Voya Financial Inc: First Take 2Q26 Earnings: Steady Results, But Against Elevated Expectations

Research evidence excerpt

M

Update

August 5, 2026 12:14 AM GMT

Morgan Stanley & Co. LLC

Voya Financial Inc | North America

Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings:

Steady Results, But Against

Elevated Expectations

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Jie Cheng

Research Associate

Voya Financial Inc (VOYA.N, VOYA UN)

Insurance - Life/Annuity | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$92.00

$100.68

$9,462

$103.49-64.52

Source: Company data, Morgan Stanley Research

Solid commercial results, but need more: Although Retirement and Investment

Management saw solid results, expectation for the quarter was somewhat elevated.

Earnings for Employee Benefit came in lighter than expected given the Voluntary

loss ratio appeared elevated and the prior year benefited from favorable Stop-loss

developments. Investment Management continues to see momentum, supported by

higher fee based revenue and positive capital market. This is supported by another

quarter of Investment Management net inflows. Overall, this quarter's result does

not advance or erode the investment thesis for Voya, as the company continues to

focus on the key metrics. Going forward, the major focus remains on Employee

Benefit segment, where Stop-loss turn around and earnings path for voluntary/

disability will be key.

What We Liked

• Investment Management: Adj. operating earnings of $57 million was better

than consensus of $53 million driven by higher fee-based revenues and

favorable capital market conditions.

Areas to Monitor

• Employee Benefit: Adj. operating earnings of $22 million was weaker than

consensus expectation of $40 million. Voluntary segment loss ratio is

elevated for the quarter.

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