Voya Financial (VOYA) 47th Annual Raymond James Institutional Investor Conference summary

Business Highlights and Strategy

• Operates a scaled, diversified financial services platform across retirement, investment management, and employee benefits, generating high return on equity and free cash flow, enabling reinvestment and shareholder returns.

• Retirement business is top five in the industry, with industry-leading margins and significant growth in assets and participant accounts over the past two years.

• Investment management has expanded domestically and internationally, outpacing peers in organic growth and margin improvement.

• Employee benefits holds strong market positions in supplemental health and medical stop-loss, with over $100 million earnings improvement in 2025.

• Wealth management is a fast-growing, capital-light, fee-based business, targeting double-digit revenue and earnings growth.

Financial Performance and Capital Deployment

• Achieved $1.04 billion in adjusted operating earnings and 18.6% adjusted operating ROE in 2025, outperforming the Russell Small & Mid Caps average.

• Generated 90% free cash flow on after-tax earnings in 2025, maintaining this level over the past decade and significantly above peer benchmarks.

• Maintains a strong RBC ratio of 413% and over $400 million in excess capital as of year-end 2025.

• Dividend payout aligned with a 20% target, with steady dividend growth from $0.80 in 2021 to $1.82 in 2025, and active share repurchase program reduced share count by 23% since 2021.

• Trades at a 7.0x price-to-earnings and 1.0x price-to-book value, reflecting a meaningful discount to peers.

Growth Drivers and Industry Outlook

• Organic growth in retirement and investment management, with $28 billion and $15 billion in flows respectively in 2025.

• OneAmerica acquisition added $60 billion in assets and exceeded earnings targets.

• Margin expansion in employee benefits expected to continue into 2026 and beyond.

• Attractive industry dynamics include a large millennial and Gen Z workforce and a massive $84 trillion wealth transfer.

• Increasing demand for workplace financial guidance and digital solutions.