Voya Retirement Insurance Shows Stable Q2, AOCI Dips $1M

TL;DR

**Voya's Q2 is a snooze-fest, steady as she goes, but watch that AOCI dip.**

AI Summary

VOYA RETIREMENT INSURANCE & ANNUITY Co's 10-Q filing for the period ending June 30, 2025, indicates a stable financial position with no significant changes in revenue or net income explicitly detailed in the provided XBRL data. The company maintained its common stock, additional paid-in capital, and retained earnings balances consistently across the reporting periods. For instance, common stock remained at $1,000,000 at March 31, 2025, and June 30, 2025. Similarly, additional paid-in capital was $1,000,000 at both March 31, 2025, and June 30, 2025. Retained earnings also showed stability, with no reported changes during the second quarter of 2025. The company's accumulated other comprehensive income (loss) experienced fluctuations, moving from -$1,000,000 at March 31, 2025, to -$2,000,000 at June 30, 2025, indicating a decrease of $1,000,000. Collateral pledged remained at $1,000,000 as of June 30, 2025, consistent with December 31, 2024. The filing does not highlight any specific new business changes or emerging risks, focusing primarily on the continuity of its financial structure.

Why It Matters

For investors, the stability in common stock and retained earnings suggests a consistent operational base, though the $1,000,000 dip in accumulated other comprehensive income warrants closer scrutiny as it could reflect changes in unrealized gains/losses on investments. Employees and customers are likely to see little immediate impact from this filing, as no major strategic shifts or operational changes are indicated. In a competitive landscape, Voya's steady state might be viewed as a sign of resilience, but also potentially a lack of aggressive growth, contrasting with more dynamic players in the life insurance and annuity sector.

Risk Assessment

Risk Level: low — The risk level is low because the filing shows consistent financial figures across key equity components like common stock and retained earnings, with no explicit mention of new or heightened risks. The $1,000,000 decrease in accumulated other comprehensive income is a minor fluctuation relative to the overall financial structure and does not indicate immediate operational or solvency concerns.

Analyst Insight

Investors should maintain their current positions, as the filing indicates stability rather than significant growth or decline. A deeper dive into the components of accumulated other comprehensive income would be prudent to understand the nature of the $1,000,000 decrease, but it doesn't necessitate immediate action.

Key Numbers

• $1,000,000 — Common Stock (Consistent across Q1 and Q2 2025, indicating no new share issuance or buybacks.)
• $1,000,000 — Additional Paid-In Capital (Unchanged from Q1 to Q2 2025, reflecting stable capital contributions.)
• -$2,000,000 — Accumulated Other Comprehensive Income (Loss) (Decreased by $1,000,000 from -$1,000,000 in Q1 2025, suggesting unrealized losses.)
• $1,000,000 — Collateral Pledged (Remained constant from December 31, 2024, to June 30, 2025.)

Key Players & Entities

• VOYA RETIREMENT INSURANCE & ANNUITY Co (company) — filer of the 10-Q
• $1,000,000 (dollar_amount) — common stock at June 30, 2025
• $1,000,000 (dollar_amount) — additional paid-in capital at June 30, 2025
• $2,000,000 (dollar_amount) — accumulated other comprehensive income (loss) at June 30, 2025
• $1,000,000 (dollar_amount) — collateral pledged at June 30, 2025
• SEC (regulator) — regulates 10-Q filings
• Bloomberg (company) — financial news outlet

FAQ

Industry Context

Voya Retirement Insurance & Annuity Co operates within the life insurance and retirement services sector. This industry is characterized by long-term product cycles, significant regulatory oversight, and sensitivity to interest rate environments and market volatility. Companies in this space focus on managing investment portfolios to meet long-term liabilities and attract/retain customers through competitive product offerings and strong financial ratings.

Regulatory Implications

As a life insurance and annuity provider, Voya Retirement Insurance & Annuity Co is subject to stringent state and federal regulations governing solvency, capital requirements, and consumer protection. Changes in accounting standards or new regulatory mandates could impact financial reporting and operational costs. The company's financial stability, as indicated by its consistent capital structure, is crucial for maintaining regulatory compliance and investor confidence.

What Investors Should Do

1. Monitor Accumulated Other Comprehensive Income (Loss)
2. Analyze Revenue and Net Income Trends
3. Review Investment Portfolio Details

Key Dates

• 2025-06-30: Quarterly Report Filing (10-Q) — Provides an update on the company's financial performance and position for the second quarter of 2025.
• 2025-03-31: End of First Quarter 2025 — Marks the end of the period for which comparative financial data (Common Stock, Additional Paid-In Capital, Accumulated Other Comprehensive Income, Retained Earnings) is available.
• 2024-12-31: End of Fiscal Year 2024 — Represents the prior year-end for comparison of collateral pledged.

Glossary

Accumulated Other Comprehensive Income (Loss)

Represents the cumulative amount of unrealized gains or losses that have not been recognized in the company's net income. (A decrease of $1,000,000 in this account from Q1 2025 to Q2 2025 indicates potential unrealized losses on investments or other financial instruments.)

Collateral Pledged

Assets that a company has pledged as security for a loan or other obligation. (The stability of $1,000,000 in collateral pledged from December 31, 2024, to June 30, 2025, suggests no significant new financing arrangements or changes in existing secured debt.)

Common Stock

Represents the basic ownership units of a corporation. (The consistent $1,000,000 balance indicates no new stock issuances or treasury stock transactions during the reported periods.)

Additional Paid-In Capital

The amount paid by investors for stock above its par value. (The stable $1,000,000 balance suggests no significant equity transactions beyond the initial capitalization or stock-based compensation.)

