0001535929false00015359292023-05-022023-05-020001535929us-gaap:CommonStockMember2023-05-022023-05-020001535929voya:DepositarySharesMember2023-05-022023-05-02

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 2, 2023

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 2, 2023 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2023. 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 3, 2023 at 10:00 am ET to discuss its first-quarter 2023 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, 2023, available on Voya Financial’s investor relations website at http://investors.voya.com. Further, Voya Financial has prepared a recast Quarterly Investor Supplement for the year ended December 31, 2022 with prior period results recast for the impact of LDTI changes as well as certain other changes to Voya Financial's non-GAAP financial measures. This recast Quarterly Investor Supplement for the year ended December 31, 2022 is also available on Voya Financial's Investor Relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2023 and the recast Quarterly Investor Supplement for the year ended December 31, 2022 are furnished herewith as Exhibits 99.2 and 99.3, respectively, and are 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 2, 2023, 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 2, 2023 (furnished and not filed)

99.2    Quarterly Investor Supplement for the quarter ended March 31, 2023 (furnished and not filed)

99.3    Recast Quarterly Investor Supplement for the year ended December 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/ My Chi To             

Name:    My Chi To

Title:    Executive Vice President, Chief Legal Officer and Corporate Secretary 

Dated: May 2, 2023

Exhibit 99.1

Voya Financial announces first-quarter 2023 results

NEW YORK, May 2, 2023 — Voya Financial, Inc. (NYSE: VOYA), announced today first-quarter 2023 financial results:

•Net income available to common shareholders of $0.63 per diluted share.

•After-tax adjusted operating earnings1 per diluted share (EPS) of $1.44.

•Results reflect continued benefit of diverse revenue streams and strong margins across Voya’s businesses.

•Excess capital of approximately $0.5 billion as of March 31, 2023, reflecting capital generation of over 90% of adjusted operating earnings for the trailing twelve months ended March 31.

"In the first quarter of 2023, we generated strong adjusted operating EPS that reflects our diverse revenue streams and strong margins across our businesses," said Heather Lavallee, chief executive officer, Voya Financial, Inc. "The focus on our strategy and accelerating profitable growth supported our excess capital generation strength during the trailing twelve months ended March 31, 2023. As a reflection of the confidence in our capital strength and further capital generation of our business, we plan to increase our dividend yield to approximately 2% in the second half of 2023, subject to board approval and continued constructive macro conditions. We also intend to resume share repurchases in the second quarter. We continue to expect to meet our 12% to 17% adjusted operating EPS annual compound growth target over the three-year period ending in 2024 that we previously shared at Investor Day in late 2021.

“During the quarter, we took actions that strengthen the culture that differentiates us in the marketplace and support our bold purpose: Together, we fight for everyone's opportunity for a better financial future. We are focused on addressing the growing health, wealth and investment needs of our clients and customers, while also supporting our colleagues and communities. For example, we funded programs with Disability:IN and National Down Syndrome Society to help advance the employment of people with disabilities, and we celebrated Financial Literacy Month in April with employees across our businesses by supporting programs like the National Personal Finance Challenge," added Lavallee.

Consolidated Results

First-quarter 2023 net income available to common shareholders was $69 million, or $0.63 per diluted share, compared with $54 million, or $0.46 per diluted share, in first-quarter 2022. The increase was primarily due to lower net investment losses, partially offset by higher acquisition and integration costs and lower after-tax adjusted operating earnings.

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the reconciliation tables at the end of this press release and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com. Prior period results have been recast for the company’s implementation of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) and for updates to the non-GAAP definition of adjusted operating earnings before income taxes in Corporate. For further information and for a reconciliation to previously reported financial information, please refer to the company’s Dec. 31, 2022 Quarterly Investor Supplement Recast for LDTI and changes to non-GAAP definitions, which is also available at investors.voya.com.

1

---

First-quarter 2023 after-tax adjusted operating earnings were $158 million, or $1.44 per diluted share, compared with $182 million, or $1.55 per diluted share in first-quarter 2022. The decline reflects lower alternative investment income as well as higher expenses due primarily to increased seasonality.

Business Segment Results

The following business segment discussions compare the trailing twelve months ended March 31, 2023, with the prior-year period, unless otherwise noted.

Wealth Solutions

Wealth Solutions first-quarter 2023 pre-tax adjusted operating earnings were $132 million, down from $228 million in the prior-year period primarily due to lower alternative investment income.

Full-service recurring deposits grew 9.6% to $13.6 billion — the absence of heightened deposits driven by a post-COVID catch-up in contributions in the prior-year period was partially offset by continued growth in participants in the first quarter of 2023. Total client assets as of March 31, 2023, were $498 billion, down 4% as growth in the business, including positive net flows during the trailing twelve months ended March 31, was more than offset by lower equity market levels and higher surrenders.

Excluding notables, net revenues grew 2.3% as spread-based revenues benefited from higher interest rates and more than offset the impact of lower average equity markets on fee-based margins. Adjusted operating margin, excluding notables, was 38.6%, up from 36.9%.

Health Solutions

Health Solutions first-quarter 2023 pre-tax adjusted operating earnings were $94 million, up from $21 million in the prior-year period due to strong sales growth, favorable underwriting results and the positive impact of the Benefitfocus acquisition, which closed in January 2023.

Health Solutions annualized in-force premiums and fees grew 22.0% to $3.3 billion. The strong increase reflects growth across all product lines and the positive impact of the Benefitfocus acquisition.

Excluding notables, net revenues grew 25.9% due to the Benefitfocus acquisition, premium growth across all product lines and disciplined underwriting. Adjusted operating margin, excluding notables, was 33.5%, up from 31.6%.

Investment Management

Investment Management pre-tax adjusted operating earnings, excluding Allianz noncontrolling interest, were $33 million, down from $39 million in the prior-year period due to higher expenses, which reflect timing and elevated seasonal impacts.

Investment Management had net outflows of $0.9 billion during the trailing twelve months ended March 31, 2023 as net inflows in Institutional (due largely to net inflows from privates and

2

---

alternatives) were more than offset by lower Retail net flows, despite positive net flows in Allianz Global Investors investment strategies over the past several quarters.

Excluding notables, net revenues grew 16.8% as additional revenues from the Allianz Global Investors transaction more than offset the impact of macro headwinds on both equity and fixed income fees, particularly in Retail. Adjusted operating margin, excluding notables, was 25.4%, up from 25.2% mainly due to the addition of Allianz Global Investors investment strategies.

Capital

During the trailing twelve months ended March 31, 2023, Voya deployed approximately $1.1 billion of excess capital, including approximately $0.6 billion for acquisitions, $0.3 billion for share repurchases, $0.2 billion for debt redemption and $0.1 billion for common stock dividends. As of March 31, 2023, Voya had approximately $0.5 billion of excess capital, reflecting capital generation of over 90% of adjusted operating earnings for the trailing twelve months ended March 31, 2023.

As of March 31, 2023, the company had approximately $275 million remaining under its share-repurchase authorization. Voya announced today that its board of directors has extended the expiration of its most recent share repurchase authorization from June 30, 2023 to Sept. 30, 2023. 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 authorization for the share repurchase program does not obligate the company to purchase any shares and may be terminated, increased or decreased by the board of directors at any time.

Additional Financial Information and Earnings Call

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. In addition, Voya will host a conference call on Wednesday, May 3, 2023, at 10 a.m. ET, to discuss the company’s first-quarter 2023 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 3, 2023.

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 with 7,200 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially,

3

---

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.

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, (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, (xii) our ability to successfully manage the separation of the Individual Life business that we sold to Resolution Life US on January 4, 2021, including the transition services on the expected timeline and economic terms, and (xiii) our ability to realize the expected benefits from acquisitions, including the transactions with Allianz Global Investors U.S. LLC (“AllianzGI”) and Benefitfocus Inc. 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, 2022, as filed with the Securities and Exchange Commission (“SEC”) on Feb. 24, 2023, and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2023, to be filed with the SEC on or before May 10, 2023.

VOYA-IR VOYA-CF

4

---

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
									Three Months Ended
($ in millions, except per share)									3/31/2023															3/31/2022
									After-tax (1)			Per share												After-tax (1)			Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders									$	69		$	0.63											$	54		$	0.46
Less:
Net investment gains (losses)									(7)			(0.06)												(88)			(0.75)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment									(26)			(0.23)												(28)			(0.24)
Other adjustments (2)									(56)			(0.51)												(11)			(0.09)
Adjusted operating earnings									$	158		$	1.44											$	182		$	1.55
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation									(27)			(0.25)												47			0.40
Other (3)									—			—												(31)			(0.27)
Adjusted operating earnings excluding notable items									$	185		$	1.69											$	166		$	1.42

(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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 closing and integration costs associated with the Benefitfocus acquisition and ongoing integration costs associated with the Allianz Global Investors transaction for the three months ended March 31, 2023.

(3) Includes Group Life COVID-19 impacts for the three months ended March 31, 2022.

Adjusted Operating Earnings and Notable Items
Three Months Ended March 31, 2023
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)									Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions			$	132		$	(33)								$	166
Health Solutions			94			(2)									97
Investment Management			42			2									41
Corporate			(69)			—									(69)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			200			(34)									234
Less: Earnings (loss) attributable to Allianz noncontrolling interest			8			—									8
Adjusted operating earnings before income taxes			192			(34)									226
Income taxes (2)			34			(7)									42
Adjusted operating earnings after income taxes			$	158		$	(27)								$	185
Adjusted operating earnings per share			1.44			(0.25)									1.69

(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) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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.

5

---

Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2023
(in millions)			Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)						Other (2)			Amounts excluding Notable items
			a			b						c			d = a - b - c
Net revenue
Wealth Solutions			$	1,817		$	(161)					$	—		$	1,978
Health Solutions			1,039			(15)						57			997
Investment Management			807			(30)						—			836
Total Net revenue			$	3,663		$	(206)					$	57		$	3,811
Adjusted operating margin
Wealth Solutions			33.1		%	(5.4)		%				—			38.6		%
Health Solutions			36.2		%	(0.9)		%				3.6		%	33.5		%
Investment Management			23.4		%	(2.0)		%				—			25.4		%
Adjusted operating margin, excluding Corporate			31.9		%	(3.5)		%				1.0		%	34.4		%

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

(2) Includes changes in certain other reserves not expected to recur at the same level.

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
			a			b			c			d			e = a - b - c - d
Net revenue
Wealth Solutions			$	2,322		$	377		$	—		$	10		$	1,934
Health Solutions			728			39			(117)			13			792
Investment Management			772			56			—			—			716
Total Net revenue			$	3,822		$	472		$	(117)		$	23		$	3,442
Adjusted operating margin
Wealth Solutions			46.4		%	10.4		%	—			(0.9)		%	36.9		%
Health Solutions			25.5		%	4.3		%	(11.4)		%	1.1		%	31.6		%
Investment Management			29.4		%	4.1		%	—			—			25.2		%
Adjusted operating margin, excluding Corporate			39.0		%	8.3		%	(2.3)		%	(0.2)		%	33.2		%

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

(2) Includes revenues and expenses in Wealth Solutions related to the sale of the independent financial planning channel prior to its divestment in June 2021 and changes in certain legal and other reserves not expected to recur at the same level.

6

						Exhibit 99.2

Quarterly Investor Supplement

March 31, 2023

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, 2023. 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

33

Consolidated Statements of Operations

7

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Adjusted Operating Earnings Before Income Taxes

8

Ratings

34

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

9

Alternative Investment Income

35

Consolidated Balance Sheets

10

Alternative Income and Prepayments Above (Below) Long-Term

DAC/VOBA Segment Trends

11

Expectations

36

Consolidated Capital Structure

12

Reconciliations

Consolidated Assets Under Management, Assets Under Administration

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

and Advisement

13

Earnings Per Common Share (Diluted) (QTD)

38

Wealth Solutions

Reconciliation of Adjusted Operating Revenues

39

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliation of Net Revenues by Segment

40 - 41

and Key Metrics

15

Reconciliation of Adjusted Operating Earnings Before Income Taxes

Client Assets Rollforward by Product Group

16 - 17

Excluding Notable Items by Segment

42

Health Solutions

Reconciliation of Book Value Per Common Share, Excluding AOCI,

Sources of Adjusted Operating Earnings Before Income Taxes

19

Leverage Ratio, and Adjusted Diluted Shares

43

Key Metrics

20

Investment Management

Sources of Adjusted Operating Earnings Before Income Taxes

22

Analysis of AUM and AUA

23

Account Value Rollforward by Source

24

Account Value by Asset Type

25

Corporate

Adjusted Operating Earnings Before Income Taxes

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

31

---

Voya Financial						Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

Prior period results have been recast for the company’s implementation of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) and for updates to the non-GAAP definition of adjusted operating earnings before income taxes in Corporate. For further information and for a reconciliation to previously reported financial information, please refer to company’s Dec. 31, 2022 Quarterly Investor Supplement Recast for LDTI and changes to non-GAAP definitions, which is available at investors.voya.com.

On January 24, 2023, we completed the acquisition of Benefitfocus, Inc. ("Benefitfocus"). We are reporting the financial results of Benefitfocus in our Health Solutions segment for periods after our acquisition of that business on January 24, 2023. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter 2023.

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our 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) before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) 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) before income taxes for the following items:

▪Net investment gains (losses), 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. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•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 (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 interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and Allianz noncontrolling interest) 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 before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•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;

•Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of 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. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and

•Other items 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.

---

Voya Financial						Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

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

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), 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. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread.

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

•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent 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 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 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, and fees for subscriptions and services associated with cloud-based benefits software.

•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.

•DAC/VOBA and other intangibles amortization.

---

Voya Financial						Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

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 before income taxes 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 43

Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD, unless otherwise indicated)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Net income (loss) available to Voya Financial, Inc.'s common shareholders			69						190						166						64						54						69						54
Per common share (basic)			0.70						1.95						1.70						0.62						0.51						0.70						0.51
Per common share (diluted)			0.63						1.78						1.57						0.57						0.46						0.63						0.46
Adjusted operating earnings: (1)
Before income taxes			192						206						254						228						221						192						221
After income taxes			158						227						210						188						182						158						182
Effective tax rate			17.9		%				-10.2		%				17.5		%				17.2		%				17.6		%				17.9		%				17.6		%
Per common share (Adjusted diluted)			1.44						2.13						1.97						1.70						1.55						1.44						1.55
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity			3,342						2,737						2,304						2,988						5,066						3,342						5,066
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)			5,887						5,792						5,607						5,033						5,226						5,887						5,226
Book value per common share (including AOCI)			34.03						28.16						23.70						30.52						49.57						34.03						49.57
Book value per common share (excluding AOCI) (1)			59.95						59.59						57.69						51.41						51.14						59.95						51.14
Leverage Ratios:
Debt-to-Capital			36.1		%				40.0		%				43.4		%				39.9		%				29.8		%				36.1		%				29.8		%
Financial Leverage - excluding AOCI (1)			29.5		%				29.5		%				29.8		%				32.8		%				33.0		%				29.5		%				33.0		%
Shares:
Weighted-average common shares outstanding
Basic			98						97						98						102						106						98						106
Dilutive effect of warrants			9						7						6						7						8						9						8
Other dilutive effects (2)			3						2						2						2						3						3						3
Diluted			110						107						106						111						117						110						117
Adjusted Diluted (1)			110						107						106						111						117						110						117
Ending shares outstanding			98						97						97						98						102						98						102
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions			—						—						50						255						445						—						445
Dividends to common shareholders			20						19						20						20						21						20						21
Total cash returned to common shareholders			20						19						70						275						466						20						466
(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 37 of this document.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

---

Voya Financial						Page 7 of 43

Consolidated Statements of Operations

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Revenues
Net investment income			545						548						522						581						630						545						630
Fee income			464						451						445						413						433						464						433
Premiums			685						612						606						597						608						685						608
Net gains (losses)			(16)						(47)						(125)						(226)						(288)						(16)						(288)
Other revenues			78						31						33						44						40						78						40
Income (loss) related to consolidated investment entities			79						(40)						(136)						115						83						79						83
Total revenues			1,835						1,555						1,345						1,524						1,506						1,835						1,506
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(751)						(693)						(537)						(654)						(644)						(751)						(644)
Operating expenses			(836)						(673)						(632)						(605)						(632)						(836)						(632)
Net amortization of DAC/VOBA			(59)						(56)						(60)						(62)						(62)						(59)						(62)
Interest expense			(32)						(30)						(31)						(33)						(40)						(32)						(40)
Operating expenses related to consolidated investment entities			(16)						(20)						(14)						(18)						(6)						(16)						(6)
Total benefits and expenses			(1,694)						(1,472)						(1,274)						(1,372)						(1,384)						(1,694)						(1,384)
Income (loss) before income taxes			141						83						71						152						122						141						122
Income tax expense (benefit)			12						(54)						29						9						11						12						11
Net income (loss)			129						137						42						143						111						129						111
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest			46						(57)						(138)						75						43						46						43
Net income (loss) available to Voya Financial, Inc.			83						194						180						68						68						83						68
Less: Preferred stock dividends			14						4						14						4						14						14						14
Net income (loss) available to Voya Financial, Inc.'s common shareholders			69						190						166						64						54						69						54

