0001535929false00015359292022-05-032022-05-030001535929us-gaap:CommonStockMember2022-05-032022-05-030001535929voya:DepositarySharesMember2022-05-032022-05-03

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):

May 3, 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. ☐ 

---

Item 2.02			Results of Operations and Financial Condition

On May 3, 2022 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2022. 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, May 4, 2022 at 10:00 am ET to discuss its first-quarter 2022 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 March 31, 2022, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2022 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 May 3, 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 May 3, 2022 (furnished and not filed)

99.2    Quarterly Investor Supplement for the quarter ended March 31, 2022 (furnished and not filed)

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

---

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: May 3, 2022

Exhibit 99.1

Voya Financial announces first-quarter 2022 results

NEW YORK, May 3, 2022 — Voya Financial, Inc. (NYSE: VOYA), announced today financial results for the first quarter of 2022:

•Net income available to common shareholders of $0.24 per diluted share, which includes certain investment losses.

•After-tax adjusted operating earnings1 of $1.47 per diluted share2.

•Results reflect organic growth across all businesses.

•Significant capital deployment in the first-quarter and the trailing twelve months ended March 31, 2022:

–Approximately $713 million in excess capital deployed in the first quarter, including $500 million in share repurchases, $192 million in debt redemption and $21 million in common stock dividends.

–Over the trailing twelve months ended March 31, 2022, approximately $2 billion in excess capital has been deployed to provide further shareholder value.

–Board of directors authorizes the repurchase of an additional $500 million of common stock.

–As of March 31, 2022, Voya had approximately $900 million of excess capital, including approximately $100 million generated in the first quarter.

"During the first quarter, we generated $1.47 per diluted share in after-tax adjusted operating earnings, which reflects solid alternative investment income as well as further client demand for our products and solutions," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. "For the trailing twelve months ended March 31, 2022, Wealth Solutions full service recurring deposits grew 11.2% compared with the prior-year period to $12.4 billion. In Health Solutions, annualized in-force premiums in the first quarter of 2022 increased 9.7% compared with the prior-year period. In addition, Investment Management generated $1.3 billion of net inflows in the first quarter of 2022 and achieved 4.5% organic growth for the trailing twelve months ended March 31, 2022. In short, we continue to see demand for the valuable health, wealth and investment solutions that meet the current and growing needs of our workplace and institutional clients.

"In addition to organic growth, we continue to benefit from our high free-cash-flow businesses. During the first quarter, we deployed more than $700 million in excess capital through a combination of share repurchases, debt redemption and common stock dividends. This now brings

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 First-quarter 2022 results include the following notable items: $0.40 of investment income from alternative investments and prepayments above long-term expectations, net of variable and incentive compensation; $(0.24) of COVID-19 impacts; and $(0.11) of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking. Please see the tables at the end of this press release for more details on notable items.

1

---

our total excess capital deployed for the trailing twelve months ended March 31, 2022 to approximately $2 billion. We also concluded the quarter with approximately $900 million of excess capital. With the additional $500 million share repurchase authorization we have received from the board, we will build upon our capital deployment track record and continue to be disciplined and balanced with our use of capital," added Martin.

HIGHLIGHTS

•Wealth Solutions full-service recurring deposits for the trailing twelve months (TTM) ended March 31, 2022 were $12.4 billion, up 11.2% compared with the prior-year period and within the company’s annual target of 10–12%. First-quarter 2022 full-service recurring deposits were $3.6 billion.

•Health Solutions annualized in-force premiums were $2.7 billion in the first quarter of 2022, up 9.7% compared with the prior-year period and at the high end of the company's 7–10% annual target. The increase in annualized in-force premiums reflects growth across all product lines, including a 22% increase in Voluntary.

•Investment Management net inflows (excluding sub-advisor replacements and divested businesses) were $9.5 billion for the TTM ended March 31, 2022, representing organic growth of 4.5% and above the company's annual target of 2–4%. First-quarter 2022 net inflows were $1.3 billion.

•Voya deployed approximately $700 million of excess capital during the first quarter and approximately $2 billion for the TTM ended March 31, 2022.

•The board of directors has authorized the repurchase of an additional $500 million of Voya common stock. In addition, on April 28, 2022, the board declared a second-quarter 2022 common stock dividend of $0.20 per share, maintaining Voya's dividend yield above 1%.

•In March 2022, Voya was — for the ninth consecutive year — recognized by Ethisphere as one of the 2022 World’s Most Ethical Companies. Voya is one of 136 companies to earn the honor for 2022 and one of only six companies recognized in the financial services category.

•In the first quarter, Voya continued to advance several initiatives to leverage technology to enable strong outcomes for its customers. In March, Voya announced the launch of myHealth&Wealth, a new integrated and holistic benefits selection experience that offers personalized digital guidance to help employees optimize their spending across health insurance benefits, emergency savings and saving for retirement. Voya also made several enhancements to its award-winning Voya Retire mobile app, which provides its retirement plan participants with mobile access to Voya’s full participant experience.

CONSOLIDATED RESULTS

First-quarter 2022 net income available to common shareholders was $27 million, or $0.24 per diluted share, compared with $1,086 million, or $8.29 per diluted share, in the first quarter of 2021. The decline was primarily due to first-quarter 2021 results benefiting from $725 million of income in

2

---

businesses exited or to be exited through reinsurance or divestment, which was driven by investment gains related to the closing of Voya's sale of substantially all of its Individual Life and legacy annuities businesses. In addition, first-quarter 2022 results reflect $87 million of investment losses (compared with $38 million of investment gains in the prior-year period) as well as lower adjusted operating earnings.

First-quarter 2022 after-tax adjusted operating earnings were $172 million, or $1.47 per diluted share, compared with $223 million, or $1.70 per diluted share in the first quarter of 2021. The decline was primarily due to lower alternative investment income; lower investment capital revenues in Investment Management; an unfavorable change in DAC/VOBA and other intangibles unlocking and lower fee-based margin in Wealth Solutions (driven by the sale of the independent financial planning channel of Voya Financial Advisors (FPC) in the second quarter of 2021); and higher Group Life claims in Health Solutions, in each case compared with first-quarter 2021. On a per-share basis, first-quarter 2022 results reflect the benefit of share repurchases in 2021 and in the first quarter of 2022.

SEGMENT DISCUSSIONS

The following segment discussions compare the first quarter of 2022 with the first quarter of 2021, unless otherwise noted. All figures are presented before income taxes.

Wealth Solutions

Wealth Solutions adjusted operating earnings were $205 million, compared with $255 million. The change primarily reflects:

•$17 million of lower investment income, primarily due to lower alternative investment income;

•$13 million of lower fee-based margin as business growth and higher average equity market levels were more than offset by lower retail assets (driven by the second-quarter 2021 sale of the FPC);

•an $18 million unfavorable change in DAC/VOBA and other intangibles unlocking; and

•$4 million of higher administrative expenses, primarily due to growth and investments in the business, which was partially offset by lower expenses resulting from the second-quarter 2021 sale of the FPC.

3

---

			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			3/31/2022						3/31/2021
Net revenue			$	2,322					$	1,886
Net revenue, excluding notables			1,934						1,735
Adjusted operating margin			45.7		%				30.5		%
Adjusted operating margin, excluding notables			35.5		%				34.2		%
Full Service recurring deposits			$	12,438					$	11,184
Full Service net flows			$	155					$	2,143
			Three months ended or as of						Three months ended or as of
($ in millions)			3/31/2022						3/31/2021
Total client assets			$	514,972					$	540,383
Full Service recurring deposits			$	3,604					$	3,222
Full Service net flows			$	446					$	868
Full Service client assets			$	178,161					$	171,179

Total client assets as of March 31, 2022 were $515 billion, down from March 31, 2021 as growth in the business, including positive net flows over the period, was more than offset by lower retail assets due to the second-quarter 2021 sale of the FPC.

Health Solutions

Health Solutions adjusted operating earnings were $22 million, compared with $37 million. The change primarily reflects:

•$9 million of higher underwriting results as business growth and a lower loss-ratio in Voluntary were offset by a higher loss ratio for Group Life (which includes approximately $35 million of COVID-19 impacts in the first quarter of 2022) and a higher loss ratio for Stop Loss;

•$3 million of higher investment income; and

•$16 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; in addition, premium taxes and commissions were also higher due to growth in the business.

4

---

			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			3/31/2022						3/31/2021
Net revenue			$	732					$	640
Net revenue, excluding notables			791						693
Adjusted operating margin			25.8		%				28.0		%
Adjusted operating margin, excluding notables			31.2		%				33.5		%
Total aggregate loss ratio			73.1		%				71.8		%
			Three months ended						Three months ended
($ in millions)			3/31/2022						3/31/2021
Group Life, Disability and Other			$	807					$	730
Stop Loss			1,220						1,182
Voluntary			678						554
Total annualized in-force premiums			$	2,705					$	2,466

Investment Management

Investment Management adjusted operating earnings were $39 million, compared with $52 million. The change primarily reflects:

•$17 million of lower investment capital revenues, including lower private equity results in the first quarter of 2022;

•$5 million of higher fee-based margin due to an increase in management fees from higher average assets under management (AUM) and positive net flows, including private equity; and

•$2 million of higher administrative expenses, primarily due to growth and investments in the business.

5

---

			Trailing 12 months ended						Trailing 12 months ended
($ in millions)			3/31/2022						3/31/2021
Net revenue			$	771					$	727
Net revenue, excluding notables			731						662
Adjusted operating margin			29.4		%				28.7		%
Adjusted operating margin, excluding notables			25.9		%				24.3		%
Institutional net flows			$	11,424					$	8,652
Retail net flows			(1,945)						(1,583)
Total net flows*			9,479						7,069
			Three months ended or as of						Three months ended or as of
($ in millions)			3/31/2022						3/31/2021
Institutional net flows			$	2,221					$	(128)
Retail net flows			(893)						(252)
Total net flows*			1,328						(380)
Fixed income - public and other			$	114,695					$	114,388
Privates and alternatives			79,340						74,824
Equity			59,174						59,337
Total AUM			$	253,208					$	248,550

* Excludes sub-advisor replacements and divested businesses.

Total AUM were $253 billion as of March 31, 2022, up 2% from March 31, 2021. The increase reflects strong positive Institutional net flows for the TTM ended March 31, 2022, including several new private credit mandates in the first quarter of 2022.

Corporate

Corporate adjusted operating losses were $58 million compared with adjusted operating losses of $71 million. The change reflects lower net stranded costs associated with the Individual Life transaction as well as lower interest expense due to the redemption of debt in 2021.

