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- **Adjusted EPS Surpass Expectations**: Q3 2025 adjusted operating EPS of $2.45, up 30% year-over-year, fueled by strong performance across Retirement, Investment Management, and Employee Benefits.
- **Free Cash Flow Momentum**: Generated $200 million in excess capital in Q3, on track to exceed $700 million annual target, with $600 million year-to-date.
- **Wealth Management Expansion**: $75 million investment in 2026 to scale adviser network and digital capabilities, targeting 20%+ sales growth and $35 billion AUM.
- **Stop Loss Margin Discipline**: 2026 Stop Loss underwriting focused on margin improvement, with 1/3 of January 2025 cohort claims experience reported and sensitivity of $12 million per 1% loss ratio change.
- **Capital Return Consistency**: Plan to return $100 million to $150 million quarterly in 2026 through dividends and share repurchases, maintaining 18% ROE target.

**【CEO Summary Section】**
- Voya reported strong Q3 results with adjusted operating EPS of $2.45, up nearly 30% year-over-year, driven by robust performance across all business segments.
- Free cash flow generation of over $200 million in Q3 keeps the company on track to exceed the $700 million full-year target.
- Capital deployment includes $100 million in share repurchases during the quarter, with plans for another $100 million in Q4.
- Retirement segment highlights include $30 billion in year-to-date organic defined contribution net inflows, positioning for the strongest DC net flow year since 2020.
- Wealth Management sales grew 20% year-over-year, with AUM reaching $35 billion, and plans to invest up to $75 million in 2026 to scale the business.

**【CFO Financial Commentary】**
- GAAP net income was $420 million, with adjusted operating earnings of $2.45 per share, reflecting a 29% increase from the prior year.
- Retirement segment generated $261 million in adjusted operating earnings, a 24% year-over-year increase, driven by fee income and disciplined cost management.
- Investment Management delivered $62 million in adjusted operating earnings, up 13% year-over-year, with $4 billion in net flows year-to-date.
- Employee Benefits reported $47 million in adjusted operating earnings, supported by favorable claims experience and margin-focused pricing in Stop Loss.
- Excess capital generation of $600 million year-to-date positions the company to return $100 million to $150 million quarterly in 2026 through dividends and share repurchases.

**【Q&A Key Highlights】**
- **Wealth Management Investment**: $75 million allocated in 2026 to expand adviser network, technology, and digital self-service capabilities, with a focus on breakeven within a few years.
- **Stop Loss Margins**: 2026 claims experience for the January 2025 cohort is 1/3 complete, with sensitivity of $12 million per 1% change in loss ratio. Pricing and risk selection actions will guide 2026 underwriting.
- **Capital Allocation**: Prioritize strategic investments in Wealth Management and Retirement roll-ups, with measured capital returns maintaining a 18% ROE target.
- **Blue Owl Partnership**: Target date fund products with private credit and alternative assets expected to launch in Q2 2026, contingent on regulatory clarity.
- **General Account Portfolio**: 96% investment-grade quality, with private credit allocation at 23% and 94% NAIC 1s/2s, driving stable yields and recoveries.

Voya Financial, Inc. (VOYA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

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Current Income Tax

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VOYA

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