A month has gone by since the last earnings report for Voya Financial (VOYA). Shares have lost about 3.2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Voya due for a breakout? Well, first let’s take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Voya Financial, Inc. before we dive into how investors and analysts have reacted as of late.
Voya Financial Q4 Earnings Miss Estimates, Revenues Rise Y/Y
Voya Financial reported fourth-quarter 2025 adjusted operating earnings of $1.94 per share, which missed the Zacks Consensus Estimate by 8%. The bottom line increased 38.5% year over year.
The increase was due to higher earnings across all segments, partially offset by higher accruals in Corporate for performance-based compensation, reflecting strong results in 2025. The fourth-quarter 2025 earnings per share also benefited from reduced share count from share repurchases.
Adjusted operating revenues amounted to $2 billion, which increased 5.7% year over year.
Net investment income increased 13.4% year over year to $591 million. Meanwhile, fee income of $633 million increased 16.5% year over year. Premiums totaled $738 million, down 6.5% from the year-ago quarter. Total benefits and expenses were $1.9 billion, up 2.7% from the year-ago quarter.
As of Dec. 31, 2025, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.
Retirement recorded pre-tax adjusted operating earnings of $255 million, which grew 21.4% year over year. The increase was primarily due to the acquired business from OneAmerica, higher alternative investment income, and strong business execution.
As of Dec. 31, 2025, total client assets were $797 billion, up 30% year over year, primarily due to assets onboarded from OneAmerica, the record organic Defined Contribution net inflows of $28 billion, and positive capital markets.
Employee Benefits reported a pre-tax adjusted operating loss of $10 million, narrower than the loss of $102 million incurred in the year-ago quarter. The improvement was driven by higher underwriting margins in Group Life and Stop Loss, including an increase in reserves for Stop Loss. Annualized in-force premiums and fees declined 5% year over year to $3.6 billion. The decline reflects intentional prioritization of margin improvement over growth, through pricing discipline and enhanced risk selection within the Stop Loss business.
Investment Management posted pre-tax adjusted operating earnings, excluding noncontrolling interest, of $72 million, which increased 9% year over year. The increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets, partially offset by higher incentive compensation tied to results. Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Dec. 31, 2025.
Corporate incurred pre-tax adjusted operating losses, excluding noncontrolling interest, of $90 million, wider than a loss of $27 million incurred in the year-ago quarter.