Share Repurchases

During the first quarter of 2022, Voya repurchased $500 million of its common stock. During the quarter, Voya entered into an accelerated share repurchase (ASR) agreement to repurchase $275 million of common stock — $220 million, or 3,305,786 shares, of which were delivered during the first quarter; the remaining $55 million will be delivered in the second quarter of 2022. In addition to

6

---

the previously mentioned ASR, Voya repurchased an additional $225 million, or 3,295,800 shares, of its common stock during the first quarter of 2022.

Voya announced today that its board of directors has increased the amount of the company’s common stock authorized for repurchase under the company’s share repurchase program by an additional $500 million. Under its share repurchase program, the company may, from time to time, purchase shares of its common stock through various means, including open market transactions, repurchase programs pursuant to rule 10b5-1, privately negotiated transactions, forward, derivative, accelerated repurchase, automatic repurchase transactions, or tender offers. The additional $500 million share repurchase authorization expires on June 30, 2023 (unless extended), and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.

Including the additional $500 million repurchase authorization and accounting for the previously mentioned $275 million ASR that Voya entered into in the first quarter, the company had approximately $521 million remaining under its share repurchase authorization.

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, May 4, 2022, at 10 a.m. ET, to discuss the company’s first-quarter 2022 results. The call and slide presentation can be 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 May 4, 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 $707 billion in total assets under management and administration as of March 31, 2022. 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; a member of the Bloomberg Gender-Equality Index; and 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.

7

---

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 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

8

---

•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.

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). Refer to our Quarterly Investor Supplement for a reconciliation of net revenue to adjusted operating revenue for each of our segments.

9

---

•    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 above or below our long-term expectations. Refer to our Quarterly Investor Supplement for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

•    We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings excluding the effects of items that are not expected to recur at the same level.

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 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 filed with the SEC on Feb. 22, 2022, and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, which the Company expects to file with the SEC on or before May 10, 2022.

VOYA-IR VOYA-CF

10

---

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
			Three Months Ended
($ in millions, except per share)			3/31/2022															3/31/2021
			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									$	27		$	0.24											$	1,086		$	8.29
Less: Preferred stock dividends									(14)			(0.12)												(14)			(0.11)
Net Income (loss) available to Voya Financial, Inc.									$	41		$	0.36											$	1,100		$	8.40
Plus: Net income (loss) attributable to noncontrolling interest									43			0.36												—			—
Net Income (loss)									$	84		$	0.72											$	1,100		$	8.40
Less: Income (loss) from discontinued operations, net of tax									—			—												14			0.10
Income (loss) from continuing operations			$	91		$	7		$	84		$	0.72					$	1,038		$	(48)		$	1,086		$	8.30
Less:
Net Investment gains (losses) and related charges and adjustments			(87)			(18)			(69)			(0.59)						38			8			30			0.23
Net guaranteed benefit gains (losses) and related charges and adjustments			(22)			(5)			(17)			(0.15)						10			2			8			0.06
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(47)			(10)			(37)			(0.32)						725			(79)			804			6.14
Net income (loss) attributable to noncontrolling interest			43			—			43			0.36						—			—			—			—
Income (loss) on early extinguishment of debt			(5)			(1)			(4)			(0.03)						(10)			(2)			(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			4			1			3			0.03						—			—			—			—
Dividend payments made to preferred shareholders			14			—			14			0.12						14			—			14			0.11
Other adjustments (2)			(17)			3			(20)			(0.17)						(11)			(27)			15			0.12
Adjusted operating earnings			$	209		$	36		$	172		$	1.47					$	273		$	50		$	223		$	1.70

(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
(in millions)			3/31/2022			3/31/2021
Weighted-average common shares outstanding - Basic			106			123
Dilutive effect of warrants			8			5
Other dilutive effects (1)			3			3
Weighted-average common shares outstanding - Diluted			117			131
Dilutive effect of the exercise or issuance of stock based awards			—			—
Weighted average common shares outstanding - Adjusted Diluted (2)			117			131

(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.

11

---

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended March 31, 2022
(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			$	205		$	52		$	—		$	(16)		$	169
Investment Management			39			2			—			—			37
Health Solutions			22			5			(35)			—			52
Adjusted operating earnings, excluding Corporate			$	266		$	59		$	(35)		$	(16)		$	258
Corporate			(58)			—			—			—			(58)
Adjusted operating earnings, pre-tax			$	209		$	59		$	(35)		$	(16)		$	200
Net revenue
Wealth Solutions			$	538		$	52		$	—		$	—		$	486
Investment Management			178			3			—			—			175
Health Solutions			171			5			(35)			—			201
Total Net revenue			$	887		$	60		$	(35)		$	—		$	862
Adjusted operating margin
Wealth Solutions			38.1		%										34.8		%
Investment Management			21.9		%										21.1		%
Health Solutions			12.9		%										25.9		%
Adjusted operating margin, excluding Corporate & Notable items			30.0		%										29.9		%
Adjusted operating margin, including Corporate			23.6		%										23.2		%

(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.

12

---

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended March 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			$	255		$	81		$	—		$	13		$	161
Investment Management			52			18			—			—			34
Health Solutions			37			6			(35)			1			64
Adjusted operating earnings, excluding Corporate			$	344		$	105		$	(35)		$	14		$	259
Corporate			(71)			(6)			—			—			(65)
Adjusted operating earnings, pre-tax			$	273		$	99		$	(35)		$	14		$	194
Net revenue
Wealth Solutions			$	563		$	81		$	—		$	18		$	464
Investment Management			190			22			—			—			168
Health Solutions			159			6			(35)			1			186
Total Net revenue			$	912		$	109		$	(35)		$	19		$	818
Adjusted operating margin
Wealth Solutions			45.3		%										34.7		%
Investment Management			27.4		%										20.2		%
Health Solutions			23.3		%										34.4		%
Adjusted operating margin, excluding Corporate & Notable items			37.7		%										31.7		%
Adjusted operating margin, including Corporate			29.9		%										23.7		%

(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, and changes in certain legal and other reserves not expected to recur at the same level.

13

---

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2022
(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			$	1,060		$	377		$	—		$	(3)		$	686
Investment Management			227			52			—			(9)			189
Health Solutions			189			39			(112)			13			247
Adjusted operating earnings, excluding Corporate			$	1,476		$	468		$	(112)		$	1		$	1,122
Corporate			(248)			(50)			—			—			(198)
Adjusted operating earnings, pre-tax			$	1,229		$	418		$	(112)		$	1		$	924
Net revenue
Wealth Solutions			$	2,322		$	377		$	—		$	10		$	1,934
Investment Management			771			56			—			(15)			731
Health Solutions			732			39			(112)			13			791
Total Net revenue			$	3,825		$	472		$	(112)		$	8		$	3,456
Adjusted operating margin
Wealth Solutions			45.7		%										35.5		%
Investment Management			29.4		%										25.9		%
Health Solutions			25.8		%										31.2		%
Adjusted operating margin, excluding Corporate			38.6		%										32.5		%
Adjusted operating margin, including Corporate			32.1		%										26.7		%

(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 in certain legal and other reserves not expected to recur at the same level.

14

---

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 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			$	575		$	98		$	—		$	(117)		$	593
Investment Management			209			18			—			30			161
Health Solutions			179			9			(71)			8			232
Adjusted operating earnings, excluding Corporate			$	963		$	125		$	(71)		$	(79)		$	986
Corporate			(328)			(3)			—			(101)			(224)
Adjusted operating earnings, pre-tax			$	634		$	122		$	(71)		$	(180)		$	762
Net revenue
Wealth Solutions			$	1,886		$	98		$	—		$	54		$	1,735
Investment Management			727			18			—			47			662
Health Solutions			640			9			(71)			8			693
Total Net revenue			$	3,253		$	125		$	(71)		$	109		$	3,090
Adjusted operating margin
Wealth Solutions			30.5		%										34.2		%
Investment Management			28.7		%										24.3		%
Health Solutions			28.0		%										33.5		%
Adjusted operating margin, excluding Corporate			29.6		%										32.0		%
Adjusted operating margin, including Corporate			19.5		%										24.7		%

(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 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.

15

						Exhibit 99.2

Quarterly Investor Supplement

March 31, 2022

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2022. 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

---

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

34

Consolidated Statements of Operations

7

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Adjusted Operating Earnings Before Income Taxes

8

Ratings

35

Adjusted Operating Earnings by Segment (QTD)

9

Alternative Investment Income

36

Consolidated Balance Sheets

10

Alternative Income and Prepayments Above (Below) Long-Term

DAC/VOBA Segment Trends

11

Expectations

37

Consolidated Capital Structure

12

Reconciliations

Consolidated Assets Under Management, Assets Under Administration

Reconciliation of Consolidated Statements of Operations

39

and Advisement

13

Reconciliation of Adjusted Operating Revenues

40

Wealth Solutions

Reconciliation of Net Revenues by Segment

41 - 42

Sources of Adjusted Operating Earnings and Key Metrics

15

Reconciliation of Adjusted Operating Earnings by Segment

43

Client Assets Rollforward by Product Group

16 - 17

Reconciliation of Adjusted Operating Earnings and Earnings

Health Solutions

Per Common Share (Diluted) (QTD)

44

Sources of Adjusted Operating Earnings

19

Reconciliation of Book Value Per Common Share, Excluding AOCI

45

Key Metrics

20

Appendix

Investment Management

Notable Items

47

Sources of Adjusted Operating Earnings

22

Wealth Solutions Sources of Adjusted Operating Earnings Reconciliation

48

Analysis of AUM and AUA

23

Investment Management and Health Solutions Sources of Adjusted

Account Value Rollforward by Source

24

Operating Earnings Reconciliations

49

Account Value by Asset Type

25

Corporate

Adjusted Operating Earnings

27

Net Revenue, Adjusted Operating Margin, Administrative

Expenses, and Adjusted Operating Return on Capital

Net Revenue and Adjusted Operating Margin

29

Administrative Expenses

30

Adjusted Operating Return on Allocated Capital Excluding Unlocking

31 - 32

---

Voya Financial						Page 3 of 49

Explanatory Note on Non-GAAP Financial Information

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;

•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.

---

Voya Financial						Page 4 of 49

Explanatory Note on Non-GAAP Financial Information

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.

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;

---

Voya Financial						Page 5 of 49

Explanatory Note on Non-GAAP Financial Information

•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 of 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 of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our 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 above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

•    We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings excluding the effects of items that are not expected to recur at the same level.

