Voya Financial, Inc.VOYA

Voya Financial, Inc. Goodwill & Intangibles Disclosure

10-KFiled Feb 20, 20263 min read
Goodwill and Other Intangible Assets
Goodwill

The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:
Retirement
Investment Management
Employee Benefits
Corporate(1)
Consolidated
Balance as of January 1, 2024$17 $286 $343 $102 $748 
Additions from business combinations
— — — — — 
Balance as of December 31, 202417 286 343 102 748 
Additions from business combinations(2)
56 — — — 56 
Balance as of December 31, 2025$73 $286 $343 $102 $804 
(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Retirement, Investment Management and Employee Benefits segments as $72, $10 and $20, respectively.
(2) During 2025, the Company recognized goodwill of $56 as a result of the acquisition of OneAmerica Financial's full-service retirement plan business.

During the fourth quarter of 2025, the Company performed its annual goodwill impairment assessment and determined there was no goodwill impairment as of December 31, 2025. There were no accumulated impairments associated with goodwill as of December 31, 2025 and 2024.

Other Intangible Assets

The Company’s indefinite-lived intangible assets, primarily related to the right to manage client assets, were valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including the projected revenues and discount rate. The right to manage client assets was determined to have an indefinite life based on the open-ended nature of the right to manage, and the ability to continue to manage the assets with no specific termination date.

During the fourth quarter of 2025 and 2024, the Company completed an assessment for recoverability of its definite-lived intangible assets, and determined that the carrying value was recoverable. During 2023, the Company recognized an impairment loss of $33 in relation to management contract rights, which was included in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2023.
The following table presents other intangible assets as of the dates indicated:
Weighted
Average
Amortization
Lives (Years)
December 31, 2025December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Indefinite-life intangibles:
Management contract rightsN/A$350 $— $350 $350 $— $350 
Finite-life intangibles:
Management contract rights(1)
17131 27 104 131 19 112 
Customer relationship lists(2)
16345 162 183 325 145 180 
Trademarks815 6 9 15 4 11 
Computer software(3)
5506 278 228 432 253 179 
Total intangible assets$1,347 $473 $874 $1,253 $421 $832 
(1) During the fourth quarter of 2024, $18 of management contracts related to a prior acquisition were derecognized, and the related loss was recorded in Operating expenses in the Consolidated Statements of Operations, and reported in the Investment Management segment.
(2) During 2025, as a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the Company recognized intangible assets of $21, which will be amortized over a weighted average useful life of 13 years.
(3) Fully amortized computer software of $47 was written-off during the year ended December 31, 2025.

Amortization expense related to intangible assets was $103, $96 and $85 for the years ended December 31, 2025, 2024 and 2023, respectively.

The estimated amortization of intangible assets for the next five years are as follows:
YearAmount
2026$106 
202785 
202851 
202939 
203038 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024
2022Feb 24, 2023
2021Feb 22, 2022
2020Mar 1, 2021
2019Feb 21, 2020
2018Feb 22, 2019
2017Feb 23, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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