurchases and $174 million to dividends. As of December 31, 2025, excess capital stood at $400 million and remaining repurchase authorization was $562 million.

CEO Heather Lavallee highlighted that 2025 performance exceeded targets for adjusted pre-tax earnings and cash generation, underpinned by diversified businesses and disciplined execution. She noted AUM in Retirement and Investment Management surpassed $1 trillion combined, and emphasized ongoing investments in technology and product innovation. CFO Mike Katz pointed to strong free-cash-flow generation and a clear set of priorities for aligning solutions with evolving employer and intermediary needs, positioning Voya for continued margin improvement and long-term shareholder value creation.