Other Information    

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

---

Voya Financial						Page 6 of 49

Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD, unless otherwise indicated)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders			27						403						142						459						1,086						27						1,086
Per common share (basic)			0.26						3.66						1.24						3.81						8.85						0.26						8.85
Per common share (diluted)			0.24						3.36						1.15						3.53						8.29						0.24						8.29
Adjusted operating earnings: (1)
Before income taxes			209						279						388						353						273						209						273
After income taxes			172						229						315						287						223						172						223
Effective tax rate			17.4		%				18.0		%				18.8		%				18.7		%				18.3		%				17.4		%				18.3		%
Per common share (Adjusted diluted)			1.47						1.90						2.57						2.20						1.70						1.47						1.70
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity			5,586						7,641						7,777						7,750						7,319						5,586						7,319
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)			5,059						5,541						5,461						5,319						5,409						5,059						5,409
Deferred Tax Asset ("DTA") (2)			1,520						1,504						1,337						1,458						1,636						1,520						1,636
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (2)			3,539						4,037						4,124						3,861						3,773						3,539						3,773
Book value per common share (including AOCI)			54.66						70.88						69.19						68.34						60.39						54.66						60.39
Book value per common share (excluding AOCI) (1)			49.50						51.40						48.59						46.90						44.63						49.50						44.63
Debt to Capital:
Debt to Capital			28.0		%				23.9		%				26.2		%				26.2		%				27.2		%				28.0		%				27.2		%
Financial Leverage Ratio (1)			31.9		%				27.6		%				29.5		%				30.2		%				32.4		%				31.9		%				32.4		%
Shares:
Weighted-average common shares outstanding
Basic			106						110						113						121						123						106						123
Dilutive effect of warrants			8						8						7						7						5						8						5
Other dilutive effects (3)			3						3						2						2						3						3						3
Diluted			117						120						122						130						131						117						131
Adjusted Diluted (1)			117						120						122						130						131						117						131
Ending shares outstanding			102						108						112						113						121						102						121
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions			445						310						80						518						235						445						235
Dividends to common shareholders			21						21						19						20						20						21						20
Total cash returned to common shareholders			466						331						99						538						255						466						255
(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 38 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.

---

Voya Financial						Page 7 of 49

Consolidated Statements of Operations

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Revenues (1)
Net investment income			630						673						731						656						714						630						714
Fee income			433						446						487						436						458						433						458
Premiums			613						544						573						516						(4,987)						613						(4,987)
Net gains (losses)			(285)						(179)						(103)						(37)						1,742						(285)						1,742
Other revenues			40						49						46						374						110						40						110
Income (loss) related to consolidated investment entities			83						142						275						558						6						83						6
Total revenues			1,514						1,675						2,009						2,503						(1,957)						1,514						(1,957)
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders			(665)						(627)						(714)						(686)						4,190						(665)						4,190
Operating expenses			(632)						(636)						(642)						(706)						(602)						(632)						(602)
Net amortization of DAC/VOBA			(80)						(40)						(190)						(26)						(539)						(80)						(539)
Interest expense			(40)						(59)						(39)						(39)						(49)						(40)						(49)
Operating expenses related to consolidated investment entities			(6)						(13)						(13)						(18)						(5)						(6)						(5)
Total benefits and expenses			(1,423)						(1,375)						(1,598)						(1,475)						2,995						(1,423)						2,995
Income (loss) from continuing operations before income taxes			91						300						411						1,028						1,038						91						1,038
Less:
Net investment gains (losses) and related charges and adjustments			(87)						(86)						(1)						29						38						(87)						38
Net guaranteed benefit gains (losses) and related charges and adjustments			(22)						(3)						(3)						(5)						10						(22)						10
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)			(47)						14						(173)						247						725						(47)						725
Income (loss) attributable to noncontrolling interests			43						100						214						447						—						43						—
Income (loss) on early extinguishment of debt			(5)						(21)						—						—						(10)						(5)						(10)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments			4						33						—						—						—						4						—
Dividend payments made to preferred shareholders			14						4						14						4						14						14						14
Other adjustments			(17)						(19)						(28)						(46)						(11)						(17)						(11)
Adjusted operating earnings before income taxes (3)			209						279						388						353						273						209						273
(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 38 of this document.

---

Voya Financial						Page 8 of 49

Consolidated Adjusted Operating Earnings Before Income Taxes

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)						536						571						646						596						574						536						574
Fee income						440						467						458						440						426						440						426
Premiums						591						539						543						535						550						591						550
Other revenue						35						41						42						43						45						35						45
Adjusted operating revenues (1)						1,601						1,618						1,689						1,614						1,595						1,601						1,595
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(694)						(650)						(633)						(627)						(654)						(694)						(654)
Operating expenses						(594)						(611)						(582)						(570)						(578)						(594)						(578)
Net amortization of DAC/VOBA						(52)						(34)						(29)						(19)						(35)						(52)						(35)
Interest expense (2)						(52)						(44)						(56)						(46)						(55)						(52)						(55)
Adjusted operating benefits and expenses						(1,393)						(1,339)						(1,301)						(1,261)						(1,322)						(1,393)						(1,322)
Adjusted operating earnings before income taxes (1)						209						279						388						353						273						209						273

Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
Adjusted operating revenues
Wealth Solutions						754						791						857						807						782						754						782
Investment Management						178						201						200						193						190						178						190
Health Solutions						647						599						606						591						600						647						600
Corporate						22						27						25						24						24						22						24
Adjusted operating revenues (1)						1,601						1,618						1,689						1,614						1,595						1,601						1,595
Adjusted operating earnings
Wealth Solutions						205						241						319						295						255						205						255
Investment Management						39						59						63						66						52						39						52
Health Solutions						22						33						71						63						37						22						37
Corporate						(58)						(54)						(65)						(71)						(71)						(58)						(71)
Adjusted operating earnings before income taxes (1)						209						279						388						353						273						209						273
(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.

---

Voya Financial						Page 9 of 49

Adjusted Operating Earnings by Segment

						Three Months Ended March 31, 2022
(in millions USD)						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						485						11						39												1						536
Fee income						255						165						19												—						440
Premiums						—						—						591												—						591
Other revenue						14						2						(2)												21						35
Adjusted operating revenues (1)						754						178						647												22						1,601
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(218)						—						(476)												—						(694)
Operating expenses						(286)						(139)						(142)												(28)						(594)
Net amortization of DAC/VOBA						(44)						—						(8)												—						(52)
Interest expense (2)						—						—						—												(52)						(52)
Adjusted operating benefits and expenses						(548)						(139)						(625)												(80)						(1,393)
Adjusted operating earnings before income taxes (1)						205						39						22												(58)						209
						Three Months Ended March 31, 2021
						Wealth Solutions						Investment Management						Health Solutions												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)						509						28						36												1						574
Fee income						252						158						15												—						426
Premiums						—						—						550												—						550
Other revenue						21						3						(2)												23						45
Adjusted operating revenues (1)						782						190						600												24						1,595
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(216)						—						(437)												—						(654)
Operating expenses						(283)						(137)						(119)												(39)						(578)
Net amortization of DAC/VOBA						(29)						—						(6)												—						(35)
Interest expense (2)						—						—						—												(55)						(55)
Adjusted operating benefits and expenses						(527)						(137)						(563)												(95)						(1,322)
Adjusted operating earnings before income taxes (1)						255						52						37												(71)						273
(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.

---

Voya Financial						Page 10 of 49

Consolidated Balance Sheets

						Balances as of
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Assets
Total investments						42,950						45,581						46,429						45,995						45,494
Cash and cash equivalents						1,011						1,402						1,677						1,765						1,170
Assets held in separate accounts						93,108						100,433						96,794						97,098						92,970
Premium receivable and reinsurance recoverable, net						13,261						13,635						13,580						13,490						13,839
Short term investments under securities loan agreement and accrued investment income						1,507						1,536						1,652						1,481						1,313
Deferred policy acquisition costs, Value of business acquired						1,921						1,378						1,337						1,446						1,592
Current and deferred income taxes (1)						1,405						986						696						703						950
Other assets (2)						2,710						2,532						2,626						2,762						2,769
Assets related to consolidated investment entities						3,933						3,779						3,626						3,454						2,764
Assets held for sale						—						—						—						—						—
Total Assets						161,806						171,262						168,417						168,194						162,861
Liabilities
Future policy benefits and contract owner account balances						52,765						52,758						52,943						52,598						52,786
Liabilities related to separate accounts						93,108						100,433						96,794						97,098						92,970
Payables under securities loan agreements, including collateral held						1,124						1,183						1,201						1,004						902
Short-term debt						1						1						1						1						1
Long-term debt						2,406						2,595						2,970						2,969						2,969
Other liabilities (3)						2,596						2,578						2,807						3,019						2,786
Liabilities related to consolidated investment entities						2,102						1,893						1,706						1,730						1,448
Liabilities held for sale						—						—						—						—						—
Total Liabilities						154,102						161,441						158,422						158,419						153,862
Shareholders' Equity
Preferred stock						—						—						—						—						—
Common stock						1						1						2						2						2
Treasury stock						(565)						(80)						(1,906)						(1,820)						(1,301)
Additional paid-in capital						7,504						7,542						11,215						11,143						11,177
Retained earnings (deficit)						(1,269)						(1,310)						(3,238)						(3,394)						(3,857)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI						5,671						6,153						6,073						5,931						6,021
Accumulated other comprehensive income						527						2,100						2,316						2,431						1,910
Total Voya Financial, Inc. Shareholders' Equity						6,198						8,253						8,389						8,362						7,931
Noncontrolling interest						1,506						1,568						1,606						1,413						1,068
Total Shareholders' Equity						7,704						9,821						9,995						9,775						8,999
Total Liabilities and Shareholders' Equity						161,806						171,262						168,417						168,194						162,861
(1) Current and deferred income taxes:
Deferred Tax Asset primarily related to Federal NOL's						1,520						1,504						1,517						1,638						1,816
Tax valuation allowance related to Federal NOL's						—						—						(180)						(180)						(180)
Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses						(106)						(525)						(582)						(613)						(474)
Other Net Deferred Tax Asset (Liability) related to DAC, reserves, and other temporary differences						(9)						7						(59)						(142)						(212)
Total Current and deferred income taxes						1,405						986						696						703						950
Gross Unrealized Gains (losses) reflected in AOCI						507						2,499						2,772						2,917						2,257
21% Tax Effect						(106)						(525)						(582)						(613)						(474)
(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.

