Voya Financial First Quarter 2025 Call Information contained herein is proprietary, confidential and non-public and is not for public release. Forward-Looking and Other Cautionary Statements Key Themes & Strategic Priorities Information contained herein is proprietary, confidential and non-public and is not for public release. 3 Investor Value Proposition Diverse, complementary and capital-light businesses with attractive returns Consistent strong free cash flow Healthy balance sheet 1Q'25 Highlights Inform ...

Exhibit 99.2 Quarterly Investor Supplement March 31, 2025 This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2025. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission's website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited. Voya Financial Mei Ni Chu 200 Park Avenue IR@voya.com New Yor ...

Core Insights - Albert Anthony is a Croatian-American media personality who has gained over 1,000 followers on investor platforms since 2023, focusing on markets and stocks [1] - He is set to launch a new book titled "Financial Markets: Growing A Dividend Income Portfolio" in 2025, which aligns with his ongoing article series on the same topic [1] - Albert Anthony has a background in management and information systems, having worked in a top-10 financial firm's IT department [1] Company Overview - Albert Anthony & Co. is a sole proprietorship registered in Austin, Texas, and is wholly owned by Albert Anthony [1] - The company does not provide personalized financial advisory services but offers general market commentary based on publicly available data [1] - The Future Investor Fund, launched by Albert Anthony, focuses on building a dividend portfolio [1] Educational Background - Albert Anthony has completed degrees and certificates from several institutions, including Drew University, Corporate Finance Institute, and UVA Darden School of Business [1] - He has attended various business and innovation conferences in Southeast Europe and has spoken at startup and digital nomad events [1]

Core Viewpoint - Voya Financial reported a mixed performance in its Q4 2024 earnings, with adjusted operating earnings per share of $1.50, significantly beating estimates but showing a year-over-year decline of 23.8% due to higher loss ratios and lower spread-based assets [2][11]. Financial Performance - Adjusted operating revenues reached $1.9 billion, marking a 12.5% increase year-over-year, while net investment income slightly decreased by 0.2% to $521 million [3]. - Fee income rose by 11% to $543 million, and premiums increased by 17.4% to $790 million [3]. - Total benefits and expenses were $1.8 billion, up 10% from the previous year [3]. Segment Analysis - Wealth Solutions saw adjusted operating earnings of $210 million, a 42.8% increase year-over-year, driven by fee-based revenue growth and disciplined expense management [4]. - Health Solutions reported a pre-tax adjusted operating loss of $102 million, a decline from a profit of $44 million in the previous year, primarily due to higher loss ratios [5]. - Investment Management posted pre-tax adjusted operating earnings of $66 million, up 46.7% year-over-year, benefiting from strong business momentum and positive capital markets [6]. - Corporate segment incurred pre-tax adjusted operating losses of $27 million, an improvement from a loss of $34 million in the prior year [7]. Financial Position - Voya Financial ended the quarter with cash and cash equivalents of $1.4 billion, a 49.3% increase year-over-year, while total investments decreased by 4.3% to $35 billion [8]. - Long-term debt was $2.1 billion, up 0.2% from the end of 2023, and the financial leverage ratio deteriorated by 250 basis points to 30.3% [8]. - Book value per share increased by 5.4% to $61.31, and the company had approximately $0.6 billion of excess capital [8]. Capital Deployment - Voya Financial returned $800 million of excess capital to shareholders in 2024, including $140 million in share repurchases and $43 million in dividends [10]. - As of December 31, 2024, the remaining share repurchase authorization stood at $761 million [10]. Full-Year Highlights - For the full year 2024, adjusted operating earnings per share were $7.79, a 3% decrease year-over-year, but still beating estimates by 17.3% [11]. - Adjusted operating revenues increased by 9.7% to $7.5 billion compared to the previous year [11]. Estimate Trends - Estimates for Voya Financial have trended downward, with a consensus estimate shift of -9.09% over the past month [12].

