8-K - VOYA - Equibles

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):

November 1, 2022

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-35897	No.
(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	Name of each exchange on which registered
Common Stock, .01 Par Value	New York Stock Exchange
Depositary Shares, each representing a 1/40th	New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, 0.01 par value

All values are in US Dollars.

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 November 1, 2022 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30, 2022. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, November 2, 2022 at 10:00 am ET to discuss its third-quarter 2022 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended September 30, 2022, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 30, 2022 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.

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

Item 7.01	Regulation FD Disclosure

On November 1, 2022, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

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

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of Voya Financial, Inc., dated November 1, 2022 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended September 30, 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/ Rachel Reid

Name: Rachel Reid

Title: Senior Vice President, Deputy General Counsel and Corporate Secretary

Dated: November 1, 2022

Document

Exhibit 99.1

Voya Financial announces third-quarter 2022 results

NEW YORK, Nov. 1, 2022 — Voya Financial, Inc. (NYSE: VOYA) announced today financial results for the third quarter of 2022:

•Net income available to common shareholders of $1.82 per diluted share.

•After-tax adjusted operating earnings1 of $2.30 per diluted share2.

•Voya is on track to achieve 12% to 17% adjusted operating earnings per share (EPS) growth, excluding notable items, in 2022, which reflects continued progress on the company's organic growth, margin expansion and capital management initiatives.

"In the third quarter, we delivered an approximately 28% increase in adjusted operating EPS, excluding notable items, as we achieved strong organic growth despite headwinds in the macro environment," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. "For the trailing twelve months ended Sept. 30, 2022, Wealth Solutions full service recurring deposits grew 10.4% compared with the prior-year period to $13.0 billion. In Health Solutions, annualized in-force premiums in the third quarter of 2022 increased 9.7% compared with the prior-year period to $2.8 billion. In Investment Management, net flows (excluding sub-advisor replacements and divested businesses) were $9.9 billion for the trailing twelve months ended Sept. 30, 2022, representing strong organic growth and initial benefits of our transaction with Allianz Global Investors, which closed in the third quarter.

"Beyond the organic growth we have achieved, we have remained focused on the margin and capital components of our EPS growth plans. For example, we have now removed — ahead of schedule — all of the stranded costs associated with our prior divestitures. In addition, in the first nine months of 2022, we deployed $1.2 billion in excess capital through a combination of share repurchases, debt redemption and common stock dividends. As a result of our focus on controlling what we can control and despite the economic challenges, we now expect to achieve 12% to 17% adjusted operating EPS growth, excluding notable items, in 2022.

“Looking ahead, we are excited about continuing to execute on our strategy. Our acquisition of Benefitfocus, which we announced earlier today, will accelerate Voya’s strategy in health and wealth solutions, adding broad-based benefits administration capabilities that extend our reach across workplace benefits and savings. The transaction also aligns with and supports Voya’s commitment to pursuing acquisitions that are both highly strategic and also accretive relative to share repurchases. The combination of our organic growth plans and the new capabilities and reach we are adding through both the Allianz Global Investors and Benefitfocus transactions will

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

2 Third-quarter 2022 results include the following notable items: $(0.70) of investment income from alternative investments and prepayments below long-term expectations, net of variable and incentive compensation and $0.81 of other notable items primarily related to the company’s annual assumption update. Please see the tables at the end of this press release for more details on notable items.

give us even more opportunities to address the growing health, wealth and investment needs of our clients and will lead to positive outcomes for all of our stakeholders," added Martin.

HIGHLIGHTS

•Voya's Wealth Solutions, Health Solutions and Investment Management businesses all achieved organic growth in line with annual targets over the trailing twelve months ended Sept. 30, 2022.

•As of the third-quarter 2022, Voya has removed all stranded costs associated with prior divestitures — ahead of the company's target of year-end 2022.

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

•As of Sept. 30, Voya had approximately $700 million of excess capital, which includes third-quarter capital generation of approximately 100% of after-tax adjusted operating earnings, excluding the impacts from the company’s annual assumption update, which are non-cash in nature.

•On Nov. 1, 2022, Voya announced that it had entered into a definitive agreement to acquire Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading cloud-based benefits administration technology company that serves employers, health plans and brokers. The transaction will accelerate Voya’s workplace-centered strategy and increase the company’s capacity to meet the growing demand for comprehensive benefits and savings solutions at the workplace. The transaction is expected to be immediately accretive, on a cash basis, to Voya’s adjusted operating earnings per share relative to buybacks and before any future revenue synergies are considered. The transaction is expected to close in the first quarter of 2023 and is subject to customary closing conditions, including approval by Benefitfocus’ shareholders.

•On Nov. 1, 2022, Voya completed the acquisition of Czech Asset Management, L.P., a leading private credit asset manager dedicated to the U.S. middle market. The transaction supports the company's focus on the expansion of its private and alternative capabilities, which is a key growth initiative in Investment Management.

•In September, Voya launched myVoyage, a first-of-its-kind personalized financial-guidance and connected workplace-benefits digital platform. myVoyage offers individuals a complete view of their financial picture, inclusive of workplace benefits and savings accounts along with the integration of external accounts, and uses data-driven insights to provide personalized guidance.

•In September, Voya was included in the Great Place to Work® and Fortune Best Workplaces in Financial Services & Insurance™ 2022 list for the second time. In addition, in October, Voya was certified as a “Great Place to Work” by the independent analysts at Great Place to Work® — the global authority on high-trust, high-performance workplace cultures — for the seventh consecutive year.

CONSOLIDATED RESULTS

Third-quarter 2022 net income available to common shareholders was $193 million, or $1.82 per diluted share, compared with $142 million, or $1.15 per diluted share, in the third quarter of 2021. The increase was largely due to the company’s annual assumption update, which benefited results in the third quarter of 2022 and lowered results in the third quarter of 2021. This was partially offset by lower alternative investment income in the third quarter of 2022. On a per-share basis, third-quarter 2022 results also reflect the benefit of share repurchases during the trailing twelve months (TTM) ended Sept. 30, 2022.

Third-quarter 2022 after-tax adjusted operating earnings were $245 million, or $2.30 per diluted share, compared with $315 million, or $2.57 per diluted share in the third quarter of 2021. In the third quarter of 2022, lower alternative investment income and, in Investment Management, lower investment capital revenues were partially offset by higher underwriting results in Health Solutions and a favorable change in DAC/VOBA and other intangibles unlocking in Wealth Solutions, in each case compared with the third quarter of 2021. On a per-share basis, third-quarter 2022 results also reflect the benefit of share repurchases during the TTM ended Sept. 30, 2022.

SEGMENT DISCUSSIONS

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

Wealth Solutions

Wealth Solutions adjusted operating earnings were $168 million, compared with $319 million. The change primarily reflects:

•$172 million of lower overall investment income as higher fixed investment yields were more than offset by lower alternative investment income;

•$42 million of lower fee-based margin as business growth was more than offset by lower equity markets;

•$43 million of more favorable DAC/VOBA and other intangibles unlocking in the third quarter of 2022 due to an increase in interest rates; and

•$8 million of lower administrative expenses primarily due to a legal accrual in the third quarter of 2021 that did not recur and which was partially offset by higher expenses due to growth and investments in the business.

	Trailing 12 months ended			Trailing 12 months ended
($ in millions)	9/30/2022			9/30/2021
Net revenue	$	2,015		$	2,305
Net revenue, excluding notables	1,958			1,875
Adjusted operating margin	39.7		%	48.9		%
Adjusted operating margin, excluding notables	36.4		%	36.1		%
Full Service recurring deposits	$	13,042		$	11,814
Full Service net flows	$	1,117		$	(867)
	Three months ended or as of			Three months ended or as of
($ in millions)	9/30/2022			9/30/2021
Total client assets	$	450,718		$	524,466
Full Service recurring deposits	$	3,217		$	2,958
Full Service net flows	$	555		$	355
Full Service client assets	$	153,254		$	180,385

Wealth Solutions full-service recurring deposits were $13.0 billion for the TTM ended Sept. 30, 2022, up 10.4% compared with the prior-year period and within the company’s annual target of 10–12%. Third-quarter 2022 full-service recurring deposits were $3.2 billion.

Total client assets as of Sept. 30, 2022 were $451 billion, down from Sept. 30, 2021 as growth in the business, including positive net flows over the period, was more than offset by lower equity market levels.

Health Solutions

Health Solutions adjusted operating earnings were $149 million, compared with $71 million. The change primarily reflects:

•$118 million of higher underwriting results driven by a reserve release and lower COVID-related claims in Group Life, a lower loss ratio in Stop Loss and growth in the Voluntary block;

•$15 million of lower overall investment income due to lower alternative investment income; and

•$24 million of higher net expenses, largely due to investments and growth in the business as well as higher premium taxes and administrative fees.

	Trailing 12 months ended			Trailing 12 months ended
($ in millions)	9/30/2022			9/30/2021
Net revenue	$	841		$	711
Net revenue, excluding notables	850			743
Adjusted operating margin	29.8		%	31.1		%
Adjusted operating margin, excluding notables	30.5		%	34.0		%
Total aggregate loss ratio*	71.1		%	71.6		%
	Three months ended			Three months ended
($ in millions)	9/30/2022			9/30/2021
Group Life, Disability and Other	$	817		$	771
Stop Loss	1,259			1,184
Voluntary	684			561
Total annualized in-force premiums	$	2,760		$	2,515

* Total aggregate loss ratio for the TTM ended Sept. 30, 2022 excludes a $59 million reserve release related to the company’s annual assumption update.

Health Solutions annualized in-force premiums were $2.8 billion in the third quarter of 2022, up 9.7% compared with the prior-year period and at the high end of the company's 7–10% annual target. The increase in annualized in-force premiums reflects growth across all product lines, including a 22% increase in Voluntary.

Investment Management

Investment Management adjusted operating earnings were $51 million, compared with $63 million. The change primarily reflects:

•$40 million of lower investment capital revenues, including lower private equity results in the third quarter of 2022;

•$32 million of higher fee-based margin driven by higher revenues resulting from the Allianz Global Investors transaction and partially offset by a decline in fees due to lower equity and fixed income markets; and

•$4 million of higher administrative expenses, primarily related to an increase in expenses due to the Allianz Global Investors transaction and partially offset by lower variable compensation due to lower revenues related to the decline in equity and fixed income markets.