---

Voya Financial						Page 8 of 43

Consolidated Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)			482						460						415						488						537						482						537
Fee income			468						455						451						418						440						468						440
Premiums			675						601						598						588						591						675						591
Other revenue			73						31						30						43						35						73						35
Adjusted operating revenues (1)			1,697						1,547						1,495						1,537						1,603						1,697						1,603
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(689)						(648)						(557)						(665)						(696)						(689)						(696)
Operating expenses			(731)						(614)						(590)						(574)						(605)						(731)						(605)
Net amortization of DAC/VOBA			(31)						(30)						(32)						(30)						(30)						(31)						(30)
Interest expense (2)			(47)						(37)						(49)						(40)						(52)						(47)						(52)
Adjusted operating benefits and expenses			(1,498)						(1,328)						(1,228)						(1,309)						(1,383)						(1,498)						(1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			200						219						267						228						221						200						221
Less: Earnings (loss) attributable to Allianz noncontrolling interest			8						13						13						—						—						8						—
Adjusted operating earnings before income taxes (1)			192						206						254						228						221						192						221

Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions			684						669						645						709						756						684						756
Health Solutions			774						649						645						641						647						774						647
Investment Management			229						215						192						171						178						229						178
Corporate			11						15						13						17						22						11						22
Adjusted operating revenues (1)			1,697						1,547						1,495						1,537						1,603						1,697						1,603
Adjusted operating earnings before income taxes
Wealth Solutions			132						145						128						197						228						132						228
Health Solutions			94						78						154						50						21						94						21
Investment Management			42						57						51						40						39						42						39
Corporate			(69)						(60)						(66)						(60)						(68)						(69)						(68)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			200						219						267						228						221						200						221
Less: Earnings (loss) attributable to Allianz noncontrolling interest			8						13						13						—						—						8						—
Adjusted operating earnings before income taxes (1)			192						206						254						228						221						192						221
(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 37 of this document.
(2) Includes dividend payments made to preferred shareholders.

---

Voya Financial						Page 9 of 43

Adjusted Operating Earnings Before Income Taxes by Segment

			Three Months Ended March 31, 2023
(in millions USD)			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			434						33						10												4						482
Fee income			231						21						216												—						468
Premiums			—						675						—												—						675
Other revenue			20						45						2												6						73
Adjusted operating revenues (1)			684						774						229												11						1,697
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(222)						(467)						—												—						(689)
Operating expenses			(308)						(204)						(186)												(33)						(731)
Net amortization of DAC/VOBA			(22)						(8)						—												—						(31)
Interest expense (2)			—						—						—												(47)						(47)
Adjusted operating benefits and expenses			(552)						(680)						(186)												(80)						(1,498)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			132						94						42												(69)						200
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						9												(1)						8
Adjusted operating earnings before income taxes (1)			132						94						33												(68)						192
			Three Months Ended March 31, 2022
			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			487						39						11												1						537
Fee income			255						19						165												—						440
Premiums			—						591						—												—						591
Other revenue			14						(2)						2												21						35
Adjusted operating revenues (1)			756						647						178												22						1,603
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(218)						(478)						—												—						(696)
Operating expenses			(286)						(141)						(139)												(38)						(605)
Net amortization of DAC/VOBA			(24)						(6)						—												—						(30)
Interest expense (2)			—						—						—												(52)						(52)
Adjusted operating benefits and expenses			(528)						(626)						(139)												(90)						(1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			228						21						39												(68)						221
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						—												—						—
Adjusted operating earnings before income taxes (1)			228						21						39												(68)						221
(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 37 of this document.
(2) Includes dividend payments made to preferred shareholders.

---

Voya Financial						Page 10 of 43

Consolidated Balance Sheets

			Balances as of
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Assets
Total investments			38,703						39,110						39,519						40,913						42,950
Cash and cash equivalents			724						919						840						954						1,011
Assets held in separate accounts			84,569						80,174						75,980						80,017						93,108
Premium receivable and reinsurance recoverable, net			12,438						12,426						12,559						12,441						12,980
Short term investments under securities loan agreement and accrued investment income			1,691						1,604						1,623						1,536						1,507
Deferred policy acquisition costs, Value of business acquired			2,333						2,363						2,389						2,422						2,450
Current and deferred income taxes			2,126						2,228						2,245						2,040						1,544
Other assets (1)			4,191						3,578						3,532						2,608						2,748
Assets related to consolidated investment entities			4,433						4,204						4,195						4,165						3,933
Total Assets			151,208						146,606						142,882						147,096						162,231
Liabilities
Future policy benefits and contract owner account balances			51,493						52,174						53,039						53,168						53,230
Liabilities related to separate accounts			84,569						80,174						75,980						80,017						93,108
Payables under securities loan agreements, including collateral held			1,328						1,302						1,378						1,220						1,124
Short-term debt			143						141						141						1						1
Long-term debt			2,094						2,094						2,094						2,385						2,406
Other liabilities (2)			3,350						3,290						3,270						2,854						3,076
Liabilities related to consolidated investment entities			2,544						2,434						2,319						2,154						2,102
Total Liabilities			145,521						141,609						138,221						141,799						155,047
Mezzanine Equity
Allianz noncontrolling interest			166						166						155						—						—
Shareholders' Equity
Preferred stock			—						—						—						—						—
Common stock			1						1						1						1						1
Treasury stock			(77)						(39)						(873)						(821)						(565)
Additional paid-in capital			6,693						6,643						7,945						7,500						7,504
Retained earnings (deficit)			(118)						(201)						(854)						(1,035)						(1,102)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI			6,499						6,404						6,219						5,645						5,838
Accumulated other comprehensive income			(2,545)						(3,055)						(3,303)						(2,045)						(160)
Total Voya Financial, Inc. Shareholders' Equity			3,954						3,349						2,916						3,600						5,678
Noncontrolling interest			1,567						1,482						1,590						1,697						1,506
Total Shareholders' Equity			5,521						4,831						4,506						5,297						7,184
Total Liabilities, Mezzanine Equity and Shareholders' Equity			151,208						146,606						142,882						147,096						162,231
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.

---

Voya Financial						Page 11 of 43

DAC/VOBA Segment Trends

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Wealth Solutions
Balance as of Beginning-of-Period			1,088						1,095						1,103						1,111						1,118						1,088						1,118
Deferrals of commissions and expenses			16						16						15						16						17						16						17
Amortization			(22)						(23)						(23)						(24)						(24)						(22)						(24)
Balance as of End-of-Period			1,082						1,088						1,095						1,103						1,111						1,082						1,111
Deferred Sales Inducements as of End-of-Period			22						24						23						23						23						22						23
Health Solutions
Balance as of Beginning-of-Period			190						182						178						168						164						190						164
Deferrals of commissions and expenses			13						15						14						17						10						13						10
Amortization			(8)						(7)						(9)						(7)						(6)						(8)						(6)
Balance as of End-of-Period			194						190						182						178						168						194						168
Total
Balance as of Beginning-of-Period			1,279						1,278						1,281						1,279						1,282						1,279						1,282
Deferrals of commissions and expenses			29						31						29						33						27						29						27
Amortization			(31)						(30)						(32)						(30)						(30)						(31)						(30)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment			1,276						1,279						1,278						1,281						1,279						1,276						1,279
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)			1,057						1,084						1,111						1,141						1,171						1,057						1,171
Balance as of End-of-Period, including businesses exited through reinsurance or divestment			2,333						2,363						2,389						2,422						2,450						2,333						2,450
(1) 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 43

Consolidated Capital Structure

			Balances as of
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Financial Debt
Senior bonds			1,498						1,496						1,495						1,495						1,495
Subordinated bonds			737						737						737						888						909
Other debt			2						2						3						3						3
Total Financial Debt			2,237						2,235						2,235						2,386						2,407
Other financial obligations (1)			335						265						269						282						301
Total Financial Obligations			2,572						2,500						2,504						2,668						2,708
Mezzanine Equity
Allianz noncontrolling interest			166						166						155						—						—
Equity
Preferred equity (2)			612						612						612						612						612
Common equity (Excluding AOCI)			5,887						5,792						5,607						5,033						5,226
Total Equity (Excluding AOCI) (3)			6,499						6,404						6,219						5,645						5,838
Accumulated other comprehensive income (AOCI)			(2,545)						(3,055)						(3,303)						(2,045)						(160)
Total Voya Financial, Inc. Shareholders' Equity			3,954						3,349						2,916						3,600						5,678
Noncontrolling interest			1,567						1,482						1,590						1,697						1,506
Total Shareholders' Equity			5,521						4,831						4,506						5,297						7,184
Capital
Capitalization (4)			6,191						5,584						5,151						5,986						8,085
Adjusted Capitalization excluding AOCI (5)			10,804						10,552						10,468						10,010						10,052
Leverage Ratios
Debt-to-Capital (6)			36.1		%				40.0		%				43.4		%				39.9		%				29.8		%
Financial Leverage excluding AOCI (7)			29.5		%				29.5		%				29.8		%				32.8		%				33.0		%
(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 37 of this document.
(4) Includes Total Financial, Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.

---

Voya Financial						Page 13 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 2023
(in millions USD)			General Account						Separate Account						Institutional/Mutual Funds						Total AUM - Assets Under Management						AUA - Assets Under Administration & Advisement (2)						Total AUM and AUA
Wealth Solutions (1)			33,242						80,922						78,067						192,231						305,663						497,895
Health Solutions			1,829						15						—						1,844						—						1,844
Investment Management			36,934						25,011						265,643						327,589						56,310						383,899
Eliminations/Other (3)			(35,071)						(21,379)						(11,459)						(67,909)						(44,544)						(112,453)
Total AUM and AUA			36,934						84,569						332,251						453,755						317,429						771,185
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) 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, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

---

Wealth Solutions

---

Voya Financial						Page 15 of 43

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Sources of operating earnings before income taxes:
Gross investment income			428						432						427						411						397						428						397
Investment expenses			(19)						(20)						(20)						(20)						(19)						(19)						(19)
Credited interest			(218)						(220)						(218)						(219)						(215)						(218)						(215)
Net margin			190						192						189						172						163						190						163
Other investment income (1)			56						57						57						61						54						56						54
Investment spread and other investment income, excluding alts/prepays above/below expectations			245						249						246						233						217						245						217
Alternative investment income and prepayment fees above (below) long-term expectations			(33)						(50)						(70)						(7)						52						(33)						52
Investment spread and other investment income			212						199						176						226						269						212						269
Full service fee based revenue			136						134						137						145						156						136						156
Recordkeeping and other fee based revenue			111						108						107						112						112						111						112
Total fee based margin			247						241						244						257						268						247						268
Net underwriting gain (loss) and other revenue			4						5						3						4						1						4						1
Net revenue (2)			463						445						423						486						538						463						538
Administrative expenses			(251)						(223)						(214)						(207)						(223)						(251)						(223)
Net commissions			(56)						(55)						(57)						(58)						(63)						(56)						(63)
DAC/VOBA and other intangibles amortization			(23)						(23)						(24)						(24)						(24)						(23)						(24)
Adjusted operating earnings before income taxes			132						145						128						197						228						132						228
Adjusted Operating Margin TTM			33.1		%				36.9		%				39.6		%				44.5		%				46.4		%
Adjusted Operating Margin Excluding Notables TTM			38.6		%				39.3		%				37.9		%				37.7		%				36.9		%
Full Service Revenue (3)
Full Service Investment Spread and other investment income			206						194						170						218						258						206						258
Full Service Fee Based Revenue			136						134						137						145						156						136						156
Total Full Service Revenue			343						327						307						363						414						342						414
Client Assets
Fee Based (4)			408,688						387,961						364,099						377,667						422,629						408,688						422,629
Spread Based			33,242						33,881						34,358						34,220						33,759						33,242						33,759
Investment-only Stable Value			37,781						38,148						38,944						39,622						40,391						37,781						40,391
Retail Client Assets (5)			25,757						24,908						23,547						24,892						28,941						25,757						28,941
Eliminations (5)			(7,574)						(7,511)						(7,355)						(7,381)						(7,743)						(7,574)						(7,743)
Total Client Assets (4)			497,895						477,386						453,594						469,019						517,976						497,895						517,976
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
(5) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.

---

Voya Financial						Page 16 of 43

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Full service - Corporate markets
Client Assets, beginning of period			85,965						80,126						83,320						94,424						99,689						85,965						99,689
Transfers / Single deposits			1,770						1,603						1,074						1,176						1,676						1,770						1,676
Recurring deposits			2,850						2,108						2,231						2,297						2,558						2,850						2,558
Total Deposits			4,621						3,710						3,305						3,473						4,235						4,621						4,235
Surrenders, benefits, and product charges			(3,477)						(2,900)						(2,589)						(2,798)						(3,623)						(3,477)						(3,623)
Net Flows			1,144						811						716						674						612						1,144						612
Interest credited and investment performance			4,506						5,028						(3,909)						(11,778)						(5,877)						4,506						(5,877)
Client Assets, end of period - Corporate markets			91,615						85,965						80,126						83,320						94,424						91,615						94,424
Full service - Tax-exempt markets
Client Assets, beginning of period (1)			76,672						73,102						75,608						83,703						87,985						76,672						87,985
Transfers / Single deposits			323						887						248						534						374						323						374
Recurring deposits			1,100						1,061						986						1,006						1,046						1,100						1,046
Total Deposits			1,424						1,948						1,235						1,540						1,420						1,424						1,420
Surrenders, benefits, and product charges			(2,586)						(1,807)						(1,395)						(1,215)						(1,586)						(2,586)						(1,586)
Net Flows			(1,162)						141						(161)						326						(165)						(1,162)						(165)
Interest credited and investment performance			3,513						3,428						(2,346)						(8,420)						(4,117)						3,513						(4,117)
Client Assets, end of period - Tax-exempt markets (1)			79,022						76,672						73,102						75,608						83,703						79,022						83,703
Full Service - Total
Client Assets, beginning of period (1)			162,636						153,228						158,928						178,126						187,674						162,636						187,674
Transfers / Single deposits			2,094						2,489						1,322						1,710						2,050						2,094						2,050
Recurring deposits			3,951						3,169						3,217						3,303						3,605						3,951						3,604
Total Deposits			6,044						5,658						4,539						5,013						5,655						6,044						5,655
Surrenders, benefits, and product charges			(6,062)						(4,706)						(3,984)						(4,013)						(5,208)						(6,062)						(5,209)
Net Flows			(18)						952						555						1,000						446						(18)						446
Interest credited and investment performance			8,019						8,456						(6,255)						(20,198)						(9,994)						8,019						(9,994)
Client Assets, end of period - Full Service Total (1)			170,637						162,636						153,228						158,928						178,126						170,637						178,126
Full Service - Client Assets
Fee-based (1)			137,792						129,171						119,299						125,179						144,853						137,792						144,853
Spread-based			32,845						33,466						33,929						33,749						33,273						32,845						33,273
Client Assets, end of period - Full Service Total (1)			170,637						162,636						153,228						158,928						178,126						170,637						178,126
(1) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.

