Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

The Company provides its principal products and services through three segments: Wealth Solutions, Health Solutions and Investment Management. The Chief Executive Officer of Voya is the chief operating decision maker ("CODM") who assesses performance and makes final resource allocation decisions for the three operating segments. The CODM assesses segment performance by measuring Adjusted operating earnings before income taxes against internally developed annual targets, rolling quarterly forecasts, industry peers and investor expectations.

The Wealth Solutions segment provides tax-deferred, employer-sponsored retirement plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers.

The Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans.

The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

Corporate adjusted operating earnings before income taxes include corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, other items not allocated or directly related to the Company's segments, such as certain expenses of employee benefit plans, certain adjustments to short-term and long-term incentive accruals, intercompany eliminations, and investment income in excess of amounts attributable to the segments.

Measurement

Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate its business and segment performance. This measure enhances the understanding of the Company’s 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 the Company's segments. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does 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 the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both measures when reviewing the Company’s 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), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;

•Income (loss) attributable to noncontrolling interests to which the Company is not economically entitled, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•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 as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

•Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and

•Other items not indicative of normal operations or performance of the Company's 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.

Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues to exclude the following items:

•Net investment gains (losses);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represents the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments that primarily reflect fee income earned by the Company's broker-dealers for sales of nonproprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

Significant Expenses

•Administrative expenses are compensation, technology and other general costs, net of amounts capitalized and exclude commission expenses.

•Premium taxes, fees and assessments are taxes on paid premium and third-party fees correlated to business volumes.

•Net commissions are commissions paid net of amounts deferred.

The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:

	Year Ended December 31, 2024
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,332	$	3,438	$	920	$	22	$	5,712
Net investment income and Net gains (losses)	1,711		138		20		178		2,047
Income (loss) related to CIEs	—		—		288		3		291
Intersegment Fee income and elimination	—		—		79		(79)		—
Total revenues									8,050
Adjustments	(138)		1		(325)		(101)		(563)		(2)
Adjusted operating revenues	2,905		3,577		982		23		7,487
Less:
Interest credited and other benefits to contract owners/policyholders	849		2,602		—		—		3,451
Administrative expenses	897		525		703		—		2,125
Premium taxes, fees and assessments	—		186		—		—		186
Net commissions	255		188		—		—		443
DAC/VOBA and other intangibles amortization	84		36		—		—		120
Financing costs and preferred dividends	—		—		—		162		162
Other corporate	—		—		—		66		66
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	820		40		278		(205)		933
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		65		(2)		63
Adjusted operating earnings before income taxes	820		40		213		(203)		870
Plus adjustments:
Net investment gains (losses)									50
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(142)
Income (loss) attributable to noncontrolling interests									75
Dividend payments made to preferred shareholders									41
Other adjustments									(95)
Income (loss) before income taxes									$	799

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $22, Revenues related to business exited or to be exited through reinsurance or divestment of $102, Revenues attributable to noncontrolling interests of $243, and Other adjustments of $196.

	Year Ended December 31, 2023
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,121	$	2,948	$	831	$	60	$	4,960
Net investment income and Net gains (losses)	1,663		130		26		268		2,087
Income (loss) related to CIEs	—		—		301		—		301
Intersegment Fee income and elimination	—		—		85		(85)		—
Total revenues									7,348
Adjustments	(8)		4		(327)		(195)		(526)		(2)
Adjusted operating revenues	2,776		3,082		916		48		6,822
Less:
Interest credited and other benefits to contract owners/policyholders	895		1,896		—		—		2,790
Administrative expenses	931		506		690		—		2,127
Premium taxes, fees and assessments	—		147		—		—		147
Net commissions	229		186		—		—		415
DAC/VOBA and other intangibles amortization	90		33		—		—		123
Financing costs and preferred dividends	—		—		—		161		161
Other corporate	—		—		—		96		96
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	632		315		225		(208)		964
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		49		(1)		48
Adjusted operating earnings before income taxes	632		315		177		(207)		916
Plus adjustments:
Net investment gains (losses)									(15)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(182)
Income (loss) attributable to noncontrolling interests									104
Dividend payments made to preferred shareholders									36
Other adjustments									(180)
Income (loss) before income taxes									$	678

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(44), Revenues related to business exited or to be exited through reinsurance or divestment of $113, Revenues attributable to noncontrolling interests of $247, and Other adjustments of $210.

	Year Ended December 31, 2022
	Wealth Solutions		Health Solutions		Investment Management		Corporate		Total
Revenues:
External customer revenue(1)	$	1,100	$	2,448	$	663	$	102	$	4,313
Net investment income and Net gains (losses)	1,566		135		14		(120)		1,595
Income (loss) related to CIEs	—		—		22		—		22
Intersegment Fee income and elimination	—		—		91		(91)		—
Total revenues									5,930
Adjustments	111		(1)		(35)		175		250		(2)
Adjusted operating revenues	2,778		2,582		756		67		6,183
Less:
Interest credited and other benefits to contract owners/policyholders	886		1,680		—		—		2,566
Administrative expenses	867		276		570		—		1,713
Premium taxes, fees and assessments	—		126		—		—		126
Net commissions	232		167		—		—		399
DAC/VOBA and other intangibles amortization	95		29		—		—		124
Financing costs and preferred dividends	—		—		—		177		177
Other corporate	—		—		—		142		142
Adjusted operating earnings before income taxes including Allianz noncontrolling interest	697		304		186		(253)		934
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—		—		27		(1)		26
Adjusted operating earnings before income taxes	697		304		158		(251)		908
Plus adjustments:
Net investment gains (losses)									(190)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(138)
Income (loss) attributable to noncontrolling interests									(77)
Dividend payments made to preferred shareholders									36
Other adjustments									(111)
Income (loss) before income taxes									$	428

(1)Includes Fee income, Premiums, and Other revenue and excludes intersegment fee income and the related elimination.

(2)Includes Net investment gains (losses) of $(215), Revenues related to business exited or to be exited through reinsurance or divestment of $(123), Revenues attributable to noncontrolling interests of $(33), and Other adjustments of $121.

The summary below presents Total assets for the Company’s segments as of the dates indicated:

	December 31, 2024		December 31, 2023
Wealth Solutions	$	129,058	$	122,318
Health Solutions	3,490		3,336
Investment Management	1,873		1,600
Corporate	24,940		25,527
Total assets, before consolidation(1)	159,361		152,781
Consolidation of investment entities	4,528		4,304
Total assets	$	163,889	$	157,085

(1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.