# EDGAR Filing Document

**Accession Number:** 0001535929
**File Stem:** 0001535929-23-000014
**Filing Date:** 2023-2
**Character Count:** 279916
**Document Hash:** 085f9514bde6b272a3869e64f0b199f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001535929-23-000014.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001535929-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya Financial, Inc.
- **CENTRAL INDEX KEY:** 0001535929
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 521222820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35897
- **FILM NUMBER:** 23595310

**BUSINESS ADDRESS:**
- **STREET 1:** 230 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169
- **BUSINESS PHONE:** 212-309-8200

**MAIL ADDRESS:**
- **STREET 1:** 230 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING U.S., Inc.
- **DATE OF NAME CHANGE:** 20120709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING America Insurance Holdings, Inc.
- **DATE OF NAME CHANGE:** 20111130

?xml version="1.0" ? voya-20230207

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

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

**Date of Report (Date of earliest event reported):** 

February 7, 2023

**VOYA FINANCIAL, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-35897** | **No.** | **52-1222820** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | (IRS Employer Identification Number) |
| **230 Park Avenue** |  |  |  |
| **New York** |  | **10169** | **10169** |
| (Address of principal executive offices) |  | (Zip Code) | (Zip Code) |

---

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

N/A

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

&nbsp;&nbsp;&nbsp;&nbsp; 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:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| 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 | VOYAPrB | New York Stock Exchange |

---

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

Emerging growth company ☐

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

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On February 7, 2023 Voya Financial, Inc. ("Voya Financial") reported its financial results for the three months and year ended December 31, 2022. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, February 8, 2023 at 10:00 am ET to discuss its fourth-quarter and full-year 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 December 31, 2022, available on Voya Financial's investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended December 31, 2022 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.

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

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

---

On February 7, 2023, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial's investor relations website at http://investors.voya.com.

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

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

**(d) Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release of Voya Financial, Inc., dated February 7, 2023](a2022q4pressrelease.htm)</u> (furnished and not filed)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Quarterly Investor Supplement for the quarter ended December 31, 2022](a2022q4voyainvestorsupplem.htm)</u> (furnished and not filed)

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

------

<u>SIGNATURES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ My Chi To&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;My Chi To

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

Dated: February 7, 2023

## Exhibit 99.1

Exhibit 99.1

![newsreleaseheadera07.jpg](newsreleaseheadera07.jpg)

**Voya Financial announces fourth-quarter** 

**and full-year 2022 results**

**NEW YORK, Feb. 7, 2023** — Voya Financial, Inc. (NYSE: VOYA), announced today fourth-quarter and full-year 2022 financial results:

**•** Fourth-quarter 2022 net income available to common shareholders of $1.77 per diluted share.

**•** Fourth-quarter 2022 after-tax adjusted operating earnings<sup>1</sup> of $2.18 per diluted share.

**•** Full-year 2022 net income available to common shareholders of $4.30 per diluted share.

**•** Full-year 2022 after-tax adjusted operating earnings of $7.58 per diluted share.

**•** Fourth-quarter and full-year 2022 after-tax adjusted operating earnings per share, excluding notables, increased 31% and 24%, respectively, over the prior-year periods and reflect continued execution of Voya's net revenue growth, margin expansion and capital management initiatives.

**•** Voya organically generated more than $600 million of excess capital in 2022.

"We generated significant growth in adjusted operating EPS, excluding notable items, for both fourth-quarter and full-year 2022, with results exceeding our annual growth target of 12% to 17%," said Heather Lavallee, chief executive officer, Voya Financial, Inc. "Our strong results reflect a commitment to the execution of our plans and — as we have shared previously — controlling what we can control, despite headwinds in the macro environment. This strong execution is evident in the net revenue growth we achieved across our businesses; the removal of stranded costs from prior divestitures ahead of schedule; and the rapid and successful execution of our transaction with Allianz Global Investors. Looking ahead, we will continue to execute on the net revenue growth, margin expansion and capital deployment plans that we shared at Investor Day in 2021. In support of this, we now expect to resume share repurchases in the second quarter of 2023.

"I am honored and excited to serve as Voya's CEO. I am optimistic about the continued growth opportunities before us, which are bolstered by our recent transactions, including our acquisition of Benefitfocus and our strategic distribution partnership with Allianz Global Investors. With our expanded scale, reach and capabilities, we are well positioned to meet the growing health, wealth and investment needs of our clients," added Lavallee.

