Variable Life Account B of Ing Life Insurance & Annuity Co.

04/30/2026 | Press release | Distributed by Public on 04/30/2026 04:03

Financial Statements by Insurance Company (Form N-VPFS)


Item 8. Financial Statements and Supplementary Data
Page
Report of Independent Registered Public Accounting Firm (PCAOB Firm ID: 42)
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Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years ended December 31,
2025, 2024 and 2023:
Consolidated Balance Sheets as of December 31, 2025 and 2024
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Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023
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Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023
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Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2025, 2024 and 2023
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Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023
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Notes to Consolidated Financial Statements:
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1. Business, Basis of Presentation and Significant Accounting Policies
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2. Investments
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3. Derivative Financial Instruments
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4. Fair Value Measurements
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5. Deferred Policy Acquisition Costs and Value of Business Acquired
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6. Reserves for Contract Owner Account Balances
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7. Reinsurance
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8. Separate Accounts
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9. Capital Contributions, Dividends and Statutory Information
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10. Accumulated Other Comprehensive Income (Loss)
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11. Revenue from Contracts with Customers
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12. Income Taxes
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13. Financing Agreements
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14. Benefit Plans
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15. Commitments and Contingencies
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16. Related Party Transactions
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Report of Independent Registered Public Accounting Firm


To the Shareholder and the Board of Directors of Voya Retirement Insurance and Annuity Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Voya Retirement Insurance and Annuity Company (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in shareholder's equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.











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Valuation of investments in securities
Description of the Matter
A subset of the Company's $20.9 billion fixed-income securities portfolio exhibits higher estimation uncertainty when determining fair value. The fixed-income securities are classified as available-for sale and, accordingly, are carried at fair value in the consolidated statements of financial position. As discussed in Note 4 of the consolidated financial statements, for certain securities, the Company obtains fair values from independent broker quotes which exhibit higher estimation uncertainty. In addition, the Company uses a matrix-based pricing model that includes several assumptions (i.e., current corporate spreads and credit quality of the issuer) which creates higher estimation uncertainty.

Auditing the fair value of securities that exhibit higher estimation uncertainty was especially challenging because determining the fair value is complex and highly judgmental and involves using inputs and assumptions that are not directly observable in the market.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management's valuation process for the securities that exhibit higher estimation uncertainty. This included, among others, controls related to the review and approval of fair values obtained from independent broker quotes, and controls over the review and approval of fair values determined using the matrix-based pricing model, including the inputs and assumptions used.

To test the fair value of investments with higher estimation uncertainty priced using either matrix-based pricing model or independent broker quotes, our audit procedures included, among others, utilizing valuation specialists to perform procedures which included independently calculating a reasonable range of fair values for a sample of securities exhibiting higher estimation uncertainty, using a cash flow model with cash flow and yield assumptions based on independently obtained information, or transaction data for similar securities when available. We compared these ranges to management's estimates of fair value for the selected securities.



/s/ Ernst & Young LLP
We have served as the Company's auditor since 2001.
Atlanta, Georgia
March 6, 2026





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Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Balance Sheets
December 31, 2025 and 2024
(In millions, except share and per share data)
As of December 31,
2025 2024
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $22,083 and $19,743 as of 2025 and 2024, respectively; net of allowance for credit losses of $17 and $30 as of 2025 and 2024, respectively)
$ 20,862 $ 17,848
Fixed maturities, at fair value using the fair value option 1,131 1,197
Equity securities, at fair value 72 66
Short-term investments 6 20
Mortgage loans on real estate (net of allowance for credit losses of $27 and $19 as of 2025 and 2024, respectively)
4,575 3,613
Policy loans 157 163
Limited partnerships/corporations 1,365 1,227
Derivatives 154 239
Securities pledged (amortized cost of $959 and $1,223 as of 2025 and 2024, respectively)
845 1,089
Other investments 61 94
Total investments 29,228 25,556
Cash and cash equivalents 352 516
Short-term investments under securities loan agreements, including collateral delivered 791 839
Accrued investment income 300 276
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2025 and 2024)
2,421 2,560
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") 1,257 907
Deferred income taxes 513 662
Other assets (net of allowance for credit loss of $0 as of 2025 and 2024)
2,795 1,396
Assets held in separate accounts 109,772 98,579
Total assets $ 147,429 $ 131,291
The accompanying notes are an integral part of these Consolidated Financial Statements.

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Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Balance Sheets
December 31, 2025 and 2024
(In millions, except share and per share data)
As of December 31,
2025 2024
Liabilities:
Future policy benefits and contract owner account balances $ 33,244 $ 29,268
Payables under securities loan and repurchase agreements, including collateral held 826 897
Due to affiliates 124 100
Derivatives 232 268
Other liabilities 806 639
Liabilities related to separate accounts 109,772 98,579
Total liabilities $ 145,004 $ 129,751
Commitments and Contingencies (Note 15)
Shareholder's equity:
Common stock ($50 par value per share, 100,000 shares authorized, 55,000 issued and outstanding as of 2025 and 2024)
3 3
Additional paid-in capital 2,929 2,754
Accumulated other comprehensive income (loss) (1,134) (1,644)
Retained earnings 627 427
Total shareholder's equity 2,425 1,540
Total liabilities and shareholder's equity $ 147,429 $ 131,291
The accompanying notes are an integral part of these Consolidated Financial Statements.


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Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Statements of Operations
For the Years Ended December 31, 2025, 2024 and 2023
(In millions)
Year Ended December 31,
2025 2024 2023
Revenues:
Net investment income $ 1,722 $ 1,482 $ 1,523
Fee income 1,336 1,136 993
Premiums 1 9 29
Net gains (losses) (132) (44) (134)
Other revenue 73 65 18
Total revenues 3,000 2,648 2,429
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders 873 770 817
Operating expenses 1,332 1,160 1,133
Net amortization of DAC and VOBA 102 73 76
Interest expense 2 2 3
Total benefits and expenses 2,309 2,005 2,029
Income before income taxes 691 643 400
Income tax expense 97 57 13
Net income $ 594 $ 586 $ 387
The accompanying notes are an integral part of these Consolidated Financial Statements.

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Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Statements of Comprehensive Income
For the Years Ended December 31, 2025, 2024 and 2023
(In millions)
Year Ended December 31,
2025 2024 2023
Net income $ 594 $ 586 $ 387
Other comprehensive income (loss), before tax:
Change in current discount rate 24 28 16
Unrealized gains (losses) on investments 622 (170) 661
Other comprehensive income (loss), before tax 646 (142) 677
Income tax expense (benefit) related to items of other comprehensive income (loss) 136 (29) 141
Other comprehensive income (loss), after tax 510 (113) 536
Comprehensive income $ 1,104 $ 473 $ 923
The accompanying notes are an integral part of these Consolidated Financial Statements.

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Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Statements of Changes in Shareholder's Equity
For the Years Ended December 31, 2025, 2024 and 2023
(In millions)
Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Deficit) Total Shareholder's Equity
Balance as of January 1, 2023 $ 3 $ 2,778 $ (2,067) $ 213 $ 927
Comprehensive income (loss):
Net income
- - - 387 387
Other comprehensive income (loss), after tax - - 536 - 536
Total comprehensive income
923
Dividends paid and distributions of capital - (8) - (302) (310)
Balance as of December 31, 2023 3 2,770 (1,531) 298 1,540
Comprehensive income (loss):
Net income
- - - 586 586
Other comprehensive income (loss), after tax - - (113) - (113)
Total comprehensive income
473
Dividends paid and distributions of capital - (16) - (457) (473)
Balance as of December 31, 2024 3 2,754 (1,644) 427 1,540
Comprehensive income (loss):
Net income
- - - 594 594
Other comprehensive income (loss), after tax - - 510 - 510
Total comprehensive income
1,104
Impact of pushdown accounting related to business acquisition
- 175 - - 175
Dividends paid and distributions of capital - - - (394) (394)
Balance as of December 31, 2025 $ 3 $ 2,929 $ (1,134) $ 627 $ 2,425
The accompanying notes are an integral part of these Consolidated Financial Statements.

C-8


Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2025, 2024 and 2023
(In millions)

Year Ended December 31,
2025 2024 2023
Cash Flows from Operating Activities:
Net income
$ 594 $ 586 $ 387
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax (benefit) expense 13 - (1)
Net (gains) losses 132 44 134
(Gains) losses on limited partnerships/corporations (1) 12 29
Changes in operating assets and liabilities:
Deferred policy acquisition costs and value of business acquired
39 13 17
Premium receivable and reinsurance recoverable
210 313 205
Other receivables and asset accruals (44) (62) 4
Future policy benefits, claims reserves and interest credited 679 577 538
Due to/from affiliates 18 (73) 30
Other payables and accruals 56 (22) (25)
Other, net (81) (10) 2
Net cash provided by operating activities 1,615 1,378 1,320
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities 6,711 4,586 4,781
Equity securities 16 - 64
Mortgage loans on real estate 703 627 451
Limited partnerships/corporations 81 82 102
Acquisition of:
Fixed maturities (7,225) (4,245) (3,191)
Equity securities (28) - -
Mortgage loans on real estate (874) (243) (296)
Limited partnerships/corporations (233) (246) (113)
Short-term investments, net 66 66 162
Derivatives, net (29) 86 65
Short-term loan to affiliate, net (469) 195 (295)
Collateral received (delivered), net
(22) 155 (78)
Receipts on deposit asset contracts 110 204 240
Cash and cash equivalents acquired from business acquisition 274 - -
Other, net 58 - 42
Net cash provided by (used in) investing activities (861) 1,267 1,934
Cash Flows from Financing Activities:
Deposits received for investment contracts 3,514 1,992 1,559
Maturities and withdrawals from investment contracts (4,035) (3,847) (4,536)
Dividends paid and distributions of capital (394) (473) (310)
Other, net (3) 13 (1)
Net cash (used in) financing activities (918) (2,315) (3,288)
Net increase (decrease) in cash and cash equivalents (164) 330 (34)
Cash and cash equivalents, beginning of period 516 186 220
Cash and cash equivalents, end of period $ 352 $ 516 $ 186
Supplemental disclosure of cash flow information:
Income taxes paid (received), net $ 69 $ 57 $ (6)
Equity impact of pushdown accounting related to business acquisition 175 - -
Interest paid
- -
The accompanying notes are an integral part of these Consolidated Financial Statements.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)


1. Business, Basis of Presentation and Significant Accounting Policies

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 investment options, including separate account guaranteed investment contracts ("GICs"), and synthetic GICs, to institutional clients. The Company's products are generally distributed through third-party brokers and advisors, third-party administrators, pension consultants including national aggregators, and representatives associated with Voya Financial's owned broker-dealer and investment advisor, Voya Financial Advisors, Inc. ("VFA").

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, proprietary and non-proprietary fixed and variable investment options, participant communications and education programs, and a broad suite of financial wellness and retirement income solutions including retirement and financial planning guidance and advisory products, tools and services. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one reportable segment. The Director and President of the Company is the chief operating decision maker ("CODM"). The CODM reviews consolidated Net income, as presented in the Consolidated Statements of Operations, and assesses year over year changes in evaluating operating performance and allocating resources. The measure of segment assets is reported on the Consolidated Balance Sheets as Total assets. Significant expenses regularly provided to the CODM are consistent with those presented in the Consolidated Statements of Operations.

On January 2, 2025, the Company's ultimate parent, Voya Financial, acquired the full-service retirement plan business of OneAmerica Financial. This acquisition was accomplished through the purchase of legal entities and an indemnity reinsurance agreement through which the Company will administer group annuity contracts on behalf of American United Life Insurance Company, an affiliate of OneAmerica Financial. As a result of the application of pushdown accounting associated with the acquisition, the Company recognized Additional paid-in capital of $175 in the first quarter.


Basis of Presentation

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

The Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, Voya Financial Partners, LLC ("VFP"), Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC. Intercompany transactions and balances have been eliminated.

Significant Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Consolidated Financial Statements.

The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates:

•Valuation of investments and derivatives;
•Investment impairments;
•Income taxes; and
•Contingencies.

Fair Value Measurement

The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows.

Investments

The accounting policies for the Company's principal investments are as follows:

Equity Securities: The Company measures its equity securities at fair value, with changes in fair value recognized in net income.

Fixed Maturity Securities: Fixed maturity securities are generally designated as available-for-sale and carried at fair value with unrealized gains (losses) recorded net of deferred income taxes in Accumulated other comprehensive income (loss) ("AOCI"). For certain fixed maturities, the Company has elected the fair value option ("FVO"), under which, changes in fair value are recognized in Net gains (losses) in the Consolidated Statements of Operations.

Fixed maturities that contain embedded derivatives are reported with the host contract on the Consolidated Balance Sheets. In connection with funds withheld reinsurance treaties, the Company has elected the FVO for certain fixed maturities to better align the measurement of those assets with the related embedded derivative liabilities in the Consolidated Statements of Operations. See Derivatives below for further information on embedded derivatives.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and measured at fair value, with changes in the fair value recorded in Net gains (losses), and interest income recognized in Net investment income. Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Net gains (losses).

Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined based on the amortized cost of the asset being disposed of using the specific identification method.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income.

Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis.

Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value.

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income on the Consolidated Balance Sheets.

Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt.

Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios ("DSC"), loan-to-value ("LTV"), collateral size, seniority of the loan, segmentation and property types.

The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off.

Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved.

For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Limited partnerships/corporations on the Consolidated Balance Sheets.

Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy.

Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests, which consist primarily of investments in private equity and hedge funds. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, typically not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income.

Other Investments: Other investments are comprised primarily of the Company's investment in outstanding common stock of an affiliate, Voya Special Investments, Inc., which is accounted for as an equity method investment. Other investments also include Federal Home Loan Bank ("FHLB") stock as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value.

Securities Pledged: Securities pledged is comprised of collateral related to the securities lending program, repurchase agreements and derivatives.

Investment Impairments

The Company evaluates its available-for-sale investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. A severe unrealized loss position on a fixed maturity may not have any impact on (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected.

When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs.

When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net gains (losses) as impairments in the Consolidated Statements of Operations.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

The Company uses the following methodology and significant inputs in determining whether a credit loss exists:

•When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.
•Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security.
•When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions.
•The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment.

Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. The Company evaluates the collectability of accrued interest receivable as part of its quarterly impairment evaluation of available-for-sale investments. Losses are recorded in Net investment income when the Company believes the uncollectability of the accrued interest receivable is confirmed.

Derivatives

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rules related to the variation margin payments, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net gains (losses) in the Consolidated Statements of Operations. Gains (losses) and net investment income related to derivatives are reflected as adjustments to reconcile Net cash flows from operating activities, and the net cash activity from derivatives is reflected in Net cash flows from investing activities, in the Consolidated Statements of Cash Flows. Any noncash activity, to the extent it is material, is excluded and reflected in a noncash supplementary schedule related to investing and financing activities.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship.

•Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.
•Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.

Even if a derivative qualifies for hedge accounting treatment, there may be an element of ineffectiveness of the hedge. The ineffective portion of a hedging relationship subject to hedge accounting is recognized in Net gains (losses).

When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Net gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Net gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Net gains (losses).

Embedded derivatives in UL-type and annuity products: The Company has issued certain UL-type and annuity products that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. The fair value of these embedded derivatives is at least partially determined by levels of or changes in interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
within these UL-type and annuity products are included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Net gains (losses).

Embedded derivatives within fixed maturities: Embedded derivatives within fixed maturity securities are reported together with the related host contract on the Consolidated Balance Sheets. The fair value of these embedded derivatives is primarily driven by changes in interest rates and credit ratings/spreads. Changes in the fair value of the embedded derivatives are recorded in Net gains (losses) in the Consolidated Statements of Operations.

Embedded derivatives in funds withheld reinsurance arrangements: The Company has coinsurance with funds withheld reinsurance arrangements pursuant to which it records a funds withheld receivable for assumed reinsurance or a funds withheld payable for ceded reinsurance, both of which contain embedded derivatives. The fair value of the embedded derivative is based on changes in the fair value of the underlying assets held in trust and is reported with the host contract. Embedded derivatives related to funds withheld receivables and payables are recorded in Premium receivable and reinsurance recoverable and Other liabilities, respectively, on the Consolidated Balance Sheets. Changes in the fair value of embedded derivatives are recorded in Interest credited and other benefits to contract owners/policyholders or in Net gains (losses) in the Consolidated Statements of Operations.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value.

Deferred Policy Acquisition Costs and Value of Business Acquired

DAC represent policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA amortization is recorded in Net amortization of DAC and VOBA in the Consolidated Statements of Operations.

Amortization Methodologies
The Company amortizes DAC/VOBA related to deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by market type and issue year cohort using assumptions on a basis consistent with those used in estimating the associated liability or other related balance, where applicable.

The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management's best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made.

VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established.

Internal Replacements
Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA related to the replaced

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA related to the replaced contracts are written off to Net amortization of DAC and VOBA in the Consolidated Statements of Operations.

Contract Costs Associated with Certain Revenue Contracts

Contract cost assets represent costs incurred to obtain or fulfill contracts for non-insurance financial services that are expected to be recovered and, thus, have been capitalized and are subject to amortization. Capitalized contract costs include the incremental costs of obtaining a contract and fulfillment costs that relate directly to a contract and generate or enhance resources of the Company that are used to satisfy performance obligations. Capitalized contract costs are amortized on a straight-line basis over the estimated lives of the contracts.

Capitalized contract costs are included in Other assets on the Consolidated Balance Sheets, and costs expensed as incurred are included in Operating expenses in the Consolidated Statements of Operations.

Future Policy Benefits and Contract Owner Account Balances

Future Policy Benefits
The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments.

Principal assumptions used to establish liabilities for future policy benefits include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums by the contract owner, retirement, and benefit utilization. These assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations.

Interest rates used in discounting the reserves are based on an upper-medium grade (low-credit-risk) fixed-income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in AOCI. Locked-in interest rates used to determine interest accretion on reserves for new contracts sold are based on the upper-medium grade (low-credit-risk) fixed-income instrument yield applicable at the time the business was issued. Locked-in interest accretion rates for contracts in force as of January 1, 2021, the transition date for Targeted Improvements for Long-Duration Contracts, are based on the locked-in interest rates in effect for those contracts immediately prior to the transition date. Interest accretion is recorded in Interest credited and other benefits to contract owners/policyholders.

Contract Owner Account Balances
Contract owner account balances relate to investment-type contracts, as follows:

•Account balances for funding agreements with fixed maturities are calculated using the amount deposited with the Company, less withdrawals, plus interest credited to contract owners through the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract.
•Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Product Guarantees and Additional Reserves
The Company calculates additional reserve liabilities for certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Future policy benefits and contract owner account balances. Changes in estimated fair value that are not related to attributed fees collected or payments made, are reported in Net gains (losses) in the Consolidated Statements of Operations.

