0001535929false00015359292022-02-082022-02-080001535929us-gaap:CommonStockMember2022-02-082022-02-080001535929voya:DepositarySharesMember2022-02-082022-02-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

February 8, 2022

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

230 Park Avenue

New York

New York

10169

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered
Common Stock, $.01 Par Value			VOYA			New York Stock Exchange
Depositary Shares, each representing a 1/40th			VOYAPrB			New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

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Item 2.02			Results of Operations and Financial Condition

On February 8, 2022 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and year ended December 31, 2021. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, February 9, 2022 at 10:00 am ET to discuss its fourth-quarter and full-year 2021 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended December 31, 2021, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended December 31, 2021 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set for by specific reference in such filing.

Item 7.01			Regulation FD Disclosure

On February 8, 2022, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01			Financial Statements and Exhibits

(d) Exhibits

99.1    Press release of Voya Financial, Inc., dated February 8, 2022 (furnished and not filed)

99.2    Quarterly Investor Supplement for the quarter ended December 31, 2021 (furnished and not filed)

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By:        /s/ Trevor Ogle             

Name:    Trevor Ogle

Title:    Senior Vice President and Deputy General Counsel 

Dated: February 8, 2022

Exhibit 99.1

Voya Financial announces fourth-quarter

and full-year 2021 results

NEW YORK, Feb. 8, 2022 — Voya Financial, Inc. (NYSE: VOYA), announced today financial results for the fourth-quarter and full-year 2021:

•Fourth-quarter 2021 net income available to common shareholders of $3.36 per diluted share.

•Fourth-quarter 2021 after-tax adjusted operating earnings1 of $1.90 per diluted share2.

•Full-year 2021 net income available to common shareholders of $16.61 per diluted share.

•Record full-year 2021 after-tax adjusted operating earnings of $8.37 per diluted share3.

•Significant excess capital generation and return of capital to shareholders in 2021:

–$1 billion of excess capital generated in full-year 2021, excluding proceeds from transactions;

–$331 million returned to shareholders in fourth-quarter 2021 ($310 million in share repurchases and $21 million in common stock dividends);

–A record $1.7 billion in excess capital deployed in full-year 2021, including $1.1 billion in share repurchases, $0.5 billion of senior debt redeemed, and $80 million in common stock dividends;

–As of Dec. 31, 2021, Voya had approximately $1.5 billion of excess capital — largely unchanged from Sept. 30, 2021 as the company’s continued strong free-cash-flow generation offset amounts deployed in the fourth quarter.

"In 2021, we achieved record after-tax adjusted operating earnings driven by strong alternative investment income as well as continued growth in each of our businesses," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. "We continue to provide valuable health, wealth and investment solutions for our workplace and institutional clients, and this is leading to further organic growth for Voya. For the full-year 2021, Wealth Solutions full service recurring deposits grew 9.0% compared with the prior-year period to $12.1 billion. Investment Management drove $7.8 billion of net inflows in 2021 and achieved organic growth of 4.2%. And in Health Solutions, annualized in-force premiums in the fourth quarter of 2021 increased 10.0% compared with the prior-year period.

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on non-GAAP measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release and in the company’s Quarterly Investor Supplement.

2 Fourth-quarter 2021 results include the following notable items: $0.55 of investment income from alternative investments and prepayments above long-term expectations, net of variable and incentive compensation; $(0.22) of COVID-19 impacts; and $(0.05) of other notable items. Please see the tables at the end of this press release for more details on notable items.

3 Full-year 2021 results include the following notable items: $2.84 of investment income from alternative investments and prepayments above long-term expectations, net of variable and incentive compensation; $(0.70) of COVID-19 impacts; and $0.19 of other notable items. Please see the tables at the end of this press release for more details on notable items.

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"Beyond the organic growth we delivered, we continue to benefit from our high free-cash-flow businesses. In 2021, we generated $1 billion in excess capital, excluding proceeds from transactions we completed during the year, and we deployed a record $1.7 billion in excess capital, largely through share repurchases. Since our initial public offering, we have returned approximately $8 billion in excess capital through both share repurchases and dividends. As we move forward, we will build upon this track record and continue to be disciplined and balanced with our use of capital.

"As we shared at Investor Day in November, we have exciting plans to continue our organic growth momentum, drive further earnings per share increases and expand margins. Underlying all of this will be our customer-centric focus and our commitment to providing valuable products, services and solutions to our clients," added Martin.

HIGHLIGHTS

•Record full-year 2021 after-tax adjusted operating earnings of $1.1 billion, compared with $425 million for full-year 2020.

•Wealth Solutions full-service recurring deposits for full-year 2021 were $12.1 billion, up 9.0% compared with the prior-year period and above the company’s target of 6–8% for 2021.

•Investment Management net inflows (excluding sub-advisor replacements and divested businesses) were $7.8 billion for full-year 2021, which includes significant inflows from several large mandates that funded during the fourth quarter of 2021 and represents full-year organic growth of 4.2% — above the company's most recent guidance of 1–3% for 2021.

•Health Solutions annualized in-force premiums were $2.5 billion in the fourth quarter of 2021, up 10.0% compared with the prior-year period due to growth across all product lines and at the high end of the company's 7–10% target for 2021.

•On Jan. 27, 2022, Voya's board of directors declared a first-quarter 2022 common stock dividend of $0.20 per share, maintaining Voya's dividend yield above 1%.

•In January 2022, Voya earned inclusion in the 2022 Bloomberg Gender-Equality Index for the seventh-consecutive year and received a perfect score of 100% on the 2022 Corporate Equality Index for the 17th year in a row.

CONSOLIDATED RESULTS

Fourth-quarter 2021 net income available to common shareholders was $403 million, or $3.36 per diluted share, compared with $257 million, or $1.94 per diluted share, in the fourth quarter of 2020. The increase was primarily driven by a $250 million release in the company's tax valuation allowance in the fourth quarter of 2021, partially offset by lower performance fees in Investment Management and less favorable DAC/VOBA and other intangibles unlocking in Wealth Solutions.

Fourth-quarter 2021 after-tax adjusted operating earnings were $229 million, or $1.90 per diluted share, compared with $251 million, or $1.90 per diluted share in the fourth quarter of 2020. On a

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per-share basis, fourth-quarter 2021 results reflect the benefit of share repurchases in 2021, strong revenue growth, and higher alternative investment income, but were offset by lower performance fees in Investment Management; less favorable DAC/VOBA and other intangibles unlocking in Wealth Solutions; and higher COVID-19 impacts in Health Solutions, in each case compared with fourth-quarter 2020.

Full-year 2021 net income (loss) available to common shareholders was $2,090 million, or $16.61 per diluted share, compared with $(242) million, or $(1.84) per diluted share in full-year 2020. Net income in full-year 2021 was primarily driven by gains related to Voya’s divestment of its Individual Life and other legacy annuities businesses and its independent financial planning channel. A significant increase in alternative investment income; strong revenue growth; favorable DAC/VOBA and other intangibles unlocking in Wealth Solutions; and a release in the tax valuation allowance also contributed to the increase, partially offset by lower performance fees in Investment Management and higher COVID-19 impacts in Health Solutions, in each case compared with full-year 2020.

Full-year 2021 after-tax adjusted operating earnings were $1,053 million, or $8.37 per diluted share, compared with $425 million, or $3.22 per diluted share in full-year 2020. The increase was driven by exceptional alternative investment income results and strong revenue growth. Favorable DAC/VOBA and other intangibles unlocking in Wealth Solutions also contributed to the increase, partially offset by lower performance fees in Investment Management and higher COVID-19 impacts in Health Solutions, in each case compared with full-year 2020. On a per-share basis, 2021 results also reflect the benefit of share repurchases in 2021.

SEGMENT DISCUSSIONS

The following segment discussions compare the fourth quarter of 2021 with the fourth quarter of 2020, unless otherwise noted. All figures are presented before income taxes.

Wealth Solutions

Wealth Solutions adjusted operating earnings were $241 million, compared with $258 million. The change primarily reflects:

•$29 million of higher investment income, primarily due to higher alternative investment income;

•$8 million of higher fee-based margin largely due to higher average equity market levels;

•$29 million of less favorable DAC/VOBA and other intangibles unlocking; and

•$22 million of higher administrative expenses due in part to timing of certain advertising and technology-related expenses and growth in the business.

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			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			12/31/2021						12/31/2020
Net revenue			$	2,346					$	1,763
Net revenue, excluding notables			1,912						1,690
Adjusted operating margin			47.3		%				25.2		%
Adjusted operating margin, excluding notables			35.5		%				33.0		%
Full Service recurring deposits			$	12,056					$	11,060
Full Service net flows			$	576					$	1,604
			Three months ended or as of						Three months ended or as of
($ in millions)			12/31/2021						12/31/2020
Total client assets			$	536,246					$	520,258
Full Service recurring deposits			$	2,918					$	2,676
Full Service net flows			$	(884)					$	(2,328)
Full Service client assets			$	187,702					$	165,412

Fourth-quarter 2021 full service net outflows were $884 million as inflows from single and recurring deposits were more than offset by outflows, mostly due to participant surrenders. Total client assets as of Dec. 31, 2021 were $536 billion, up 3% from Dec. 31, 2020.

Investment Management

Investment Management adjusted operating earnings were $59 million, compared with $90 million. The change primarily reflects:

•$2 million of higher investment capital revenues, including slightly higher private equity results in the fourth quarter of 2021;

•$36 million of lower fee-based margin due to lower performance fees and the loss of revenue that resulted from the company's sale of its Individual Life and other legacy annuities businesses in January 2021, all partially offset by higher management fees from higher average AUM, including private equity; and

•$3 million of lower administrative expenses, primarily due to lower variable expenses associated with lower overall revenues.

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			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			12/31/2021						12/31/2020
Net revenue			$	783					$	703
Net revenue, excluding notables			723						654
Adjusted operating margin			30.7		%				28.0		%
Adjusted operating margin, excluding notables			25.7		%				24.6		%
Net flows (excluding sub-advisor replacements and divested businesses)			$	7,770					$	8,375
			Three months ended or as of						Three months ended or as of
($ in millions)			12/31/2021						12/31/2020
Assets Under Management
External clients			$	225,829					$	187,080
General account			38,004						58,421
Total			$	263,832					$	245,501
Net Flows
Institutional			$	9,516					$	(563)
Retail			(520)						(1,052)
Total (excluding sub-advisor replacements and divested businesses)			$	8,995					$	(1,614)
Sub-advisor replacements			—						—
Divested businesses outflows			(761)						(679)
Total			$	8,234					$	(2,293)

During the fourth quarter of 2021, Investment Management had total net inflows (excluding sub-advisor replacements and divested businesses) of $8,995 million, including Institutional net inflows of $9,516 million, which reflect several large mandates that funded during the fourth quarter. Retail net outflows were $520 million. Total assets under management (AUM) were $264 billion as of Dec. 31, 2021, up 7% from Dec. 31, 2020. In connection with the completion of Voya's sale of its Individual Life and other legacy annuities businesses, approximately $25 billion of assets transferred from general account AUM to external clients AUM in the first quarter of 2021.

Health Solutions

Health Solutions adjusted operating earnings were $33 million, compared with $50 million. The change primarily reflects:

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•$1 million of higher underwriting results as business growth and a lower loss-ratio in Stop Loss were offset by a higher Group Life loss ratio (reflecting approximately $34 million of COVID-19 impacts in the fourth quarter of 2021);

•$8 million of higher investment income, primarily due to an increase in alternative investment income; and

•$21 million of higher administrative expenses, largely due to growth in the business, including the company's acquisition of Benefit Strategies in the third quarter of 2021, and timing of certain expenses.

			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			12/31/2021						12/31/2020
Net revenue			$	722					$	659
Net revenue, excluding notables			777						685
Adjusted operating margin			28.3		%				30.9		%
Adjusted operating margin, excluding notables			33.5		%				33.4		%
Total aggregate loss ratio			72.5		%				70.4		%
			Three months ended						Three months ended
($ in millions)			12/31/2021						12/31/2020
Annualized In-Force Premiums
Group Life, Disability and Other			$	752					$	714
Stop Loss			1,181						1,096
Voluntary			576						472
Total			$	2,510					$	2,282

Corporate

Corporate adjusted operating losses were $54 million compared with adjusted operating losses of $94 million. The change reflects revenue in the fourth quarter of 2021 from the company's transition service agreements and the continued removal of stranded costs associated with the Individual Life transaction as well as lower interest expense resulting from the company's redemption of $0.5 billion of senior debt during 2021.

Supplementary Financial Information

More detailed financial information can be found in the company’s Quarterly Investor Supplement, which is available on Voya’s investor relations website, investors.voya.com.

Earnings Call and Slide Presentation

Voya will host a conference call on Wednesday, Feb. 9, 2022, at 10 a.m. ET, to discuss the company’s fourth-quarter and full-year 2021 results. The call and slide presentation can be

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accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Feb. 9, 2022.

Media Contact:                    Investor Contact:

Christopher Breslin                    Michael Katz

212-309-8941                        212-309-8999

[email protected]            [email protected]

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans become well planned, well invested and well protected. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya is a Fortune 500 company that had $4.2 billion in revenue in 2021 and $739 billion in total assets under management and administration as of Dec. 31, 2021. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

Use of Non-GAAP Financial Measures

We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:

•Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest;

•Net guaranteed benefit gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the

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expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;

•Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;

•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;

•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and

•Other adjustments not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.

The adjusted operating earnings, after tax, is adjusted for tax expense. The adjusted operating tax expense is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions, and insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses) are excluded from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited or to be exited through reinsurance or divestment.

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The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, see the tables that accompany this release, as well as our Quarterly Investor Supplement.

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those which relate to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs.

In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors.

Net Revenue and Adjusted Operating Margin

•Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

•Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “reconciliations” section in the company’s Quarterly Investor Supplement for a reconciliation of each of these sources of net revenue to their most directly comparable U.S GAAP measure for each of our three segments.

•We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

•We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income and prepayment fees above (below) long-term expectations, Group Life COVID-19 impacts, and other notable items. Please see the tables at the end of this press release for more details on notable items.

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state

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insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, and (xii) our ability to successfully manage the separation of our individual life business on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2021, which the Company expects to file with the SEC on or before March 1, 2022.

