Core Insights - Voya Financial, Inc. (VOYA) reported first-quarter 2025 adjusted operating earnings of $2.15 per share, exceeding the Zacks Consensus Estimate by 35.2% and reflecting a year-over-year increase of 14.4% [1] Financial Performance - Total revenues for the quarter were nearly $2 billion, a decrease of 4% year over year [2] - Net investment income rose by 5.9% year over year to $560 million, while fee income increased by 11.1% to $570 million [2] - Premiums totaled $737 million, down 7.9% from the previous year [2] - Total benefits and expenses were $1.8 billion, up 1.8% year over year [2] Client Assets and Growth - As of March 31, 2025, total client assets reached $694 billion, marking a 21% increase year over year, driven by assets from OneAmerica and positive capital markets [3] Segment Performance - Wealth Solutions reported adjusted operating earnings of $207 million, an increase of 11.3% year over year, attributed to the acquisition from OneAmerica and positive capital markets [4] - Health Solutions experienced a pre-tax adjusted operating income of $46 million, down 22% year over year, impacted by lower underwriting gains and strategic investments [5] - Investment Management posted pre-tax adjusted operating earnings of $41 million, a decline of 2.4% year over year, despite net inflows of $7.7 billion, representing organic growth of 2.5% for the quarter [6] Financial Position - Voya Financial ended the quarter with cash and cash equivalents of $1.4 billion, a 49.3% increase year over year [8] - Total investments were $35 billion, down 4.3% year over year, while long-term debt was $2.1 billion, up 0.2% from the end of 2024 [8] - Book value per share (excluding AOCI) was $61.31, reflecting a 5.4% year-over-year increase [9] Capital Management - In 2024, Voya Financial returned $43 million of excess capital to shareholders and retired $400 million of Senior Notes [10] - As of March 31, 2025, the company had a remaining share repurchase authorization of $150 million and excess capital of about $150 million [10]

Financial Data and Key Metrics Changes - The company reported adjusted operating earnings per share of $2.00 in Q1 2025, reflecting a 13% increase year-over-year [12] - GAAP net income was below cash generation due to non-cash items emerging in the quarter [13] - Approximately $200 million of cash was generated in the quarter, exceeding the 90% target [13] Business Line Data and Key Metrics Changes - In Wealth Solutions, adjusted operating earnings were $207 million, an 11% year-over-year growth, driven by higher fee-based revenues and the acquisition of OneAmerica, which added $60 billion in assets [14] - Investment Management generated $41 million in adjusted operating earnings, with net inflows of $7.7 billion, representing 2.5% organic growth [16] - Health Solutions reported adjusted operating earnings of $46 million, with improved margins and a focus on stabilizing stop-loss experience [18] Market Data and Key Metrics Changes - The company achieved defined contributions organic net flows of approximately $30 billion in Wealth Solutions [7] - Full-service known sales increased by 7% year-over-year in Q1 2025 [8] - The investment management segment saw strong net cash flows across various strategies, including institutional and retail markets [8] Company Strategy and Development Direction - The company emphasizes a capital-light business model that generates diverse revenue streams and consistent free cash flow [6] - There is a commitment to innovative workplace solutions and top-notch asset management to create long-term value for stakeholders [6] - The company aims to achieve long-term organic growth targets of over 2% [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed economic signals and elevated market volatility, leading to a cautious approach [9] - The results underscore the strength of the business model and the focus on commercial momentum, cash generation, and maintaining a healthy balance sheet [10] - Management remains optimistic about the company's ability to navigate the complex environment and drive value for shareholders [21] Other Important Information - The company ended the quarter with excess capital of approximately $150 million and a risk-based capital (RBC) ratio of 385% [20] - The company repaid approximately $400 million of debt in February, bringing the leverage ratio within target range [21] - The company is making modest investments in retail wealth management capabilities, which are already included in the expense forecast [52] Q&A Session Summary Question: Wealth earnings margin guidance - Management indicated that spread-based assets were higher than expected, but they anticipate moderation moving forward [28] Question: Voluntary business reserves - Reserves were increased due to potential higher utilization driven by economic uncertainty, with expectations for utilization to be clearer by year-end [32][33] Question: Stop-loss estimated loss ratio - The estimated loss ratio for the January 2025 cohort is 87%, based on improved pricing and risk selection practices [40] Question: Voluntary business top-line growth - The slower growth in voluntary business is attributed to large wins in the previous year that did not repeat, but the pipeline remains strong [50] Question: Investment management net inflows - The strong net inflows were broad-based across various channels and products, with no outsized mandates driving the results [78] Question: Leave management spending - The expected spend on leave management is $50 million, with a focus on enhancing customer experience through insourcing capabilities [92][93]

