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Voya Financial VOYA Employee Benefits — Amortization of DAC and VOBA

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LNCOther Operations — Amortization of DAC and VOBA
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Other financials

Income statement

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Revenue$1.9B-4.3%
Net income$94.0M-43.4%
EPS (diluted)$0.97-41.6%

Balance sheet

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Cash & equivalents$1.1B-17.9%
Total debt$2.1B0.0%
Total equity$4.7B+1.2%
Total assets$182.95B+6.1%

Cash flow

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Operating cash flow$503.0M-32.2%

Valuation

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Market cap$9.08B+28.8%
Enterprise value$10.09B+28.9%
P/E14.9×+1.7×
P/S1.1×+0.2×

Profitability

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Net margin7.4%+0.7pp
FCF margin26.1%

Returns & leverage

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Return on equity13.1%+0.8pp
Debt / equity0.4×0.0×

Where this comes from

Reported directly by Voya Financial in its filing.

Tagged under the XBRL concept voya:SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCostsAndValueOfBusinessAcquiredVoba.

The source filing: Voya Financial’s 10-K, filed February 20, 2026.

Filed
Feb 20, 2026, 4:17 PM EST
Fiscal year
FY2025
Accession
0001535929-26-000043
SegmentNet Investment Income (1)(2)Premiums and Fee Income (1)(2)Interest Credited and Other Benefits to Contract OwnersAmortization of DAC and VOBAOther Operating Expenses(1)(2)Premiums Written (Excluding Life)
2025
Retirement$1,970$1,406$919$110$1,441
Investment Management26992847
Employee Benefits1602,9822,230409702,222
Corporate162(72)21299189
Total$2,318$5,308$3,361$249$3,447$2,222
2024
Retirement$1,735$1,151$834$83$1,261

Item 8. Financial Statements and Supplementary Data

FAQ

What is Voya Financial's employee benefits — amortization of DAC and VOBA?
Voya Financial (VOYA) reported employee benefits — amortization of DAC and VOBA of $10M in Q4 2025.
How has Voya Financial's employee benefits — amortization of DAC and VOBA changed year-over-year?
Voya Financial's employee benefits — amortization of DAC and VOBA increased by 11.1% year-over-year, from $9M to $10M.
What is the long-term trend for Voya Financial's employee benefits — amortization of DAC and VOBA?
Over 4 years (2021 to 2025), Voya Financial's employee benefits — amortization of DAC and VOBA has grown at a 13.6% compound annual growth rate (CAGR), from $24M to $40M.
What does employee benefits — amortization of DAC and VOBA mean?
The periodic expense recognized as the capitalized acquisition costs (DAC) and value of business acquired (VOBA) are amortized over the expected life of the insurance contracts. This reflects the matching of acquisition costs to the revenue generated by those policies.

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