VOYA-IR VOYA-CF

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Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
			Three Months Ended
($ in millions, except per share)			12/31/2021															12/31/2020
			Pre-tax			Tax Effect (1)			After-tax			Per share						Pre-tax			Tax Effect (1)			After-tax			Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders									$	403		$	3.36											$	257		$	1.94
Less: Preferred stock dividends									(4)			(0.03)												(4)			(0.03)
Net Income (loss) available to Voya Financial, Inc.									$	407		$	3.39											$	260		$	1.97
Plus: Net income (loss) attributable to noncontrolling interest									100			0.83												124			0.93
Net Income (loss)									$	507		$	4.22											$	384		$	2.90
Less: Income (loss) from discontinued operations, net of tax									5			0.05												(57)			(0.43)
Income (loss) from continuing operations			$	300		$	(202)		$	502		$	4.18					$	495		$	54		$	441		$	3.33
Less:
Net Investment gains (losses) and related charges and adjustments			(86)			(18)			(68)			(0.56)						(41)			(9)			(32)			(0.24)
Net guaranteed benefit gains (losses) and related charges and adjustments			(3)			(1)			(2)			(0.02)						58			12			46			0.35
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			14			3			11			0.09						46			10			36			0.27
Net income (loss) attributable to noncontrolling interest			100			—			100			0.83						124			—			124			0.93
Income (loss) on early extinguishment of debt			(21)			(4)			(17)			(0.14)						—			—			—			—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments			33			7			26			0.22						2			1			2			0.01
Dividend payments made to preferred shareholders			4			—			4			0.03						4			—			4			0.03
Other adjustments (2)			(19)			(239)			219			1.83						(2)			(13)			11			0.08
Adjusted operating earnings			$	279		$	50		$	229		$	1.90					$	304		$	53		$	251		$	1.90

(1) The adjusted operating tax expense is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

(2) “Other adjustments” primarily consists of restructuring expenses (severance, lease write-offs, etc.) and tax adjustments.

11

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Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
			Year-to-Date
($ in millions, except per share)			12/31/2021															12/31/2020
			Pre-tax			Tax Effect (1)			After-tax			Per share						Pre-tax			Tax Effect (1)			After-tax			Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders									$	2,090		$	16.61											$	(242)		$	(1.84)
Less: Preferred stock dividends									(36)			(0.29)												(36)			(0.27)
Net Income (loss) available to Voya Financial, Inc.									$	2,126		$	16.90											$	(206)		$	(1.56)
Plus: Net income (loss) attributable to noncontrolling interest									761			6.05												157			1.19
Net Income (loss)									$	2,887		$	22.95											$	(49)		$	(0.37)
Less: Income (loss) from discontinued operations, net of tax									12			0.10												(419)			(3.18)
Income (loss) from continuing operations			$	2,777		$	(98)		$	2,875		$	22.85					$	352		$	(18)		$	370		$	2.81
Less Adjustments
Net Investment gains (losses) and related charges and adjustments			(20)			(4)			(16)			(0.13)						22			5			18			0.13
Net guaranteed benefit gains (losses) and related charges and adjustments			(1)			—			—			—						22			5			17			0.13
Income (loss) related to businesses exited through reinsurance or divestment			812			(61)			872			6.93						(342)			(72)			(270)			(2.05)
Net income (loss) attributable to noncontrolling interest			761			—			761			6.05						157			—			157			1.19
Income (loss) on early extinguishment of debt			(31)			(6)			(24)			(0.19)						—			—			—			—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments			33			7			26			0.21						2			1			2			0.01
Dividend payments made to preferred shareholders			36			—			36			0.29						36			—			36			0.27
Other adjustments (2)			(105)			(272)			167			1.33						(41)			(26)			(15)			(0.11)
Adjusted operating earnings			$	1,292		$	239		$	1,053		$	8.37					$	495		$	69		$	425		$	3.22

(1) The adjusted operating tax expense is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

(2) “Other adjustments” primarily consists of restructuring expenses (severance, lease write-offs, etc.) and tax adjustments.

Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares
			Three Months Ended									Year-to-Date
(in millions)			12/31/2021			12/31/2020						12/31/2021			12/31/2020
Weighted-average common shares outstanding - Basic			110			126						117			127
Dilutive effect of warrants			8			3						7			2
Other dilutive effects (1)			3			3						2			3
Weighted-average common shares outstanding - Diluted			120			132						126			132
Dilutive effect of the exercise or issuance of stock based awards			—			—						—			—
Weighted average common shares outstanding - Adjusted Diluted (2)			120			132						126			132

(1) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

(2) For periods in which there is Net loss from continuing operations available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

12

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Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended December 31, 2021
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)			COVID-19 Impacts			Other (2)			Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions			$	241		$	82		$	—		$	1		$	158
Investment Management			59			9			—			(9)			58
Health Solutions			33			9			(34)			—			58
Adjusted operating earnings, excluding Corporate			$	333		$	100		$	(34)		$	(8)		$	274
Corporate			(54)			(16)									(38)
Adjusted operating earnings, pre-tax			$	279		$	84		$	(34)		$	(8)		$	236
Net revenue
Wealth Solutions			$	568		$	82		$	—		$	—		$	485
Investment Management			201			12			—			(15)			204
Health Solutions			172			9			(34)			—			198
Total Net revenue			$	941		$	103		$	(34)		$	(15)		$	887
Adjusted operating margin
Wealth Solutions			42.4		%										32.6		%
Investment Management			29.4		%										28.4		%
Health Solutions			19.2		%										29.3		%
Adjusted operating margin, excluding Corporate & Notable items			35.4		%										30.9		%
Adjusted operating margin, including Corporate			29.6		%										26.6		%

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.

(2) Includes DAC, VOBA, and other intangible unlocking, and performance fees above (below) expectations net of related variable compensation.

13

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Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended December 31, 2020
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)			COVID-19 Impacts			Other (2)			Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions			$	258		$	64		$	—		$	37		$	157
Investment Management			90			11			—			26			54
Health Solutions			50			7			(16)			7			52
Adjusted operating earnings, excluding Corporate			$	398		$	82		$	(16)		$	70		$	263
Corporate			(94)			(10)						(35)			(49)
Adjusted operating earnings, pre-tax			$	304		$	72		$	(16)		$	35		$	214
Net revenue
Wealth Solutions			$	526		$	64		$	—		$	14		$	448
Investment Management			235			12			—			41			182
Health Solutions			163			7			(16)			7			165
Total Net revenue			$	924		$	83		$	(16)		$	62		$	795
Adjusted operating margin
Wealth Solutions			49.0		%										35.0		%
Investment Management			38.3		%										29.7		%
Health Solutions			30.7		%										31.5		%
Adjusted operating margin, excluding Corporate & Notable items			43.1		%										33.1		%
Adjusted operating margin, including Corporate			32.9		%										26.9		%

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.

(2) Includes DAC, VOBA, and other intangible unlocking, revenue and expenses in Wealth Solutions related to the independent financial planning channel (FPC) and in Investment Management related to the divestment of Individual Life, stranded costs in Corporate prior to the closing of the Individual Life Transaction, performance fees above (below) expectations net of related variable compensation, and changes in certain legal and other reserves not expected to recur at the same level.

14

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Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended December 31, 2021
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)						COVID-19 Impacts						Other (2)			Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions			$	1,110		$	406					$	—					$	26		$	678
Investment Management			239			62						—						(9)			186
Health Solutions			204			41						(112)						14			260
Adjusted operating earnings, excluding Corporate			$	1,553		$	508					$	(112)					$	31		$	1,124
Corporate			(261)			(56)															(205)
Adjusted operating earnings, pre-tax			$	1,292		$	452					$	(112)					$	31		$	919
Net revenue
Wealth Solutions			$	2,346		$	406					$	—					$	28		$	1,912
Investment Management			783			75						—						(15)			723
Health Solutions			722			41						(112)						14			777
Total Net revenue			$	3,851		$	522					$	(112)					$	27		$	3,412
Adjusted operating margin
Wealth Solutions			47.3		%																35.5		%
Investment Management			30.7		%																25.7		%
Health Solutions			28.3		%																33.5		%
Adjusted operating margin, excluding Corporate & Notable items			40.3		%																32.9		%
Adjusted operating margin, including Corporate			33.5		%																26.9		%

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.

(2) Includes DAC, VOBA, and other intangible unlocking, revenue and expenses in Wealth Solutions related to the FPC prior to its divestment in June 2021, performance fees above (below) expectations net of related variable compensation, and changes to certain legal and other reserves not expected to recur at the same level.

15

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Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended December 31, 2020
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)						COVID-19 Impacts						Other (2)			Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions			$	443		$	24					$	—					$	(139)		$	558
Investment Management			197			—						—						36			161
Health Solutions			204			4						(36)						7			229
Adjusted operating earnings, excluding Corporate			$	844		$	28					$	(36)					$	(96)		$	948
Corporate			(349)			6												(138)			(217)
Adjusted operating earnings, pre-tax			$	495		$	34					$	(36)					$	(234)		$	731
Net revenue
Wealth Solutions			$	1,763		$	24					$	—					$	50		$	1,690
Investment Management			703			(6)						—						55			654
Health Solutions			659			4						(36)						7			685
Total Net revenue			$	3,125		$	22					$	(36)					$	112		$	3,029
Adjusted operating margin
Wealth Solutions			25.2		%																33.0		%
Investment Management			28.0		%																24.6		%
Health Solutions			30.9		%																33.4		%
Adjusted operating margin, excluding Corporate & Notable items			27.0		%																31.3		%
Adjusted operating margin, including Corporate			15.8		%																24.1		%

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.

(2) Includes DAC, VOBA, and other intangible unlocking, revenue and expenses in Wealth Solutions related to the FPC and in Investment Management related to the divestment of Individual Life, stranded costs in Corporate prior to the closing of the Individual Life Transaction, performance fees above (below) expectations net of related variable compensation, and changes in certain legal and other reserves not expected to recur at the same level.

16

						Exhibit 99.2

Quarterly Investor Supplement

December 31, 2021

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 2021. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:

Media Contact:

Investor Contact:

Voya Financial

Christopher Breslin

Michael Katz

230 Park Avenue

212-309-8941

212-309-8999

New York, New York 10169

[email protected]

[email protected]

NYSE Ticker:

Web Site:

VOYA

investors.voya.com

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Table of Contents

			Page									Page
Consolidated									Investment Information
Explanatory Note on Non-GAAP Financial Information			3 - 5						Portfolio Results GAAP Book Value, Gross Investment Income, and
Key Metrics			6						Earned Rate by Asset Class			33
Consolidated Statements of Operations			7						Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Adjusted Operating Earnings Before Income Taxes			8						Ratings			34
Adjusted Operating Earnings by Segment (QTD)			9						Alternative Investment Income			35
Adjusted Operating Earnings by Segment (YTD)			10						Reconciliations
Consolidated Balance Sheets			11						Reconciliation of Consolidated Statements of Operations			37
DAC/VOBA Segment Trends			12						Reconciliation of Adjusted Operating Revenues			38
Consolidated Capital Structure			13						Wealth Solutions Sources of Adjusted Operating Earnings Reconciliation			39
Consolidated Assets Under Management, Assets Under Administration									Investment Management and Health Solutions Sources of Adjusted
and Advisement			14						Operating Earnings Reconciliations			40
Wealth Solutions									Reconciliation of Adjusted Operating Earnings and Earnings
Sources of Adjusted Operating Earnings and Key Metrics			16						Per Common Share (Diluted) (QTD)			41
Client Assets Rollforward by Product Group			17 - 18						Reconciliation of Adjusted Operating Earnings and Earnings
Investment Management									Per Common Share (Diluted) (YTD)			42
Sources of Adjusted Operating Earnings			20						Reconciliation of Book Value Per Common Share, Excluding AOCI			43
Analysis of AUM and AUA			21						Appendix
Account Value Rollforward by Source			22						Notable Items			45
Account Value by Asset Type			23						Alternative Income and Prepayments Above (Below) Long-Term
Health Solutions									Expectations			46
Sources of Adjusted Operating Earnings			25						Adjusted Operating Return on Allocated Capital Excluding Unlocking			47 - 48
Key Metrics			26						Normalized Adjusted Operating Earnings by Segment			50
Corporate									Normalized Effective Tax Rate			51
Adjusted Operating Earnings			28						Wealth Solutions Sources of Normalized Adjusted Operating Earnings
Net Revenue, Adjusted Operating Margin, and Administrative									and Key Metrics			52
Expenses									IM Sources of Normalized Adjusted Operating Earnings			53
Net Revenue and Adjusted Operating Margin			30						IM Account Value Rollforward by Source			54
Administrative Expenses			31						IM Account Value by Asset Type			55
									HS Sources of Normalized Adjusted Operating Earnings			56
									Reconciliation of Investment Management Normalized Adjusted
									Operating Margin, Excluding Investment Capital			57

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Voya Financial						Page 3 of 57

Explanatory Note on Non-GAAP Financial Information

On January 4, 2021, we completed the sale of our Individual Life and other closed block non-Wealth Solutions annuities businesses (the "Individual Life Transaction"). Income (loss) from discontinued operations, net of tax, for the year ended December 31, 2021 includes a reduction to the loss on sale of $12 million, net of tax. As of December 31, 2021, the final loss on sale, net of tax was $1.5 billion, which represents the excess of the carrying value of the businesses held for sale over the purchase price less cost to sell. As a result of the Individual Life Transaction, the net aggregate reduction in Total shareholders’ equity, excluding Accumulated other comprehensive income (“AOCI”), was $0.6 billion, which included the estimated loss on sale and the net investment gain related to the transfer of assets to a comfort trust. The net aggregate reduction in Total shareholders’ equity, including AOCI, was $2.3 billion, which included release of the AOCI related to the sold entities. Revenues and net results of the businesses that are divested via reinsurance at closing of the Individual Life Transaction, including an insignificant number of Individual Life and non-Wealth Solutions annuities that were not part of the Individual Life Transaction (collectively referred as "divested businesses"), are reported in businesses exited or to be exited through reinsurance or divestment and are excluded from adjusted operating earnings. Refer to Business Held for Sale and Discontinued Operations in Part II, Item 8. of our Annual Report on Form 10-K for further detail on discontinued operations.

On March 15, 2021, we announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. We will continue to provide our principal products and services through three segments: Wealth Solutions, Investment Management, and Health Solutions.

On June 9, 2021, we completed the sale of the independent financial planning channel of Voya Financial Advisors ("VFA") to Cetera Financial Group, Inc. (“Cetera”). The sale resulted in an estimated gain, net of transaction cost, of $274 million, before income taxes, which was recorded in Other revenue in our Condensed Consolidated Statements of Operations for the year ended December 31, 2021.

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:

▪Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest;

•Net guaranteed benefit gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;

•Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;

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Voya Financial						Page 4 of 57

Explanatory Note on Non-GAAP Financial Information

•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;

•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and

•Other adjustments not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions, and insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses) are excluded from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited or to be exited through reinsurance or divestment.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, refer to the "Reconciliations" section in this document.

Stranded Costs

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those which relate to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs.

Adjusted Operating Earnings per Common Share (Diluted)

In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share" page of this document.

Shareholders' Equity/Book Value per Common Share, Excluding AOCI

In addition to book value per common share including Accumulated other comprehensive income (AOCI), we also report book value per common share excluding AOCI and shareholders' equity excluding AOCI and preferred stock. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per common share excluding AOCI and common shareholders' equity excluding AOCI provide a measure consistent with that view. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the Reconciliation of Book Value Per Common Share, Excluding AOCI" page of this document.