	Trailing 12 months ended			Trailing 12 months ended
($ in millions)	9/30/2022			9/30/2021
Net revenue	$	742		$	817
Net revenue, excluding notables	749			740
Adjusted operating margin	25.5		%	33.2		%
Adjusted operating margin, excluding notables	26.0		%	27.6		%
Institutional net flows	$	12,846		$	(1,004)
Retail net flows	(2,923)			(1,837)
Total net flows*	9,923			(2,841)
	Three months ended or as of			Three months ended or as of
($ in millions)	9/30/2022			9/30/2021
Institutional net flows	$	(889)		$	(753)
Retail net flows	(71)			(341)
Total net flows*	(960)			(1,094)
Fixed income - public and other	$	140,246		$	115,411
Privates and alternatives	96,683			76,577
Equity	80,419			60,746
Total AUM	$	317,349		$	252,733

* Excludes sub-advisor replacements and divested businesses.

Investment Management net flows (excluding sub-advisor replacements and divested businesses) were $9.9 billion for the TTM ended Sept. 30, 2022, representing organic growth of 4.6% and above the company's annual target of 2–4%. Third-quarter 2022 net outflows were $(960) million as inflows in insurance and international channels as well as the closing of a CLO were more than offset by outflows in U.S. institutional and retail channels.

Total AUM was $317 billion as of Sept. 30, 2022, up 26% from Sept. 30, 2021. The increase was driven by the Allianz Global Investors transaction and positive net flows over the period, both of which more than offset lower equity and fixed income markets.

Corporate

Corporate adjusted operating losses were $57 million compared with adjusted operating losses of $65 million. The change was primarily due to lower incentive compensation and lower interest expense due to debt extinguishments.

Share Repurchases

During the third quarter, Voya received approximately $50 million, or 819,566, of its common shares in connection with an accelerated share repurchase agreement that was entered into with a third party in the second quarter of 2022. The company had approximately $271 million remaining under its share repurchase authorization as of Sept. 30, 2022.

Supplementary Financial Information

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

Earnings Call and Slide Presentation

Voya will host a conference call on Wednesday, Nov. 2, 2022, at 10 a.m. ET, to discuss the company’s third-quarter 2022 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Nov. 2, 2022.

Media Contact: Investor Contact:

Christopher Breslin Michael Katz

212-309-8941 212-309-8999

Christopher.Breslin@voya.com IR@voya.com

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company that provides products, solutions and technologies that enable a better financial future for its clients, customers and society. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya has approximately 6,000 employees and had $711 billion in total assets under management and administration as of Sept. 30, 2022. 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, 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.

Use of Non-GAAP Financial Measures

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

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

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

•Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, 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 that is available to common shareholders;

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

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

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

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

The adjusted operating earnings, after tax, is adjusted for tax expense. The adjusted operating tax expense is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for

estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

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

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

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those relating to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe that they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs and completed the removal of Stranded Costs during the third quarter of 2022. Some transformation initiatives related to TSAs will continue beyond the third quarter of 2022, however, they are not expected to result in any net Stranded Costs.

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

Net Revenue and Adjusted Operating Margin

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

• Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Refer to our Quarterly Investor Supplement for a reconciliation of net revenue to adjusted operating revenue for each of our segments.

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

• We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Refer to our Quarterly Investor Supplement for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

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

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, (xii) our ability to successfully manage the separation of our individual life business on the expected timeline and economic terms, (xiii) our ability to realize the expected benefits from the transaction with Allianz Global Investors, and (xiv) our ability to successfully complete the acquisition of Benefitfocus on the expected economic terms or at all. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2021, as filed with the Securities and Exchange Commission (“SEC”) on Feb. 22, 2022 and “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2022, as filed with the SEC on Aug. 4, 2022, and in our Quarterly Report on Form 10-Q for the three months ended Sept. 30, 2022, to be filed with the SEC on or before Nov. 9, 2022.

VOYA-IR VOYA-CF

Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
($ in millions, except per share)	9/30/2022				9/30/2021
	After-tax		Per share		After-tax		Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	193	$	1.82	$	142	$	1.15
Less:
Net investment and guaranteed benefit gains (losses) and related charges and adjustments	(10)		(0.09)		(3)		(0.03)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(11)		(0.10)		(137)		(1.12)
Other adjustments (1)	(30)		(0.29)		(33)		(0.27)
Adjusted operating earnings	$	245	$	2.30	$	315	$	2.57

(1) “Other adjustments” primarily consists of transaction and integration costs associated with the AllianzGI transaction and other restructuring expenses (severance, lease write-offs, etc.), income (loss) on early extinguishment of debt, and tax adjustments.

Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares
	Three Months Ended
(in millions)	9/30/2022	9/30/2021
Weighted-average common shares outstanding - Basic	98	113
Dilutive effect of warrants	6	7
Other dilutive effects (1)	2	2
Weighted-average common shares outstanding - Diluted	106	122
Dilutive effect of the exercise or issuance of stock based awards	—	—
Weighted average common shares outstanding - Adjusted Diluted (2)	106	122

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

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

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended September 30, 2022
(in millions)	Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)		Other (2)		Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions	$	168		$	(70)	$	50	$	188
Health Solutions	149			(7)		59		97
Investment Management	51			(16)		—		67
Corporate	(57)			—		—		(57)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	311			(93)		109		295
Less: Earnings (loss) attributable to Allianz noncontrolling interest	12			—		—		12
Adjusted operating earnings before income taxes	$	299		$	(93)	$	109	$	283
Adjusted operating earnings per share	2.30			(0.70)		0.81		2.19
Net revenue
Wealth Solutions	$	423		$	(70)	$	—	$	493
Health Solutions	303			(7)		59		251
Investment Management	192			(20)		—		212
Total Net revenue	$	918		$	(97)	$	59	$	956
Adjusted operating margin
Wealth Solutions	39.7		%					38.1		%
Health Solutions	49.2		%					38.6		%
Investment Management	26.6		%					31.6		%
Adjusted operating margin, excluding Corporate	40.1		%					36.8		%

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

(2) Includes DAC, VOBA, and other intangible unlocking in Wealth and a reserve release in Health, both primarily related to the company’s annual assumption update.

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended September 30, 2021
(in millions)	Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)		Other (2)		Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions	$	319		$	147	$	(11)	$	183
Health Solutions	71			14		(18)		75
Investment Management	63			17		—		46
Corporate	(65)			(15)		—		(50)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	388			163		(29)		254
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—			—		—		—
Adjusted operating earnings before income taxes	$	388		$	163	$	(29)	$	254
Adjusted operating earnings per share	2.57			1.05		(0.19)		1.72
Net revenue
Wealth Solutions	$	633		$	147	$	—	$	486
Health Solutions	200			14		(18)		204
Investment Management	200			21		—		180
Total Net revenue	$	1,033		$	182	$	(18)	$	870
Adjusted operating margin
Wealth Solutions	50.4		%					37.7		%
Health Solutions	35.5		%					36.8		%
Investment Management	31.5		%					25.6		%
Adjusted operating margin, excluding Corporate	43.9		%					34.9		%

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

(2) Includes DAC, VOBA, and other intangible unlocking, COVID-19 Impacts, and changes in certain legal and other reserves not expected to recur at the same level.

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended September 30, 2022
(in millions)	Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)		Other (2)		Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions	$	800		$	57	$	31	$	712
Health Solutions	251			7		(15)		259
Investment Management	189			(6)		—		195
Corporate	(218)			(16)		—		(202)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	1,022			42		16		964
Less: Earnings (loss) attributable to Allianz noncontrolling interest	12			—		—		12
Adjusted operating earnings before income taxes	$	1,010		$	42	$	16	$	952
Adjusted operating earnings per share	7.31			0.28		0.11		6.92
Net revenue
Wealth Solutions	$	2,015		$	57	$	—	$	1,958
Health Solutions	841			7		(15)		850
Investment Management	742			(8)		—		749
Total Net revenue	$	3,598		$	56	$	(15)	$	3,557
Adjusted operating margin
Wealth Solutions	39.7		%					36.4		%
Health Solutions	29.8		%					30.5		%
Investment Management	25.5		%					26.0		%
Adjusted operating margin, excluding Corporate	34.5		%					32.8		%

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

(2) Includes DAC, VOBA, and other intangible unlocking, COVID-19 Impacts, and changes in certain other reserves not expected to recur at the same level.

Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended September 30, 2021
(in millions)	Amounts including Notable items			Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)		Other (2)		Amounts excluding Notable items
Adjusted operating earnings
Wealth Solutions	$	1,127		$	388	$	62	$	677
Health Solutions	221			38		(69)		252
Investment Management	271			63		3		205
Corporate	(301)			(50)		(35)		(216)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	1,318			439		(39)		918
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—			—		—		—
Adjusted Operating earnings before income taxes	$	1,318		$	439	$	(39)	$	918
Adjusted operating earnings per share	8.34			2.68		(0.24)		5.91
Net revenue
Wealth Solutions	$	2,305		$	388	$	42	$	1,875
Health Solutions	711			38		(69)		743
Investment Management	817			75		3		740
Total Net revenue	$	3,834		$	501	$	(24)	$	3,358
Adjusted operating margin
Wealth Solutions	48.9		%					36.1		%
Health Solutions	31.1		%					34.0		%
Investment Management	33.2		%					27.6		%
Adjusted operating margin, excluding Corporate	42.2		%					33.5		%

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

(2) Includes DAC, VOBA, and other intangible unlocking, COVID-19 Impacts, revenue and expenses in Wealth Solutions related to the FPC prior to its divestment in June 2021 and in Investment Management related to the divestment of Individual Life, stranded costs in Corporate prior to the closing of the Individual Life Transaction, and changes in certain legal and other reserves not expected to recur at the same level.

