Voya Financial, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.98 billion, a decrease of 2.5% from $2.03 billion in the same period last year. The decline was primarily attributed to a drop in premiums, which fell by 9.1% to $718 million from $790 million, reflecting strategic adjustments in the Employee Benefits segment. However, net investment income increased by 12.7% to $584 million, up from $518 million, driven by onboarded assets from the recent acquisition of OneAmerica Financial and favorable market conditions.
In terms of profitability, Voya's net income available to common shareholders for the quarter was $162 million, or $1.69 per share, compared to $201 million, or $2.00 per share, in the prior year. The decrease in net income was influenced by a significant drop in net gains, which shifted from a loss of $4 million to a loss of $41 million, largely due to unfavorable changes in derivative valuations and higher credit allowances on fixed maturity securities. Operating expenses rose to $857 million, an increase of 14% from $752 million, primarily due to costs associated with the integration of OneAmerica's business and higher severance costs.
Strategically, Voya completed the acquisition of OneAmerica Financial's full-service retirement plan business on January 2, 2025, which is expected to enhance its capabilities in the retirement sector. The company also announced a return to its previous segment names, rebranding Wealth Solutions and Health Solutions back to Retirement and Employee Benefits, respectively. This change aims to better align the segment names with the services provided.
Operationally, Voya's total assets increased to $172.4 billion as of June 30, 2025, up from $163.9 billion at the end of 2024. The company reported a total of 96.4 million shares outstanding, with a market capitalization reflecting its ongoing commitment to shareholder returns, including a dividend of $0.45 per share for the quarter. The company’s leverage ratio improved to 31.2%, down from 38.5% at the end of 2024, indicating a stronger capital position.
Looking ahead, Voya Financial anticipates continued growth in its retirement and investment management segments, supported by the integration of OneAmerica's assets and a focus on enhancing operational efficiencies. The company remains vigilant regarding market conditions and potential economic uncertainties, which could impact its performance in the coming quarters.
About Voya Financial, Inc.
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