Adjusted Return on Capital

We report Adjusted return on capital ("ROC") because we believe this measure is a useful indicator of how effectively we use capital resources allocated to our segments apart from Corporate and closed block activities, which include our Wealth Solutions, Investment Management and Health Solutions segments. Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain Corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to Corporate.

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Voya Financial						Page 5 of 57

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Effective Tax Rate

The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

Adjusted Operating Revenues

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;

•Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in nonperformance spread;

•Revenues related to businesses exited or to be exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity (including an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating revenues with how we manage our segments;

•Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the revenues of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and

•Other adjustments to total revenues primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section in this document.

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings (loss) before income taxes. The sources of earnings are defined as such:

•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

•Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees.

•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.

•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

•For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see “Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our SEC filings.

Net Revenue and Adjusted Operating Margin

•Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue

•Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section in this document for a reconciliation of each of these sources of net revenue to their most directly comparable U.S GAAP measure for each of our three segments.

•We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

•We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income and prepayment fees above (below) long-term expectations, Group Life COVID-19 impacts, and other notable items. Please see page 45 in appendix for more details on notable items.

Other Information    

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

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Voya Financial						Page 6 of 57

Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD, unless otherwise indicated)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Net income (loss) available to Voya Financial, Inc.'s common shareholders			403						142						459						1,086						257						2,090						(242)
Per common share (basic)			3.66						1.24						3.81						8.85						2.03						17.92						(1.90)
Per common share (diluted)			3.36						1.15						3.53						8.29						1.94						16.61						(1.84)
Adjusted operating earnings: (1)
Before income taxes			279						388						353						273						304						1,292						495
After income taxes			229						315						287						223						251						1,053						425
Effective tax rate			18.0		%				18.8		%				18.7		%				18.3		%				17.3		%				18.5		%				14.0		%
Per common share (Adjusted diluted)			1.90						2.57						2.20						1.70						1.90						8.37						3.22
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity			7,641						7,777						7,750						7,319						9,498						7,641						9,498
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)			5,541						5,461						5,319						5,409						4,600						5,541						4,600
Deferred Tax Asset ("DTA") (2)			1,504						1,337						1,458						1,636						1,623						1,504						1,623
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (2)			4,037						4,124						3,861						3,773						2,977						4,037						2,977
Book value per common share (including AOCI)			70.88						69.19						68.34						60.39						76.47						70.88						76.47
Book value per common share (excluding AOCI) (1)			51.40						48.59						46.90						44.63						37.04						51.40						37.04
Debt to Capital:
Debt to Capital			23.9		%				26.2		%				26.2		%				27.2		%				23.1		%				23.9		%				23.1		%
Financial Leverage Ratio (1)			27.6		%				29.5		%				30.2		%				32.4		%				28.2		%				27.6		%				28.2		%
Shares:
Weighted-average common shares outstanding
Basic			110						113						121						123						126						117						127
Dilutive effect of warrants			8						7						7						5						3						7						2
Other dilutive effects (3)			3						2						2						3						3						2						3
Diluted (4)			120						122						130						131						132						126						132
Adjusted Diluted (1)			120						122						130						131						132						126						132
Ending shares outstanding			108						112						113						121						124						108						124
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions			310						80						518						235						120						1,143						526
Dividends to common shareholders			21						19						20						20						18						80						76
Total cash returned to common shareholders			331						99						538						255						138						1,223						602
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) DTA primarily related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”). For the periods prior to the quarter ended December 31, 2021, the DTA was net of $180 million tax valuation allowance.
(3) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(4) This is a GAAP financial measure. For the three months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share (EPS) were the same, as the inclusion of the warrants, RSU awards, PSU awards, and stock options would be antidilutive to the EPS calculation due to the net loss from continuing operations available to common shareholders.

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Voya Financial						Page 7 of 57

Consolidated Statements of Operations

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Revenues (1)
Net investment income			673						731						656						714						825						2,774						2,909
Fee income			446						487						436						458						550						1,827						2,026
Premiums			544						573						516						(4,987)						597						(3,354)						2,416
Net gains (losses)			(179)						(103)						(37)						1,742						(61)						1,423						(365)
Other revenues			49						46						374						110						146						579						409
Income (loss) related to consolidated investment entities			142						275						558						6						167						981						254
Total revenues			1,675						2,009						2,503						(1,957)						2,224						4,230						7,649
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders			(627)						(714)						(686)						4,190						(923)						2,163						(4,101)
Operating expenses			(636)						(642)						(706)						(602)						(741)						(2,586)						(2,654)
Net amortization of DAC/VOBA			(40)						(190)						(26)						(539)						(16)						(795)						(352)
Interest expense			(59)						(39)						(39)						(49)						(39)						(186)						(159)
Operating expenses related to consolidated investment entities			(13)						(13)						(18)						(5)						(10)						(49)						(31)
Total benefits and expenses			(1,375)						(1,598)						(1,475)						2,995						(1,729)						(1,453)						(7,297)
Income (loss) from continuing operations before income taxes			300						411						1,028						1,038						495						2,777						352
Less:
Net investment gains (losses) and related charges and adjustments			(86)						(1)						29						38						(41)						(20)						22
Net guaranteed benefit gains (losses) and related charges and adjustments			(3)						(3)						(5)						10						58						(1)						22
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)			14						(173)						247						725						46						812						(342)
Income (loss) attributable to noncontrolling interests			100						214						447						—						124						761						157
Income (loss) on early extinguishment of debt			(21)						—						—						(10)						—						(31)						—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments			33						—						—						—						2						33						2
Dividend payments made to preferred shareholders			4						14						4						14						4						36						36
Other adjustments			(19)						(28)						(46)						(11)						(2)						(105)						(41)
Adjusted operating earnings before income taxes (3)			279						388						353						273						304						1,292						495
(1) First quarter 2021 results include impacts related to the Individual Life and the Non-Wealth Solution Annuities businesses that were ceded at the close of the Individual Life Transaction on January 4 ,2021: Premiums and Interest credited and other benefits include the FAS 60 reserves that were ceded at closing; Net gains (losses), Interest credited and other benefits, and Net amortization of DAC/VOBA include the investment gains and related intangible amortization and charges due to the transfer of assets to a comfort trust at closing; all Revenue and Benefit and expense lines are lower than prior periods due to the revenue and expenses related to the businesses ceded that ceased at closing.
(2) First quarter 2021 results include the investment gains, net of related intangible amortization and charges, due to the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.

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Voya Financial						Page 8 of 57

Consolidated Adjusted Operating Earnings Before Income Taxes

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)						571						646						596						574						549						2,387						1,887
Fee income						467						458						440						426						418						1,791						1,558
Premiums						539						543						535						550						492						2,168						1,994
Other revenue						41						42						43						45						80						171						156
Adjusted operating revenues (1)						1,618						1,689						1,614						1,595						1,539						6,516						5,595
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(650)						(633)						(627)						(654)						(615)						(2,564)						(2,474)
Operating expenses						(611)						(582)						(570)						(578)						(568)						(2,342)						(2,160)
Net amortization of DAC/VOBA						(34)						(29)						(19)						(35)						(4)						(116)						(257)
Interest expense (2)						(44)						(56)						(46)						(55)						(48)						(201)						(210)
Adjusted operating benefits and expenses						(1,339)						(1,301)						(1,261)						(1,322)						(1,234)						(5,224)						(5,100)
Adjusted operating earnings before income taxes (1)						279						388						353						273						304						1,292						495

Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
Adjusted operating revenues
Wealth Solutions						791						857						807						782						763						3,238						2,717
Investment Management						201						200						193						190						235						783						702
Health Solutions						599						606						591						600						540						2,395						2,155
Corporate						27						25						24						24						1						100						21
Adjusted operating revenues (1)						1,618						1,689						1,614						1,595						1,539						6,516						5,595
Adjusted operating earnings
Wealth Solutions						241						319						295						255						258						1,110						443
Investment Management						59						63						66						52						90						239						197
Health Solutions						33						71						63						37						50						204						204
Corporate						(54)						(65)						(71)						(71)						(94)						(261)						(349)
Adjusted operating earnings before income taxes (1)						279						388						353						273						304						1,292						495
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Voya Financial						Page 9 of 57

Adjusted Operating Earnings by Segment

						Three Months Ended December 31, 2021
(in millions USD)						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						508						20						42												1						571
Fee income						270						178						19												—						467
Premiums						—						—						540												—						539
Other revenue						12						3						(2)												26						41
Adjusted operating revenues (1)						791						201						599												27						1,618
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(223)						—						(427)												—						(650)
Operating expenses						(298)						(142)						(133)												(37)						(611)
Net amortization of DAC/VOBA						(28)						—						(6)												—						(34)
Interest expense (2)						—						—						—												(44)						(44)
Adjusted operating benefits and expenses						(549)						(142)						(566)												(82)						(1,339)
Adjusted operating earnings before income taxes (1)						241						59						33												(54)						279
						Three Months Ended December 31, 2020
						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						496						18						34												—						549
Fee income						242						160						15												—						418
Premiums						—						—						492												—						492
Other revenue						24						57						(2)												1						80
Adjusted operating revenues (1)						763						235						540												1						1,539
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(237)						—						(376)												(2)						(615)
Operating expenses						(269)						(145)						(109)												(45)						(568)
Net amortization of DAC/VOBA						1						—						(4)												—						(4)
Interest expense (2)						—						—						—												(48)						(48)
Adjusted operating benefits and expenses						(505)						(145)						(490)												(95)						(1,234)
Adjusted operating earnings before income taxes (1)						258						90						50												(94)						304
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Voya Financial						Page 10 of 57

Adjusted Operating Earnings by Segment

						Twelve Months Ended December 31, 2021
(in millions USD)						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						2,114						103						165												4						2,387
Fee income						1,056						667						69												—						1,791
Premiums						—						—						2,168												—						2,168
Other revenue						68						13						(7)												96						171
Adjusted operating revenues (1)						3,238						783						2,395												100						6,516
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(891)						—						(1,674)												—						(2,564)
Operating expenses						(1,146)						(544)						(492)												(160)						(2,342)
Net amortization of DAC/VOBA						(91)						—						(25)												—						(116)
Interest expense (2)						—						—						—												(201)						(201)
Adjusted operating benefits and expenses						(2,128)						(544)						(2,191)												(361)						(5,224)
Adjusted operating earnings before income taxes (1)						1,110						239						204												(261)						1,292
						Twelve Months Ended December 31, 2020
						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						1,742						15						114												16						1,887
Fee income						877						619						61												—						1,558
Premiums						8						—						1,986												—						1,994
Other revenue						89						69						(7)												5						156
Adjusted operating revenues (1)						2,717						702						2,155												21						5,595
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(961)						—						(1,495)												(18)						(2,474)
Operating expenses						(1,075)						(506)						(436)												(142)						(2,160)
Net amortization of DAC/VOBA						(237)						—						(19)												—						(257)
Interest expense (2)						—						—						—												(210)						(210)
Adjusted operating benefits and expenses						(2,274)						(506)						(1,951)												(369)						(5,100)
Adjusted operating earnings before income taxes (1)						443						197						204												(349)						495
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Voya Financial						Page 11 of 57

Consolidated Balance Sheets

						Balances as of
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Assets (4)
Total investments						45,581						46,429						45,995						45,494						56,851
Cash and cash equivalents						1,402						1,677						1,765						1,170						1,502
Assets held in separate accounts						100,433						96,794						97,098						92,970						90,552
Premium receivable and reinsurance recoverable, net						13,635						13,580						13,490						13,839						3,557
Short term investments under securities loan agreement and accrued investment income						1,536						1,652						1,481						1,313						906
Deferred policy acquisition costs, Value of business acquired						1,378						1,337						1,446						1,592						1,510
Current and deferred income taxes (1)						986						696						703						950						1,186
Other assets (2)						2,532						2,626						2,762						2,769						983
Assets related to consolidated investment entities						3,779						3,626						3,454						2,764						2,768
Assets held for sale						—						—						—						—						20,703
Total Assets						171,262						168,417						168,194						162,861						180,518
Liabilities (4)
Future policy benefits and contract owner account balances						52,758						52,943						52,598						52,786						52,625
Liabilities related to separate accounts						100,433						96,794						97,098						92,970						90,552
Payables under securities loan agreements, including collateral held						1,183						1,201						1,004						902						353
Short-term debt						1						1						1						1						1
Long-term debt						2,595						2,970						2,969						2,969						3,044
Other liabilities (3)						2,578						2,807						3,019						2,786						2,683
Liabilities related to consolidated investment entities						1,893						1,706						1,730						1,448						1,467
Liabilities held for sale						—						—						—						—						18,615
Total Liabilities						161,441						158,422						158,419						153,862						169,340
Shareholders' Equity (4)
Preferred stock						—						—						—						—						—
Common stock						1						2						2						2						2
Treasury stock						(80)						(1,906)						(1,820)						(1,301)						(1,016)
Additional paid-in capital						7,542						11,215						11,143						11,177						11,183
Retained earnings (deficit)						(1,310)						(3,238)						(3,394)						(3,857)						(4,957)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI						6,153						6,073						5,931						6,021						5,212
Accumulated other comprehensive income						2,100						2,316						2,431						1,910						4,898
Total Voya Financial, Inc. Shareholders' Equity						8,253						8,389						8,362						7,931						10,110
Noncontrolling interest						1,568						1,606						1,413						1,068						1,068
Total Shareholders' Equity						9,821						9,995						9,775						8,999						11,178
Total Liabilities and Shareholders' Equity						171,262						168,417						168,194						162,861						180,518
(1) Current and deferred income taxes:
Deferred Tax Asset primarily related to Federal NOL's						1,504						1,517						1,638						1,816						1,802
Tax valuation allowance related to Federal NOL's						—						(180)						(180)						(180)						(180)
Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses						(525)						(582)						(613)						(474)						(1,206)
Other Net Deferred Tax Asset (Liability) related to DAC, reserves, and other temporary differences						7						(59)						(142)						(212)						770
Total Current and deferred income taxes						986						696						703						950						1,186
Gross Unrealized Gains (losses) reflected in AOCI						2,499						2,772						2,917						2,257						5,745
21% Tax Effect						(525)						(582)						(613)						(474)						(1,206)
(2) Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets.
(3) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.
(4) First quarter 2021 results include impacts related to the closing of the Individual Life Transaction for both the sold entities and the businesses that were ceded: Total investments, Premium receivable and reinsurance recoverable, and Other assets include the transfer of assets to a comfort trust; Retained earnings includes the investment gains, net of related intangible amortization and charges, due to the transfer of assets to the comfort trust; AOCI includes the reduction in unrealized gains and related intangible amortization and charges related to the transfer of assets to the comfort trust as well as the release of the AOCI related to the sold entities.

