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Solana (NASDAQ:HSDT – Get Free Report) and Voya Financial (NYSE:VOYA – Get Free Report) are both finance companies, but which is the better stock? We will contrast the two companies based on the strength of their institutional ownership, risk, dividends, valuation, analyst recommendations, profitability and earnings.

Insider & Institutional Ownership 18.6% of Solana shares are owned by institutional investors. Comparatively, 96.1% of Voya Financial shares are owned by institutional investors. 14.4% of Solana shares are owned by insiders. Comparatively, 1.6% of Voya Financial shares are owned by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.

Risk & Volatility Solana has a beta of 1.06, indicating that its stock price is 6% more volatile than the S&P 500. Comparatively, Voya Financial has a beta of 0.9, indicating that its stock price is 10% less volatile than the S&P 500.

Analyst Recommendations This is a summary of recent recommendations and price targets for Solana and Voya Financial, as provided by MarketBeat.com. Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Solana 1 1 3 0 2.40 Voya Financial 1 3 8 1 2.69 Solana currently has a consensus target price of $3.75, suggesting a potential upside of 67.41%. Voya Financial has a consensus target price of $103.85, suggesting a potential downside of 0.24%. Given Solana’s higher possible upside, equities analysts clearly believe Solana is more favorable than Voya Financial.

Profitability This table compares Solana and Voya Financial’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Solana -1,302.78% -41.86% -18.53% Voya Financial 7.45% 12.31% 0.46% Earnings and Valuation This table compares Solana and Voya Financial”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Solana $6.02 million 22.50 -$40.89 million ($30.32) -0.07 Voya Financial $8.19 billion 1.15 $654.00 million $5.93 17.55 Voya Financial has higher revenue and earnings than Solana. Solana is trading at a lower price-to-earnings ratio than Voya Financial, indicating that it is currently the more affordable of the two stocks.

Summary Voya Financial beats Solana on 11 of the 15 factors compared between the two stocks.

About Solana (Get Free Report)

Helius Medical Technologies, Inc., a neurotechnology company, focuses on developing, licensing, and acquiring non-implantable technologies for the treatment of symptoms caused by neurological disease or trauma. The company's product is Portable Neuromodulation Stimulator, a non-surgical medical device intended for use as a short term treatment of gait deficit due to symptoms from multiple sclerosis and balance deficit due to mild-to-moderate traumatic brain injury, as well as to be used in conjunction with supervised therapeutic exercise. The company was incorporated in 2014 and is headquartered in Newtown, Pennsylvania.

About Voya Financial (Get Free Report)

Voya Financial, Inc. engages in the provision of workplace benefits and savings products in the United States and internationally. The company operates through three segments: Wealth Solutions, Health Solutions, and Investment Management. The Wealth Solutions segment offers full-service retirement products; recordkeeping services; stable value and fixed general account investment products; non-qualified plan administration services; and tools, guidance, and services to promote the financial well-being and retirement security of employees. The segment also provides wealth management services, such as individual retirement, managed, and brokerage accounts, as well as financial guidance and advisory services. This segment serves corporate, public and private school systems, higher education institutions, hospitals and healthcare facilities, other non-profit organizations, and state and local governments, as well as institutional and individual customers. The Health Solutions segment offers various insurance products comprising stop loss, group life, group disability, whole life, critical illness, accident, and hospital indemnity insurance. The segment also provides worksite employee benefits, health account solutions, leave management, benefits administration, health plan enrollment, financial wellness, and decision support products and services to mid-size and large corporate employers and professional associations. The Investment Management segment provides fixed income, equity, multi-asset, and alternative products and solutions to individual investors and institutional clients through its direct sales force, consultant channel, banks, broker-dealers, and independent financial advisers. The company was formerly known as ING U.S., Inc. and changed its name to Voya Financial, Inc. in April 2014. Voya Financial, Inc. was founded in 1975 and is based in New York, New York.

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Alyeska Investment Group L.P. bought a new stake in Voya Financial, Inc. (NYSE:VOYA – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 300,000 shares of the asset manager’s stock, valued at approximately $27,159,000. Alyeska Investment Group L.P. owned 0.33% of Voya Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VOYA. Royal Bank of Canada boosted its holdings in Voya Financial by 21.7% in the first quarter. Royal Bank of Canada now owns 84,715 shares of the asset manager’s stock valued at $5,741,000 after purchasing an additional 15,091 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Voya Financial by 8.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 662,058 shares of the asset manager’s stock valued at $44,861,000 after buying an additional 51,376 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Voya Financial by 13.5% in the 1st quarter. Empowered Funds LLC now owns 37,836 shares of the asset manager’s stock valued at $2,564,000 after buying an additional 4,490 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Voya Financial by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,144 shares of the asset manager’s stock valued at $25,081,000 after acquiring an additional 6,127 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Voya Financial by 44.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 730 shares of the asset manager’s stock valued at $49,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 96.10% of the company’s stock.

Insider Activity at Voya Financial In related news, insider Trevor Ogle sold 3,994 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $90.00, for a total transaction of $359,460.00. Following the transaction, the insider directly owned 2,887 shares of the company’s stock, valued at approximately $259,830. The trade was a 58.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes Several equities research analysts have commented on VOYA shares. Raymond James Financial upgraded Voya Financial from a “market perform” rating to a “strong-buy” rating and set a $117.00 price objective for the company in a research note on Monday, June 8th. Barclays raised their price target on shares of Voya Financial from $98.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. raised their price objective on Voya Financial from $105.00 to $109.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods upped their price target on Voya Financial from $109.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley raised their price target on shares of Voya Financial from $92.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Voya Financial has an average rating of “Moderate Buy” and an average target price of $103.85. Read Our Latest Research Report on VOYA

Voya Financial Stock Down 0.2% Shares of NYSE VOYA opened at $102.34 on Monday. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 0.99 and a beta of 0.89. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $97.76 and a 200 day moving average price of $83.71. Voya Financial, Inc. has a 52 week low of $64.50 and a 52 week high of $103.85.

Voya Financial (NYSE:VOYA – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.98 by ($0.47). The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Voya Financial had a net margin of 7.45% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period last year, the company earned $1.66 EPS. Equities research analysts anticipate that Voya Financial, Inc. will post 9.25 EPS for the current fiscal year.

Voya Financial Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Wednesday, August 26th will be issued a dividend of $0.47 per share. The ex-dividend date is Wednesday, August 26th. This represents a $1.88 annualized dividend and a dividend yield of 1.8%. Voya Financial’s payout ratio is presently 31.70%.

About Voya Financial (Free Report)

Voya Financial, Inc (NYSE: VOYA) is a financial services company headquartered in New York City, focused on helping Americans plan, invest and protect their savings. The company traces its roots to the U.S. operations of ING Group, which were spun off in 2013 and rebranded as Voya Financial in 2014. Voya’s operations are built around a customer-centric approach, drawing on decades of experience in retirement planning and risk management to serve both individual and institutional clients.

