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 diluted share in the same period a year ago. After-tax adjusted operating earnings rose 36% year-over-year to $188 million, or $1.94 per diluted share, driven by higher contributions from all business segments and lower share count from repurchases. For full-year 2025, net income was $613 million, or $6.29 per diluted share, compared with $626 million, or $6.17 per diluted share in 2024, reflecting nonrecurring gains in the prior year offset by robust operating performance. After-tax adjusted operating earnings increased 17% to $861 million, or $8.85 per share, as improved segment margins and disciplined expense management outpaced higher compensation accruals.

The Retirement business delivered pre-tax adjusted operating earnings of $255 million in Q4, up $45 million from the prior year, and $959 million for the full year, a $139 million increase. Net revenues grew 17.1% to $797 billion in client assets as of December 31, 2025, driven by the OneAmerica acquisition, record organic defined contribution net inflows of $28 billion, higher alternative investment income and favorable market moves. The adjusted operating margin remained stable at 39.8%, reflecting tight expense control alongside strategic investments in growth initiatives.

Investment Management posted fourth-quarter pre-tax adjusted operating earnings of $72 million, up 9% from $66 million a year earlier, supported by higher fee-based revenues and positive market appreciation. Full-year earnings reached $226 million, a 6% increase over the prior period, as net revenues climbed 4.9% to exceed $1 billion for the first time in firm history. The segment generated net inflows of $1.2 billion in Q4 and a record $14.6 billion for 2025, lifting assets under management to $360 billion, up from $339 billion at the end of 2024. The adjusted operating margin held steady at 28.3%.

Employee Benefits swung to a pre-tax adjusted operating profit of $152 million for the full year (from $40 million in 2024) and narrowed its Q4 loss to $10 million, compared with a $102 million loss in the prior-year quarter, thanks to higher underwriting margins in Group Life and Stop Loss. Annualized in-force premiums and fees moderated 5% to $3.6 billion as management prioritized margin improvement. Voya generated approximately $175 million of excess capital in Q4, returning $120 million via share repurchases and $44 million in dividends. For 2025, excess capital totaled $775 million, 90% of adjusted operating earnings, with $200 million repurchased and $174 million distributed, leaving $562 million in remaining buyback authorization.