Document

Exhibit 99.2

Quarterly Investor Supplement

September 30, 2022

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended September 30, 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	Mike Katz
230 Park Avenue	212-309-8941	212-309-8999
New York, New York 10169	Christopher.Breslin@voya.com	IR@voya.com
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	35
Consolidated Statements of Operations	7	Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Adjusted Operating Earnings Before Income Taxes	8	Ratings	36
Adjusted Operating Earnings by Segment (QTD)	9	Alternative Investment Income	37
Adjusted Operating Earnings by Segment (YTD)	10	Alternative Income and Prepayments Above (Below) Long-Term
Consolidated Balance Sheets	11	Expectations	38
DAC/VOBA Segment Trends	12	Reconciliations
Consolidated Capital Structure	13	Reconciliation of Consolidated Statements of Operations	40
Consolidated Assets Under Management, Assets Under Administration		Reconciliation of Adjusted Operating Revenues	41
and Advisement	14	Reconciliation of Net Revenues by Segment	42 - 43
Wealth Solutions		Reconciliation of Adjusted Operating Earnings by Segment	44
Sources of Adjusted Operating Earnings and Key Metrics	16	Reconciliation of Adjusted Operating Earnings and Earnings
Client Assets Rollforward by Product Group	17 - 18	Per Common Share (Diluted) (QTD)	45
Health Solutions		Reconciliation of Adjusted Operating Earnings and Earnings
Sources of Adjusted Operating Earnings	20	Per Common Share (Diluted) (YTD)	46
Key Metrics	21	Reconciliation of Book Value Per Common Share, Excluding AOCI,
Investment Management		Leverage Ratio, and Adjusted Diluted Shares	47
Sources of Adjusted Operating Earnings	23
Analysis of AUM and AUA	24
Account Value Rollforward by Source	25
Account Value by Asset Type	26
Corporate
Adjusted Operating Earnings	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 Excluding Unlocking	32 - 33

Voya Financial	Page 3 of 47

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

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

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

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

Voya Financial	Page 4 of 47

Explanatory Note on Non-GAAP Financial Information

Stranded Costs

Adjusted Operating Earnings per Common Share (Diluted)

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

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

Adjusted Return on Capital

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

Adjusted Operating Effective Tax Rate

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

Adjusted Operating Revenues

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

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

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

Voya Financial	Page 5 of 47

Explanatory Note on Non-GAAP Financial Information

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

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

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

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

Sources of Earnings

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

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

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

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

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

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

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

Net Revenue and Adjusted Operating Margin

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

• Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

• We 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.

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)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022		9/30/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders	193		64		27		403		142		284		1,687
Per common share (basic)	1.98		0.62		0.26		3.66		1.24		2.79		14.19
Per common share (diluted)	1.82		0.57		0.24		3.36		1.15		2.55		13.19
Adjusted operating earnings: (1)
Before income taxes	299		223		209		279		388		730		1,014
After income taxes	245		185		172		229		315		602		825
Effective tax rate	18.1	%	17.1	%	17.4	%	18.0	%	18.8	%	17.6	%	18.6	%
Per common share (Adjusted diluted)	2.30		1.67		1.47		1.90		2.57		5.41		6.45
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	3,481		3,904		5,586		7,641		7,777		3,481		7,777
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)	5,467		4,867		5,059		5,541		5,461		5,467		5,461
Book value per common share (including AOCI)	35.81		39.88		54.66		70.88		69.19		35.81		69.19
Book value per common share (excluding AOCI) (1)	56.24		49.71		49.50		51.40		48.59		56.24		48.59
Leverage Ratios:
Debt to Capital	35.3	%	34.6	%	28.0	%	23.9	%	26.2	%	35.3	%	26.2	%
Financial Leverage (1)	37.4	%	36.9	%	31.9	%	27.6	%	29.5	%	37.4	%	29.5	%
Shares:
Weighted-average common shares outstanding
Basic	98		102		106		110		113		102		119
Dilutive effect of warrants	6		7		8		8		7		7		6
Other dilutive effects (2)	2		2		3		3		2		2		3
Diluted	106		111		117		120		122		111		128
Adjusted Diluted (1)	106		111		117		120		122		111		128
Ending shares outstanding	97		98		102		108		112		97		112
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	50		255		445		310		80		750		833
Dividends to common shareholders	20		20		21		21		19		61		59
Total cash returned to common shareholders	70		275		466		331		99		811		892
(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 39 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)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Revenues (1)
Net investment income	522	581	630	673	731	1,733	2,101
Fee income	435	411	433	446	487	1,279	1,381
Premiums	607	595	613	544	573	1,815	(3,898)
Net gains (losses)	(123)	(227)	(285)	(179)	(103)	(635)	1,602
Other revenues	33	44	40	49	46	117	530
Income (loss) related to consolidated investment entities	(136)	115	83	142	275	62	839
Total revenues	1,338	1,519	1,514	1,675	2,009	4,371	2,555
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders	(550)	(643)	(665)	(627)	(714)	(1,858)	2,790
Operating expenses	(632)	(605)	(632)	(636)	(642)	(1,869)	(1,950)
Net amortization of DAC/VOBA	(10)	(67)	(80)	(40)	(190)	(157)	(755)
Interest expense	(31)	(33)	(40)	(59)	(39)	(104)	(127)
Operating expenses related to consolidated investment entities	(14)	(18)	(6)	(13)	(13)	(38)	(36)
Total benefits and expenses	(1,237)	(1,366)	(1,423)	(1,375)	(1,598)	(4,026)	(78)
Income (loss) from continuing operations before income taxes	101	153	91	300	411	345	2,477
Less:
Net investment gains (losses) and related charges and adjustments	(5)	(52)	(87)	(86)	(1)	(144)	66
Net guaranteed benefit gains (losses) and related charges and adjustments	(8)	3	(22)	(3)	(3)	(27)	2
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)	(14)	(50)	(47)	14	(173)	(111)	798
Income (loss) attributable to noncontrolling interests	(138)	75	43	100	214	(20)	661
Income (loss) on early extinguishment of debt	1	1	(5)	(21)	—	(3)	(10)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—	—	4	33	—	4	—
Dividend payments made to preferred shareholders	14	4	14	4	14	32	32
Other adjustments	(47)	(51)	(17)	(19)	(28)	(116)	(86)
Adjusted operating earnings before income taxes (3)	299	223	209	279	388	730	1,014
(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; all Revenue and Benefit and expense lines are lower than prior periods due to the revenue and expenses related to the businesses ceded that ceased at closing.
(2) Year-to-Date 2021 results include the investment gains, net of related intangible amortization and charges, due to the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 39 of this document.

Voya Financial	Page 8 of 47

Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	413	486	536	571	646	1,434	1,816
Fee income	451	418	440	467	458	1,309	1,324
Premiums	599	588	591	539	543	1,778	1,628
Other revenue	31	42	35	41	42	108	130
Adjusted operating revenues (1)	1,494	1,534	1,601	1,618	1,689	4,629	4,898
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(565)	(667)	(694)	(650)	(633)	(1,927)	(1,914)
Operating expenses	(580)	(564)	(594)	(611)	(582)	(1,738)	(1,731)
Net amortization of DAC/VOBA	11	(41)	(52)	(34)	(29)	(81)	(83)
Interest expense (2)	(49)	(40)	(52)	(44)	(56)	(140)	(156)
Adjusted operating benefits and expenses	(1,183)	(1,311)	(1,393)	(1,339)	(1,301)	(3,887)	(3,884)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	311	223	209	279	388	743	1,014
Less: Earnings (loss) attributable to Allianz noncontrolling interest	12	—	—	—	—	12	—
Adjusted operating earnings before income taxes (1)	299	223	209	279	388	730	1,014	Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
---	---	---	---	---	---	---	---
Adjusted operating revenues
Wealth Solutions	643	706	754	791	857	2,103	2,446
Health Solutions	646	640	647	599	606	1,933	1,796
Investment Management	192	171	178	201	200	542	582
Corporate	13	17	22	27	25	51	73
Adjusted operating revenues (1)	1,494	1,534	1,601	1,618	1,689	4,629	4,898
Adjusted operating earnings
Wealth Solutions	168	186	205	241	319	560	869
Health Solutions	149	47	22	33	71	217	171
Investment Management	51	40	39	59	63	129	180
Corporate	(57)	(49)	(58)	(54)	(65)	(163)	(207)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	311	223	209	279	388	743	1,014
Less: Earnings (loss) attributable to Allianz noncontrolling interest	12	—	—	—	—	12	—
Adjusted operating earnings before income taxes (1)	299	223	209	279	388	730	1,014
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial	Page 9 of 47

Adjusted Operating Earnings by Segment

	Three Months Ended September 30, 2022
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	397	29	(12)	—	413
Fee income	230	19	202	—	451
Premiums	—	599	—	—	599
Other revenue	16	(2)	2	13	31
Adjusted operating revenues (1)	643	646	192	13	1,494
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(223)	(343)	—	—	(565)
Operating expenses	(271)	(147)	(142)	(21)	(580)
Net amortization of DAC/VOBA	19	(7)	—	—	11
Interest expense (2)	—	—	—	(49)	(49)
Adjusted operating benefits and expenses	(475)	(497)	(142)	(69)	(1,183)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	168	149	51	(57)	311
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	13	(1)	12
Adjusted operating earnings before income taxes (1)	168	149	38	(56)	299
	Three Months Ended September 30, 2021
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	571	46	28	1	646
Fee income	272	19	167	—	458
Premiums	—	543	—	—	543
Other revenue	14	(2)	5	24	42
Adjusted operating revenues (1)	857	606	200	25	1,689
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(227)	(406)	—	—	(633)
Operating expenses	(288)	(122)	(138)	(34)	(582)
Net amortization of DAC/VOBA	(23)	(7)	—	—	(29)
Interest expense (2)	—	—	—	(56)	(56)
Adjusted operating benefits and expenses	(538)	(535)	(138)	(90)	(1,301)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	319	71	63	(65)	388
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	—	—	—
Adjusted operating earnings before income taxes (1)	319	71	63	(65)	388
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial	Page 10 of 47