Voya’s core business activities span three key segments: Retirement, Investment Management and Employee Benefits.

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Algert Global LLC reduced its position in Voya Financial, Inc. (NYSE:VOYA – Free Report) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 101,126 shares of the asset manager’s stock after selling 6,470 shares during the quarter. Algert Global LLC owned approximately 0.11% of Voya Financial worth $9,155,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Allworth Financial LP raised its stake in Voya Financial by 75.5% during the third quarter. Allworth Financial LP now owns 351 shares of the asset manager’s stock worth $26,000 after buying an additional 151 shares during the last quarter. Danske Bank A S acquired a new stake in Voya Financial during the 2nd quarter worth about $27,000. Atlas Capital Advisors Inc. acquired a new stake in Voya Financial during the 4th quarter worth about $28,000. Systematic Financial Management LP bought a new position in shares of Voya Financial in the 4th quarter worth about $37,000. Finally, Root Financial Partners LLC raised its position in shares of Voya Financial by 59.6% in the 1st quarter. Root Financial Partners LLC now owns 573 shares of the asset manager’s stock worth $39,000 after acquiring an additional 214 shares in the last quarter. 96.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In A number of research analysts have recently issued reports on VOYA shares. Atlantic Securities set a $79.00 price objective on Voya Financial in a research note on Wednesday, July 15th. UBS Group raised their target price on Voya Financial from $95.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Raymond James Financial upgraded Voya Financial from a “market perform” rating to a “strong-buy” rating and set a $117.00 target price for the company in a report on Monday, June 8th. Royal Bank Of Canada increased their price target on Voya Financial from $107.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Finally, TD Cowen raised their price objective on shares of Voya Financial from $112.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.85.

Get Our Latest Stock Report on Voya Financial Voya Financial Stock Performance VOYA opened at $100.61 on Wednesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $97.08 and its two-hundred day moving average price is $83.14. Voya Financial, Inc. has a 1-year low of $64.50 and a 1-year high of $103.85. The company has a market cap of $9.11 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 0.95 and a beta of 0.89.

Voya Financial (NYSE:VOYA – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.47). The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.90 billion. Voya Financial had a net margin of 7.45% and a return on equity of 12.31%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 earnings per share. On average, analysts expect that Voya Financial, Inc. will post 9.27 EPS for the current fiscal year.

Voya Financial Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Wednesday, August 26th will be paid a dividend of $0.47 per share. The ex-dividend date is Wednesday, August 26th. This represents a $1.88 dividend on an annualized basis and a yield of 1.9%. Voya Financial’s payout ratio is 31.70%.

Insider Transactions at Voya Financial In other Voya Financial news, insider Trevor Ogle sold 3,994 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $90.00, for a total transaction of $359,460.00. Following the completion of the sale, the insider directly owned 2,887 shares of the company’s stock, valued at approximately $259,830. The trade was a 58.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.57% of the company’s stock.

Voya Financial Profile (Free Report)

Voya Financial, Inc (NYSE: VOYA) is a financial services company headquartered in New York City, focused on helping Americans plan, invest and protect their savings. The company traces its roots to the U.S. operations of ING Group, which were spun off in 2013 and rebranded as Voya Financial in 2014. Voya’s operations are built around a customer-centric approach, drawing on decades of experience in retirement planning and risk management to serve both individual and institutional clients.

Voya’s core business activities span three key segments: Retirement, Investment Management and Employee Benefits.

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WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today it has been selected by the District of Columbia (District) as its new service provider for its 401(a) defined contribution and 457(b) deferred compensation plans (retirement plans). Combined, these plans represent more than 52,000 participant accounts and $4.3 billion in assets.

As service provider, Voya will provide recordkeeping, plan administration and retirement plan services, including online engagement, retirement education, in-plan advice and access to brokerage services and managed accounts to the plan’s participants.

Voya is the No. 1 provider of 457(b) deferred compensation plans for government entities,1 serving approximately 4 million plan participants with an average government client tenure of 31 years as of Dec. 31, 2025.1 In addition to its strong governmental client retention, Voya has experienced meaningful organic growth, having onboarded approximately $35 billion and over 1 million new government plan participants across multiple plans from January 2025 through second-quarter 2026. 2

“While the District was already familiar with our competitive advantage in the government space, what resonated with them were the conversations about Voya’s latest products, technology and service offerings — including participant education and reporting capabilities,” said Gavin Gruenberg, Government Market Retirement sales leader, Voya Financial. “They also saw the benefits associated with our experience in the stable value space and, as a result, elected to include the Voya Capital Preservation Fund in their lineup to replace their existing stable value fund.”

The District’s selection underscores Voya’s ability to support large, complex public-sector retirement programs with the scale, service model and participant-focused solutions needed to help employees plan for a more secure financial future. It also reflects Voya’s continued commitment to working with government employers to deliver personalized education, intuitive digital experiences and retirement solutions that meet the evolving needs of today’s workforce.

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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Voya Financial, Inc. (VOYA) Canaccord Genuity's 46th Annual Growth Conference August 12, 2026 12:30 PM EDT

Company Participants

Heather Lavallee - President, CEO & Director
Michael Katz - Executive VP & CFO

Conference Call Participants

Joseph Vafi - Canaccord Genuity Corp., Research Division

Presentation

Joseph Vafi
Canaccord Genuity Corp., Research Division

All right. We are going to continue here at the 46th Annual Canaccord Growth Conference. I'm Joe Vafi, Equity Research Analyst here at Canaccord focused on fintech. And up next, we're very pleased to have with us the management team from Voya Financial, and that's Heather Lavallee, CEO; and Michael Katz, CFO.

So Voya is a leading publicly traded retirement solution investment management and employee benefits provider with an increasing focus on providing holistic workplace solutions across the breadth of employer sizes. The solution set is thoughtful and has synergies, cross-sell opportunities, which we will get into here in a minute. The company was formerly part of ING Group and now trades under the ticker VOYA on the New York Stock Exchange.

So with that, welcome, Heather and Mike.

Heather Lavallee
President, CEO & Director

Good to see you, Joe.

Michael Katz
Executive VP & CFO

Thank you.

Question-and-Answer Session

Joseph Vafi
Canaccord Genuity Corp., Research Division

Great. So maybe we just -- to begin with, maybe you just kind of introduce yourselves and a very high level overview of Voya in your own words.

Heather Lavallee
President, CEO & Director

Yes. We'll start. So Heather Lavallee, CEO of Voya. And if I can, I'm going to stand for a moment and just talk a little bit about who Voya is as a firm.

Joseph Vafi
Canaccord Genuity Corp., Research Division

Right. We have some slides.

Heather Lavallee
President, CEO & Director

We do have a couple of slides, so we'll go

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today that it will continue serving as the 401(k) plan recordkeeper for leading international law firm Baker Botts L.L.P., extending a relationship that has helped the firm's employees prepare for retirement for more than 25 years. In the renewed agreement, effective Aug. 1, 2026, Voya will continue providing retirement plan services to more than 1,800 participants and support more than $900 million in plan assets (fig.

