Voya Financial, Inc.

Good morning. Welcome to Voya's first quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star two. Participants are limited to one question and one follow-up. Please note this event is being recorded. I would now like to turn the call over to Mainie Chiu, Head of Investor Relations. Please go ahead.

Good morning, and thank you for joining today's call. We will begin with prepared remarks by Heather LaValley, our Chief Executive Officer, and Mike Katz, our Chief Financial Officer. Following their prepared remarks, we will take your questions. Also joining the call are Jake Haderson, CEO of Workplace Solutions, and Matt Toms, CEO of Investment Management. As a reminder, materials for today's call are available on our website at investors.voyer.com. As noted on slide two of our analyst presentation, some of the comments during today's discussion may contain forward-looking statements and refer to certain non-GAAP financial measures within the meaning of federal securities law. Gap reconciliations are available in our press release and financial supplement found in our investor relations website. And now, I will turn the call over to Heather.

Good morning, and thank you for joining us today. Let's turn to slide four. Building on our 2025 performance, we are off to a strong start in 2026. In the first quarter, we delivered significant growth in revenues, earnings, and cash flows, We grew adjusted operating EPS by 13% year-over-year through strong execution across the enterprise while continuing to deliver a return on equity above 18%. And we generated approximately $200 million of excess capital, returning that same amount to shareholders through repurchases and dividends. Executing on our priorities, we are building on our strong commercial momentum maintaining robust margins in retirement and investment management, and continuing to drive margin and earnings improvement in employee benefits. Our momentum is clear, and our advantage comes from our diversified, resilient business model built to perform across markets and business cycles. I'd like to touch on a few highlights from the quarter. In retirement, we generated over $200 million in adjusted operating earnings, delivering trailing 12-month margins of 39% while continuing to invest in future growth. We continue to expect positive net flows for the full year, more than offsetting the exit of a large record-keeping plan in the first quarter, which was expected. Revenues grew year over year, supported by more than $50 billion in annual recurring deposits, giving the business a resilient foundation across market conditions. Our acquisition of One America has been a strategic and operational success. It has meaningfully strengthened both the scale and earnings power of our retirement business, which now serves nearly 10 million retirement accounts. We expect to complete the integration in the second quarter. And we're building on that strong foundation by expanding the advice, guidance, and planning we provide through our wealth management business, helping customers better meet their financial needs In wealth management, expansion remains on track with first quarter revenues up more than 12% year over year. In investment management, we entered 2026 with strong momentum driven by continued demand from clients across both institutional and retail markets. We remain confident in our ability to deliver two plus percent organic growth this year. We drove margin expansion by continuing to scale key strategies across insurance, private and alternative assets, and international retail markets. These are the channels where we have clear competitive advantages and are seeing strong commercial momentum. Our investment performance shows we are delivering for our clients, with 78% of assets outperforming peers or benchmarks over three years and 82% outperforming over 10 years. In employee benefits, we generated significantly higher operating earnings through disciplined execution across the portfolio. Across all lines, within the business, decisive underwriting and pricing is resulting in higher margins. In stock loss, the pricing, underwriting, and reserving actions we took last year have us firmly on the path to full margin recovery in this business. Our near-term focus on restoring the profitability and earnings power of this business is the most value-accretive path we can take for shareholders, and this value is already emerging in the results we delivered this quarter. Mike will provide additional detail in a moment. Our strong results this quarter reflects the durability of our cash generation, our strong earnings power, and our continued commitment to discipline execution. With that, I'll turn it over to Mike to walk through the financials in more detail. Mike?