Adjusted Operating Earnings by Segment

	Nine Months Ended September 30, 2022
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,328	103	4	—	1,434
Fee income	725	58	527	—	1,309
Premiums	—	1,778	—	—	1,778
Other revenue	51	(5)	10	51	108
Adjusted operating revenues (1)	2,103	1,933	542	51	4,629
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(663)	(1,264)	—	—	(1,927)
Operating expenses	(822)	(429)	(412)	(75)	(1,738)
Net amortization of DAC/VOBA	(58)	(23)	—	—	(81)
Interest expense (2)	—	—	—	(140)	(140)
Adjusted operating benefits and expenses	(1,543)	(1,716)	(412)	(215)	(3,887)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	560	217	129	(163)	743
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	13	(1)	12
Adjusted operating earnings before income taxes (1)	560	217	116	(163)	730
	Nine Months Ended September 30, 2021
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,605	124	84	3	1,816
Fee income	786	50	488	—	1,324
Premiums	—	1,628	—	—	1,628
Other revenue	56	(5)	10	69	130
Adjusted operating revenues (1)	2,446	1,796	582	73	4,898
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(667)	(1,247)	—	—	(1,914)
Operating expenses	(848)	(358)	(402)	(123)	(1,731)
Net amortization of DAC/VOBA	(63)	(20)	—	—	(83)
Interest expense (2)	—	—	—	(156)	(156)
Adjusted operating benefits and expenses	(1,578)	(1,625)	(402)	(279)	(3,884)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	869	171	180	(207)	1,014
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	—	—	—
Adjusted operating earnings before income taxes (1)	869	171	180	(207)	1,014
(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 39 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)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021
Assets
Total investments	39,519	40,913	42,950	45,581	46,429
Cash and cash equivalents	840	954	1,011	1,402	1,677
Assets held in separate accounts	75,980	80,017	93,108	100,433	96,794
Premium receivable and reinsurance recoverable, net	13,561	13,079	13,261	13,635	13,580
Short term investments under securities loan agreement and accrued investment income	1,623	1,536	1,507	1,536	1,652
Deferred policy acquisition costs, Value of business acquired	2,894	2,480	1,921	1,378	1,337
Current and deferred income taxes (1)	1,931	1,795	1,405	986	696
Other assets (2)	3,505	2,581	2,710	2,532	2,626
Assets related to consolidated investment entities	4,195	4,165	3,933	3,779	3,626
Total Assets	144,048	147,520	161,806	171,262	168,417
Liabilities
Future policy benefits and contract owner account balances	53,501	53,151	52,765	52,758	52,943
Liabilities related to separate accounts	75,980	80,017	93,108	100,433	96,794
Payables under securities loan agreements, including collateral held	1,378	1,220	1,124	1,183	1,201
Short-term debt	141	1	1	1	1
Long-term debt	2,094	2,385	2,406	2,595	2,970
Other liabilities (3)	2,797	2,379	2,596	2,578	2,807
Liabilities related to consolidated investment entities	2,319	2,154	2,102	1,893	1,706
Total Liabilities	138,210	141,307	154,102	161,441	158,422
Mezzanine Equity
Allianz noncontrolling interest	155	—	—	—	—
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	2
Treasury stock	(873)	(821)	(565)	(80)	(1,906)
Additional paid-in capital	7,945	7,500	7,504	7,542	11,215
Retained earnings (deficit)	(994)	(1,201)	(1,269)	(1,310)	(3,238)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,079	5,479	5,671	6,153	6,073
Accumulated other comprehensive income	(1,986)	(963)	527	2,100	2,316
Total Voya Financial, Inc. Shareholders' Equity	4,093	4,516	6,198	8,253	8,389
Noncontrolling interest	1,590	1,697	1,506	1,568	1,606
Total Shareholders' Equity	5,683	6,213	7,704	9,821	9,995
Total Liabilities, Mezzanine Equity and Shareholders' Equity	144,048	147,520	161,806	171,262	168,417
(1) Current and deferred income taxes:
Deferred Tax Asset primarily related to Federal NOL's	1,510	1,507	1,520	1,504	1,517
Tax valuation allowance related to Federal NOL's	—	—	—	—	(180)
Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses	561	290	(106)	(525)	(582)
Other Net Deferred Tax Asset (Liability) related to DAC, reserves, acquisition intangibles, and other temporary differences	(140)	(2)	(9)	7	(59)
Total Current and deferred income taxes	1,931	1,795	1,405	986	696
Gross Unrealized Gains (losses) reflected in AOCI	(2,673)	(1,379)	507	2,499	2,772
21% Tax Effect	561	290	(106)	(525)	(582)
(2) Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets.
(3) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.

Voya Financial	Page 12 of 47

DAC/VOBA Segment Trends

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Wealth Solutions
Balance as of Beginning-of-Period	1,530	975	430	381	332	430	207
Deferrals of commissions and expenses	15	16	17	17	17	48	50
Amortization	(33)	(12)	(9)	(12)	(32)	(54)	(80)
Unlocking	41	(35)	(51)	(8)	10	(45)	20
Change in unrealized capital gains/losses	389	586	588	53	53	1,563	183
Balance as of End-of-Period	1,943	1,530	975	430	381	1,943	381
Deferred Sales Inducements as of End-of-Period (1)	26	26	25	23	24	26	24
Other (2)
Balance as of Beginning-of-Period	180	163	152	148	143	152	134
Deferrals of commissions and expenses	13	17	10	9	10	40	30
Amortization	(7)	(8)	(8)	(6)	(3)	(23)	(22)
Unlocking	—	—	—	—	—	—	—
Change in unrealized capital gains/losses	6	8	8	2	(2)	22	5
Balance as of End-of-Period	191	180	163	152	148	191	148
Total
Balance as of Beginning-of-Period	1,710	1,138	582	528	475	582	341
Deferrals of commissions and expenses	29	33	27	26	27	89	80
Amortization	(40)	(20)	(17)	(18)	(35)	(77)	(102)
Unlocking	41	(35)	(51)	(8)	10	(45)	20
Change in unrealized capital gains/losses	395	594	596	55	51	1,585	188
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	2,135	1,710	1,138	582	528	2,135	528
Balance as of End-of-Period, businesses exited through reinsurance or divestment (3)	760	771	783	796	809	760	809
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,894	2,480	1,921	1,378	1,337	2,894	1,337
(1) Deferred sales inducements in other segments are insignificant.
(2) Primarily includes Health Solutions.
(3) 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)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021
Financial Obligations
Senior bonds	1,495		1,495		1,495		1,495		1,869
Subordinated bonds	737		888		909		1,098		1,098
Other debt	3		3		3		3		4
Total Financial Debt	2,235		2,386		2,407		2,596		2,971
Other financial obligations (1)	269		282		301		300		346
Total Financial Obligations	2,504		2,668		2,708		2,896		3,317
Mezzanine Equity
Allianz noncontrolling interest	155		—		—		—		—
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	5,467		4,867		5,059		5,541		5,461
Total Equity (Excluding AOCI) (3)	6,079		5,479		5,671		6,153		6,073
Accumulated other comprehensive income (AOCI)	(1,986)		(963)		527		2,100		2,316
Total Voya Financial, Inc. Shareholders' Equity	4,093		4,516		6,198		8,253		8,389
Noncontrolling interest	1,590		1,697		1,506		1,568		1,606
Total Shareholders' Equity	5,683		6,213		7,704		9,821		9,995
Capital
Capitalization (4)	6,328		6,902		8,605		10,849		11,360
Adjusted Capitalization (5)	8,342		8,881		10,412		12,717		13,312
Leverage Ratios
Debt to Capital (6)	35.3	%	34.6	%	28.0	%	23.9	%	26.2	%
Financial Leverage (3)(7)	37.4	%	36.9	%	31.9	%	27.6	%	29.5	%
(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 39 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.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization.

Voya Financial	Page 14 of 47

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of September 30, 2022
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement	Total AUM and AUA
Wealth Solutions(1)	34,358	71,980	67,643	173,981	276,736	450,718
Health Solutions	1,938	14	—	1,952	—	1,952
Investment Management	38,614	23,823	254,912	317,349	51,862	369,210
Eliminations/Other	(36,296)	(19,837)	(10,943)	(67,076)	(43,882)	(110,958)
Total AUM and AUA	38,614	75,980	311,612	426,206	284,716	710,922
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.

Wealth Solutions

Voya Financial	Page 16 of 47

Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics

										Year-to-Date or As of
(in millions )		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022	9/30/2021
Sources of operating earnings before income taxes:
Gross investment income		411		397		387		390		1,235	1,179
Investment expenses		(20)		(19)		(20)		(20)		(59)	(60)
Credited interest		(219)		(215)		(222)		(222)		(652)	(656)
Net margin		172		163		145		148		524	462
Other investment income (1)		61		54		58		52		172	148
Investment spread and other investment income, excluding alts/prepays above/below expectations		233		217		202		200		696	610
Alternative investment income and prepayment fees above (below) long-term expectations		(7)		52		82		147		(25)	324
Investment spread and other investment income		226		269		285		347		671	934
Full service fee based revenue		145		156		171		172		438	492
Recordkeeping and other fee based revenue (2)		112		112		112		114		331	362
Total fee based margin		257		268		283		286		769	855
Net underwriting gain (loss) and other revenue		4		1		—		—		8	(9)
Net revenue (3)		486		538		568		633		1,448	1,780
Administrative expenses		(207)		(223)		(232)		(222)		(644)	(653)
Net commissions		(58)		(63)		(66)		(66)		(178)	(191)
DAC/VOBA and other intangibles amortization, excluding unlocking		(32)		(31)		(30)		(33)		(96)	(94)
DAC/VOBA and other intangibles unlocking (4)		(4)		(16)		1		7		30	28
Adjusted operating earnings before income taxes		186		205		241		319		560	869
Adjusted Operating Margin TTM	%	42.7	%	45.7	%	47.3	%	48.9	%
Adjusted Operating Margin Excluding Notables TTM	%	36.2	%	35.5	%	35.5	%	36.1	%
Full Service Revenue (5)
Full Service Investment Spread and other investment income		218		258		272		332		646	894
Full Service Fee Based Revenue		145		156		171		172		438	492
Total Full Service Revenue		363		414		443		504		1,084	1,386
Client Assets
Fee Based		369,705		414,597		434,340		421,644		356,102	421,644
Spread Based		34,220		33,759		33,359		33,519		34,358	33,519
Investment-only Stable Value		39,622		40,391		40,246		41,329		38,944	41,329
Retail Client Assets		22,592		26,226		28,300		27,974		21,315	27,974
Total Client Assets		466,139		514,972		536,246		524,466		450,718	524,466
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) The reduction in recordkeeping and other fee based revenue for the three months ending September 30, 2021 reflects the reduction in fee revenue related to the sale of our Financial Planning Channel on June 9, 2021.
(3) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(4) Includes 2M loss recognition in Q3 2021.
(5) Excludes Net underwriting gain (loss) and other revenue.

All values are in US Dollars.