The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future attributed premiums. At inception of the contract, the Company projects an attributed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions.

The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.

The discount rate used to determine the fair value of the liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk").

Separate Accounts

Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company or its affiliates.

Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company, or its affiliates, or in other selected mutual funds not managed by the Company, or its affiliates.

The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if:
•Such separate accounts are legally recognized;
•Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities;
•Investments are directed by the contract owner or participant; and
•All investment performance, net of contract fees and assessments, is passed through to the contract owner.

The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts.

Securities Lending

The Company participates in securities lending programs under which it loans securities to third parties in exchange for collateral. Initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The market value of

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
the loaned securities is monitored daily, and collateral is adjusted, either through additional collateral or refunds, to reflect changes in market value. In the normal course of business, the Company receives cash collateral and non-cash collateral, primarily through a third party lending agent. When cash collateral is received, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return loaned securities and the collateral held is insufficient to cover the loss.

Non-cash collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. These securities are held by the lending agent and may not be sold or re-pledged, except in the event of counterparty default. As the Company does not have the right to sell or re-pledge this non-cash collateral, it is not reflected on the Consolidated Balance Sheets. Cash collateral received is reflected in Short-term investments under securities loan agreements, including collateral delivered, with the offsetting obligation to return the cash collateral recorded in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets. See Restricted Assets within the Commitments and Contingencies Note to these Consolidated Financial Statements for information regarding pledged assets and collateral received under securities lending agreements.

Repurchase Agreements

The Company engages in repurchase agreements to increase investment returns and improve liquidity. These arrangements meet the requirements to be accounted for as financing arrangements, as the Company retains control of the underlying securities.

Under repurchase agreements, the Company borrows cash from a counterparty for a specified term at an agreed upon interest rate and pledges securities as collateral. At the end of the agreement, the Company repays the borrowed cash plus interest, and the counterparty returns the securities pledged to the Company. Because these transactions are accounted for as financing arrangements, the carrying value of the securities pledged remains on the Consolidated Balance Sheets and is reported in Securities pledged.

Derivative Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets.

Recognition of Revenue

Insurance Revenue and Related Benefits
Premiums related to payouts contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations when incurred.

Amounts received as payment for investment-type, fixed annuities, and payout contracts without life contingencies are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income in the Consolidated Statements of Operations. Surrender charges are reported in Other revenue in the Consolidated Statements of Operations. In addition, the Company earns investment income from the investment of contract deposits in the Company's

C-19

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Revenue from Contracts with Customers
Revenue for various financial services is measured based on consideration specified in a contract with a customer and is recognized when the Company has satisfied a performance obligation, unless the transaction price includes variable consideration that is constrained; in such case, the Company recognizes revenue when the uncertainty associated with the constrained amount is subsequently resolved.

For advisory and recordkeeping and administration ("R&A") services, the Company recognizes revenue as services are provided, generally over time. The Company provides distribution services at a point in time and recognizes the related revenue as consideration is received. Revenue from shareholder servicing is recognized as services are provided over time. Contract terms are typically less than one year, and consideration is variable. Revenue for financial services is recorded in Fee income and Other revenue in the Consolidated Statements of Operations.

For a description of principal activities from which the Company generates revenue, see the Business section above for further information. See the Revenue from Contracts with Customers Note in these Consolidated Financial Statements for revenue disaggregated by type of service.

Income Taxes

The Company uses certain assumptions and estimates in determining (a) the income taxes payable or refundable to/from Voya Financial, Inc. for the current year, (b) the provision for income taxes and (c) the deferred income tax assets and liabilities.

The provision for income taxes is based on income and expense reported in the financial statements after adjustments for permanent differences between the financial statements and consolidated federal income tax return. Permanent differences include the dividends received deduction and tax credits. As a result of permanent differences, the effective tax rate reflected in the financial statements may be different than the actual rate in the income tax return. Current income tax receivable or payable is recognized within Other assets or Other liabilities, respectively, in the Consolidated Balance Sheets.

Temporary differences between the Company's financial statements and income tax return create deferred tax assets and liabilities. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company's deferred tax assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including the nature and character of the deferred tax assets and liabilities, the amount and character of book income or losses in recent years, projected future taxable income and future reversals of temporary differences, tax planning strategies the Company would employ to avoid a tax benefit from expiring unused, and the length of time carryforwards can be utilized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained under examination by the applicable taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the applicable taxing authority. For items that meet the more-likely-than-not recognition threshold, the Company measures the tax position as the largest amount of benefit that is more than 50% likely to be realized upon ultimate resolution with the applicable tax authority that has full knowledge of all relevant information.

Reinsurance

The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for long-duration reinsurance agreements are consistent with those used for the underlying contracts with the exception of the interest accretion rate on reinsurance recoverable assets associated with in-force business reinsured. Ceded Future policy benefits and contract owner account balances are reported gross on the Consolidated Balance Sheets.

For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premium receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in Other liabilities, and deposits made are included in Other assets on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted.

Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers.

Reinsurance recoverable and deposit asset balances are reported net of the allowance for credit losses on the Company's Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength.

The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations.

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded.

Employee Benefits Plans

The Company, in conjunction with Voya Services Company, sponsors non-qualified defined benefit pension plans covering eligible employees, sales representatives, and other individuals.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service, and compensation. The liability recognized in respect of non-qualified defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, together with adjustments for unrecognized past service costs. This liability is included in Other liabilities on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans on the Consolidated Balance Sheets.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

Net periodic benefit cost for the non-qualified defined benefit pension plans is determined using management estimates and actuarial assumptions to derive service cost and interest cost for a particular year and is included in Operating expenses in the Consolidated Statements of Operations. The obligations and expenses associated with these plans require use of assumptions, such as discount rate and rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirement, withdrawal rates, and mortality. Management determines these assumptions based on a variety of factors, such as currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans, and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.

Contingencies

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome.

Adoption of New Pronouncements

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), to enhance transparency through greater disaggregation of the effective tax rate reconciliation and income taxes paid disclosures.

The provisions of ASU 2023-09 were adopted retrospectively for the fiscal year ended December 31, 2025. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosures have been included in the Income Taxes Note to these Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:
•Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.


C-22

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
2. Investments

Fixed Maturities

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
Amortized
Cost 		Gross
Unrealized
Capital
Gains 		Gross
Unrealized
Capital
Losses
Embedded Derivatives(2)
Allowance for credit losses Fair
Value
Fixed maturities:
U.S. Treasuries $ 517 $ - $ 47 $ - $ - $ 470
U.S. Government agencies and authorities 29 - 1 - - 28
State, municipalities and political subdivisions 427 - 68 - - 359
U.S. corporate public securities 6,701 84 773 - - 6,012
U.S. corporate private securities 4,578 66 165 - 6 4,473
Foreign corporate public securities and foreign governments(1)
2,292 43 177 - 1 2,157
Foreign corporate private securities(1)
2,250 45 39 - 8 2,248
Residential mortgage-backed securities 3,287 41 92 1 - 3,237
Commercial mortgage-backed securities 2,115 5 241 - - 1,879
Other asset-backed securities 1,977 17 17 - 2 1,975
Total fixed maturities, including securities pledged 24,173 301 1,620 1 17 22,838
Less: Securities pledged 959 - 114 - - 845
Total fixed maturities(3)
$ 23,214 $ 301 $ 1,506 $ 1 $ 17 $ 21,993
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.
(3) Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025, related to the acquisition of OneAmerica Financial's full-service retirement plan business.


C-23

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
Amortized
Cost 		Gross
Unrealized
Capital
Gains 		Gross
Unrealized
Capital
Losses
Embedded Derivatives(2)
Allowance for credit losses Fair
Value
Fixed maturities:
U.S. Treasuries $ 428 $ - $ 50 $ - $ - $ 378
U.S. Government agencies and authorities 29 - 2 - - 27
State, municipalities and political subdivisions 491 - 82 - - 409
U.S. corporate public securities 6,095 50 896 - - 5,249
U.S. corporate private securities 4,035 31 264 - 3 3,799
Foreign corporate public securities and foreign governments(1)
2,087 17 235 - 1 1,868
Foreign corporate private securities(1)
2,160 15 138 - 8 2,029
Residential mortgage-backed securities 2,638 19 128 (4) - 2,525
Commercial mortgage-backed securities 2,459 2 333 - 17 2,111
Other asset-backed securities 1,741 24 25 - 1 1,739
Total fixed maturities, including securities pledged 22,163 158 2,153 (4) 30 20,134
Less: Securities pledged 1,223 - 134 - - 1,089
Total fixed maturities $ 20,940 $ 158 $ 2,019 $ (4) $ 30 $ 19,045
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.
Amortized
Cost 		Fair
Value
Due to mature:
One year or less $ 708 $ 709
After one year through five years 2,983 2,983
After five years through ten years 2,902 2,871
After ten years 10,201 9,184
Mortgage-backed securities 5,402 5,116
Other asset-backed securities 1,977 1,975
Fixed maturities, including securities pledged $ 24,173 $ 22,838

As of December 31, 2025 and 2024, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholder's equity.


C-24

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Securities Lending Program

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
December 31, 2025 December 31, 2024
U.S. Treasuries $ 29 $ 7
U.S. corporate public securities 391 461
Foreign corporate public securities and foreign governments 156 217
Short-term investments and cash equivalents
13 216
Total(1)
$ 589 $ 901
(1) As of December 31, 2025 and 2024, liabilities to return cash collateral were $575 and $581, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
Year Ended December 31, 2025
U.S. corporate private securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total
Balance as of January 1 $ 3 $ 17 $ 1 $ 8 $ 1 $ 30
Credit losses on securities for which credit losses were not previously recorded 6 - - - 1 7
Reductions for securities sold during the period (3) (17) - - - (20)
Balance as of December 31 $ 6 $ - $ 1 $ 8 $ 2 $ 17
Year Ended December 31, 2024
U.S. Corporate private securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total
Balance as of January 1
$ - $ 9 $ 3 $ 1 $ 1 $ 14
Credit losses on securities for which credit losses were not previously recorded 3 8 - 7 18
Reductions for securities sold during the period - - (2) - - (2)
Balance as of December 31
$ 3 $ 17 $ 1 $ 8 $ 1 $ 30

For additional information about the Company's methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements.

C-25

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Unrealized Capital Losses

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:
As of December 31, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
U.S. Treasuries $ 212 $ 4 $ 252 $ 43 $ 464 $ 47
U.S. Government agencies and authorities
- - 14 1 14 1
State, municipalities and political subdivisions 3 - 354 68 357 68
U.S. corporate public securities 516 32 3,655 741 4,171 773
U.S. corporate private securities 298 4 1,857 161 2,155 165
Foreign corporate public securities and foreign governments 136 3 1,040 174 1,176 177
Foreign corporate private securities 62 - 919 39 981 39
Residential mortgage-backed 206 2 686 90 892 92
Commercial mortgage-backed 61 - 1,546 241 1,607 241
Other asset-backed 188 1 158 16 346 17
Total $ 1,682 $ 46 $ 10,481 $ 1,574 $ 12,163 $ 1,620
As of December 31, 2024
Twelve Months or Less
Below Amortized Cost 		More Than Twelve Months
Below Amortized Cost 		Total
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
Fair
Value
Unrealized Capital Losses
U.S. Treasuries $ 229 $ 16 $ 127 $ 34 $ 356 $ 50
U.S. Government agencies and authorities
13 - 14 2 27 2
State, municipalities and political subdivisions 4 - 403 82 407 82
U.S. corporate public securities 615 28 3,626 868 4,241 896
U.S. corporate private securities 405 10 2,260 254 2,665 264
Foreign corporate public securities and foreign governments 355 14 1,051 221 1,406 235
Foreign corporate private securities 429 11 1,205 127 1,634 138
Residential mortgage-backed 253 6 704 122 957 128
Commercial mortgage-backed 18 - 1,888 333 1,906 333
Other asset-backed 29 1 197 24 226 25
Total $ 2,350 $ 86 $ 11,475 $ 2,067 $ 13,825 $ 2,153


C-26

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2025 and 2024, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

As of December 31, 2025, the average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

Evaluating Securities for Intent Impairments

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. For the years ended December 31, 2025, 2024 and 2023, intent impairments were $25, $10 and $23, respectively.

Debt Modifications

The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the years ended December 31, 2025 and 2024, the Company had no material debt modifications that require such disclosure.

Mortgage Loans on Real Estate

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

LTV and DSC ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property at origination. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property's net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property's operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

C-27

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025 $ 337 $ 406 $ 85 $ - $ - $ 828
2024 150 126 11 - - 287
2023 72 137 - - - 209
2022 218 221 83 - - 522
2021 189 151 35 15 - 390
Prior 2,225 139 - 2 2,366
Total(1)
$ 3,191 $ 1,180 $ 214 $ 15 $ 2 $ 4,602
(1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025, related to the acquisition of OneAmerica Financial's full-service retirement plan business.
As of December 31, 2024
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2024 $ 111 $ 107 $ 11 $ - $ - $ 229
2023 76 151 29 - - 256
2022 201 240 94 - - 535
2021 189 148 93 - - 430
2020 149 63 - - - 212
Prior 1,827 126 1 - 16 1,970
Total $ 2,553 $ 835 $ 228 $ - $ 16 $ 3,632
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025 $ 628 $ 131 $ 55 $ 14 $ 828
2024 138 107 37 5 287
2023 128 14 65 2 209
2022 299 97 42 84 522
2021 254 19 41 76 390
Prior 1,743 342 203 78 2,366
Total $ 3,190 $ 710 $ 443 $ 259 $ 4,602
(1) No commercial mortgage loans were secured by land or construction loans.

C-28

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2024
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2024 $ 132 $ 71 $ 24 $ 2 $ 229
2023 93 118 36 9 256
2022 254 88 63 130 535
2021 203 10 88 129 430
2020 170 17 20 5 212
Prior 1,461 164 276 69 1,970
Total $ 2,313 $ 468 $ 507 $ 344 $ 3,632
(1) No commercial mortgage loans were secured by land or construction loans.
The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
U.S. Region
Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total
2025 $ 205 $ 91 $ 210 $ 156 $ 67 $ 26 $ 35 $ 18 $ 20 $ 828
2024 52 84 39 61 17 11 7 2 14 287
2023 25 36 13 70 16 25 2 20 2 209
2022 125 63 54 72 97 85 - 7 19 522
2021 83 45 82 55 76 37 2 10 - 390
Prior 538 584 506 161 168 207 48 84 70 2,366
Total $ 1,028 $ 903 $ 904 $ 575 $ 441 $ 391 $ 94 $ 141 $ 125 $ 4,602

As of December 31, 2024
U.S. Region
Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total
2024 $ 50 $ 60 $ 31 $ 51 $ 17 $ 3 $ 7 $ 2 $ 8 $ 229
2023 37 67 10 75 16 27 2 20 2 256
2022 114 108 46 87 78 80 1 1 20 535
2021 75 33 95 88 83 32 9 15 - 430
2020 52 104 13 8 8 10 - 5 12 212
Prior 446 472 515 130 156 112 38 81 20 1,970
Total $ 774 $ 844 $ 710 $ 439 $ 358 $ 264 $ 57 $ 124 $ 62 $ 3,632


C-29

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
As of December 31, 2025
Property Type
Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total
2025 $ 350 $ 341 $ 124 $ 7 $ 3 $ 3 $ - $ 828
2024 60 160 56 11 - - - 287
2023 79 91 6 9 24 - - 209
2022 99 224 156 28 9 6 - 522
2021 33 121 145 79 - - 12 390
Prior
589 635 593 372 33 115 29 2,366
Total $ 1,210 $ 1,572 $ 1,080 $ 506 $ 69 $ 124 $ 41 $ 4,602

As of December 31, 2024
Property Type
Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total
2024 $ 45 $ 119 $ 54 $ 11 $ - $ - $ - $ 229
2023 81 128 11 11 25 - - 256
2022 72 230 192 26 9 6 - 535
2021 21 110 197 86 - 8 8 430
2020 48 36 49 79 - - - 212
Prior
436 580 426 324 48 121 35 1,970
Total $ 703 $ 1,203 $ 929 $ 537 $ 82 $ 135 $ 43 $ 3,632

The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
December 31, 2025 December 31, 2024
Allowance for credit losses, beginning of period
$ 19 $ 22
Credit losses on mortgage loans for which credit losses were not previously recorded 15 -
Increase (decrease) on mortgage loans with an allowance recorded in previous period
2 -
Provision for expected credit losses 36 22
Write-offs (9) (3)
Allowance for credit losses, end of period $ 27 $ 19



C-30

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
December 31, 2025 December 31, 2024
Current $ 4,531 $ 3,608
30-59 days past due - -
60-89 days past due - -
Greater than 90 days past due 71 24
Total $ 4,602 $ 3,632

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of December 31, 2025 and 2024 the Company had $71 and $24, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the years ended December 31, 2025 and 2024 was immaterial.

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:
Year Ended December 31,
2025 2024 2023
Fixed maturities $ 1,414 $ 1,225 $ 1,285
Equity securities 6 6 10
Mortgage loans on real estate 226 183 196
Policy loans 8 8 8
Short-term investments and cash equivalents 13 10 10
Limited partnerships and other 137 118 82
Gross investment income 1,804 1,550 1,591
Less: Investment expenses
82 68 68
Net investment income $ 1,722 $ 1,482 $ 1,523

For the years ended December 31, 2025 and 2024, the Company had $4 and $9 respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Net Gains (Losses)

Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined using the specific identification method.


C-31

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Net gains (losses) were as follows for the periods indicated:
Year Ended December 31,
2025 2024 2023
Fixed maturities, available-for-sale, including securities pledged $ (20) $ (18) $ (27)
Fixed maturities, at fair value option (83) (135) (100)
Equity securities, at fair value (6) - (4)
Derivatives (36) 121 11
Embedded derivatives within fixed maturities 5 (4) (1)
Other derivatives (1) 2 -
Managed custody guarantees 4 4 (2)
Stabilizer 10 (14) (1)
Mortgage loans (6) - (10)
Other investments 1 - -
Net gains (losses) $ (132) $ (44) $ (134)

Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Year Ended December 31,
2025 2024 2023
Proceeds on sales $ 3,916 $ 2,551 $ 3,356
Gross gains 38 44 51
Gross losses 66 32 47

3. Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

Interest rate swaps: The Company uses interest rate swaps primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or

C-32

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. These derivatives are generally considered total return swaps with contractual returns attributable to various assets and liabilities associated with these reinsurance agreements.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of December 31, 2025 and 2024.

