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 year-ago period. After-tax adjusted operating earnings rose 36% year-over-year to $188 million, or $1.94 per diluted share, driven by strong contributions across all business segments and a reduced share count from repurchases. Total net revenues increased 8% year-over-year, supported by higher investment income, though premium revenues declined slightly as Employee Benefits prioritized underwriting margins over volume. Despite this revenue rise, earnings per share missed the consensus estimate of $2.11.

In Retirement, pre-tax adjusted operating earnings for the quarter climbed to $255 million, up $45 million from the prior year, reflecting organic defined contribution net inflows of $7 billion and assets onboarded from the OneAmerica acquisition. Investment Management posted pre-tax operating earnings of $72 million, a $6 million increase, underpinned by positive capital markets and strong fee-based revenues. Employee Benefits turned a pre-tax adjusted operating loss of $10 million, a material improvement from a $102 million loss a year earlier, due to higher underwriting margins in Group Life and Stop Loss.

Voya generated approximately $175 million of excess capital in the quarter and returned $164 million to shareholders through $120 million of share repurchases and $44 million in common stock dividends. For full-year 2025, excess capital totaled $775 million—equivalent to 90% of after-tax adjusted operating earnings—with $200 million repurchased and $174 million paid in dividends. As of December 31, 2025, the company held $400 million of excess capital and maintained $562 million of remaining repurchase authorization.

For the full year, Voya delivered net income of $613 million, or $6.29 per diluted share, compared with $626 million, or $6.17 per diluted share, in 2024. After-tax adjusted operating earnings rose 17% to $861 million, or $8.85 per diluted share, driven by margin improvement in Employee Benefits, organic growth in Retirement and Investment Management, and contributions from the OneAmerica acquisition. Total client assets in Retirement reached $797 billion, up 30%, while Investment Management assets under management grew to $360 billion, up 6%, reflecting net inflows of $14.6 billion for the year.