Financial Data and Key Metrics Changes - Adjusted operating earnings per share for Q4 2024 were reported at $1.40, contributing to a full-year result of $7.25 [23] - Full-year alternative income returns were approximately 7%, which was below long-term expectations by $0.53 [24] - Free cash flow conversion was approximately 90% in 2024, with expectations for continued performance in 2025 and 2026 [26][46] Business Line Data and Key Metrics Changes - Wealth Solutions earnings increased by 30% year-over-year, with revenue growth and adjusted operating margin exceeding full-year targets [10] - Voya Investment Management achieved a 20% year-over-year earnings growth, with an organic growth rate above 4% for the year [11] - Health Solutions reported adjusted operating earnings of $40 million for the year, impacted by unfavorable claims experience in Stop Loss [30] Market Data and Key Metrics Changes - Wealth Solutions generated $2 billion of defined contribution net flows in 2024, demonstrating strong commercial momentum [11] - Voya Investment Management recorded total net inflows of $12.5 billion for 2024, with a significant portion coming from institutional clients [38] - Defined contribution retention rate was 98.5%, up 60 basis points year-over-year [34] Company Strategy and Development Direction - The company aims to improve Stop Loss margins through increased pricing and improved risk selection actions [14] - Integration of the OneAmerica transaction is a strategic priority, expected to contribute $200 million in revenue and $75 million in incremental operating earnings in 2025 [16] - Focus on enhancing capabilities in leave management and disability administration to drive competitiveness in bundled Health Solutions [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the adequacy of reserves to cover future claims based on January experience [9] - The company anticipates significant improvement in Stop Loss margins and overall profitability in 2025 and 2026 [46] - Management highlighted the importance of maintaining a balanced approach to capital return and growth investments [45] Other Important Information - The company returned $800 million of excess capital to shareholders in 2024 through share repurchases and dividends [12] - The acquisition of Sconset Re is expected to yield attractive investment returns and strengthen Voya's position in the insurance asset management market [21] - The company plans to maintain a strategic approach to capital management, with expectations for increased excess capital generation in 2025 and 2026 [46] Q&A Session Summary Question: What are the factors affecting the ROE guidance for 2025? - Management acknowledged the impact of weaker Stop Loss results, investments in leave management, and lower prepayment income on the ROE guidance of 12% to 13% for 2025 [51][52] Question: Will the $50 million strategic spend on leave management recur in 2026? - Management indicated that the strategic spend is primarily expected to impact 2025, with a breakeven expectation for 2026 and positive earnings anticipated in 2027 [64][65] Question: What gives confidence in improved risk selection for Stop Loss? - Management emphasized a focus on known claims and improved pricing strategies, along with a commitment to margin over premium growth [66][70] Question: How will OneAmerica's acquisition impact wealth flows in 2025? - Management noted that while there may be volatility in flows due to OneAmerica, the fundamentals of the wealth business remain strong, with a solid pipeline of plans [78][79] Question: What actions are being taken to improve the voluntary business loss experience? - Management highlighted the importance of increasing utilization of voluntary products and improving administrative capabilities to drive higher participation rates [102][104]

Voya Financial Fourth Quarter 2024 Results and 2025 Outlook Call Information contained herein is proprietary, confidential and non-public and is not for public release. 1 Forward-Looking and Other Cautionary Statements 2 Key Themes & Strategic Priorities Information contained herein is proprietary, confidential and non-public and is not for public release. 3 Key Themes: Poised for Meaningful Growth in FY'25 | Health Solutions Positioned for | ❑ ❑ | | --- | --- | | Meaningful | ▪ | | Improvement in FY'25 | ▪ ...

Core Viewpoint - Voya Financial, Inc. reported strong fourth-quarter 2024 adjusted operating earnings of $1.50 per share, significantly exceeding expectations, despite a year-over-year decline of 23.8% due to higher loss ratios and lower spread-based assets [1][11]. Financial Performance - Adjusted operating revenues reached $1.9 billion, marking a 12.5% increase year over year [2]. - Net investment income slightly decreased by 0.2% year over year to $521 million [2]. - Fee income rose by 11% year over year to $543 million, while premiums increased by 17.4% to $790 million [2]. - Total benefits and expenses were $1.8 billion, up 10% from the previous year [2]. Segmental Update - Wealth Solutions reported adjusted operating earnings of $210 million, a 42.8% increase year over year, driven by growth in fee-based revenues and alternative investment income [4]. - Health Solutions experienced a pre-tax adjusted operating loss of $102 million, a decline from earnings of $44 million in the previous year, primarily due to higher loss ratios [5]. - Investment Management posted pre-tax adjusted operating earnings of $66 million, up 46.7% year over year, supported by higher fee-based revenues and net inflows of $3.4 billion [6]. - Corporate segment incurred pre-tax adjusted operating losses of $27 million, an improvement from a loss of $34 million in the prior year [7]. Financial Update - Voya Financial ended the quarter with cash and cash equivalents of $1.4 billion, a 49.3% increase year over year [8]. - Total investments amounted to $35 billion, down 4.3% year over year [8]. - Long-term debt was $2.1 billion, a slight increase of 0.2% from the end of 2023 [8]. - Book value per share (excluding AOCI) increased by 5.4% year over year to $61.31 [9]. Capital Deployment - The company returned $800 million of excess capital to shareholders in 2024, including $140 million in share repurchases and $43 million in dividends [10]. - As of December 31, 2024, Voya had a remaining share repurchase authorization of $761 million [10]. Full-Year Highlights - For the full year 2024, adjusted operating earnings per share were $7.79, a decrease of 3% year over year, but still beating the consensus estimate by 17.3% [11]. - Adjusted operating revenues for the full year increased by 9.7% to $7.5 billion [11].

