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.

Voya Financial VOYA Investment Management — DAC and VOBA

Other financials

Income statement

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Revenue$2.0B+3.1%

Net income$182.0M+16.7%

EPS (diluted)$1.75+23.2%

Balance sheet

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Cash & equivalents$1.1B+7.9%

Total debt$2.5B+18.8%

Total equity$4.7B+6.3%

Total assets$173.43B+5.8%

Cash flow

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Operating cash flow-$36.0M+79.9%

Valuation

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Market cap$8.18B-2.1%

Enterprise value$9.59B+2.4%

P/E12×-2.6×

P/S1×-0.1×

Profitability

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Net margin8.2%+1.1pp

FCF margin26.1%—

Returns & leverage

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Return on equity15%+1.6pp

Debt / equity0.5×+0.1×

Where this comes from

Reported directly by Voya Financial in its filing.

Tagged under the XBRL concept voya:SupplementaryInsuranceInformationDeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired.

The official record: Voya Financial’s 10-K, filed February 20, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

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.