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Voya Financial						Page 12 of 57

DAC/VOBA Segment Trends

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Wealth Solutions
Balance as of Beginning-of-Period						381						332						456						207						264						207						667
Deferrals of commissions and expenses						17						17						17						16						19						67						67
Amortization						(12)						(32)						(23)						(25)						(20)						(92)						(107)
Unlocking						(8)						10						27						(17)						35						12						(103)
Change in unrealized capital gains/losses (1)						53						53						(144)						274						(91)						236						(317)
Balance as of End-of-Period						430						381						332						456						207						430						207
Deferred Sales Inducements as of End-of-Period (2)						23						24						24						26						25						23						25
Other (3)
Balance as of Beginning-of-Period						148						143						142						134						126						134						118
Deferrals of commissions and expenses						9						10						11						9						9						39						41
Amortization						(6)						(3)						(10)						(9)						(12)						(28)						(31)
Unlocking						—						—						—						—						—						—						—
Change in unrealized capital gains/losses (1)						2						(2)						—						7						12						7						7
Balance as of End-of-Period						152						148						143						142						134						152						134
Total
Balance as of Beginning-of-Period						528						475						598						341						390						341						785
Deferrals of commissions and expenses						26						27						28						25						28						106						108
Amortization						(18)						(35)						(33)						(34)						(32)						(120)						(138)
Unlocking						(8)						10						27						(17)						35						12						(103)
Change in unrealized capital gains/losses (1)						55						51						(144)						281						(79)						243						(310)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment						582						528						475						598						341						582						341
Balance as of End-of-Period, businesses exited through reinsurance or divestment (4)						796						809						971						994						1,169						796						1,169
Balance as of End-of-Period, including businesses exited through reinsurance or divestment						1,378						1,337						1,446						1,592						1,510						1,378						1,510
(1) Includes insignificant amounts related to the adoption of a new accounting standard (CECL) in Q1 '20.
(2) Deferred sales inducements in other segments are insignificant.
(3) Primarily includes Health Solutions.
(4) Includes DAC and VOBA related to businesses ceded through reinsurance and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.

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Voya Financial						Page 13 of 57

Consolidated Capital Structure

						Balances as of
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Financial Debt
Senior bonds						1,495						1,869						1,869						1,868						1,943
Subordinated bonds						1,098						1,098						1,098						1,098						1,098
Other debt						3						4						3						4						4
Total Financial Debt						2,596						2,971						2,970						2,970						3,045
Other financial obligations (1)						300						346						381						434						485
Total Financial Obligations						2,896						3,317						3,351						3,404						3,530
Equity (8)
Preferred equity (2)						612						612						612						612						612
Common equity (Excluding AOCI)						5,541						5,461						5,319						5,409						4,600
Total Equity (Excluding AOCI) (3)						6,153						6,073						5,931						6,021						5,212
Accumulated other comprehensive income (AOCI)						2,100						2,316						2,431						1,910						4,898
Total Voya Financial, Inc. Shareholders' Equity						8,253						8,389						8,362						7,931						10,110
Noncontrolling interest						1,568						1,606						1,413						1,068						1,068
Total Shareholders' Equity						9,821						9,995						9,775						8,999						11,178
Capital (8)
Capitalization (4)						10,849						11,360						11,332						10,901						13,155
Adjusted Capitalization (5)						12,717						13,312						13,126						12,403						14,708
Debt to Capital (8)
Debt to Capital (6)						23.9		%				26.2		%				26.2		%				27.2		%				23.1		%
Financial leverage ratio (3)(7)						27.6		%				29.5		%				30.2		%				32.4		%				28.2		%
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36 of this document.
(4) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) This measure is a Non-GAAP financial measure. Includes Total Financial Obligations and Total Shareholders' Equity.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization.
(8) First quarter 2021 results include impacts related to the close of the Individual Life Transaction for both the sold entities and the businesses that were ceded: Common Equity (Excluding AOCI) includes the investment gains, net of related intangible amortization and charges, due to the transfer of assets to the comfort trust; AOCI includes the reduction in unrealized gains and related intangible amortization and charges related to the transfer of assets to the comfort trust as well as the release of the AOCI related to the sold entities.

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Voya Financial						Page 14 of 57

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of December 31, 2021
(in millions USD)						General Account						Separate Account						Institutional/Mutual Funds						Total AUM - Assets Under Management(2)						AUA - Assets Under Administration & Advisement(3)						Total AUM and AUA(2)
Wealth Solutions(1)						33,359						95,018						82,982						211,359						324,886						536,246
Investment Management						38,004						30,727						195,102						263,832						59,823						323,656
Health Solutions						1,869						18						—						1,887						—						1,887
Eliminations/Other						(35,228)						(25,330)						(11,236)						(71,794)						(50,960)						(122,754)
Total AUM and AUA(2)						38,004						100,433						266,848						405,285						333,749						739,035
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Includes AUM balances related to businesses that have been exited through reinsurance or divestments, for which a substantial portion of the assets is still being managed by the Investment Management segment and reported as part of that segment’s Institutional/Mutual Funds AUM.
(3) AUA includes Assets Under Advisement. Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative or ancillary services are performed.

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Wealth Solutions

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Voya Financial						Page 16 of 57

Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Gross investment income			387						390						391						398						408						1,565						1,598
Investment expenses			(20)						(20)						(20)						(20)						(20)						(80)						(77)
Credited interest			(222)						(222)						(218)						(216)						(235)						(878)						(931)
Net margin			145						148						153						162						153						607						588
Other investment income (1)			58						52						52						44						39						205						173
Investment spread and other investment income, excluding alts/prepays above/below expectations			202						200						205						205						192						812						761
Alternative investment income and prepayment fees above (below) long-term expectations			82						147						96						81						64						406						24
Investment spread and other investment income			285						347						301						286						256						1,218						785
Full service fee based revenue			171						172						165						156						150						663						545
Recordkeeping and other fee based revenue (2)			112						114						122						125						125						474						449
Total fee based margin			283						286						287						281						275						1,138						992
Net underwriting gain (loss) and other revenue			—						—						(5)						(4)						(5)						(9)						(14)
Net revenue			568						633						583						563						526						2,346						1,763
Administrative expenses			(232)						(222)						(212)						(219)						(210)						(885)						(852)
Net commissions			(66)						(66)						(63)						(61)						(58)						(257)						(220)
DAC/VOBA and other intangibles amortization, excluding unlocking			(30)						(33)						(31)						(30)						(30)						(124)						(100)
DAC/VOBA and other intangibles unlocking (3)			1						7						18						2						30						29						(149)
Adjusted operating earnings before income taxes (4)			241						319						295						255						258						1,110						443
Adjusted Operating Margin TTM			47.3		%				48.9		%				38.7		%				30.5		%				25.2		%
Adjusted Operating Margin Excluding Notables TTM			35.5		%				36.1		%				35.0		%				34.2		%				33.0		%
Full Service Revenue (5)
Full Service Investment Spread and other investment income			272						332						287						275						240						1,166						742
Full Service Fee Based Revenue			171						172						165						156						150						663						545
Total Full Service Revenue			443						504						452						431						390						1,829						1,287
Client Assets
Spread Based			33,359						33,519						33,212						33,397						34,712						33,359						34,712
Fee Based			434,340						421,644						424,664						399,971						379,840						434,340						379,840
Retail Client Assets (6)			28,300						27,974						28,058						64,575						62,842						28,300						62,842
Defined Contribution Investment-only Stable Value			40,246						41,329						41,901						42,441						42,864						40,246						42,864
Total Client Assets			536,246						524,466						527,835						540,383						520,258						536,246						520,258
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) The reduction in recordkeeping and other fee based revenue for the three months ending September 30, 2021 reflects the reduction in fee revenue related to the sale of our Financial Planning Channel on June 9, 2021.
(3) Includes $2M loss recognition in Q3 2021 and $10 million reserve adjustment related to loss recognition in Q3 2020.
(4) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 10, see page 39 in the Reconciliation section of this document.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) The June 30, 2021 balance for Retail Client Assets reflects approximately a $38 billion reduction in assets related to the sale of our Financial Planning Channel on June 9, 2021.

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Voya Financial						Page 17 of 57

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Full service - Corporate markets
Client Assets, beginning of period			95,456						95,336						89,999						86,581						77,915						86,581						73,497
Transfers / Single deposits			1,575						1,925						1,164						1,915						1,612						6,578						5,217
Recurring deposits			1,938						2,003						1,994						2,227						1,721						8,161						7,183
Total Deposits			3,514						3,928						3,157						4,142						3,333						14,740						12,400
Surrenders, benefits, and product charges			(3,941)						(3,340)						(2,969)						(3,458)						(3,226)						(13,709)						(10,468)
Net Flows			(427)						587						188						683						108						1,031						1,934
Interest credited and investment performance			4,669						(467)						5,150						2,734						8,559						12,086						11,152
Client Assets, end of period - Corporate markets			99,698						95,456						95,336						89,999						86,581						99,698						86,581
Full service - Tax-exempt markets
Client Assets, beginning of period			84,929						85,179						81,180						78,831						74,753						78,831						70,109
Transfers / Single deposits			399						415						493						1,038						429						2,344						4,326
Recurring deposits			980						955						964						995						955						3,895						3,877
Total Deposits			1,379						1,371						1,457						2,033						1,384						6,239						8,203
Surrenders, benefits, and product charges			(1,836)						(1,603)						(1,407)						(1,848)						(3,820)						(6,694)						(8,533)
Net Flows			(457)						(232)						50						185						(2,436)						(455)						(330)
Interest credited and investment performance			3,533						(17)						3,948						2,164						6,514						9,628						9,052
Client Assets, end of period - Tax-exempt markets			88,004						84,929						85,179						81,180						78,831						88,004						78,831
Full Service - Total
Client Assets, beginning of period			180,385						180,515						171,179						165,412						152,668						165,412						143,606
Transfers / Single deposits			1,974						2,340						1,657						2,953						2,041						8,922						9,543
Recurring deposits			2,918						2,958						2,958						3,222						2,676						12,056						11,060
Total Deposits			4,893						5,299						4,614						6,175						4,717						20,979						20,603
Surrenders, benefits, and product charges			(5,777)						(4,943)						(4,376)						(5,306)						(7,046)						(20,403)						(19,001)
Net Flows			(884)						355						238						868						(2,328)						576						1,604
Interest credited and investment performance			8,202						(484)						9,098						4,898						15,073						21,714						20,204
Client Assets, end of period - Full Service Total			187,702						180,385						180,515						171,179						165,412						187,702						165,412
Full Service - Client Assets
Fee-based			154,839						147,378						147,835						138,326						132,531						154,839						132,531
Spread-based			32,864						33,006						32,679						32,853						32,881						32,864						32,881
Client Assets, end of period - Full Service Total			187,702						180,385						180,515						171,179						165,412						187,702						165,412

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Voya Financial						Page 18 of 57

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Recordkeeping
Client Assets, beginning of period			274,265						276,829						261,645						247,309						226,396						247,309						195,154
Transfers / Single deposits			812						638						1,256						5,725						1,795						8,431						31,765
Recurring deposits			3,892						3,865						4,113						4,660						3,643						16,531						14,984
Total Deposits			4,705						4,503						5,369						10,385						5,439						24,962						46,750
Surrenders, benefits, and product charges			(12,451)						(6,256)						(6,124)						(6,860)						(7,384)						(31,692)						(22,253)
Net Flows			(7,747)						(1,753)						(755)						3,525						(1,945)						(6,731)						24,497
Interest credited and investment performance			12,982						(810)						15,939						10,811						22,858						38,923						27,658
Client Assets, end of period - Recordkeeping			279,501						274,265						276,829						261,645						247,309						279,501						247,309
Total Defined Contribution (1)
Client Assets, beginning of period			454,650						457,343						432,823						412,721						379,063						412,721						338,758
Transfers / Single deposits			2,786						2,978						2,912						8,677						3,836						17,354						41,310
Recurring deposits			6,811						6,823						7,071						7,882						6,320						28,587						26,044
Total Deposits			9,597						9,801						9,983						16,559						10,156						45,941						67,354
Surrenders, benefits, and product charges			(18,229)						(11,199)						(10,500)						(12,167)						(14,429)						(52,095)						(41,253)
Net Flows			(8,632)						(1,398)						(517)						4,392						(4,273)						(6,154)						26,101
Interest credited and investment performance			21,184						(1,295)						25,037						15,710						37,931						60,636						47,862
Client Assets, end of period - Total Defined Contribution			467,203						454,650						457,343						432,823						412,721						467,203						412,721
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period			41,329						41,902						42,442						42,864						41,908						42,864						36,374
Transfers / Single deposits			280						127						133						630						1,653						1,169						6,116
Recurring deposits			103						136						114						173						211						525						1,413
Total Deposits			382						262						247						803						1,864						1,694						7,529
Surrenders, benefits, and product charges			(1,112)						(982)						(749)						(959)						(1,103)						(3,802)						(3,238)
Net Flows			(730)						(719)						(502)						(156)						761						(2,108)						4,291
Interest credited and investment performance			(353)						148						(38)						(266)						195						(509)						2,199
Assets, end of period - Defined Contribution Investment-only SV			40,246						41,329						41,902						42,442						42,864						40,246						42,864
Retail Client Assets (3)			28,306						27,980						28,064						64,581						62,848						28,306						62,848
Other Assets (4)			490						507						527						538						1,825						490						1,825
Total Client Assets			536,246						524,466						527,835						540,383						520,258						536,246						520,258
(1) Total of Full Service and Recordkeeping
(2) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(3) Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors. The reduction in the June 30, 2021 balance reflects approximately a $38 billion reduction in assets related to the sale of our Financial Planning Channel on June 9, 2021.
(4) Includes other guaranteed payout products.

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Investment Management

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Voya Financial						Page 20 of 57

Investment Management Sources of Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations						8						8						7						6						6						28						23
Alternative investment income and prepayment fees above (below) long-term expectations						12						21						20						22						12						75						(6)
Investment spread and other investment income						20						29						27						28						18						103						17
Fee based margin(1)						181						172						165						162						217						680						686
Net revenue						201						200						192						190						235						783						703
Administrative expenses(2)						(142)						(138)						(127)						(137)						(145)						(544)						(506)
Adjusted operating earnings before income taxes(3)						59						63						66						52						90						239						197
Adjusted Operating Margin TTM						30.7		%				33.2		%				32.3		%				28.7		%				28.0		%
Adjusted Operating Margin Excluding Notables TTM						25.7		%				25.9		%				25.3		%				24.3		%				24.6		%
Fee based margin(1)
Investment advisory and administrative revenue						178						167						163						158						160						667						619
Other fee based margin						3						5						2						4						57						13						67
Fee based margin						181						172						165						162						217						680						686
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Includes expenses attributable to investment capital results above (below) long-term expectations.
(3) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 10, see page 40 in the Reconciliation section of this document.