<sup>1</sup> 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 press release and in the company's Quarterly Investor Supplement. Fourth-quarter and full-year 2022 results include several notable items. Please see the tables at the end of this press release for details on these notable items.

------

**HIGHLIGHTS**

• For full-year 2022 (and compared with full-year 2021), Wealth Solutions full service recurring deposits grew 10.3% to $13.3 billion; Health Solutions annualized in-force premiums grew 10.8% to $2.8 billion; and Investment Management generated positive net flows of $1.1 billion, which included positive net flows from the Allianz Global Investors transaction that closed in July 2022.

• During 2022, Voya deployed $1.2 billion of excess capital, including $750 million of share repurchases; approximately $360 million of subordinated debt extinguished; and $80 million of dividends paid.

• As of Dec. 31, 2022, Voya had approximately $0.9 billion of excess capital, which includes fourth-quarter 2022 capital generation above the company's target range of 90% to 100% of adjusted operating earnings. Full-year 2022 capital generation was in line with the target, excluding impacts from the company's annual assumption update, DAC unlocking, and fourth-quarter tax adjustments, in each case which are non-cash in nature.

• On Jan. 24, 2023, Voya completed its acquisition of Benefitfocus, Inc., an industry-leading benefits administration technology company that serves employers, health plans and brokers. The transaction accelerates Voya's workplace-centered strategy and increases the company's capacity to meet the growing demand for comprehensive benefits and savings solutions at the workplace.

• On Jan. 26, 2023, Voya's board of directors declared a first-quarter 2023 common stock dividend of $0.20 per share.

• During the fourth quarter, Voya was named to the 2022 Dow Jones Sustainability Index — earning recognition as a sustainability top-performing company for the seventh consecutive year — and was recognized by *Newsweek* as one of "America's Greatest Workplaces 2023 for Diversity." Voya Investment Management was named to *Pensions & Investments* magazine's "2022 Best Places to Work in Money Management" list for the eighth consecutive year.

**CONSOLIDATED RESULTS**

Fourth-quarter 2022 net income available to common shareholders was $190 million, or $1.77 per diluted share, compared with $403 million, or $3.36 per diluted share, in the fourth quarter of 2021. The decline was largely due to the absence of a $250 million release in the company's tax valuation allowance in the fourth quarter of 2021, partially offset by the benefit of favorable tax adjustments primarily related to foreign tax credits in the fourth quarter of 2022. On a per-share basis, fourth-quarter 2022 results also reflect the benefit of share repurchases during 2022.

Fourth-quarter 2022 after-tax adjusted operating earnings were $233 million, or $2.18 per diluted share, compared with $229 million, or $1.90 per diluted share in the fourth quarter of 2021. The increase reflects the benefit of favorable tax adjustments primarily related to foreign tax credits, higher investment income in Wealth Solutions, the benefit of the Allianz Global Investors transaction in Investment Management, and higher underwriting results in Health Solutions, which were mostly offset by lower alternative investment income, lower investment capital revenues in Investment Management, and lower fee-based margins in Wealth Solutions. On a per-share basis, fourth-quarter 2022 results also reflect the benefit of share repurchases during 2022.

Full-year 2022 net income available to common shareholders was $474 million, or $4.30 per diluted share, compared with $2,090 million, or $16.61 per diluted share, in full-year 2021. The decrease was driven by the absence of gains related to Voya's sale of its Individual Life and other

------

legacy annuities businesses and the independent financial planning channel in 2021. Lower alternative investment income in 2022, the absence of a tax valuation allowance benefit in the fourth quarter of 2021, and unfavorable impacts to fee-based margin from lower equity market levels in 2022 also contributed to the year-over-year decline. This decline was partially offset by strong investment income and favorable underwriting results in Health Solutions in 2022.

Full-year 2022 after-tax adjusted operating earnings were $835 million, or $7.58 per diluted share, compared with $1,053 million, or $8.37 per diluted share in full-year 2021. The decrease was driven by lower alternative investment income and equity market levels in 2022, partially offset by favorable investment income in Wealth Solutions, higher underwriting results in Health Solutions, and the benefit of the Allianz Global Investors transaction.

