Key Highlights

  • Net income available to common shareholders was USD 193 million, or USD 2.09 per diluted share, versus USD 1.80.
  • After-tax adjusted operating Earnings were USD 240 million, or USD 2.60 per diluted share, versus USD 2.45.
  • Excess Capital generation was about USD 225 million, over 90% of adjusted operating earnings, with USD 150 million returned.
  • The quarterly Dividend rose 21% to USD 0.57, and the buyback authorization increased by USD 500 million.

Quarter in Numbers

Voya Financial, Inc. (NYSE:VOYA) reported third-quarter 2026 Net Income available to common shareholders of USD 193 million, or USD 2.09 per diluted share, compared with USD 176 million, or USD 1.80, as lower losses on exited businesses and higher adjusted operating earnings lifted results. After-tax adjusted operating earnings were USD 240 million, or USD 2.60 per diluted share, versus USD 239 million, or USD 2.45. Higher earnings in Retirement and Employee Benefits were largely offset by lower Investment capital income in Investment Management and USD 25 million of pre-tax severance expense. A lower share count from repurchases also helped per share results.

Segment Results

Retirement pre-tax adjusted operating earnings were USD 266 million versus USD 261 million. Trailing twelve month net revenues rose 6%, though the adjusted Operating Margin was 37.8% versus 39.8% on lower alternative investment income. Total client Assets were USD 878 billion, up 12% from USD 785 billion, and participants grew to 10.3 million.

Investment Management pre-tax adjusted operating earnings were USD 58 million versus USD 62 million. Net inflows were USD 1.4 billion, and assets under management were USD 363 billion versus USD 366 billion because of divestitures and a sub-advisor transition. Assets under advisory had net inflows of USD 1.5 billion and totaled USD 62 billion versus USD 54 billion.

Employee Benefits pre-tax adjusted operating earnings were USD 51 million versus USD 47 million, including a USD 12 million favorable annual assumption update. The trailing twelve month margin was 11.4% versus 6.0%, and the aggregate loss ratio improved to 74% from 78%. In-force premiums and fees of USD 3.5 billion were lower as margin took priority over growth. Corporate adjusted operating losses were USD 87 million versus USD 80 million, a widening that includes the USD 25 million of severance expense recorded in the quarter, which the company linked to actions for a more efficient cost structure.

Management Commentary

Chief executive Heather Lavallee said commercial momentum in Retirement and Investment Management, continued margin improvement in Employee Benefits and disciplined expense management are driving stronger operating performance.

Capital Return Indicators

The company generated about USD 225 million of excess capital in the quarter, over 90% conversion of after-tax adjusted operating earnings, and returned about USD 150 million through dividends and repurchases. It also made a final USD 20 million payment on the OneAmerica transaction, completing it. Excess capital was about USD 250 million at September 30.

The board authorized a 21% increase in the quarterly dividend to USD 0.57 per share beginning in the fourth quarter of 2026, and a USD 500 million increase in the repurchase authorization, in addition to about USD 163 million of remaining capacity. By our calculation, the new authorization gives a total capacity of about USD 663 million. Items to track include Employee Benefits margins after the assumption update, Retirement margin under lower alternative income, and conversion of earnings into excess capital.