Refer to the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements for the Company's accounting policy on derivatives.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:
December 31, 2025 December 31, 2024
Notional
Amount 		Asset
Fair Value 		Liability
Fair Value 		Notional
Amount 		Asset
Fair Value 		Liability
Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$ - $ - $ - $ - $ - $ -
Foreign exchange contracts 22 - - - - -
Cash flow hedges:
Interest rate contracts 10 - - 10 - -
Foreign exchange contracts 422 7 16 504 37 2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts 12,031 147 215 11,626 201 266
Foreign exchange contracts 40 - 1 44 1 -
Credit contracts 61 - - 72 - -
Embedded derivatives and MCGs:
Within fixed maturity investments(4)
N/A 1 - N/A - 4
Within reinsurance agreements(5)
N/A 23 - N/A - -
MCGs(6)
N/A - - N/A - 4
Stabilizer(6)
N/A - 5 N/A - 15
Total $ 178 $ 237 $ 239 $ 291
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets.
(2) Total carrying amount of the hedged assets and liabilities was $213 and $202 as of December 31, 2025 and 2024, respectively.
(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $2 as of December 31, 2025 and 2024, all of which is related to hedging adjustments on discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.
(5) Included in Other assets on the Consolidated Balance Sheets.
(6) Included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets.
N/A - Not applicable

See the Fair Value Measurements Note to these Consolidated Financial Statements for additional information on derivative asset and liability fair values.



C-33

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

The Company does not offset any derivative assets and liabilities in the Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:

Gross Amount Recognized
Counterparty Netting(1)
Cash Collateral Netting(1)
Securities Collateral Netting(1)
Net Receivables/ Payables
December 31, 2025
Derivative assets $ 154 $ (149) $ (4) $ - $ 1
Derivative liabilities 232 (149) (71) (11) 1
December 31, 2024
Derivative assets 239 (207) (28) (3) 1
Derivative liabilities 268 (207) (54) (6) 1
(1) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

As of December 31, 2025, the Company held $6 and pledged $71 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2024, the Company held $31 and $54 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2025, the Company delivered $174 of securities and held no securities as collateral. As of December 31, 2024, the Company delivered $133 of securities and held $3 securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income were as follows for the periods indicated:
Year Ended December 31,
2025 2024 2023
Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts
Location of Gain (Loss) Reclassified from AOCI into Income
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$ - $ (44) $ - $ 14 $ - $ (36)
Amount of Gain (Loss) Reclassified from AOCI
- 6 - 13 - 8
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Consolidated Financial Statements for additional information.

C-34

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
Year Ended December 31,
2025 2024 2023
Net investment income Net gains (losses) Net investment income Net gains (losses) Net investment income Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded
$ 1,722 $ (132) $ 1,482 $ (44) $ 1,523 $ (134)
Fair value hedges:
Interest rate contracts:
Hedged items - - - 2 - -
Derivatives designated as hedging instruments
- (1) - (2) - -
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from AOCI into income
5 1 8 5 8 -

The location and effect of derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Year Ended December 31,
2025 2024 2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts Net gains (losses) $ (32) $ 117 $ 10
Foreign exchange contracts
Net gains (losses) (3) - (1)
Credit contracts
Net gains (losses) (1) 1 2
Embedded derivatives and MCGs:
Within fixed maturity investments
Net gains (losses) 5 (4) (1)
Within reinsurance agreements
Net gains (losses) 23 - -
MCGs
Net gains (losses) 4 4 (2)
Stabilizer
Net gains (losses) 10 (14) (1)
Total
$ 6 $ 104 $ 7


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
4. Fair Value Measurements

Fair Value Measurement

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:
Level 1 Level 2 Level 3 Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries $ 344 $ 126 $ - $ 470
U.S. Government agencies and authorities - 28 - 28
State, municipalities and political subdivisions - 359 - 359
U.S. corporate public securities - 5,950 62 6,012
U.S. corporate private securities - 2,772 1,701 4,473
Foreign corporate public securities and foreign governments(1)
- 2,109 48 2,157
Foreign corporate private securities(1)
- 1,755 493 2,248
Residential mortgage-backed securities - 3,176 61 3,237
Commercial mortgage-backed securities - 1,879 - 1,879
Other asset-backed securities - 1,735 240 1,975
Total fixed maturities, including securities pledged 344 19,889 2,605 22,838
Equity securities 21 - 51 72
Derivatives:
Interest rate contracts 1 146 - 147
Foreign exchange contracts - 7 - 7
Embedded derivatives within reinsurance
- 23 - 23
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,144 5 - 1,149
Assets held in separate accounts 103,956 5,428 388 109,772
Total assets $ 105,466 $ 25,498 $ 3,044 $ 134,008
Liabilities:
Stabilizer and MCGs $ - $ - $ 5 $ 5
Derivatives:
Interest rate contracts - 215 - 215
Foreign exchange contracts - 17 - 17
Total liabilities $ - $ 232 $ 5 $ 237
(1) Primarily U.S. dollar denominated.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:
Level 1 Level 2 Level 3 Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries $ 307 $ 71 $ - $ 378
U.S. Government agencies and authorities - 27 - 27
State, municipalities and political subdivisions - 409 - 409
U.S. corporate public securities - 5,202 47 5,249
U.S. corporate private securities - 2,628 1,171 3,799
Foreign corporate public securities and foreign governments(1)
- 1,820 48 1,868
Foreign corporate private securities (1)
- 1,688 341 2,029
Residential mortgage-backed securities - 2,471 54 2,525
Commercial mortgage-backed securities - 2,111 - 2,111
Other asset-backed securities - 1,725 14 1,739
Total fixed maturities, including securities pledged 307 18,152 1,675 20,134
Equity securities 10 - 56 66
Derivatives:
Interest rate contracts - 201 - 201
Foreign exchange contracts - 38 - 38
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,356 - 19 1,375
Assets held in separate accounts 92,849 5,390 340 98,579
Total assets $ 94,522 $ 23,781 $ 2,090 $ 120,393
Liabilities:
Stabilizer and MCGs $ - $ - $ 19 $ 19
Derivatives:
Interest rate contracts 10 256 - 266
Foreign exchange contracts - 2 - 2
Total liabilities $ 10 $ 258 $ 19 $ 287
(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company's Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company's matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond.

Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. See the Derivative Financial Instruments Note to these Consolidated Financial Statements for more information.

Stabilizer and MCGs: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative liabilities and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

Embedded derivatives within reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld receivable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

Significant Unobservable Inputs

The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

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Table of Contents
Voya Retirement Insurance and Annuity Company and Subsidiaries
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:
Year Ended December 31, 2025
Fair Value
as of
January 1 		Realized/Unrealized
Gains (Losses) Included in: 		Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of
December 31
Change in Unrealized Gains (Losses) Included in Earnings(3)
Change in Unrealized Gains (Losses) Included in OCI(3)
Net Income OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities $ 47 $ (1) $ 2 $ 24 $ - $ (8) $ (2) $ - $ - $ 62 $ - $ 1
U.S. Corporate private securities 1,171 (5) 44 714 - (46) (220) 43 - 1,701 1 41
Foreign corporate public securities and foreign governments(1)
48 - - - - - - - - 48 - -
Foreign corporate private securities(1)
341 (26) 42 279 - (60) (83) - - 493 1 10
Residential mortgage-backed securities 54 (7) - 21 - - - - (7) 61 (7) -
Other asset-backed securities 14 - 1 237 - (1) (11) - - 240 - 1
Total fixed maturities, including securities pledged 1,675 (39) 89 1,275 - (115) (316) 43 (7) 2,605 (5) 53
Equity securities, at fair value 56 2 - 6 - (13) - - - 51 2 -
Stabilizer and MCGs(2)
(19) 14 - - (2) - 2 - - (5) - -
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement 19 1 - - - (7) (13) - - - - -
Assets held in separate accounts(4)
340 11 - 91 - (46) - 15 (23) 388 - -
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.
(3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.





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Table of Contents
Voya Retirement Insurance and Annuity Company and Subsidiaries
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:

Year Ended December 31, 2024
Fair Value
as of
January 1 		Realized/Unrealized
Gains (Losses) Included in: 		Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of
December 31
Change in Unrealized Gains (Losses) Included in Earnings(3)
Change in Unrealized Gains (Losses) Included in OCI(3)
Net Income OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities $ 13 $ - $ (1) $ 40 $ - $ - $ (5) $ - $ - $ 47 $ - $ (1)
U.S. Corporate private securities 1,185 (1) - 311 - (10) (199) - (115) 1,171 1 (6)
Foreign corporate public securities and foreign governments(1)
- - - 48 - - - - - 48 - -
Foreign corporate private securities(1)
354 (7) (28) 26 - (8) (40) 44 - 341 - (28)
Residential mortgage-backed securities 48 (4) - 14 - - - - (4) 54 (4) -
Other asset-backed securities 37 - 1 - - (8) (6) - (10) 14 - -
Total fixed maturities, including securities pledged 1,637 (12) (28) 439 - (26) (250) 44 (129) 1,675 (3) (35)
Equity securities, at fair value 54 2 - - - - - - - 56 2 -
Stabilizer and MCGs(2)
(9) (8) - - (2) - - - - (19) - -
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement - - (1) 20 - - - - - 19 - (1)
Assets held in separate accounts(4)
348 6 - 47 - (26) - 5 (40) 340 - -
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.
(3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
For the years ended December 31, 2025 and 2024, the transfers in and out of Level 3 for fixed maturities and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
December 31, 2025 December 31, 2024
Carrying
Value 		Fair
Value 		Carrying
Value 		Fair
Value
Assets:
Fixed maturities, including securities pledged $ 22,838 $ 22,838 $ 20,134 $ 20,134
Equity securities 72 72 66 66
Mortgage loans on real estate 4,602 4,534 3,632 3,440
Policy loans 157 157 163 163
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
1,149 1,149 1,375 1,375
Derivatives 154 154 239 239
Short-term loan to affiliate(1)
569 569 100 100
Embedded derivatives within reinsurance
23 23 - -
Other investments 61 61 94 94
Assets held in separate accounts 109,772 109,772 98,579 98,579
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(2)
$ 29,002 $ 32,344 $ 25,769 $ 27,652
Funding agreements with fixed maturities 1,573 1,591 721 726
Supplementary contracts, immediate annuities and other 177 167 214 180
Stabilizer and MCGs 5 5 19 19
Derivatives
232 232 268 268
Short-term debt(3)
42 42 44 44
Long-term debt(3)
- - 1 1
(1) Included in Other assets on the Consolidated Balance Sheets.
(2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(3) Included in Other liabilities on the Consolidated Balance Sheets.







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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:
Financial Instrument Classification
Mortgage loans on real estate Level 3
Policy loans Level 2
Short-term loan to affiliate Level 2
Other investments Level 2
Funding agreements without fixed maturities and deferred annuities Level 3
Funding agreements with fixed maturities Level 2
Supplementary contracts, immediate annuities and other Level 3
Short-term debt and Long-term debt Level 2

5. Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:
DAC VOBA
Deferred and Individual Annuities
Balance as of January 1, 2023 $ 578 $ 348
Deferrals of commissions and expenses 56 3
Amortization expense (45) (30)
Balance as of December 31, 2023 $ 589 $ 321
Deferrals of commissions and expenses 57 3
Amortization expense (46) (26)
Balance as of December 31, 2024 $ 600 $ 298
Additions related to business acquisitions(1)
- 390
Deferrals of commissions and expenses 56 4
Amortization expense (46) (55)
Balance as of December 31, 2025 $ 610 $ 637
(1) Related to the acquisition of the full-service retirement plan business of OneAmerica Financial.

The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets as of the periods indicated:
December 31, 2025 December 31, 2024
DAC:
Deferred and Individual Annuities
$ 610 $ 600
Other 10 9
VOBA 637 298
Total $ 1,257 $ 907



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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The estimated amount of VOBA amortization expense during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual experience or changes in best estimates of future experience.
Year Amount
2026 $ 49
2027 44
2028 40
2029 37
2030 35

6. Reserves for Contract Owner Account Balances

The following table presents a rollforward of Contract owner account balances for the periods indicated:
Deferred Group and Individual Annuity
December 31, 2025 December 31, 2024
Balance at January 1 $ 25,031 $ 25,991
Additions related to business acquisitions(1)
3,458 -
Deposits 2,973 2,435
Fee income (62) (50)
Surrenders, withdrawals and benefits
(4,842) (4,368)
Net transfers (from) to the general account(2)
687 313
Interest credited 789 710
Ending Balance $ 28,034 $ 25,031

Weighted-average crediting rate 2.8 % 2.8 %
Net amount at risk(3)
$ 58 $ 86
Cash surrender value $ 27,683 $ 24,669
(1) In addition, $0.3 billion of acquired contracts from OneAmerica Financial are reported in Other in the table below.
(2) Net transfers (from) to the general account includes transfers of $(884) and $(1,150) for 2025 and 2024, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Consolidated Balance Sheets.
(3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner account balances on the Consolidated Balance Sheets for the periods indicated:
December 31, 2025 December 31, 2024
Deferred group and individual annuity (Contract owner account balances)
$ 28,034 $ 25,031
Non-putable funding agreements
1,573 721
Other (Future policy benefits and Contract owner account balances)(1)
3,637 3,516
Ending balance $ 33,244 $ 29,268
(1) Primarily consists of reinsured business and other retirement contracts.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
Account Value(1)
Excess of crediting rate over GMIR
At GMIR
Up to 0.50% Above GMIR
0.51% - 1.00%
Above GMIR
1.01% - 1.50% Above GMIR
1.51% - 2.00% Above GMIR
More than 2.00% Above GMIR
Total
As of December 31, 2025
Up to 1.00%
$ 57 $ 3,711 $ 3,842 $ 2,015 $ 2,142 $ 2,338 $ 14,105
1.01% - 2.00%
116 53 41 3 - 1 214
2.01% - 3.00%
5,877 179 16 23 - - 6,095
3.01% - 4.00%
7,737 - - - - - 7,737
4.01% and Above
4 - - - - - 4
Renewable beyond 12 months (MYGA)(2)
316 - - - 2 - 318
Total discretionary rate setting products $ 14,107 $ 3,943 $ 3,899 $ 2,041 $ 2,144 $ 2,339 $ 28,473
As of December 31, 2024
Up to 1.00%
$ 8 $ 4,010 $ 3,671 $ 1,688 $ 1,533 $ 925 $ 11,835
1.01% - 2.00%
110 56 44 4 - 1 215
2.01% - 3.00%
5,833 31 1 - - - 5,865
3.01% - 4.00%
7,291 - - - - - 7,291
4.01% and Above
4 - - - - - 4
Renewable beyond 12 months (MYGA)(2)
341 - - - 2 - 343
Total discretionary rate setting products $ 13,587 $ 4,097 $ 3,716 $ 1,692 $ 1,535 $ 926 $ 25,553
(1) The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after December 31, 2025 and 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.

7. Reinsurance

As of December 31, 2025, the Company has reinsurance treaties with unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed(1)
Ceded Total, Net of Reinsurance
December 31, 2025
Assets
Premium receivable $ 1 $ - $ (1) $ -
Reinsurance recoverable, net of allowance for credit losses - - 2,421 2,421
Total $ 1 $ - $ 2,420 $ 2,421
Liabilities
Future policy benefits and contract owner account balances $ 30,017 $ 3,227 $ - $ 33,244
Total $ 30,017 $ 3,227 $ - $ 33,244
December 31, 2024
Assets
Premium receivable $ 1 $ - $ (1) $ -
Reinsurance recoverable, net of allowance for credit losses - - 2,560 2,560
Total $ 1 $ - $ 2,559 $ 2,560
Liabilities
Future policy benefits and contract owner account balances $ 29,133 $ 135 $ - $ 29,268
Total $ 29,133 $ 135 $ - $ 29,268
(1) As of December 31, 2025, Future policy benefits and contract owner account balances include $3.1 billion of full-service retirement plan contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.

Information regarding the effect of reinsurance in the Consolidated Statements of Operations is as follows for the periods indicated:
Year Ended December 31,
2025 2024 2023
Fee income:
Direct fee income $ 1,249 $ 1,136 $ 993
Reinsurance assumed 94 - -
Reinsurance ceded (7) - -
Net fee income $ 1,336 $ 1,136 $ 993
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders $ 864 $ 857 $ 920
Reinsurance assumed 95 5 4
Reinsurance ceded (86) (92) (107)
Net interest credited and other benefits to contract owners / policyholders $ 873 $ 770 $ 817

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
As part of the acquisition by the Company's ultimate parent, Voya Financial, of the full-service retirement plan business of OneAmerica Financial, as disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements, the Company entered into an indemnity reinsurance agreement with American United Life Insurance Company, a subsidiary of OneAmerica Financial. Under the reinsurance agreement, the Company assumed a 100% quota share of fixed and variable annuities, resulting in the Company assuming contract owner account balances of $3.8 billion under a combination indemnity coinsurance and coinsurance with funds withheld, and $20.6 billion of separate account liabilities under a modified coinsurance arrangement. Assumed separate account assets and liabilities are presented on a net basis in the accompanying Consolidated Balance Sheets.

The Company has indemnity reinsurance agreements with SLD and Lincoln related to the disposition of its individual life and annuity business. Under these agreements, SLD and Lincoln have contractually assumed certain policyholder liabilities and obligations; however the Company remains directly obligated to contract owners.

As a result of these agreements, the Company has a significant concentration of ceded reinsurance with SLD and Lincoln. Reinsurance recoverable, net of the allowance for credit losses, related to the agreement with SLD was $1.6 billion as of December 31, 2025 and 2024 on the Consolidated Balance Sheets. Reinsurance recoverable, net of the allowance for credit losses, related to the reinsurance agreement with Lincoln was $0.8 billion and $0.9 billion as December 31, 2025 and 2024, respectively, on the Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of December 31, 2025 and 2024, the Company had a deposit asset, net of the allowance for credit losses of $0.8 billion and $0.9 billion, respectively, which is reported in Other assets on the Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of December 31, 2025, which was recorded in Other assets on the Consolidated Balance Sheets.