Voya Financial	Page 17 of 47

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Full service - Corporate markets
Client Assets, beginning of period	83,329	94,434	99,698	95,456	95,336	99,698	86,581
Transfers / Single deposits	1,074	1,176	1,676	1,575	1,925	3,926	5,003
Recurring deposits	2,231	2,297	2,558	1,938	2,003	7,086	6,223
Total Deposits	3,305	3,473	4,234	3,514	3,928	11,012	11,226
Surrenders, benefits, and product charges	(2,589)	(2,798)	(3,623)	(3,941)	(3,340)	(9,010)	(9,768)
Net Flows	716	674	612	(427)	587	2,002	1,458
Interest credited and investment performance	(3,910)	(11,779)	(5,875)	4,669	(467)	(21,565)	7,417
Client Assets, end of period - Corporate markets	80,135	83,329	94,434	99,698	95,456	80,135	95,456
Full service - Tax-exempt markets
Client Assets, beginning of period	75,627	83,727	88,004	84,929	85,179	88,004	78,831
Transfers / Single deposits	248	534	374	399	415	1,156	1,945
Recurring deposits	986	1,006	1,046	980	955	3,039	2,915
Total Deposits	1,235	1,540	1,420	1,379	1,371	4,196	4,860
Surrenders, benefits, and product charges	(1,395)	(1,215)	(1,586)	(1,836)	(1,603)	(4,195)	(4,858)
Net Flows	(161)	326	(165)	(457)	(232)	—	3
Interest credited and investment performance	(2,347)	(8,426)	(4,112)	3,533	(17)	(14,885)	6,095
Client Assets, end of period - Tax-exempt markets	73,119	75,627	83,727	88,004	84,929	73,119	84,929
Full Service - Total
Client Assets, beginning of period	158,956	178,161	187,702	180,385	180,515	187,702	165,412
Transfers / Single deposits	1,322	1,710	2,050	1,974	2,340	5,082	6,948
Recurring deposits	3,217	3,303	3,604	2,918	2,958	10,125	9,138
Total Deposits	4,540	5,013	5,654	4,893	5,299	15,208	16,086
Surrenders, benefits, and product charges	(3,984)	(4,013)	(5,209)	(5,777)	(4,943)	(13,206)	(14,626)
Net Flows	555	1,000	446	(884)	355	2,001	1,461
Interest credited and investment performance	(6,257)	(20,205)	(9,987)	8,202	(484)	(36,451)	13,512
Client Assets, end of period - Full Service Total	153,254	158,956	178,161	187,702	180,385	153,254	180,385
Full Service - Client Assets
Fee-based	119,325	125,206	144,888	154,839	147,378	119,325	147,378
Spread-based	33,929	33,749	33,273	32,864	33,006	33,929	33,006
Client Assets, end of period - Full Service Total	153,254	158,956	178,161	187,702	180,385	153,254	180,385

Voya Financial	Page 18 of 47

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Recordkeeping
Client Assets, beginning of period	244,499	269,708	279,501	274,265	276,829	279,501	247,309
Transfers / Single deposits	3,573	1,595	1,955	812	638	7,122	7,619
Recurring deposits	4,278	4,359	5,217	3,892	3,865	13,854	12,638
Total Deposits	7,851	5,954	7,172	4,705	4,503	20,976	20,257
Surrenders, benefits, and product charges	(5,846)	(5,730)	(8,065)	(12,451)	(6,256)	(19,641)	(19,241)
Net Flows	2,004	224	(893)	(7,747)	(1,753)	1,335	1,016
Interest credited and investment performance	(9,726)	(25,435)	(8,900)	12,982	(810)	(44,061)	25,940
Client Assets, end of period - Recordkeeping	236,776	244,499	269,708	279,501	274,265	236,776	274,265
Total Defined Contribution (1)
Client Assets, beginning of period	403,454	447,870	467,203	454,650	457,343	467,203	412,721
Transfers / Single deposits	4,895	3,304	4,005	2,786	2,978	12,204	14,567
Recurring deposits	7,495	7,663	8,822	6,811	6,823	23,979	21,776
Total Deposits	12,390	10,967	12,827	9,597	9,801	36,183	36,343
Surrenders, benefits, and product charges	(9,831)	(9,743)	(13,273)	(18,229)	(11,199)	(32,846)	(33,866)
Net Flows	2,559	1,224	(446)	(8,632)	(1,398)	3,337	2,477
Interest credited and investment performance	(15,983)	(45,640)	(18,887)	21,184	(1,295)	(80,510)	39,452
Client Assets, end of period - Total Defined Contribution	390,031	403,454	447,870	467,203	454,650	390,031	454,650
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period	39,622	40,390	40,246	41,329	41,902	40,246	42,864
Transfers / Single deposits	177	630	1,500	280	127	2,307	890
Recurring deposits	169	203	190	103	136	562	423
Total Deposits	346	833	1,690	382	262	2,869	1,312
Surrenders, benefits, and product charges	(431)	(284)	(545)	(1,112)	(982)	(1,260)	(2,690)
Net Flows	(84)	549	1,144	(730)	(719)	1,610	(1,378)
Interest credited and investment performance	(593)	(1,319)	(1,000)	(353)	148	(2,912)	(156)
Assets, end of period - Defined Contribution Investment-only SV	38,944	39,622	40,390	40,246	41,329	38,944	41,329
Retail Client Assets (3)	21,320	22,598	26,232	28,306	27,980	21,320	27,980
Other Assets (4)	423	465	480	490	507	423	507
Total Client Assets	450,718	466,139	514,972	536,246	524,466	450,718	524,466
(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

										Year-to-Date
(in millions )		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022		9/30/2021
Sources of operating earnings before income taxes:
Gross investment income		25		23		23		24		72		67
Investment expenses		(1)		(1)		(1)		(1)		(3)		(3)
Credited interest		(13)		(13)		(13)		(14)		(39)		(42)
Net margin		10		9		9		9		30		24
Other investment income		12		12		10		9		36		26
Investment spread and other investment income, excluding alts/prepays above/below expectations		22		20		20		18		66		51
Alternative investment income and prepayment fees above (below) long-term expectations		—		5		9		14		(2)		32
Investment spread and other investment income		22		25		28		32		64		83
Net underwriting gain (loss) and other revenue		173		146		144		168		605		467
Net revenue (1)		195		171		172		200		669		550
Administrative expenses		(67)		(72)		(66)		(59)		(205)		(171)
Premium taxes, fees and assessments		(32)		(28)		(29)		(27)		(99)		(80)
Net commissions		(42)		(42)		(38)		(37)		(124)		(109)
DAC/VOBA and other intangibles amortization, excluding unlocking		(8)		(8)		(6)		(7)		(23)		(20)
Adjusted operating earnings before income taxes		47		22		33		71		217		171
Adjusted Operating Margin TTM	%	23.4	%	25.8	%	28.3	%	31.1	%
Adjusted Operating Margin Excluding Notables TTM	%	29.5	%	31.7	%	33.5	%	34.0	%
Group life:
Premiums		148		143		140		139		442		410
Benefits		(133)		(167)		(136)		(132)		(349)		(388)
Other (2)		(2)		(2)		(2)		—		(6)		(8)
Total Group life		13		(26)		1		7		87		14
Group Life Loss Ratio (Interest adjusted) (3)	%	89.9	%	116.4	%	97.5	%	95.6	%	92.5	%	94.9	%
Group stop loss:
Premiums		302		303		288		291		916		877
Benefits		(238)		(232)		(224)		(226)		(708)		(677)
Other (2)		(1)		(1)		(1)		(1)		(3)		(4)
Total Group stop loss		63		70		63		64		205		196
Stop loss Loss Ratio	%	78.9	%	76.5	%	77.7	%	77.5	%	77.3	%	77.1	%
Voluntary Benefits, Disability, and Other		98		101		79		97		313		256
Net underwriting gain (loss) and other revenue
Premiums		609		602		562		564		1,831		1,687
Benefits		(433)		(458)		(419)		(399)		(1,225)		(1,212)
Other (2)		(3)		1		1		2		(1)		(8)
Total Net underwriting gain (loss) and other revenue		173		146		144		168		605		467
Total Aggregate Loss Ratio TTM (3)(4)	%	73.1	%	73.1	%	72.5	%	71.6	%	71.1	%	71.6	%
(1) Please see 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) 3Q 2022 loss ratio excludes 59M of favorable reserve release related to the company's annual assumption update.
(4) Total Aggregate Loss Ratio is calculated using trailing twelve months.

All values are in US Dollars.

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)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Sales by Product Line:
Group life and Disability	4	14	86	12	18	104	99
Stop loss	42	24	323	14	24	389	341
Voluntary	12	20	104	6	11	136	122
Total sales by product line	58	58	513	31	53	629	561
Total gross premiums and deposits	707	671	660	610	611	2,037	1,820
Annualized In-force Premiums by Product Line:
Group life and Disability	817	811	807	752	771	817	771
Stop loss	1,259	1,231	1,220	1,181	1,184	1,259	1,184
Voluntary	684	681	678	576	561	684	561
Total annualized in-force premiums	2,760	2,722	2,705	2,510	2,515	2,760	2,515
Assets Under Management by Fund Group:
General account	1,938	1,981	1,886	1,869	1,924	1,938	1,924
Separate account	14	15	17	18	17	14	17
Total AUM	1,952	1,996	1,903	1,887	1,941	1,952	1,941

Investment Management

Voya Financial	Page 23 of 47

Investment Management Sources of Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022	9/30/2021
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	8		8		8		8		8		24	21
Alternative investment income and prepayment fees above (below) long-term expectations	(20)		(3)		3		12		21		(20)	63
Investment spread and other investment income	(12)		6		11		20		29		4	84
Fee based margin (1)	204		165		167		181		172		536	499
Net revenue (2)	192		171		178		201		200		541	582
Administrative expenses (3)	(142)		(131)		(139)		(142)		(138)		(412)	(402)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	51		40		39		59		63		129	180
Adjusted Operating Margin TTM	25.5	%	26.8	%	29.4	%	30.7	%	33.2	%
Adjusted Operating Margin Excluding Notables TTM	26.0	%	24.1	%	25.2	%	25.0	%	27.6	%
Fee based margin (1)
Investment advisory and administrative revenue	202		160		165		178		167		527	488
Other fee based margin	2		6		2		3		5		9	11
Fee based margin	204		165		167		181		172		536	499
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	51		40		39		59		63		129	180
Less: Earnings (loss) attributable to Allianz noncontrolling interest	13		—		—		—		—		13	—
Adjusted operating earnings before income taxes	38		40		39		59		63		116	180
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.