---

Voya Financial						Page 11 of 49

DAC/VOBA Segment Trends

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Wealth Solutions
Balance as of Beginning-of-Period						430						381						332						456						207						430						207
Deferrals of commissions and expenses						17						17						17						17						16						17						16
Amortization						(9)						(12)						(32)						(23)						(25)						(9)						(25)
Unlocking						(51)						(8)						10						27						(17)						(51)						(17)
Change in unrealized capital gains/losses (1)						588						53						53						(144)						274						588						274
Balance as of End-of-Period						975						430						381						332						456						975						456
Deferred Sales Inducements as of End-of-Period (2)						25						23						24						24						26						25						26
Other (3)
Balance as of Beginning-of-Period						152						148						143						142						134						152						134
Deferrals of commissions and expenses						10						9						10						11						9						10						9
Amortization						(8)						(6)						(3)						(10)						(9)						(8)						(9)
Unlocking						—						—						—						—						—						—						—
Change in unrealized capital gains/losses (1)						8						2						(2)						—						7						8						7
Balance as of End-of-Period						163						152						148						143						142						163						142
Total
Balance as of Beginning-of-Period						582						528						475						598						341						582						341
Deferrals of commissions and expenses						27						26						27						28						25						27						25
Amortization						(17)						(18)						(35)						(33)						(34)						(17)						(34)
Unlocking						(51)						(8)						10						27						(17)						(51)						(17)
Change in unrealized capital gains/losses (1)						596						55						51						(144)						281						596						281
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment						1,138						582						528						475						598						1,138						598
Balance as of End-of-Period, businesses exited through reinsurance or divestment (4)						783						796						809						971						994						783						994
Balance as of End-of-Period, including businesses exited through reinsurance or divestment						1,921						1,378						1,337						1,446						1,592						1,921						1,592
(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.

---

Voya Financial						Page 12 of 49

Consolidated Capital Structure

						Balances as of
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Financial Debt
Senior bonds						1,495						1,495						1,869						1,869						1,868
Subordinated bonds						909						1,098						1,098						1,098						1,098
Other debt						3						3						4						3						4
Total Financial Debt						2,407						2,596						2,971						2,970						2,970
Other financial obligations (1)						301						300						346						381						434
Total Financial Obligations						2,708						2,896						3,317						3,351						3,404
Equity
Preferred equity (2)						612						612						612						612						612
Common equity (Excluding AOCI)						5,059						5,541						5,461						5,319						5,409
Total Equity (Excluding AOCI) (3)						5,671						6,153						6,073						5,931						6,021
Accumulated other comprehensive income (AOCI)						527						2,100						2,316						2,431						1,910
Total Voya Financial, Inc. Shareholders' Equity						6,198						8,253						8,389						8,362						7,931
Noncontrolling interest						1,506						1,568						1,606						1,413						1,068
Total Shareholders' Equity						7,704						9,821						9,995						9,775						8,999
Capital
Capitalization (4)						8,605						10,849						11,360						11,332						10,901
Adjusted Capitalization (5)						10,412						12,717						13,312						13,126						12,403
Debt to Capital
Debt to Capital (6)						28.0		%				23.9		%				26.2		%				26.2		%				27.2		%
Financial leverage ratio (3)(7)						31.9		%				27.6		%				29.5		%				30.2		%				32.4		%
(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 38 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.

---

Voya Financial						Page 13 of 49

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 2022
(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)						33,759						88,382						79,418						201,558						313,414						514,972
Investment Management						38,049						29,070						186,089						253,208						57,187						310,395
Health Solutions						1,886						17						—						1,903						—						1,903
Eliminations/Other						(35,645)						(24,361)						(11,609)						(71,615)						(48,364)						(119,979)
Total AUM and AUA(2)						38,049						93,108						253,898						385,054						322,237						707,291
(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.

---

Wealth Solutions

---

Voya Financial						Page 15 of 49

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)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Sources of operating earnings before income taxes:
Gross investment income			397						387						390						391						398						397						398
Investment expenses			(19)						(20)						(20)						(20)						(20)						(19)						(20)
Credited interest			(215)						(222)						(222)						(218)						(216)						(215)						(216)
Net margin			163						145						148						153						162						163						162
Other investment income (1)			54						58						52						52						44						54						44
Investment spread and other investment income, excluding alts/prepays above/below expectations			217						202						200						205						205						217						205
Alternative investment income and prepayment fees above (below) long-term expectations			52						82						147						96						81						52						81
Investment spread and other investment income			269						285						347						301						286						269						286
Full service fee based revenue			156						171						172						165						156						156						156
Recordkeeping and other fee based revenue (2)			112						112						114						122						125						112						125
Total fee based margin			268						283						286						287						281						268						281
Net underwriting gain (loss) and other revenue			1						—						—						(5)						(4)						1						(4)
Net revenue (3)			538						568						633						583						563						538						563
Administrative expenses			(223)						(232)						(222)						(212)						(219)						(223)						(219)
Net commissions			(63)						(66)						(66)						(63)						(61)						(63)						(61)
DAC/VOBA and other intangibles amortization, excluding unlocking			(31)						(30)						(33)						(31)						(30)						(31)						(30)
DAC/VOBA and other intangibles unlocking (4)			(16)						1						7						18						2						(16)						2
Adjusted operating earnings before income taxes			205						241						319						295						255						205						255
Adjusted Operating Margin TTM			45.7		%				47.3		%				48.9		%				38.7		%				30.5		%
Adjusted Operating Margin Excluding Notables TTM			35.5		%				35.5		%				36.1		%				35.0		%				34.2		%
Full Service Revenue (5)
Full Service Investment Spread and other investment income			258						272						332						287						275						258						275
Full Service Fee Based Revenue			156						171						172						165						156						156						156
Total Full Service Revenue			414						443						504						452						431						414						431
Client Assets
Spread Based			33,759						33,359						33,519						33,212						33,397						33,759						33,397
Fee Based			414,597						434,340						421,644						424,664						399,971						414,597						399,971
Retail Client Assets (6)			26,226						28,300						27,974						28,058						64,575						26,226						64,575
Defined Contribution Investment-only Stable Value			40,391						40,246						41,329						41,901						42,441						40,391						42,441
Total Client Assets			514,972						536,246						524,466						527,835						540,383						514,972						540,383
(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) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes $2M loss recognition in Q3 2021.
(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.

---

Voya Financial						Page 16 of 49

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Full service - Corporate markets
Client Assets, beginning of period			99,698						95,456						95,336						89,999						86,581						99,698						86,581
Transfers / Single deposits			1,676						1,575						1,925						1,164						1,915						1,676						1,915
Recurring deposits			2,558						1,938						2,003						1,994						2,227						2,558						2,227
Total Deposits			4,234						3,514						3,928						3,157						4,142						4,234						4,142
Surrenders, benefits, and product charges			(3,623)						(3,941)						(3,340)						(2,969)						(3,458)						(3,623)						(3,458)
Net Flows			612						(427)						587						188						683						612						683
Interest credited and investment performance			(5,875)						4,669						(467)						5,150						2,734						(5,875)						2,734
Client Assets, end of period - Corporate markets			94,434						99,698						95,456						95,336						89,999						94,434						89,999
Full service - Tax-exempt markets
Client Assets, beginning of period			88,004						84,929						85,179						81,180						78,831						88,004						78,831
Transfers / Single deposits			374						399						415						493						1,038						374						1,038
Recurring deposits			1,046						980						955						964						995						1,046						995
Total Deposits			1,420						1,379						1,371						1,457						2,033						1,420						2,033
Surrenders, benefits, and product charges			(1,586)						(1,836)						(1,603)						(1,407)						(1,848)						(1,586)						(1,848)
Net Flows			(165)						(457)						(232)						50						185						(165)						185
Interest credited and investment performance			(4,112)						3,533						(17)						3,948						2,164						(4,112)						2,164
Client Assets, end of period - Tax-exempt markets			83,727						88,004						84,929						85,179						81,180						83,727						81,180
Full Service - Total
Client Assets, beginning of period			187,702						180,385						180,515						171,179						165,412						187,702						165,412
Transfers / Single deposits			2,050						1,974						2,340						1,657						2,953						2,050						2,953
Recurring deposits			3,604						2,918						2,958						2,958						3,222						3,604						3,222
Total Deposits			5,654						4,893						5,299						4,614						6,175						5,654						6,175
Surrenders, benefits, and product charges			(5,209)						(5,777)						(4,943)						(4,376)						(5,306)						(5,209)						(5,306)
Net Flows			446						(884)						355						238						868						446						868
Interest credited and investment performance			(9,987)						8,202						(484)						9,098						4,898						(9,987)						4,898
Client Assets, end of period - Full Service Total			178,161						187,702						180,385						180,515						171,179						178,161						171,179
Full Service - Client Assets
Fee-based			144,888						154,839						147,378						147,835						138,326						144,888						138,326
Spread-based			33,273						32,864						33,006						32,679						32,853						33,273						32,853
Client Assets, end of period - Full Service Total			178,161						187,702						180,385						180,515						171,179						178,161						171,179

---

Voya Financial						Page 17 of 49

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Recordkeeping
Client Assets, beginning of period			279,501						274,265						276,829						261,645						247,309						279,501						247,309
Transfers / Single deposits			1,955						812						638						1,256						5,725						1,955						5,725
Recurring deposits			5,217						3,892						3,865						4,113						4,660						5,217						4,660
Total Deposits			7,172						4,705						4,503						5,369						10,385						7,172						10,385
Surrenders, benefits, and product charges			(8,065)						(12,451)						(6,256)						(6,124)						(6,860)						(8,065)						(6,860)
Net Flows			(893)						(7,747)						(1,753)						(755)						3,525						(893)						3,525
Interest credited and investment performance			(8,900)						12,982						(810)						15,939						10,811						(8,900)						10,811
Client Assets, end of period - Recordkeeping			269,708						279,501						274,265						276,829						261,645						269,708						261,645
Total Defined Contribution (1)
Client Assets, beginning of period			467,203						454,650						457,343						432,823						412,721						467,203						412,721
Transfers / Single deposits			4,005						2,786						2,978						2,912						8,677						4,005						8,677
Recurring deposits			8,822						6,811						6,823						7,071						7,882						8,822						7,882
Total Deposits			12,827						9,597						9,801						9,983						16,559						12,827						16,559
Surrenders, benefits, and product charges			(13,273)						(18,229)						(11,199)						(10,500)						(12,167)						(13,273)						(12,167)
Net Flows			(446)						(8,632)						(1,398)						(517)						4,392						(446)						4,392
Interest credited and investment performance			(18,887)						21,184						(1,295)						25,037						15,710						(18,887)						15,710
Client Assets, end of period - Total Defined Contribution			447,870						467,203						454,650						457,343						432,823						447,870						432,823
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period			40,246						41,329						41,902						42,442						42,864						40,246						42,864
Transfers / Single deposits			1,500						280						127						133						630						1,500						630
Recurring deposits			190						103						136						114						173						190						173
Total Deposits			1,690						382						262						247						803						1,690						803
Surrenders, benefits, and product charges			(545)						(1,112)						(982)						(749)						(959)						(545)						(959)
Net Flows			1,144						(730)						(719)						(502)						(156)						1,144						(156)
Interest credited and investment performance			(1,000)						(353)						148						(38)						(266)						(1,000)						(266)
Assets, end of period - Defined Contribution Investment-only SV			40,390						40,246						41,329						41,902						42,442						40,389						42,442
Retail Client Assets (3)			26,232						28,306						27,980						28,064						64,581						26,232						64,581
Other Assets (4)			480						490						507						527						538						480						538
Total Client Assets			514,972						536,246						524,466						527,835						540,383						514,972						540,383
(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.