**SEGMENT DISCUSSIONS**

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

**Wealth Solutions**

Wealth Solutions adjusted operating earnings were $148 million, compared with $241 million. The change primarily reflects:

• $86 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 market levels;

• $13 million of more favorable DAC/VOBA and other intangibles unlocking in the fourth quarter of 2022 largely due to higher fixed spreads and equity market performance; and

• $9 million of lower administrative expenses primarily due to the absence of costs in the prior-year period that did not recur and several favorable items in fourth-quarter 2022 not expected to recur.

---

| | | |
|:---|:---|:---|
| | **Trailing 12 months ended** | **Trailing 12 months ended** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Net revenue | $1891 | $2346 |
| Net revenue, excluding notables | 1966 | 1912 |
| Adjusted operating margin | 37.4% | 47.3% |
| Adjusted operating margin, excluding notables | 37.5% | 35.5% |
| Full Service recurring deposits | $13294 | $12056 |
| Full Service net flows | $2953 | $576 |
|  | **Three months ended or as of** | **Three months ended or as of** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Total client assets | $474277 | $536246 |
| Full Service recurring deposits | $3169 | $2918 |
| Full Service net flows | $952 | $(884) |
| Full Service client assets | $162664 | $187702 |

---

------

Wealth Solutions full-service recurring deposits were $13.3 billion for the year ended Dec. 31, 2022, up 10.3% compared with the prior-year period and within the company's annual target of 10% to 12%. Fourth-quarter 2022 full-service recurring deposits were $3.2 billion.

Total client assets as of Dec. 31, 2022, were $474 billion, down from Dec. 31, 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 $74 million, compared with $33 million. The change primarily reflects:

**•** $58 million of higher underwriting results driven by a favorable loss ratio and block growth in Stop Loss, lower COVID-related claims in Group Life, and growth in the Voluntary block;

**•** $9 million of lower overall investment income primarily due to lower alternative investment income; and

• $9 million of higher net expenses, largely due to investments and growth in the business as well as higher administrative expenses.

---

| | | |
|:---|:---|:---|
| | **Trailing 12 months ended** | **Trailing 12 months ended** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Net revenue | $890 | $722 |
| Net revenue, excluding notables | 878 | 777 |
| Adjusted operating margin | 32.8% | 28.3% |
| Adjusted operating margin, excluding notables | 31.9% | 33.5% |
| Total aggregate loss ratio\* | 69.4% | 72.5% |
|  | **Three months ended** | **Three months ended** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Group Life, Disability and Other | $833 | $752 |
| Stop Loss | 1258 | 1181 |
| Voluntary | 689 | 576 |
| **Total annualized in-force premiums** | $**2780** | $**2510** |

---

\* Total aggregate loss ratio for the TTM ended Dec. 31, 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 fourth quarter of 2022, up 10.8% compared with the prior-year period and above the company's 7% to 10% annual target. The increase in annualized in-force premiums reflects growth across all product lines, including a 20% increase in Voluntary; an 11% increase in Group Life, Disability and Other; and a 7% increase in Stop Loss.

------

**Investment Management**

Investment Management adjusted operating earnings were $57 million (including $14 million attributable to Allianz noncontrolling interest), compared with $59 million. The change primarily reflects:

**•** $21 million of lower investment capital revenues, reflecting lower private equity results in the fourth quarter of 2022;

• $35 million of higher fee-based margin driven by higher revenues resulting from the Allianz Global Investors transaction (which closed in July 2022), partially offset by a decline in fees due to lower equity and fixed income market levels; and

• $16 million of higher administrative expenses, primarily due to the Allianz Global Investors transaction.

---

| | | |
|:---|:---|:---|
| | **Trailing 12 months ended** | **Trailing 12 months ended** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Net revenue | $756 | $783 |
| Net revenue, excluding notables | 785 | 708 |
| Adjusted operating margin | 24.7% | 30.7% |
| Adjusted operating margin, excluding notables | 26.8% | 25.1% |
| Institutional net flows | $3675 | $9075 |
| Retail net flows | (2601) | (1304) |
| **Total net flows\*** | 1074 | 7770 |
|  | **Three months ended or as of** | **Three months ended or as of** |
| ($ in millions) | **12/31/2022** | **12/31/2021** |
| Institutional net flows | $345 | $9516 |
| Retail net flows | (198) | (520) |
| **Total net flows\*** | 147 | 8995 |
| Fixed income - public and other | $138287 | $121220 |
| Privates and alternatives | 99652 | 79728 |
| Equity | 83424 | 62884 |
| **Total AUM** | $**321363** | $**263832** |

---

\* Excludes sub-advisor replacements and divested businesses.