Voya Financial Grows Earnings Across All 3 Business SegmentsVoya Financial NYSE: VOYA reported second-quarter adjusted operating earnings of $140 million, or $1.51 per diluted share, as lower-than-expected alternative investment performance and severance costs weighed on results. The company said underlying trends in its Retirement, Investment Management and Employee Benefits businesses remained positive and supported expectations for higher earnings and cash generation in the second half of 2026.

Chief Executive Officer Heather Lavallee said Voya generated about $150 million of excess capital during the quarter and returned roughly $200 million to shareholders through repurchases and dividends. For the first half of the year, the company returned more than $380 million to shareholders.

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Chief Financial Officer Mike Katz said quarterly earnings included an approximately $0.90-per-share effect from weaker alternative investment performance and severance actions. Alternative investment results were primarily affected by macroeconomic conditions in Voya's private-equity portfolio, whose results are reported with a one-quarter lag. Katz said year-to-date alternative investment returns remained positive and that the company expects improvement in the third quarter.

The severance actions are intended to reduce the company's expense base, with expected savings fully offsetting upfront costs by year-end, Katz said. Voya views the measures as a reset of its expense baseline heading into 2027 and said it remains focused on operating leverage and self-funding growth investments.

Retirement business posts strong defined-contribution flows Voya's Retirement segment generated adjusted operating earnings of $190 million in the quarter. Results were affected by lower spread income tied to alternative investment performance, although core spread income remained resilient due to reinvestment at higher rates, according to Katz.

Fee-based revenue in Retirement rose 10% from a year earlier and accounted for more than 60% of segment revenue, while margins were 38%. Defined-contribution net inflows totaled $8.1 billion, supported by client retention and large plan implementations in government and corporate markets.

Lavallee said the company added more than $30 billion in assets and approximately 1 million participants through organic growth in government markets over the past 18 months. Voya's Retirement platform now serves more than 10 million participant accounts.

Jay Kaduson, CEO of Workplace Solutions, said request-for-proposal volumes increased by roughly 6% to 7% in emerging markets and rose by double digits in the mid-market segment. Volumes in large and mega plans were growing at a low-single-digit pace but remained healthy, he said.

Voya completed the final phase of its OneAmerica integration during the quarter. Management said the transaction added capabilities, distribution opportunities and strategic relationships, including in ESOPs, self-directed accounts and tax-exempt offerings. The company expects OneAmerica-related outflows to moderate in the second half.

Investment Management earnings rise, though legacy runoff remains a headwind Investment Management adjusted operating earnings increased 12% year over year to $57 million, driven by higher advisory fees across institutional and retail channels. The segment recorded $1.2 billion in quarterly net inflows and $6.3 billion over the past 12 months.

Matt Toms, CEO of Investment Management, said institutional flows totaled $1.6 billion during the quarter, with demand supported by fixed-income and private-credit capabilities, particularly among insurance clients. He said the business was also seeing positive momentum in U.S. retail fixed income and specialty equity products, including small-cap growth.

Retail results were moderated by redemptions outside the U.S., which Toms attributed to market volatility and macroeconomic uncertainty. He said sales levels remained strong and management expects redemption activity to moderate in the second half.

Voya said 83% of Investment Management assets outperformed peers or benchmarks over three years, while 85% outperformed over 10 years. The segment will face a modest headwind from the wind-down of a legacy subadvisory relationship in the second half, though management said the revenue effect in 2026 is expected to be immaterial.

Toms said Voya continues to view 2% organic growth as an appropriate long-term target for Investment Management, while noting that performance can vary from period to period. Advisory revenue was up 8% year over year, he said.

Employee Benefits margins show improvement Employee Benefits adjusted operating earnings were $22 million in the second quarter and $122 million over the trailing 12 months. Voya released $8 million of stop-loss reserves while continuing to hold reserves at the high end of its best-estimate range.

Management said early claims experience for 2026 stop-loss business was favorable compared with the 2024 and 2025 cohorts. Lavallee said Voya was seeing both fewer high-severity claims and lower claim frequency. Katz said the company was about 15% to 20% through the development cycle for its 2026 business at the end of the second quarter and would more likely reassess its 2026 stop-loss loss-ratio outlook in the fourth quarter than the third.

Voya has cited rate increases of 21% entering 2025 and 24% entering 2026, and management said it is receiving even more rate in current pricing activity. The company said it is pricing business to restore stop-loss margins to targeted levels in 2027.

Aggregate Employee Benefits loss ratios improved five points over the past 12 months, Katz said. In Group Life, favorable mortality trends offset elevated voluntary loss ratios. He said unusual billing true-ups and reserve adjustments added about 2.5 points to voluntary loss ratios in the quarter; a more normalized range would be around 54% for the second half.

Management also highlighted continuing growth in voluntary benefits, where trailing-12-month sales increased 7%, and said 48% of new Life, Absence and Disability cases through the second quarter were bundled with supplemental health products, up from 42% a year earlier.

Capital generation and wealth-management expansion Voya generated $350 million of excess capital year to date and said quarterly cash conversion exceeded 100%. The company expects 2026 cash generation to exceed 2025 levels, supported by earnings momentum, cost actions and Employee Benefits margin improvement.

The company repurchased $150 million of stock during the second quarter and $300 million year to date, ending the period with about $200 million of excess capital. Voya expects to deploy at least $100 million toward share repurchases in the third quarter.

Management also pointed to growth in Wealth Management, where revenue rose approximately 12% year over year and assets under management totaled about $33 billion, up 16%. Kaduson said Voya had more than 650 advisors, representing a 20% increase year to date, as the company expands advice and guidance offerings for retirement-plan participants.

About Voya Financial (NYSE:VOYA)Voya Financial, Inc NYSE: VOYA is a financial services company headquartered in New York City, focused on helping Americans plan, invest and protect their savings. The company traces its roots to the U.S. operations of ING Group, which were spun off in 2013 and rebranded as Voya Financial in 2014. Voya's operations are built around a customer-centric approach, drawing on decades of experience in retirement planning and risk management to serve both individual and institutional clients.

Voya's core business activities span three key segments: Retirement, Investment Management and Employee Benefits.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) (the “Company”) is aware of the recent public letter and purported proxy filing from TOMS Capital Investment Management LP and affiliates (“TCIM”). These materials describe a fictitious shareholder meeting in a manner and format that is liable to confuse and deceive our investors. Voya has serious concerns regarding TCIM's conduct in this matter. TCIM's materials contain inaccurate and misleading statements and reproduce media reports.

Toms Capital Investment Management is bringing its push for the asset manager to explore a sale directly to shareholders.

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NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), today announced that Heather Lavallee, chief executive officer, and Mike Katz, chief financial officer, are scheduled to host a fireside chat at the Canaccord Genuity 46th Annual Growth Conference on Wednesday, August 12th at 12:30 p.m. ET.