---

Health Solutions

---

Voya Financial						Page 19 of 49

Health Solutions Sources of Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Sources of operating earnings before income taxes:
Gross investment income						23						23						24						21						22						23						22
Investment expenses						(1)						(1)						(1)						(1)						(1)						(1)						(1)
Credited interest						(13)						(13)						(14)						(14)						(14)						(13)						(14)
Net margin						9						9						9						7						8						9						8
Other investment income						12						10						9						9						8						12						8
Investment spread and other investment income, excluding alts/prepays above/below expectations						20						20						18						16						16						20						16
Alternative investment income and prepayment fees above (below) long-term expectations						5						9						14						11						6						5						6
Investment spread and other investment income						25						28						32						27						22						25						22
Net underwriting gain (loss) and other revenue						146						144						168						162						137						146						137
Net revenue (1)						171						172						200						189						159						171						159
Administrative expenses (2)						(72)						(66)						(59)						(56)						(56)						(72)						(56)
Premium taxes, fees and assessments (2)						(28)						(29)						(27)						(29)						(24)						(28)						(24)
Net commissions (2)						(42)						(38)						(37)						(36)						(36)						(42)						(36)
DAC/VOBA and other intangibles amortization, excluding unlocking						(8)						(6)						(7)						(6)						(6)						(8)						(6)
Adjusted operating earnings before income taxes						22						33						71						63						37						22						37
Adjusted Operating Margin TTM						25.8		%				28.3		%				31.1		%				30.3		%				28.0		%
Adjusted Operating Margin Excluding Notables TTM						31.2		%				33.5		%				34.0		%				33.4		%				33.5		%
Group life:
Premiums						143						140						139						135						136						143						136
Benefits						(167)						(136)						(132)						(119)						(137)						(167)						(137)
Other (3)						(2)						(2)						—						(1)						(7)						(2)						(7)
Total Group life						(26)						1						7						15						(8)						(26)						(8)
Group Life Loss Ratio (Interest adjusted)						116.4		%				97.5		%				95.6		%				88.2		%				100.7		%				116.4		%				100.7		%
Group stop loss:
Premiums						303						288						291						295						291						303						291
Benefits						(232)						(224)						(226)						(231)						(220)						(232)						(220)
Other (3)						(1)						(1)						(1)						(1)						(2)						(1)						(2)
Total Group stop loss						70						63						64						63						69						70						69
Stop loss Loss Ratio						76.5		%				77.7		%				77.5		%				78.2		%				75.6		%				76.5		%				75.6		%
Voluntary Benefits, Disability, and Other						101						79						97						83						76						101						76
Net underwriting gain (loss) and other revenue
Premiums						602						562						564						562						561						602						561
Benefits						(458)						(419)						(399)						(400)						(413)						(458)						(413)
Other (3)						1						1						2						—						(10)						1						(10)
Total Net underwriting gain (loss) and other revenue						146						144						168						162						137						146						137
Total Aggregate Loss Ratio TTM (4)						73.1		%				72.5		%				71.6		%				71.6		%				71.8		%				73.1		%				71.8		%
(1) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(2) Prior periods were adjusted to conform to current presentation inclusive of Premium taxes, fees and assessments.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) Total Aggregate Loss Ratio is calculated using trailing twelve months..

---

Voya Financial						Page 20 of 49

Health Solutions Key Metrics

						Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Sales by Product Line:
Group life and Disability						86						12						18						21						60						86						60
Stop loss						323						14						24						20						297						323						297
Voluntary						104						6						11						29						81						104						81
Total sales by product line						513						31						53						70						438						513						438
Total gross premiums and deposits						660						610						611						602						607						660						607
Annualized In-force Premiums by Product Line:
Group life and Disability						807						752						771						749						730						807						730
Stop loss						1,220						1,181						1,184						1,191						1,182						1,220						1,182
Voluntary						678						576						561						550						554						678						554
Total annualized in-force premiums						2,705						2,510						2,515						2,490						2,466						2,705						2,466
Assets Under Management by Fund Group
General account						1,886						1,869						1,924						1,888						1,817						1,886						1,817
Separate account						17						18						17						17						17						17						17
Total AUM						1,903						1,887						1,941						1,905						1,834						1,903						1,834

---

Investment Management

---

Voya Financial						Page 22 of 49

Investment Management Sources of Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations						8						8						8						7						6						8						6
Alternative investment income and prepayment fees above (below) long-term expectations						3						12						21						20						22						3						22
Investment spread and other investment income						11						20						29						27						28						11						28
Fee based margin (1)						167						181						172						165						162						167						162
Net revenue (2)						178						201						200						192						190						178						190
Administrative expenses (3)						(139)						(142)						(138)						(127)						(137)						(139)						(137)
Adjusted operating earnings before income taxes						39						59						63						66						52						39						52
Adjusted Operating Margin TTM						29.4		%				30.7		%				33.2		%				32.3		%				28.7		%
Adjusted Operating Margin Excluding Notables TTM						25.9		%				25.7		%				25.9		%				25.3		%				24.3		%
Fee based margin (1)
Investment advisory and administrative revenue						165						178						167						163						158						165						158
Other fee based margin						2						3						5						2						4						2						4
Fee based margin						167						181						172						165						162						167						162
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.

---

Voya Financial						Page 23 of 49

Investment Management Analysis of AUM and AUA

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Client Assets:
External Clients
Institutional						143,581						148,921						138,332						138,005						134,460						143,581						134,460
Retail						71,578						76,908						75,352						77,007						75,382						71,578						75,382
Subtotal External Clients						215,159						225,829						213,684						215,013						209,842						215,159						209,842
General Account						38,049						38,004						39,049						38,425						38,708						38,049						38,708
Total Client Assets (AUM)						253,208						263,832						252,733						253,438						248,550						253,208						248,550
Assets under Advisement and Administration (AUA)						57,187						59,823						60,666						61,893						60,930						57,187						60,930
Total AUM and AUA						310,395						323,656						313,399						315,331						309,480						310,395						309,480
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional						87						92						83						80						79						87						79
Retail						53						59						58						57						53						53						53
Subtotal External Clients						140						151						141						137						132						140						132
General Account						20						20						20						21						21						20						21
Total Investment Advisory and Administrative Revenues (AUM)						160						171						161						158						153						160						153
Administration Only Fees						5						6						6						5						5						5						5
Total Investment Advisory and Administrative Revenues						165						178						167						163						158						165						158
Revenue Yield (bps) (1)
External Clients
Institutional						23.7						25.3						23.9						23.5						23.2						23.7						23.2
Retail						29.1						30.6						30.1						29.6						28.4						29.1						28.4
Revenue Yield on External Clients						25.5						27.1						26.1						25.7						25.1						25.5						25.1
General Account						21.1						21.0						21.2						21.3						21.9						21.1						21.9
Revenue Yield on Client Assets (AUM)						24.8						26.2						25.4						25.0						24.6						24.8						24.6
Revenue Yield on Advisement and Administrative Only Assets (AUA)						3.5						4.1						3.9						3.5						3.5						3.5						3.5
Total Revenue Yield on AUM and AUA (bps)						20.9						22.1						21.2						20.8						20.5						20.9						20.5
Revenue Yield on Client Assets (AUM) - trailing twelve months						25.4						25.2						25.4						25.3						25.3						25.4						25.3
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

---

Voya Financial						Page 24 of 49

Investment Management Account Rollforward by Source

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Institutional AUM:
Beginning of period AUM			148,921						138,332						138,005						134,460						111,964						148,921						111,964
Inflows			5,963						12,899						5,868						4,504						4,046						5,963						4,046
Outflows			(3,742)						(3,383)						(6,621)						(4,064)						(4,174)						(3,742)						(4,174)
Net flows- Institutional (1)			2,221						9,516						(753)						440						(128)						2,221						(128)
Change in Market Value			(7,411)						1,028						509						3,395						(2,561)						(7,411)						(2,561)
Other (Including Acquisitions / Divestitures) (2)			(151)						45						571						(290)						25,185						(151)						25,185
End of period AUM - Institutional			143,580						148,921						138,332						138,005						134,460						143,580						134,460
Organic Growth (Net Flows/Beginning of period AUM) (1)			1.5		%				6.9		%				-0.5		%				0.3		%				-0.1		%				1.5		%				-0.1		%
Market Growth %			-5.0		%				0.7		%				0.4		%				2.5		%				-2.3		%				-5.0		%				-2.3		%
Retail AUM:
Beginning of period AUM			76,908						75,352						77,008						75,382						75,116						76,908						75,116
Inflows			2,609						2,207						2,077						2,201						2,971						2,609						2,971
Outflows			(3,502)						(2,727)						(2,418)						(2,392)						(3,223)						(3,502)						(3,223)
Net flows- Retail			(893)						(520)						(341)						(191)						(252)						(893)						(252)
Net Money Market Flows			(18)						11						(43)						(101)						(157)						(18)						(157)
Change in Market Value			(4,181)						3,001						57						4,047						1,604						(4,181)						1,604
Net Flows from Divested Businesses			(668)						(761)						(708)						(710)						(795)						(668)						(795)
Other (Including Acquisitions / Divestitures)			431						(174)						(621)						(1,419)						(134)						431						(134)
End of period AUM - Retail			71,579						76,908						75,352						77,008						75,382						71,579						75,382
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)			-1.2		%				-0.7		%				-0.4		%				-0.3		%				-0.3		%				-1.2		%				-0.3		%
Market Growth %			-5.4		%				4.0		%				0.1		%				5.4		%				2.1		%				-5.4		%				2.1		%
Net Flows:
Institutional Net Flows (1)			2,221						9,516						(753)						440						(128)						2,221						(128)
Retail Net Flows			(893)						(520)						(341)						(191)						(252)						(893)						(252)
Net Flows from Divested Businesses			(668)						(761)						(708)						(710)						(795)						(668)						(795)
Total Net Flows (1)			660						8,234						(1,802)						(461)						(1,175)						660						(1,175)
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements (1)			1,328						8,995						(1,094)						249						(380)						1,328						(380)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) (1)			0.6		%				4.2		%				-0.5		%				0.1		%				-0.2		%				0.6		%				-0.2		%
(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.