8. Separate Accounts

The following tables present a rollforward of Liabilities related to separate accounts for the stabilizer and deferred annuity business, including a reconciliation to the Consolidated Balance Sheets, for the periods indicated:
December 31, 2025 December 31, 2024
Stabilizer(1)
Deferred Annuity
Total
Stabilizer(1)
Deferred Annuity
Total
Balance at January 1 $ 6,901 $ 89,837 $ 96,738 $ 7,175 $ 81,440 $ 88,615
Premiums and deposits
963 10,745 11,708 891 9,955 10,846
Fee income (31) (501) (532) (33) (474) (507)
Surrenders, withdrawals and benefits (1,205) (12,462) (13,667) (1,376) (12,415) (13,791)
Net transfers (from) to separate accounts
- (1,571) (1,571) - (1,463) (1,463)
Investment performance 531 14,163 14,694 244 12,794 13,038
Balance at end of period $ 7,159 $ 100,211 $ 107,370 $ 6,901 $ 89,837 $ 96,738
Reconciliation to Consolidated Balance Sheets:
Other variable products liabilities
2,402 1,841
Total Separate Accounts liabilities $ 109,772 $ 98,579
(1) Stabilizer products allow the contract holder to select either the market value of the account or the book value of the account at termination.

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for deferred annuity products was $100,190 and $89,817 as of December 31, 2025 and 2024, respectively.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows for the periods indicated:
December 31, 2025 December 31, 2024
U.S. Treasury securities and obligations of U.S government, corporations and agencies
$ 909 $ 913
Corporate and foreign debt securities
2,635 2,493
Mortgage-backed securities 2,928 3,087
Equity securities (including mutual funds) 102,097 91,588
Cash, cash equivalents and short-term investments 734 437
Receivable for securities and accruals 469 61
Total $ 109,772 $ 98,579

9. Capital Contributions, Dividends and Statutory Information

Connecticut insurance law imposes restrictions on a Connecticut insurance company's ability to pay dividends to its parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the Connecticut Insurance Commissioner.

Under Connecticut insurance law, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (1) ten percent (10%) of the insurance company's statutory surplus at the prior year end or (2) the insurance company's prior year statutory net gain from operations. Connecticut law also prohibits a Connecticut insurer from declaring or paying a dividend except out of its earned surplus unless prior insurance regulatory approval is obtained.

During the year ended December 31, 2025, the Company recognized $175 of Additional paid-in capital as a result of the application of pushdown accounting associated with the acquisition of OneAmerica Financial's full-service retirement plan business, by the Company's ultimate parent, Voya Financial.

During the years ended December 31, 2025 and 2024, VRIAC declared and paid ordinary dividends to its Parent in the aggregate amounts of $394 and $473, respectively.

During the years ended December 31, 2025 and 2024, VRIAC did not receive capital contributions from its Parent.

The Company is subject to minimum risk-based capital ("RBC") requirements established by the Connecticut Insurance Department (the "Department"). The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to authorized control level RBC, as defined by the NAIC. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.

The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Department. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the Department, the entire amount or a portion of an insurance company's asset balance can be non-admitted depending on specific rules regarding admissibility. The most significant non-admitted assets of the Company are typically a portion of deferred tax assets in excess of prescribed thresholds. For the years ended December 31, 2025, 2024 and 2023, the Company had no prescribed or permitted practices.


C-48

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Statutory net income was $606, $640 and $577 for the years ended December 31, 2025, 2024 and 2023, respectively. Statutory capital and surplus was $2.2 billion and $2.0 billion for the years ended December 31, 2025 and 2024.

10. Accumulated Other Comprehensive Income (Loss)

Shareholder's equity included the following components of AOCI as of the dates indicated.
As of December 31,
2025 2024 2023
Fixed maturities, net of impairment $ (1,319) $ (1,995) $ (1,827)
Derivatives(1)
2 56 57
Change in current discount rate (282) (306) (335)
Deferred income tax asset(2)
464 600 571
Total
(1,135) (1,645) (1,534)
Pension and other postretirement benefits liability, net of tax 1 1 3
AOCI $ (1,134) $ (1,644) $ (1,531)
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of December 31, 2025, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $3.
(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:
December 31, 2025
Before-Tax Amount
Income Tax
After-Tax Amount
Available-for-sale securities:
Fixed maturities $ 620 $ (130) $ 490
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 56 (12) 44
Change in unrealized gains (losses) on available-for-sale securities 676 (142) 534
Derivatives:
Derivatives (44)

9 (35)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (10) 2 (8)
Change in unrealized gains (losses) on derivatives (54) 11 (43)
Change in current discount rate 24 (5) 19
Change in AOCI
$ 646 $ (136) $ 510



C-49

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
December 31, 2024
Before-Tax Amount
Income Tax
After-Tax Amount
Available-for-sale securities:
Fixed maturities $ (170) $ 35 $ (135)
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 1 - 1
Change in unrealized gains (losses) on available-for-sale securities (169) 35 (134)
Derivatives:
Derivatives 14

(3) 11
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (15) 3 (12)
Change in unrealized gains (losses) on derivatives (1) - (1)
Change in current discount rate 28 (6) 22
Change in AOCI
$ (142) $ 29 $ (113)

December 31, 2023
Before-Tax Amount
Income Tax
After-Tax Amount
Available-for-sale securities:
Fixed maturities $ 694 $ (146) $ 548
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 21 (4) 17
Change in unrealized gains (losses) on available-for-sale securities 715 (150) 565
Derivatives:
Derivatives (36)

8 (28)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (18) 4 (14)
Change in unrealized gains (losses) on derivatives (54) 12 (42)
Change in current discount rate 16 (3) 13
Change in AOCI
$ 677 $ (141) $ 536



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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
11. Revenue from Contracts with Customers

Financial services revenue is disaggregated by type of service in the following table:
Year Ended December 31,
2025 2024 2023
Advisory and recordkeeping and administration
$ 637 $ 571 $ 460
Distribution and shareholder servicing 77 79 73
Total financial services revenue 714 650 533
Revenue from other sources(1)
695 551 478
Total Fee income and Other revenue $ 1,409 $ 1,201 $ 1,011
(1)Primarily consists of revenue from insurance contracts and financial instruments.

Net receivables of $96 and $109 are included in Other assets on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, contract cost assets were $107 and $103, respectively. For the years ended December 31, 2025, 2024 and 2023, amortization expenses of $22, $21 and $21, respectively, were recorded in Operating expenses. The estimated lives of capitalized contract costs typically range from 5 to 15 years. There was no impairment loss in relation to the contract costs capitalized.

12. Income Taxes

Income tax expense consisted of the following for the periods indicated:
Year Ended December 31,
2025 2024 2023
Federal $ 84 $ 57 $ 14
Total current tax expense
84 57 14
Deferred tax expense (benefit):
Federal 13 - (1)
Total deferred tax expense (benefit) 13 - (1)
Total income tax expense
$ 97 $ 57 $ 13
Income before income taxes consisted of the following for the periods indicated:
Year Ended December 31,
2025 2024 2023
Income
Domestic $ 691 $ 643 $ 400
Foreign - - -
Total income before income taxes
$ 691 $ 643 $ 400

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)

Income taxes were different from the amount computed by applying the federal income tax rate to Income before income taxes for the following reasons for the periods indicated:
Year Ended December 31,
2025 2024 2023
Amount Percent Amount Percent Amount Percent
U.S Federal Statutory Rate $ 145 21.0 % $ 135 21.0 % $ 84 21.0 %
Tax Credits
Foreign tax credits (22) (3.2) % (18) (2.8) % (11) (2.8) %
Nontaxable or Nondeductible Items
Dividends received deduction (35) (5.1) % (47) (7.3) % (36) (9.0) %
Other Adjustments
Security Life of Denver Company capital loss carryback(1)
- - % (13) (2.0) % (23) (5.8) %
Other 9 1.3 % - - % (1) (0.3) %
Effective tax rate $ 97 14.0 % $ 57 8.9 % $ 13 3.3 %
(1) See Other Tax Matters section below

Temporary Differences
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:
December 31,
2025 2024
Deferred tax assets
Net unrealized investment losses $ 276 $ 407
Loss carryforwards 112 165
Tax credits 76 80
Insurance reserves 73 48
Compensation and benefits 71 60
Current discount rate 59 64
Tax intangibles 49 -
Investments 6 26
Other assets 5 9
Total gross assets before valuation allowance
727 859
Less: Valuation allowance
- -
Assets, net of valuation allowance $ 727 $ 859
Deferred tax liabilities
Deferred policy acquisition costs $ (192) $ (175)
Other liabilities (22) (22)
Total gross liabilities (214) (197)
Net deferred income tax asset
$ 513 $ 662



C-52

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table sets forth the federal and credit carryforwards for tax purposes as of the dates indicated:
December 31,
2025 December 31, 2024
Federal net operating loss carryforward $ 535
(1)
$ 788
Credit carryforward 76
(2)
80
(1) Net operating loss carryforward not subject to expiration.
(2) Expires between 2026 and 2034.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTA") will not be realized. As of December 31, 2025 and 2024, the Company had no valuation allowance. However, the application of intra-period tax allocation rules to benefits associated with capital deferred tax assets resulted in a valuation allowance as of December 31, 2025 and 2024 of $128 in continuing operations offset by a corresponding benefit in Other comprehensive income.

The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of December 31, 2025 and 2024, the Company had net unrealized capital losses of $1.3 billion and $1.9 billion, respectively, in AOCI. The Company expects this DTA to be utilized by its hold-to-maturity tax planning strategy. Additionally, income before income taxes remained positive for the period. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs and did not establish a valuation allowance in 2025.

Other Tax Matters

On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, SLD. SLD generated capital losses in the 2023 and 2022 tax years, which are included in the tax return for Voya Financial. The Company recorded a $13 and $23 tax benefit in 2024 and 2023, respectively, resulting in a decrease to the effective tax rate.

Tax Sharing Agreement

As of December 31, 2025 and 2024, the Company had a payable to Voya Financial of $30 and $15, respectively, for federal income taxes under the intercompany tax sharing agreement, which is included in Other liabilities on the Consolidated Balance Sheets.

For the year ended December 31, 2025, 2024 and 2023, the Company made federal income tax payments/(refunds) to/(from) Voya Financial of $69, $57 and $(6), respectively.

The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to Income tax expense for the periods indicated above. However, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company 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.

Unrecognized Tax Benefits

The Company had no unrecognized tax benefits as of December 31, 2025 and 2024.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Interest and Penalties

The Company recognizes accrued interest and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The Company had no accrued interest and penalties on the Consolidated Balance Sheets and the Consolidated Statements of Operations as of December 31, 2025 and 2024.

Tax Regulatory Matters

For the tax years 2023 through 2025, Voya Financial participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, Voya Financial is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. For the 2024 and 2025 tax years, Voya Financial is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

Voya Financial received a partial acceptance letter for the 2024 tax year and does not anticipate any material adjustments to its tax return as filed.

Voya Financial filed amended federal income tax returns for tax years 2012 through 2018 to claim a foreign tax credit instead of utilizing a foreign tax deduction. Voya Financial does not anticipate an adjustment to its claim as filed. The audit of the claim is ongoing.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While Voya Financial does not expect to be subject to the CAMT for 2025, Voya Financial continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.

In July 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which includes changes to the Internal Revenue Code. The OBBBA did not have a material impact on the Company's financial statements.

13. Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company's statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. The Company expects to renew this agreement prior to expiration in the ordinary course of business, subject to regulatory approvals.

Under this agreement, the Company incurred interest expense of $2, $2 and $3 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company earned interest income of $20, $20 and $18 for the years ended December 31, 2025, 2024 and 2023, respectively. Interest expense and income are included in Interest expense and Net investment income, respectively, in the Consolidated Statements of Operations.

As of December 31, 2025, VRIAC had $569 outstanding receivable and VIPS had a $42 outstanding payable. As of December 31, 2024, VRIAC had $100 outstanding receivable and VIPS had a $44 outstanding payable from/to Voya Financial under the reciprocal loan agreement.




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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)


14. Benefit Plans

Defined Benefit Plan

Voya Services Company sponsors the Voya Retirement Plan (the "Retirement Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees, including but not limited to "Career Agents") are eligible to participate. Career Agents are certain, full-time insurance salespeople who have entered into a career agent agreement with the Company and certain other individuals who meet specified eligibility criteria.

The Retirement Plan is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation ("PBGC"). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants will earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the IRS in the preceding August of each year. The annual pay and interest credits are subject to a 3-year cliff vesting schedule. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company.

The costs allocated to the Company for its employees' participation in the Retirement Plan were $14, $12 and $12 for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Defined Contribution Plan

Voya Services Company sponsors the Voya 401(k) Savings Plan (the "Savings Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees, including but not limited to Career Agents) are eligible to participate, including the Company's employees other than Company agents. The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pre-tax, Roth-after tax and after-tax basis. Voya Services Company matches pre-tax and Roth after-tax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. Matching contributions are subject to a 4-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. The costs allocated to the Company for the Savings Plan were $25, $21 and $21, for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Non-Qualified Retirement Plans

The Company, in conjunction with Voya Services Company, offers certain eligible employees (other than Career Agents) a Supplemental Executive Retirement Plan and an Excess Plan (collectively, the "SERPs"). Benefit accruals under Aetna Financial Services SERPs ceased, effective as of December 31, 2001 and participants began accruing benefits under Voya Services SERPs. Benefits under the SERPs are determined based on an eligible employee's years of service and average annual compensation for the highest five years during the last ten years of employment.

Effective January 1, 2012, the Supplemental Executive Retirement Plan was amended to coordinate with the amendment of the Retirement Plan from its current final average pay formula to a cash balance formula.

The Company, in conjunction with Voya Services Company, sponsors the Pension Plan for Certain Producers of Voya Retirement Insurance and Annuity Company (the "Agents Non-Qualified Plan"). This plan covers Career Agents. The Agents Non-Qualified Plan was frozen effective January 1, 2002. In connection with the termination, all benefit accruals ceased and all accrued benefits were frozen.

The SERPs and Agents Non-Qualified Plan are non-qualified defined benefit pension plans, which means all the SERPs benefits are payable from the general assets of the Company and Agents Non-Qualified Plan benefits are payable from the

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
general assets of the Company and Voya Services Company. These non-qualified defined benefit pension plans are not guaranteed by the PBGC.

Obligations and Funded Status

The following table summarizes the benefit obligations for the SERPs and Agents Non-Qualified Plan as of December 31, 2025 and 2024:
Year Ended December 31,
2025 2024
Change in benefit obligation:
Benefit obligation, January 1 $ 56 $ 60
Interest cost 3 3
Benefits paid (5) (5)
Actuarial (gains) losses on obligation(1)
- (2)
Benefit obligation, December 31 $ 54 $ 56
(1) Includes actuarial (gain) loss of $1 and $(2) due to change in discount rate for the years ended December 31, 2025 and 2024, respectively. The discount rate decreased 0.25% during 2025 driven by a steepening of the corporate AA yield curve. The discount rate increased 0.60% during 2024 driven by an increase in corporate AA yields.

Amounts recognized on the Consolidated Balance Sheets in Other liabilities were as follows as of December 31, 2025 and 2024:
December 31,
2025 2024
Accrued benefit cost
$ (54) $ (56)
Net amount recognized $ (54) $ (56)

Assumptions

The discount rate used in the measurement of the December 31, 2025 and 2024 benefit obligation for the SERPs and Agents Non-Qualified Plan, were as follows:
2025 2024
Discount rate 5.63 % 5.88 %

In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries, including a discounted cash flow analysis of the Company's pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the SERPs and Agents Non-Qualified Plan.
The weighted-average discount rate used in calculating the net pension cost was as follows:
2025 2024 2023
Discount rate 5.88 % 5.28 % 5.47 %
Since the benefit plans of the Company are unfunded, an assumption for return on plan assets is not required.


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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Net Periodic Benefit Costs

Net periodic benefit costs for the SERPs and Agents Non-Qualified Plan were as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
2025 2024 2023
Interest cost $ 3 $ 3 $ 3
Net (gain) loss recognition - (2) 1
Net periodic (benefit) costs
$ 3 $ 1 $ 4

Expected Future Benefit Payments

The following table summarizes the expected benefit payments related to the SERPs and Agents Non-Qualified Plan for the years indicated:
2026 $ 6
2027 5
2028 5
2029 5
2030 5
2031-2035 22

In 2026, the Company expects to contribute $6 to the SERPs and Agents Non-Qualified Plan.

Share Based Compensation Plans

Certain employees of the Company participate in the Omnibus Employee Incentive Plans ("the Omnibus Plans") sponsored by Voya Financial. The Omnibus Plans each permit the granting of a wide range of equity-based awards, including restricted stock units ("RSUs"), performance share units ("PSUs"), and stock options.

The Company was allocated compensation expense from Voya Financial of $17, $27 and $34 for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company recognized tax benefits of $4, $6 and $7 for the years ended 2025, 2024 and 2023, respectively.

All excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income.

Other Benefit Plans

In addition, the Company, in conjunction with Voya Services Company, sponsors the following benefit plans:

•The Voya 401(k) Plan for VRIAC Agents, which allows participants to defer a specified percentage of eligible compensation on a pre-tax and Roth after-tax basis. Effective January 1, 2006, the Company match equals 50% of a participant's pre-tax or Roth after-tax deferral, with a maximum of 6% of the participant's eligible pay. A request for a determination letter on the qualified status of the Voya 401(k) Plan for VRIAC Agents was filed with the IRS on January 1, 2014. A favorable determination letter was received dated August 28, 2014.
•The Producers' Incentive Savings Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis. The Company matches such pre-tax contributions at specified amounts.
•The Producers' Deferred Compensation Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis.

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Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
•Certain health care and life insurance benefits for retired employees and their eligible dependents. The postretirement health care plan is contributory, with retiree contribution levels adjusted annually and the Company subsidizes a portion of the monthly per-participant premium. Prior to April 1, 2017, coverage for Medicare eligible retirees was provided through a fully insured Medicare Advantage plan. Effective April 1, 2017, the fully insured Medicare Advantage Plan was replaced with access to individual coverage through a private exchange. The Company's premium subsidy ended and was replaced with a monthly HRA contribution. The Company continues to offer access to medical coverage until retirees become eligible for Medicare. The life insurance plan provides a flat amount of noncontributory coverage and optional contributory coverage.
•The Voya Financial Deferred Compensation Savings Plan, which is a non-qualified deferred compensation plan that includes a 401(k) excess component.

The benefit charges incurred by the Company related to these plans were immaterial for the years ended December 31, 2025, 2024 and 2023.

15. Commitments and Contingencies

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of December 31, 2025 the Company had off-balance sheet commitments to acquire mortgage loans of $110, and purchase limited partnerships and private placement investments of $1,885.