Voya Financial	Page 24 of 47

Investment Management Analysis of AUM and AUA

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Client Assets:
External Clients
Institutional	160,720	136,596	143,581	148,921	138,332	160,720	138,332
Retail	118,016	61,070	71,578	76,908	75,352	118,016	75,352
Subtotal External Clients	278,735	197,666	215,159	225,829	213,684	278,735	213,684
General Account	38,614	38,686	38,049	38,004	39,049	38,614	39,049
Total Client Assets (AUM)	317,349	236,352	253,208	263,832	252,733	317,349	252,733
Assets under Advisement and Administration (AUA)	51,862	53,359	57,187	59,823	60,666	51,862	60,666
Total AUM and AUA	369,210	289,710	310,395	323,656	313,399	369,210	313,399
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	89	86	87	92	83	262	242
Retail	88	49	53	59	58	190	168
Subtotal External Clients	177	134	140	151	141	452	410
General Account	20	20	20	20	20	60	62
Total Investment Advisory and Administrative Revenues (AUM)	197	154	160	171	161	512	472
Administration Only Fees	5	5	5	6	6	15	16
Total Investment Advisory and Administrative Revenues	202	160	165	178	167	527	488
Revenue Yield (bps) (1)
External Clients
Institutional	21.4	24.5	23.7	25.3	23.9	20.3	23.5
Retail	28.0	29.4	29.1	30.6	30.1	19.3	29.4
Revenue Yield on External Clients (2)	24.3	26.1	25.5	27.1	26.1	19.9	25.6
General Account	21.1	21.1	21.1	21.0	21.2	21.1	21.5
Revenue Yield on Client Assets (AUM)	23.9	25.3	24.8	26.2	25.4	20.0	25.0
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.4	3.8	3.5	4.1	3.9	3.6	3.6
Total Revenue Yield on AUM and AUA (bps)	21.0	21.3	20.9	22.1	21.2	17.7	20.8
Revenue Yield on Client Assets (AUM) - trailing twelve months	25.2	25.8	25.4	25.2	25.4	25.2	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 25 of 47

Investment Management Account Rollforward by Source

	Three Months Ended										Year-to-Date
(in millions USD)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022		9/30/2021
Institutional AUM:
Beginning of period AUM	136,595		143,580		148,921		138,332		138,005		148,921		111,964
Inflows	4,759		5,500		5,963		12,899		5,868		16,222		14,418
Outflows	(5,648)		(3,502)		(3,742)		(3,383)		(6,621)		(12,892)		(14,859)
Net flows- Institutional	(889)		1,998		2,221		9,516		(753)		3,330		(441)
Change in Market Value	(5,815)		(8,803)		(7,411)		1,028		509		(22,029)		1,344
Other (Including Acquisitions / Divestitures)	30,828		(180)		(151)		45		571		30,497		25,466
End of period AUM - Institutional	160,720		136,595		143,580		148,921		138,332		160,720		138,332
Organic Growth (Net Flows/Beginning of period AUM)	-0.7	%	1.4	%	1.5	%	6.9	%	-0.5	%	2.2	%	-0.4	%
Market Growth %	-4.3	%	-6.1	%	-5.0	%	0.7	%	0.4	%	-14.8	%	1.2	%
Retail AUM:
Beginning of period AUM	61,070		71,579		76,908		75,352		77,008		76,908		75,116
Inflows	6,683		2,290		2,609		2,207		2,077		11,582		7,249
Outflows	(6,754)		(3,728)		(3,502)		(2,727)		(2,418)		(13,984)		(8,033)
Net flows- Retail	(71)		(1,439)		(893)		(520)		(341)		(2,403)		(784)
Net Money Market Flows	45		120		(18)		11		(43)		147		(301)
Change in Market Value	(6,332)		(8,352)		(4,181)		3,001		57		(18,865)		5,708
Net Flows from Divested Businesses	(467)		(525)		(668)		(761)		(708)		(1,660)		(2,213)
Other (Including Acquisitions / Divestitures)	63,771		(313)		431		(174)		(621)		63,889		(2,174)
End of period AUM - Retail	118,016		61,070		71,579		76,908		75,352		118,016		75,352
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor <br>Replacements (Net Flows / Beginning of period AUM)	-0.1	%	-2.0	%	-1.2	%	-0.7	%	-0.4	%	-3.1	%	-1.0	%
Market Growth %	-10.4	%	-11.7	%	-5.4	%	4.0	%	0.1	%	-24.5	%	7.6	%
Net Flows:
Institutional Net Flows	(889)		1,998		2,221		9,516		(753)		3,330		(441)
Retail Net Flows	(71)		(1,439)		(893)		(520)		(341)		(2,403)		(784)
Net Flows from Divested Businesses	(467)		(525)		(668)		(761)		(708)		(1,660)		(2,213)
Total Net Flows	(1,427)		34		660		8,234		(1,802)		(733)		(3,438)
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements	(960)		559		1,328		8,995		(1,094)		927		(1,225)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) (1)	-0.5	%	0.3	%	0.6	%	4.2	%	-0.5	%	0.4	%	-0.7	%
(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)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021
Institutional
Equity	22,835		12,086		14,830		14,994		14,632
Fixed Income - Public	59,752		62,378		67,693		72,550		65,494
Fixed Income - Privates	63,361		47,177		45,985		46,631		44,109
Alternatives	14,771		14,955		15,073		14,746		14,097
Money Market	—		—		—		—		—
Total	160,720		136,596		143,581		148,921		138,332
Retail
Equity	57,343		36,100		44,128		47,583		45,737
Fixed Income - Public	57,714		22,124		24,749		26,676		27,045
Fixed Income - Privates	499		547		611		634		638
Alternatives	724		611		542		470		407
Money Market	1,736		1,688		1,548		1,546		1,526
Total	118,016		61,070		71,578		76,908		75,352
General Account
Equity	241		242		216		308		377
Fixed Income - Public	20,701		20,416		20,217		20,000		20,426
Fixed Income - Privates	14,877		14,764		14,500		14,601		14,546
Alternatives	2,450		2,732		2,628		2,645		2,780
Money Market	344		532		488		449		920
Total	38,614		38,686		38,049		38,004		39,049
Combined Asset Type
Equity	80,419		48,429		59,174		62,884		60,746
Fixed Income - Public	138,166		104,917		112,659		119,225		112,965
Fixed Income - Privates	78,737		62,488		61,097		61,867		59,292
Alternatives	17,945		18,298		18,243		17,861		17,285
Money Market	2,080		2,220		2,036		1,995		2,446
Total	317,349		236,352		253,208		263,832		252,733
Total Private and Alternative Assets	96,683		80,786		79,340		79,728		76,577
% of Private and Alternative Assets / Total AUM	30.5	%	34.2	%	31.3	%	30.2	%	30.3	%
Total Wealth Assets	158,900		101,885		110,305		112,905		112,941
% of Wealth Assets / Total AUM	50.1	%	43.1	%	43.6	%	42.8	%	44.7	%

Corporate

Voya Financial	Page 28 of 47

Corporate Adjusted Operating Earnings

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Interest expense (excluding Preferred stock dividends) (1)	(35)	(36)	(38)	(40)	(42)	(109)	(125)
Preferred stock dividends	(14)	(4)	(14)	(4)	(14)	(32)	(32)
Amortization of intangibles	(3)	(2)	(2)	(2)	(2)	(7)	(6)
Stranded costs net of TSA revenue	(1)	(4)	(4)	3	3	(9)	(18)
Other	(4)	(3)	—	(11)	(10)	(6)	(26)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	(57)	(49)	(58)	(54)	(65)	(163)	(207)
Less: Earnings (loss) attributable to Allianz noncontrolling interest	(1)	—	—	—	—	(1)	—
Adjusted operating earnings before income taxes	(56)	(49)	(58)	(54)	(65)	(163)	(207)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

Voya Financial	Page 30 of 47

Net Revenue and Adjusted Operating Margin

	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022		9/30/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	246		233		217		202		200		898		799
Fee based margin	244		257		268		283		286		1,052		1,090
Net underwriting gain (loss) and other revenue	3		4		1		—		—		8		(14)
Wealth Solutions Net Revenue	493		494		486		485		486		1,958		1,875
Health Solutions
Investment spread and other investment income	24		22		20		20		18		86		63
Net underwriting gain (loss) and other revenue	227		173		186		178		186		764		681
Health Solutions Net Revenue	251		195		206		198		204		850		743
Investment Management
Investment capital and other investment income	8		8		8		8		8		32		27
Fee based margin	204		165		167		181		172		717		713
Investment Management Net Revenue	212		173		175		189		180		749		740
Total Net Revenue Excluding Notable Items (1)	956		862		867		872		870		3,557		3,358
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	188		197		169		158		183		712		677
Health Solutions	97		47		57		58		75		259		252
Investment Management	67		42		37		49		46		195		205
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	352		286		263		265		304		1,166		1,134
Corporate	(57)		(49)		(58)		(38)		(50)		(202)		(216)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest	295		237		205		227		254		964		918
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items	12		—		—		—		—		12		—
Total Adjusted Operating Earnings Excluding Notable Items	283		237		205		227		254		952		918
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	38.1	%	39.9	%	34.8	%	32.6	%	37.7	%	36.4	%	36.1	%
Health Solutions	38.6	%	24.1	%	27.7	%	29.3	%	36.8	%	30.5	%	34.0	%
Investment Management	31.6	%	24.3	%	21.1	%	25.9	%	25.6	%	26.0	%	27.6	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	36.8	%	33.2	%	30.3	%	30.4	%	34.9	%	32.8	%	33.5	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	30.9	%	27.5	%	23.6	%	26.0	%	29.2	%	27.1	%	27.3	%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions	36.4	%	36.2	%	35.5	%	35.5	%	36.1	%
Health Solutions	30.5	%	29.5	%	31.7	%	33.5	%	34.0	%
Investment Management	26.0	%	24.1	%	25.2	%	25.0	%	27.6	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	32.8	%	32.3	%	32.5	%	32.9	%	33.5	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	27.1	%	26.7	%	26.7	%	26.9	%	27.3	%
(1) See the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

Voya Financial	Page 31 of 47

Administrative Expenses

	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Wealth Solutions	(214)	(207)	(223)	(232)	(222)	(876)	(863)
Health Solutions	(66)	(67)	(72)	(66)	(59)	(271)	(221)
Investment Management	(142)	(131)	(139)	(142)	(138)	(554)	(547)
Stranded costs net of TSA revenue(1)	(1)	(4)	(4)	3	3	(6)	(18)
Total Administrative Expenses(2)	(423)	(409)	(438)	(437)	(416)	(1,707)	(1,649)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals above (below) target performance, pension, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