The live webcast will be available to the public at investors.voya.com. A replay of the webcast will be available at the same location.

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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For the quarter ended June 2026, Voya Financial (VOYA - Free Report) reported revenue of $269 million, down 24.4% over the same period last year. EPS came in at $1.51, compared to $2.40 in the year-ago quarter.

The reported revenue represents a surprise of -4.61% over the Zacks Consensus Estimate of $281.99 million. With the consensus EPS estimate being $1.88, the EPS surprise was -19.68%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Voya performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total AUM and AUA - Retirement: $863.46 billion versus the two-analyst average estimate of $842.97 billion.Employee Benefits - Adjusted operating margin: 11% compared to the 12.7% average estimate based on two analysts.Employee Benefits - Group life Loss Ratio (interest adjusted): 72.1% compared to the 76.5% average estimate based on two analysts.Employee Benefits - Stop loss Loss Ratio: 85.4% compared to the 83.8% average estimate based on two analysts.Total AUM and AUA - General Account: $36.12 billion compared to the $37.31 billion average estimate based on two analysts.Client Assets - Subtotal External Clients - Institutional: $178.75 billion versus $176.75 billion estimated by two analysts on average.Client Assets - Subtotal External Clients - Retail: $162.34 billion compared to the $158.64 billion average estimate based on two analysts.Revenues- Net investment income: $537 million versus $451.22 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -8.1% change.Revenues- Premiums: $716 million versus $738.5 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -0.3% change.Revenues- Fee income: $620 million versus $655.77 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +7.5% change.Adjusted Operating Revenues- Investment Management- Total: $255 million versus $251.91 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6.7% change.Adjusted Operating Revenues- Investment Management- Fee income: $253 million versus the two-analyst average estimate of $252.63 million. The reported number represents a year-over-year change of +6.8%.View all Key Company Metrics for Voya here>>>

Shares of Voya have returned +3.9% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today its second-quarter 2026 financial results:

Second-quarter 2026 net income available to common shareholders of $90 million, or $0.97 per diluted share. Second-quarter 2026 after-tax adjusted operating earnings1 of $140 million, or $1.51 per diluted share. Results included approximately $40 million of pre-tax severance expenses in Corporate related to targeted actions to improve operating efficiency and reduce ongoing operating expenses and a $15 million pre-tax loss from alternative investment results. The operating efficiency actions are expected to generate ongoing expense savings that fully offset this severance expense within the next two quarters. Excess capital generation of approximately $150 million, exceeding 100% of after-tax adjusted operating earnings, while capital returns of approximately $200 million through common dividends and share repurchases remained robust. Business results remained strong, driven by higher fee-based revenues, continued commercial growth and disciplined operating execution across the company. Strong underlying performance trends and benefits from expense actions support robust outlook for second half of 2026. Surpassed 10 million Retirement participant accounts and successfully completed integration of OneAmerica, demonstrating strong execution while enhancing our scale, capabilities, and long-term growth position in Retirement. “Our businesses performed well during the second quarter, reflecting continued commercial momentum, higher fee-based revenues and disciplined execution across the company,” said Heather Lavallee, chief executive officer, Voya Financial. “These results demonstrate the strength of our workplace-centered business model, and the complementary capabilities of Voya Investment Management, which together position us to meet a broader range of customer needs while delivering value for shareholders. Strong underlying performance trends across our businesses, together with benefits from actions we took this quarter to reduce ongoing operating expenses, support our confidence in a robust outlook for the third and fourth quarters of 2026."

“We also completed the integration of OneAmerica in the quarter, an important milestone that strengthens our Retirement platform and expands our ability to serve customers while exceeding our financial goals for the acquisition,” Lavallee added. “Combined with the momentum we are seeing across our businesses, this progress reflects our focus on executing our strategy, investing in growth opportunities and further strengthening Voya’s long-term competitive position.”

Second-Quarter 2026 Consolidated Results

Second-quarter 2026 net income available to common shareholders was $90 million, or $0.97 per diluted share, compared with $162 million, or $1.66 per diluted share, in second-quarter 2025. The change primarily reflects lower after-tax adjusted operating earnings, partially offset by lower acquisition and integration costs.

Second-quarter 2026 after-tax adjusted operating earnings were $140 million, or $1.51 per diluted share, compared with $240 million, or $2.46 per diluted share, in second-quarter 2025. The decrease was primarily driven by lower alternative investment income and severance expenses incurred during the second-quarter of 2026. These impacts were partially offset by the continued strength of our core businesses, supported by higher fee income in Retirement and Investment Management, continued commercial momentum and disciplined margin management.

Business Segment Results

Retirement

Retirement second-quarter 2026 pre-tax adjusted operating earnings were $190 million, a decrease from $235 million in the prior-year period. Strong underlying business momentum, including a 10% increase in fee-based revenues year-over-year, was more than offset by lower alternative investment income and planned strategic investment spend.

Net revenues for the trailing twelve months (TTM) ended Jun. 30, 2026 increased 10% compared with the prior-year period, driven by acquired spread- and fee-based revenues from the successful integration of OneAmerica, alongside positive capital markets and continued commercial momentum.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 37.9%, compared with 39.3% in the prior-year period, and remained within the company's target margin range.

Total client assets as of Jun. 30, 2026 were $863 billion, up 14% from $757 billion as of Jun. 30, 2025. The Retirement business surpassed 10 million participant accounts during the quarter, underscoring its expanding scale in the retirement industry.

Investment Management

Investment Management second-quarter 2026 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $57 million, compared with $51 million in the prior-year period. The 12% increase was primarily due to higher fee-based revenues benefiting from strong business momentum and positive capital markets.

Net revenues for the TTM ended Jun. 30, 2026 grew 6% compared with the prior-year period, due to continued organic growth resulting in higher fee income in both Institutional and Retail channels.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 29.0%, a 100-basis point increase from the prior-year period.

Investment Management generated net inflows of $1.2 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. Assets under management were $377 billion as of Jun. 30, 2026 compared with $360 billion as of Jun. 30, 2025. Separately, Assets under advisory (AUA) generated net inflows of $1.0 billion (excluding divested businesses) during the three months ended Jun. 30, 2026. AUA assets were $63 billion as of Jun. 30, 2026, compared with $54 billion as of Jun. 30, 2025.

Employee Benefits

Employee Benefits second-quarter 2026 pre-tax adjusted operating earnings were $22 million, down from $69 million in the prior-year period. The prior-year period benefited from more favorable prior-year claims development in Stop Loss. Voluntary loss ratios increased in the quarter from the lower levels observed in the prior-year period.

Net revenues for the TTM ended Jun. 30, 2026 increased 13% compared with the prior-year period, reflecting continued underwriting discipline, with the total aggregate loss ratio improving to 74% from 79% in the prior-year period.