Investment Management net flows (excluding sub-advisor replacements and divested businesses) were $1.1 billion for the year ended Dec. 31, 2022. Fourth-quarter 2022 net inflows were $147 million as inflows from insurance and Allianz Global Investors channels as well as the closing of two CLOs were mostly offset by U.S. retail and private equity outflows.

Total AUM was $321 billion as of Dec. 31, 2022, up 22% from Dec. 31, 2021. The increase was driven by the Allianz Global Investors transaction and positive net flows over the period, both of which were partially offset by lower equity and fixed income market levels.

------

**Corporate**

Corporate adjusted operating losses were $52 million compared with adjusted operating losses of $54 million. The change was primarily driven by lower interest expense due to debt extinguishments, partially offset by an unfavorable change in amortization of intangibles.

<u>Supplementary Financial Information</u>

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.

<u>Earnings Call and Slide Presentation</u>

Voya will host a conference call on Wednesday, Feb. 8, 2023, at 10 a.m. ET, to discuss the company's fourth-quarter and full-year 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 Feb. 8, 2023.

**Media Contact:**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Contact:**

Christopher Breslin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Katz

212-309-8941&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212-309-8999

<u>Christopher.Breslin@voya.com</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>IR@voya.com</u>

<u>About Voya Financial</u>

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees. Through products, solutions and technologies, Voya helps its 14.3 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a newly joined Voya company, extends Voya's workplace benefits and savings reach and capabilities by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a "Great Place to Work" by the Great Place to Work<sup>®</sup> 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<sup>®</sup> 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.

<u>Use of Non-GAAP Financial Measures</u>

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 interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;

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

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

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

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

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

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

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

------

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

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

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

Net Revenue and Adjusted Operating Margin

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

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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.

<u>Forward-Looking and Other Cautionary Statements</u>

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, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and cyber terrorism or cyber attacks, 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 the Individual Life business that we sold to Resolution Life US on Jan. 4, 2021, including the transition services on the expected timeline and economic terms, and (xiii) our ability to realize the expected financial or other

------

benefits from various acquisitions, including the transactions with Allianz Global Investors U.S. LLC and Benefitfocus, Inc. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management's Discussion and Analysis of Results of Operations and Financial Condition ("MD&A") – Trends and Uncertainties" in our Annual Report on Form 10-K for the year ended Dec. 31, 2022, which the Company expects to file with the Securities and Exchange Commission on or before March 1, 2023.

VOYA-IR VOYA-CF

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ($ in millions, except per share) | **12/31/2022** | **12/31/2022** | **12/31/2021** | **12/31/2021** |
|  | After-tax <sup>(1)</sup> | Per share | After-tax <sup>(1)</sup> | Per share |
| **Net Income (loss) available to Voya Financial, Inc.'s common shareholders** | $**190** | $**1.77** | $**403** | $**3.36** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment and guaranteed benefit gains (losses) and related charges and adjustments | (10) | (0.09) | (70) | (0.58) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (24) | (0.22) | 11 | 0.09 |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (10) | (0.09) | 233 | 1.96 |
| **Adjusted operating earnings** | $**233** | $**2.18** | $**229** | $**1.90** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> "Other adjustments" primarily consists of transaction and integration costs associated with the Allianz Global Investors transaction in 2022 and other restructuring expenses (severance, lease write-offs, etc.), income (loss) on early extinguishment of debt, and tax adjustments including a tax valuation allowance release in 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** | **Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)** |
| | **Year-to-Date** | **Year-to-Date** | **Year-to-Date** | **Year-to-Date** |
| ($ in millions, except per share) | **12/31/2022** | **12/31/2022** | **12/31/2021** | **12/31/2021** |
|  | After-tax <sup>(1)</sup> | Per share | After-tax <sup>(1)</sup> | Per share |
| **Net Income (loss) available to Voya Financial, Inc.'s common shareholders** | $**474** | $**4.30** | $**2090** | $**16.61** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment and guaranteed benefit gains (losses) and related charges and adjustments | (145) | (1.32) | (16) | (0.13) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (111) | (1.01) | 872 | 6.93 |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (105) | (0.95) | 181 | 1.45 |
| **Adjusted operating earnings** | **835** | **7.58** | **1053** | **8.37** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> "Other adjustments" primarily consists of transaction and integration costs associated with the Allianz Global Investors transaction in 2022 and other restructuring expenses (severance, lease write-offs, etc.), income (loss) on early extinguishment of debt, and tax adjustments including a tax valuation allowance release in 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares** | **Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares** | **Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares** | **Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares** | **Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares** |
| | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions) | **12/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| Weighted-average common shares outstanding - Basic | 97 | 110 | 101 | 117 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of warrants | 7 | 8 | 7 | 7 |
| &nbsp;&nbsp;Other dilutive effects <sup>(1)</sup> | 2 | 3 | 2 | 2 |
| **Weighted-average common shares outstanding - Diluted** | **107** | **120** | **110** | **126** |
| &nbsp;&nbsp;&nbsp;Dilutive effect of the exercise or issuance of stock based awards |  |  |  |  |
| **Weighted average common shares outstanding - Adjusted Diluted** <sup>(2)</sup> | **107** | **120** | **110** | **126** |