---

Voya Financial						Page 17 of 43

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Recordkeeping (1)
Client Assets, beginning of period			254,957						241,241						248,931						274,065						283,744						254,957						283,744
Transfers / Single deposits			2,332						979						3,573						1,595						1,955						2,332						1,955
Recurring deposits			5,504						3,778						4,278						4,359						5,217						5,504						5,217
Total Deposits			7,836						4,758						7,851						5,954						7,171						7,836						7,172
Surrenders, benefits, and product charges			(7,747)						(5,327)						(5,846)						(5,730)						(8,065)						(7,747)						(8,065)
Net Flows			89						(569)						2,004						224						(893)						89						(893)
Interest credited and investment performance			11,993						14,285						(9,694)						(25,358)						(8,785)						11,993						(8,785)
Client Assets, end of period - Recordkeeping			267,038						254,957						241,241						248,931						274,065						267,038						274,065
Total Defined Contribution (2)
Client Assets, beginning of period			417,593						394,469						407,859						452,191						471,417						417,593						471,417
Transfers / Single deposits			4,425						3,469						4,895						3,304						4,005						4,425						4,005
Recurring deposits			9,455						6,947						7,495						7,663						8,822						9,455						8,822
Total Deposits			13,880						10,416						12,390						10,967						12,826						13,880						12,826
Surrenders, benefits, and product charges			(13,810)						(10,033)						(9,831)						(9,743)						(13,273)						(13,810)						(13,273)
Net Flows			70						383						2,559						1,224						(447)						70						(447)
Interest credited and investment performance			20,012						22,741						(15,949)						(45,556)						(18,779)						20,012						(18,779)
Client Assets, end of period - Total Defined Contribution			437,675						417,593						394,469						407,859						452,191						437,675						452,191
Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period			38,148						38,944						39,622						40,391						40,246						38,148						40,246
Transfers / Single deposits			323						435						177						630						1,500						323						1,500
Recurring deposits			112						440						169						203						190						112						190
Total Deposits			435						875						346						833						1,690						435						1,690
Surrenders, benefits, and product charges			(1,146)						(1,269)						(431)						(284)						(545)						(1,146)						(545)
Net Flows			(710)						(394)						(84)						549						1,144						(710)						1,144
Interest credited and investment performance			344						(402)						(593)						(1,319)						(1,000)						344						(1,000)
Assets, end of period - Defined Contribution Investment-only SV			37,781						38,148						38,944						39,622						40,391						37,781						40,391
Retail Client Assets (1)(4)			25,762						24,913						23,553						24,897						28,947						25,762						28,947
Other Assets (5)			4,250						4,243						3,983						4,022						4,190						4,250						4,190
Eliminations (1)			(7,574)						(7,511)						(7,355)						(7,381)						(7,743)						(7,574)						(7,743)
Total Client Assets (6)			497,895						477,386						453,594						469,019						517,976						497,895						517,976
(1) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) 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.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(6) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.

---

Health Solutions

---

Voya Financial						Page 19 of 43

Health Solutions Sources of Adjusted Operating Earnings before income taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Sources of operating earnings before income taxes:
Gross investment income			24						24						24						25						23						24						23
Investment expenses			(1)						(1)						(1)						(1)						(1)						(1)						(1)
Credited interest			(12)						(12)						(13)						(13)						(13)						(12)						(13)
Net margin			11						11						11						10						9						11						9
Other investment income			12						14						13						12						12						12						12
Investment spread and other investment income, excluding alts/prepays above/below expectations			23						24						24						22						20						23						20
Alternative investment income and prepayment fees above (below) long-term expectations			(2)						(5)						(7)						—						5						(2)						5
Investment spread and other investment income			21						19						17						22						25						21						25
Fee based margin (1)			53						3						4						4						5						53						5
Net underwriting gain (loss) and other revenue			233						202						289						172						139						233						139
Net revenue (2)			306						225						310						198						169						306						169
Administrative expenses			(124)						(71)						(66)						(67)						(72)						(124)						(72)
Premium taxes, fees and assessments			(35)						(27)						(39)						(32)						(28)						(35)						(28)
Net commissions			(44)						(43)						(41)						(42)						(42)						(44)						(42)
DAC/VOBA and other intangibles amortization			(8)						(7)						(9)						(7)						(6)						(8)						(6)
Adjusted operating earnings before income taxes			94						78						154						50						21						94						21
Adjusted Operating Margin TTM			36.2		%				33.7		%				30.3		%				23.4		%				25.5		%
Adjusted Operating Margin Excluding Notables TTM			33.5		%				33.0		%				31.2		%				29.6		%				31.6		%
Group life:
Premiums			157						151						150						148						143						157						143
Benefits			(134)						(124)						(50)						(133)						(166)						(134)						(166)
Other (3)			(3)						(1)						(2)						(1)						(2)						(3)						(2)
Total Group life			21						26						98						14						(25)						21						(25)
Group Life Loss Ratio (Interest adjusted)			84.9		%				82.3		%				71.4		%				89.5		%				115.8		%				89.8		%				115.8		%
Group stop loss:
Premiums			358						314						311						302						303						358						303
Benefits			(251)						(226)						(238)						(238)						(232)						(251)						(232)
Other (3)			(1)						(1)						(1)						(1)						(1)						(1)						(1)
Total Group stop loss			106						87						72						63						70						106						70
Stop loss Loss Ratio			70.1		%				72.0		%				76.4		%				78.9		%				76.5		%				70.1		%				76.5		%
Voluntary Benefits, Disability, and Other			106						93						123						99						99						106						99
Net underwriting gain (loss) and other revenue
Premiums			688						626						619						609						602						688						602
Benefits			(450)						(420)						(326)						(430)						(460)						(450)						(460)
Other (3)			(4)						(4)						(3)						(8)						(4)						(4)						(4)
Total Net underwriting gain (loss) and other revenue			233						202						289						172						139						233						139
Total Aggregate Loss Ratio TTM (4)			66.3		%				68.9		%				70.7		%				73.1		%				73.3		%				66.3		%				73.3		%
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) Loss ratio excludes $57M of favorable reserve release in 3Q'22 related to our annual assumption update.

---

Voya Financial						Page 20 of 43

Health Solutions Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Sales by Product Line:
Group life and Disability			104						23						4						14						86						104						86
Stop loss			343						20						42						24						323						343						323
Voluntary and Other (1)			90						13						12						20						104						90						104
Total sales by product line			538						56						58						58						513						538						513
Total gross premiums and deposits			761						687						707						671						660						761						660
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability			912						833						817						811						807						912						807
Stop loss			1,457						1,258						1,259						1,231						1,220						1,457						1,220
Voluntary and Other (1)			930						689						684						681						678						930						678
Total annualized in-force premiums and fees by product line			3,300						2,780						2,760						2,722						2,705						3,300						2,705
Assets Under Management by Fund Group:
General account			1,829						1,866						1,938						1,981						1,886						1,829						1,886
Separate account			15						14						14						15						17						15						17
Total AUM			1,844						1,880						1,952						1,996						1,903						1,844						1,903
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

---

Investment Management

---

Voya Financial						Page 22 of 43

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations			8						8						8						8						8						8						8
Alternative investment income and prepayment fees above (below) long-term expectations			2						(9)						(20)						(3)						3						2						3
Investment spread and other investment income			10						(1)						(12)						6						11						10						11
Fee based margin (1)			218						216						204						165						167						218						167
Net revenue (2)			229						215						192						171						178						229						178
Administrative expenses (3)			(186)						(158)						(142)						(131)						(139)						(186)						(139)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			42						57						51						40						39						42						39
Adjusted Operating Margin TTM			23.4		%				24.7		%				25.5		%				26.8		%				29.4		%
Adjusted Operating Margin Excluding Notables TTM			25.4		%				26.8		%				26.0		%				24.1		%				25.2		%
Fee based margin (1)
Investment advisory and administrative revenue			216						209						202						160						165						216						165
Other fee based margin			2						6						2						6						2						2						2
Fee based margin			218						216						204						165						167						218						167
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			42						57						51						40						39						42						39
Less: Earnings (loss) attributable to Allianz noncontrolling interest			9						14						13						—						—						9						—
Adjusted operating earnings before income taxes			33						42						38						40						39						33						39
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to 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 43

Investment Management Analysis of AUM and AUA

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Client Assets:
External Clients
Institutional			164,443						161,502						160,720						136,596						143,581						164,443						143,581
Retail			126,212						121,833						118,016						61,070						71,578						126,212						71,578
Subtotal External Clients			290,654						283,335						278,735						197,666						215,159						290,654						215,159
General Account			36,934						38,028						38,614						38,686						38,049						36,934						38,049
Total Client Assets (AUM)			327,589						321,363						317,349						236,352						253,208						327,589						253,208
Assets under Advisement and Administration (AUA)			56,310						55,601						51,862						53,359						57,187						56,310						57,187
Total AUM and AUA			383,899						376,963						369,210						289,710						310,395						383,899						310,395
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional			92						90						89						86						87						92						87
Retail			99						95						88						49						53						99						53
Subtotal External Clients			191						185						177						134						140						191						140
General Account			20						20						20						20						20						20						20
Total Investment Advisory and Administrative Revenues (AUM)			211						205						197						154						160						211						160
Administration Only Fees			5						5						5						5						5						5						5
Total Investment Advisory and Administrative Revenues			216						209						202						160						165						216						165
Revenue Yield (bps) (1)
External Clients
Institutional			22.6						22.1						21.4						24.5						23.7						22.6						23.7
Retail			31.6						31.1						28.0						29.4						29.1						31.6						29.1
Revenue Yield on External Clients (2)			26.5						26.0						24.3						26.1						25.5						26.5						25.5
General Account			20.8						20.8						21.1						21.1						21.1						20.8						21.1
Revenue Yield on Client Assets (AUM)			25.8						25.3						23.9						25.3						24.8						25.8						24.8
Revenue Yield on Advisement and Administrative Only Assets (AUA)			3.7						3.7						3.4						3.8						3.5						3.7						3.5
Total Revenue Yield on AUM and AUA (bps)			22.6						22.3						21.0						21.3						20.9						22.6						20.9
Revenue Yield on Client Assets (AUM) - trailing twelve months			23.1						21.3						25.2						25.8						25.4						23.1						25.4
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) External client yields do not reflect a full quarter of revenues resulting from the Allianz transaction.

---

Voya Financial						Page 24 of 43

Investment Management Account Rollforward by Source

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Institutional AUM:
Beginning of period AUM			161,503						160,720						136,595						143,580						148,921						161,503						148,921
Inflows			5,739						8,249						4,759						5,500						5,963						5,739						5,963
Outflows			(6,683)						(7,904)						(5,648)						(3,502)						(3,742)						(6,683)						(3,742)
Net flows- Institutional			(945)						345						(889)						1,998						2,221						(945)						2,221
Change in Market Value			5,171						2,341						(5,815)						(8,803)						(7,411)						5,171						(7,411)
Other (Including Acquisitions / Divestitures)			(1,286)						(1,903)						30,828						(180)						(151)						(1,286)						(151)
End of period AUM - Institutional			164,443						161,503						160,720						136,595						143,580						164,443						143,580
Organic Growth (Net Flows/Beginning of period AUM)			-0.6		%				0.2		%				-0.7		%				1.4		%				1.5		%				-0.6		%				1.5		%
Market Growth %			3.2		%				1.5		%				-4.3		%				-6.1		%				-5.0		%				3.2		%				-5.0		%
Retail AUM:
Beginning of period AUM			121,833						118,016						61,070						71,579						76,908						121,833						76,908
Inflows			8,361						7,203						6,683						2,290						2,609						8,361						2,609
Outflows			(8,019)						(7,400)						(6,754)						(3,728)						(3,502)						(8,019)						(3,502)
Net flows- Retail			342						(198)						(71)						(1,439)						(893)						342						(893)
Net Money Market Flows			(36)						51						45						120						(18)						(36)						(18)
Change in Market Value			4,242						3,232						(6,332)						(8,352)						(4,181)						4,242						(4,181)
Net Flows from Divested Businesses			(515)						(497)						(467)						(525)						(668)						(515)						(668)
Other (Including Acquisitions / Divestitures)			346						1,229						63,771						(313)						431						346						431
End of period AUM - Retail			126,212						121,833						118,016						61,070						71,579						126,212						71,579
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)			0.3		%				-0.2		%				-0.1		%				-2.0		%				-1.2		%				0.3		%				-1.2		%
Market Growth %			3.5		%				2.7		%				-10.4		%				-11.7		%				-5.4		%				3.5		%				-5.4		%
Net Flows:
Institutional Net Flows			(945)						345						(889)						1,998						2,221						(945)						2,221
Retail Net Flows			342						(198)						(71)						(1,439)						(893)						342						(893)
Net Flows from Divested Businesses			(515)						(497)						(467)						(525)						(668)						(515)						(668)
Total Net Flows			(1,118)						(350)						(1,427)						34						660						(1,118)						660
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements			(602)						147						(960)						559						1,328						(602)						1,328
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)			-0.2		%				0.1		%				-0.5		%				0.3		%				0.6		%				-0.2		%				0.6		%
(1) Includes net flows related to Allianz transaction as of July 25, 2022.

---

Voya Financial						Page 25 of 43

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Institutional
Equity			24,470						22,943						22,835						12,086						14,830
Fixed Income - Public			59,786						57,532						59,752						62,378						67,693
Fixed Income - Privates			67,126						67,809						63,361						47,177						45,985
Alternatives			13,060						13,218						14,771						14,955						15,073
Money Market			—						—						—						—						—
Total			164,443						161,502						160,720						136,596						143,581
Retail
Equity			63,429						60,244						57,343						36,100						44,128
Fixed Income - Public			59,638						58,480						57,714						22,124						24,749
Fixed Income - Privates			455						483						499						547						611
Alternatives			902						822						724						611						542
Money Market			1,788						1,803						1,736						1,688						1,548
Total			126,212						121,833						118,016						61,070						71,578
General Account
Equity			237						237						241						242						216
Fixed Income - Public			19,286						19,748						20,701						20,416						20,217
Fixed Income - Privates			14,826						14,942						14,877						14,764						14,500
Alternatives			2,226						2,378						2,450						2,732						2,628
Money Market			360						724						344						532						488
Total			36,934						38,028						38,614						38,686						38,049
Combined Asset Type
Equity			88,136						83,424						80,419						48,429						59,174
Fixed Income - Public			138,710						135,760						138,166						104,917						112,659
Fixed Income - Privates			82,406						83,234						78,737						62,488						61,097
Alternatives			16,189						16,418						17,945						18,298						18,243
Money Market			2,148						2,527						2,080						2,220						2,036
Total			327,589						321,363						317,349						236,352						253,208
Total Private and Alternative Assets			98,595						99,652						96,683						80,786						79,340
% of Private and Alternative Assets / Total AUM			30.1		%				31.0		%				30.5		%				34.2		%				31.3		%
Total Wealth Assets (1)			166,679						162,355						158,900						101,885						110,305
% of Wealth Assets / Total AUM			50.9		%				50.5		%				50.1		%				43.1		%				43.6		%
(1) Total Wealth Assets includes affiliated and non-affiliated Institutional defined contribution plan assets, Retail mutual funds, separately managed accounts, and general account assets considered to be wealth accumulation.