Adjusted operating margin for the TTM ended Jun. 30, 2026 was 11.0% compared with 3.7% in the prior-year period, reflecting continued progress on initiatives to improve profitability through underwriting discipline, pricing actions and expense management.

Employee Benefits second-quarter 2026 annualized in-force premiums and fees of $3.6 billion were relatively consistent compared with the prior-year period, as a result of prioritizing margin improvement over growth.

Corporate

Corporate second-quarter 2026 pre-tax adjusted operating losses, excluding noncontrolling interest, were $102 million, compared with losses of $67 million in the prior-year period, primarily reflecting approximately $40 million of severance expenses related to targeted actions to improve operating efficiency and reduce ongoing operating expenses.

Capital

Supported by continued cash generation, Voya continued to create shareholder value through disciplined capital deployment. For the second-quarter 2026, the company generated approximately $150 million of excess capital and exceeded 100% conversion of after-tax adjusted operating earnings. In the second-quarter, the company completed its accelerated share repurchase program of $150 million at an average share price of $78.97. Additionally, the $42 million of common stock dividends drove a combined capital return to shareholders of approximately $200 million. At Jun. 30, 2026, remaining share repurchase authorization totaled $263 million.

As of Jun. 30, 2026, the company's balance sheet remained flexible and well-positioned with excess capital of approximately $200 million, compared with approximately $650 million at Mar. 31, 2026. As planned, the decrease reflects the repayment of maturing debt during the second-quarter that was primarily prefunded through the debt issuance completed in the first-quarter of 2026. The company’s strong balance sheet continues to provide the flexibility to invest in growth, return capital to shareholders and support long-term value creation.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, August 5, 2026, at 10 a.m. ET, to discuss the company’s second-quarter 2026 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at approximately 1 p.m. ET on August 5, 2026.

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.

Use of Non-GAAP Financial Measures

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

Net investment gains (losses); Income (loss) related to businesses exited or to be exited through reinsurance or divestment; Income (loss) attributable to noncontrolling interests to which we are not economically entitled; Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders; Other adjustments may include the following items: Income (loss) related to early extinguishment of debt; Impairment of goodwill and intangible assets; Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments; Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

Investment spread and other investment income. Fee-based margin. Net underwriting gain (loss). Administrative expenses. Premium taxes, fees and assessments. Net commissions. DAC/VOBA and other intangibles amortization. Net Revenue and Adjusted Operating Margin

Adjusted operating margin is defined as Adjusted operating earnings before income taxes divided by net revenue. Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by “Interest credited and other benefits to contract owners / policyholders”. This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders (“loss ratio”). Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market and geopolitical risks (including war and terrorism), including general economic conditions, impacts of a U.S. government shutdown, interest rates, inflation, tariffs imposed or proposed by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, adapt to disruptive technology or innovations, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2025 as filed with the SEC on February 20, 2026, and in our Quarterly Report on Form 10-Q for the three months ended Jun. 30, 2026, to be filed with the SEC on or before August 10, 2026.

VOYA-IR VOYA-CF

Consolidated Statement of Operations

Three Months Ended

(in millions USD, except per share)

6/30/2026

6/30/2025

Revenues

Net investment income

$

537

$

584

Fee income

620

577

Premiums

716

718

Net gains (losses)

(40

)

(41

)

Other revenues

112

100

Income (loss) related to consolidated investment entities

(49

)

43

Total revenues

1,896

1,981

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders

(825

)

(801

)

Operating expenses

(898

)

(857

)

Net amortization of DAC/VOBA

(62

)

(58

)

Interest expense

(33

)

(28

)

Operating expenses related to consolidated investment entities

(44

)

(49

)

Total benefits and expenses

(1,862

)

(1,793

)

Income (loss) before income taxes

34

188

Income tax expense (benefit)

16

27

Net income (loss)

18

161

Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest

(76

)

(5

)

Net income (loss) available to Voya Financial, Inc.

94

166

Less: Preferred stock dividends

4

4

Net income (loss) available to Voya Financial, Inc.'s common shareholders

$

90

$

162

Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:

Basic

$

0.99

$

1.69

Diluted

$

0.97

$

1.66

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)

Three Months Ended

6/30/2026

6/30/2025

(in millions USD, except per share)

After-tax (1)

Per share

After-tax (1)

Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders

$

90

$

0.97

$

162

$

1.66

Less:

Net investment gains (losses)

(16

)

(0.18

)

(23

)

(0.23

)

Income (loss) related to businesses exited or to be exited through reinsurance or divestment

(23

)

(0.25

)

(24

)

(0.24

)

Other adjustments (2)

(10

)

(0.11

)

(31

)

(0.32

)

Adjusted operating earnings

$

140

$

1.51

$

240

$

2.46

Note: Totals may not sum due to rounding.
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Jun. 30, 2025, also includes $18 million, after-tax, of severance expenses.

Adjusted Operating Earnings

Three Months Ended

(in millions USD, except per share)

6/30/2026

6/30/2025

Adjusted operating earnings

Retirement

$

190

$

235

Investment Management

57

51

Employee Benefits

22

69

Corporate

(102

)

(67

)

Adjusted operating earnings before income taxes

167

289

Less: Income taxes (1)

27

49

Adjusted operating earnings after income taxes

$

140

$

240

Adjusted operating earnings per share

1.51

2.46

Note: Totals may not sum due to rounding.
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.

Net Revenue, Adjusted Operating Earnings and Adjusted Operating Margin

Twelve Months Ended

(in millions USD)

6/30/2026

6/30/2025

Net revenue

Retirement

$

2,417

$

2,194

Investment Management

1,053

996

Employee Benefits

1,105

974

Total net revenue

$

4,575

$

4,164

Adjusted operating earnings

Retirement

$

915

$

863

Investment Management including noncontrolling interest

305

279

Employee Benefits

122

36

Adjusted operating earnings, excluding Corporate

$

1,342

$

1,178

Adjusted operating margin

Retirement

37.9

%

39.3

%

Investment Management

29.0

%

28.0

%

Employee Benefits

11.0

%

3.7

%

Adjusted operating margin, excluding Corporate

29.3

%

28.3

%

Note: Totals may not sum due to rounding.

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures, can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com.

More News From Voya Financial, Inc.

Voya Financial (VOYA - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on August 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis retirement, investment and insurance company is expected to post quarterly earnings of $1.88 per share in its upcoming report, which represents a year-over-year change of -21.7%.

Revenues are expected to be $281.99 million, down 20.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.43% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Voya?For Voya, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Voya will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Voya would post earnings of $2.02 per share when it actually produced earnings of $2.26, delivering a surprise of +11.88%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Voya doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerLincoln National (LNC - Free Report) , another stock in the Zacks Insurance - Life Insurance industry, is expected to report earnings per share of $2 for the quarter ended June 2026. This estimate points to a year-over-year change of -15.3%. Revenues for the quarter are expected to be $4.86 billion, up 2.8% from the year-ago quarter.