---

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| (in millions) | **Amounts including Notable items** | **Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **Amounts excluding Notable items** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $148 | $(50) | $14 | $184 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 74 | (5) |  | 79 |
| &nbsp;&nbsp;&nbsp;Investment Management | 57 | (7) |  | 64 |
| &nbsp;&nbsp;&nbsp;Corporate | (52) |  |  | (52) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | **226** | **(62)** | **14** | **275** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 |  |  | 13 |
| **Adjusted operating earnings before income taxes** | **214** | **(62)** | **14** | **262** |
| &nbsp;&nbsp;Income taxes <sup>(3)</sup> | (20) | (13) | (50) | 44 |
| **Adjusted Operating Earnings after income taxes** | $**233** | $**(50)** | $**64** | $**219** |
| **Adjusted operating earnings per share** | **2.18** | **(0.47)** | **0.60** | **2.05** |
| **Net revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $444 | $(50) | $— | $494 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 221 | (5) |  | 226 |
| &nbsp;&nbsp;&nbsp;Investment Management | 215 | (9) |  | 224 |
| **Total Net revenue** | $**880** | $**(64)** | $**—** | $**944** |
| **Adjusted operating margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 33.3% |  |  | 37.2% |
| &nbsp;&nbsp;&nbsp;Health Solutions | 33.5% |  |  | 35.0% |
| &nbsp;&nbsp;&nbsp;Investment Management | 26.5% |  |  | 28.6% |
| **Adjusted operating margin, excluding Corporate** | **31.7%** |  |  | **34.6%** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes DAC, VOBA, and other intangibles unlocking in Wealth and favorable tax adjustments primarily related to foreign tax credits.

<sup>(3)</sup> 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 Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| (in millions) | **Amounts including Notable items** | **Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **Amounts excluding Notable items** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $241 | $82 | $1 | $158 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 33 | 9 | (34) | 58 |
| &nbsp;&nbsp;&nbsp;Investment Management | 59 | 9 |  | 49 |
| &nbsp;&nbsp;&nbsp;Corporate | (54) | (16) |  | (38) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | **279** | **84** | **(33)** | **227** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest |  |  |  |  |
| **Adjusted operating earnings before income taxes** | **279** | **84** | **(33)** | **227** |
| &nbsp;&nbsp;Income taxes <sup>(3)</sup> | 50 | 18 | (7) | 39 |
| **Adjusted Operating Earnings after income taxes** | $**229** | $**66** | $**(26)** | $**188** |
| **Adjusted operating earnings per share** | **1.90** | **0.55** | **(0.22)** | **1.57** |
| **Net revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $568 | $82 | $— | $485 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 172 | 9 | (34) | 198 |
| &nbsp;&nbsp;&nbsp;Investment Management | 201 | 12 |  | 189 |
| **Total Net revenue** | $**941** | $**103** | $**(34)** | $**872** |
| **Adjusted operating margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 42.4% |  |  | 32.6% |
| &nbsp;&nbsp;&nbsp;Health Solutions | 19.2% |  |  | 29.3% |
| &nbsp;&nbsp;&nbsp;Investment Management | 29.4% |  |  | 25.9% |
| **Adjusted operating margin, excluding Corporate** | **35.4%** |  |  | **30.4%** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes DAC, VOBA, and other intangibles unlocking and COVID-19 Impacts.