---

Corporate

---

Voya Financial						Page 27 of 43

Corporate Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Interest expense (excluding Preferred stock dividends) (1)			(33)						(33)						(35)						(36)						(38)						(33)						(38)
Preferred stock dividends			(14)						(4)						(14)						(4)						(14)						(14)						(14)
Stranded costs net of TSA revenue			—						—						(1)						(4)						(4)						—						(4)
Pension expense (2)			(11)						(11)						(10)						(10)						(10)						(11)						(10)
Other (3)			(11)						(12)						(6)						(6)						(2)						(11)						(2)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			(69)						(60)						(66)						(60)						(68)						(69)						(68)
Less: Earnings (loss) attributable to Allianz noncontrolling interest			(1)						(1)						—						—						—						(1)						—
Adjusted operating earnings before income taxes			(68)						(59)						(65)						(60)						(68)						(68)						(68)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

---

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

---

Voya Financial						Page 29 of 43

Net Revenue and Adjusted Operating Margin

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income			245						249						246						233						217						973						824
Fee based margin			247						241						244						257						268						989						1,114
Net underwriting gain (loss) and other revenue			4						5						3						4						1						16						(4)
Wealth Solutions Net Revenue			496						495						493						494						486						1,978						1,934
Health Solutions
Investment spread and other investment income			23						24						24						22						20						93						74
Fee based margin			53						3						4						4						5						64						13
Net underwriting gain (loss) and other revenue			233						202						232						172						179						839						705
Health Solutions Net Revenue			309						230						260						198						204						997						792
Investment Management
Investment capital and other investment income			8						8						8						8						8						32						31
Fee based margin			218						216						204						165						167						803						685
Investment Management Net Revenue			227						224						212						173						175						836						716
Total Net Revenue Excluding Notable Items (1)			1,032						949						965						865						865						3,811						3,442
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions			166						195						198						204						176						763						713
Health Solutions			97						83						105						51						56						335						250
Investment Management			41						64						67						42						37						212						181
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)			303						342						370						297						269						1,310						1,144
Corporate			(69)						(60)						(65)						(60)						(68)						(255)						(255)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest			234						282						305						236						201						1,055						889
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items			8						13						13						—						—						34						—
Total Adjusted Operating Earnings Excluding Notable Items (1)			226						269						291						236						201						1,022						889
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions			33.4		%				39.3		%				40.2		%				41.4		%				36.2		%				38.6		%				36.9		%
Health Solutions			31.3		%				36.0		%				40.2		%				25.5		%				27.5		%				33.5		%				31.6		%
Investment Management			18.0		%				28.6		%				31.6		%				24.3		%				21.1		%				25.4		%				25.2		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			29.4		%				36.0		%				38.2		%				34.2		%				31.1		%				34.4		%				33.2		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			22.7		%				29.7		%				31.5		%				27.3		%				23.2		%				27.7		%				25.8		%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions			38.6		%				39.3		%				37.9		%				37.7		%				36.9		%
Health Solutions			33.5		%				33.0		%				31.2		%				29.6		%				31.6		%
Investment Management			25.4		%				26.8		%				26.0		%				24.1		%				25.2		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			34.4		%				35.0		%				33.7		%				33.0		%				33.2		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			27.7		%				28.1		%				26.8		%				25.9		%				25.8		%
(1) Refer to the “Reconciliations” section 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 43

Administrative Expenses

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Wealth Solutions			(251)						(223)						(214)						(207)						(223)						(895)						(889)
Health Solutions			(124)						(71)						(66)						(67)						(72)						(328)						(253)
Investment Management			(186)						(158)						(142)						(131)						(139)						(617)						(546)
Stranded costs net of TSA revenue (1)			—						—						(1)						(4)						(4)						(5)						(6)
Total Administrative Expenses (1)(2)			(561)						(452)						(423)						(409)						(438)						(1,845)						(1,694)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, 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 43

Adjusted Operating Return on Allocated Capital

			Twelve Months Ended
(in millions USD, unless otherwise indicated)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Wealth Solutions
Adjusted operating earnings before income taxes - before interest			602						697						798						990						1,077
Income tax expense			77						98						122						164						185
Adjusted Operating Earnings - before interest and after income taxes			525						599						676						826						892
Adjusted Operating effective tax rate (1)			10.9		%				12.7		%				11.6		%				14.9		%				15.7		%
Adjusted Operating effective tax rate - Trailing Twelve Months			12.8		%				14.1		%				15.3		%				16.6		%				17.2		%
Average Capital			3,679						3,710						3,730						3,742						3,738
Ending Capital (2)			3,520						3,670						3,677						3,749						3,721
Adjusted Return on Capital			14.2		%				16.1		%				18.1		%				22.1		%				23.9		%
Health Solutions
Adjusted operating earnings before income taxes - before interest			376						304						256						171						185
Income tax expense			79						64						54						36						39
Adjusted Operating Earnings - before interest and after income taxes			297						240						202						135						146
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate - Trailing Twelve Months			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			698						591						555						528						513
Ending Capital (2)			1,263						662						650						576						549
Adjusted Return on Capital			42.6		%				40.6		%				36.6		%				25.7		%				28.6		%
Investment Management
Adjusted operating earnings before income taxes - before interest			153						158						176						201						227
Income tax expense			32						33						37						42						48
Adjusted Operating Earnings - before interest and after income taxes			121						125						139						159						179
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate - Trailing Twelve Months			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			673						582						488						427						403
Ending Capital (2)			810						797						778						486						458
Adjusted Return on Capital			17.9		%				21.5		%				28.3		%				37.0		%				44.3		%
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) 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.

---

Investment Information

---

Voya Financial						Page 33 of 43

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)			3/31/2023															12/31/2022															3/31/2023
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			11,880			30.0		%	148			5.0		%				12,179			30.0		%	163			5.2		%				11,880			30.0		%	149			5.0		%
Private credit			8,134			20.0		%	90			4.5		%				8,222			20.0		%	84			4.2		%				8,134			20.0		%	91			4.5		%
Securitized (2)(3)			10,667			27.0		%	156			6.0		%				10,654			26.0		%	157			6.0		%				10,667			27.0		%	156			6.0		%
Commercial mortgage loans			5,315			13.0		%	60			4.6		%				5,413			13.0		%	59			4.5		%				5,315			13.0		%	61			4.6		%
Municipals			921			2.0		%	9			4.0		%				952			2.0		%	10			4.0		%				921			2.0		%	9			4.0		%
Short-term / Treasury			447			1.0		%	5			4.4		%				627			2.0		%	7			4.4		%				447			1.0		%	5			4.4		%
Equity securities			284			1.0		%	5			6.7		%				290			1.0		%	4			5.5		%				284			1.0		%	5			6.7		%
Policy loans			359			1.0		%	6			6.7		%				363			1.0		%	5			5.3		%				359			1.0		%	6			6.7		%
Derivatives			(11)			—		%	3			N/A						(11)			—		%	3			N/A						(11)			—		%	3			N/A
Book Values and Gross Investment Income before variable components			37,996			95.0		%	483			5.1		%				38,689			96.0		%	491			5.1		%				37,996			95.0		%	485			5.2		%
Book Values and Gross Investment Income on variable components
Limited partnership			1,794			5.0		%	13			2.9		%				1,774			4.0		%	(7)			-1.5		%				1,794			5.0		%	13			2.9		%
Prepayment / Other fee income			N/A			N/A			2			—		%				N/A			N/A			—			—		%				N/A			N/A			—			—		%
Book Values and Gross Investment Income (variable)			1,794			5.0		%	15			—		%				1,774			4.0		%	(6)			—		%				1,794			5.0		%	13			—		%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings			39,790			100.0		%	498			5.1		%				40,464			100.0		%	485			4.8		%				39,790			100.0		%	498			5.1		%
(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 34 of 43

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

			Three Months Ended or As of (1)
(in millions USD)			12/31/2022									09/30/2022									06/30/2022									03/31/2022
Statutory Carrying Value			Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %
Public corporate			12,282			30.0		%				13,187			32.0		%				13,145			32.0		%				13,151			32.0		%
Private credit			8,014			20.0		%				7,958			19.0		%				7,989			19.0		%				7,773			19.0		%
Securitized			10,688			26.0		%				10,663			26.0		%				10,469			25.0		%				10,024			25.0		%
Municipals			952			2.0		%				966			2.0		%				964			2.0		%				957			2.0		%
Short-term / Treasury			978			2.0		%				802			2.0		%				891			2.0		%				935			2.0		%
Total Fixed maturities			32,914			81.0		%				33,577			81.0		%				33,458			81.0		%				32,840			81.0		%
Commercial mortgage loans			5,412			13.0		%				5,375			13.0		%				5,381			13.0		%				5,490			14.0		%
Limited partnership			1,774			4.0		%				1,777			4.0		%				1,813			4.0		%				1,793			4.0		%
Equity securities			464			1.0		%				475			1.0		%				486			1.0		%				476			1.0		%
Total			40,565			100.0		%				41,204			100.0		%				41,138			100.0		%				40,599			100.0		%
NAIC Ratings
Fixed Maturities:
NAIC 1			17,016			52.0		%				17,312			52.0		%				17,208			51.0		%				16,619			51.0		%
NAIC 2			14,662			45.0		%				14,970			45.0		%				14,850			44.0		%				14,699			45.0		%
NAIC 3 and below			1,237			4.0		%				1,295			4.0		%				1,400			4.0		%				1,522			5.0		%
Total Fixed maturities			32,914			100.0		%				33,577			100.0		%				33,458			100.0		%				32,840			100.0		%
Commercial Mortgage Loans:
CML 1			4,246			78.0		%				4,220			79.0		%				4,224			78.0		%				4,400			80.0		%
CML 2			1,067			20.0		%				1,045			19.0		%				1,030			19.0		%				966			18.0		%
CML 3 and below			100			2.0		%				110			2.0		%				127			2.0		%				125			2.0		%
Total Commercial mortgage loans			5,412			100.0		%				5,375			100.0		%				5,381			100.0		%				5,490			100.0		%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

---

Voya Financial						Page 35 of 43

Alternative Investment Income

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Wealth Solutions
Average alternative investments			1,659						1,614						1,650						1,634						1,534						1,659						1,534
Alternative investment income			11						(5)						(26)						33						89						11						89
Health Solutions
Average alternative investments			125						160						163						162						170						125						170
Alternative investment income			1						(1)						(3)						3						9						1						9
Investment Management
Average alternative investments			318						316						333						347						351						318						351
Alternative investment income			9						(2)						(13)						5						11						9						11

---

Voya Financial						Page 36 of 43

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

			Three Months Ended																														Twelve Months Ended
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions			(26)						(41)						(63)						(4)						55						(135)						361
Health Solutions			(2)						(5)						(7)						—						5						(14)						37
Investment Management			2						(9)						(20)						(3)						3						(30)						56
Total			(26)						(55)						(90)						(7)						63						(179)						454
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			(7)						(9)						(7)						(3)						(3)						(26)						16
Health Solutions			—						—						—						—						—						—						3
Investment Management			—						—						—						—						—						—						—
Total			(7)						(9)						(7)						(3)						(3)						(26)						19
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			(33)						(50)						(70)						(7)						52						(161)						377
Health Solutions			(2)						(5)						(7)						—						5						(15)						39
Investment Management			2						(9)						(20)						(3)						3						(30)						56
Total			(34)						(64)						(97)						(10)						60						(206)						472
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation.

---

Reconciliations

---

Voya Financial						Page 38 of 43

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

			Three Months Ended
(in millions except per share in whole dollars)			3/31/2023												12/31/2022												9/30/2022												6/30/2022												3/31/2022
			Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders						69			0.63									190			1.78									166			1.57									64			0.57									54			0.46
Plus: Net income (loss) attributable to noncontrolling interests						46			0.42									(57)			(0.54)									(138)			(1.30)									75			0.68									43			0.36
Less: Preferred stock dividends						(14)			(0.13)									(4)			(0.04)									(14)			(0.13)									(4)			(0.04)									(14)			(0.12)
Income (loss)			141			129			1.18						83			137			1.28						71			42			0.40						152			143			1.29						122			111			0.95
Less:
Net investment gains (losses)			(9)			(7)			(0.06)						(10)			(8)			(0.07)						(9)			(7)			(0.06)						(59)			(47)			(0.42)						(112)			(88)			(0.75)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(33)			(26)			(0.23)						(34)			(27)			(0.25)						(13)			(11)			(0.10)						(55)			(44)			(0.39)						(36)			(28)			(0.24)
Net income (loss) attributable to noncontrolling interests			46			46			0.42						(57)			(57)			(0.54)						(138)			(138)			(1.30)						75			75			0.68						43			43			0.36
Dividend payments made to preferred shareholders			14			14			0.13						4			4			0.04						14			14			0.13						4			4			0.04						14			14			0.12
Other adjustments			(70)			(56)			(0.51)						(26)			(3)			(0.03)						(37)			(26)			(0.24)						(40)			(34)			(0.31)						(8)			(11)			(0.09)
Adjusted operating earnings			192			158			1.44						206			227			2.13						254			210			1.97						228			188			1.70						221			182			1.55
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation			(34)			(27)			(0.25)						(63)			(50)			(0.47)						(94)			(74)			(0.70)						(8)			(7)			(0.06)						59			47			0.40
Other (3)			—			—			—						—			53			0.50						57			45			0.42						—			—			—						(40)			(31)			(0.27)
Adjusted operating earnings excluding notable items			226			185			1.69						269			224			2.10						291			239			2.24						236			195			1.76						201			166			1.42
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain other reserves not expected to recur at the same level, and Group Life Covid-19 impacts.

---

Voya Financial						Page 39 of 43

Reconciliation of Adjusted Operating Revenues

			Three Months Ended																														Year-to-Date
(in millions USD)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Total revenues			1,835						1,555						1,345						1,524						1,506						1,835						1,506
Less:
Net investment gains (losses)			(14)						(17)						(18)						(60)						(120)						(14)						(120)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment			30						16						(30)						(55)						(54)						30						(54)
Revenues (loss) attributable to noncontrolling interests			60						(44)						(130)						93						48						60						48
Other adjustments			60						54						30						8						28						60						28
Total adjusted operating revenues			1,697						1,547						1,495						1,537						1,603						1,697						1,603
Adjusted operating revenues by segment
Wealth Solutions			684						669						645						709						756						684						756
Health Solutions			774						649						645						641						647						774						647
Investment Management			229						215						192						171						178						229						178
Corporate			11						15						13						17						22						11						22
Total adjusted operating revenues			1,697						1,547						1,495						1,537						1,603						1,697						1,603

---

Voya Financial						Page 40 of 43

Wealth Solutions and Health Solutions Reconciliation of Net Revenues

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Wealth Solutions
Adjusted operating revenues			page 9			684						669						645						709						756						2,707						3,212
Interest credited and other benefits to contract owners/policyholders						(222)						(224)						(222)						(222)						(218)						(890)						(890)
Net revenue			page 15			463						445						423						486						538						1,817						2,322
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(33)						(50)						(70)						(7)						52						(161)						377
Fee income related to divested businesses						—						—						—						—						—						—						10
Net revenue excluding notable items			page 29			496						495						493						494						486						1,978						1,934
Health Solutions
Adjusted operating revenues			page 9			774						649						645						641						647						2,709						2,445
Interest credited and other benefits to contract owners/policyholders						(467)						(424)						(335)						(443)						(478)						(1,669)						(1,718)
Net revenue			page 19			306						225						310						198						169						1,039						728
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(2)						(5)						(7)						—						5						(15)						39
Group Life Covid-19 impacts						—						—						—						—						(40)						—						(117)
Other adjustments to net underwriting gain (loss) and other revenue (1)						—						—						57						—						—						57						13
Net revenue excluding notable items			page 29			309						230						260						198						204						997						792
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

---

Voya Financial						Page 41 of 43

Investment Management and Consolidated Reconciliation of Net Revenues

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Investment Management
Adjusted operating revenues			page 9			229						215						192						171						178						807						772
Net revenue			page 22			229						215						192						171						178						807						772
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						2						(9)						(20)						(3)						3						(30)						56
Net revenue excluding notable items			page 29			227						224						212						173						175						836						716
Consolidated
Total Adjusted operating revenues			page 9			1,697						1,547						1,495						1,537						1,603						6,276						6,527
Interest credited and other benefits to contract owners/policyholders						(689)						(648)						(557)						(665)						(696)						(2,559)						(2,609)
Corporate Adjusted operating revenues (1)						(11)						(15)						(13)						(17)						(22)						(56)						(98)
Net revenue			pages 15/19/22			998						885						925						855						885						3,663						3,822
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(34)						(64)						(97)						(10)						60						(206)						472
Group Life Covid-19 impacts						—						—						—						—						(40)						—						(117)
Fee income related to divested businesses						—						—						—						—						—						—						10
Other adjustments						—						—						57						—						—						57						13
Net revenue excluding notable items			page 29			1,032						949						965						865						865						3,811						3,442
(1) Includes primarily TSA Revenue.

---

Voya Financial						Page 42 of 43

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Wealth Solutions Adjusted operating earnings before income taxes			page 9			132						145						128						197						228						602						1,077
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						(33)						(50)						(70)						(7)						52						(161)						377
Other (1)(2)						—						—						—						—						—						—						(13)
Adjusted operating earnings excluding notable items			page 29			166						195						198						204						176						763						713
Health Solutions Adjusted operating earnings before income taxes			page 9			94						78						154						50						21						376						185
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						(2)						(5)						(7)						—						5						(15)						39
Group Life Covid-19 impacts						—						—						—						—						(40)						—						(117)
Other (1)						—						—						57						—						—						57						13
Adjusted operating earnings excluding notable items			page 29			97						83						105						51						56						335						250
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			42						57						51						40						39						190						227
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						2						(7)						(16)						(2)						2						(24)						46
Adjusted operating earnings excluding notable items			page 29			41						64						67						42						37						212						181
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			(69)						(60)						(66)						(60)						(68)						(255)						(305)
Less:
Other (3)						—						—						—						—						—						—						(50)
Adjusted operating earnings excluding notable items						(69)						(60)						(65)						(60)						(68)						(255)						(255)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			200						219						267						228						221						914						1,184
Total Notable Items Adjustments						(34)						(63)						(37)						(8)						20						(142)						295
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest						234						282						305						236						201						1,055						889
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items						8						13						13						—						—						34						—
Consolidated Adjusted operating earnings excluding notable items			page 29			226						269						291						236						201						1,022						889
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above target performance.

