Voya Financial adjusted operating earnings fall to $140 million
Net income available to common shareholders dropped to $90 million in the second quarter of 2026 from $162 million a year earlier.
Voya Financial (VOYA), the retirement and investment services provider, reported after-tax adjusted operating earnings of $140 million, or $1.51 a diluted share, for the second quarter of 2026. The result represents a decrease from $240 million, or $2.46 a diluted share, in the second quarter of 2025.
The decline was primarily due to lower alternative investment income and the impact of severance expenses. Net income available to common shareholders fell to $90 million, or $0.97 a diluted share, from $162 million, or $1.66 a diluted share, in the prior-year period.
Within the Retirement segment, pre-tax adjusted operating earnings decreased to $190 million from $235 million in the second quarter of 2025. This decline occurred despite a 10% year-over-year increase in fee-based revenues. Total client assets for the segment grew 14% to $863 billion as of June 30, 2026, compared to $757 billion a year earlier. The trailing 12-month adjusted operating margin for the segment compressed to 37.9% from 39.3%.
Investment Management pre-tax adjusted operating earnings rose 12% to $57 million from $51 million in the second quarter of 2025. The segment's trailing 12-month adjusted operating margin expanded 100 basis points to 29.0% from 28.0%.
Employee Benefits pre-tax adjusted operating earnings dropped to $22 million from $69 million in the prior-year quarter. Increased voluntary loss ratios and more favorable claims development in Stop Loss during the previous year were drivers. However, the trailing 12-month adjusted operating margin for the segment expanded to 11.0% from 3.7%, as the total aggregate loss ratio improved to 74% from 79%.
Corporate pre-tax adjusted operating losses widened to $102 million from $67 million in the second quarter of 2025. $40 million of these losses were severance expenses related to operating efficiency actions.
Voya completed the integration of OneAmerica during the second quarter and surpassed 10 million Retirement participant accounts. Excess capital as of June 30, 2026, was approximately $200 million, down from approximately $650 million as of March 31, 2026, following the planned repayment of maturing debt.