The consensus EPS estimate for Lincoln National has been revised 0.9% higher over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Lincoln National will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today it has been selected to continue serving as the provider for the City and County of Honolulu's Deferred Compensation Plan – renewing a relationship built on nearly five decades of trusted service, and reaffirming the City's confidence in Voya's retirement experience, participant support model and local support. Voya's relationship with Honolulu began in 1979 as the plan's sole retirement plan provider and will be.

NEW YORK--(BUSINESS WIRE)--TOMS Capital Investment Management (“TCIM”), one of the largest shareholders of Voya Financial, Inc. (NYSE: VOYA) (“Voya” or the “Company”), today issued the following statement in response to media reports of recent takeover interest in the Company: “As we have said from the outset, Voya is an exceptional franchise with talented and dedicated employees. Today's media reports further reinforce our long-held view that Voya's Board of Directors must fulfill its fiduciar.

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) (the “Funds”) today announced important information concerning the Funds' distributions declared in June 2026. This press release is issued as required by the Funds' Managed Distribution Plan (the “Plan") and an exemptive order received from the U.S. Securities.

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) today announced a new application programming interface (API) integration with SinglepointAI that brings next-generation, AI-enabled technology and seamless data connectivity to the retirement plan onboarding experience for third-party administrators (TPAs). “TPAs using SinglepointAI will be able to leverage the API connection to digitally transfer plan provision data directly into Voya's onboarding system, enabling a fast, conn.

NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) a leading retirement, employee benefits and investment management company, today released new thought leadership examining the evolving landscape of paid family and medical leave (PFML) and the broader implications for workforce financial security. The white paper, Protecting the disability continuum: why Short-Term Disability coverage is essential in a Paid Family & Medical Leave World, points to a clear conclusion: while state-b.

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Nearly 80 percent of government employees expressed interest in receiving guidance to help them feel more confident about their investment decisions.

NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) today released new research1 examining the factors shaping retirement confidence among public employees, finding that while government workers report higher levels of retirement preparedness than their private-sector peers, opportunities remain to improve outcomes through greater engagement, education and access to guidance.

The research, Beyond the Pension: What Really Drives Retirement Confidence for Public Employees, found that 89% of government employees report being prepared for retirement, compared with 81% of non-government employees.

Voya is the number one provider of 457(b) deferred compensation plans for government entities serving approximately 4 million plan participants with an average government client tenure of 31 years as of December 31, 20252. In addition to its strong governmental client retention, Voya has experienced meaningful organic growth, having on-boarded approximately $30 billion and 1 million new participants across multiple government plans from January 2025 through first quarter 2026.3

“The good news is that public sector employees often have a strong retirement foundation through their pension benefits,” said Gavin Gruenberg, Government Market Retirement Sales Leader, Voya Financial. “But our research shows that retirement confidence is influenced by more than a pension alone. Employees want help connecting the dots between their pension, personal savings, day-to-day financial priorities and long-term retirement goals.”

Financial guidance drives confidence

Among the most significant findings, government employees working with a financial advisor were approximately 1.6 times more likely to report increased confidence in meeting their retirement goals over the past two years than those who didn’t. At the same time, nearly 80% of government employees expressed interest in receiving guidance to help them feel more confident about their investment decisions.

Pension literacy remains a critical opportunity

The research also identified pension literacy as a meaningful driver of retirement confidence. Government employees who knew their pension plan tier were substantially more likely to report increased confidence in their retirement outlook than those who didn’t. Yet more than one in five government employees surveyed said they were unsure which pension tier they belonged to.

The benefit of a pension is just one income source to consider. Public employees need to understand how their pension, savings, and Social Security work together. By understanding the role each plays, employees can make strategic decisions that help build lasting retirement confidence.

Financial pressures continue to compete with retirement savings

More than half of government employees cited rising everyday expenses as a barrier to saving more for retirement, while just under one-third identified insufficient income as a challenge (significantly more than non-government workers). The findings suggest retirement planning conversations increasingly need to account for broader financial wellness concerns, including emergency savings, debt management, healthcare costs and housing expenses.

AI is emerging as a financial education tool

Nearly three-quarters of government employees reported trusting AI tools to help create a budget, while more than two-thirds said they trust AI to assist with developing a financial plan. However, trust declines when it comes to more complex investment-related decisions, and older workers remain significantly less likely to rely on AI for financial guidance.

“The findings point to opportunities for employers to leverage technology while maintaining access to human support and expertise,” said Gruenberg. “The opportunity for employers is not to compete with technology, but to help employees use it responsibly while ensuring they still have access to personalized guidance when they need it.”

Digital engagement remains an untapped opportunity

The research also found strong interest in digital retirement planning tools among public employees with near-universal interest in tools that allow them to view pension and defined-contribution retirement savings information in one place. At the same time, many participants reported limited engagement with existing retirement plan websites and mobile applications, suggesting awareness and accessibility may be as important as the tools themselves.

“Our research showed that 74% of government employees are very interested in online tools that allow them to review both pension plans and defined contribution plans in one place. The key is to meet employees wherever they are on their retirement journey to help them increase their financial confidence,” said Gruenberg.

Voya Customer Research & Insights survey with Morning Consult conducted between September 17 – October 9, 2025, among 598 full-time employees (n=198 government and n=400 non-government) ages 35-70 with annual income greater than $50k and investable assets great than $75k. Voya internal data as of 12/31/25 Source: Voya internal data 1/1/2025 through 3/31/2026. About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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Key Takeaways VOYA's Retirement business is gaining from strong sales, high retention and the OneAmerica acquisition.Voya targets more than 2% organic growth in Investment Management, supported by strategic partnerships.VOYA returned $200M to shareholders in Q1 but faces higher leverage and investment-related margin pressure. Shares of Voya Financial, Inc. (VOYA - Free Report) have gained 36.1% in the past year, outperforming the industry’s growth of 18.8%.

Growth in the Retirement and Investment Management segments, improved employee benefits segments, strategic acquisitions and partnerships, record net flows, and excess capital generation are driving the stock performance. The momentum is likely to sustain with scope for further upside, supported by continued strength in the Retirement and Investment Management businesses, strategic acquisitions and ongoing share repurchases.

Voya Financial has outperformed its peers, including Reinsurance Group of America, Incorporated (RGA - Free Report) , Primerica, Inc. (PRI - Free Report) and Brighthouse Financial, Inc (BHF - Free Report) . Shares of RGA, PRI and BHF have gained 8.4%, 8.1% and 7.4%, respectively, in the past year.

1-Year Performance: VOYA, RGA, PRI, BHF & Industry
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VOYA’s Attractive ValuationVoya Financial shares are trading at a price-to-book value of 1.29X, lower than the industry average of 2.16X.

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VOYA’s Growth ProjectionThe Zacks Consensus Estimate for Voya Financial’s 2026 earnings per share (EPS) indicates a year-over-year increase of 8.4%. The consensus estimate for revenues is pegged at $1.33 billion, implying a year-over-year decline of 0.7%.  