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Voya Financial						Page 21 of 57

Investment Management Analysis of AUM and AUA

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Client Assets:
External Clients
Institutional						148,921						138,332						138,005						134,460						111,964						148,921						111,964
Retail						76,908						75,352						77,007						75,382						75,116						76,908						75,116
Subtotal External Clients						225,829						213,684						215,013						209,842						187,080						225,829						187,080
General Account						38,004						39,049						38,425						38,708						58,421						38,004						58,421
Total Client Assets (AUM)						263,832						252,733						253,438						248,550						245,501						263,832						245,501
Assets under Advisement and Administration (AUA)						59,823						60,666						61,893						60,930						56,179						59,823						56,179
Total AUM and AUA						323,656						313,399						315,331						309,480						301,680						323,656						301,680
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional						92						83						80						79						72						334						272
Retail						59						58						57						53						54						227						212
Subtotal External Clients						151						141						137						132						126						561						485
General Account						20						20						21						21						29						82						116
Total Investment Advisory and Administrative Revenues (AUM)						171						161						158						153						155						643						601
Administration Only Fees						6						6						5						5						5						22						18
Total Investment Advisory and Administrative Revenues						178						167						163						158						160						667						619
Revenue Yield (bps) (1)
External Clients
Institutional						25.3						23.9						23.5						23.2						26.0						23.9						26.2
Retail						30.6						30.1						29.6						28.4						30.1						29.7						30.6
Revenue Yield on External Clients						27.1						26.1						25.7						25.1						27.6						25.9						27.9
General Account						21.0						21.2						21.3						21.9						20.2						21.4						20.3
Revenue Yield on Client Assets (AUM)						26.2						25.4						25.0						24.6						25.8						25.2						26.1
Revenue Yield on Advisement and Administrative Only Assets (AUA)						4.1						3.9						3.5						3.5						3.7						3.7						3.5
Total Revenue Yield on AUM and AUA (bps)						22.1						21.2						20.8						20.5						21.8						21.1						21.9
Revenue Yield on Client Assets (AUM) - trailing twelve months						25.2						25.4						25.3						25.3						26.1						25.2						26.1
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

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Voya Financial						Page 22 of 57

Investment Management Account Rollforward by Source

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Institutional AUM:
Beginning of period AUM			138,332						138,005						134,460						111,964						110,019						111,964						94,424
Inflows			12,899						5,868						4,504						4,046						5,041						27,317						25,933
Outflows			(3,383)						(6,621)						(4,064)						(4,174)						(5,603)						(18,242)						(15,318)
Net flows- Institutional (1)			9,516						(753)						440						(128)						(563)						9,075						10,614
Net Money Market Flows			—						—						—						—						—						—						55
Change in Market Value			1,028						509						3,395						(2,561)						3,331						2,371						6,862
Other (Including Acquisitions / Divestitures) (2)			45						571						(290)						25,185						(823)						25,511						9
End of period AUM - Institutional			148,921						138,332						138,005						134,460						111,964						148,921						111,964
Organic Growth (Net Flows/Beginning of period AUM) (1)			6.9		%				-0.5		%				0.3		%				-0.1		%				-0.5		%				8.1		%				11.2		%
Market Growth %			0.7		%				0.4		%				2.5		%				-2.3		%				3.0		%				2.1		%				7.3		%
Retail AUM:
Beginning of period AUM			75,352						77,008						75,382						75,116						70,367						75,116						72,398
Inflows			2,207						2,077						2,201						2,971						2,375						9,456						10,927
Outflows			(2,727)						(2,418)						(2,392)						(3,223)						(3,427)						(10,760)						(13,166)
Net flows- Retail			(520)						(341)						(191)						(252)						(1,052)						(1,304)						(2,240)
Net Money Market Flows			11						(43)						(101)						(157)						(1)						(290)						353
Change in Market Value			3,001						57						4,047						1,604						6,522						8,709						8,377
Net Flows from Divested Businesses			(761)						(708)						(710)						(795)						(679)						(2,974)						(2,506)
Other (Including Acquisitions / Divestitures)			(174)						(621)						(1,419)						(134)						(41)						(2,348)						(1,267)
End of period AUM - Retail			76,908						75,352						77,008						75,382						75,116						76,908						75,116
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)			-0.7		%				-0.4		%				-0.3		%				-0.3		%				-1.5		%				-1.7		%				-3.1		%
Market Growth %			4.0		%				0.1		%				5.4		%				2.1		%				9.3		%				11.6		%				11.6		%
Net Flows:
Institutional Net Flows (1)			9,516						(753)						440						(128)						(563)						9,075						10,614
Retail Net Flows			(520)						(341)						(191)						(252)						(1,052)						(1,304)						(2,240)
Net Flows from Divested Businesses			(761)						(708)						(710)						(795)						(679)						(2,974)						(2,506)
Total Net Flows (1)			8,234						(1,802)						(461)						(1,175)						(2,293)						4,796						5,869
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements (1)			8,995						(1,094)						249						(380)						(1,614)						7,770						8,375
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) (1)			4.2		%				-0.5		%				0.1		%				-0.2		%				-0.9		%				4.2		%				5.0		%
(1) Starting Q1 2021, amounts exclude liquidity related cash flow activities. Historical periods presented have been revised to conform with this presentational change.
(2) Starting Q1 2021, amounts include liquidity related cash flow activities. Historical periods presented have been revised to conform with this presentational change.

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Voya Financial						Page 23 of 57

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Institutional
Equity			14,994						14,632						14,526						13,275						13,184
Fixed Income - Public			72,550						65,494						66,531						65,603						49,900
Fixed Income - Privates			46,631						44,109						42,561						40,968						34,810
Alternatives			14,746						14,097						14,388						14,614						14,070
Money Market			—						—						—						—						—
Total			148,921						138,332						138,005						134,460						111,964
Retail
Equity			47,583						45,737						47,168						45,644						45,066
Fixed Income - Public			26,676						27,045						27,289						26,549						26,516
Fixed Income - Privates			634						638						640						1,240						1,489
Alternatives			470						407						350						291						244
Money Market			1,546						1,526						1,560						1,658						1,801
Total			76,908						75,352						77,007						75,382						75,116
General Account
Equity			308						377						425						418						320
Fixed Income - Public			20,000						20,426						19,831						19,810						32,469
Fixed Income - Privates			14,601						14,546						14,644						14,813						21,003
Alternatives			2,645						2,780						2,778						2,899						3,384
Money Market			449						920						748						767						1,246
Total			38,004						39,049						38,425						38,707						58,421
Combined Asset Type
Equity			62,884						60,746						62,118						59,337						58,569
Fixed Income - Public			119,225						112,965						113,651						111,963						108,885
Fixed Income - Privates			61,867						59,292						57,846						57,021						57,301
Alternatives			17,861						17,285						17,516						17,803						17,698
Money Market			1,995						2,446						2,308						2,425						3,047
Total			263,832						252,733						253,438						248,550						245,501
Total Private and Alternative Assets			79,728						76,577						75,361						74,824						74,999
% of Private and Alternative Assets / Total AUM			30.2		%				30.3		%				29.7		%				30.1		%				30.5		%
Total Wealth Assets			112,905						112,941						113,309						109,498						109,592
% of Wealth Assets / Total AUM			42.8		%				44.7		%				44.7		%				44.1		%				44.6		%

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Health Solutions

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Voya Financial						Page 25 of 57

Health Solutions Sources of Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Gross investment income						23						24						21						22						23						92						92
Investment expenses						(1)						(1)						(1)						(1)						(1)						(4)						(4)
Credited interest						(13)						(14)						(14)						(14)						(13)						(54)						(55)
Net margin						9						9						7						8						9						34						33
Other investment income						10						9						9						8						4						36						21
Investment spread and other investment income, excluding alts/prepays above/below expectations						20						18						16						16						13						70						54
Alternative investment income and prepayment fees above (below) long-term expectations						9						14						11						6						7						41						4
Investment spread and other investment income						28						32						27						22						20						111						58
Net underwriting gain (loss) and other revenue						144						168						162						137						143						611						601
Net revenue						172						200						189						159						163						722						659
Administrative expenses						(88)						(79)						(76)						(74)						(67)						(317)						(269)
Net commissions						(45)						(43)						(44)						(42)						(42)						(175)						(168)
DAC/VOBA and other intangibles amortization, excluding unlocking						(6)						(7)						(6)						(6)						(4)						(25)						(19)
Adjusted operating earnings before income taxes (1)						33						71						63						37						50						204						204
Adjusted Operating Margin TTM						28.3		%				31.1		%				30.3		%				28.0		%				30.9		%
Adjusted Operating Margin Excluding Notables TTM						33.5		%				34.0		%				33.4		%				33.5		%				33.4		%
Group life:
Premiums						140						139						135						136						132						550						528
Benefits						(136)						(132)						(119)						(137)						(109)						(525)						(432)
Other (2)						(2)						—						(1)						(7)						(3)						(10)						(7)
Total Group life						1						7						15						(8)						20						15						89
Group Life Loss Ratio (Interest adjusted)						97.5		%				95.6		%				88.2		%				100.7		%				82.3		%				95.5		%				81.8		%
Group stop loss:
Premiums						288						291						295						291						264						1,165						1,062
Benefits						(224)						(226)						(231)						(220)						(210)						(901)						(825)
Other (2)						(1)						(1)						(1)						(2)						(1)						(5)						(4)
Total Group stop loss						63						64						63						69						53						260						233
Stop loss Loss Ratio						77.7		%				77.5		%				78.2		%				75.6		%				79.6		%				77.3		%				77.7		%
Voluntary Benefits, Disability, and Other						79						97						83						76						70						335						276
Net underwriting gain (loss) and other revenue
Premiums						562						564						562						561						512						2,248						2,062
Benefits						(419)						(399)						(400)						(413)						(364)						(1,630)						(1,451)
Other (2)						1						2						—						(10)						(5)						(8)						(12)
Total Net underwriting gain (loss) and other revenue						144						168						162						137						143						611						601
Total Aggregate Loss Ratio TTM (3)						72.5		%				71.6		%				71.6		%				71.8		%				70.4		%				72.5		%				70.4		%
(1) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 10, see page 40 in the Reconciliation section of this document.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(3) Total Aggregate Loss Ratio is calculated using Trailing twelve months..

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Voya Financial						Page 26 of 57

Health Solutions Key Metrics

						Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sales by Product Line:
Group life and Disability						12						18						21						60						6						110						119
Stop loss						14						24						20						297						15						355						308
Voluntary						6						11						29						81						5						128						134
Total sales by product line						31						53						70						438						26						593						561
Total gross premiums and deposits						610						611						602						607						557						2,429						2,234
Annualized In-force Premiums by Product Line:
Group life and Disability						752						771						749						730						714						752						714
Stop loss						1,181						1,184						1,191						1,182						1,096						1,181						1,096
Voluntary						576						561						550						554						472						576						472
Total annualized in-force premiums						2,510						2,515						2,490						2,466						2,282						2,510						2,282
Assets Under Management by Fund Group
General account						1,869						1,924						1,888						1,817						1,821						1,869						1,821
Separate account						18						17						17						17						16						18						16
Total AUM						1,887						1,941						1,905						1,834						1,837						1,887						1,837

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Corporate

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Voya Financial						Page 28 of 57

Corporate Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Interest expense (excluding Preferred stock dividends)(1)						(40)						(42)						(41)						(42)						(44)						(165)						(174)
Preferred stock dividends						(4)						(14)						(4)						(14)						(4)						(36)						(36)
Amortization of intangibles						(2)						(2)						(2)						(2)						(2)						(8)						(25)
Stranded costs net of TSA revenue						3						3						(8)						(13)						—						(15)						—
Individual Life transaction, stranded costs, pre-close						—						—						—						—						(35)						—						(138)
Other						(11)						(10)						(16)						—						(9)						(37)						24
Adjusted operating earnings before income taxes						(54)						(65)						(71)						(71)						(94)						(261)						(349)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.

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Net Revenue, Adjusted Operating Margin,

and Administrative Expenses

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Voya Financial						Page 30 of 57

Net Revenue and Adjusted Operating Margin

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income			202						200						205						202						192						809						761
Fee based margin			283						286						277						266						261						1,112						941
Net underwriting gain (loss) and other revenue			—						—						(5)						(4)						(5)						(9)						(14)
Wealth Solutions Net Revenue			485						486						477						464						448						1,912						1,690
Investment Management
Investment capital and other investment income			8						8						7						6						6						28						23
Fee based margin			196						172						165						162						176						695						631
Investment Management Net Revenue			204						180						172						168						182						723						654
Health Solutions
Investment spread and other investment income			20						18						16						16						13						70						54
Net underwriting gain (loss) and other revenue			178						186						173						170						152						707						631
Health Solutions Net Revenue			198						204						188						186						165						777						685
Total Net Revenue Excluding Notable Items (1)			887						870						837						818						795						3,412						3,029
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions			158						183						176						161						157						678						558
Investment Management			58						46						48						34						54						186						161
Health Solutions			58						75						62						64						52						260						229
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)			274						304						286						259						263						1,124						948
Corporate			(38)						(50)						(52)						(65)						(49)						(205)						(217)
Total Adjusted Operating Earnings Excluding Notable Items (1)			236						254						234						194						214						919						731
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions			32.6		%				37.7		%				36.9		%				34.7		%				35.0		%				35.5		%				33.0		%
Investment Management			28.4		%				25.6		%				27.9		%				20.2		%				29.7		%				25.7		%				24.6		%
Health Solutions			29.3		%				36.8		%				33.0		%				34.4		%				31.5		%				33.5		%				33.4		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			30.9		%				34.9		%				34.2		%				31.7		%				33.1		%				32.9		%				31.3		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			26.6		%				29.2		%				28.0		%				23.7		%				26.9		%				26.9		%				24.1		%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions			35.5		%				36.1		%				35.0		%				34.2		%				33.0		%
Investment Management			25.7		%				25.9		%				25.3		%				24.3		%				24.6		%
Health Solutions			33.5		%				34.0		%				33.4		%				33.5		%				33.4		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			32.9		%				33.5		%				32.6		%				32.0		%				31.3		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			26.9		%				27.0		%				25.5		%				24.7		%				24.1		%
(1) See page 45 for Notable items.