---

Voya Financial						Page 25 of 49

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Institutional
Equity			14,830						14,994						14,632						14,526						13,275
Fixed Income - Public			67,693						72,550						65,494						66,531						65,603
Fixed Income - Privates			45,985						46,631						44,109						42,561						40,968
Alternatives			15,073						14,746						14,097						14,388						14,614
Money Market			—						—						—						—						—
Total			143,581						148,921						138,332						138,005						134,460
Retail
Equity			44,128						47,583						45,737						47,168						45,644
Fixed Income - Public			24,749						26,676						27,045						27,289						26,549
Fixed Income - Privates			611						634						638						640						1,240
Alternatives			542						470						407						350						291
Money Market			1,548						1,546						1,526						1,560						1,658
Total			71,578						76,908						75,352						77,007						75,382
General Account
Equity			216						308						377						425						418
Fixed Income - Public			20,217						20,000						20,426						19,831						19,810
Fixed Income - Privates			14,500						14,601						14,546						14,644						14,813
Alternatives			2,628						2,645						2,780						2,778						2,899
Money Market			488						449						920						748						767
Total			38,049						38,004						39,049						38,425						38,707
Combined Asset Type
Equity			59,174						62,884						60,746						62,118						59,337
Fixed Income - Public			112,659						119,225						112,965						113,651						111,963
Fixed Income - Privates			61,097						61,867						59,292						57,846						57,021
Alternatives			18,243						17,861						17,285						17,516						17,803
Money Market			2,036						1,995						2,446						2,308						2,425
Total			253,208						263,832						252,733						253,438						248,550
Total Private and Alternative Assets			79,340						79,728						76,577						75,361						74,824
% of Private and Alternative Assets / Total AUM			31.3		%				30.2		%				30.3		%				29.7		%				30.1		%
Total Wealth Assets			110,305						112,905						112,941						113,309						109,498
% of Wealth Assets / Total AUM			43.6		%				42.8		%				44.7		%				44.7		%				44.1		%

---

Corporate

---

Voya Financial						Page 27 of 49

Corporate Adjusted Operating Earnings

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Interest expense (excluding Preferred stock dividends) (1)						(38)						(40)						(42)						(41)						(42)						(38)						(42)
Preferred stock dividends						(14)						(4)						(14)						(4)						(14)						(14)						(14)
Amortization of intangibles						(2)						(2)						(2)						(2)						(2)						(2)						(2)
Stranded costs net of TSA revenue						(4)						3						3						(8)						(13)						(4)						(13)
Other						—						(11)						(10)						(16)						—						—						—
Adjusted operating earnings before income taxes						(58)						(54)						(65)						(71)						(71)						(58)						(71)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.

---

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

---

Voya Financial						Page 29 of 49

Net Revenue and Adjusted Operating Margin

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income			217						202						200						205						202						824						773
Fee based margin			268						283						286						277						266						1,114						976
Net underwriting gain (loss) and other revenue			1						—						—						(5)						(4)						(4)						(15)
Wealth Solutions Net Revenue			486						485						486						477						464						1,934						1,735
Investment Management
Investment capital and other investment income			8						8						8						7						6						31						23
Fee based margin			167						196						172						165						162						700						639
Investment Management Net Revenue			175						204						180						172						168						731						662
Health Solutions
Investment spread and other investment income			20						20						18						16						16						74						55
Net underwriting gain (loss) and other revenue			181						178						186						173						170						718						637
Health Solutions Net Revenue			201						198						204						188						186						791						693
Total Net Revenue Excluding Notable Items (1)			862						887						870						837						818						3,456						3,090
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions			169						158						183						176						161						686						593
Investment Management			37						58						46						48						34						189						161
Health Solutions			52						58						75						62						64						247						232
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)			258						274						304						286						259						1,122						986
Corporate			(58)						(38)						(50)						(52)						(65)						(198)						(224)
Total Adjusted Operating Earnings Excluding Notable Items (1)			200						236						254						234						194						924						762
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions			34.8		%				32.6		%				37.7		%				36.9		%				34.7		%				35.5		%				34.2		%
Investment Management			21.1		%				28.4		%				25.6		%				27.9		%				20.2		%				25.9		%				24.3		%
Health Solutions			25.9		%				29.3		%				36.8		%				33.0		%				34.4		%				31.2		%				33.5		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			29.9		%				30.9		%				34.9		%				34.2		%				31.7		%				32.5		%				32.0		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			23.2		%				26.6		%				29.2		%				28.0		%				23.7		%				26.7		%				24.7		%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions			35.5		%				35.5		%				36.1		%				35.0		%				34.2		%
Investment Management			25.9		%				25.7		%				25.9		%				25.3		%				24.3		%
Health Solutions			31.2		%				33.5		%				34.0		%				33.4		%				33.5		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			32.5		%				32.9		%				33.5		%				32.6		%				32.0		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			26.7		%				26.9		%				27.0		%				25.5		%				24.7		%
(1) See the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

---

Voya Financial						Page 30 of 49

Administrative Expenses

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Wealth Solutions			(223)						(232)						(222)						(212)						(219)						(889)						(843)
Investment Management			(139)						(142)						(138)						(127)						(137)						(546)						(517)
Health Solutions (1)			(72)						(66)						(59)						(56)						(56)						(253)						(208)
Stranded costs net of TSA revenue (2)			(4)						3						3						(8)						(13)						(6)						(13)
Total Administrative Expenses (1)(3)			(438)						(437)						(416)						(403)						(425)						(1,694)						(1,581)
(1) Prior periods were adjusted to conform to current presentation inclusive of Premium taxes, fees and assessments.
(2) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(3) 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.

---

Voya Financial						Page 31 of 49

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

						Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Wealth Solutions
Adjusted operating earnings before income taxes						1,060						1,110						1,127						833						575
Less:
DAC/VOBA and other intangibles unlocking						10						29						57						(122)						(131)
Adjusted Operating Earnings - excluding Unlocking before interest						1,050						1,082						1,070						955						706
Income tax expense						182						188						184						159						104
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						868						894						886						797						602
Adjusted Operating effective tax rate, excluding Unlocking (2)						16.9		%				16.9		%				17.8		%				17.4		%				17.1		%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months						17.3		%				17.3		%				17.2		%				16.6		%				14.8		%
Average Capital						3,755						3,775						3,799						3,817						3,875
Ending Capital						3,738						3,740						3,806						3,754						3,703
Adjusted Return on Capital						23.1		%				23.7		%				23.3		%				20.9		%				15.5		%
Investment Management
Adjusted Operating Earnings - excluding Unlocking before interest						227						239						271						255						210
Income tax expense						48						50						57						54						44
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						179						189						214						201						166
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						403						387						374						360						347
Ending Capital						458						420						400						373						381
Adjusted Return on Capital						44.3		%				48.7		%				57.4		%				55.9		%				47.7		%
(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.

---

Voya Financial						Page 32 of 49

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

						Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021
Health Solutions
Adjusted operating earnings before income taxes						189						204						221						206						179
Less:
DAC/VOBA and other intangibles unlocking						—						—						—						—						—
Adjusted Operating Earnings - excluding Unlocking before interest						189						204						221						206						179
Income tax expense						40						43						46						43						38
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes						149						161						175						163						141
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						509						503						507						519						529
Ending Capital						546						516						504						495						497
Adjusted Return on Capital						29.3		%				32.1		%				34.5		%				31.4		%				26.8		%
(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.

---

Investment Information

---

Voya Financial						Page 34 of 49

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)			3/31/2022															12/31/2021															3/31/2022
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			13,061			32.0		%	157			4.7		%				13,133			32.0		%	157			4.7		%				13,061			32.0		%	157			4.7		%
Private credit			7,949			19.0		%	84			4.3		%				7,940			19.0		%	84			4.3		%				7,949			19.0		%	84			4.3		%
Securitized(2)(3)			10,064			25.0		%	114			4.6		%				9,919			24.0		%	105			4.2		%				10,064			25.0		%	114			4.6		%
Commercial mortgage loans			5,491			13.0		%	54			4.0		%				5,582			14.0		%	56			4.1		%				5,491			13.0		%	54			4.0		%
Municipals			957			2.0		%	10			3.9		%				965			2.0		%	9			3.9		%				957			2.0		%	10			3.9		%
Short-term / Treasury			837			2.0		%	9			4.1		%				796			2.0		%	9			4.4		%				837			2.0		%	9			4.1		%
Equity securities			310			1.0		%	4			5.8		%				318			1.0		%	5			5.9		%				310			1.0		%	4			5.8		%
Policy loans			381			1.0		%	6			6.3		%				392			1.0		%	5			5.6		%				381			1.0		%	6			6.3		%
Derivatives			(11)			—		%	3			N/A						(10)			—		%	3			N/A						(11)			—		%	3			N/A
Book Values and Gross Investment Income before variable components			39,038			96.0		%	441			4.5		%				39,035			96.0		%	434			4.5		%				39,038			96.0		%	441			4.5		%
Book Values and Gross Investment Income on variable components
Limited partnership			1,794			4.0		%	99			26.1		%				1,692			4.0		%	127			35.8		%				1,794			4.0		%	99			26.1		%
Prepayment / Other fee income			N/A			N/A			7			0.1		%				N/A			N/A			12			0.1		%				N/A			N/A			7			0.1		%
Book Values and Gross Investment Income (variable)			1,794			4.0		%	105			0.1		%				1,692			4.0		%	139			N/A						1,794			4.0		%	105			N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings			40,832			100.0		%	546			5.4		%				40,727			100.0		%	573			5.7		%				40,832			100.0		%	546			5.4		%
(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.