Insurance Company Guaranty Fund Assessments

The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Consolidated Balance Sheets, to be $1 and $2 as of December 31, 2025 and 2024, respectively. The Company has also recorded an asset, which is included in Other assets on the Consolidated Balance Sheets, of $19 and $18 as of December 31, 2025 and 2024, respectively, for future credits to premium taxes. The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The Company believes the reserves established are adequate for future assessments relating to insurance companies that are currently subject to insolvency proceedings.


C-58

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit, and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of December 31, 2025 and 2024:
2025 2024
Fixed maturity collateral pledged to FHLB(1)
$ 1,663 $ 1,238
FHLB restricted stock(2)
52 34
Fixed maturities-state and other deposits
8 8
Securities pledged(3)
845 1,089
Total restricted assets $ 2,568 $ 2,369
(1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.
(2) Included in Other investments on the Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $565 and $871 as of December 31, 2025 and 2024, respectively. In addition, as of December 31, 2025 and 2024, the Company delivered securities as collateral of $174 and $133, respectively, and repurchase agreements of $106 and $85, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Boston, and is required to pledge collateral to back funding agreements issued to the FHLB. As of December 31, 2025 and 2024, the Company had $1,172 and $721, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets. Assets pledged to the FHLB are reflected in the table above.

Funding Agreement-Backed Notes Program

The Company participates in a Funding Agreement-Backed Notes ("FABN") program, pursuant to which the Company may issue funding agreements to a Delaware special purpose statutory trust (the "Trust") in exchange for proceeds from the Trust's medium-term note issuances. As of December 31, 2025, the Company had $400 in funding agreements outstanding under the program, which are included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets.

Litigation, Regulatory Matters and Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry.

While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large, and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.


C-59

Table of Contents
Voya Retirement Insurance and Annuity Company
(A wholly owned subsidiary of Voya Holdings Inc.)
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2025, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss.

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the "crediting rate" for participants' investment in the Stable Value Fund artificially low in relation to Voya's general account investment returns in order to maximize the spread and Voya's profits at the participants' expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. On December 10, 2025, the plaintiffs filed an amended complaint. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

16. Related Party Transactions

Operating Agreements

VRIAC has certain agreements whereby it generates revenues and incurs expenses with affiliated entities. The agreements are as follows:

•Investment Advisory agreement with Voya Investment Management LLC ("VIM"), an affiliate, pursuant to which VIM provides asset management, administrative and accounting services for VRIAC's general account and separate account. VRIAC incurs a fee, paid quarterly, based on the value of the assets under management. For the years ended December 31, 2025, 2024 and 2023, expenses were incurred in the amounts of $78, $69 and $64, respectively.
•Shareholder servicing fee and intercompany agreements with VIM and other affiliates provide for shareholder servicing and administrative services. Payments under these agreements are settled monthly. For the years ended December 31, 2025, 2024 and 2023, shareholder servicing and administrative revenues received by VRIAC were $102, $57 and $52, respectively.
•Services agreements with Voya Services Company and other insurance and non-insurance company affiliates for administrative, management, financial, custodial, trustee and information technology services. Custodial and trustee services are settled monthly, all other services are settled quarterly. For the years ended December 31, 2025, 2024 and 2023, expenses were incurred in the amounts of $426, $430 and $457, respectively.
•Variable annuity, fixed insurance and mutual fund products issued by VRIAC are sold by VFA, an affiliate of VRIAC. For the years ended December 31, 2025, 2024 and 2023, commission expenses incurred by VRIAC were $85, $79 and $72, respectively. Payments on commission expenses are settled monthly.

Management and service contracts and all cost sharing arrangements with other affiliated companies are allocated in accordance with the Company's expense and cost allocation methods. Revenues and expenses recorded as a result of transactions and agreements with affiliates may not be the same as those incurred if the Company was not a wholly owned subsidiary of its Parent.

Investment Advisory and Other Fees

VFP acts as a distributor of insurance products issued by its affiliates, which may in turn invest in mutual fund products issued by certain of its affiliates. For the years ended December 31, 2025, 2024 and 2023, distribution revenues received by VFP related to affiliated mutual fund products were $29, $27, and $24, respectively.

