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Schedule II - Condensed Financial Information of Parent
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Parent
Voya Financial, Inc.
Schedule II
Condensed Financial Information of Parent
Balance Sheets
December 31, 2024 and 2023
(In millions, except share and per share data)
As of December 31,
20242023
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $0 and $6 as of 2024 and 2023, respectively)
$— $6 
Equity securities, at fair value
3 3 
Short-term investments20 13 
Limited partnerships/corporations6 — 
Derivatives14 10 
Investments in subsidiaries5,116 5,250 
Total investments5,159 5,282 
Cash and cash equivalents217 206 
Short-term investments under securities loan agreements, including collateral delivered1 1 
Loans to subsidiaries and affiliates392 293 
Due from subsidiaries and affiliates— 8 
Deferred income taxes819 856 
Other assets6 7 
Total assets$6,594 $6,653 
Liabilities:
Payables under securities loan and repurchase agreements, including collateral held$— $10 
Short-term debt575 445 
Long-term debt1,871 1,865 
Derivatives22 9 
Due to subsidiaries and affiliates2 — 
Other liabilities119 131 
Total liabilities$2,589 $2,460 
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2024 and 2023)
— — 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 105,592,281 and 103,584,699 shares issued as of 2024 and 2023, respectively; 95,497,265 and 102,854,569 shares outstanding as of 2024 and 2023, respectively)
1 1 
Treasury stock (at cost; 10,095,016 and 730,130 shares as of 2024 and 2023, respectively)
(754)(56)
Additional paid-in capital6,266 6,143 
Accumulated other comprehensive income (loss)(2,462)(2,400)
Retained earnings:
Unappropriated954 505 
Total Voya Financial, Inc. shareholders' equity4,005 4,193 
Total liabilities and shareholders' equity$6,594 $6,653 
The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Operations
For the Year Ended December 31, 2024, 2023 and 2022
(In millions)
Year Ended December 31,
202420232022
Revenues:
Net investment income$36 $38 $12 
Net gains (losses)20 65 (52)
Other revenue1 27 18 
Total revenues57 130 (22)
Expenses:
Interest expense130 130 114 
Operating expenses5 35 30 
Total expenses135 165 144 
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(78)(35)(166)
Income tax expense (benefit) (18)(18)(86)
Net income (loss) before equity in earnings (losses) of subsidiaries(60)(17)(80)
Equity in earnings (losses) of subsidiaries, net of tax727 642 590 
Net income (loss) available to Voya Financial, Inc.667 625 510 
Less: Preferred stock dividends41 36 36 
Net income (loss) available to Voya Financial, Inc.'s common shareholders$626 $589 $474 
The accompanying notes are an integral part of this Condensed Financial Information.
Condensed Financial Information of Parent
Statements of Comprehensive Income
For the Year Ended December 31, 2024, 2023 and 2022
(In millions)
Year Ended December 31,
202420232022
Net income (loss) available to Voya Financial, Inc.
$667 $625 $510 
Other comprehensive income (loss), after tax(62)655 (4,862)
Comprehensive income (loss) attributable to Voya Financial, Inc.
$605 $1,280 $(4,352)
The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Cash Flows
For the Year Ended December 31, 2024, 2023 and 2022
(In millions)
Year Ended December 31,
202420232022
Cash Flows from Operating Activities:
Net income (loss) available to Voya Financial, Inc.$667 $625 $510 
Adjustments to reconcile Net income (loss) available to Voya Financial, Inc. to Net cash used in operating activities:
Equity in (earnings) losses of subsidiaries(727)(642)(590)
Dividends from subsidiaries861 1,057 502 
Deferred income tax expense (benefit)37 54 (35)
Net gains (losses)(20)(65)52 
Change in:
Other receivables and asset accruals1 5 (21)
Due from subsidiaries and affiliates106 108 46 
Other payables and accruals(12)— (10)
Other, net(2)(7)29 
Net cash provided/(used) in operating activities911 1,135 483 
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of limited partnerships/corporations
— 53 — 
Proceeds from the sale, maturity, disposal or redemption of fixed maturities6 — 22 
Acquisition of:
Fixed maturities— — (16)
Equity securities— (3)— 
Short-term investments, net(7)(13)18 
Derivatives, net29 19 (37)
Maturity (issuance) of short-term intercompany loans, net(99)(203)34 
Return of capital contribution from subsidiaries
— — 708 
Capital contributions to subsidiaries(60)(8)— 
Payments for business acquisitions, net of cash acquired
— (584)— 
Collateral received (delivered), net(10)15 (5)
Other, net— (94)— 
Net cash provided/(used) in investing activities(141)(818)724 
The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Cash Flows (Continued)
For the Year Ended December 31, 2024, 2023 and 2022
(In millions)