Core Insights - Voya Financial reported a revenue of $174 million for Q4 2024, marking a year-over-year decline of 26.3%, with an EPS of $1.50 compared to $1.97 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $130.16 million by 33.69%, while the EPS surprised by 111.27% against the consensus estimate of $0.71 [1] Financial Performance Metrics - Total Assets Under Management (AUM) and Assets Under Administration (AUA) in Wealth Solutions were $612.21 billion, below the average estimate of $627.13 billion [4] - Client Assets in Wealth Solutions - Full Service were $208.45 billion, compared to the average estimate of $215 billion [4] - Client Assets in Wealth Solutions - Recordkeeping were $340.25 billion, below the estimated $347.88 billion [4] - Client Assets in Wealth Solutions - Defined Contribution Investment-only SV were $34.56 billion, slightly below the average estimate of $35.07 billion [4] - Fee income revenue was $543 million, compared to the average estimate of $577.07 million, representing an 11% year-over-year change [4] - Net investment income revenue was $521 million, slightly below the average estimate of $486.74 million, with a year-over-year change of -0.2% [4] - Premiums revenue was $790 million, close to the estimated $791.24 million, reflecting a 17.4% year-over-year increase [4] - Adjusted Operating Revenues for Investment Management totaled $271 million, exceeding the average estimate of $242.07 million, with an 18.9% year-over-year change [4] - Adjusted Operating Revenues for Investment Management - Fee income was $237 million, slightly above the average estimate of $235.77 million, with a 6.8% year-over-year increase [4] - Adjusted Operating Revenues for Corporate - Net investment income and net gains were $8 million, surpassing the average estimate of $5.50 million, reflecting a 14.3% year-over-year increase [4] - Adjusted Operating Revenues for Corporate - Total was $8 million, compared to the average estimate of $6.63 million, indicating an 11.1% year-over-year decline [4] Stock Performance - Voya's shares returned +0.5% over the past month, while the Zacks S&P 500 composite increased by +1% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Voya Financial reported quarterly earnings of $1.50 per share, significantly exceeding the Zacks Consensus Estimate of $0.71 per share, but down from $1.97 per share a year ago, indicating an earnings surprise of 111.27% [1][2] Financial Performance - The company achieved revenues of $174 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 33.69%, although this is a decrease from $236 million in the same quarter last year [2] - Over the last four quarters, Voya has consistently surpassed consensus EPS estimates [2] Stock Performance and Outlook - Voya shares have increased by approximately 0.1% since the beginning of the year, underperforming compared to the S&P 500's gain of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $1.79 on revenues of $281.76 million, and for the current fiscal year, it is $9.01 on revenues of $1.27 billion [7] Industry Context - The Insurance - Life Insurance industry, to which Voya belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The Baldwin Insurance Group, a peer in the same industry, is expected to report earnings of $0.25 per share, reflecting a year-over-year increase of 78.6% [9]