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Voya Financial						Page 31 of 57

Administrative Expenses

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Wealth Solutions			(232)						(222)						(212)						(219)						(210)						(885)						(852)
Investment Management			(142)						(138)						(127)						(137)						(145)						(544)						(506)
Health Solutions			(88)						(79)						(76)						(74)						(67)						(317)						(269)
Stranded costs net of TSA revenue (1)			3						3						(8)						(13)						—						(15)						—
Total Administrative Expenses (2)			(459)						(436)						(423)						(443)						(422)						(1,761)						(1,627)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals above (below) target performance, pension, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

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Investment Information

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Voya Financial						Page 33 of 57

Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2021															9/30/2021															12/31/2021
Invested Assets
Book Values, Gross investment income and Earned rate(1)			Book Value			BV %			Gross Investment Income			Earned Rate (annualized)						Book Value			BV %			Gross Investment Income			Earned Rate (annualized)						Book Value			BV %			Gross Investment Income			Earned Rate (annualized)
Public corporate			13,133			32.0		%	157			4.7		%				13,565			33.0		%	157			4.8		%				13,133			32.0		%	629			4.9		%
Private credit			7,940			19.0		%	84			4.3		%				7,863			19.0		%	86			4.4		%				7,940			19.0		%	354			4.5		%
Securitized(2)(3)			9,919			24.0		%	105			4.2		%				10,147			25.0		%	102			4.2		%				9,919			24.0		%	415			4.2		%
Commercial mortgage loans			5,582			14.0		%	56			4.1		%				5,552			13.0		%	56			4.1		%				5,582			14.0		%	225			4.1		%
Municipals			965			2.0		%	9			3.9		%				921			2.0		%	9			4.0		%				965			2.0		%	35			4.0		%
Short-term / Treasury			796			2.0		%	9			4.4		%				802			2.0		%	9			4.3		%				796			2.0		%	34			4.4		%
Equity securities			318			1.0		%	5			5.9		%				362			1.0		%	5			5.5		%				318			1.0		%	21			5.7		%
Policy loans			392			1.0		%	5			5.6		%				402			1.0		%	7			7.0		%				392			1.0		%	23			5.8		%
Derivatives			(10)			—		%	3			N/A						(11)			—		%	3			N/A						(10)			—		%	10			N/A
Book Values and Gross Investment Income before variable components			39,035			96.0		%	434			4.5		%				39,604			96.0		%	434			4.5		%				39,035			96.0		%	1,747			4.5		%
Book Values and Gross Investment Income on variable components
Limited partnership			1,692			4.0		%	127			35.8		%				1,648			4.0		%	184			59.0		%				1,692			4.0		%	562			46.4		%
Prepayment / Other fee income			N/A			N/A			12			0.1		%				N/A			N/A			23			0.2		%				N/A			N/A			62			0.2		%
Book Values and Gross Investment Income (variable)			1,692			4.0		%	139			N/A						1,648			4.0		%	207			N/A						1,692			4.0		%	624			N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings			40,727			100.0		%	573			5.7		%				41,251			100.0		%	641			6.5		%				40,727			100.0		%	2,371			6.0		%
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.

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Voya Financial						Page 34 of 57

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

			Three Months Ended or As of (2)
(in millions USD)			9/30/2021									06/30/2021									03/31/2021									12/31/2020
Statutory Carrying Value(1)			Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %
Public corporate			13,692			33.0		%				13,367			33.0		%				13,227			33.0		%				12,297			31.0		%
Private credit			7,707			19.0		%				7,824			19.0		%				7,970			20.0		%				8,226			21.0		%
Securitized			10,022			24.0		%				9,673			24.0		%				9,675			24.0		%				9,873			25.0		%
Municipals			921			2.0		%				885			2.0		%				848			2.0		%				814			2.0		%
Short-term / Treasury			1,055			3.0		%				888			2.0		%				888			2.0		%				889			2.0		%
Total Fixed maturities			33,397			81.0		%				32,637			81.0		%				32,607			81.0		%				32,100			82.0		%
Commercial mortgage loans			5,551			14.0		%				5,564			14.0		%				5,613			14.0		%				5,581			14.0		%
Limited partnership			1,648			4.0		%				1,510			4.0		%				1,447			4.0		%				1,183			3.0		%
Equity securities			505			1.0		%				473			1.0		%				547			1.0		%				356			1.0		%
Total			41,100			100.0		%				40,183			100.0		%				40,213			100.0		%				39,220			100.0		%
NAIC Ratings
Fixed Maturities:
NAIC 1			16,949			51.0		%				16,377			50.0		%				16,394			50.3		%				16,626			52.0		%
NAIC 2			14,834			44.0		%				14,382			44.0		%				14,328			43.9		%				13,676			43.0		%
NAIC 3 and below			1,613			5.0		%				1,878			6.0		%				1,886			5.8		%				1,798			6.0		%
Total Fixed maturities			33,397			100.0		%				32,637			100.0		%				32,607			100.0		%				32,100			100.0		%
Commercial Mortgage Loans:
CML 1			4,637			84.0		%				4,731			85.0		%				4,826			86.0		%				4,854			87.0		%
CML 2			844			15.0		%				743			13.0		%				692			12.0		%				676			12.0		%
CML 3 and below			70			1.0		%				89			2.0		%				94			2.0		%				51			1.0		%
Total Commercial mortgage loans			5,551			100.0		%				5,564			100.0		%				5,613			100.0		%				5,581			100.0		%
(1) December 31, 2020 General Account Portfolio represents pro-forma statutory carrying value weights, post Life Transaction view, for Voya’s ongoing operating insurance companies (RLI, RNY, and VRIAC).
(2) Presented one quarter in arrears based on the timing of our statutory filings.

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Voya Financial						Page 35 of 57

Alternative Investment Income

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Wealth Solutions
Average alternative investments						1,508						1,439						1,366						1,127						880						1,360						878
Alternative investment income						115						166						122						107						80						511						107
Investment Management
Average alternative investments						337						331						307						262						262						309						237
Alternative investment income						20						28						27						28						18						104						15
Health Solutions
Average alternative investments						152						145						152						85						100						134						99
Alternative investment income						12						17						14						8						9						50						13
Table above excludes alternative investments that are reflected in businesses exited or to be exited and in discontinued operations.

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Reconciliations

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Voya Financial						Page 37 of 57

Reconciliation of Consolidated Statements of Operations

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Revenues
Net investment income						673						731						656						714						825						2,774						2,909
Fee income						446						487						436						458						550						1,827						2,026
Premiums						544						573						516						(4,987)						597						(3,354)						2,416
Net gains (losses)						(179)						(103)						(37)						1,742						(61)						1,423						(365)
Other revenues						49						46						374						110						146						579						409
Income (loss) related to consolidated investment entities						142						275						558						6						167						981						254
Total revenues						1,675						2,009						2,503						(1,957)						2,224						4,230						7,649
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(627)						(714)						(686)						4,190						(923)						2,163						(4,101)
Operating expenses						(636)						(642)						(706)						(602)						(741)						(2,586)						(2,654)
Net amortization of DAC/VOBA						(40)						(190)						(26)						(539)						(16)						(795)						(352)
Interest expense						(59)						(39)						(39)						(49)						(39)						(186)						(159)
Operating expenses related to consolidated investment entities						(13)						(13)						(18)						(5)						(10)						(49)						(31)
Total benefits and expenses						(1,375)						(1,598)						(1,475)						2,995						(1,729)						(1,453)						(7,297)
Income (loss) from continuing operations before income taxes						300						411						1,028						1,038						495						2,777						352
Less:
Net investment gains (losses) and related charges and adjustments						(86)						(1)						29						38						(41)						(20)						22
Net guaranteed benefit gains (losses) and related charges and adjustments						(3)						(3)						(5)						10						58						(1)						22
Income (loss) related to businesses exited or to be exited through reinsurance or divestment						14						(173)						247						725						46						812						(342)
Income (loss) attributable to noncontrolling interests						100						214						447						—						124						761						157
Income (loss) on early extinguishment of debt						(21)						—						—						(10)						—						(31)						—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments						33						—						—						—						2						33						2
Dividend payments made to preferred shareholders						4						14						4						14						4						36						36
Other adjustments						(19)						(28)						(46)						(11)						(2)						(105)						(41)
Adjusted operating earnings before income taxes						279						388						353						273						304						1,292						495

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Voya Financial						Page 38 of 57

Reconciliation of Adjusted Operating Revenues

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Total revenues						1,675						2,009						2,503						(1,957)						2,224						4,230						7,649
Less:
Net investment gains (losses) and related charges and adjustments						(94)						(5)						(71)						32						(47)						(138)						13
Gain (loss) on change in fair value of derivatives related to guaranteed benefits						(3)						(3)						(5)						10						58						(1)						22
Revenues (losses) related to business exited or to be exited through reinsurance or divestment						(11)						57						296						(3,709)						419						(3,368)						1,494
Revenues (loss) attributable to noncontrolling interests						112						228						464						5						156						809						215
Other adjustments						54						44						205						109						99						413						310
Total adjusted operating revenues						1,618						1,689						1,614						1,595						1,539						6,516						5,595
Adjusted operating revenues by segment
Wealth Solutions						791						857						807						782						763						3,238						2,717
Investment Management						201						200						193						190						235						783						702
Health Solutions						599						606						591						600						540						2,395						2,155
Corporate						27						25						24						24						1						100						21
Total adjusted operating revenues						1,618						1,689						1,614						1,595						1,539						6,516						5,595

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Voya Financial						Page 39 of 57

Wealth Solutions Sources of Adjusted Operating Earnings Reconciliation

						Page						Three Months Ended																														Year-to-Date
(in millions USD)						Reference						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Net investment income and net gains (losses)						page 9/10						508						571						525						509						496						2,113						1,742
Reclass adjustments:
Credited Interest						page 16						(222)						(222)						(218)						(216)						(235)						(878)						(931)
Other(1)												(1)						(2)						(6)						(7)						(5)						(17)						(26)
Investment spread and other investment income						page 16						285						347						301						286						256						1,218						785
Fee income						page 9/10						270						272						262						252						242						1,056						877
Other revenue						page 9/10						12						14						20						21						24						67						89
Reclass adjustments:
Other(1)												1						—						5						8						9						15						26
Total fee based margin						page 16						283						286						287						281						275						1,138						992
Premiums						page 9/10						—						—						—						—						—						—						8
Interest credited and other benefits to contract owners/policyholders						page 9/10						(223)						(227)						(223)						(216)						(237)						(891)						(962)
Reclass adjustments:
Credited Interest						page 16						222						222						218						216						235						878						931
Loss Recognition						page 16						—						2						—						—						—						2						10
Other(1)												1						3						—						(4)						(3)						2						(1)
Net underwriting gain (loss) and other revenue						page 16						—						—						(5)						(4)						(5)						(9)						(14)
Operating expenses						page 9/10						(298)						(288)						(277)						(283)						(269)						(1,146)						(1,074)
Administration expenses and Net commissions						page 16						(298)						(288)						(275)						(280)						(268)						(1,142)						(1,072)
Net amortization of DAC/VOBA						page 9/10						(28)						(23)						(12)						(29)						1						(92)						(237)
Reclass adjustments:
DAC/VOBA and other intangibles unlocking						page 16						(1)						(7)						(18)						(2)						(30)						(29)						149
Loss Recognition						page 16						—						(2)						—						—						—						(2)						(10)
DAC/VOBA and other intangibles amortization, excluding unlocking						page 16						(30)						(33)						(31)						(30)						(30)						(124)						(100)
(1) Includes presentational reclasses primarily related to reinsurance and policy loans.

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Voya Financial						Page 40 of 57

Investment Management and Health Solutions Sources of Adjusted Operating Earnings Reconciliation

			Page						Three Months Ended																														Year-to-Date
(in millions USD)			Reference						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Investment Management
Net investment income and net gains (losses)			page 9/10						20						28						27						28						18						103						15
Investment spread and other investment income			page 20						20						29						27						28						18						103						17
Fee income			page 9/10						178						167						163						158						160						667						619
Other revenue			page 9/10						3						5						3						3						57						14						69
Total fee based margin			page 20						181						172						165						162						217						680						686
Operating expenses			page 9/10						(142)						(138)						(127)						(137)						(145)						(544)						(506)
Administration expenses			page 20						(142)						(138)						(127)						(137)						(145)						(544)						(506)
Health Solutions
Net investment income and net gains (losses)			page 9/10						42						46						42						36						34						165						114
Reclass adjustments:
Credited Interest			page 25						(13)						(14)						(14)						(14)						(13)						(54)						(55)
Investment spread and other investment income			page 25						28						32						27						22						20						111						58
Fee income			page 9/10						19						19						15						15						15						69						61
Other revenue			page 9/10						(2)						(2)						(2)						(2)						(2)						(7)						(7)
Premiums			page 9/10						540						543						535						550						492						2,168						1,986
Interest credited and other benefits to contract owners/policyholders			page 9/10						(427)						(406)						(403)						(437)						(376)						(1,673)						(1,495)
Reclass adjustments:
Credited Interest			page 25						13						14						14						14						13						54						55
Net underwriting gain (loss) and other revenue			page 25						144						168						162						137						143						611						601
Operating expenses			page 9/10						(133)						(122)						(117)						(119)						(109)						(491)						(437)
Administration expenses and Net commissions			page 25						(133)						(122)						(120)						(116)						(109)						(492)						(437)
Net amortization of DAC/VOBA			page 9/10						(6)						(7)						(6)						(6)						(4)						(25)						(19)
DAC/VOBA and other intangibles amortization, excluding unlocking			page 25						(6)						(7)						(6)						(6)						(4)						(25)						(19)

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Voya Financial						Page 41 of 57

Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)

			Three Months Ended
(in millions except per share in whole dollars)			12/31/2021												9/30/2021												6/30/2021												3/31/2021												12/31/2020
			Pre-tax			After-tax			Per share (1)						Pre-tax			After-tax			Per share (1)						Pre-tax			After-tax			Per share (1)						Pre-tax			After-tax			Per share (1)						Pre-tax			After-tax			Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders						403			3.36									142			1.15									459			3.53									1,086			8.29									257			1.94
Plus: Net income (loss) attributable to noncontrolling interest						100			0.83									214			1.75									447			3.43									—			—									124			0.93
Less: Preferred stock dividends						(4)			(0.03)									(14)			(0.11)									(4)			(0.03)									(14)			(0.11)									(4)			(0.03)
Less: Income (loss) from discontinued operations						5			0.05									(1)			(0.01)									(6)			(0.04)									14			0.10									(57)			(0.43)
Income (loss) from continuing operations			300			502			4.18						411			371			3.03						1,028			916			7.04						1,038			1,086			8.30						495			442			3.33
Less:
Net investment gains (losses) and related charges and adjustments			(86)			(68)			(0.56)						(1)			(1)			(0.01)						29			23			0.18						38			30			0.23						(41)			(32)			(0.24)
Net guaranteed benefit gains (losses) and related charges and adjustments			(3)			(2)			(0.02)						(3)			(2)			(0.02)						(5)			(4)			(0.03)						10			8			0.06						58			46			0.35
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			14			11			0.09						(173)			(137)			(1.12)						247			195			1.50						725			804			6.14						46			36			0.27
Net income (loss) attributable to noncontrolling interest			100			100			0.83						214			214			1.75						447			447			3.43						—			—			—						124			124			0.93
Income (loss) on early extinguishment of debt			(21)			(17)			(0.14)						—			—			—						—			—			—						(10)			(8)			(0.06)						—			—			—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments			33			26			0.22						—			—			—						—			—			—						—			—			—						2			2			0.01
Dividend payments made to preferred shareholders			4			4			0.03						14			14			0.11						4			4			0.03						14			14			0.11						4			4			0.03
Other adjustments			(19)			219			1.83						(28)			(33)			(0.27)						(46)			(35)			(0.27)						(11)			15			0.12						(2)			11			0.08
Adjustment due to antidilutive effect of net loss in the current period (2)			—			—			—						—			—			—						—			—			—						—			—			—						—			—			—
Adjusted operating earnings			279			229			1.90						388			315			2.57						353			287			2.20						273			223			1.70						304			251			1.90
(1) Per share calculations are based on un-rounded numbers.
(2) For periods in which there is Net loss from continuing operations available to common shareholders, Adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