---

Voya Financial						Page 43 of 43

Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares

			Three Months Ended or As of																														Year-to-Date or As of
(in whole dollars)			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022						3/31/2023						3/31/2022
Book value per common share, including AOCI			34.03						28.16						23.70						30.52						49.57						34.03						49.57
Per share impact of AOCI			25.92						31.43						33.98						20.89						1.57						25.92						1.57
Book value per common share, excluding AOCI			59.95						59.59						57.69						51.41						51.14						59.95						51.14
Debt to capital ratio			36.1		%				40.0		%				43.4		%				39.9		%				29.8		%				36.1		%				29.8		%
Capital impact of adding noncontrolling interest			-7.3		%				-8.4		%				-10.2		%				-8.8		%				-4.7		%				-7.3		%				-4.7		%
Impact of adding other financial obligations and treatment of preferred stock (1)			9.8		%				9.9		%				10.3		%				10.1		%				8.5		%				9.8		%				8.5		%
Capital impact of excluding AOCI			-9.1		%				-12.0		%				-13.7		%				-8.4		%				-0.6		%				-9.1		%				-0.6		%
Financial leverage ratio excluding AOCI			29.5		%				29.5		%				29.8		%				32.8		%				33.0		%				29.5		%				33.0		%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic			97.7						97.3						97.9						101.7						106.1						97.7						106.1
Dilutive effect of warrants			8.9						7.2						6.2						7.1						8.2						8.9						8.2
Other dilutive effects (2)			2.9						2.2						2.3						2.0						2.6						2.9						2.6
Weighted-average common shares outstanding - Diluted			109.6						106.7						106.4						110.8						117.0						109.6						117.0
Dilutive effect of the exercise or issuance of stock-based awards (3)			—						—						—						—						—						—						—
Weighted average common shares outstanding - Adjusted Diluted (3)			109.6						106.7						106.4						110.8						117.0						109.6						117.0
(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 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.

						Exhibit 99.3

Quarterly Investor Supplement

December 31, 2022

Recast for Long-Duration Targeted Improvements ("LDTI") Accounting Guidance and Changes to Non-GAAP Definitions (Unaudited)

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 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 Before Income Taxes by Segment (QTD)

9

Alternative Investment Income

36

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

10

Alternative Income and Prepayments Above (Below) Long-Term

Consolidated Balance Sheets

11

Expectations

37

DAC/VOBA Segment Trends

12

Reconciliations

Consolidated Capital Structure

13

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Consolidated Assets Under Management, Assets Under Administration

Earnings Per Common Share (Diluted) (QTD)

39

and Advisement

14

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Wealth Solutions

Earnings Per Common Share (Diluted) (YTD)

40

Sources of Adjusted Operating Earnings Before Income Taxes and

Reconciliation of Adjusted Operating Revenues

41

Key Metrics

16

Reconciliation of Net Revenues by Segment

42 - 43

Client Assets Rollforward by Product Group

17 - 18

Reconciliation of Adjusted Operating Earnings Before Income Taxes

Health Solutions

Excluding Notable Items by Segment

44

Sources of Adjusted Operating Earnings Before Income Taxes

20

Reconciliation of Book Value Per Common Share, Excluding AOCI,

Key Metrics

21

Leverage Ratio, and Adjusted Diluted Shares

45

Investment Management

Reconciliation of Recast Adjusted Operating Earnings Before Income

Sources of Adjusted Operating Earnings Before Income Taxes

23

Taxes and Earnings Per Common Share (Diluted) (QTD)

46

Analysis of AUM and AUA

24

Reconciliation of Recast Adjusted Operating Earnings Before Income

Account Value Rollforward by Source

25

Taxes and Earnings Per Common Share (Diluted) (YTD)

47

Account Value by Asset Type

26

Corporate

Adjusted Operating Earnings Before Income Taxes

28

Net Revenue, Adjusted Operating Margin, Administrative

Expenses, and Adjusted Operating Return on Capital

Net Revenue and Adjusted Operating Margin

30

Administrative Expenses

31

Adjusted Operating Return on Allocated Capital

32

---

Voya Financial						Page 3 of 47

Explanatory Note on Non-GAAP Financial Information

Effective January 1, 2023, we adopted Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"). This supplement recasts previously reported financial information based on our implementation of LDTI and is currently unaudited. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter of 2023 which will be filed with the SEC on or before May 10, 2023.

This supplement also recasts previously reported financial information for updates to our definition of Adjusted Operating Earnings Before Income Taxes in Corporate. Effective with the first quarter of 2023, we are excluding from Adjusted Operating Earnings Before Income Taxes the amortization of acquisition-related intangible assets. In addition, we are excluding the expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan, which are influenced by economic and market conditions and not indicative of normal operations. Adjusted Operating Earnings Before Income Taxes in Corporate still includes the service costs related to our qualified defined benefit pension plan and service and interest costs related to our non-qualified defined benefit pension plans.

Refer to the "Reconciliations" section of this document for a reconciliation of the recast financial information in this supplement to previously reported financial information.

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our 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), 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. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•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 interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) 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 before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•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;

•Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of 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. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and

---

Voya Financial						Page 4 of 47

Explanatory Note on Non-GAAP Financial Information

•Other items 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 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.

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), 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. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread;

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

•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent 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 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 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.

•DAC/VOBA and other intangibles amortization.

---

Voya Financial						Page 5 of 47

Explanatory Note on Non-GAAP Financial Information

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 before income taxes 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 47

Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD, unless otherwise indicated)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders			190						166						64						54						382						474						2,334
Per common share (basic)			1.95						1.70						0.62						0.51						3.47						4.70						20.02
Per common share (diluted)			1.78						1.57						0.57						0.46						3.18						4.30						18.56
Adjusted operating earnings: (1)
Before income taxes			206						254						228						221						265						908						1,225
After income taxes			227						210						188						182						218						807						1,000
Effective tax rate			-10.2		%				17.5		%				17.2		%				17.6		%				17.8		%				11.2		%				18.4		%
Per common share (Adjusted diluted)			2.13						1.97						1.70						1.55						1.81						7.32						7.95
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity			2,737						2,304						2,988						5,066						7,488						2,737						7,488
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)			5,792						5,607						5,033						5,226						5,681						5,792						5,681
Book value per common share (including AOCI)			28.16						23.70						30.52						49.57						69.46						28.16						69.46
Book value per common share (excluding AOCI) (1)			59.59						57.69						51.41						51.14						52.70						59.59						52.70
Leverage Ratios:
Debt-to-Capital			40.0		%				43.4		%				39.9		%				29.8		%				24.3		%				40.0		%				24.3		%
Financial Leverage - excluding AOCI (1)			29.5		%				29.8		%				32.8		%				33.0		%				32.6		%				29.5		%				32.6		%
Shares:
Weighted-average common shares outstanding
Basic			97						98						102						106						110						101						117
Dilutive effect of warrants			7						6						7						8						8						7						7
Other dilutive effects (2)			2						2						2						3						3						2						2
Diluted			107						106						111						117						120						110						126
Adjusted Diluted (1)			107						106						111						117						120						110						126
Ending shares outstanding			97						97						98						102						108						97						108
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions			—						50						255						445						310						750						1,143
Dividends to common shareholders			19						20						20						21						21						80						80
Total cash returned to common shareholders			19						70						275						466						331						830						1,223
(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 stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.

---

Voya Financial						Page 7 of 47

Consolidated Statements of Operations

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Revenues (1)
Net investment income			548						522						581						630						673						2,281						2,774
Fee income			451						445						413						433						448						1,742						1,813
Premiums			612						606						597						608						544						2,423						(3,388)
Net gains (losses)			(47)						(125)						(226)						(288)						(200)						(686)						1,415
Other revenues			31						33						44						40						49						148						579
Income (loss) related to consolidated investment entities			(40)						(136)						115						83						142						22						981
Total revenues			1,555						1,345						1,524						1,506						1,656						5,930						4,174
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders			(693)						(537)						(654)						(644)						(611)						(2,528)						2,188
Operating expenses			(673)						(632)						(605)						(632)						(636)						(2,542)						(2,586)
Net amortization of DAC/VOBA			(56)						(60)						(62)						(62)						(64)						(240)						(456)
Interest expense			(30)						(31)						(33)						(40)						(59)						(134)						(186)
Operating expenses related to consolidated investment entities			(20)						(14)						(18)						(6)						(13)						(58)						(49)
Total benefits and expenses			(1,472)						(1,274)						(1,372)						(1,384)						(1,383)						(5,502)						(1,089)
Income (loss) from continuing operations before income taxes			83						71						152						122						273						428						3,085
Income tax expense (benefit)			(54)						29						9						11						(208)						(5)						(34)
Income (loss) from continuing operations			137						42						143						111						481						433						3,119
Income (loss) from discontinued operations, net of tax			—						—						—						—						5						—						12
Net income (loss)			137						42						143						111						486						433						3,131
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest			(57)						(138)						75						43						100						(77)						761
Net income (loss) available to Voya Financial, Inc.			194						180						68						68						386						510						2,370
Less: Preferred stock dividends			4						14						4						14						4						36						36
Net income (loss) available to Voya Financial, Inc.'s common shareholders			190						166						64						54						382						474						2,334
(1) Year-to-Date 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.

---

Voya Financial						Page 8 of 47

Consolidated Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)			460						415						488						537						572						1,901						2,387
Fee income			455						451						418						440						467						1,765						1,791
Premiums			601						598						588						591						539						2,378						2,166
Other revenue			31						30						43						35						41						139						168
Adjusted operating revenues (1)			1,547						1,495						1,537						1,603						1,618						6,183						6,513
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(648)						(557)						(665)						(696)						(652)						(2,566)						(2,565)
Operating expenses			(614)						(590)						(574)						(605)						(627)						(2,383)						(2,404)
Net amortization of DAC/VOBA			(30)						(32)						(30)						(30)						(30)						(122)						(119)
Interest expense (2)			(37)						(49)						(40)						(52)						(44)						(177)						(201)
Adjusted operating benefits and expenses			(1,328)						(1,228)						(1,309)						(1,383)						(1,353)						(5,248)						(5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			219						267						228						221						265						934						1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest			13						13						—						—						—						26						—
Adjusted operating earnings before income taxes (1)			206						254						228						221						265						908						1,225

Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions			669						645						709						756						792						2,778						3,236
Health Solutions			649						645						641						647						598						2,582						2,394
Investment Management			215						192						171						178						201						756						783
Corporate			15						13						17						22						27						67						100
Adjusted operating revenues (1)			1,547						1,495						1,537						1,603						1,618						6,183						6,513
Adjusted operating earnings before income taxes
Wealth Solutions			145						128						197						228						245						697						1,106
Health Solutions			78						154						50						21						31						304						204
Investment Management			57						51						40						39						59						186						239
Corporate			(60)						(66)						(60)						(68)						(70)						(253)						(325)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			219						267						228						221						265						934						1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest			13						13						—						—						—						26						—
Adjusted operating earnings before income taxes (1)			206						254						228						221						265						908						1,225
(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 47

Adjusted Operating Earnings Before Income Taxes by Segment

			Three Months Ended December 31, 2022
(in millions USD)			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			423						31						(1)												7						460
Fee income			228						18						209												—						455
Premiums			—						601						—												—						601
Other revenue			18						(1)						6												8						31
Adjusted operating revenues (1)			669						649						215												15						1,547
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(224)						(424)						—												—						(648)
Operating expenses			(278)						(140)						(158)												(38)						(614)
Net amortization of DAC/VOBA			(23)						(7)						—												—						(30)
Interest expense (2)			—						—						—												(37)						(37)
Adjusted operating benefits and expenses			(524)						(571)						(158)												(75)						(1,328)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			145						78						57												(60)						219
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						14												(1)						13
Adjusted operating earnings before income taxes (1)			145						78						42												(59)						206
			Three Months Ended December 31, 2021
			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			509						42						20												1						572
Fee income			270						19						178												—						467
Premiums			—						539						—												—						539
Other revenue			13						(2)						3												26						41
Adjusted operating revenues (1)			792						598						201												27						1,618
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(224)						(428)						—												—						(652)
Operating expenses			(298)						(133)						(142)												(53)						(627)
Net amortization of DAC/VOBA			(24)						(6)						—												—						(30)
Interest expense (2)			—						—						—												(44)						(44)
Adjusted operating benefits and expenses			(546)						(567)						(142)												(97)						(1,353)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			245						31						59												(70)						265
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						—												—						—
Adjusted operating earnings before income taxes (1)			245						31						59												(70)						265
(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 47

Adjusted Operating Earnings Before Income Taxes by Segment

			Twelve Months Ended December 31, 2022
(in millions USD)			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			1,756						134						3												8						1,901
Fee income			953						76						736												—						1,765
Premiums			—						2,378						—												—						2,378
Other revenue			70						(6)						17												59						139
Adjusted operating revenues (1)			2,778						2,582						756												67						6,183
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(886)						(1,680)						—												—						(2,566)
Operating expenses			(1,101)						(569)						(570)												(142)						(2,383)
Net amortization of DAC/VOBA			(93)						(29)						—												—						(122)
Interest expense (2)			—						—						—												(177)						(177)
Adjusted operating benefits and expenses			(2,081)						(2,278)						(570)												(319)						(5,248)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			697						304						186												(253)						934
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						27												(1)						26
Adjusted operating earnings before income taxes (1)			697						304						158												(251)						908
			Twelve Months Ended December 31, 2021
			Wealth Solutions						Health Solutions						Investment Management												Corporate						Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)			2,114						165						103												4						2,387
Fee income			1,056						69						667												—						1,791
Premiums			—						2,166						—												—						2,166
Other revenue			66						(6)						13												96						168
Adjusted operating revenues (1)			3,236						2,394						783												100						6,513
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders			(891)						(1,674)						—												—						(2,565)
Operating expenses			(1,144)						(492)						(544)												(224)						(2,404)
Net amortization of DAC/VOBA			(95)						(24)						—												—						(119)
Interest expense (2)			—						—						—												(201)						(201)
Adjusted operating benefits and expenses			(2,130)						(2,190)						(544)												(425)						(5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)			1,106						204						239												(325)						1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest			—						—						—												—						—
Adjusted operating earnings before income taxes (1)			1,106						204						239												(325)						1,225
(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 11 of 47

Consolidated Balance Sheets

			Balances as of
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Assets
Total investments			39,110						39,519						40,913						42,950						45,581
Cash and cash equivalents			919						840						954						1,011						1,402
Assets held in separate accounts			80,174						75,980						80,017						93,108						100,433
Premium receivable and reinsurance recoverable, net			12,426						12,559						12,441						12,980						13,724
Short term investments under securities loan agreement and accrued investment income			1,604						1,623						1,536						1,507						1,536
Deferred policy acquisition costs, Value of business acquired			2,363						2,389						2,422						2,450						2,486
Current and deferred income taxes			2,228						2,245						2,040						1,544						1,028
Other assets (1)			3,578						3,532						2,608						2,748						2,570
Assets related to consolidated investment entities			4,204						4,195						4,165						3,933						3,779
Total Assets			146,606						142,882						147,096						162,231						172,539
Liabilities
Future policy benefits and contract owner account balances			52,174						53,039						53,168						53,230						53,691
Liabilities related to separate accounts			80,174						75,980						80,017						93,108						100,433
Payables under securities loan agreements, including collateral held			1,302						1,378						1,220						1,124						1,183
Short-term debt			141						141						1						1						1
Long-term debt			2,094						2,094						2,385						2,406						2,595
Other liabilities (2)			3,290						3,270						2,854						3,076						3,075
Liabilities related to consolidated investment entities			2,434						2,319						2,154						2,102						1,893
Total Liabilities			141,609						138,221						141,799						155,047						162,871
Mezzanine Equity
Allianz noncontrolling interest			166						155						—						—						—
Shareholders' Equity
Preferred stock			—						—						—						—						—
Common stock			1						1						1						1						1
Treasury stock			(39)						(873)						(821)						(565)						(80)
Additional paid-in capital			6,643						7,945						7,500						7,504						7,542
Retained earnings (deficit)			(201)						(854)						(1,035)						(1,102)						(1,170)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI			6,404						6,219						5,645						5,838						6,293
Accumulated other comprehensive income			(3,055)						(3,303)						(2,045)						(160)						1,807
Total Voya Financial, Inc. Shareholders' Equity			3,349						2,916						3,600						5,678						8,100
Noncontrolling interest			1,482						1,590						1,697						1,506						1,568
Total Shareholders' Equity			4,831						4,506						5,297						7,184						9,668
Total Liabilities, Mezzanine Equity and Shareholders' Equity			146,606						142,882						147,096						162,231						172,539
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.