---

Voya Financial						Page 35 of 49

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

			Three Months Ended or As of (2)
(in millions USD)			12/31/2021									09/30/2021									06/30/2021									03/31/2021
Statutory Carrying Value(1)			Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %
Public corporate			13,256			33.0		%				13,692			33.0		%				13,367			33.0		%				13,227			33.0		%
Private credit			7,754			19.0		%				7,707			19.0		%				7,824			19.0		%				7,970			20.0		%
Securitized			9,878			24.0		%				10,022			24.0		%				9,673			24.0		%				9,675			24.0		%
Municipals			965			2.0		%				921			2.0		%				885			2.0		%				848			2.0		%
Short-term / Treasury			897			2.0		%				1,055			3.0		%				888			2.0		%				888			2.0		%
Total Fixed maturities			32,750			81.0		%				33,397			81.0		%				32,637			81.0		%				32,607			81.0		%
Commercial mortgage loans			5,581			14.0		%				5,551			14.0		%				5,564			14.0		%				5,613			14.0		%
Limited partnership			1,687			4.0		%				1,648			4.0		%				1,510			4.0		%				1,447			4.0		%
Equity securities			487			1.0		%				505			1.0		%				473			1.0		%				547			1.0		%
Total			40,504			100.0		%				41,100			100.0		%				40,183			100.0		%				40,213			100.0		%
NAIC Ratings
Fixed Maturities:
NAIC 1			16,745			51.0		%				16,949			51.0		%				16,377			50.0		%				16,394			50.3		%
NAIC 2			14,524			44.0		%				14,834			44.0		%				14,382			44.0		%				14,328			43.9		%
NAIC 3 and below			1,481			5.0		%				1,613			5.0		%				1,878			6.0		%				1,886			5.8		%
Total Fixed maturities			32,750			100.0		%				33,397			100.0		%				32,637			100.0		%				32,607			100.0		%
Commercial Mortgage Loans:
CML 1			4,624			83.0		%				4,637			84.0		%				4,731			85.0		%				4,826			86.0		%
CML 2			876			16.0		%				844			15.0		%				743			13.0		%				692			12.0		%
CML 3 and below			81			1.0		%				70			1.0		%				89			2.0		%				94			2.0		%
Total Commercial mortgage loans			5,581			100.0		%				5,551			100.0		%				5,564			100.0		%				5,613			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.

---

Voya Financial						Page 36 of 49

Alternative Investment Income

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Wealth Solutions
Average alternative investments						1,534						1,508						1,439						1,366						1,127						1,534						1,127
Alternative investment income						89						115						166						122						107						89						107
Investment Management
Average alternative investments						351						337						331						307						262						351						262
Alternative investment income						11						20						28						27						28						11						28
Health Solutions
Average alternative investments						170						152						145						152						85						170						85
Alternative investment income						9						12						17						14						8						9						8
Table above excludes alternative investments that are reflected in businesses exited or to be exited and in discontinued operations.

---

Voya Financial						Page 37 of 49

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

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions			55						81						134						91						82						361						99
Investment Management			3						12						21						20						22						56						18
Health Solutions			5						8						14						10						6						37						9
Total			63						101						169						121						110						454						126
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			(3)						1						13						5						(1)						16						(2)
Investment Management			—						—						—						—						—						—						—
Health Solutions			—						1						1						1						—						3						—
Total			(3)						2						14						6						(1)						19						(2)
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			52						82						147						96						81						377						98
Investment Management			3						12						21						20						22						56						18
Health Solutions			5						9						14						11						6						39						9
Total			60						103						182						127						109						472						125
(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.

---

Reconciliations

---

Voya Financial						Page 39 of 49

Reconciliation of Consolidated Statements of Operations

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Revenues
Net investment income						630						673						731						656						714						630						714
Fee income						433						446						487						436						458						433						458
Premiums						613						544						573						516						(4,987)						613						(4,987)
Net gains (losses)						(285)						(179)						(103)						(37)						1,742						(285)						1,742
Other revenues						40						49						46						374						110						40						110
Income (loss) related to consolidated investment entities						83						142						275						558						6						83						6
Total revenues						1,514						1,675						2,009						2,503						(1,957)						1,514						(1,957)
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders						(665)						(627)						(714)						(686)						4,190						(665)						4,190
Operating expenses						(632)						(636)						(642)						(706)						(602)						(632)						(602)
Net amortization of DAC/VOBA						(80)						(40)						(190)						(26)						(539)						(80)						(539)
Interest expense						(40)						(59)						(39)						(39)						(49)						(40)						(49)
Operating expenses related to consolidated investment entities						(6)						(13)						(13)						(18)						(5)						(6)						(5)
Total benefits and expenses						(1,423)						(1,375)						(1,598)						(1,475)						2,995						(1,423)						2,995
Income (loss) from continuing operations before income taxes						91						300						411						1,028						1,038						91						1,038
Less:
Net investment gains (losses) and related charges and adjustments						(87)						(86)						(1)						29						38						(87)						38
Net guaranteed benefit gains (losses) and related charges and adjustments						(22)						(3)						(3)						(5)						10						(22)						10
Income (loss) related to businesses exited or to be exited through reinsurance or divestment						(47)						14						(173)						247						725						(47)						725
Income (loss) attributable to noncontrolling interests						43						100						214						447						—						43						—
Income (loss) on early extinguishment of debt						(5)						(21)						—						—						(10)						(5)						(10)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments						4						33						—						—						—						4						—
Dividend payments made to preferred shareholders						14						4						14						4						14						14						14
Other adjustments						(17)						(19)						(28)						(46)						(11)						(17)						(11)
Adjusted operating earnings before income taxes						209						279						388						353						273						209						273

---

Voya Financial						Page 40 of 49

Reconciliation of Adjusted Operating Revenues

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Total revenues						1,514						1,675						2,009						2,503						(1,957)						1,514						(1,957)
Less:
Net investment gains (losses) and related charges and adjustments						(96)						(94)						(5)						(71)						32						(96)						32
Gain (loss) on change in fair value of derivatives related to guaranteed benefits						(22)						(3)						(3)						(5)						10						(22)						10
Revenues (losses) related to business exited or to be exited through reinsurance or divestment						(46)						(11)						57						296						(3,709)						(46)						(3,709)
Revenues (loss) attributable to noncontrolling interests						48						112						228						464						5						48						5
Other adjustments						28						54						44						205						109						28						109
Total adjusted operating revenues						1,601						1,618						1,689						1,614						1,595						1,601						1,595
Adjusted operating revenues by segment
Wealth Solutions						754						791						857						807						782						754						782
Investment Management						178						201						200						193						190						178						190
Health Solutions						647						599						606						591						600						647						600
Corporate						22						27						25						24						24						22						24
Total adjusted operating revenues						1,601						1,618						1,689						1,614						1,595						1,601						1,595

---

Voya Financial						Page 41 of 49

Wealth Solutions and Investment Management Reconciliation of Net Revenues

			Page			Three Months Ended																														Year-to-Date
(in millions USD)			Reference			3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Wealth Solutions
Adjusted operating revenues			page 9			754						791						857						807						782						754						782
Interest credited and other benefits to contract owners/policyholders						(218)						(223)						(227)						(223)						(216)						(218)						(216)
Other adjustments to Net Revenue						2						—						3						(1)						(3)						2						(3)
Net revenue			page 15			538						568						633						583						563						538						563
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						52						82						147						96						81						52						81
Fee income related to divested businesses						—						—						—						10						15						—						15
Other adjustments to investment income						—						—						—						—						3						—						3
Net Revenue Excluding Notable Items			page 29			486						485						486						477						464						486						464
Investment Management
Adjusted operating revenues			page 9			178						201						200						192						190						178						190
Interest credited and other benefits to contract owners/policyholders						—						—						—						—						—						—						—
Other adjustments to Net Revenue						—						—						—						—						—						—						—
Net revenue			page 22			178						201						200						192						190						178						190
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						3						12						21						20						22						3						22
Performance fees above (below) expectations						—						(15)						—						—						—						—						—
Net Revenue Excluding Notable Items			page 29			175						204						180						172						168						175						168

---

Voya Financial						Page 42 of 49

Health Solutions and Consolidated Reconciliation of Net Revenues

			Page						Three Months Ended																														Year-to-Date
(in millions USD)			Reference						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Health Solutions
Adjusted operating revenues			page 9						647						599						606						591						600						647						600
Interest credited and other benefits to contract owners/policyholders									(476)						(427)						(406)						(403)						(437)						(476)						(437)
Other adjustments to Net Revenue									—						—						—						1						(4)						—						(4)
Net revenue			page 19						171						172						200						189						159						171						159
Less:
Alternative investment income and prepayment fees above (below) long-term expectations									5						9						14						11						6						5						6
Group Life Covid-19 impacts									(35)						(34)						(28)						(15)						(35)						(35)						(35)
Other adjustments to net underwriting gain (loss) and other revenue (1)									—						—						10						3						1						—						1
Net Revenue Excluding Notable Items			page 29						201						198						204						188						186						201						186
Consolidated
Total Adjusted operating revenues (2)			page 9						1,601						1,618						1,689						1,614						1,595						1,601						1,595
Interest credited and other benefits to contract owners/policyholders									(694)						(650)						(633)						(627)						(654)						(694)						(654)
Other adjustments to Net Revenue (2)									(20)						(27)						(23)						(23)						(29)						(20)						(29)
Net revenue			pages 15/19/24						887						941						1,033						964						912						887						912
Less:
Alternative investment income and prepayment fees above (below) long-term expectations									60						103						182						127						109						60						109
Performance fees above (below) expectations									—						(15)												—						—						—						—
Fee income related to divested businesses									—						—						—						10						15						—						15
Group Life Covid-19 impacts									(35)						(34)						(28)						(15)						(35)						(35)						(35)
Other adjustments									—						—						10						3						4						—						4
Net Revenue Excluding Notable Items			page 29						862						887						870						837						818						862						818
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes adjusted operating revenue in Corporate, primarily TSA Revenue.

