Voya Financial announced a partnership with F&G Annuities & Life on February 25 2026 that will make F&G’s fixed‑indexed annuities, registered index‑linked annuities and multi‑year guaranteed annuities available through Voya’s Wealth Management platform.
The collaboration gives Voya’s financial professionals access to a broader range of retirement‑income products, allowing clients to choose from a suite of annuity solutions that combine market‑linked growth with guaranteed income streams. The move positions Voya to better serve its nearly 10 million retirement‑plan participants and 18 million customer relationships by adding a new source of fee‑based revenue and cross‑sell opportunities within its integrated workplace solutions model.
Voya’s Q4 2025 earnings provide context for the partnership’s strategic importance. Revenue of $2.13 billion beat consensus by 6.1%, driven by strong demand in the Retirement and Investment Management segments. However, adjusted operating earnings per share of $1.94 missed estimates by $0.14, largely because of higher stop‑loss reserves and performance‑based compensation accruals in the Employee Benefits segment. The company also reported record assets under management exceeding $1 trillion, a 22% year‑over‑year increase in full‑year adjusted operating earnings to $8.85 billion, and $775 million in excess capital.
Management highlighted the partnership’s role in Voya’s fee‑based growth strategy. CFO Mike Katz said, "2025 marked a strong year of execution. We generated over $1+ billion of pre‑tax adjusted operating earnings, $168 million higher than a year ago, and we increased earnings per share 22% to $8.85. This included EPS of $1.94 in the quarter, which was up 39% from last year." He added, "Full‑year Retirement adjusted operating earnings were nearly $1 billion, 17% higher than 2024, including $255 million in Q4. Fee‑based revenues in Retirement now exceed $1.4 billion, with a 21% increase year‑over‑year." CEO Heather Lavallee noted, "In Investment Management, we delivered a record $1 billion in annual net revenue and 4.8% organic growth, well above our long‑term target." She also emphasized, "in Employee Benefits, progress in margin improvement is expected to continue, particularly in Stop Loss, where increased rates and disciplined reserving position the business for 2026."
The partnership announcement did not trigger a specific market reaction, but Voya’s stock fell after its Q4 2025 earnings release because investors focused on the EPS miss and the increase in stop‑loss reserves, which signaled potential margin pressure in the Employee Benefits segment. The new annuity offering is viewed as an incremental move that complements Voya’s broader strategy to deepen retirement solutions without building all products in‑house.
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