0001535929false00015359292022-11-012022-11-010001535929us-gaap:CommonStockMember2022-11-012022-11-010001535929voya:DepositarySharesMember2022-11-012022-11-01

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.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

230 Park Avenue

New York

New York

10169

(Address of principal executive offices)

(Zip Code)

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

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

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Item 2.02			Results of Operations and Financial Condition

On 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)

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SIGNATURES

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

Voya Financial, Inc.

(Registrant)

By:        /s/ Rachel Reid             

Name:    Rachel Reid

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

Dated: November 1, 2022

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.

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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.

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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.

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			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.

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			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.

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			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.

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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:

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•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

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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.

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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

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Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
									Three Months Ended
($ in millions, except per share)									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.

11

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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.

12

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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.

13

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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.

14

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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.

15

						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

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Table of Contents

Page

Page

Consolidated

Investment Information

Explanatory Note on Non-GAAP Financial Information

3 - 5

Portfolio Results GAAP Book Value, Gross Investment Income, and

Key Metrics

6

Earned Rate by Asset Class

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

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Voya Financial						Page 3 of 47

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

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

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

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

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Voya Financial						Page 4 of 47

Explanatory Note on Non-GAAP Financial Information

Stranded Costs

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those 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.

Adjusted Operating Earnings per Common Share (Diluted)

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

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

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

Adjusted Return on Capital

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

Adjusted Operating Effective Tax Rate

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

Adjusted Operating Revenues

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

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

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

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

•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

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

Other Information    

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Wealth Solutions

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Voya Financial						Page 16 of 47

Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics

			Three Months Ended or As of																														Year-to-Date or As of
(in millions USD)			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:
Gross investment income			427						411						397						387						390						1,235						1,179
Investment expenses			(20)						(20)						(19)						(20)						(20)						(59)						(60)
Credited interest			(218)						(219)						(215)						(222)						(222)						(652)						(656)
Net margin			189						172						163						145						148						524						462
Other investment income (1)			57						61						54						58						52						172						148
Investment spread and other investment income, excluding alts/prepays above/below expectations			246						233						217						202						200						696						610
Alternative investment income and prepayment fees above (below) long-term expectations			(70)						(7)						52						82						147						(25)						324
Investment spread and other investment income			176						226						269						285						347						671						934
Full service fee based revenue			137						145						156						171						172						438						492
Recordkeeping and other fee based revenue (2)			107						112						112						112						114						331						362
Total fee based margin			244						257						268						283						286						769						855
Net underwriting gain (loss) and other revenue			3						4						1						—						—						8						(9)
Net revenue (3)			423						486						538						568						633						1,448						1,780
Administrative expenses			(214)						(207)						(223)						(232)						(222)						(644)						(653)
Net commissions			(57)						(58)						(63)						(66)						(66)						(178)						(191)
DAC/VOBA and other intangibles amortization, excluding unlocking			(33)						(32)						(31)						(30)						(33)						(96)						(94)
DAC/VOBA and other intangibles unlocking (4)			50						(4)						(16)						1						7						30						28
Adjusted operating earnings before income taxes			168						186						205						241						319						560						869
Adjusted Operating Margin TTM			39.7		%				42.7		%				45.7		%				47.3		%				48.9		%
Adjusted Operating Margin Excluding Notables TTM			36.4		%				36.2		%				35.5		%				35.5		%				36.1		%
Full Service Revenue (5)
Full Service Investment Spread and other investment income			170						218						258						272						332						646						894
Full Service Fee Based Revenue			137						145						156						171						172						438						492
Total Full Service Revenue			307						363						414						443						504						1,084						1,386
Client Assets
Fee Based			356,102						369,705						414,597						434,340						421,644						356,102						421,644
Spread Based			34,358						34,220						33,759						33,359						33,519						34,358						33,519
Investment-only Stable Value			38,944						39,622						40,391						40,246						41,329						38,944						41,329
Retail Client Assets			21,315						22,592						26,226						28,300						27,974						21,315						27,974
Total Client Assets			450,718						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.

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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

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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.

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Health Solutions

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Voya Financial						Page 20 of 47

Health Solutions 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:
Gross investment income						24						25						23						23						24						72						67
Investment expenses						(1)						(1)						(1)						(1)						(1)						(3)						(3)
Credited interest						(13)						(13)						(13)						(13)						(14)						(39)						(42)
Net margin						11						10						9						9						9						30						24
Other investment income						13						12						12						10						9						36						26
Investment spread and other investment income, excluding alts/prepays above/below expectations						24						22						20						20						18						66						51
Alternative investment income and prepayment fees above (below) long-term expectations						(7)						—						5						9						14						(2)						32
Investment spread and other investment income						17						22						25						28						32						64						83
Net underwriting gain (loss) and other revenue						286						173						146						144						168						605						467
Net revenue (1)						303						195						171						172						200						669						550
Administrative expenses						(66)						(67)						(72)						(66)						(59)						(205)						(171)
Premium taxes, fees and assessments						(39)						(32)						(28)						(29)						(27)						(99)						(80)
Net commissions						(41)						(42)						(42)						(38)						(37)						(124)						(109)
DAC/VOBA and other intangibles amortization, excluding unlocking						(7)						(8)						(8)						(6)						(7)						(23)						(20)
Adjusted operating earnings before income taxes						149						47						22						33						71						217						171
Adjusted Operating Margin TTM						29.8		%				23.4		%				25.8		%				28.3		%				31.1		%
Adjusted Operating Margin Excluding Notables TTM						30.5		%				29.5		%				31.7		%				33.5		%				34.0		%
Group life:
Premiums						151						148						143						140						139						442						410
Benefits						(49)						(133)						(167)						(136)						(132)						(349)						(388)
Other (2)						(2)						(2)						(2)						(2)						—						(6)						(8)
Total Group life						100						13						(26)						1						7						87						14
Group Life Loss Ratio (Interest adjusted) (3)						71.3		%				89.9		%				116.4		%				97.5		%				95.6		%				92.5		%				94.9		%
Group stop loss:
Premiums						311						302						303						288						291						916						877
Benefits						(238)						(238)						(232)						(224)						(226)						(708)						(677)
Other (2)						(1)						(1)						(1)						(1)						(1)						(3)						(4)
Total Group stop loss						72						63						70						63						64						205						196
Stop loss Loss Ratio						76.4		%				78.9		%				76.5		%				77.7		%				77.5		%				77.3		%				77.1		%
Voluntary Benefits, Disability, and Other						114						98						101						79						97						313						256
Net underwriting gain (loss) and other revenue
Premiums						620						609						602						562						564						1,831						1,687
Benefits						(334)						(433)						(458)						(419)						(399)						(1,225)						(1,212)
Other (2)						1						(3)						1						1						2						(1)						(8)
Total Net underwriting gain (loss) and other revenue						286						173						146						144						168						605						467
Total Aggregate Loss Ratio TTM (3)(4)						71.1		%				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.

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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

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Investment Management

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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.

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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.

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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 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.

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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		%

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Corporate

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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.

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Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

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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.

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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.

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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.

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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.

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Investment Information

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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.

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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.

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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

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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.

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Reconciliations

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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

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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

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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.

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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.

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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.

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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.

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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.

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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.