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Voya Financial						Page 42 of 57

Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)

						Twelve months ended
(in millions except per share in whole dollars)						12/31/2021												12/31/2020
						Pre-tax			After-tax			Per share (1)						Pre-tax			After-tax			Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders									2,090			16.61									(242)			(1.84)
Plus: Net income (loss) attributable to noncontrolling interest									761			6.05									157			1.19
Less: Preferred stock dividends									(36)			(0.29)									(36)			(0.27)
Less: Income (loss) from discontinued operations									12			0.10									(419)			(3.18)
Income (loss) from continuing operations						2,777			2,875			22.85						352			370			2.81
Less:
Net investment gains (losses) and related charges and adjustments						(20)			(16)			(0.13)						22			18			0.13
Net guaranteed benefit gains (losses) and related charges and adjustments						(1)			—			—						22			17			0.13
Income (loss) related to businesses exited or to be exited through reinsurance or divestment						812			872			6.93						(342)			(270)			(2.05)
Net income (loss) attributable to noncontrolling interest						761			761			6.05						157			157			1.19
Income (loss) on early extinguishment of debt						(31)			(24)			(0.19)						—			—			—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments						33			26			0.21						2			2			0.01
Dividend payments made to preferred shareholders						36			36			0.29						36			36			0.27
Other adjustments						(105)			167			1.33						(41)			(15)			(0.11)
Adjustment due to antidilutive effect of net loss in the current period (2)						—			—			—						—			—			—
Adjusted operating earnings						1,292			1,053			8.37						495			425			3.22
(1) Per share calculations are based on un-rounded numbers.
(2) For periods in which there is Net loss from continuing operations available to common shareholders, Adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

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Voya Financial						Page 43 of 57

Reconciliation of Book Value Per Common Share, Excluding AOCI

						Three Months Ended or As of																														Year-to-Date or As of
(in whole dollars)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Book value per common share, including AOCI						70.88						69.19						68.34						60.39						76.47						70.88						76.47
Per share impact of AOCI						(19.48)						(20.60)						(21.44)						(15.76)						(39.44)						(19.48)						(39.44)
Book value per common share, excluding AOCI						51.40						48.59						46.90						44.63						37.04						51.40						37.04
Debt to capital						23.9		%				26.2		%				26.2		%				27.2		%				23.1		%				23.9		%				23.1		%
Capital impact of adding non-controlling interest						-5.2		%				-5.4		%				-5.4		%				-6.4		%				-1.9		%				-5.2		%				-1.9		%
Impact of adding other financial obligations and treatment of preferred stock (1)						8.9		%				8.7		%				9.4		%				11.6		%				7.0		%				8.9		%				7.0		%
Financial leverage ratio						27.6		%				29.5		%				30.2		%				32.4		%				28.2		%				27.6		%				28.2		%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic						110.1						113.4						120.6						122.7						126.3						116.7						127.4
Dilutive effect of warrants						7.5						6.7						7.3						5.4						3.0						6.7						1.7
Other dilutive effects (2)						2.5						2.3						2.3						2.8						3.1						2.4						2.8
Weighted-average common shares outstanding - Diluted						120.1						122.4						130.2						130.9						132.4						125.8						131.9
Dilutive effect of the exercise or issuance of stock-based awards (3)						—						—						—						—						—						—						—
Weighted average common shares outstanding - Adjusted Diluted (3)						120.1						122.4						130.2						130.9						132.4						125.8						131.9
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss from continuing operations available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

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Appendix

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Voya Financial						Page 45 of 57

                                    

Adjusted Operating Earnings Notable Items

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Net Revenue Items
Alternative investment income and prepayment fees above (below) long-term expectations (1)						103						182						127						109						83						522						22
Fee income related to divested businesses (2)						—						—						10						15						17						25						73
Investment Management Performance fees above (below) expectations						(15)						—						—						—						38						(15)						38
Group Life Covid-19 impacts (3)						(34)						(28)						(15)						(35)						(16)						(112)						(36)
Other Wealth Solutions Investment Income notable items						—						—						—						3						—						3						—
Other Wealth Solutions Fee Income notable items						—						—						—						—						—						—						(6)
Other Health Solutions Net Underwriting notable items (4)						—						10						3						1						7						14						7
Net Expense Items
Wealth Solutions DAC/VOBA and other intangibles unlocking						1						7						18						2						30						29						(149)
Individual Life transaction stranded costs, pre-close						—						—						—						—						(35)						—						(138)
Expenses related to divested businesses (5)						—						—						(5)						(8)						(7)						(13)						(28)
Other Wealth Solutions notable items (6)						—						(18)						—						—						—						(18)						(12)
Other Investment Management notable items (7)						3						(4)						(3)						(4)						(16)						(8)						(14)
Other Corporate notable items (8)						(16)						(15)						(19)						(6)						(10)						(56)						6
(1) Refer to Alternative Income and Prepayments Above (Below) Long-Term Expectations on page 46 for more details.
(2) 2021 includes fee income in Wealth Solutions related to the independent financial planning channel (FPC), which was sold on June 9, 2021. The twelve months ended December 31, 2020, includes $56M of fee income in Wealth Solutions related to the FPC sale and $17M of fee income in Investment Management primarily related to assets transferred on January 4, 2021 as part of the Individual Life Transaction.
(3) Prior periods have been revised to reflect updated claim information on the cause of death. There was no change to the total Group Life claims that were reported in prior periods.
(4) Includes changes to certain legal and other reserves not expected to recur at the same level.
(5) Includes expenses in Wealth Solutions related to FPC sale.
(6) Includes changes to certain legal reserves not expected to recur at the same level.
(7) Includes variable compensation related to investment capital results and performance fees above (below) long-term expectations.
(8) Includes incentive compensation above (below) target performance.

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Voya Financial						Page 46 of 57

Alternative Income and Prepayments Above (Below) Long-Term Expectations

			Three Months Ended																														Twelve Months Ended
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions			81						134						91						82						59						388						28
Investment Management			12						21						20						22						12						75						(6)
Health Solutions			8						14						10						6						7						38						4
Total			101						169						121						110						78						501						26
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			1						13						5						(1)						4						18						(5)
Investment Management			—						—						—						—						—						—						—
Health Solutions			1						1						1						—						—						3						—
Total			2						14						6						(1)						4						21						(5)
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			82						147						96						81						64						406						24
Investment Management			12						21						20						22						12						75						(6)
Health Solutions			9						14						11						6						7						41						4
Total			103						182						127						109						83						522						22
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations reported on a pre-DAC basis.

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Voya Financial						Page 47 of 57

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

						Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Wealth Solutions
Adjusted operating earnings before income taxes						1,110						1,127						833						575						443
Less:
DAC/VOBA and other intangibles unlocking						29						57						(122)						(131)						(149)
Adjusted Operating Earnings - excluding Unlocking before interest						1,082						1,070						955						706						592
Income tax expense						188						184						159						104						79
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						894						886						797						602						513
Adjusted Operating effective tax rate, excluding Unlocking (2)						16.9		%				17.8		%				17.4		%				17.1		%				16.1		%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months						17.3		%				17.2		%				16.6		%				14.8		%				13.4		%
Average Capital						3,775						3,799						3,817						3,875						3,937
Ending Capital						3,740						3,806						3,754						3,703						3,937
Adjusted Return on Capital						23.7		%				23.3		%				20.9		%				15.5		%				13.0		%
Investment Management
Adjusted Operating Earnings - excluding Unlocking before interest						239						271						255						210						197
Income tax expense						50						57						54						44						41
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						189						214						201						166						156
Adjusted Operating effective tax rate, excluding Unlocking (2)						21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months						21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital						387						374						360						347						332
Ending Capital						420						400						373						381						373
Adjusted Return on Capital						48.7		%				57.4		%				55.9		%				47.7		%				47.6		%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

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Voya Financial						Page 48 of 57

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

						Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Health Solutions
Adjusted operating earnings before income taxes						204						221						206						179						204
Less:
DAC/VOBA and other intangibles unlocking						—						—						—						—						—
Adjusted Operating Earnings - excluding Unlocking before interest						204						221						206						179						204
Income tax expense						43						46						43						38						43
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						161						175						163						141						161
Adjusted Operating effective tax rate, excluding Unlocking (2)						21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months						21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital						503						507						519						529						533
Ending Capital						516						504						495						497						514
Adjusted Return on Capital						32.1		%				34.5		%				31.4		%				26.8		%				30.2		%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

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Voya Financial						Page 49 of 57

Q4 2021 is the last quarter the following pages will be presented in our Investor Supplement.

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Voya Financial						Page 50 of 57

Normalized Adjusted Operating Earnings by Segment

			Three Months Ended																														Year-to-Date
(in millions USD, unless otherwise indicated)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Normalized adjusted operating earnings
Wealth Solutions			158						165						181						171						164						676						569
Investment Management			46						42						45						30						78						164						203
Health Solutions			24						57						52						31						43						164						200
Corporate			(54)						(65)						(71)						(71)						(59)						(261)						(211)
Before income taxes			174						199						207						161						227						742						760
After income taxes			146						166						171						135						190						618						635
Effective tax rate			16.2		%				16.6		%				17.1		%				16.4		%				16.1		%				16.6		%				16.5		%
Per common share (Adjusted diluted)			1.22						1.36						1.32						1.03						1.44						4.91						4.81
Prepayment fees and alternative investment income above (below) long-term expectations (1)
Wealth Solutions			82						147						96						81						64						406						24
Investment Management			12						21						20						22						12						75						(6)
Health Solutions			9						14						11						6						7						41						4
Before income taxes			103						182						127						109						83						522						22
After income taxes			82						144						101						86						66						412						17
Effective tax rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Per common share (Adjusted diluted)			0.68						1.17						0.77						0.66						0.49						3.28						0.13
DAC/VOBA and other intangibles unlocking
Wealth Solutions			1						7						18						2						30						29						(149)
Before income taxes			1						7						18						2						30						29						(149)
After income taxes			1						6						15						2						24						23						(118)
Effective tax rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Per common share (Adjusted diluted)			0.01						0.05						0.11						0.01						0.18						0.18						(0.89)
Individual Life transaction stranded costs(2)
Before income taxes			—						—						—						—						(35)						—						(138)
After income taxes			—						—						—						—						(28)						—						(109)
Effective tax rate			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Per common share (Adjusted diluted)			—						—						—						—						(0.21)						—						(0.82)
Adjusted operating earnings
Wealth Solutions			241						319						295						255						258						1,110						443
Investment Management			59						63						66						52						90						239						197
Health Solutions			33						71						63						37						50						204						204
Corporate			(54)						(65)						(71)						(71)						(94)						(261)						(349)
Before income taxes			279						388						353						273						304						1,292						495
After income taxes			229						315						287						223						251						1,053						425
Effective tax rate			18.0		%				18.8		%				18.7		%				18.3		%				17.3		%				18.5		%				14.0		%
Per common share (Adjusted diluted)			1.90						2.57						2.20						1.70						1.90						8.37						3.22
(1) The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis. See page 46 for further details.
(2) For periods ended on or prior to the closing of the Individual Life Transaction, Stranded Costs associated with the Individual Life Transaction where the corresponding revenue is now reported in discontinued operations or in businesses exited or to be exited through reinsurance or divestment will be excluded from normalized adjusted operating earnings; for periods after the closing of the Individual Life Transaction any remaining Stranded Costs and the associated revenues from future TSAs will be reported in normalized adjusted operating earnings.

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Voya Financial						Page 51 of 57

Normalized Effective Tax Rate

			Three Months Ended																														Year-to-Date
(in millions USD, unless otherwise indicated)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Normalized adjusted operating earnings
Before income taxes			174						199						207						161						227						742						760
Income taxes
Federal income taxes at 21% corporate rate			37						42						43						34						48						156						160
Tax adjustments (1)			(8)						(9)						(8)						(7)						(11)						(32)						(35)
Total taxes			28						33						35						26						36						123						125
Effective tax rate (2)			16.2		%				16.6		%				17.1		%				16.4		%				16.1		%				16.6		%				16.6		%
Prepayment fees and alternative investment income above (below) long-term expectations (3)
Before income taxes			103						182						127						109						83						522						22
Income taxes
Federal income taxes at 21% corporate rate			22						38						27						23						17						110						5
Total taxes			22						38						27						23						17						110						5
Effective tax rate (2)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
DAC/VOBA and other intangibles unlocking
Before income taxes			1						7						18						2						30						29						(149)
Income taxes
Federal income taxes at 21% corporate rate			—						2						4						—						6						6						(31)
Total taxes			—						2						4						—						6						6						(31)
Effective tax rate (2)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Individual Life transaction stranded costs (4)
Before income taxes			—						—						—						—						(35)						—						(138)
Income taxes
Federal income taxes at 21% corporate rate			—						—						—						—						(7)						—						(29)
Total taxes			—						—						—						—						(7)						—						(29)
Effective tax rate (2)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted operating earnings
Before income taxes			279						388						353						273						304						1,292						495
Income taxes
Federal income taxes at 21% corporate rate			59						81						74						57						64						271						104
Tax adjustments (1)			(8)						(9)						(8)						(7)						(11)						(32)						(35)
Total taxes			50						73						66						50						53						239						69
Effective tax rate (2)			18.0		%				18.8		%				18.7		%				18.3		%				17.3		%				18.5		%				14.0		%
(1) Includes tax adjustments for the dividends received deduction (DRD) related to certain qualified dividends that are not subject to federal income taxes and tax credits, less certain expense items that are not deductible for federal income taxes such as preferred stock dividends, certain compensation expenses, etc.
(2) Effective tax rate calculations are based on un-rounded numbers.
(3) The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis. See page 46 for further details.
(4) For periods ended on or prior to the closing of the Individual Life Transaction, Stranded Costs associated with the Individual Life Transaction where the corresponding revenue is now reported in discontinued operations or in businesses exited or to be exited through reinsurance or divestment will be excluded from normalized adjusted operating earnings; for periods after the closing of the Individual Life Transaction any remaining Stranded Costs and the associated revenues from future TSAs will be reported in normalized adjusted operating earnings.