C-60

















Variable Life Account B of Voya Retirement Insurance and Annuity Company

















B-1
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of assets and liabilities
December 31, 2025
Subaccount Investments ($) Total Assets ($) Net Assets ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 17,263,507 17,263,507 17,263,507
Fidelity® VIP Equity-Income Portfolio - Initial Class 10,792,820 10,792,820 10,792,820
Fidelity® VIP Growth Portfolio - Initial Class 9,943 9,943 9,943
Fidelity® VIP Overseas Portfolio - Initial Class 644,755 644,755 644,755
Invesco V.I. Global Fund - Series I Shares 2,766,405 2,766,405 2,766,405
Invesco V.I. Global Strategic Income Fund - Series I Shares 442,020 442,020 442,020
Janus Henderson Balanced Portfolio - Institutional Shares 6,738,879 6,738,879 6,738,879
Janus Henderson Enterprise Portfolio - Institutional Shares 15,333,322 15,333,322 15,333,322
Janus Henderson Flexible Bond Portfolio - Institutional Shares 24,281 24,281 24,281
Janus Henderson Global Research Portfolio - Institutional Shares 14,331,505 14,331,505 14,331,505
Janus Henderson Research Portfolio - Institutional Shares 10,705,239 10,705,239 10,705,239
MFS® VIT Total Return Series - Initial Class 30,014 30,014 30,014
Voya Balanced Income Portfolio - Class I 3,827,987 3,827,987 3,827,987
Voya Government Money Market Portfolio - Class I 2,256,706 2,256,706 2,256,706
Voya Growth and Income Portfolio - Class I 81,870,758 81,870,758 81,870,758
Voya Index Plus LargeCap Portfolio - Class I 91,262,366 91,262,366 91,262,366
Voya Intermediate Bond Portfolio - Class I 3,358,042 3,358,042 3,358,042
Voya Large Cap Growth Portfolio - Class I 13,353,460 13,353,460 13,353,460
Voya Solution Aggressive Portfolio - Class I 2,661,540 2,661,540 2,661,540
Voya Solution Balanced Portfolio - Class I 1,797,396 1,797,396 1,797,396
Voya Solution Conservative Portfolio - Class I 503,433 503,433 503,433
VY® Voya International High Dividend Low Volatility Portfolio - Class I 3,000,792 3,000,792 3,000,792
See accompanying notes
B-2
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of operations
Year Ended December 31, 2023
Subaccount Dividends from Investment Income ($) Mortality and Expense Guarantee Charges ($) Net Investment Income (Loss) ($) Net Realized Gain (Loss) on Investments ($) Dividends from Net Realized Gain on Investments ($) Total Net Realized Gain (Loss) on Investments ($) Net Change in Unrealized Appreciation or Depreciation on Investments ($) Net Increase in Net Assets Resulting from Operations ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 54,866 (88,983) (34,117) 240,124 398,232 638,356 2,544,716 3,148,955
Fidelity® VIP Equity-Income Portfolio - Initial Class 167,502 (53,992) 113,510 55,889 251,428 307,317 423,430 844,257
Fidelity® VIP Growth Portfolio - Initial Class 8 (40) (32) 747 254 1,001 1,439 2,408
Fidelity® VIP Overseas Portfolio - Initial Class 5,233 (2,441) 2,792 746 1,323 2,069 81,082 85,943
Invesco V.I. Global Fund - Series I Shares 5,578 (17,203) (11,625) (22,697) 282,089 259,392 466,560 714,327
Invesco V.I. Global Strategic Income Fund - Series I Shares - (3,209) (3,209) (34,193) - (34,193) 79,228 41,826
Janus Henderson Balanced Portfolio - Institutional Shares 120,530 (43,906) 76,624 195,415 - 195,415 514,584 786,623
Janus Henderson Enterprise Portfolio - Institutional Shares 22,031 (112,723) (90,692) 291,686 947,024 1,238,710 1,039,432 2,187,450
Janus Henderson Flexible Bond Portfolio - Institutional Shares 856 (101) 755 (203) - (203) 421 973
Janus Henderson Global Research Portfolio - Institutional Shares 86,892 (85,125) 1,767 200,338 265,532 465,870 1,662,265 2,129,902
Janus Henderson Research Portfolio - Institutional Shares 10,021 (58,613) (48,592) 131,692 - 131,692 2,311,029 2,394,129
MFS® VIT Total Return Series - Initial Class 464 (113) 351 (17) 967 950 860 2,161
Voya Balanced Portfolio - Class I 61,225 (26,778) 34,447 5,799 14,078 19,877 417,630 471,954
Voya Government Money Market Portfolio - Class I 99,076 (15,535) 83,541 (48) - (48) 48 83,541
Voya Growth and Income Portfolio - Class I 685,362 (501,640) 183,722 (1,514,131) 5,480,099 3,965,968 9,753,649 13,903,339
Voya Index Plus LargeCap Portfolio - Class I 589,489 (548,875) 40,614 199,581 1,364,754 1,564,335 12,160,320 13,765,269
Voya Intermediate Bond Portfolio - Class I 124,947 (20,798) 104,149 (118,495) - (118,495) 204,770 190,424
Voya Large Cap Growth Portfolio - Class I - (55,906) (55,906) (176,739) - (176,739) 2,172,550 1,939,905
Voya Strategic Allocation Conservative Portfolio - Class I 13,652 (2,456) 11,196 (5,059) 11,781 6,722 25,812 43,730
Voya Strategic Allocation Growth Portfolio - Class I 76,983 (18,857) 58,126 (15,108) 139,193 124,085 180,338 362,549
Voya Strategic Allocation Moderate Portfolio -Class I 62,255 (8,749) 53,506 (16,811) 74,189 57,378 114,377 225,261
VY® T. Rowe Price Growth Equity Portfolio - Class I - (17,587) (17,587) (35,992) 53,621 17,629 1,190,335 1,190,377
VY® Voya International High Dividend Low Volatility Portfolio - Class I 112,859 (22,737) 90,122 (36,096) - (36,096) 266,837 320,863
See accompanying notes
B-3
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of operations (continued)
Year Ended December 31, 2024
Subaccount Dividends from Investment Income ($) Mortality and Expense Guarantee Charges ($) Net Investment Income (Loss) ($) Net Realized Gain (Loss) on Investments ($) Dividends from Net Realized Gain on Investments ($) Total Net Realized Gain (Loss) on Investments ($) Net Change in Unrealized Appreciation or Depreciation on Investments ($) Net Increase in Net Assets Resulting from Operations ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 26,653 (113,692) (87,039) 683,268 1,692,316 2,375,584 1,656,607 3,945,152
Fidelity® VIP Equity-Income Portfolio - Initial Class 170,304 (60,244) 110,060 155,276 556,733 712,009 484,876 1,306,945
Fidelity® VIP Growth Portfolio - Initial Class - (31) (31) 1,716 1,430 3,146 (2,048) 1,067
Fidelity® VIP Overseas Portfolio - Initial Class 9,347 (2,837) 6,510 1,984 25,911 27,895 (10,117) 24,288
Invesco V.I. Global Fund - Series I Shares - (19,579) (19,579) 44,429 160,186 204,615 218,292 403,328
Invesco V.I. Global Strategic Income Fund - Series I Shares 13,779 (3,046) 10,733 (13,311) - (13,311) 13,821 11,243
Janus Henderson Balanced Portfolio - Institutional Shares 122,651 (47,016) 75,635 236,272 - 236,272 498,062 809,969
Janus Henderson Enterprise Portfolio - Institutional Shares 111,070 (120,202) (9,132) 394,071 594,716 988,787 1,059,009 2,038,664
Janus Henderson Flexible Bond Portfolio - Institutional Shares 1,078 (107) 971 (157) - (157) (521) 293
Janus Henderson Global Research Portfolio - Institutional Shares 91,803 (104,103) (12,300) 387,996 387,614 775,610 1,500,358 2,263,668
Janus Henderson Research Portfolio - Institutional Shares 2,702 (75,039) (72,337) 374,373 256,974 631,347 2,004,176 2,563,186
MFS® VIT Total Return Series - Initial Class 637 (129) 508 43 1,234 1,277 (61) 1,724
Voya Balanced Income Portfolio - Class I 53,193 (13,880) 39,313 3,061 - 3,061 87,334 129,708
Voya Balanced Portfolio - Class I 111,688 (14,957) 96,731 45,581 420,133 465,714 (258,170) 304,275
Voya Government Money Market Portfolio - Class I 99,508 (15,515) 83,993 (73) 852 779 72 84,844
Voya Growth and Income Portfolio - Class I 616,762 (592,525) 24,237 (406,052) 9,471,259 9,065,207 5,252,713 14,342,157
Voya Index Plus LargeCap Portfolio - Class I 642,121 (682,849) (40,728) 344,013 3,415,025 3,759,038 12,321,330 16,039,640
Voya Intermediate Bond Portfolio - Class I 134,721 (20,252) 114,469 (47,920) - (47,920) (3,273) 63,276
Voya Large Cap Growth Portfolio - Class I - (69,516) (69,516) 109,858 - 109,858 2,195,072 2,235,414
Voya Solution Aggressive Portfolio - Class I 5,627 (9,951) (4,324) 2,410 7,043 9,453 76,071 81,200
Voya Solution Balanced Portfolio - Class I 8,810 (4,454) 4,356 1,044 - 1,044 42,153 47,553
Voya Solution Conservative Portfolio - Class I 1,734 (1,274) 460 193 - 193 8,118 8,771
Voya Strategic Allocation Conservative Portfolio - Class I 16,966 (1,367) 15,599 (39,283) 4,793 (34,490) 43,747 24,856
Voya Strategic Allocation Growth Portfolio - Class I 40,800 (10,657) 30,143 130,627 39,686 170,313 47,981 248,437
Voya Strategic Allocation Moderate Portfolio -Class I 42,337 (4,944) 37,393 63,201 16,836 80,037 32,885 150,315
VY® T. Rowe Price Growth Equity Portfolio - Class I - (21,753) (21,753) 41,322 400,932 442,254 601,813 1,022,314
VY® Voya International High Dividend Low Volatility Portfolio - Class I 115,903 (22,666) 93,237 (10,582) - (10,582) 74,406 157,061
See accompanying notes
B-4
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of operations (continued)
Year Ended December 31, 2025
Subaccount Dividends from Investment Income ($) Mortality and Expense Guarantee Charges ($) Net Investment Income (Loss) ($) Net Realized Gain (Loss) on Investments ($) Dividends from Net Realized Gain on Investments ($) Total Net Realized Gain (Loss) on Investments ($) Net Change in Unrealized Appreciation or Depreciation on Investments ($) Net Increase in Net Assets Resulting from Operations ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 22,559 (120,889) (98,330) 566,368 2,571,895 3,138,263 (57,359) 2,982,574
Fidelity® VIP Equity-Income Portfolio - Initial Class 183,293 (60,455) 122,838 231,991 566,675 798,666 779,008 1,700,512
Fidelity® VIP Growth Portfolio - Initial Class 27 (63) (36) 885 1,152 2,037 1,671 3,672
Fidelity® VIP Overseas Portfolio - Initial Class 10,010 (3,089) 6,921 3,536 55,640 59,176 41,818 107,915
Invesco V.I. Global Fund - Series I Shares - (17,563) (17,563) 41,801 489,107 530,908 (160,718) 352,627
Invesco V.I. Global Strategic Income Fund - Series I Shares 24,785 (2,668) 22,117 (3,313) - (3,313) 31,433 50,237
Janus Henderson Balanced Portfolio - Institutional Shares 129,582 (48,808) 80,774 150,890 207,613 358,503 409,408 848,685
Janus Henderson Enterprise Portfolio - Institutional Shares 30,128 (118,143) (88,015) 329,566 1,124,096 1,453,662 (384,744) 980,903
Janus Henderson Flexible Bond Portfolio - Institutional Shares 1,194 (114) 1,080 (144) - (144) 577 1,513
Janus Henderson Global Research Portfolio - Institutional Shares 77,503 (115,045) (37,542) 427,401 1,160,970 1,588,371 876,058 2,426,887
Janus Henderson Research Portfolio - Institutional Shares 12,062 (82,479) (70,417) 339,637 741,775 1,081,412 594,775 1,605,770
MFS® VIT Total Return Series - Initial Class 753 (139) 614 26 2,008 2,034 153 2,801
Voya Balanced Income Portfolio - Class I 181,649 (29,553) 152,096 22,052 173,137 195,189 49,247 396,532
Voya Government Money Market Portfolio - Class I 87,066 (15,909) 71,157 (33) 1,676 1,643 31 72,831
Voya Growth and Income Portfolio - Class I 253,232 (628,283) (375,051) (366,505) 5,607,970 5,241,465 7,386,698 12,253,112
Voya Index Plus LargeCap Portfolio - Class I 611,850 (764,861) (153,011) 697,628 8,355,602 9,053,230 2,499,177 11,399,396
Voya Intermediate Bond Portfolio - Class I 145,425 (19,851) 125,574 (33,297) - (33,297) 116,200 208,477
Voya Large Cap Growth Portfolio - Class I - (74,436) (74,436) 146,799 879,489 1,026,288 289,034 1,240,886
Voya Solution Aggressive Portfolio - Class I 47,953 (20,951) 27,002 14,983 152,060 167,043 175,000 369,045
Voya Solution Balanced Portfolio - Class I 40,162 (9,166) 30,996 8,559 48,020 56,579 113,481 201,056
Voya Solution Conservative Portfolio - Class I 11,762 (2,759) 9,003 1,284 - 1,284 23,757 34,044
VY® T. Rowe Price Growth Equity Portfolio - Class I - (20,177) (20,177) (881,856) 2,078,535 1,196,679 (729,430) 447,072
VY® Voya International High Dividend Low Volatility Portfolio - Class I 105,800 (24,306) 81,494 42,102 47,192 89,294 651,949 822,737
See accompanying notes
B-5
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of changes in net assets
Year Ended December 31, 2023
Changes From Operations Changes From Unit Transactions
Subaccount Net Assets At January 1, 2023 ($) Net investment income (loss) ($) Net realized gain (loss) on investments ($) Net change in unrealized appreciation or depreciation on investments ($) Net Increase in Net Assets Resulting from Operations ($) Net unit transactions ($) Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($) Total Increase (Decrease) in Net Assets ($) Net Assets at December 31, 2023 ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 10,189,187 (34,117) 638,356 2,544,716 3,148,955 (988,806) (988,806) 2,160,149 12,349,336
Fidelity® VIP Equity-Income Portfolio - Initial Class 8,327,093 113,510 307,317 423,430 844,257 (56,624) (56,624) 787,633 9,114,726
Fidelity® VIP Growth Portfolio - Initial Class 3,549 (32) 1,001 1,439 2,408 826 826 3,234 6,783
Fidelity® VIP Overseas Portfolio - Initial Class 417,140 2,792 2,069 81,082 85,943 29,194 29,194 115,137 532,277
Invesco V.I. Global Fund - Series I Shares 2,252,085 (11,625) 259,392 466,560 714,327 (272,065) (272,065) 442,262 2,694,347
Invesco V.I. Global Strategic Income Fund - Series I Shares 601,782 (3,209) (34,193) 79,228 41,826 (159,052) (159,052) (117,226) 484,556
Janus Henderson Balanced Portfolio - Institutional Shares 5,738,983 76,624 195,415 514,584 786,623 (757,374) (757,374) 29,249 5,768,232
Janus Henderson Enterprise Portfolio - Institutional Shares 13,318,586 (90,692) 1,238,710 1,039,432 2,187,450 (1,102,921) (1,102,921) 1,084,529 14,403,115
Janus Henderson Flexible Bond Portfolio - Institutional Shares 20,383 755 (203) 421 973 283 283 1,256 21,639
Janus Henderson Global Research Portfolio - Institutional Shares 8,619,683 1,767 465,870 1,662,265 2,129,902 (679,994) (679,994) 1,449,908 10,069,591
Janus Henderson Research Portfolio - Institutional Shares 5,897,944 (48,592) 131,692 2,311,029 2,394,129 (552,981) (552,981) 1,841,148 7,739,092
MFS® VIT Total Return Series - Initial Class 22,659 351 950 860 2,161 165 165 2,326 24,985
Voya Balanced Portfolio - Class I 3,232,827 34,447 19,877 417,630 471,954 (182,983) (182,983) 288,971 3,521,798
Voya Government Money Market Portfolio - Class I 2,128,839 83,541 (48) 48 83,541 47,286 47,286 130,827 2,259,666
Voya Growth and Income Portfolio - Class I 55,057,086 183,722 3,965,968 9,753,649 13,903,339 (4,419,776) (4,419,776) 9,483,563 64,540,649
Voya Index Plus LargeCap Portfolio - Class I 56,199,080 40,614 1,564,335 12,160,320 13,765,269 (2,956,050) (2,956,050) 10,809,219 67,008,299
Voya Intermediate Bond Portfolio - Class I 3,295,070 104,149 (118,495) 204,770 190,424 (552,150) (552,150) (361,726) 2,933,344
Voya Large Cap Growth Portfolio - Class I 5,459,513 (55,906) (176,739) 2,172,550 1,939,905 (392,162) (392,162) 1,547,743 7,007,256
Voya Strategic Allocation Conservative Portfolio - Class I 398,251 11,196 6,722 25,812 43,730 (14,651) (14,651) 29,079 427,330
Voya Strategic Allocation Growth Portfolio - Class I 2,106,959 58,126 124,085 180,338 362,549 (113,136) (113,136) 249,413 2,356,372
Voya Strategic Allocation Moderate Portfolio -Class I 1,493,552 53,506 57,378 114,377 225,261 (85,878) (85,878) 139,383 1,632,935
VY® T. Rowe Price Growth Equity Portfolio - Class I 2,681,155 (17,587) 17,629 1,190,335 1,190,377 (298,936) (298,936) 891,441 3,572,596
VY® Voya International High Dividend Low Volatility Portfolio - Class I 2,406,323 90,122 (36,096) 266,837 320,863 (215,892) (215,892) 104,971 2,511,294
See accompanying notes
B-6
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of changes in net assets (continued)
Year Ended December 31, 2024
Changes From Operations Changes From Unit Transactions
Subaccount Net Assets At January 1, 2024 ($) Net investment income (loss) ($) Net realized gain (loss) on investments ($) Net change in unrealized appreciation or depreciation on investments ($) Net Increase in Net Assets Resulting from Operations ($) Net unit transactions ($) Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($) Total Increase (Decrease) in Net Assets ($) Net Assets at December 31, 2024 ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 12,349,336 (87,039) 2,375,584 1,656,607 3,945,152 (1,346,377) (1,346,377) 2,598,775 14,948,111
Fidelity® VIP Equity-Income Portfolio - Initial Class 9,114,726 110,060 712,009 484,876 1,306,945 (746,775) (746,775) 560,170 9,674,896
Fidelity® VIP Growth Portfolio - Initial Class 6,783 (31) 3,146 (2,048) 1,067 (880) (880) 187 6,970
Fidelity® VIP Overseas Portfolio - Initial Class 532,277 6,510 27,895 (10,117) 24,288 (6,533) (6,533) 17,755 550,032
Invesco V.I. Global Fund - Series I Shares 2,694,347 (19,579) 204,615 218,292 403,328 (340,592) (340,592) 62,736 2,757,083
Invesco V.I. Global Strategic Income Fund - Series I Shares 484,556 10,733 (13,311) 13,821 11,243 (70,519) (70,519) (59,276) 425,280
Janus Henderson Balanced Portfolio - Institutional Shares 5,768,232 75,635 236,272 498,062 809,969 (480,321) (480,321) 329,648 6,097,880
Janus Henderson Enterprise Portfolio - Institutional Shares 14,403,115 (9,132) 988,787 1,059,009 2,038,664 (1,229,858) (1,229,858) 808,806 15,211,921
Janus Henderson Flexible Bond Portfolio - Institutional Shares 21,639 971 (157) (521) 293 409 409 702 22,341
Janus Henderson Global Research Portfolio - Institutional Shares 10,069,591 (12,300) 775,610 1,500,358 2,263,668 264,881 264,881 2,528,549 12,598,140
Janus Henderson Research Portfolio - Institutional Shares 7,739,092 (72,337) 631,347 2,004,176 2,563,186 (722,622) (722,622) 1,840,564 9,579,656
MFS® VIT Total Return Series - Initial Class 24,985 508 1,277 (61) 1,724 247 247 1,971 26,956
Voya Balanced Income Portfolio - Class I - 39,313 3,061 87,334 129,708 3,610,608 3,610,608 3,740,316 3,740,316
Voya Balanced Portfolio - Class I 3,521,798 96,731 465,714 (258,170) 304,275 (3,826,073) (3,826,073) (3,521,798) -
Voya Government Money Market Portfolio - Class I 2,259,666 83,993 779 72 84,844 (240,885) (240,885) (156,041) 2,103,625
Voya Growth and Income Portfolio - Class I 64,540,649 24,237 9,065,207 5,252,713 14,342,157 (4,760,267) (4,760,267) 9,581,890 74,122,539
Voya Index Plus LargeCap Portfolio - Class I 67,008,299 (40,728) 3,759,038 12,321,330 16,039,640 (905,663) (905,663) 15,133,977 82,142,276
Voya Intermediate Bond Portfolio - Class I 2,933,344 114,469 (47,920) (3,273) 63,276 (41,475) (41,475) 21,801 2,955,145
Voya Large Cap Growth Portfolio - Class I 7,007,256 (69,516) 109,858 2,195,072 2,235,414 (994,319) (994,319) 1,241,095 8,248,351
Voya Solution Aggressive Portfolio - Class I - (4,324) 9,453 76,071 81,200 2,393,081 2,393,081 2,474,281 2,474,281
Voya Solution Balanced Portfolio - Class I - 4,356 1,044 42,153 47,553 1,680,778 1,680,778 1,728,331 1,728,331
Voya Solution Conservative Portfolio - Class I - 460 193 8,118 8,771 439,333 439,333 448,104 448,104
Voya Strategic Allocation Conservative Portfolio - Class I 427,330 15,599 (34,490) 43,747 24,856 (452,186) (452,186) (427,330) -
Voya Strategic Allocation Growth Portfolio - Class I 2,356,372 30,143 170,313 47,981 248,437 (2,604,809) (2,604,809) (2,356,372) -
Voya Strategic Allocation Moderate Portfolio -Class I 1,632,935 37,393 80,037 32,885 150,315 (1,783,250) (1,783,250) (1,632,935) -
VY® T. Rowe Price Growth Equity Portfolio - Class I 3,572,596 (21,753) 442,254 601,813 1,022,314 (158,687) (158,687) 863,627 4,436,223
VY® Voya International High Dividend Low Volatility Portfolio - Class I 2,511,294 93,237 (10,582) 74,406 157,061 (321,997) (321,997) (164,936) 2,346,358
See accompanying notes
B-7
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Statements of changes in net assets (continued)
Year Ended December 31, 2025
Changes From Operations Changes From Unit Transactions
Subaccount Net Assets At January 1, 2025 ($) Net investment income (loss) ($) Net Realized Gain (Loss) On Investments ($) Net change in unrealized appreciation or depreciation on investments ($) Net Increase In Net Assets Resulting From Operations ($) Net unit transactions ($) Net Increase (Decrease) In Net Assets Resulting From Unit Transactions ($) Total Increase (Decrease) In Net Assets ($) Net Assets at December 31, 2025 ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 14,948,111 (98,330) 3,138,263 (57,359) 2,982,574 (667,178) (667,178) 2,315,396 17,263,507
Fidelity® VIP Equity-Income Portfolio - Initial Class 9,674,896 122,838 798,666 779,008 1,700,512 (582,588) (582,588) 1,117,924 10,792,820
Fidelity® VIP Growth Portfolio - Initial Class 6,970 (36) 2,037 1,671 3,672 (699) (699) 2,973 9,943
Fidelity® VIP Overseas Portfolio - Initial Class 550,032 6,921 59,176 41,818 107,915 (13,192) (13,192) 94,723 644,755
Invesco V.I. Global Fund - Series I Shares 2,757,083 (17,563) 530,908 (160,718) 352,627 (343,305) (343,305) 9,322 2,766,405
Invesco V.I. Global Strategic Income Fund - Series I Shares 425,280 22,117 (3,313) 31,433 50,237 (33,497) (33,497) 16,740 442,020
Janus Henderson Balanced Portfolio - Institutional Shares 6,097,880 80,774 358,503 409,408 848,685 (207,686) (207,686) 640,999 6,738,879
Janus Henderson Enterprise Portfolio - Institutional Shares 15,211,921 (88,015) 1,453,662 (384,744) 980,903 (859,502) (859,502) 121,401 15,333,322
Janus Henderson Flexible Bond Portfolio - Institutional Shares 22,341 1,080 (144) 577 1,513 427 427 1,940 24,281
Janus Henderson Global Research Portfolio - Institutional Shares 12,598,140 (37,542) 1,588,371 876,058 2,426,887 (693,522) (693,522) 1,733,365 14,331,505
Janus Henderson Research Portfolio - Institutional Shares 9,579,656 (70,417) 1,081,412 594,775 1,605,770 (480,187) (480,187) 1,125,583 10,705,239
MFS® VIT Total Return Series - Initial Class 26,956 614 2,034 153 2,801 257 257 3,058 30,014
Voya Balanced Income Portfolio - Class I 3,740,316 152,096 195,189 49,247 396,532 (308,861) (308,861) 87,671 3,827,987
Voya Government Money Market Portfolio - Class I 2,103,625 71,157 1,643 31 72,831 80,250 80,250 153,081 2,256,706
Voya Growth and Income Portfolio - Class I 74,122,539 (375,051) 5,241,465 7,386,698 12,253,112 (4,504,893) (4,504,893) 7,748,219 81,870,758
Voya Index Plus LargeCap Portfolio - Class I 82,142,276 (153,011) 9,053,230 2,499,177 11,399,396 (2,279,306) (2,279,306) 9,120,090 91,262,366
Voya Intermediate Bond Portfolio - Class I 2,955,145 125,574 (33,297) 116,200 208,477 194,420 194,420 402,897 3,358,042
Voya Large Cap Growth Portfolio - Class I 8,248,351 (74,436) 1,026,288 289,034 1,240,886 3,864,223 3,864,223 5,105,109 13,353,460
Voya Solution Aggressive Portfolio - Class I 2,474,281 27,002 167,043 175,000 369,045 (181,786) (181,786) 187,259 2,661,540
Voya Solution Balanced Portfolio - Class I 1,728,331 30,996 56,579 113,481 201,056 (131,991) (131,991) 69,065 1,797,396
Voya Solution Conservative Portfolio - Class I 448,104 9,003 1,284 23,757 34,044 21,285 21,285 55,329 503,433
VY® T. Rowe Price Growth Equity Portfolio - Class I 4,436,223 (20,177) 1,196,679 (729,430) 447,072 (4,883,295) (4,883,295) (4,436,223) -
VY® Voya International High Dividend Low Volatility Portfolio - Class I 2,346,358 81,494 89,294 651,949 822,737 (168,303) (168,303) 654,434 3,000,792
See accompanying notes
B-8
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements
December 31, 2025
1. Accounting Policies and Variable Account Information
The Variable Account: Variable Life Account B of Voya Retirement Insurance and Annuity Company (the Variable Account), formerly known as Variable Life Account B of ING Life Insurance and Annuity Company, is a separate account established by Voya Retirement Insurance and Annuity Company (the Company), formerly known as ING Life Insurance and Annuity Company, and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The Variable Account is sold exclusively for use with variable life insurance product contracts as defined under the Internal Revenue Code of 1986, as amended. The Variable Account consists of six products as follows:
•AetnaVest
•AetnaVest Estate Protector
•AetnaVest II
•AetnaVest Estate Protector II
•AetnaVest Plus
•Corporate VUL
Effective October 1, 1998, the Company contracted the administrative servicing obligations of its individual variable life business to The Lincoln National Life Insurance Company (Lincoln Life) and Lincoln Life & Annuity Company of New York (LNY). Although the Company is responsible for all policy terms and conditions, Lincoln Life and LNY are responsible for servicing the individual life contracts, including the payment of benefits, oversight of investment management and contract administration. The assets of the Variable Account are owned by the Company. The Variable Account's assets support the variable life policies and may not be used to satisfy liabilities arising out of any other business of the Company.
Basis of Presentation: The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts. Certain amounts presented in the financial statement footnotes for prior year periods in this report have been reclassified to conform to the presentation adopted in the current year.
Accounting Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.
Investments: The assets of the Variable Account are divided into variable subaccounts each of which may be invested in shares of one of twenty-eight mutual funds (the Funds) of nine open-ended management investment companies, each Fund with its own investment objective. The Funds are:
AIM Variable Insurance Funds (Invesco Variable Insurance Funds):
Invesco V.I. Discovery Mid Cap Growth Fund - Series I Shares*
Invesco V.I. Global Fund - Series I Shares
Invesco V.I. Global Strategic Income Fund - Series I Shares
Invesco V.I. Main Street Fund - Series I Shares*
Fidelity® Variable Insurance Products:
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class*
Fidelity® VIP Contrafund® Portfolio - Initial Class
Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® VIP Growth Portfolio - Initial Class
Fidelity® VIP High Income Portfolio - Initial Class*
Fidelity® VIP Overseas Portfolio - Initial Class
Janus Aspen Series:
Janus Henderson Balanced Portfolio - Institutional Shares
Janus Henderson Enterprise Portfolio - Institutional Shares
Janus Henderson Flexible Bond Portfolio - Institutional Shares
Janus Henderson Global Research Portfolio - Institutional Shares
Janus Henderson Research Portfolio - Institutional Shares
MFS® Variable Insurance Trust:
MFS® VIT Total Return Series - Initial Class
MFS® Variable Insurance Trust II:
MFS® VIT II Income Portfolio - Initial Class*
Voya Investors Trust:
Voya Large Cap Growth Portfolio - Class I
Voya Partners, Inc.:
VY® Voya International High Dividend Low Volatility Portfolio - Class I
Voya Variable Portfolios, Inc.:
Voya Index Plus LargeCap Portfolio - Class I
Voya Variable Product Funds:
Voya Balanced Income Portfolio - Class I
Voya Government Money Market Portfolio - Class I
Voya Growth and Income Portfolio - Class I
Voya Intermediate Bond Portfolio - Class I
Voya Small Company Portfolio - Class I*
Voya Solution Aggressive Portfolio - Class I
Voya Solution Balanced Portfolio - Class I
Voya Solution Conservative Portfolio - Class I
* Available fund with no money invested at December 31, 2025
Each subaccount invests in shares of a single underlying Fund. The investment performance of the subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Fund and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.
Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2025. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.
Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.
Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.
ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.
Dividends: Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.
Federal Income Taxes: Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's Net Investment Income (Loss) and the Net Realized Gain (Loss) on Investments.
Segment Reporting: In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.
Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Variable Account using information of each fund. The Variable Account is engaged in a single line of business as a registered unit investment trust. The Variable Account is a funding vehicle for individual variable life contracts with assets owned by the Company to support the liabilities of the applicable insurance contracts. The subaccounts have identified the Board of Directors of the Lincoln Financial Investments Corporation as the chief operating decision maker ("CODM") as the Variable Account does not have employees and is not a separate legal entity. Lincoln Financial Investments Corporation is an affiliate of LNY.