---

Voya Financial						Page 12 of 47

DAC/VOBA Segment Trends

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Wealth Solutions
Balance as of Beginning-of-Period			1,095						1,103						1,111						1,118						1,125						1,118						1,146
Deferrals of commissions and expenses			16						15						16						17						17						64						67
Amortization			(23)						(23)						(24)						(24)						(24)						(93)						(95)
Balance as of End-of-Period			1,088						1,095						1,103						1,111						1,118						1,088						1,118
Deferred Sales Inducements as of End-of-Period			24						23						23						23						23						24						23
Health Solutions
Balance as of Beginning-of-Period			182						178						168						164						161						164						149
Deferrals of commissions and expenses			15						14						17						10						9						55						39
Amortization			(7)						(9)						(7)						(6)						(6)						(29)						(24)
Balance as of End-of-Period			190						182						178						168						164						190						164
Total
Balance as of Beginning-of-Period			1,278						1,281						1,279						1,282						1,286						1,282						1,296
Deferrals of commissions and expenses			31						29						33						27						26						119						106
Amortization			(30)						(32)						(30)						(30)						(30)						(122)						(119)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment			1,279						1,278						1,281						1,279						1,282						1,279						1,282
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)			1,084						1,111						1,141						1,171						1,204						1,084						1,204
Balance as of End-of-Period, including businesses exited through reinsurance or divestment			2,363						2,389						2,422						2,450						2,486						2,363						2,486
(1) 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 13 of 47

Consolidated Capital Structure

			Balances as of
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Financial Debt
Senior bonds			1,496						1,495						1,495						1,495						1,495
Subordinated bonds			737						737						888						909						1,098
Other debt			2						3						3						3						3
Total Financial Debt			2,235						2,235						2,386						2,407						2,596
Other financial obligations (1)			265						269						282						301						300
Total Financial Obligations			2,500						2,504						2,668						2,708						2,896
Mezzanine Equity
Allianz noncontrolling interest			166						155						—						—						—
Equity
Preferred equity (2)			612						612						612						612						612
Common equity (Excluding AOCI)			5,792						5,607						5,033						5,226						5,681
Total Equity (Excluding AOCI) (3)			6,404						6,219						5,645						5,838						6,293
Accumulated other comprehensive income (AOCI)			(3,055)						(3,303)						(2,045)						(160)						1,807
Total Voya Financial, Inc. Shareholders' Equity			3,349						2,916						3,600						5,678						8,100
Noncontrolling interest			1,482						1,590						1,697						1,506						1,568
Total Shareholders' Equity			4,831						4,506						5,297						7,184						9,668
Capital
Capitalization (4)			5,584						5,151						5,986						8,085						10,696
Adjusted Capitalization excluding AOCI (5)			10,552						10,468						10,010						10,052						10,757
Leverage Ratios
Debt-to-Capital (6)			40.0		%				43.4		%				39.9		%				29.8		%				24.3		%
Financial Leverage excluding AOCI (7)			29.5		%				29.8		%				32.8		%				33.0		%				32.6		%
(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) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.

---

Voya Financial						Page 14 of 47

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of December 31, 2022
(in millions USD)			General Account						Separate Account						Institutional/Mutual Funds						Total AUM - Assets Under Management						AUA - Assets Under Administration & Advisement(2)						Total AUM and AUA
Wealth Solutions (1)			33,881						76,348						73,427						183,656						290,621						474,277
Health Solutions			1,866						14						—						1,880						—						1,880
Investment Management			38,028						24,849						258,486						321,363						55,601						376,963
Eliminations/Other (3)			(35,747)						(21,037)						(11,151)						(67,935)						(43,958)						(111,893)
Total AUM and AUA			38,028						80,174						320,762						438,964						302,264						741,227
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) 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, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

---

Wealth Solutions

---

Voya Financial						Page 16 of 47

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Sources of Adjusted operating earnings before income taxes:
Gross investment income			432						427						411						397						387						1,667						1,565
Investment expenses			(20)						(20)						(20)						(19)						(20)						(79)						(80)
Credited interest			(220)						(218)						(219)						(215)						(222)						(873)						(878)
Net margin			192						189						172						163						145						716						607
Other investment income (1)			57						57						61						54						58						229						205
Investment spread and other investment income, excluding alts/prepays above/below expectations			249						246						233						217						202						945						812
Alternative investment income and prepayment fees above (below) long-term expectations			(50)						(70)						(7)						52						82						(76)						406
Investment spread and other investment income			199						176						226						269						285						869						1,218
Full service fee based revenue			134						137						145						156						171						571						663
Recordkeeping and other fee based revenue			108						107						112						112						112						439						474
Total fee based margin			241						244						257						268						283						1,009						1,138
Net underwriting gain (loss) and other revenue			5						3						4						1						—						13						(10)
Net revenue (2)			445						423						486						538						568						1,892						2,345
Administrative expenses			(223)						(214)						(207)						(223)						(232)						(867)						(885)
Net commissions			(55)						(57)						(58)						(63)						(66)						(232)						(257)
DAC/VOBA and other intangibles amortization			(23)						(24)						(24)						(24)						(24)						(95)						(98)
Adjusted operating earnings before income taxes			145						128						197						228						245						697						1,106
Adjusted Operating Margin TTM			36.9		%				39.6		%				44.5		%				46.4		%				47.2		%
Adjusted Operating Margin Excluding Notables TTM			39.3		%				37.9		%				37.7		%				36.9		%				36.8		%
Full Service Revenue (3)
Full Service Investment Spread and other investment income			194						170						218						258						272						840						1,166
Full Service Fee Based Revenue			134						137						145						156						171						571						663
Total Full Service Revenue			327						307						363						414						443						1,412						1,829
Client Assets
Fee Based			379,706						356,102						369,705						414,597						434,340						379,706						434,340
Spread Based			33,881						34,358						34,220						33,759						33,359						33,881						33,359
Investment-only Stable Value			38,148						38,944						39,622						40,391						40,246						38,148						40,246
Retail Client Assets			22,543						21,315						22,592						26,226						28,300						22,543						28,300
Total Client Assets			474,277						450,718						466,139						514,972						536,246						474,277						536,246
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.

---

Voya Financial						Page 17 of 47

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Full service - Corporate markets
Client Assets, beginning of period			80,135						83,329						94,434						99,698						95,456						99,698						86,581
Transfers / Single deposits			1,603						1,074						1,176						1,676						1,575						5,529						6,578
Recurring deposits			2,108						2,231						2,297						2,558						1,938						9,194						8,161
Total Deposits			3,710						3,305						3,473						4,234						3,514						14,722						14,740
Surrenders, benefits, and product charges			(2,900)						(2,589)						(2,798)						(3,623)						(3,941)						(11,910)						(13,709)
Net Flows			811						716						674						612						(427)						2,812						1,031
Interest credited and investment performance			5,029						(3,910)						(11,779)						(5,875)						4,669						(16,535)						12,086
Client Assets, end of period - Corporate markets			85,975						80,135						83,329						94,434						99,698						85,975						99,698
Full service - Tax-exempt markets
Client Assets, beginning of period			73,119						75,627						83,727						88,004						84,929						88,004						78,831
Transfers / Single deposits			887						248						534						374						399						2,043						2,344
Recurring deposits			1,061						986						1,006						1,046						980						4,100						3,895
Total Deposits			1,948						1,235						1,540						1,420						1,379						6,143						6,239
Surrenders, benefits, and product charges			(1,807)						(1,395)						(1,215)						(1,586)						(1,836)						(6,002)						(6,694)
Net Flows			141						(161)						326						(165)						(457)						141						(455)
Interest credited and investment performance			3,429						(2,347)						(8,426)						(4,112)						3,533						(11,456)						9,628
Client Assets, end of period - Tax-exempt markets			76,690						73,119						75,627						83,727						88,004						76,690						88,004
Full Service - Total
Client Assets, beginning of period			153,254						158,956						178,161						187,702						180,385						187,702						165,412
Transfers / Single deposits			2,489						1,322						1,710						2,050						1,974						7,571						8,922
Recurring deposits			3,169						3,217						3,303						3,604						2,918						13,294						12,056
Total Deposits			5,658						4,540						5,013						5,654						4,893						20,865						20,979
Surrenders, benefits, and product charges			(4,706)						(3,984)						(4,013)						(5,209)						(5,777)						(17,912)						(20,403)
Net Flows			952						555						1,000						446						(884)						2,953						576
Interest credited and investment performance			8,458						(6,257)						(20,205)						(9,987)						8,202						(27,991)						21,714
Client Assets, end of period - Full Service Total			162,664						153,254						158,956						178,161						187,702						162,664						187,702
Full Service - Client Assets
Fee-based			129,199						119,325						125,206						144,888						154,839						129,199						154,839
Spread-based			33,466						33,929						33,749						33,273						32,864						33,466						32,864
Client Assets, end of period - Full Service Total			162,664						153,254						158,956						178,161						187,702						162,664						187,702

---

Voya Financial						Page 18 of 47

Wealth Solutions Client Assets Rollforward by Product Group

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Recordkeeping
Client Assets, beginning of period			236,776						244,499						269,708						279,501						274,265						279,501						247,309
Transfers / Single deposits			979						3,573						1,595						1,955						812						8,101						8,431
Recurring deposits			3,778						4,278						4,359						5,217						3,892						17,632						16,531
Total Deposits			4,758						7,851						5,954						7,172						4,705						25,734						24,962
Surrenders, benefits, and product charges			(5,327)						(5,846)						(5,730)						(8,065)						(12,451)						(24,967)						(31,692)
Net Flows			(569)						2,004						224						(893)						(7,747)						766						(6,731)
Interest credited and investment performance			14,300						(9,726)						(25,435)						(8,900)						12,982						(29,761)						38,923
Client Assets, end of period - Recordkeeping			250,507						236,776						244,499						269,708						279,501						250,507						279,501
Total Defined Contribution (1)
Client Assets, beginning of period			390,031						403,454						447,870						467,203						454,650						467,203						412,721
Transfers / Single deposits			3,469						4,895						3,304						4,005						2,786						15,673						17,354
Recurring deposits			6,947						7,495						7,663						8,822						6,811						30,926						28,587
Total Deposits			10,416						12,390						10,967						12,827						9,597						46,599						45,941
Surrenders, benefits, and product charges			(10,033)						(9,831)						(9,743)						(13,273)						(18,229)						(42,879)						(52,095)
Net Flows			383						2,559						1,224						(446)						(8,632)						3,719						(6,154)
Interest credited and investment performance			22,758						(15,983)						(45,640)						(18,887)						21,184						(57,752)						60,636
Client Assets, end of period - Total Defined Contribution			413,171						390,031						403,454						447,870						467,203						413,171						467,203
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period			38,944						39,622						40,390						40,246						41,329						40,246						42,864
Transfers / Single deposits			435						177						630						1,500						280						2,742						1,169
Recurring deposits			440						169						203						190						103						1,002						525
Total Deposits			875						346						833						1,690						382						3,744						1,694
Surrenders, benefits, and product charges			(1,269)						(431)						(284)						(545)						(1,112)						(2,529)						(3,802)
Net Flows			(394)						(84)						549						1,144						(730)						1,215						(2,108)
Interest credited and investment performance			(402)						(593)						(1,319)						(1,000)						(353)						(3,314)						(509)
Assets, end of period - Defined Contribution Investment-only SV			38,148						38,944						39,622						40,390						40,246						38,148						40,246
Retail Client Assets (3)			22,548						21,320						22,598						26,232						28,306						22,548						28,306
Other Assets (4)			410						423						465						480						490						410						490
Total Client Assets			474,277						450,718						466,139						514,972						536,246						474,277						536,246
(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.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.

---

Health Solutions

---

Voya Financial						Page 20 of 47

Health Solutions Sources of Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Sources of Adjusted operating earnings before income taxes:
Gross investment income			24						24						25						23						23						96						92
Investment expenses			(1)						(1)						(1)						(1)						(1)						(4)						(4)
Credited interest			(12)						(13)						(13)						(13)						(13)						(52)						(54)
Net margin			11						11						10						9						9						41						34
Other investment income			14						13						12						12						10						50						36
Investment spread and other investment income, excluding alts/prepays above/below expectations			24						24						22						20						20						90						70
Alternative investment income and prepayment fees above (below) long-term expectations			(5)						(7)						—						5						9						(7)						41
Investment spread and other investment income			19						17						22						25						28						83						111
Net underwriting gain (loss) and other revenue			205						293						176						144						142						819						609
Net revenue (1)			225						310						198						169						171						902						720
Administrative expenses			(71)						(66)						(67)						(72)						(66)						(276)						(237)
Premium taxes, fees and assessments			(27)						(39)						(32)						(28)						(29)						(126)						(109)
Net commissions			(43)						(41)						(42)						(42)						(38)						(167)						(147)
DAC/VOBA and other intangibles amortization			(7)						(9)						(7)						(6)						(6)						(29)						(24)
Adjusted operating earnings before income taxes			78						154						50						21						31						304						204
Adjusted Operating Margin TTM			33.7		%				30.3		%				23.4		%				25.5		%				28.3		%
Adjusted Operating Margin Excluding Notables TTM			33.0		%				31.2		%				29.6		%				31.6		%				33.6		%
Group life:
Premiums			151						150						148						143						139						593						548
Benefits			(124)						(50)						(133)						(166)						(136)						(473)						(525)
Other (2)			(1)						(2)						(1)						(2)						(2)						(6)						(10)
Total Group life			26						98						14						(25)						1						114						14
Group Life Loss Ratio (Interest adjusted)			82.3		%				71.4		%				89.5		%				115.8		%				97.8		%				89.5		%				95.7		%
Group stop loss:
Premiums			314						311						302						303						288						1,230						1,165
Benefits			(226)						(238)						(238)						(232)						(224)						(934)						(901)
Other (2)			(1)						(1)						(1)						(1)						(1)						(5)						(5)
Total Group stop loss			87						72						63						70						63						292						260
Stop loss Loss Ratio			72.0		%				76.4		%				78.9		%				76.5		%				77.7		%				75.9		%				77.3		%
Voluntary Benefits, Disability, and Other			93						123						99						99						78						413						335
Net underwriting gain (loss) and other revenue
Premiums			626						619						609						602						561						2,457						2,247
Benefits			(420)						(326)						(430)						(460)						(419)						(1,636)						(1,628)
Other (2)			(1)						1						(3)						1						—						(2)						(10)
Total Net underwriting gain (loss) and other revenue			205						293						176						144						142						819						609
Total Aggregate Loss Ratio TTM (3)			68.9		%				70.7		%				73.1		%				73.3		%				72.5		%				68.9		%				72.5		%
(1) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(3) Loss ratio excludes $57M of favorable reserve release in 3Q'22 related to our annual assumption update.

---

Voya Financial						Page 21 of 47

Health Solutions Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Sales by Product Line:
Group life and Disability			23						4						14						86						12						126						110
Stop loss			20						42						24						323						14						409						355
Voluntary			13						12						20						104						6						149						128
Total sales by product line			56						58						58						513						31						684						593
Total gross premiums and deposits			687						707						671						660						610						2,724						2,429
Annualized In-force Premiums by Product Line:
Group life and Disability			833						817						811						807						752						833						752
Stop loss			1,258						1,259						1,231						1,220						1,181						1,258						1,181
Voluntary			689						684						681						678						576						689						576
Total annualized in-force premiums			2,780						2,760						2,722						2,705						2,510						2,780						2,510
Assets Under Management by Fund Group:
General account			1,866						1,938						1,981						1,886						1,869						1,866						1,869
Separate account			14						14						15						17						18						14						18
Total AUM			1,880						1,952						1,996						1,903						1,887						1,880						1,887

---

Investment Management

---

Voya Financial						Page 23 of 47

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations			8						8						8						8						8						33						28
Alternative investment income and prepayment fees above (below) long-term expectations			(9)						(20)						(3)						3						12						(29)						75
Investment spread and other investment income			(1)						(12)						6						11						20						3						103
Fee based margin (1)			216						204						165						167						181						753						680
Net revenue (2)			215						192						171						178						201						756						783
Administrative expenses (3)			(158)						(142)						(131)						(139)						(142)						(570)						(544)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			57						51						40						39						59						186						239
Adjusted Operating Margin TTM			24.7		%				25.5		%				26.8		%				29.4		%				30.7		%
Adjusted Operating Margin Excluding Notables TTM			26.8		%				26.0		%				24.1		%				25.2		%				25.1		%
Fee based margin (1)
Investment advisory and administrative revenue			209						202						160						165						178						736						667
Other fee based margin			6						2						6						2						3						17						13
Fee based margin			216						204						165						167						181						753						680
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			57						51						40						39						59						186						239
Less: Earnings (loss) attributable to Allianz noncontrolling interest			14						13						—						—						—						27						—
Adjusted operating earnings before income taxes			42						38						40						39						59						158						239
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to 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 24 of 47

Investment Management Analysis of AUM and AUA

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Client Assets:
External Clients
Institutional			161,502						160,720						136,596						143,581						148,921						161,502						148,921
Retail			121,833						118,016						61,070						71,578						76,908						121,833						76,908
Subtotal External Clients			283,335						278,735						197,666						215,159						225,829						283,335						225,829
General Account			38,028						38,614						38,686						38,049						38,004						38,028						38,004
Total Client Assets (AUM)			321,363						317,349						236,352						253,208						263,832						321,363						263,832
Assets under Advisement and Administration (AUA)			55,601						51,862						53,359						57,187						59,823						55,601						59,823
Total AUM and AUA			376,963						369,210						289,710						310,395						323,656						376,963						323,656
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional			90						89						86						87						92						352						334
Retail			95						88						49						53						59						284						227
Subtotal External Clients			185						177						134						140						151						636						561
General Account			20						20						20						20						20						80						82
Total Investment Advisory and Administrative Revenues (AUM)			205						197						154						160						171						717						643
Administration Only Fees			5						5						5						5						6						20						22
Total Investment Advisory and Administrative Revenues			209						202						160						165						178						736						667
Revenue Yield (bps) (1)
External Clients
Institutional			22.1						21.4						24.5						23.7						25.3						20.7						23.9
Retail			31.1						28.0						29.4						29.1						30.6						22.1						29.7
Revenue Yield on External Clients			26.0						24.3						26.1						25.5						27.1						21.3						25.9
General Account			20.8						21.1						21.1						21.1						21.0						21.0						21.4
Revenue Yield on Client Assets (AUM)			25.3						23.9						25.3						24.8						26.2						21.3						25.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)			3.7						3.4						3.8						3.5						4.1						3.6						3.7
Total Revenue Yield on AUM and AUA (bps)			22.3						21.0						21.3						20.9						22.1						18.8						21.1
Revenue Yield on Client Assets (AUM) - trailing twelve months			21.3						25.2						25.8						25.4						25.2						21.3						25.2
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) External client yields do not reflect a full quarter of revenues resulting from the Allianz transaction.