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Voya Financial						Page 52 of 57

Wealth Solutions Sources of Normalized Adjusted Operating Earnings and Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Gross investment income (normalized)			387						390						391						398						408						1,565						1,598
Investment expenses			(20)						(20)						(20)						(20)						(20)						(80)						(77)
Credited interest			(222)						(222)						(218)						(216)						(235)						(878)						(931)
Net margin			145						148						153						162						153						607						588
Other investment income (normalized) (1)			58						52						52						44						39						205						173
Investment spread and other investment income (normalized)			202						200						205						205						192						812						761
Full service fee based revenue			171						172						165						156						150						663						545
Recordkeeping and Other fee based revenue			112						114						122						125						125						474						449
Total fee based margin			283						286						287						281						275						1,138						992
Net underwriting gain (loss) and other revenue			—						—						(5)						(4)						(5)						(9)						(14)
Administrative expenses			(232)						(222)						(212)						(219)						(210)						(885)						(852)
Net Commissions			(66)						(66)						(63)						(61)						(58)						(257)						(220)
DAC/VOBA and other intangibles amortization, excluding unlocking			(30)						(33)						(31)						(30)						(30)						(124)						(100)
Normalized adjusted operating earnings before income taxes			158						165						181						171						164						676						569
Prepayment fees and alternative investment income above (below) long-term expectations			82						147						96						81						64						406						24
DAC/VOBA and other intangibles unlocking (2)			1						7						18						2						30						29						(149)
Adjusted operating earnings before income taxes (3)			241						319						295						255						258						1,110						443
Adjusted Return on Capital (4)			23.7		%				23.3		%				20.9		%				15.5		%				13.0		%				23.7		%				13.0		%
Full Service Revenue (5)
Full Service Investment Spread and other investment income			272						332						287						275						240						1,166						742
Full Service Fee Based Revenue			171						172						165						156						150						663						545
Total Full Service Revenue			443						504						452						431						390						1,829						1,287
Client Assets
Spread Based			33,359						33,519						33,212						33,397						34,712						33,359						34,712
Fee Based			434,340						421,644						424,664						399,971						379,840						434,340						379,840
Retail Client Assets (6)			28,300						27,974						28,058						64,575						62,842						28,300						62,842
Defined Contribution Investment-only Stable Value			40,246						41,329						41,901						42,441						42,864						40,246						42,864
Total Client Assets			536,246						524,466						527,835						540,383						520,258						536,246						520,258
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Includes $2M loss recognition in Q3 2021 and $10 million reserve adjustment related to loss recognition in Q3 2020.
(3) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 12, see page 39 in the Reconciliation section of this document.
(4) Adjusted Return on Capital calculated using trailing twelve months.
(5) Excludes Net underwriting gain (loss) and other revenue.
(6) The June 30, 2021 balance for Retail Client Assets reflects approximately a $38 billion reduction in assets related to the sale of our Financial Planning Channel on June 9, 2021.

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Voya Financial						Page 53 of 57

Investment Management Sources of Normalized Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Investment capital and other investment income (normalized)						8						8						7						6						6						28						23
Fee based margin(1)						181						172						165						162						217						680						686
Administrative expenses(2)						(142)						(138)						(127)						(137)						(145)						(544)						(506)
Normalized adjusted operating earnings before income taxes						46						42						45						30						78						164						203
Prepayment fees and alternative investment income above (below) long-term expectations						12						21						20						22						12						75						(6)
Adjusted operating earnings before income taxes(3)						59						63						66						52						90						239						197
Fee based margin(1)
Investment advisory and administrative revenue						178						167						163						158						160						667						619
Other fee based margin						3						5						2						4						57						13						67
Fee based margin (normalized)						181						172						165						162						217						680						686
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Includes expenses attributable to investment capital results above (below) long-term expectations.
(3) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 12, see page 40 in the Reconciliation section of this document.

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Voya Financial						Page 54 of 57

Investment Management Account Rollforward by Source

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Institutional AUM:
Beginning of period AUM			138,332						138,005						134,460						111,964						110,019						111,964						94,424
Inflows			12,384						5,419						4,089						3,414						4,177						25,306						22,100
Outflows			(2,717)						(5,846)						(3,421)						(3,419)						(4,195)						(15,403)						(12,059)
Subtotal Investment Management Sourced Institutional Net Flows (1)			9,667						(427)						668						(5)						(18)						9,903						10,041
Affiliate Sourced Institutional Inflows			515						450						414						632						864						2,011						3,832
Affiliate Sourced Institutional Outflows			(666)						(775)						(643)						(755)						(1,409)						(2,839)						(3,259)
Subtotal Affiliate Sourced Net Flows			(152)						(326)						(228)						(123)						(545)						(828)						573
Net flows- Institutional AUM (1)			9,516						(753)						440						(128)						(563)						9,075						10,614
Net Money Market Flows			—						—						—						—						—						—						55
Change in Market Value			1,028						509						3,395						(2,561)						3,331						2,371						6,862
Other (Including Acquisitions / Divestitures) (2)			45						571						(290)						25,185						(823)						25,511						9
End of period AUM- Institutional			148,921						138,332						138,005						134,460						111,964						148,921						111,964
Organic Growth (Net Flows/Beginning of period AUM) (1)			6.9		%				-0.5		%				0.3		%				-0.1		%				-0.5		%				8.1		%				11.2		%
Market Growth %			0.7		%				0.4		%				2.5		%				-2.3		%				3.0		%				2.1		%				7.3		%
Retail AUM:
Beginning of period AUM			75,352						77,008						75,382						75,116						70,367						75,116						72,398
Inflows			1,700						1,536						1,636						2,215						1,861						7,087						8,411
Outflows			(1,803)						(1,444)						(1,404)						(2,102)						(1,605)						(6,753)						(8,113)
Sub-advised Retail Net Flows			36						(6)						(2)						(1)						(5)						27						(186)
Subtotal Investment Management Sourced Retail Net Flows			(67)						86						230						113						251						361						112
Affiliate Sourced Retail Inflows			481						530						515						737						501						2,263						2,453
Affiliate Sourced Retail Outflows			(935)						(957)						(936)						(1,102)						(1,804)						(3,930)						(4,805)
Subtotal Affiliate Sourced Retail Net Flows (3)			(453)						(427)						(422)						(365)						(1,303)						(1,667)						(2,352)
Net Flows from Divested Businesses			(761)						(708)						(710)						(795)						(679)						(2,974)						(2,506)
Net flows- Retail AUM			(1,281)						(1,049)						(901)						(1,047)						(1,731)						(4,280)						(4,746)
Net Money Market Flows			11						(43)						(101)						(157)						(1)						(290)						353
Change in Market Value			3,001						57						4,047						1,604						6,522						8,709						8,377
Other (Including Acquisitions / Divestitures)			(174)						(621)						(1,419)						(134)						(41)						(2,348)						(1,267)
End of period AUM- Retail			76,908						75,352						77,008						75,382						75,116						76,908						75,116
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)			-0.7		%				-0.4		%				-0.3		%				-0.3		%				-1.5		%				-1.7		%				-3.1		%
Market Growth %			4.0		%				0.1		%				5.4		%				2.1		%				9.3		%				11.6		%				11.6		%
Total Investment Management Sourced Net Flows (1)			9,600						(341)						899						107						233						10,265						10,153
Affiliate Sourced Net Flows (3)			(605)						(753)						(650)						(487)						(1,847)						(2,495)						(1,778)
Net Flows from Divested Businesses			(761)						(708)						(710)						(795)						(679)						(2,974)						(2,506)
Total Net Flows (1)			8,234						(1,802)						(461)						(1,175)						(2,293)						4,796						5,869
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements (1)			8,995						(1,094)						249						(380)						(1,614)						7,770						8,375
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) (1)			4.2		%				-0.5		%				0.1		%				-0.2		%				-0.9		%				4.2		%				5.0		%
(1) Starting Q1 2021, amounts exclude liquidity related cash flow activities. Historical periods presented have been revised to conform with this presentational change.
(2) Starting Q1 2021, amounts include liquidity related cash flow activities. Historical periods presented have been revised to conform with this presentational change.
(3) Includes Wealth Solutions distribution of Voya Investment Management retail funds.

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Voya Financial						Page 55 of 57

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020
Institutional
Equity			25,530						24,365						24,693						23,485						23,576
Fixed Income			123,391						113,968						113,312						110,975						88,388
Real Estate			—						—						—						—						—
Money Market			—						—						—						—						—
Total			148,921						138,332						138,005						134,460						111,964
Retail
Equity			48,091						46,144						47,518						45,935						45,310
Fixed Income			27,271						27,682						27,929						27,789						28,005
Real Estate			—						—						—						—						—
Money Market			1,546						1,526						1,560						1,658						1,801
Total			76,908						75,352						77,007						75,382						75,116
General Account
Equity			308						377						425						418						320
Fixed Income			37,247						37,752						37,253						37,522						56,855
Real Estate			—						—						—						—						—
Money Market			449						920						748						767						1,246
Total			38,004						39,049						38,425						38,707						58,421
Combined Asset Type
Equity			73,928						70,885						72,636						69,838						69,205
Fixed Income			187,909						179,401						178,495						176,287						173,249
Real Estate			—						—						—						—						—
Money Market			1,995						2,446						2,308						2,425						3,047
Total			263,832						252,733						253,438						248,550						245,501
Total Specialty Assets			78,895						75,591						73,729						73,013						73,279
% of Specialty Assets / Total AUM			29.9		%				29.9		%				29.1		%				29.4		%				29.9		%
Total Wealth Assets			112,905						112,941						113,309						109,498						109,592
% of Wealth Assets / Total AUM			42.8		%				44.7		%				44.7		%				44.1		%				44.6		%

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Voya Financial						Page 56 of 57

Health Solutions Sources of Normalized Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						12/31/2021						9/30/2021						6/30/2021						3/31/2021						12/31/2020						12/31/2021						12/31/2020
Sources of operating earnings before income taxes:
Gross investment income (normalized)						23						24						21						22						23						92						92
Investment expenses						(1)						(1)						(1)						(1)						(1)						(4)						(4)
Credited interest						(13)						(14)						(14)						(14)						(13)						(54)						(55)
Net margin						9						9						7						8						9						34						33
Other investment income (normalized)						10						9						9						8						4						36						21
Investment spread and other investment income (normalized)						19						18						16						16						13						71						54
Net underwriting gain (loss) and other revenue						144						168						162						137						143						611						601
Administrative expenses						(88)						(79)						(76)						(74)						(67)						(317)						(269)
Net commissions						(45)						(43)						(44)						(42)						(42)						(175)						(168)
DAC/VOBA and other intangibles amortization, excluding unlocking						(6)						(7)						(6)						(6)						(4)						(25)						(19)
Normalized adjusted operating earnings before income taxes						24						57						52						31						43						164						200
Prepayment fees and alternative investment income above (below) long-term expectations						9						14						11						6						7						41						4
DAC/VOBA and other intangibles unlocking						—						—						—						—						—						—						—
Adjusted operating earnings before income taxes (1)						33						71						63						37						50						204						204
Adjusted Return on Capital (2)						32.1		%				34.5		%				31.4		%				26.8		%				30.2		%				32.1		%				30.2		%
Group life:
Premiums						140						139						135						136						132						550						528
Benefits						(136)						(132)						(119)						(137)						(109)						(525)						(432)
Other (3)						(2)						—						(1)						(7)						(3)						(10)						(7)
Total Group life						1						7						15						(8)						20						15						89
Group Life Loss Ratio (Interest adjusted)						97.5		%				95.6		%				88.2		%				100.7		%				82.3		%				95.5		%				81.8		%
Group stop loss:
Premiums						288						291						295						291						264						1,165						1,062
Benefits						(224)						(226)						(231)						(220)						(210)						(901)						(825)
Other (3)						(1)						(1)						(1)						(2)						(1)						(5)						(4)
Total Group stop loss						63						64						63						69						53						260						233
Stop loss Loss Ratio						77.7		%				77.5		%				78.2		%				75.6		%				79.6		%				77.3		%				77.7		%
Voluntary Benefits, Disability, and Other						79						97						83						76						70						335						276
Net underwriting gain (loss) and other revenue
Premiums						562						564						562						561						512						2,248						2,062
Benefits						(419)						(399)						(400)						(413)						(364)						(1,630)						(1,451)
Other (3)						1						2						—						(10)						(5)						(8)						(12)
Total Net underwriting gain (loss) and other revenue						144						168						162						137						143						611						601
Total Aggregate Loss Ratio (2)						72.5		%				71.6		%				71.6		%				71.8		%				70.4		%				72.5		%				70.4		%
(1) For a reconciliation to the adjusted operating earnings presentation on pages 9 and 12, see page 40 in the Reconciliation section of this document.
(2) Adjusted Return on Capital and Total Aggregate Loss Ratio are calculated using Trailing twelve months.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.

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Voya Financial						Page 57 of 57

Reconciliation of Investment Management Normalized Adjusted Operating Margin, Excluding Investment Capital

			Three Months Ended																		Twelve Months Ended
(in millions USD, unless otherwise indicated)			12/31/2021						9/30/2021						12/31/2020						12/31/2021						9/30/2021						12/31/2020
Adjusted operating revenues(1)			201						200						235						783						817						702
Adjusted operating expenses(2)			(142)						(138)						(145)						(544)						(547)						(506)
Adjusted operating earnings before income taxes(1)(2)			59						63						90						239						270						197
Adjusted operating margin			29.2		%				31.3		%				38.3		%				30.5		%				33.1		%				28.0		%
Adjusted operating revenues(1)			201						200						235						783						817						702
Less:
Investment Capital Results			20						28						18						103						101						15
Adjusted operating revenues excluding Investment Capital			181						172						217						680						716						687
Adjusted operating expenses(2)			(142)						(138)						(145)						(544)						(547)						(506)
Adjusted operating earnings excluding Investment Capital			39						34						72						136						169						181
Adjusted operating margin excluding Investment Capital			21.4		%				20.0		%				33.2		%				20.0		%				23.6		%				26.3		%
Adjusted operating revenues(1)			201						200						235						783						817						702
Less:
Investment Capital Results above (below) long-term expectations			12						21						12						75						75						(6)
Normalized adjusted operating revenues			189						179						223						708						742						708
Adjusted operating expenses(2)			(142)						(138)						(145)						(544)						(547)						(506)
Normalized adjusted operating earnings			46						42						78						163						195						203
Normalized adjusted operating margin			24.6		%				23.3		%				35.0		%				23.1		%				26.3		%				28.5		%
(1) Fee based margin includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Includes expenses attributable to investment capital results above (below) long-term expectations.