---

Voya Financial						Page 43 of 49

Reconciliation of Adjusted Operating Earnings by Segment

			Page						Three Months Ended																														Year-to-Date
(in millions USD)			Reference						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Wealth Solutions Adjusted operating earnings before income taxes			page 9						205						241						319						295						255						205						255
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation									52						82						147						96						81						52						81
Other (1)(2)									(16)						1						(11)						23						13						(16)						13
Adjusted operating earnings excluding Notable Items			page 29						169						158						183						176						161						169						161
Investment Management Adjusted operating earnings before income taxes			page 9						39						59						63						66						52						39						52
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation									2						15						17						18						18						2						18
Other (3)									—						(15)						—						—						—						—						—
Adjusted operating earnings excluding Notable Items			page 29						37						58						46						48						34						37						34
Health Solutions Adjusted operating earnings before income taxes			page 9						22						33						71						63						37						22						37
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation									5						9						14						11						6						5						6
Group Life Covid-19 impacts									(35)						(34)						(28)						(15)						(35)						(35)						(35)
Other (1)									—						—						10						3						1						—						1
Adjusted operating earnings excluding Notable Items			page 29						52						58						75						62						64						52						64
Corporate Adjusted operating earnings before income taxes			page 9						(58)						(54)						(65)						(71)						(71)						(58)						(71)
Less:
Other (4)									—						(16)						(15)						(19)						(6)						—						(6)
Adjusted operating earnings excluding Notable Items									(58)						(38)						(50)						(52)						(65)						(58)						(65)
Consolidated Adjusted operating earnings before income taxes			page 9						209						279						388						353						273						209						273
Total Notable Items Adjustments									9						43						134						119						79						9						79
Consolidated Adjusted operating earnings excluding Notable Items			page 29						200						236						254						234						194						200						194
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes performance fees net of variable compensation.
(4) Includes incentive compensation driven by above (below) target performance.

---

Voya Financial						Page 44 of 49

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

			Three Months Ended
(in millions except per share in whole dollars)			3/31/2022												12/31/2021												9/30/2021												6/30/2021												3/31/2021
			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						27			0.24									403			3.36									142			1.15									459			3.53									1,086			8.29
Plus: Net income (loss) attributable to noncontrolling interest						43			0.36									100			0.83									214			1.75									447			3.43									—			—
Less: Preferred stock dividends						(14)			(0.12)									(4)			(0.03)									(14)			(0.11)									(4)			(0.03)									(14)			(0.11)
Less: Income (loss) from discontinued operations						—			—									5			0.05									(1)			(0.01)									(6)			(0.04)									14			0.10
Income (loss) from continuing operations			91			84			0.72						300			502			4.18						411			371			3.03						1,028			916			7.04						1,038			1,086			8.30
Less:
Net investment gains (losses) and related charges and adjustments			(87)			(69)			(0.59)						(86)			(68)			(0.56)						(1)			(1)			(0.01)						29			23			0.18						38			30			0.23
Net guaranteed benefit gains (losses) and related charges and adjustments			(22)			(17)			(0.15)						(3)			(2)			(0.02)						(3)			(2)			(0.02)						(5)			(4)			(0.03)						10			8			0.06
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(47)			(37)			(0.32)						14			11			0.09						(173)			(137)			(1.12)						247			195			1.50						725			804			6.14
Net income (loss) attributable to noncontrolling interest			43			43			0.36						100			100			0.83						214			214			1.75						447			447			3.43						—			—			—
Income (loss) on early extinguishment of debt			(5)			(4)			(0.03)						(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			4			3			0.03						33			26			0.22						—			—			—						—			—			—						—			—			—
Dividend payments made to preferred shareholders			14			14			0.12						4			4			0.03						14			14			0.11						4			4			0.03						14			14			0.11
Other adjustments			(17)			(20)			(0.17)						(19)			219			1.83						(28)			(33)			(0.27)						(46)			(35)			(0.27)						(11)			15			0.12
Adjusted operating earnings			209			172			1.47						279			229			1.90						388			315			2.57						353			287			2.20						273			223			1.70
(1) Per share calculations are based on un-rounded numbers.

---

Voya Financial						Page 45 of 49

Reconciliation of Book Value Per Common Share, Excluding AOCI

						Three Months Ended or As of																														Year-to-Date or As of
(in whole dollars)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Book value per common share, including AOCI						54.66						70.88						69.19						68.34						60.39						54.66						60.39
Per share impact of AOCI						(5.16)						(19.48)						(20.60)						(21.44)						(15.76)						(5.16)						(15.76)
Book value per common share, excluding AOCI						49.50						51.40						48.59						46.90						44.63						49.50						44.63
Debt to capital						28.0		%				23.9		%				26.2		%				26.2		%				27.2		%				28.0		%				27.2		%
Capital impact of adding non-controlling interest						-4.2		%				-3.0		%				-3.3		%				-2.9		%				-2.4		%				-4.2		%				-2.4		%
Impact of adding other financial obligations and treatment of preferred stock (1)						8.1		%				6.7		%				6.6		%				6.9		%				7.6		%				8.1		%				7.6		%
Financial leverage ratio						31.9		%				27.6		%				29.5		%				30.2		%				32.4		%				31.9		%				32.4		%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic						106.1						110.1						113.4						120.6						122.7						106.1						122.7
Dilutive effect of warrants						8.2						7.5						6.7						7.3						5.4						8.2						5.4
Other dilutive effects (2)						2.6						2.5						2.3						2.3						2.8						2.6						2.8
Weighted-average common shares outstanding - Diluted						117.0						120.1						122.4						130.2						130.9						117.0						130.9
Dilutive effect of the exercise or issuance of stock-based awards (3)						—						—						—						—						—						—						—
Weighted average common shares outstanding - Adjusted Diluted (3)						117.0						120.1						122.4						130.2						130.9						117.0						130.9
(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.

---

Appendix

Q1 2022 is the last quarter the following pages will be presented in our Investor Supplement.

---

Voya Financial						Page 47 of 49

                                    

Adjusted Operating Earnings Notable Items

						Three Months Ended																														Year-to-Date
(in millions USD)						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Net Revenue Items
Alternative investment income and prepayment fees above (below) long-term expectations (1)						60						103						182						127						109						60						109
Fee income related to divested businesses (2)						—						—						—						10						15						—						15
Investment Management Performance fees above (below) expectations						—						(15)												—						—						—						—
Group Life Covid-19 impacts (3)						(35)						(34)						(28)						(15)						(35)						(35)						(35)
Other Wealth Solutions Investment Income notable items						—						—						—						—						3						—						3
Other Health Solutions Net Underwriting notable items (4)						—						—						10						3						1						—						1
Net Expense Items
Wealth Solutions DAC/VOBA and other intangibles unlocking						(16)						1						7						18						2						(16)						2
Expenses related to divested businesses (5)						—						—						—						(5)						(8)						—						(8)
Other Wealth Solutions notable items (6)						—						—						(18)						—						—						—						—
Other Investment Management notable items (7)						(1)						3						(4)						(3)						(4)						(1)						(4)
Other Corporate notable items (8)						—						(16)						(15)						(19)						(6)						—						(6)
(1) Refer to Alternative Income and Prepayments Above (Below) Long-Term Expectations on page 37 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.
(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.

---

Voya Financial						Page 48 of 49

Wealth Solutions Sources of Adjusted Operating Earnings Reconciliation

						Page						Three Months Ended																														Year-to-Date
(in millions USD)						Reference						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Net investment income and net gains (losses)						page 9						485						508						571						525						509						485						509
Reclass adjustments:
Credited Interest						page 15						(215)						(222)						(222)						(218)						(216)						(215)						(216)
Other(1)												(1)						(1)						(2)						(6)						(7)						(1)						(7)
Investment spread and other investment income						page 15						269						285						347						301						286						269						286
Fee income						page 9						255						270						272						262						252						255						252
Other revenue						page 9						14						12						14						20						21						14						21
Reclass adjustments:
Other(1)												(1)						1						—						5						8						(1)						8
Total fee based margin						page 15						268						283						286						287						281						268						281
Premiums						page 9						—						—						—						—						—						—						—
Interest credited and other benefits to contract owners/policyholders						page 9						(218)						(223)						(227)						(223)						(216)						(218)						(216)
Reclass adjustments:
Credited Interest						page 15						215						222						222						218						216						215						216
Loss Recognition						page 15						—						—						2						—						—						—						—
Other(1)												4						1						3						—						(4)						4						(4)
Net underwriting gain (loss) and other revenue						page 15						1						—						—						(5)						(4)						1						(4)
Operating expenses						page 9						(286)						(298)						(288)						(277)						(283)						(286)						(283)
Administration expenses and Net commissions						page 15						(286)						(298)						(288)						(275)						(280)						(286)						(280)
Net amortization of DAC/VOBA						page 9						(44)						(28)						(23)						(12)						(29)						(44)						(29)
Reclass adjustments:
DAC/VOBA and other intangibles unlocking						page 15						16						(1)						(7)						(18)						(2)						16						(2)
Loss Recognition						page 15						—						—						(2)						—						—						—						—
DAC/VOBA and other intangibles amortization, excluding unlocking						page 15						(31)						(30)						(33)						(31)						(30)						(31)						(30)
(1) Includes presentational reclasses primarily related to reinsurance and policy loans.

---

Voya Financial						Page 49 of 49

Investment Management and Health Solutions Sources of Adjusted Operating Earnings Reconciliation

			Page						Three Months Ended																														Year-to-Date
(in millions USD)			Reference						3/31/2022						12/31/2021						9/30/2021						6/30/2021						3/31/2021						3/31/2022						3/31/2021
Investment Management
Net investment income and net gains (losses)			page 9						11						20						28						27						28						11						28
Investment spread and other investment income			page 22						11						20						29						27						28						11						28
Fee income			page 9						165						178						167						163						158						165						158
Other revenue			page 9						2						3						5						3						3						2						3
Total fee based margin			page 22						167						181						172						165						162						167						162
Operating expenses			page 9						(139)						(142)						(138)						(127)						(137)						(139)						(137)
Administration expenses			page 22						(139)						(142)						(138)						(127)						(137)						(139)						(137)
Health Solutions
Net investment income and net gains (losses)			page 9						39						42						46						42						36						39						36
Reclass adjustments:
Credited Interest			page 19						(13)						(13)						(14)						(14)						(14)						(13)						(14)
Investment spread and other investment income			page 19						25						28						32						27						22						25						22
Fee income			page 9						19						19						19						15						15						19						15
Other revenue			page 9						(2)						(2)						(2)						(2)						(2)						(2)						(2)
Premiums			page 9						591						540						543						535						550						591						550
Interest credited and other benefits to contract owners/policyholders			page 9						(476)						(427)						(406)						(403)						(437)						(476)						(437)
Reclass adjustments:
Credited Interest			page 19						13						13						14						14						14						13						14
Net underwriting gain (loss) and other revenue			page 19						146						144						168						162						137						146						137
Operating expenses			page 9						(142)						(133)						(122)						(117)						(119)						(142)						(119)
Administration expenses, Premium Taxes, Fees and Assessments, and Net commissions			page 19						(142)						(133)						(123)						(120)						(116)						(142)						(116)
Net amortization of DAC/VOBA			page 9						(8)						(6)						(7)						(6)						(6)						(8)						(6)
DAC/VOBA and other intangibles amortization, excluding unlocking			page 19						(8)						(6)						(7)						(6)						(6)						(8)						(6)