---

Voya Financial						Page 25 of 47

Investment Management Account Rollforward by Source

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Institutional AUM:
Beginning of period AUM			160,720						136,595						143,580						148,921						138,332						148,921						111,964
Inflows			8,249						4,759						5,500						5,963						12,899						24,470						27,317
Outflows			(7,904)						(5,648)						(3,502)						(3,742)						(3,383)						(20,796)						(18,242)
Net flows- Institutional			345						(889)						1,998						2,221						9,516						3,675						9,075
Change in Market Value			2,341						(5,815)						(8,803)						(7,411)						1,028						(19,689)						2,371
Other (Including Acquisitions / Divestitures)			(1,903)						30,828						(180)						(151)						45						28,595						25,511
End of period AUM - Institutional			161,503						160,720						136,595						143,580						148,921						161,502						148,921
Organic Growth (Net Flows/Beginning of period AUM)			0.2		%				-0.7		%				1.4		%				1.5		%				6.9		%				2.5		%				8.1		%
Market Growth %			1.5		%				-4.3		%				-6.1		%				-5.0		%				0.7		%				-13.2		%				2.1		%
Retail AUM:
Beginning of period AUM			118,016						61,070						71,579						76,908						75,352						76,908						75,116
Inflows			7,203						6,683						2,290						2,609						2,207						18,783						9,456
Outflows			(7,400)						(6,754)						(3,728)						(3,502)						(2,727)						(21,384)						(10,760)
Net flows- Retail			(198)						(71)						(1,439)						(893)						(520)						(2,601)						(1,304)
Net Money Market Flows			51						45						120						(18)						11						197						(290)
Change in Market Value			3,232						(6,332)						(8,352)						(4,181)						3,001						(15,633)						8,709
Net Flows from Divested Businesses			(497)						(467)						(525)						(668)						(761)						(2,156)						(2,974)
Other (Including Acquisitions / Divestitures)			1,229						63,771						(313)						431						(174)						65,119						(2,348)
End of period AUM - Retail			121,833						118,016						61,070						71,579						76,908						121,834						76,908
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)			-0.2		%				-0.1		%				-2.0		%				-1.2		%				-0.7		%				-3.4		%				-1.7		%
Market Growth %			2.7		%				-10.4		%				-11.7		%				-5.4		%				4.0		%				-20.3		%				11.6		%
Net Flows:
Institutional Net Flows			345						(889)						1,998						2,221						9,516						3,675						9,075
Retail Net Flows			(198)						(71)						(1,439)						(893)						(520)						(2,601)						(1,304)
Net Flows from Divested Businesses			(497)						(467)						(525)						(668)						(761)						(2,156)						(2,974)
Total Net Flows			(350)						(1,427)						34						660						8,234						(1,082)						4,796
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements			147						(960)						559						1,328						8,995						1,074						7,770
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)			0.1		%				-0.5		%				0.3		%				0.6		%				4.2		%				0.5		%				4.2		%
(1) Includes net flows related to Allianz transaction as of July 25, 2022.

---

Voya Financial						Page 26 of 47

Investment Management Account Value by Asset Type

			Balances as of
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Institutional
Equity			22,943						22,835						12,086						14,830						14,994
Fixed Income - Public			57,532						59,752						62,378						67,693						72,550
Fixed Income - Privates			67,809						63,361						47,177						45,985						46,631
Alternatives			13,218						14,771						14,955						15,073						14,746
Money Market			—						—						—						—						—
Total			161,502						160,720						136,596						143,581						148,921
Retail
Equity			60,244						57,343						36,100						44,128						47,583
Fixed Income - Public			58,480						57,714						22,124						24,749						26,676
Fixed Income - Privates			483						499						547						611						634
Alternatives			822						724						611						542						470
Money Market			1,803						1,736						1,688						1,548						1,546
Total			121,833						118,016						61,070						71,578						76,908
General Account
Equity			237						241						242						216						308
Fixed Income - Public			19,748						20,701						20,416						20,217						20,000
Fixed Income - Privates			14,942						14,877						14,764						14,500						14,601
Alternatives			2,378						2,450						2,732						2,628						2,645
Money Market			724						344						532						488						449
Total			38,028						38,614						38,686						38,049						38,004
Combined Asset Type
Equity			83,424						80,419						48,429						59,174						62,884
Fixed Income - Public			135,760						138,166						104,917						112,659						119,225
Fixed Income - Privates			83,234						78,737						62,488						61,097						61,867
Alternatives			16,418						17,945						18,298						18,243						17,861
Money Market			2,527						2,080						2,220						2,036						1,995
Total			321,363						317,349						236,352						253,208						263,832
Total Private and Alternative Assets			99,652						96,683						80,786						79,340						79,728
% of Private and Alternative Assets / Total AUM			31.0		%				30.5		%				34.2		%				31.3		%				30.2		%
Total Wealth Assets			162,355						158,900						101,885						110,305						112,905
% of Wealth Assets / Total AUM			50.5		%				50.1		%				43.1		%				43.6		%				42.8		%

---

Corporate

---

Voya Financial						Page 28 of 47

Corporate Adjusted Operating Earnings Before Income Taxes

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Interest expense (excluding Preferred stock dividends) (1)			(33)						(35)						(36)						(38)						(40)						(142)						(165)
Preferred stock dividends			(4)						(14)						(4)						(14)						(4)						(36)						(36)
Stranded costs net of TSA revenue			—						(1)						(4)						(4)						3						(9)						(15)
Pension expense (2)			(11)						(10)						(10)						(10)						(8)						(41)						(37)
Other (3)			(12)						(6)						(6)						(2)						(21)						(25)						(72)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			(60)						(66)						(60)						(68)						(70)						(253)						(325)
Less: Earnings (loss) attributable to Allianz noncontrolling interest			(1)						—						—						—						—						(1)						—
Adjusted operating earnings before income taxes			(59)						(65)						(60)						(68)						(70)						(251)						(325)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

---

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

---

Voya Financial						Page 30 of 47

Net Revenue and Adjusted Operating Margin

			Three Months Ended																														Twelve Months Ended
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income			249						246						233						217						202						945						809
Fee based margin			241						244						257						268						283						1,009						1,112
Net underwriting gain (loss) and other revenue			5						3						4						1						—						13						(9)
Wealth Solutions Net Revenue			495						493						494						486						485						1,967						1,912
Health Solutions
Investment spread and other investment income			24						24						22						20						20						90						70
Net underwriting gain (loss) and other revenue			205						236						176						184						176						802						707
Health Solutions Net Revenue			230						260						198						204						196						892						777
Investment Management
Investment capital and other investment income			8						8						8						8						8						33						28
Fee based margin			216						204						165						167						181						753						680
Investment Management Net Revenue			224						212						173						175						189						785						708
Total Net Revenue Excluding Notable Items (1)			949						965						865						865						870						3,644						3,397
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions			195						198						204						176						163						773						704
Health Solutions			83						105						51						56						56						294						261
Investment Management			64						67						42						37						49						210						178
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)			342						370						297						269						268						1,277						1,143
Corporate			(60)						(65)						(60)						(68)						(53)						(253)						(268)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest			282						305						236						201						215						1,024						874
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items			13						13						—						—						—						26						—
Total Adjusted Operating Earnings Excluding Notable Items (1)			269						291						236						201						215						997						874
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions			39.3		%				40.2		%				41.4		%				36.2		%				33.6		%				39.3		%				36.8		%
Health Solutions			36.0		%				40.2		%				25.5		%				27.5		%				28.7		%				33.0		%				33.6		%
Investment Management			28.6		%				31.6		%				24.3		%				21.1		%				25.9		%				26.8		%				25.1		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			36.0		%				38.2		%				34.2		%				31.1		%				30.9		%				35.0		%				33.6		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			29.7		%				31.5		%				27.3		%				23.2		%				24.7		%				28.1		%				25.7		%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions			39.3		%				37.9		%				37.7		%				36.9		%				36.8		%
Health Solutions			33.0		%				31.2		%				29.6		%				31.6		%				33.6		%
Investment Management			26.8		%				26.0		%				24.1		%				25.2		%				25.1		%
Total Adjusted Operating Margin Excluding Corporate and Notable Items			35.0		%				33.7		%				33.0		%				33.2		%				33.6		%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items			28.1		%				26.8		%				25.9		%				25.8		%				25.7		%
(1) Refer to the “Reconciliations” section 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 31 of 47

Administrative Expenses

			Three Months Ended																														Twelve Months Ended
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Wealth Solutions			(223)						(214)						(207)						(223)						(232)						(867)						(885)
Health Solutions			(71)						(66)						(67)						(72)						(66)						(276)						(237)
Investment Management			(158)						(142)						(131)						(139)						(142)						(570)						(544)
Stranded costs net of TSA revenue (1)			—						(1)						(4)						(4)						3						(9)						(15)
Total Administrative Expenses (2)			(452)						(423)						(409)						(438)						(437)						(1,722)						(1,681)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

---

Voya Financial						Page 32 of 47

Adjusted Operating Return on Allocated Capital

			Twelve Months Ended
(in millions USD, unless otherwise indicated)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Wealth Solutions
Adjusted operating earnings before income taxes - before interest			697						798						990						1,077						1,106
Income tax expense			98						122						164						185						194
Adjusted Operating Earnings - before interest and after income taxes			599						676						826						892						912
Adjusted Operating effective tax rate (1)			12.7		%				11.6		%				14.9		%				15.7		%				17.0		%
Adjusted Operating effective tax rate - Trailing Twelve Months			14.1		%				15.3		%				16.6		%				17.2		%				17.5		%
Average Capital			3,710						3,730						3,742						3,738						3,762
Ending Capital (2)			3,670						3,677						3,749						3,721						3,716
Adjusted Return on Capital			16.1		%				18.1		%				22.1		%				23.9		%				24.3		%
Health Solutions
Adjusted operating earnings before income taxes - before interest			304						256						171						185						204
Income tax expense			64						54						36						39						43
Adjusted Operating Earnings - before interest and after income taxes			240						202						135						146						161
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate - Trailing Twelve Months			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			591						555						528						513						507
Ending Capital (2)			662						650						576						549						519
Adjusted Return on Capital			40.6		%				36.6		%				25.7		%				28.6		%				31.8		%
Investment Management
Adjusted operating earnings before income taxes - before interest			158						176						201						227						239
Income tax expense			33						37						42						48						50
Adjusted Operating Earnings - before interest and after income taxes			125						139						159						179						189
Adjusted Operating effective tax rate (1)			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Adjusted Operating effective tax rate - Trailing Twelve Months			21.0		%				21.0		%				21.0		%				21.0		%				21.0		%
Average Capital			582						488						427						403						387
Ending Capital (2)			797						778						486						458						420
Adjusted Return on Capital			21.5		%				28.3		%				37.0		%				44.3		%				48.7		%
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) 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.

---

Investment Information

---

Voya Financial						Page 34 of 47

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

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			12/31/2022															9/30/2022															12/31/2022
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			12,179			30.0		%	163			5.2		%				13,093			32.0		%	162			5.0		%				12,179			30.0		%	641			5.0		%
Private credit			8,222			20.0		%	84			4.2		%				8,233			20.0		%	84			4.2		%				8,222			20.0		%	333			4.2		%
Securitized (2)(3)			10,654			26.0		%	157			6.0		%				10,651			26.0		%	147			5.7		%				10,654			26.0		%	556			5.5		%
Commercial mortgage loans			5,413			13.0		%	59			4.5		%				5,376			13.0		%	56			4.2		%				5,413			13.0		%	223			4.2		%
Municipals			952			2.0		%	10			4.0		%				966			2.0		%	10			4.0		%				952			2.0		%	38			4.0		%
Short-term / Treasury			627			2.0		%	7			4.4		%				728			2.0		%	8			4.4		%				627			2.0		%	33			4.3		%
Equity securities			290			1.0		%	4			5.5		%				298			1.0		%	4			5.9		%				290			1.0		%	17			5.7		%
Policy loans			363			1.0		%	5			5.3		%				368			1.0		%	5			5.5		%				363			1.0		%	21			5.8		%
Derivatives			(11)			—		%	3			N/A						(11)			—		%	4			N/A						(11)			—		%	14			N/A
Book Values and Gross Investment Income before variable components			38,689			96.0		%	491			5.1		%				39,703			97.0		%	480			4.9		%				38,689			96.0		%	1,875			4.8		%
Book Values and Gross Investment Income on variable components
Limited partnership			1,774			4.0		%	(7)			-1.5		%				1,778			4.0		%	(29)			-6.2		%				1,774			4.0		%	101			5.9		%
Prepayment / Other fee income			N/A			N/A			—			—		%				N/A			N/A			2			—		%				N/A			N/A			16			—		%
Book Values and Gross Investment Income (variable)			1,774			4.0		%	(6)			—		%				1,778			4.0		%	(27)			0.1		%				1,774			4.0		%	116			N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings			40,464			100.0		%	485			4.8		%				41,481			100.0		%	452			4.4		%				40,464			100.0		%	1,992			4.9		%
(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 47

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

			Three Months Ended or As of (1)
(in millions USD)			9/30/2022									06/30/2022									03/31/2022									12/31/2021
Statutory Carrying Value			Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %						Statutory Value			SV %
Public corporate			13,187			32.0		%				13,145			32.0		%				13,151			32.0		%				13,256			33.0		%
Private credit			7,958			19.0		%				7,989			19.0		%				7,773			19.0		%				7,754			19.0		%
Securitized			10,663			26.0		%				10,469			25.0		%				10,024			25.0		%				9,878			24.0		%
Municipals			966			2.0		%				964			2.0		%				957			2.0		%				965			2.0		%
Short-term / Treasury			802			2.0		%				891			2.0		%				935			2.0		%				897			2.0		%
Total Fixed maturities			33,577			81.0		%				33,458			81.0		%				32,840			81.0		%				32,750			81.0		%
Commercial mortgage loans			5,375			13.0		%				5,381			13.0		%				5,490			14.0		%				5,581			14.0		%
Limited partnership			1,777			4.0		%				1,813			4.0		%				1,793			4.0		%				1,687			4.0		%
Equity securities			475			1.0		%				486			1.0		%				476			1.0		%				487			1.0		%
Total			41,204			100.0		%				41,138			100.0		%				40,599			100.0		%				40,504			100.0		%
NAIC Ratings
Fixed Maturities:
NAIC 1			17,312			52.0		%				17,208			51.0		%				16,619			51.0		%				16,745			51.0		%
NAIC 2			14,970			45.0		%				14,850			44.0		%				14,699			45.0		%				14,524			44.0		%
NAIC 3 and below			1,295			4.0		%				1,400			4.0		%				1,522			5.0		%				1,481			5.0		%
Total Fixed maturities			33,577			100.0		%				33,458			100.0		%				32,840			100.0		%				32,750			100.0		%
Commercial Mortgage Loans:
CML 1			4,220			79.0		%				4,224			78.0		%				4,400			80.0		%				4,624			83.0		%
CML 2			1,045			19.0		%				1,030			19.0		%				966			18.0		%				876			16.0		%
CML 3 and below			110			2.0		%				127			2.0		%				125			2.0		%				81			1.0		%
Total Commercial mortgage loans			5,375			100.0		%				5,381			100.0		%				5,490			100.0		%				5,581			100.0		%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

---

Voya Financial						Page 36 of 47

Alternative Investment Income

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Wealth Solutions
Average alternative investments			1,614						1,650						1,634						1,534						1,508						1,608						1,360
Alternative investment income			(5)						(26)						33						89						115						91						511
Health Solutions
Average alternative investments			160						163						162						170						152						164						134
Alternative investment income			(1)						(3)						3						9						12						8						50
Investment Management
Average alternative investments			316						333						347						351						337						337						309
Alternative investment income			(2)						(13)						5						11						20						1						104

---

Voya Financial						Page 37 of 47

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

			Three Months Ended																														Twelve Months Ended
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions			(41)						(63)						(4)						55						81						(54)						388
Health Solutions			(5)						(7)						—						5						8						(7)						38
Investment Management			(9)						(20)						(3)						3						12						(29)						75
Total			(55)						(90)						(7)						63						101						(90)						501
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			(9)						(7)						(3)						(3)						1						(22)						18
Health Solutions			—						—						—						—						1						—						3
Investment Management			—						—						—						—						—						—						—
Total			(9)						(7)						(3)						(3)						2						(22)						21
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions			(50)						(70)						(7)						52						82						(76)						406
Health Solutions			(5)						(7)						—						5						9						(7)						41
Investment Management			(9)						(20)						(3)						3						12						(29)						75
Total			(64)						(97)						(10)						60						103						(112)						522
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations.