Voya Financial	Page 32 of 47

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021
Wealth Solutions
Adjusted operating earnings before income taxes	800		951		1,060		1,110		1,127
Less:
DAC/VOBA and other intangibles unlocking	31		(12)		10		29		57
Adjusted Operating Earnings - excluding Unlocking before interest	769		964		1,050		1,082		1,070
Income tax expense	124		164		182		188		184
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	645		800		868		894		886
Adjusted Operating effective tax rate, excluding Unlocking (2)	13.2	%	16.1	%	16.9	%	16.9	%	17.8	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	16.1	%	17.0	%	17.3	%	17.3	%	17.2	%
Average Capital	3,753		3,761		3,755		3,775		3,799
Ending Capital	3,731		3,765		3,738		3,740		3,806
Adjusted Return on Capital	17.2	%	21.3	%	23.1	%	23.7	%	23.3	%
Health Solutions
Adjusted operating earnings before income taxes	250		173		189		204		221
Less:
DAC/VOBA and other intangibles unlocking	—		—		—		—		—
Adjusted Operating Earnings - excluding Unlocking before interest	250		173		189		204		221
Income tax expense	53		36		40		43		46
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	198		137		149		161		175
Adjusted Operating effective tax rate, excluding Unlocking (2)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	551		525		509		503		507
Ending Capital	640		571		546		516		504
Adjusted Return on Capital	35.8	%	26.0	%	29.3	%	32.1	%	34.5	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

Voya Financial	Page 33 of 47

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021
Investment Management
Adjusted operating earnings - excluding Unlocking before interest	176		201		227		239		271
Income tax expense	37		42		48		50		57
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	139		159		179		189		214
Adjusted Operating effective tax rate, excluding Unlocking (2)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	488		427		403		387		374
Ending Capital	778		486		458		420		400
Adjusted Return on Capital	28.3	%	37.0	%	44.3	%	48.7	%	57.4	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

Investment Information

Voya Financial	Page 35 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)	9/30/2022						6/30/2022						9/30/2022
Invested Assets
Book Values, Gross investment income and Earned rate(1)	Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)
Public corporate	13,093	32.0	%	162	5.0	%	13,064	32.0	%	160	4.9	%	13,093	32.0	%	478	4.9	%
Private credit	8,233	20.0	%	84	4.2	%	8,213	20.0	%	82	4.1	%	8,233	20.0	%	249	4.2	%
Securitized(2)(3)	10,651	26.0	%	147	5.7	%	10,465	25.0	%	137	5.4	%	10,651	26.0	%	399	5.3	%
Commercial mortgage loans	5,376	13.0	%	56	4.2	%	5,382	13.0	%	54	4.1	%	5,376	13.0	%	164	4.1	%
Municipals	966	2.0	%	10	4.0	%	964	2.0	%	9	3.9	%	966	2.0	%	29	3.9	%
Short-term / Treasury	728	2.0	%	8	4.4	%	798	2.0	%	9	4.4	%	728	2.0	%	26	4.3	%
Equity securities	298	1.0	%	4	5.9	%	309	1.0	%	4	5.7	%	298	1.0	%	13	5.8	%
Policy loans	368	1.0	%	5	5.5	%	373	1.0	%	5	5.8	%	368	1.0	%	16	5.9	%
Derivatives	(11)	—	%	4	N/A		(11)	—	%	4	N/A		(11)	—	%	11	N/A
Book Values and Gross Investment Income before variable components	39,703	97.0	%	480	4.9	%	39,558	96.0	%	464	4.8	%	39,703	97.0	%	1,384	4.8	%
Book Values and Gross Investment Income on variable components
Limited partnership	1,778	4.0	%	(29)	-6.2	%	1,814	4.0	%	37	8.6	%	1,778	4.0	%	107	8.4	%
Prepayment / Other fee income	N/A	N/A		2	—	%	N/A	N/A		7	0.1	%	N/A	N/A		16	0.1	%
Book Values and Gross Investment Income (variable)	1,778	4.0	%	(27)	N/A		1,814	4.0	%	44	N/A		1,778	4.0	%	123	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	41,481	100.0	%	452	4.4	%	41,371	100.0	%	508	5.0	%	41,481	100.0	%	1,507	5.0	%
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.

Voya Financial	Page 36 of 47

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

	Three Months Ended or As of (1)
(in millions USD)	6/30/2022			03/31/2022			12/31/2021			09/30/2021
Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	13,145	32.0	%	13,151	32.0	%	13,256	33.0	%	13,692	33.0	%
Private credit	7,989	19.0	%	7,773	19.0	%	7,754	19.0	%	7,707	19.0	%
Securitized	10,469	25.0	%	10,024	25.0	%	9,878	24.0	%	10,022	24.0	%
Municipals	964	2.0	%	957	2.0	%	965	2.0	%	921	2.0	%
Short-term / Treasury	891	2.0	%	935	2.0	%	897	2.0	%	1,055	3.0	%
Total Fixed maturities	33,458	81.0	%	32,840	81.0	%	32,750	81.0	%	33,397	81.0	%
Commercial mortgage loans	5,381	13.0	%	5,490	14.0	%	5,581	14.0	%	5,551	14.0	%
Limited partnership	1,813	4.0	%	1,793	4.0	%	1,687	4.0	%	1,648	4.0	%
Equity securities	486	1.0	%	476	1.0	%	487	1.0	%	505	1.0	%
Total	41,138	100.0	%	40,599	100.0	%	40,504	100.0	%	41,100	100.0	%
NAIC Ratings
Fixed Maturities:
NAIC 1	17,208	51.0	%	16,619	51.0	%	16,745	51.0	%	16,949	51.0	%
NAIC 2	14,850	44.0	%	14,699	45.0	%	14,524	44.0	%	14,834	44.0	%
NAIC 3 and below	1,400	4.0	%	1,522	5.0	%	1,481	5.0	%	1,613	5.0	%
Total Fixed maturities	33,458	100.0	%	32,840	100.0	%	32,750	100.0	%	33,397	100.0	%
Commercial Mortgage Loans:
CML 1	4,224	78.0	%	4,400	80.0	%	4,624	83.0	%	4,637	84.0	%
CML 2	1,030	19.0	%	966	18.0	%	876	16.0	%	844	15.0	%
CML 3 and below	127	2.0	%	125	2.0	%	81	1.0	%	70	1.0	%
Total Commercial mortgage loans	5,381	100.0	%	5,490	100.0	%	5,581	100.0	%	5,551	100.0	%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial	Page 37 of 47

Alternative Investment Income

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Wealth Solutions
Average alternative investments	1,650	1,634	1,534	1,508	1,439	1,606	1,311
Alternative investment income	(26)	33	89	115	166	96	395
Health Solutions
Average alternative investments	163	162	170	152	145	165	127
Alternative investment income	(3)	3	9	12	17	9	39
Investment Management
Average alternative investments	333	347	351	337	331	344	303
Alternative investment income	(13)	5	11	20	28	3	84

Voya Financial	Page 38 of 47

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

	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions	(63)	(4)	55	81	134	69	366
Health Solutions	(7)	—	5	8	14	6	37
Investment Management	(20)	(3)	3	12	21	(8)	75
Total	(90)	(7)	63	101	169	67	478
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(7)	(3)	(3)	1	13	(12)	21
Health Solutions	—	—	—	1	1	1	2
Investment Management	—	—	—	—	—	—	—
Total	(7)	(3)	(3)	2	14	(11)	23
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(70)	(7)	52	82	147	57	388
Health Solutions	(7)	—	5	9	14	7	38
Investment Management	(20)	(3)	3	12	21	(8)	75
Total	(97)	(10)	60	103	182	56	501
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations reported on a pre-DAC basis.

Reconciliations

Voya Financial	Page 40 of 47

Reconciliation of Consolidated Statements of Operations

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Revenues
Net investment income	522	581	630	673	731	1,733	2,101
Fee income	435	411	433	446	487	1,279	1,381
Premiums	607	595	613	544	573	1,815	(3,898)
Net gains (losses)	(123)	(227)	(285)	(179)	(103)	(635)	1,602
Other revenues	33	44	40	49	46	117	530
Income (loss) related to consolidated investment entities	(136)	115	83	142	275	62	839
Total revenues	1,338	1,519	1,514	1,675	2,009	4,371	2,555
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(550)	(643)	(665)	(627)	(714)	(1,858)	2,790
Operating expenses	(632)	(605)	(632)	(636)	(642)	(1,869)	(1,950)
Net amortization of DAC/VOBA	(10)	(67)	(80)	(40)	(190)	(157)	(755)
Interest expense	(31)	(33)	(40)	(59)	(39)	(104)	(127)
Operating expenses related to consolidated investment entities	(14)	(18)	(6)	(13)	(13)	(38)	(36)
Total benefits and expenses	(1,237)	(1,366)	(1,423)	(1,375)	(1,598)	(4,026)	(78)
Income (loss) from continuing operations before income taxes	101	153	91	300	411	345	2,477
Less:
Net investment gains (losses) and related charges and adjustments	(5)	(52)	(87)	(86)	(1)	(144)	66
Net guaranteed benefit gains (losses) and related charges and adjustments	(8)	3	(22)	(3)	(3)	(27)	2
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(14)	(50)	(47)	14	(173)	(111)	798
Income (loss) attributable to noncontrolling interests	(138)	75	43	100	214	(20)	661
Income (loss) on early extinguishment of debt	1	1	(5)	(21)	—	(3)	(10)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—	—	4	33	—	4	—
Dividend payments made to preferred shareholders	14	4	14	4	14	32	32
Other adjustments	(47)	(51)	(17)	(19)	(28)	(116)	(86)
Adjusted operating earnings before income taxes	299	223	209	279	388	730	1,014