Financial Performance - Voya Financial reported Adjusted Operating Earnings Before Income Taxes, which is a key measure for evaluating business performance, focusing on core segments and excluding variable items [4]. - The company emphasized the importance of Adjusted Operating Revenues, which are calculated by adjusting total revenues for net investment gains and losses, among other factors [6]. - Net Revenue is defined as the sum of investment spread, fee-based margin, and net underwriting gain or loss, providing insight into revenue growth and margin expansion [9]. - The Adjusted Operating Margin is calculated as Adjusted Operating Earnings Before Income Taxes divided by Net Revenue, highlighting the efficiency of operations [9]. - Voya Financial's performance metrics are designed to help investors understand the underlying trends and operational efficiency of the business [4]. - Voya Financial reported a net income of $93 million for Q4 2024, a decrease of 5.1% from $98 million in Q3 2024, but an increase from $118 million in Q4 2023 [10]. - Adjusted operating earnings before income taxes for Q4 2024 were $147 million, down 36.1% from $230 million in Q3 2024, but up 27.2% from $202 million in Q4 2023 [14]. - Total revenues for Q4 2024 reached $2.01 billion, a 2.8% increase from $1.96 billion in Q3 2024 and a 10.5% increase from $1.82 billion in Q4 2023 [12]. - Total adjusted operating earnings for the three months ended December 31, 2024, were $147 million, with an EPS of $1.40, compared to $224 million and EPS of $1.88 in the same quarter of 2023 [61]. - Year-to-date adjusted operating revenues reached $7,487 million for the twelve months ended December 31, 2024, compared to $6,822 million in the previous year, indicating a 9.7% growth [64]. Revenue and Earnings Breakdown - The company aims to provide insights into the main drivers of Adjusted Operating Earnings, focusing on revenue growth and margin expansion [9]. - Adjusted operating revenues for Q4 2024 reached $1,897 million, up from $1,686 million in Q4 2023, representing a 12.5% increase [15]. - Wealth Solutions segment reported adjusted operating revenues of $731 million for the three months ended December 31, 2024, up from $686 million year-over-year, reflecting a 6.6% growth [66]. - Health Solutions segment achieved adjusted operating revenues of $888 million for the three months ended December 31, 2024, compared to $764 million in the prior year, marking a 16.3% increase [66]. - Investment Management segment's adjusted operating revenues rose to $271 million for the three months ended December 31, 2024, from $228 million a year earlier, representing an 18.9% growth [67]. - Total gross premiums and deposits for the twelve months ended December 31, 2024, reached $3,601 million, up from $3,054 million in 2023, indicating a growth of 17.9% [33]. Expenses and Margins - Administrative expenses are reported net of amounts capitalized as acquisition expenses, excluding commission expenses [9]. - The adjusted operating margin for the twelve months ended December 31, 2024, improved to 39.9%, up from 33.6% in the previous year, indicating enhanced operational efficiency [22]. - The adjusted operating margin for the twelve months ended December 31, 2024, was 4.1%, down from 26.6% in the same period last year [29]. - The adjusted operating margin for Wealth Solutions was 41.5% in Q4 2024, up from 37.2% in Q4 2023, showing a significant improvement [47]. Shareholder Returns and Equity - Total cash returned to common shareholders in 2024 was $803 million, significantly higher than $499 million in 2023, with $635 million in share repurchases [10]. - Book value per common share (excluding AOCI) increased to $61.31 as of December 31, 2024, compared to $58.12 a year earlier [10]. - Total Shareholders' Equity decreased to $5,788 million as of December 31, 2024, from $5,878 million a year prior, influenced by changes in accumulated other comprehensive income [19]. - The company reported a total of $68 million in alternative investment income below long-term expectations for the twelve months ended December 31, 2024 [62]. Assets and Liabilities - Total assets as of December 31, 2024, were $163,889 million, a decrease from $166,933 million as of September 30, 2024 [17]. - The total liabilities as of December 31, 2024, were $157,882 million, down from $160,351 million as of September 30, 2024 [17]. - Total Financial Debt as of December 31, 2024, is $2,502 million, an increase from $2,098 million in the previous year [19]. - The debt-to-capital ratio increased to 38.5% in Q4 2024 from 33.3% in Q4 2023, indicating a rise in leverage [10]. Market Performance and Flows - Institutional AUM net flows for Q4 2024 were $2.001 billion, compared to a net outflow of $5.390 billion in Q4 2023, indicating a significant turnaround in client retention [39]. - Retail AUM net flows for Q4 2024 were $1.353 billion, a recovery from a net outflow of $36 million in Q4 2023, showcasing improved market conditions [39]. - The total net flows for the company in Q4 2024 were $3.038 billion, a significant improvement from a net outflow of $5.962 billion in Q4 2023 [39]. - Client Assets reached $612,205 million as of December 31, 2024, a significant increase from $544,319 million a year earlier, driven by growth in fee-based assets [22]. Investment Performance - The company reported net investment income and net gains of $1,928 million for the twelve months ended December 31, 2024, compared to $1,932 million in 2023, indicating a slight decline [16]. - The total book value of invested assets was $36,350 million as of December 31, 2024, with a gross investment income of $489 million, resulting in an annualized earned rate of 5.4% [53]. - Public corporate investments accounted for 28.0% of the total book value, with a gross investment income of $140 million and an earned rate of 5.4% for the latest quarter [53].