---

Reconciliations

---

Voya Financial						Page 39 of 47

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

			Three Months Ended
(in millions except per share in whole dollars)			12/31/2022												9/30/2022												6/30/2022												3/31/2022												12/31/2021
			Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders						190			1.78									166			1.57									64			0.57									54			0.46									382			3.18
Plus: Net income (loss) attributable to noncontrolling interests						(57)			(0.54)									(138)			(1.30)									75			0.68									43			0.36									100			0.83
Less: Preferred stock dividends						(4)			(0.04)									(14)			(0.13)									(4)			(0.04)									(14)			(0.12)									(4)			(0.03)
Less: Income (loss) from discontinued operations						—			—									—			—									—			—									—			—									5			0.05
Income (loss) from continuing operations			83			137			1.28						71			42			0.40						152			143			1.29						122			111			0.95						273			481			4.00
Less:
Net investment gains (losses)			(10)			(8)			(0.07)						(9)			(7)			(0.06)						(59)			(47)			(0.42)						(112)			(88)			(0.75)						(107)			(85)			(0.70)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(34)			(27)			(0.25)						(13)			(11)			(0.10)						(55)			(44)			(0.39)						(36)			(28)			(0.24)						4			3			0.02
Net income (loss) attributable to noncontrolling interests			(57)			(57)			(0.54)						(138)			(138)			(1.30)						75			75			0.68						43			43			0.36						100			100			0.83
Dividend payments made to preferred shareholders			4			4			0.04						14			14			0.13						4			4			0.04						14			14			0.12						4			4			0.03
Other adjustments			(26)			(3)			(0.03)						(37)			(26)			(0.24)						(40)			(34)			(0.31)						(8)			(11)			(0.09)						8			241			2.01
Adjusted operating earnings			206			227			2.13						254			210			1.97						228			188			1.70						221			182			1.55						265			218			1.81
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation			(63)			(50)			(0.47)						(94)			(74)			(0.70)						(8)			(7)			(0.06)						59			47			0.40						84			66			0.55
Other (3)			—			53			0.50						57			45			0.42						—			—			—						(40)			(31)			(0.27)						(34)			(27)			(0.22)
Adjusted operating earnings excluding notable items			269			224			2.10						291			239			2.25						236			195			1.76						201			166			1.42						215			178			1.48
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain other reserves not expected to recur at the same level, and Group Life Covid-19 impacts.

---

Voya Financial						Page 40 of 47

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

			Twelve months ended
(in millions except per share in whole dollars)			12/31/2022												12/31/2021
			Before income taxes			After income taxes (1)			Per share (2)						Before income taxes			After income taxes (1)			Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders						474			4.30									2,334			18.56
Plus: Net income (loss) attributable to noncontrolling interests						(77)			(0.70)									761			6.05
Less: Preferred stock dividends						(36)			(0.33)									(36)			(0.29)
Less: Income (loss) from discontinued operations						—			—									12			0.10
Income (loss) from continuing operations			428			433			3.93						3,085			3,119			24.80
Less:
Net investment gains (losses)			(190)			(150)			(1.36)						(29)			(23)			(0.18)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment			(138)			(109)			(0.99)						1,133			895			7.12
Net income (loss) attributable to noncontrolling interests			(77)			(77)			(0.70)						761			761			6.05
Dividend payments made to preferred shareholders			36			36			0.33						36			36			0.29
Other adjustments			(111)			(74)			(0.67)						(39)			451			3.59
Adjusted operating earnings			908			807			7.32						1,225			1,000			7.95
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation			(106)			(84)			(0.76)						452			357			2.84
Other (3)			17			67			0.60						(101)			(80)			(0.63)
Adjusted operating earnings excluding notable items			997			824			7.48						874			723			5.75
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain legal and other reserves not expected to recur at the same level, Group Life Covid-19 impacts and revenue and expenses related to FPC prior to its divestment in June 2021.

---

Voya Financial						Page 41 of 47

Reconciliation of Adjusted Operating Revenues

			Three Months Ended																														Year-to-Date
(in millions USD)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Total revenues			1,555						1,345						1,524						1,506						1,656						5,930						4,174
Less:
Net investment gains (losses)			(17)						(18)						(60)						(120)						(97)						(215)						(140)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment			16						(30)						(55)						(54)						(31)						(123)						(3,424)
Revenues (loss) attributable to noncontrolling interests			(44)						(130)						93						48						112						(33)						809
Other adjustments			54						30						8						28						54						121						413
Total adjusted operating revenues			1,547						1,495						1,537						1,603						1,618						6,183						6,513
Adjusted operating revenues by segment
Wealth Solutions			669						645						709						756						792						2,778						3,236
Health Solutions			649						645						641						647						598						2,582						2,394
Investment Management			215						192						171						178						201						756						783
Corporate			15						13						17						22						27						67						100
Total adjusted operating revenues			1,547						1,495						1,537						1,603						1,618						6,183						6,513

---

Voya Financial						Page 42 of 47

Wealth Solutions and Health Solutions Reconciliation of Net Revenues

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Wealth Solutions
Adjusted operating revenues			page 9			669						645						709						756						792						2,778						3,236
Interest credited and other benefits to contract owners/policyholders						(224)						(222)						(222)						(218)						(224)						(886)						(891)
Net revenue			page 16			445						423						486						538						568						1,892						2,345
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(50)						(70)						(7)						52						82						(76)						406
Fee income related to divested businesses						—						—						—						—						—						—						25
Other adjustments to investment income						—						—						—						—						—						—						3
Net revenue excluding notable items			page 30			495						493						494						486						485						1,967						1,912
Health Solutions
Adjusted operating revenues			page 9			649						645						641						647						598						2,582						2,394
Interest credited and other benefits to contract owners/policyholders						(424)						(335)						(443)						(478)						(428)						(1,680)						(1,674)
Net revenue			page 20			225						310						198						169						171						902						720
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(5)						(7)						—						5						9						(7)						41
Group Life Covid-19 impacts						—						—						—						(40)						(34)						(40)						(112)
Other adjustments to net underwriting gain (loss) and other revenue (1)						—						57						—						—						—						57						14
Net revenue excluding notable items			page 30			230						260						198						204						196						892						777
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

---

Voya Financial						Page 43 of 47

Investment Management and Consolidated Reconciliation of Net Revenues

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Investment Management
Adjusted operating revenues			page 9			215						192						171						178						201						756						783
Net revenue			page 23			215						192						171						178						201						756						783
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(9)						(20)						(3)						3						12						(29)						75
Net revenue excluding notable items			page 30			224						212						173						175						189						785						708
Consolidated
Total Adjusted operating revenues			page 9			1,547						1,495						1,537						1,603						1,618						6,183						6,513
Interest credited and other benefits to contract owners/policyholders						(648)						(557)						(665)						(696)						(652)						(2,566)						(2,565)
Corporate Adjusted operating revenues (1)						(15)						(13)						(17)						(22)						(27)						(67)						(100)
Net revenue			pages 16/20/23			885						925						855						885						940						3,550						3,848
Less:
Alternative investment income and prepayment fees above (below) long-term expectations						(64)						(97)						(10)						60						103						(112)						522
Group Life Covid-19 impacts						—						—						—						(40)						(34)						(40)						(112)
Fee income related to divested businesses						—						—						—						—						—						—						25
Other adjustments						—						57						—						—						—						57						17
Net revenue excluding notable items			page 30			949						965						865						865						870						3,644						3,397
(1) Includes primarily TSA Revenue.

---

Voya Financial						Page 44 of 47

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment

			Page			Three Months Ended																														Twelve Months Ended
(in millions USD)			Reference			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Wealth Solutions Adjusted operating earnings before income taxes			page 9			145						128						197						228						245						697						1,106
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						(50)						(70)						(7)						52						82						(76)						406
Other (1)(2)						—						—						—						—						—						—						(3)
Adjusted operating earnings excluding notable items			page 30			195						198						204						176						163						773						704
Health Solutions Adjusted operating earnings before income taxes			page 9			78						154						50						21						31						304						204
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						(5)						(7)						—						5						9						(7)						41
Group Life Covid-19 impacts						—						—						—						(40)						(34)						(40)						(112)
Other (1)						—						57						—						—						—						57						14
Adjusted operating earnings excluding notable items			page 30			83						105						51						56						56						294						261
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			57						51						40						39						59						186						239
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation						(7)						(16)						(2)						2						9						(24)						61
Adjusted operating earnings excluding notable items			page 30			64						67						42						37						49						210						178
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			(60)						(66)						(60)						(68)						(70)						(253)						(325)
Less:
Other (3)						—						—						—						—						(16)						—						(56)
Adjusted operating earnings excluding notable items						(60)						(65)						(60)						(68)						(53)						(253)						(268)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest			page 9			219						267						228						221						265						934						1,225
Total Notable Items Adjustments						(63)						(37)						(8)						20						50						(89)						351
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest						282						305						236						201						215						1,024						874
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items						13						13						—						—						—						26						—
Consolidated Adjusted operating earnings excluding notable items			page 30			269						291						236						201						215						997						874
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above (below) target performance.

---

Voya Financial						Page 45 of 47

Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares

			Three Months Ended or As of																														Year-to-Date or As of
(in whole dollars)			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						12/31/2022						12/31/2021
Book value per common share, including AOCI			28.16						23.70						30.52						49.57						69.46						28.16						69.46
Per share impact of AOCI			31.43						33.98						20.89						1.57						(16.76)						31.43						(16.76)
Book value per common share, excluding AOCI			59.59						57.69						51.41						51.14						52.70						59.59						52.70
Debt to capital ratio			40.0		%				43.4		%				39.9		%				29.8		%				24.3		%				40.0		%				24.3		%
Capital impact of adding noncontrolling interest			-8.4		%				-10.2		%				-8.8		%				-4.7		%				-3.1		%				-8.4		%				-3.1		%
Impact of adding other financial obligations and treatment of preferred stock (1)			9.9		%				10.3		%				10.1		%				8.5		%				6.7		%				9.9		%				6.7		%
Capital impact of excluding AOCI			-12.0		%				-13.7		%				-8.4		%				-0.6		%				4.7		%				-12.0		%				4.7		%
Financial leverage ratio excluding AOCI			29.5		%				29.8		%				32.8		%				33.0		%				32.6		%				29.5		%				32.6		%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic			97.3						97.9						101.7						106.1						110.1						100.7						116.7
Dilutive effect of warrants			7.2						6.2						7.1						8.2						7.5						7.2						6.7
Other dilutive effects (2)			2.2						2.3						2.0						2.6						2.5						2.3						2.4
Weighted-average common shares outstanding - Diluted			106.7						106.4						110.8						117.0						120.1						110.2						125.8
Dilutive effect of the exercise or issuance of stock-based awards (3)			—						—						—						—						—						—						—
Weighted average common shares outstanding - Adjusted Diluted (3)			106.7						106.4						110.8						117.0						120.1						110.2						125.8
(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.

---

Voya Financial						Page 46 of 47

Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)

			Three Months Ended
(in millions except per share in whole dollars)			12/31/2022												9/30/2022												6/30/2022												3/31/2022												12/31/2021
			Before income taxes			After income taxes			Per share (1)						Before income taxes			After income taxes			Per share (1)						Before income taxes			After income taxes			Per share (1)						Before income taxes			After income taxes			Per share (1)						Before income taxes			After income taxes			Per share (1)
Previously Reported Income (loss) available to Voya Financial, Inc.'s common shareholders						190			1.77									193			1.82									64			0.57									27			0.24									403			3.36
Impact of LDTI implementation						—			0.01									(27)			(0.25)									—			—									27			0.22									(21)			(0.18)
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders						190			1.78									166			1.57									64			0.57									54			0.46									382			3.18
Previously Reported Adjusted operating earnings			214			233			2.18						299			245			2.30						223			185			1.67						209			172			1.47						279			229			1.90
Impact of LDTI implementation			1			1			0.01						(36)			(28)			(0.26)						16			11			0.10						22			18			0.15						2			1			0.01
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets			4			3			0.03						3			2			0.02						2			2			0.02						2			2			0.02						2			2			0.01
Qualified Pension Plan expected return on plan assets net of interest costs			(13)			(10)			(0.09)						(12)			(10)			(0.09)						(13)			(10)			(0.09)						(12)			(10)			(0.09)						(18)			(14)			(0.12)
Recast Adjusted operating earnings			206			227			2.13						254			210			1.97						228			188			1.70						221			182			1.55						265			218			1.81
Previously Reported Adjusted operating earnings excluding notable items			262			219			2.05						283			232			2.19						237			196			1.75						205			170			1.45						227			188			1.57
Impact of LDTI implementation			16			12			0.11						17			15			0.13						10			7			0.08						6			4			0.04						4			2			0.02
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets			4			3			0.03						3			2			0.02						2			2			0.02						2			2			0.02						2			2			0.01
Qualified Pension Plan expected return on plan assets net of interest costs			(13)			(10)			(0.09)						(12)			(10)			(0.09)						(13)			(10)			(0.09)						(12)			(10)			(0.09)						(18)			(14)			(0.12)
Recast Adjusted operating earnings excluding notable items			269			224			2.10						291			239			2.25						236			195			1.76						201			166			1.42						215			178			1.48
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.

---

Voya Financial						Page 47 of 47

Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)

			Twelve Months Ended
(in millions except per share in whole dollars)			12/31/2022																														12/31/2021
			Before income taxes			After income taxes			Per share (1)																																										Before income taxes			After income taxes			Per share (1)
Previously Reported Income (loss) available to Voya Financial, Inc.'s common shareholders						474			4.30																																													2,090			16.61
Impact of LDTI implementation						—			—																																													244			1.95
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders						474			4.30																																													2,334			18.56
Previously Reported Adjusted operating earnings			944			835			7.58																																										1,292			1,053			8.37
Impact of LDTI implementation			3			2			0.02																																										(3)			(3)			(0.03)
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets			11			8			0.07																																										8			6			0.04
Qualified Pension Plan expected return on plan assets net of interest costs			(49)			(38)			(0.34)																																										(72)			(56)			(0.44)
Recast Adjusted operating earnings			908			807			7.32																																										1,225			1,000			7.95
Previously Reported Adjusted operating earnings excluding notable items			987			816			7.41																																										910			754			5.99
Impact of LDTI implementation			48			38			0.34																																										28			19			0.16
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets			11			8			0.07																																										8			6			0.04
Qualified Pension Plan expected return on plan assets net of interest costs			(49)			(38)			(0.34)																																										(72)			(56)			(0.44)
Recast Adjusted operating earnings excluding notable items			997			824			7.48																																										874			723			5.75
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.