The consensus estimate for 2027 EPS and revenues indicates an increase of 14.8% and 7.4%, respectively, from the corresponding 2026 estimates.  

Earnings have grown 8.8% in the past five years, better than the industry average of 5.9%. The expected long-term earnings growth rate is 11.5%.

Muted analyst sentiment for VOYAOne of the three analysts has raised earnings estimates for 2026 and 2027 over the past 30 days. However, the Zacks Consensus Estimate for 2026 and 2027 earnings has moved south 0.5% and 2.2%, respectively, over the same period.

Factors Acting in Favor of VOYAVOYA’s earnings are driven by its solid segmental performances across Retirement, Investment Management and Employee Benefits segments. These businesses represent higher-growth, capital-light and higher-return units, bolstering the company’s solid presence in the market.

The Retirement segment is steadily experiencing significant growth on the back of higher revenues, favorable market impacts, higher alternative investment income and active portfolio management, positive defined contribution flows, as well as disciplined management of spend. Management expects strong commercial momentum in retirement, driven by robust sales, more than 95% retention and new plan implementations.

Management described the OneAmerica retirement acquisition as highly successful, generating returns above 30%.  It has meaningfully strengthened the scale and earnings power of the Retirement business, which now serves nearly 10 million Retirement accounts.

The Investment Management segment should benefit from higher investment capital returns, primarily driven by overall market performance, higher fee-based revenues, benefiting from strong commercial momentum and disciplined management of spend. Voya Financial remains confident in sustaining more than 2% organic growth. Management also highlighted continued strength in retail income and growth strategies. VOYA is constantly taking strategic steps to ramp up growth in its Investment Management segment. Voya Financial and Allianz Global Investors' long-term strategic partnership added scale and diversification to Voya Investment Management.

The Employee Benefits segment of the insurer is likely to gain from unfavorable stop-loss claim development in the prior period, a smaller block of business in the current period, lower premium-driven expenses, disciplined management of spend, higher alternative investment income and active portfolio management.

The company’s capital levels remain strong. In the first quarter of 2026, VOYA generated approximately $200 million of excess capital and returned that amount to shareholders through repurchases and dividends. VOYA repurchased an additional $150 million of shares in the second quarter, with $413 million remaining under its buyback authorization.

Risks for VOYAThe company plans to invest up to $75 million of excess capital in 2026 to strengthen its wealth management platform. These investments are expected to create a near-term earnings drag and reduce Retirement segment margins by about 200 basis points.

VOYA faces intense competition from broker-dealers, financial advisors, diversified financial institutions and start-up financial services providers, which could result in increased pressure on the pricing of certain products and services.

Voya's ROE has declined over the past two years due to weaker margins and operational pressures in Health Solutions and Employee Benefits. Additionally, long-term debt rose to $1.9 billion, up 26% from year-end 2025, causing the financial leverage ratio to deteriorate 220 basis points year over year to 29.7%. Higher leverage and lower profitability could weigh on future earnings and returns.

ConclusionVoya Financial is well-positioned for strong earnings growth across all three business segments, positive net flows, favorable retention and strategic partnerships. It should continue to benefit from financial flexibility and effective capital deployment. However, high competition, weakened ROE and a rise in debt are the concerns.

Given the muted analyst sentiment, it is wise to retain this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today the distributions on the common shares of five of its closed-end funds: Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE), Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE), and Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD).

With respect to each Fund, the distribution will be paid on July 15, 2026, to shareholders of record on July 1, 2026. The ex-dividend date is July 1, 2026. The distribution per share for each Fund is as follows:

Fund

Distribution Per Share

Monthly Distributions

Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)

$0.050

Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE)

$0.065

Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD)

$0.055

Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA)

$0.085

Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE)

$0.100

The following table sets forth an estimate of the sources of each Fund’s June distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Data as of 5/31/2026 Estimated Sources Tax YTD1 Estimated Tax YTD Percentages of Current Distribution Estimated Sources of Distribution of Distribution Per Share Net Investment LT ST Return of Per Share Net Investment LT ST Return of Net Investment LT ST Return of Distribution Income Gains Gains Capital Distribution Income Gains Gains Capital Income Gains Gains Capital IGA (FYE 2/28) 0.085

0.028

0.000

0.057

0.000

0.425

0.089

0.162

0.174

0.000

21.0%

38.0%

41.0%

0.0%

IGD (FYE 2/28) 0.050

0.017

0.033

0.000

0.000

0.250

0.055

0.195

0.000

0.000

22.0%

78.0%

0.0%

0.0%

IDE (FYE 2/28) 0.100

0.022

0.078

0.000

0.000

0.500

0.060

0.440

0.000

0.000

12.0%

88.0%

0.0%

0.0%

IHD (FYE 2/28) 0.055

0.007

0.000

0.000

0.048

0.275

0.030

0.000

0.000

0.245

11.0%

0.0%

0.0%

89.0%

IAE (FYE 2/28) 0.065

0.015

0.000

0.000

0.050

0.325

0.052

0.000

0.000

0.273

16.0%

0.0%

0.0%

84.0%

  1 The Fund's tax year is January 1, 2026 to December 31, 2026. Set forth in the tables below is information relating to each Fund’s performance based on its net asset value (NAV) for certain periods.

Data as of 5/29/2026 Annualized Cumulative Tax Tax YTD Distribution Tax YTD 5-Year Distribution Rate Tax YTD Distribution Rate Rate Distribution NAV Return on NAV on NAV1 Return on NAV on NAV1 IGA (FYE 2/28) 0.085

0.425

10.63

10.12%

9.60%

6.53%

4.00%

IGD (FYE 2/28) 0.050

0.250

6.29

9.42%

9.54%

6.10%

3.97%

IDE (FYE 2/28) 0.100

0.500

14.16

11.38%

8.47%

14.11%

3.53%

IHD (FYE 2/28) 0.055

0.275

8.04

10.19%

8.21%

22.33%

3.42%

IAE (FYE 2/28) 0.065

0.325

9.32

10.14%

8.37%

21.10%

3.49%

  1 As a percentage of 5/29/2026 NAV You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Plan. The Funds’ estimate that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Funds is paid back to you. A return of capital distribution does not necessarily reflect the Funds’ investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Section 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Funds will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund's investment objective, risks, charges and expenses.

Certain statements made on behalf of the Funds in this release are forward-looking statements. The Funds’ actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Funds' investments specifically. Neither the Funds nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

About Voya® Investment Management

Voya Investment Management manages over $353 billion as of March 31, 2026 in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

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Voya Financial (VOYA - Free Report) reported $318 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 8.2%. EPS of $2.26 for the same period compares to $2.15 a year ago.