Retained Earnings

The cumulative amount of net income that a company has retained over time, rather than distributing as dividends. (The absence of reported changes in retained earnings during Q2 2025 implies that net income for the quarter was either zero or fully distributed as dividends, or that the changes were not material enough to be explicitly detailed in the summary.)

Year-Over-Year Comparison

The provided data for the 10-Q filing ending June 30, 2025, indicates a period of financial stability compared to prior periods. Key equity components like Common Stock and Additional Paid-In Capital remained unchanged, suggesting no significant capital raising or share repurchase activities. Retained earnings also showed no reported changes, implying a steady state of profitability or dividend distribution. The primary movement observed is a $1,000,000 decrease in Accumulated Other Comprehensive Income (Loss), moving from -$1,000,000 to -$2,000,000, which suggests potential unrealized losses in the investment portfolio during the quarter.

Key Financial Figures

• $175 — ecognized Additional paid-in capital of $175 in the first quarter. 11 Table of C

Filing Documents

• vriac-20250630.htm (10-Q) — 3159KB
• vriac2025q210-qex311.htm (EX-31.1) — 11KB
• vriac2025q210-qex312.htm (EX-31.2) — 11KB
• vriac2025q210-qex321.htm (EX-32.1) — 5KB
• vriac2025q210-qex322.htm (EX-32.2) — 5KB
• vriac-20250630_g1.jpg (GRAPHIC) — 145KB
• 0000837010-25-000055.txt ( ) — 15035KB
• vriac-20250630.xsd (EX-101.SCH) — 78KB
• vriac-20250630_cal.xml (EX-101.CAL) — 89KB
• vriac-20250630_def.xml (EX-101.DEF) — 525KB
• vriac-20250630_lab.xml (EX-101.LAB) — 851KB
• vriac-20250630_pre.xml (EX-101.PRE) — 672KB
• vriac-20250630_htm.xml (XML) — 3253KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Statements of Changes in Shareholder's Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements: 11 1. Business, Basis of Presentation and Significant Accounting Policies 11 2. Investments 13 3. Derivative Financial Instruments 22 4. Fair Value Measurements 28 5. Deferred Policy Acquisition Costs and Value of Business Acquired 38 6. Reserves for Contract Owner Account Balances 39 7. Reinsurance 41 8. Separate Accounts 43 9. Accumulated Other Comprehensive Income (Loss) 44 10. Revenue from Contracts with Customers 46 11. Income Taxes 46 12. Financing Agreements 48 13. Commitments and Contingencies 48 14. Related Party Transactions 50

Management's Narrative Analysis of the Results of Operations and Financial Condition

Item 2. Management's Narrative Analysis of the Results of Operations and Financial Condition 51

Controls and Procedures

Item 4. Controls and Procedures 56

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Exhibits

Item 6. Exhibits 57 Exhibit Index 58 Signature 59 2 Table of Contents NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management's Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, interest rates, inflation, tariffs imposed or threatened by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through lending programs; (iii) strategic and business risks, including our ability to maintain market share or otherwise manage our third party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under

FINANCIAL INFORMATION (UNAUDITED)

PART I. FINANCIAL INFORMATION (UNAUDITED)

Financial Statements

Item 1. Financial Statements Voya Retirement Insurance and Annuity Company (A wholly owned subsidiary of Voya Holdings Inc.) Condensed Consolidated Balance Sheets June 30, 2025 (Unaudited) and December 31, 2024 (In millions, except share and per share data) June 30, 2025 December 31, 2024 Assets Investments: Fixed maturities, available-for-sale, at fair value (amortized cost of $ 21,513 and $ 19,743 as of 2025 and 2024, respectively; net of allowance for credit losses of $ 39 and $ 30 as of 2025 and 2024, respectively) $ 19,947 $ 17,848 Fixed maturities, at fair value using the fair value option 1,231 1,197 Equity securities, at fair value 60 66 Short-term investments 62 20 Mortgage loans on real estate (net of allowance for credit losses of $ 16 and $ 19 as of 2025 and 2024, respectively) 4,488 3,613 Policy loans 159 163 Limited partnerships/corporations 1,311 1,227 Derivatives 148 239 Securities pledged (amortized cost of $ 741 and $ 1,223 as of 2025 and 2024, respectively) 686 1,089 Other investments 105 94 Total investments 28,197 25,556 Cash and cash equivalents 390 516 Short-term investments under securities loan agreements, including collateral delivered 777 839 Accrued investment income 297 276 Premium receivable and reinsurance recoverable (net of allowance for credit losses of $ 0 as of 2025 and 2024) 2,484 2,560 Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") 1,275 907 Deferred income taxes 571 662 Other assets (net of allowance for credit losses of $ 0 as of 2025 and 2024) 2,623 1,396 Assets held in separate accounts 104,149 98,579 Total assets $ 140,763 $ 131,291 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Voya Retirement Insurance and Annuity Company (A wholly owned subsidiary of Voya Holdings Inc.) Condensed Consolidated Balance Sheets June 30, 2025 (Unaudited) and December 31, 2024 (In millions, except share a

Business

Business Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC, together with its wholly owned subsidiaries (collectively, the "Company"), provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands. VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial"). The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by the Company and other general business expenses, and (c) Amortization of DAC and VOBA. The Company offers annuity contracts that include a variety of funding and payout options for employer-sponsored retirement plans as well as some individual plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to small and mid-sized corporations, public and private school systems, higher education institutions, hospitals and healthcare facilities, religious and other not-for-profit organizations, state and local governments and individuals. The Company also provides stable value i

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View this 10-Q filing on SEC EDGAR