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Voya Financial VOYA Investment Management — DAC and VOBA

Similar metrics at other companies

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METAsia — Amortization of DAC, VOBA and negative VOBA
-$214M+4.0%
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METEMEA — Amortization of DAC, VOBA and negative VOBA
-$110M-25.0%
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METMIM — Amortization of DAC, VOBA and negative VOBA
$0—
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METRIS — Amortization of DAC, VOBA and negative VOBA
-$24M-14.3%
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METGroup Benefits — Amortization of DAC, VOBA and negative VOBA
-$8M-14.3%
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METLatin America — Amortization of DAC, VOBA and negative VOBA
-$186M-35.8%

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:SupplementaryInsuranceInformationDeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired.

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
SegmentDAC and VOBAFuture Policy Benefits and Contract Owner Account BalancesUnearned Premiums(1)
2025
Retirement$1,387$32,973—
Investment Management———
Employee Benefits2402,304—
Corporate77414,079—
Total$2,401$49,356—
2024
Retirement$1,044$30,090—

Item 8. Financial Statements and Supplementary Data

FAQ

What is Voya Financial's investment management — DAC and VOBA?
Voya Financial (VOYA) reported investment management — DAC and VOBA of $0 in Q4 2025.
What does investment management — DAC and VOBA mean?
Represents the unamortized balance of Deferred Acquisition Costs (DAC) and the Value of Business Acquired (VOBA) related to the segment's insurance and investment contracts. These assets represent capitalized costs expected to be recovered from future profits.

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