Voya Financial	Page 41 of 47

Reconciliation of Adjusted Operating Revenues

	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Total revenues	1,338	1,519	1,514	1,675	2,009	4,371	2,555
Less:
Net investment gains (losses) and related charges and adjustments	(9)	(60)	(96)	(94)	(5)	(166)	(44)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	(8)	3	(22)	(3)	(3)	(27)	2
Revenues (losses) related to business exited or to be exited through reinsurance or divestment	(38)	(58)	(46)	(11)	57	(143)	(3,356)
Revenues (loss) attributable to noncontrolling interests	(130)	93	48	112	228	11	697
Other adjustments	30	8	28	54	44	66	358
Total adjusted operating revenues	1,494	1,534	1,601	1,618	1,689	4,629	4,898
Adjusted operating revenues by segment
Wealth Solutions	643	706	754	791	857	2,103	2,446
Health Solutions	646	640	647	599	606	1,933	1,796
Investment Management	192	171	178	201	200	542	582
Corporate	13	17	22	27	25	51	73
Total adjusted operating revenues	1,494	1,534	1,601	1,618	1,689	4,629	4,898

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	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Wealth Solutions
Adjusted operating revenues	page 9	643	706	754	791	857	2,894	3,209
Interest credited and other benefits to contract owners/policyholders		(223)	(222)	(218)	(223)	(227)	(886)	(903)
Other adjustments to Net Revenue		3	2	2	—	3	7	(1)
Net revenue	page 16	423	486	538	568	633	2,015	2,305
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(70)	(7)	52	82	147	57	388
Fee income related to divested businesses		—	—	—	—	—	—	39
Other adjustments to investment income		—	—	—	—	—	—	3
Net Revenue Excluding Notable Items	page 30	493	494	486	485	486	1,958	1,875
Health Solutions
Adjusted operating revenues	page 9	646	640	647	599	606	2,531	2,337
Interest credited and other benefits to contract owners/policyholders		(343)	(445)	(476)	(427)	(406)	(1,691)	(1,622)
Other adjustments to Net Revenue		—	—	—	—	—	1	(4)
Net revenue	page 20	303	195	171	172	200	841	711
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(7)	—	5	9	14	7	38
Group Life Covid-19 impacts		—	—	(40)	(34)	(28)	(74)	(94)
Other adjustments to net underwriting gain (loss) and other revenue (1)		59	—	—	—	10	59	25
Net Revenue Excluding Notable Items	page 30	251	195	206	198	204	850	743
(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	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Investment Management
Adjusted operating revenues	page 9	192	171	178	201	200	742	817
Interest credited and other benefits to contract owners/policyholders		—	—	—	—	—	—	—
Other adjustments to Net Revenue		—	—	—	—	—	—	—
Net revenue	page 23	192	171	178	201	200	742	817
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(20)	(3)	3	12	21	(8)	75
Fee income related to divested businesses		—	—	—	—	—	—	3
Net Revenue Excluding Notable Items	page 30	212	173	175	189	180	749	740
Consolidated
Total Adjusted operating revenues (1)	page 9	1,494	1,534	1,601	1,618	1,689	6,247	6,437
Interest credited and other benefits to contract owners/policyholders		(565)	(667)	(694)	(650)	(633)	(2,576)	(2,529)
Other adjustments to Net Revenue (1)		(11)	(15)	(20)	(27)	(23)	(73)	(74)
Net revenue	pages 16/20/23	918	852	887	941	1,033	3,598	3,834
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(97)	(10)	60	103	182	56	501
Group Life Covid-19 impacts		—	—	(40)	(34)	(28)	(74)	(94)
Fee income related to divested businesses		—	—	—	—	—	—	42
Other adjustments		59	—	—	—	10	59	28
Net Revenue Excluding Notable Items	page 30	956	862	867	872	870	3,557	3,358
(1) Includes adjusted operating revenue in Corporate, primarily TSA Revenue.

Voya Financial	Page 44 of 47

Reconciliation of Adjusted Operating Earnings by Segment

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	9/30/2022	9/30/2021
Wealth Solutions Adjusted operating earnings before income taxes	page 9	168	186	205	241	319	800	1,127
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(70)	(7)	52	82	147	57	388
Other (1)(2)		50	(4)	(16)	1	(11)	31	62
Adjusted operating earnings excluding Notable Items	page 30	188	197	169	158	183	712	677
Health Solutions Adjusted operating earnings before income taxes	page 9	149	47	22	33	71	251	221
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(7)	—	5	9	14	7	38
Group Life Covid-19 impacts		—	—	(40)	(34)	(28)	(74)	(94)
Other (1)		59	—	—	—	10	59	25
Adjusted operating earnings excluding Notable Items	page 30	97	47	57	58	75	259	252
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	51	40	39	59	63	189	271
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(16)	(2)	2	9	17	(6)	63
Other (3)(4)		—	—	—	—	—	—	3
Adjusted operating earnings excluding Notable Items	page 30	67	42	37	49	46	195	205
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	(57)	(49)	(58)	(54)	(65)	(218)	(301)
Less:
Other (5)		—	—	—	(16)	(15)	(16)	(85)
Adjusted operating earnings excluding Notable Items	page 30	(57)	(49)	(58)	(38)	(50)	(202)	(216)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	311	223	209	279	388	1,022	1,318
Total Notable Items Adjustments		16	(14)	4	52	134	58	400
Consolidated Adjusted operating earnings excluding Notable Items, including Allianz noncontrolling interest	page 30	295	237	205	227	254	964	918
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		12	—	—	—	—	12	—
Consolidated Adjusted operating earnings excluding Notable Items		283	237	205	227	254	952	918
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Prior periods have been revised to remove performance fees above or below expectations as a notable item.
(4) Includes revenues and expenses in the Investment Management related to the divestment of Individual Life.
(5) Includes incentive compensation driven by above (below) target performance.
Voya Financial	Page 45 of 47
---	---

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

	Three Months Ended
(in millions except per share in whole dollars)	9/30/2022			6/30/2022			3/31/2022			12/31/2021			9/30/2021
	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders		193	1.82		64	0.57		27	0.24		403	3.36		142	1.15
Plus: Net income (loss) attributable to noncontrolling interest		(138)	(1.30)		75	0.68		43	0.36		100	0.83		214	1.75
Less: Preferred stock dividends		(14)	(0.13)		(4)	(0.04)		(14)	(0.12)		(4)	(0.03)		(14)	(0.11)
Less: Income (loss) from discontinued operations		—	—		—	—		—	—		5	0.05		(1)	(0.01)
Income (loss) from continuing operations	101	69	0.65	153	143	1.29	91	84	0.72	300	502	4.18	411	371	3.03
Less:
Net investment gains (losses) and related charges and adjustments	(5)	(4)	(0.04)	(52)	(41)	(0.37)	(87)	(69)	(0.59)	(86)	(68)	(0.56)	(1)	(1)	(0.01)
Net guaranteed benefit gains (losses) and related charges and adjustments	(8)	(6)	(0.06)	3	2	0.02	(22)	(17)	(0.15)	(3)	(2)	(0.02)	(3)	(2)	(0.02)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(14)	(11)	(0.10)	(50)	(39)	(0.35)	(47)	(37)	(0.32)	14	11	0.09	(173)	(137)	(1.12)
Net income (loss) attributable to noncontrolling interest	(138)	(138)	(1.30)	75	75	0.68	43	43	0.36	100	100	0.83	214	214	1.75
Income (loss) on early extinguishment of debt	1	1	0.01	1	1	—	(5)	(4)	(0.03)	(21)	(17)	(0.14)	—	—	—
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—	—	—	—	—	—	4	3	0.03	33	26	0.22	—	—	—
Dividend payments made to preferred shareholders	14	14	0.13	4	4	0.04	14	14	0.12	4	4	0.03	14	14	0.11
Other adjustments	(47)	(31)	(0.29)	(51)	(44)	(0.40)	(17)	(20)	(0.17)	(19)	219	1.83	(28)	(33)	(0.27)
Adjusted operating earnings	299	245	2.30	223	185	1.67	209	172	1.47	279	229	1.90	388	315	2.57
(1) Per share calculations are based on un-rounded numbers.

Voya Financial	Page 46 of 47

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

	Nine months ended
(in millions except per share in whole dollars)	9/30/2022			9/30/2021
	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders		284	2.55		1,687	13.19
Plus: Net income (loss) attributable to noncontrolling interest		(20)	(0.18)		661	5.17
Less: Preferred stock dividends		(32)	(0.29)		(32)	(0.25)
Less: Income (loss) from discontinued operations		—	—		7	0.05
Income (loss) from continuing operations	345	296	2.66	2,477	2,373	18.56
Less:
Net investment gains (losses) and related charges and adjustments	(144)	(114)	(1.02)	66	52	0.41
Net guaranteed benefit gains (losses) and related charges and adjustments	(27)	(21)	(0.19)	2	2	0.01
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(111)	(88)	(0.79)	798	861	6.74
Net income (loss) attributable to noncontrolling interest	(20)	(20)	(0.18)	661	661	5.17
Income (loss) on early extinguishment of debt	(3)	(3)	(0.02)	(10)	(8)	(0.06)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	4	3	0.03	—	—	—
Dividend payments made to preferred shareholders	32	32	0.29	32	32	0.25
Other adjustments	(116)	(95)	(0.85)	(86)	(52)	(0.41)
Adjusted operating earnings	730	602	5.41	1,014	825	6.45
(1) Per share calculations are based on un-rounded numbers.

Voya Financial	Page 47 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)	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021		9/30/2022		9/30/2021
Book value per common share, including AOCI	35.81		39.88		54.66		70.88		69.19		35.81		69.19
Per share impact of AOCI	20.43		9.84		(5.16)		(19.48)		(20.60)		20.43		(20.60)
Book value per common share, excluding AOCI	56.24		49.71		49.50		51.40		48.59		56.24		48.59
Debt to capital ratio	35.3	%	34.6	%	28.0	%	23.9	%	26.2	%	35.3	%	26.2	%
Capital impact of adding noncontrolling interest	-7.1	%	-6.9	%	-4.2	%	-3.0	%	-3.3	%	-7.1	%	-3.3	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.2	%	9.2	%	8.1	%	6.7	%	6.6	%	9.2	%	6.6	%
Financial leverage ratio	37.4	%	36.9	%	31.9	%	27.6	%	29.5	%	37.4	%	29.5	%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic	97.9		101.7		106.1		110.1		113.4		101.9		118.8
Dilutive effect of warrants	6.2		7.1		8.2		7.5		6.7		7.2		6.5
Other dilutive effects (2)	2.3		2.0		2.6		2.5		2.3		2.3		2.5
Weighted-average common shares outstanding - Diluted	106.4		110.8		117.0		120.1		122.4		111.4		127.8
Dilutive effect of the exercise or issuance of stock-based awards (3)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (3)	106.4		110.8		117.0		120.1		122.4		111.4		127.8
(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.