Year Ended December 31,
202420232022
Cash Flows from Financing Activities:
Proceeds from issuance of debt with maturities of more than three months397 400 — 
Repayment of debt with maturities of more than three months— (393)(366)
Net proceeds from (repayments of) short-term loans to subsidiaries(269)250 65 
Proceeds from issuance of common stock, net6 — 7 
Share-based compensation(44)(47)(40)
Common stock acquired - Share repurchase(640)(369)(750)
Dividends paid on common stock(168)(125)(80)
Dividends paid on preferred stock(41)(36)(36)
Net cash used in financing activities(759)(320)(1,200)
Net increase (decrease) in cash and cash equivalents11 (3)7 
Cash and cash equivalents, beginning of period206 209 202 
Cash and cash equivalents, end of period$217 $206 $209 
Supplemental cash flow information:
Income taxes paid (received), net$5 $4 $14 
Interest paid110 111 111 
The accompanying notes are an integral part of this Condensed Financial Information.
1.    Business and Basis of Presentation

The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements").

The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting.

2.    Loans to Subsidiaries

Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. 

The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated:
As of December 31,
SubsidiariesRateMaturity Date20242023
Voya Institutional Plan Services, LLC4.50%01/02/2025$43 $— 
Voya Institutional Plan Services, LLC5.44%01/02/2024— 31 
Voya Investment Management, LLC4.57%01/30/202550 — 
Voya Services Company5.44%01/02/2024— 185 
Voya Payroll Management, Inc.5.44%01/02/2024— 11 
Voya Payroll Management, Inc.4.50%01/02/20252 — 
Voya Holdings Inc.5.53%01/18/2024— 44 
Voya Holdings Inc.5.51%01/12/2024— 22 
Voya Holdings Inc.4.57%01/30/20255 — 
ReliaStar Life Insurance Company4.50%01/02/202568 — 
Voya Services Company4.50%01/02/2025224 — 
Total$392 $293 

Interest income earned on loans to subsidiaries was $24, $18 and $5 for the years ended December 31, 2024, 2023 and 2022, respectively. Interest income is included in Net investment income in the Condensed Statements of Operations.

3.    Financing Agreements

Debt Securities

The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated:
As of December 31,
20242023
Intercompany financing - Subsidiaries$176 $445 
Current portion of long-term debt399 — 
Total$575 $445 
Intercompany financing

Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities.
As of December 31, 2024 and 2023, Voya Financial, Inc. was in compliance with its debt covenants. See Financing Agreements Note to the Consolidated Financial Statements for further information regarding long-term debt and the five-year maturities of long-term debt.

Credit Facilities

Voya Financial, Inc. uses credit facilities for contingent liquidity to be used as needed for general business purposes. As of December 31, 2024, unsecured and committed facilities totaled $512. Of the aggregate $512 capacity available, Voya Financial, Inc. utilized $12 in credit facilities outstanding as of December 31, 2024. Total fees associated with credit facilities in 2024, 2023 and 2022 totaled $1, $1 and $2, respectively.

Guarantees

In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters.

In addition, Voya Financial, Inc. provides guarantees to certain of its subsidiaries to support various business requirements:
•Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 principal amount of the 8.42% Equitable of Iowa Companies Capital Trust II Notes due 2027, and provides a back-to-back guarantee to ING Group in respect of its guarantee of $218 combined principal amount of Aetna Notes.
•Voya Financial, Inc. and Voya Holdings provide a guarantee of payment of obligations to certain subsidiaries under certain surplus notes held by those subsidiaries.

There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2024 and 2023 in relation to these intercompany indemnifications, guarantees or support agreements. As of December 31, 2024 and 2023, no guarantees existed in which Voya Financial, Inc. was required to currently perform under these arrangements.

4.    Returns of Capital and Dividends

Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods indicated:
Year Ended December 31,
202420232022
Voya Holdings Inc.$861 $1,057 $1,210 
Total
$861 $1,057 $1,210 

5.    Income Taxes

As of December 31, 2024 and 2023, Voya Financial, Inc. held deferred tax assets related to loss and credit carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards.

Valuation allowances have been applied to a portion of the state deferred tax assets as of December 31, 2024 and 2023. Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements.

As of December 31, 2024 and 2023, Voya Financial, Inc. has recognized deferred tax assets of $819 and $856, respectively, primarily related to federal net operating loss carryforwards.
As of December 31, 2024 and 2023, Voya Financial, Inc. had a current income tax receivable of $4 and $5, respectively.

Tax Sharing Agreement

Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.