The CODM uses Net Increase (Decrease) in Net Assets Resulting from Operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the subaccounts within the Variable Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the Accounting Policies and Variable Account Information (see note 1). The measure of segment assets is reported on the Statements of assets and liabilities as Total Assets and significant segment expenses are listed on the Statements of operations. Refer to the Statements of operations and Statements of changes in net assets for each subaccount's operating segment results as of December 31, 2025, 2024 and 2023.
Investment Fund Changes: During 2024, the following fund mergers occurred:
Fund Acquired Acquiring Fund
Voya Balanced Portfolio - Class I Voya Balanced Income Portfolio - Class I
Voya Strategic Allocation Conservative Portfolio - Class I Voya Solution Aggressive Portfolio - Class I
Voya Strategic Allocation Growth Portfolio - Class I Voya Solution Balanced Portfolio - Class I
Voya Strategic Allocation Moderate Portfolio -Class I Voya Solution Conservative Portfolio - Class I
During during 2025, the following fund changed its name:
Previous Fund Name New Fund Name
Fidelity® VIP Asset Manager Portfolio - Initial Class Fidelity® VIP Asset Manager 50% Portfolio - Initial Class
During 2025, the following fund merger occurred:
Fund Acquired Acquiring Fund
VY® T. Rowe Price Growth Equity Portfolio - Class I Voya Large Cap Growth Portfolio - Class I
B-9
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
2. Mortality and Expense Guarantees and Other Transactions with Affiliates
Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day. The mortality and expense risk charges for each of the variable subaccounts are reported in the Statements of operations. The rates are as follows for the six policy types within the Variable Account:
•AetnaVest - annual rate of .85% to 1.00%.
•AetnaVest II - annual rate of 1.00%.
•AetnaVest Plus - annual rate of 1.00%.
•AetnaVest Estate Protector - annual rate of .85% for policy years one through ten and .00% thereafter.
•AetnaVest Estate Protector II - annual rate of .65% for policy years one through ten, .25% for policy years eleven through twenty and .00% thereafter.
•Corporate VUL - annual rate of 1.00% for policy years one through ten and .50% thereafter.
The Company deducts a premium load from each premium payment to cover its administration expenses, state taxes, and federal income tax liabilities. The percentage deducted from each premium payment is specified in each policy.
The Company charges monthly administrative fees for items such as underwriting and issuance, premium billing and collection, policy value calculation, confirmations and periodic reports. The amount of the monthly administrative fees are specified in each policy.
The Company charges a monthly deduction for the cost of insurance and any charges for supplemental riders. The cost of insurance charge is equal to the amount at risk multiplied by a monthly cost of insurance rate. The cost of insurance rate is variable and is based on the insured's issue age, sex (where permitted by law), number of policy years elapsed and premium class.
Under certain circumstances, the Company reserves the right to charge a transfer fee between sub-accounts. The amount of the transfer fee is specified in each policy.
The Company, upon full surrender of a policy, may charge a surrender charge. This charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. The amount of the surrender charge, if any, will depend on the specified amount, insured's age, risk class and sex (where permitted by law). The maximum surrender charges are included in each policy and are in compliance with each state's nonforfeiture law.
Premium load, cost of insurance, administrative, surrender and transfer fees are included within Net unit transactions on the Statements of changes in net assets. The total charges for 2025, 2024 and 2023 were $11,957,737, $12,070,882 and $12,701,849, respectively.
B-10
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
3. Financial Highlights
A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable life contracts as of and for each year or period in the five years ended December 31, 2025, follows:
Subaccount Year Commencement Date (1) Minimum Fee Rate (2) Maximum Fee Rate (2) Minimum Unit Value ($) (3) Maximum Unit Value ($) (3) Units Outstanding Net Assets ($) Minimum Total Return (4) Maximum Total Return (4) Investment Income Ratio (5)
Fidelity® VIP Contrafund® Portfolio - Initial Class 2025 0.00 % 1.00 % 31.54 203.30 169,628 17,263,507 20.27 % 21.48 % 0.14 %
2024 0.00 % 1.00 % 25.97 168.78 169,068 14,948,111 32.46 % 33.79 % 0.18 %
2023 0.00 % 1.00 % 19.41 131.19 181,680 12,349,336 32.12 % 33.45 % 0.49 %
2022 0.00 % 1.00 % 14.54 99.29 205,692 10,189,187 -27.05 % -26.31 % 0.48 %
2021 0.00 % 1.00 % 19.74 136.10 218,158 15,742,989 26.56 % 27.83 % 0.06 %
Fidelity® VIP Equity-Income Portfolio - Initial Class 2025 0.00 % 1.00 % 22.92 84.85 218,688 10,792,820 17.84 % 19.02 % 1.81 %
2024 0.00 % 1.00 % 19.26 71.90 221,020 9,674,896 14.20 % 15.35 % 1.76 %
2023 0.00 % 1.00 % 16.70 69.39 237,551 9,114,726 9.55 % 10.65 % 1.97 %
2022 0.00 % 1.00 % 15.09 63.34 235,524 8,327,093 -5.90 % -4.96 % 2.02 %
2021 0.00 % 1.00 % 15.88 67.32 205,286 8,150,973 23.65 % 24.89 % 1.89 %
Fidelity® VIP Growth Portfolio - Initial Class 2025 0.50 % 0.50 % 103.56 103.56 96 9,943 14.32 % 14.32 % 0.22 %
2024 0.50 % 0.50 % 90.59 90.59 77 6,970 29.74 % 29.74 % 0.00 %
2023 0.50 % 0.50 % 69.82 69.82 97 6,783 35.56 % 35.56 % 0.08 %
2022 0.50 % 0.50 % 51.51 51.51 69 3,549 -24.83 % -24.83 % 1.16 %
2021 0.50 % 0.50 % 68.52 68.52 4,265 292,214 22.60 % 22.60 % 0.00 %
Fidelity® VIP Overseas Portfolio - Initial Class 2025 0.50 % 0.50 % 33.35 33.35 19,331 644,755 19.79 % 19.79 % 1.62 %
2024 0.50 % 0.50 % 27.84 27.84 19,755 550,032 4.53 % 4.53 % 1.65 %
2023 0.50 % 0.50 % 26.64 26.64 19,983 532,277 19.91 % 19.91 % 1.07 %
2022 0.50 % 0.50 % 22.21 22.21 18,778 417,140 -24.86 % -24.86 % 1.09 %
2021 0.50 % 0.50 % 29.57 29.57 18,388 543,660 19.10 % 19.10 % 0.53 %
Invesco V.I. Global Fund - Series I Shares 2025 0.00 % 1.00 % 19.99 107.12 57,586 2,766,405 14.18 % 15.32 % 0.00 %
2024 0.00 % 1.00 % 17.34 93.49 62,645 2,757,083 14.91 % 16.07 % 0.00 %
2023 0.00 % 1.00 % 14.94 81.08 69,651 2,694,347 33.39 % 34.73 % 0.23 %
2022 0.00 % 1.00 % 11.09 60.57 77,246 2,252,085 -32.45 % -31.76 % 0.00 %
2021 0.00 % 1.00 % 16.25 89.34 80,384 3,680,826 14.34 % 15.49 % 0.00 %
Invesco V.I. Global Strategic Income Fund - Series I Shares 2025 0.00 % 1.00 % 12.12 25.63 24,046 442,020 11.86 % 12.98 % 5.74 %
2024 0.00 % 1.00 % 10.73 22.91 25,920 425,280 2.13 % 3.16 % 2.99 %
2023 0.00 % 1.00 % 10.40 22.43 29,174 484,556 7.80 % 8.88 % 0.00 %
2022 0.00 % 1.00 % 9.55 20.81 43,337 601,782 -12.34 % -11.46 % 0.00 %
2021 0.00 % 1.00 % 10.79 24.60 45,551 724,125 -4.37 % -3.41 % 4.68 %
Janus Henderson Balanced Portfolio - Institutional Shares 2025 0.00 % 1.00 % 20.65 142.52 108,254 6,738,879 13.96 % 15.11 % 2.04 %
2024 0.00 % 1.00 % 17.94 125.06 107,859 6,097,880 14.28 % 15.43 % 2.04 %
2023 0.00 % 1.00 % 15.54 109.43 113,718 5,768,232 14.38 % 15.53 % 2.09 %
2022 0.00 % 1.00 % 13.45 95.68 140,727 5,738,983 -17.32 % -16.48 % 1.23 %
2021 0.00 % 1.00 % 16.11 115.71 145,877 7,450,444 15.83 % 17.20 % 0.90 %
Janus Henderson Enterprise Portfolio - Institutional Shares 2025 0.00 % 1.00 % 21.67 190.72 173,415 15,333,322 6.60 % 7.67 % 0.20 %
2024 0.00 % 1.00 % 20.12 178.91 179,885 15,211,921 14.46 % 15.61 % 0.74 %
2023 0.00 % 1.00 % 17.41 156.31 192,106 14,403,115 16.90 % 18.07 % 0.16 %
2022 0.00 % 1.00 % 14.74 133.72 203,659 13,318,586 -16.78 % -15.94 % 0.20 %
2021 0.00 % 1.00 % 17.54 160.67 213,476 17,150,684 15.67 % 16.83 % 0.32 %
Janus Henderson Flexible Bond Portfolio - Institutional Shares 2025 0.50 % 0.50 % 20.29 20.29 1,197 24,281 6.86 % 6.86 % 5.25 %
2024 0.50 % 0.50 % 18.99 18.99 1,177 22,341 1.45 % 1.45 % 5.02 %
2023 0.50 % 0.50 % 18.72 18.72 1,156 21,639 4.98 % 4.98 % 4.25 %
2022 0.50 % 0.50 % 17.83 17.83 1,143 20,383 -14.09 % -14.09 % 2.54 %
2021 0.50 % 0.50 % 20.75 20.75 1,062 22,040 -1.39 % -1.39 % 2.03 %
Janus Henderson Global Research Portfolio - Institutional Shares 2025 0.00 % 1.00 % 24.87 114.53 171,538 14,331,505 19.72 % 20.92 % 0.58 %
2024 0.00 % 1.00 % 20.57 95.67 177,961 12,598,140 22.35 % 23.58 % 0.78 %
2023 0.00 % 1.00 % 16.64 78.19 161,763 10,069,591 25.52 % 26.78 % 0.93 %
2022 0.00 % 1.00 % 13.13 62.30 182,222 8,619,683 -20.21 % -19.41 % 1.04 %
2021 0.00 % 1.00 % 16.29 78.08 203,555 11,727,818 16.91 % 18.09 % 0.52 %
Janus Henderson Research Portfolio - Institutional Shares 2025 0.00 % 1.00 % 32.26 166.45 104,971 10,705,239 17.21 % 18.39 % 0.12 %
2024 0.00 % 1.00 % 27.25 142.01 109,032 9,579,656 33.97 % 35.31 % 0.03 %
2023 0.00 % 1.00 % 20.14 106.01 116,345 7,739,092 41.12 % 42.54 % 0.14 %
2022 0.00 % 1.00 % 14.13 75.12 125,628 5,897,944 -30.28 % -29.58 % 0.16 %
2021 0.00 % 1.00 % 20.06 107.74 133,948 9,104,937 19.14 % 20.33 % 0.10 %
MFS® VIT Total Return Series - Initial Class 2025 0.50 % 0.50 % 33.77 33.77 889 30,014 10.61 % 10.61 % 2.71 %
2024 0.50 % 0.50 % 30.53 30.53 883 26,956 7.21 % 7.21 % 2.47 %
2023 0.50 % 0.50 % 28.47 28.47 878 24,985 9.89 % 9.89 % 2.05 %
2022 0.50 % 0.50 % 25.91 25.91 875 22,659 -10.03 % -10.03 % 1.72 %
2021 0.50 % 0.50 % 28.80 28.80 821 23,657 13.55 % 13.55 % 1.80 %
Voya Balanced Income Portfolio - Class I 2025 0.00 % 1.00 % 17.30 83.66 82,136 3,827,987 10.85 % 11.96 % 4.80 %
2024 7/12/2024 0.00 % 1.00 % 15.45 75.44 88,488 3,740,316 3.41 % 3.89 % 1.41 %
Voya Balanced Portfolio - Class I 2024 0.00 % 0.00 % - - - - 0.00 % 0.00 % 3.11 %
2023 0.00 % 1.00 % 13.61 67.10 93,478 3,521,798 14.76 % 15.92 % 1.81 %
2022 0.00 % 1.00 % 11.74 58.44 97,801 3,232,827 -18.07 % -17.24 % 1.83 %
2021 0.00 % 1.00 % 14.19 71.28 134,885 5,189,184 14.77 % 15.92 % 1.64 %
Voya Government Money Market Portfolio - Class I 2025 0.00 % 1.00 % 11.74 23.69 150,922 2,256,706 2.99 % 4.02 % 3.87 %
2024 0.00 % 1.00 % 11.31 23.00 143,033 2,103,625 3.89 % 4.94 % 4.79 %
2023 0.00 % 1.00 % 10.81 22.14 156,830 2,259,666 3.73 % 4.77 % 4.67 %
2022 0.00 % 1.00 % 10.34 21.34 156,118 2,128,839 0.38 % 1.39 % 1.38 %
2021 0.00 % 1.00 % 10.23 21.26 159,629 2,129,138 -0.91 % 0.09 % 0.00 %
Voya Growth and Income Portfolio - Class I 2025 0.00 % 1.00 % 29.27 273.25 720,128 81,870,758 17.04 % 18.21 % 0.33 %
2024 0.00 % 1.00 % 24.76 233.35 759,100 74,122,539 22.62 % 23.85 % 0.87 %
2023 0.00 % 1.00 % 20.00 190.21 803,854 64,540,649 26.12 % 27.39 % 1.15 %
2022 0.00 % 1.00 % 15.70 150.74 856,264 55,057,086 -15.56 % -14.71 % 1.09 %
2021 0.00 % 1.00 % 18.40 178.42 915,372 70,625,046 27.72 % 29.00 % 0.99 %
Voya Index Plus LargeCap Portfolio - Class I 2025 0.00 % 1.00 % 26.35 99.30 1,068,911 91,262,366 14.06 % 15.20 % 0.73 %
2024 0.00 % 1.00 % 22.87 87.06 1,104,822 82,142,276 23.96 % 25.20 % 0.85 %
2023 0.00 % 1.00 % 18.27 70.24 1,122,179 67,008,299 24.81 % 26.07 % 0.96 %
2022 0.00 % 1.00 % 14.49 56.27 1,196,569 56,199,080 -19.85 % -19.04 % 0.84 %
2021 0.00 % 1.00 % 17.90 70.21 1,230,314 71,428,830 27.96 % 29.25 % 1.02 %
Voya Intermediate Bond Portfolio - Class I 2025 0.00 % 1.00 % 12.13 57.28 162,234 3,358,042 6.64 % 7.71 % 4.70 %
2024 0.00 % 1.00 % 11.26 53.72 145,632 2,955,145 1.79 % 2.82 % 4.63 %
2023 0.00 % 1.00 % 10.95 52.77 138,669 2,933,344 6.21 % 7.27 % 4.13 %
2022 0.00 % 1.00 % 10.21 49.68 179,033 3,295,070 -15.29 % -14.44 % 2.79 %
2021 0.00 % 1.00 % 11.93 58.65 188,967 4,253,542 -1.86 % -0.88 % 3.01 %
Voya Large Cap Growth Portfolio - Class I 2025 0.00 % 1.00 % 29.03 128.05 188,857 13,353,460 14.18 % 15.33 % 0.00 %
2024 0.00 % 1.00 % 25.17 112.15 99,812 8,248,351 33.46 % 34.80 % 0.00 %
2023 0.00 % 1.00 % 18.67 84.03 112,312 7,007,256 36.48 % 37.85 % 0.00 %
2022 0.00 % 1.00 % 13.55 61.57 120,547 5,459,513 -31.19 % -30.50 % 0.00 %
2021 0.00 % 1.00 % 19.49 89.48 126,973 8,652,343 18.36 % 19.55 % 0.00 %
Voya Solution Aggressive Portfolio - Class I 2025 0.00 % 1.00 % 19.32 56.64 60,230 2,661,540 15.71 % 16.87 % 1.91 %
2024 7/12/2024 0.00 % 1.00 % 16.53 48.88 61,733 2,474,281 3.24 % 3.72 % 0.23 %
Voya Solution Balanced Portfolio - Class I 2025 0.00 % 1.00 % 17.35 47.43 57,657 1,797,396 11.81 % 12.94 % 2.33 %
2024 7/12/2024 0.00 % 1.00 % 15.36 42.35 62,020 1,728,331 2.56 % 3.04 % 0.51 %
Voya Solution Conservative Portfolio - Class I 2025 0.00 % 1.00 % 14.63 37.95 19,576 503,433 7.25 % 8.33 % 2.56 %
2024 7/12/2024 0.00 % 1.00 % 13.50 35.33 19,095 448,104 1.80 % 2.28 % 0.39 %
Voya Strategic Allocation Conservative Portfolio - Class I 2024 0.00 % 0.00 % - - - - 0.00 % 0.00 % 3.95 %
2023 0.00 % 1.00 % 12.43 32.79 19,857 427,330 10.81 % 11.92 % 3.35 %
2022 0.00 % 1.00 % 11.10 29.55 20,451 398,251 -17.29 % -16.46 % 3.49 %
2021 0.00 % 1.00 % 13.29 35.67 23,027 564,297 8.05 % 9.14 % 2.23 %
Voya Strategic Allocation Growth Portfolio - Class I 2024 0.00 % 0.00 % - - - - 0.00 % 0.00 % 1.72 %
2023 0.00 % 1.00 % 14.29 42.62 67,655 2,356,372 17.48 % 18.66 % 3.46 %
2022 0.00 % 1.00 % 12.05 36.23 71,788 2,106,959 -20.15 % -19.35 % 3.21 %
2021 0.00 % 1.00 % 14.94 45.30 76,450 2,786,061 16.18 % 17.35 % 1.85 %
Voya Strategic Allocation Moderate Portfolio -Class I 2024 0.00 % 0.00 % - - - - 0.00 % 0.00 % 2.53 %
2023 0.00 % 1.00 % 13.59 37.79 65,743 1,632,935 14.96 % 16.11 % 4.00 %
2022 0.00 % 1.00 % 11.71 32.83 69,284 1,493,552 -18.97 % -18.16 % 3.02 %
2021 0.00 % 1.00 % 14.31 40.45 72,810 1,939,892 12.71 % 13.84 % 2.13 %
VY® T. Rowe Price Growth Equity Portfolio - Class I 2024 0.00 % 1.00 % 22.12 99.49 115,946 4,436,223 28.40 % 29.69 % 0.00 %
2023 0.00 % 1.00 % 17.05 77.21 118,849 3,572,596 45.43 % 46.89 % 0.00 %
2022 0.00 % 1.00 % 11.61 52.90 129,506 2,681,155 -41.25 % -40.66 % 0.00 %
2021 0.00 % 1.00 % 19.57 89.74 145,272 5,177,926 18.95 % 20.15 % 0.00 %
VY® Voya International High Dividend Low Volatility Portfolio - Class I 2025 0.00 % 1.00 % 16.81 51.61 71,267 3,000,792 36.24 % 37.60 % 3.87 %
2024 0.00 % 1.00 % 12.21 37.88 74,155 2,346,358 6.16 % 7.23 % 4.63 %
2023 0.00 % 1.00 % 11.39 35.68 83,914 2,511,294 13.73 % 14.87 % 4.52 %
2022 0.00 % 1.00 % 9.92 31.38 91,481 2,406,323 -9.81 % -8.90 % 4.60 %
2021 0.00 % 1.00 % 10.89 34.79 96,840 2,803,383 10.97 % 12.08 % 2.42 %
(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received thereby a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.
(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have been excluded.
(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.
Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.
B-11
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
4. Purchases and Sales of Investments
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2025:
Subaccount Aggregate Cost of Purchases ($) Aggregate Proceeds from Sales ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 3,169,818 1,363,431
Fidelity® VIP Equity-Income Portfolio - Initial Class 1,152,866 1,045,941
Fidelity® VIP Growth Portfolio - Initial Class 19,800 19,383
Fidelity® VIP Overseas Portfolio - Initial Class 65,634 16,265
Invesco V.I. Global Fund - Series I Shares 523,224 394,985
Invesco V.I. Global Strategic Income Fund - Series I Shares 41,881 53,261
Janus Henderson Balanced Portfolio - Institutional Shares 392,931 312,230
Janus Henderson Enterprise Portfolio - Institutional Shares 1,311,871 1,135,292
Janus Henderson Flexible Bond Portfolio - Institutional Shares 2,412 905
Janus Henderson Global Research Portfolio - Institutional Shares 1,288,716 858,810
Janus Henderson Research Portfolio - Institutional Shares 864,724 673,553
MFS® VIT Total Return Series - Initial Class 3,979 1,100
Voya Balanced Income Portfolio - Class I 503,138 486,766
Voya Government Money Market Portfolio - Class I 527,800 374,717
Voya Growth and Income Portfolio - Class I 5,881,644 5,153,618
Voya Index Plus LargeCap Portfolio - Class I 9,003,648 3,080,363
Voya Intermediate Bond Portfolio - Class I 579,266 259,272
Voya Large Cap Growth Portfolio - Class I 5,529,744 860,468
Voya Solution Aggressive Portfolio - Class I 221,231 223,955
Voya Solution Balanced Portfolio - Class I 134,994 187,969
Voya Solution Conservative Portfolio - Class I 61,399 31,111
VY® T. Rowe Price Growth Equity Portfolio - Class I 2,093,897 4,918,834
VY® Voya International High Dividend Low Volatility Portfolio - Class I 304,823 344,440
B-12
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
4. Purchases and Sales of Investments (continued)
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2024:
Subaccount Aggregate Cost of Purchases ($) Aggregate Proceeds from Sales ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 1,834,137 1,575,237
Fidelity® VIP Equity-Income Portfolio - Initial Class 787,086 867,068
Fidelity® VIP Growth Portfolio - Initial Class 16,298 15,779
Fidelity® VIP Overseas Portfolio - Initial Class 35,243 9,355
Invesco V.I. Global Fund - Series I Shares 191,206 391,191
Invesco V.I. Global Strategic Income Fund - Series I Shares 37,415 97,201
Janus Henderson Balanced Portfolio - Institutional Shares 195,031 599,717
Janus Henderson Enterprise Portfolio - Institutional Shares 749,966 1,394,240
Janus Henderson Flexible Bond Portfolio - Institutional Shares 2,295 915
Janus Henderson Global Research Portfolio - Institutional Shares 1,597,053 956,858
Janus Henderson Research Portfolio - Institutional Shares 314,159 852,144
MFS® VIT Total Return Series - Initial Class 3,088 1,099
Voya Balanced Income Portfolio - Class I 3,830,494 180,573
Voya Balanced Portfolio - Class I 595,080 3,904,289
Voya Government Money Market Portfolio - Class I 406,228 562,268
Voya Growth and Income Portfolio - Class I 10,154,939 5,419,710
Voya Index Plus LargeCap Portfolio - Class I 4,141,141 1,672,507
Voya Intermediate Bond Portfolio - Class I 358,356 285,362
Voya Large Cap Growth Portfolio - Class I 155,263 1,219,098
Voya Solution Aggressive Portfolio - Class I 2,480,245 84,445
Voya Solution Balanced Portfolio - Class I 1,738,375 53,241
Voya Solution Conservative Portfolio - Class I 450,919 11,126
Voya Strategic Allocation Conservative Portfolio - Class I 27,464 459,258
Voya Strategic Allocation Growth Portfolio - Class I 91,834 2,626,814
Voya Strategic Allocation Moderate Portfolio -Class I 87,353 1,816,374
VY® T. Rowe Price Growth Equity Portfolio - Class I 453,583 233,091
VY® Voya International High Dividend Low Volatility Portfolio - Class I 155,640 384,400
B-13
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
4. Purchases and Sales of Investments (continued)
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2023:
Subaccount Aggregate Cost of Purchases ($) Aggregate Proceeds from Sales ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 613,390 1,238,298
Fidelity® VIP Equity-Income Portfolio - Initial Class 1,016,916 708,749
Fidelity® VIP Growth Portfolio - Initial Class 15,241 14,193
Fidelity® VIP Overseas Portfolio - Initial Class 40,861 7,558
Invesco V.I. Global Fund - Series I Shares 340,569 342,213
Invesco V.I. Global Strategic Income Fund - Series I Shares 25,378 187,648
Janus Henderson Balanced Portfolio - Institutional Shares 171,254 852,121
Janus Henderson Enterprise Portfolio - Institutional Shares 1,109,510 1,356,398
Janus Henderson Flexible Bond Portfolio - Institutional Shares 2,073 1,035
Janus Henderson Global Research Portfolio - Institutional Shares 422,054 834,963
Janus Henderson Research Portfolio - Institutional Shares 41,949 643,659
MFS® VIT Total Return Series - Initial Class 2,649 1,166
Voya Balanced Portfolio - Class I 230,133 364,661
Voya Government Money Market Portfolio - Class I 578,093 447,307
Voya Growth and Income Portfolio - Class I 6,444,681 5,201,914
Voya Index Plus LargeCap Portfolio - Class I 2,020,633 3,572,681
Voya Intermediate Bond Portfolio - Class I 192,361 640,421
Voya Large Cap Growth Portfolio - Class I 151,803 600,004
Voya Strategic Allocation Conservative Portfolio - Class I 43,628 35,309
Voya Strategic Allocation Growth Portfolio - Class I 259,460 175,326
Voya Strategic Allocation Moderate Portfolio -Class I 184,869 143,075
VY® T. Rowe Price Growth Equity Portfolio - Class I 91,936 354,878
VY® Voya International High Dividend Low Volatility Portfolio - Class I 155,828 281,658
B-14
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
5. Investments
The following is a summary of investments owned at December 31, 2025:
Subaccount Shares Owned Net Asset Value ($) Fair Value of Shares ($) Cost of Shares ($)
Fidelity® VIP Contrafund® Portfolio - Initial Class 288,254 59.89 17,263,507 12,098,599
Fidelity® VIP Equity-Income Portfolio - Initial Class 366,729 29.43 10,792,820 8,768,620
Fidelity® VIP Growth Portfolio - Initial Class 102 97.72 9,943 9,272
Fidelity® VIP Overseas Portfolio - Initial Class 23,429 27.52 644,755 528,267
Invesco V.I. Global Fund - Series I Shares 72,896 37.95 2,766,405 2,713,452
Invesco V.I. Global Strategic Income Fund - Series I Shares 96,722 4.57 442,020 461,567
Janus Henderson Balanced Portfolio - Institutional Shares 120,639 55.86 6,738,879 4,046,764
Janus Henderson Enterprise Portfolio - Institutional Shares 183,457 83.58 15,333,322 11,470,157
Janus Henderson Flexible Bond Portfolio - Institutional Shares 2,445 9.93 24,281 27,911
Janus Henderson Global Research Portfolio - Institutional Shares 179,886 79.67 14,331,505 8,537,665
Janus Henderson Research Portfolio - Institutional Shares 164,950 64.90 10,705,239 5,751,774
MFS® VIT Total Return Series - Initial Class 1,287 23.33 30,014 29,517
Voya Balanced Income Portfolio - Class I 369,854 10.35 3,827,987 3,691,406
Voya Government Money Market Portfolio - Class I 2,256,706 1.00 2,256,706 2,256,767
Voya Growth and Income Portfolio - Class I 3,572,023 22.92 81,870,758 82,822,251
Voya Index Plus LargeCap Portfolio - Class I 2,962,102 30.81 91,262,366 69,246,237
Voya Intermediate Bond Portfolio - Class I 304,170 11.04 3,358,042 3,677,688
Voya Large Cap Growth Portfolio - Class I 706,532 18.90 13,353,460 11,552,446
Voya Solution Aggressive Portfolio - Class I 165,006 16.13 2,661,540 2,410,469
Voya Solution Balanced Portfolio - Class I 170,369 10.55 1,797,396 1,641,762
Voya Solution Conservative Portfolio - Class I 46,442 10.84 503,433 471,558
VY® Voya International High Dividend Low Volatility Portfolio - Class I 227,333 13.20 3,000,792 2,459,337
B-15
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
6. Changes in Units Outstanding
The change in units outstanding for the year ended December 31, 2025, is as follows:
Subaccount Units Issued Units Redeemed Net Increase (Decrease)
Fidelity® VIP Contrafund® Portfolio - Initial Class 12,884 (12,324) 560
Fidelity® VIP Equity-Income Portfolio - Initial Class 16,221 (18,553) (2,332)
Fidelity® VIP Growth Portfolio - Initial Class 224 (205) 19
Fidelity® VIP Overseas Portfolio - Initial Class - (424) (424)
Invesco V.I. Global Fund - Series I Shares 724 (5,783) (5,059)
Invesco V.I. Global Strategic Income Fund - Series I Shares 920 (2,794) (1,874)
Janus Henderson Balanced Portfolio - Institutional Shares 5,278 (4,883) 395
Janus Henderson Enterprise Portfolio - Institutional Shares 3,354 (9,824) (6,470)
Janus Henderson Flexible Bond Portfolio - Institutional Shares 60 (40) 20
Janus Henderson Global Research Portfolio - Institutional Shares 4,485 (10,908) (6,423)
Janus Henderson Research Portfolio - Institutional Shares 2,788 (6,849) (4,061)
MFS® VIT Total Return Series - Initial Class 36 (30) 6
Voya Balanced Income Portfolio - Class I 2,896 (9,248) (6,352)
Voya Government Money Market Portfolio - Class I 31,785 (23,896) 7,889
Voya Growth and Income Portfolio - Class I 4,372 (43,344) (38,972)
Voya Index Plus LargeCap Portfolio - Class I 1,820 (37,731) (35,911)
Voya Intermediate Bond Portfolio - Class I 29,201 (12,599) 16,602
Voya Large Cap Growth Portfolio - Class I 97,810 (8,765) 89,045
Voya Solution Aggressive Portfolio - Class I 3,625 (5,128) (1,503)
Voya Solution Balanced Portfolio - Class I 1,274 (5,637) (4,363)
Voya Solution Conservative Portfolio - Class I 1,387 (906) 481
VY® T. Rowe Price Growth Equity Portfolio - Class I 538 (116,484) (115,946)
VY® Voya International High Dividend Low Volatility Portfolio - Class I 4,947 (7,835) (2,888)
B-16
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
The change in units outstanding for the year ended December 31, 2024, is as follows:
Subaccount Units Issued Units Redeemed Net Increase (Decrease)
Fidelity® VIP Contrafund® Portfolio - Initial Class 3,060 (15,672) (12,612)
Fidelity® VIP Equity-Income Portfolio - Initial Class 1,844 (18,375) (16,531)
Fidelity® VIP Growth Portfolio - Initial Class 173 (193) (20)
Fidelity® VIP Overseas Portfolio - Initial Class - (228) (228)
Invesco V.I. Global Fund - Series I Shares 1,326 (8,332) (7,006)
Invesco V.I. Global Strategic Income Fund - Series I Shares 1,624 (4,878) (3,254)
Janus Henderson Balanced Portfolio - Institutional Shares 3,299 (9,158) (5,859)
Janus Henderson Enterprise Portfolio - Institutional Shares 690 (12,911) (12,221)
Janus Henderson Flexible Bond Portfolio - Institutional Shares 64 (43) 21
Janus Henderson Global Research Portfolio - Institutional Shares 29,361 (13,163) 16,198
Janus Henderson Research Portfolio - Institutional Shares 1,717 (9,030) (7,313)
MFS® VIT Total Return Series - Initial Class 38 (33) 5
Voya Balanced Income Portfolio - Class I 92,103 (3,615) 88,488
Voya Balanced Portfolio - Class I 1,380 (94,858) (93,478)
Voya Government Money Market Portfolio - Class I 22,934 (36,731) (13,797)
Voya Growth and Income Portfolio - Class I 2,296 (47,050) (44,754)
Voya Index Plus LargeCap Portfolio - Class I 4,015 (21,372) (17,357)
Voya Intermediate Bond Portfolio - Class I 19,017 (12,054) 6,963
Voya Large Cap Growth Portfolio - Class I 2,371 (14,871) (12,500)
Voya Solution Aggressive Portfolio - Class I 64,068 (2,335) 61,733
Voya Solution Balanced Portfolio - Class I 63,817 (1,797) 62,020
Voya Solution Conservative Portfolio - Class I 19,435 (340) 19,095
Voya Strategic Allocation Conservative Portfolio - Class I 184 (20,041) (19,857)
Voya Strategic Allocation Growth Portfolio - Class I 425 (68,080) (67,655)
Voya Strategic Allocation Moderate Portfolio -Class I 1,021 (66,764) (65,743)
VY® T. Rowe Price Growth Equity Portfolio - Class I 3,100 (6,003) (2,903)
VY® Voya International High Dividend Low Volatility Portfolio - Class I 1,413 (11,172) (9,759)
B-17
Variable Life Account B of Voya Retirement Insurance and Annuity Company
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
The change in units outstanding for the year ended December 31, 2023, is as follows:
Subaccount Units Issued Units Redeemed Net Increase (Decrease)
Fidelity® VIP Contrafund® Portfolio - Initial Class 4,921 (28,933) (24,012)
Fidelity® VIP Equity-Income Portfolio - Initial Class 21,350 (19,323) 2,027
Fidelity® VIP Growth Portfolio - Initial Class 265 (237) 28
Fidelity® VIP Overseas Portfolio - Initial Class 1,415 (210) 1,205
Invesco V.I. Global Fund - Series I Shares 1,923 (9,518) (7,595)
Invesco V.I. Global Strategic Income Fund - Series I Shares 1,891 (16,054) (14,163)
Janus Henderson Balanced Portfolio - Institutional Shares 2,553 (29,562) (27,009)
Janus Henderson Enterprise Portfolio - Institutional Shares 2,255 (13,808) (11,553)
Janus Henderson Flexible Bond Portfolio - Institutional Shares 65 (52) 13
Janus Henderson Global Research Portfolio - Institutional Shares 2,122 (22,581) (20,459)
Janus Henderson Research Portfolio - Institutional Shares 919 (10,202) (9,283)
MFS® VIT Total Return Series - Initial Class 43 (40) 3
Voya Balanced Portfolio - Class I 4,163 (8,486) (4,323)
Voya Government Money Market Portfolio - Class I 36,321 (35,609) 712
Voya Growth and Income Portfolio - Class I 4,303 (56,713) (52,410)
Voya Index Plus LargeCap Portfolio - Class I 3,966 (78,356) (74,390)
Voya Intermediate Bond Portfolio - Class I 3,786 (44,150) (40,364)
Voya Large Cap Growth Portfolio - Class I 4,127 (12,362) (8,235)
Voya Strategic Allocation Conservative Portfolio - Class I 919 (1,513) (594)
Voya Strategic Allocation Growth Portfolio - Class I 1,560 (5,693) (4,133)
Voya Strategic Allocation Moderate Portfolio -Class I 1,807 (5,348) (3,541)
VY® T. Rowe Price Growth Equity Portfolio - Class I 2,029 (12,686) (10,657)
VY® Voya International High Dividend Low Volatility Portfolio - Class I 1,631 (9,198) (7,567)
7. Subsequent Events
Management evaluated subsequent events through April 29, 2026, the date at which the Variable Account's financial statements were available to be issued and determined there were no additional matters to be disclosed.
B-18
Report of Independent Registered Public Accounting Firm