The reported revenue represents a surprise of +2.31% over the Zacks Consensus Estimate of $310.83 million. With the consensus EPS estimate being $2.02, the EPS surprise was +11.88%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Voya performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total AUM and AUA - Retirement: $779.7 billion versus the two-analyst average estimate of $798.44 billion.Client Assets - Retirement - Eliminations: $-4.76 billion versus $-9.42 billion estimated by two analysts on average.Total AUM and AUA - General Account: $36.9 billion compared to the $37.71 billion average estimate based on two analysts.End of period AUM - Institutional: $169.77 billion versus $173.23 billion estimated by two analysts on average.End of period AUM - Retail: $146.76 billion versus the two-analyst average estimate of $151.71 billion.Client Assets - Subtotal External Clients: $316.53 billion versus the two-analyst average estimate of $324.94 billion.Revenues- Net investment income: $569 million versus $515.52 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +1.6% change.Revenues- Premiums: $744 million compared to the $787.18 million average estimate based on two analysts. The reported number represents a change of +1% year over year.Revenues- Fee income: $604 million versus $659.42 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6% change.Adjusted Operating Revenues- Investment Management- Fee income: $243 million versus the two-analyst average estimate of $247.6 million. The reported number represents a year-over-year change of +3%.Adjusted Operating Revenues- Investment Management- Total: $251 million versus the two-analyst average estimate of $255.74 million. The reported number represents a year-over-year change of +3.3%.Adjusted Operating Revenues- Investment Management- Net investment income and net gains (losses): $7 million versus $7.65 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.7% change.View all Key Company Metrics for Voya here>>>

Shares of Voya have returned +20.1% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Voya Financial, Inc. (VOYA) Q1 2026 Earnings Call Transcript

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) (the “Funds”) today announced important information concerning the Funds' distributions declared in April 2026. This press release is issued as required by the Funds' Managed Distribution Plan (the “Plan") and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the imple.

Key Takeaways VOYA closed at $81.39, near its 52-week high, and trades above key 50-day and 200-day SMAs. Voya Financial sees growth from Retirement and Investment Management momentum and spend discipline. VOYA returned about $200M to shareholders in Q1 2026 and repurchased more shares in Q2. Shares of Voya Financial, Inc. (VOYA - Free Report) closed at $81.39 on Monday, near its 52-week high of $84.00. This proximity underscores investor confidence and indicates further price appreciation. The stock is trading above the 50-day and 200-day simple moving averages (SMAs) of $73.57 and $73.75, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.

With a market capitalization of $7.37 billion, the average volume of shares traded in the last three months was 1.2 million.

Image Source: Zacks Investment Research

VOYA is an OutperformerShares of Voya Financial have gained 9.2% in the year-to-date period, outperforming the industry’s growth of 3.9% and the Zacks S&P 500 composite’s return of 9%. The Finance sector has declined 1% in the said time period.

Voya Financial has outperformed its peers, including Reinsurance Group of America, Incorporated (RGA - Free Report) , Primerica, Inc. (PRI - Free Report) and Brighthouse Financial, Inc (BHF - Free Report) . Shares of RGA and PRI have gained 5.6% and 8.6%, respectively, while BHF stock has lost 3.3% in the year-to-date period.

Image Source: Zacks Investment Research

VOYA Shares are AffordableVoya Financial shares are trading at a price-to-book value of 1.16X, lower than the Zacks Life Insurance industry average of 2.01X, the Finance sector’s 4.28X and the Zacks S&P 500 composite’s 8.08X. Its pricing, at a discount to the industry average, gives a better entry point to investors. The stock has a Value Score of A. This style score helps find the most attractive value stocks. 

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VOYA’s Growth Projection EncouragesThe Zacks Consensus Estimate for Voya Financial’s 2026 earnings per share indicates a year-over-year increase of 9%. The consensus estimate for revenues is pegged at $1.36 billion, implying a year-over-year improvement of 2.1%.

The consensus estimate for 2027 earnings per share and revenues indicates an increase of 16.7% and 6.1%, respectively, from the corresponding 2026 estimates.

Earnings have grown 8.8% in the past five years, better than the industry average of 6.4%. The expected long-term earnings growth rate is 11.5%.

Average Target Price for VOYA Suggests UpsideBased on short-term price targets offered by 11 analysts, the Zacks average price target is $87.91 per share. The average suggests a potential 7.94% upside from the last closing price.

Image Source: Zacks Investment Research

Factors Acting in Favor of VOYAVOYA’s earnings are driven by its solid segmental performances across Retirement, Investment Management and Employee Benefits segments. These businesses reflect higher-growth, capital-light and higher-return units, boasting the company’s solid presence in the market.

The Retirement segment is steadily witnessing significant growth on the back of higher revenues reflecting onboarded OneAmerica assets, favorable market impacts, higher alternative investment income and active portfolio management, positive defined contribution flows, as well as disciplined management of spend. Given continued commercial momentum, margins remain above the long-term targets. This, in turn, should drive higher fee income, strong spread income and prudent management of spend.

The Investment Management segment should benefit from higher investment capital returns, primarily driven by overall market performance, higher fee-based revenues benefiting from strong commercial momentum and favorable market impacts and disciplined management of spend.

VOYA is constantly taking strategic steps to ramp up growth in its Investment Management segment. Voya Financial and Allianz Global Investors inked a long-term strategic partnership that added scale and diversification to Voya Investment Management.

The Employee Benefits segment of the insurer is likely to benefit from unfavorable Stop Loss claim development in the prior period, which did not repeat, and a smaller block of business in the current period, lower premium-driven expenses, disciplined management of spend, higher alternative investment income and active portfolio management.

The company’s capital levels remain strong. In the first quarter of 2026, VOYA continued to deliver a return on equity above 18% and generated approximately $200 million of excess capital, returning that same amount to shareholders through repurchases and dividends. As of March 31, 2026, the estimated combined RBC ratio was 396%.

VOYA’s Capital DeploymentOperational excellence has been helping the company deploy capital to enhance shareholders’ value. As of March 31, 2026, the aggregate amount remaining under the company's share repurchase authorization was $413. In the first quarter of 2026, VOYA returned approximately $200 million of capital to shareholders through a combination of share repurchases and dividends, and also executed an additional $150 million of share repurchases in the second quarter, underscoring the durability of the cash generation. VOYA's ability to consistently repurchase shares allows it to increase dividends each year while maintaining a payout ratio of approximately 20%. Importantly, these returns have been balanced with ongoing investment in business to enhance customer and client outcomes and support future business growth.

RisksHowever, the life insurer has been experiencing increased expenses due to higher policyholder benefits, interest credited to contract owner account balances, operating costs, and interest expenses. If the company does not strive to generate revenue growth greater than the magnitude of the increase in expenses, the margin will continue to erode.

ConclusionVoya Financial is well-positioned for growth on improved investment income, higher average equity markets and positive net flows, favorable retention, as well as strategic partnerships. It should continue to benefit from financial flexibility and effective capital deployment.

Voya Financial should continue to benefit from impressive dividend history, solid growth projections, optimistic analyst sentiment and attractive valuations. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.