Financial Data and Key Metrics Changes - The company reported adjusted operating earnings per share of $2.00 in Q1 2025, reflecting a 13% increase year-over-year [11] - Generated approximately $200 million in cash during the quarter, exceeding the 90% target [12] - GAAP net income was below cash generation due to non-cash items [12] Business Line Data and Key Metrics Changes - In Wealth Solutions, adjusted operating earnings were $207 million, an 11% year-over-year growth, driven by higher fee-based revenues and the acquisition of OneAmerica, which added $60 billion in assets [13] - Investment Management generated $41 million in adjusted operating earnings, with net inflows of $7.7 billion, representing 2.5% organic growth [15] - Health Solutions reported adjusted operating earnings of $46 million, with improved margins and a focus on stabilizing stop-loss experience [17] Market Data and Key Metrics Changes - Wealth Solutions achieved defined contributions organic net flows of approximately $30 billion, with strong performance in healthcare and government markets [6] - Investment Management's net cash flows were broad-based across institutional and retail markets, with significant demand for fixed income and private assets [7][15] - The company noted a strong pipeline supporting long-term organic growth targets of over 2% [8] Company Strategy and Development Direction - The company emphasizes a capital-light business model that generates diverse revenue streams and consistent free cash flow [5] - Focus on innovative workplace solutions and top-notch asset management to create long-term value for stakeholders [5] - Plans to enhance retail wealth management capabilities through modest investments and hiring additional advisors [53][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed economic signals and elevated market volatility, leading to a cautious approach [8] - The results underscore the strength of the business model, focusing on commercial momentum, cash generation, and maintaining a healthy balance sheet [9] - The company remains optimistic about its ability to navigate the complex environment and drive shareholder value [20] Other Important Information - The company ended the quarter with excess capital of approximately $150 million and a risk-based capital (RBC) ratio of 385% [18] - Approximately $400 million of debt was repaid in February, bringing the leverage ratio within target range [19] Q&A Session Summary Question: Insights on wealth earnings and margin guidance - Management noted that spread-based assets were higher than expected, but they anticipate moderation moving forward [26] Question: Details on voluntary reserves and loss ratio expectations - Reserves were increased due to economic uncertainty, with expectations for a high 40s loss ratio [32] Question: Clarification on stop-loss estimated loss ratio - The estimated loss ratio of 87% for the 2025 cohort is based on improved pricing and risk selection practices [41] Question: Update on voluntary business growth - The company experienced slower top-line growth due to large wins in the previous year not repeating, but the pipeline remains strong [50][52] Question: Free cash flow and earnings outlook - Management indicated that while they are not providing specific guidance, the previous estimate of $8 per share remains a reasonable starting point [59] Question: Impact of severance on expenses - Severance costs were part of ongoing expense management, with no significant future severance expected [105] Question: Investment management net inflows - Net inflows were broad-based across various channels and products, with no outsized mandates driving the results [80]

Core Insights - Voya Financial reported revenue of $294 million for Q1 2025, a 2.4% increase year-over-year, with EPS at $2.15 compared to $1.88 in the same quarter last year, exceeding Zacks Consensus Estimates for both revenue and EPS [1] - The company experienced a revenue surprise of +21.90% and an EPS surprise of +35.22% compared to analyst expectations [1] Financial Performance Metrics - Total Assets Under Management (AUM) and Assets Under Administration (AUA) in Wealth Solutions reached $694.18 billion, surpassing the average estimate of $667.24 billion [4] - Client Assets in Wealth Solutions - Full Service were $228.60 billion, below the average estimate of $252.60 billion [4] - Client Assets in Wealth Solutions - Recordkeeping were $401.12 billion, exceeding the average estimate of $351.32 billion [4] - Fee income revenue was $570 million, lower than the estimated $598.98 million but representing an 11.1% increase year-over-year [4] - Net investment income revenue was $560 million, exceeding the estimate of $493.49 million, marking a 5.9% year-over-year increase [4] - Premiums revenue was $737 million, below the estimated $807.52 million, reflecting a 7.9% decrease year-over-year [4] - Adjusted Operating Revenues for Investment Management - Total were $243 million, slightly below the estimate of $245.39 million, with a 3.9% year-over-year increase [4] - Adjusted Operating Revenues for Investment Management - Fee income was $236 million, close to the estimate of $237.09 million, with a 4% year-over-year increase [4] - Adjusted Operating Revenues for Investment Management - Net investment income and net gains (losses) were $6 million, exceeding the estimate of $5.53 million but showing a 33.3% year-over-year decline [4] - Adjusted Operating Revenues for Corporate - Net investment income and net gains (losses) were $6 million, surpassing the estimate of $5 million, with a 50% year-over-year increase [4] - Adjusted Operating Revenues for Corporate - Total were $6 million, exceeding the estimate of $5.38 million, also reflecting a 50% year-over-year increase [4] Stock Performance - Voya's shares returned +10.4% over the past month, compared to the S&P 500 composite's +11.5% change, with a Zacks Rank of 5 (Strong Sell), indicating potential underperformance in the near term [3]

Voya Financial (VOYA) came out with quarterly earnings of $2.15 per share, beating the Zacks Consensus Estimate of $1.59 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35.22%. A quarter ago, it was expected that this retirement, investment and insurance company would post earnings of $0.71 per share when it actually produced earnings of $1.50, delivering a surprise of 111.27%.Over ...

Financial Highlights - The company highlights FY'24 financial results, including specific figures of $1.40, $138, $93, and $0.1 billion [12] - The company's balance sheet is strong, indicated by $150 million and percentages of 385% and 27.5% [22] - Voya Investment Management manages $345 billion in assets [36] - The General Account (GA) Alternatives portfolio totals $1.92 billion as of March 31, 2025 [61] - The General Account investment portfolio totals $39 billion [59] Business Segment Performance - Wealth Solutions' participant accounts have grown at a 6% CAGR (2020-2025), now exceeding 9 million [32] - Wealth Solutions' average historical adjusted operating earnings are 66% [34] - Over 95% of the investment portfolio is investment grade [56] Investment Metrics - Voya Investment Management reports investment metrics, with specific percentages for 1, 3, 5, and 10-year performance across Equity, Multi-Asset, Fixed Income, and Income & Growth categories [45] Capital Management - The company's Q1'25 TTM capital generation is in line with a 90%+ target [64]

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]