To the Board of Directors of Voya Retirement Insurance and Annuity Company and Contract Owners of Variable Life Account B of Voya Retirement Insurance and Annuity Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Variable Life Account B of Voya Retirement Insurance and Annuity Company ("Variable Account"), as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Variable Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Variable Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.



/s/ Ernst & Young LLP
We have served as the Variable Account's auditor since 1999.
Atlanta, GA
April 29, 2026
B-19

Subaccount Statements of Assets and Liabilities Statements of Operations Statements of Changes in Net Assets
Fidelity® VIP Contrafund® Portfolio - Initial Class As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Fidelity® VIP Equity-Income Portfolio - Initial Class As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Fidelity® VIP Growth Portfolio - Initial Class As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Fidelity® VIP Overseas Portfolio - Initial Class As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Invesco V.I. Global Fund - Series I Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Invesco V.I. Global Strategic Income Fund - Series I Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Janus Henderson Balanced Portfolio - Institutional Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Janus Henderson Enterprise Portfolio - Institutional Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Janus Henderson Flexible Bond Portfolio - Institutional Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Janus Henderson Global Research Portfolio - Institutional Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Janus Henderson Research Portfolio - Institutional Shares As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
MFS® VIT Total Return Series - Initial Class As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Balanced Income Portfolio - Class I As of December 31, 2025 For the year ended December 31, 2025 and the period from July 12, 2024 through December 31, 2024 For the year ended December 31, 2025 and the period from July 12, 2024 (commencement of operations) through December 31, 2024
Voya Balanced Portfolio - Class I For each of the two years in the period ended December 31, 2024 For each of the two years in the period ended December 31, 2024
Voya Government Money Market Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Growth and Income Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Index Plus LargeCap Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Intermediate Bond Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Large Cap Growth Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
Voya Solution Aggressive Portfolio - Class I As of December 31, 2025 For the year ended December 31, 2025 and the period from July 12, 2024 through December 31, 2024 For the year ended December 31, 2025 and the period from July 12, 2024 (commencement of operations) through December 31, 2024
Voya Solution Balanced Portfolio - Class I As of December 31, 2025 For the year ended December 31, 2025 and the period from July 12, 2024 through December 31, 2024 For the year ended December 31, 2025 and the period from July 12, 2024 (commencement of operations) through December 31, 2024
Voya Solution Conservative Portfolio - Class I As of December 31, 2025 For the year ended December 31, 2025 and the period from July 12, 2024 through December 31, 2024 For the year ended December 31, 2025 and the period from July 12, 2024 (commencement of operations) through December 31, 2024
Voya Strategic Allocation Growth Portfolio - Class I For each of the two years in the period ended December 31, 2024 For each of the two years in the period ended December 31, 2024
Voya Strategic Allocation Moderate Portfolio -Class I For each of the two years in the period ended December 31, 2024 For each of the two years in the period ended December 31, 2024
VY® T. Rowe Price Growth Equity Portfolio - Class I For each of the two years in the period ended December 31, 2024 For each of the two years in the period ended December 31, 2024
VY® T. Rowe Price Growth Equity Portfolio - Class I For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
VY® Voya International High Dividend Low Volatility Portfolio - Class I As of December 31, 2025 For each of the three years in the period ended December 31, 2025 For each of the three years in the period ended December 31, 2025
B-20
Variable Life Account B of Ing Life Insurance & Annuity Co. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 30, 2026 at 10:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]