<sup>(3)</sup> 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 Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** |
| (in millions) | **Amounts including Notable items** | **Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **Amounts excluding Notable items** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $707 | $(76) | $44 | $738 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 291 | (7) | 18 | 280 |
| &nbsp;&nbsp;&nbsp;Investment Management | 186 | (24) |  | 210 |
| &nbsp;&nbsp;&nbsp;Corporate | (215) |  |  | (215) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | **969** | **(107)** | **63** | **1012** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest | 25 |  |  | 25 |
| **Adjusted operating earnings before income taxes** | **944** | **(107)** | **63** | **987** |
| &nbsp;&nbsp;Income taxes <sup>(3)</sup> | 109 | (22) | (40) | 171 |
| **Adjusted Operating Earnings after income taxes** | $**835** | $**(84)** | $**103** | $**816** |
| **Adjusted operating earnings per share** | **7.58** | **(0.76)** | **0.93** | **7.41** |
| **Net revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $1891 | $(76) | $— | $1966 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 890 | (7) | 18 | 878 |
| &nbsp;&nbsp;&nbsp;Investment Management | 756 | (29) |  | 785 |
| **Total Net revenue** | $**3537** | $**(112)** | $**18** | $**3629** |
| **Adjusted operating margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 37.4% |  |  | 37.5% |
| &nbsp;&nbsp;&nbsp;Health Solutions | 32.8% |  |  | 31.9% |
| &nbsp;&nbsp;&nbsp;Investment Management | 24.7% |  |  | 26.8% |
| **Adjusted operating margin, excluding Corporate** | **33.5%** |  |  | **33.8%** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes DAC, VOBA, and other intangibles unlocking, COVID-19 Impacts, favorable tax adjustments primarily related to foreign tax credits, and changes in certain other reserves not expected to recur at the same level.

<sup>(3)</sup> 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 Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** | **Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** |
| (in millions) | **Amounts including Notable items** | **Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **Amounts excluding Notable items** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $1110 | $406 | $26 | $678 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 204 | 41 | (98) | 259 |
| &nbsp;&nbsp;&nbsp;Investment Management | 239 | 61 |  | 178 |
| &nbsp;&nbsp;&nbsp;Corporate | (261) | (56) |  | (205) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | **1292** | **452** | **(72)** | **910** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest |  |  |  |  |
| **Adjusted Operating earnings before income taxes** | **1292** | **452** | **(72)** | **910** |
| &nbsp;&nbsp;Income taxes <sup>(3)</sup> | 239 | 95 | (15) | 159 |
| **Adjusted Operating Earnings after income taxes** | $**1053** | $**357** | $**(57)** | $**754** |
| **Adjusted operating earnings per share** | **8.37** | **2.84** | **(0.46)** | **5.99** |
| **Net revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | $2346 | $406 | $28 | $1912 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 722 | 41 | (98) | 777 |
| &nbsp;&nbsp;&nbsp;Investment Management | 783 | 75 |  | 708 |
| **Total Net revenue** | $**3850** | $**522** | $**(70)** | $**3397** |
| **Adjusted operating margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 47.3% |  |  | 35.5% |
| &nbsp;&nbsp;&nbsp;Health Solutions | 28.3% |  |  | 33.5% |
| &nbsp;&nbsp;&nbsp;Investment Management | 30.7% |  |  | 25.1% |
| **Adjusted operating margin, excluding Corporate** | **40.3%** |  |  | **32.9%** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes DAC, VOBA, and other intangibles unlocking, COVID-19 Impacts, revenue and expenses in Wealth Solutions related to the financial planning channel prior to its divestment in June 2021 and changes in certain legal and other reserves not expected to recur at the same level.

<sup>(3)</sup> 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.

## Exhibit 99.2

 Exhibit 99.2

![voyrfinrgbgrdpos1567a07.jpg](voyrfinrgbgrdpos1567a07.jpg)

**Quarterly Investor Supplement**

December 31, 2022

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 2022. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission's website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

---

| | | |
|:---|:---|:---|
| *Corporate Offices:* | *Media Contact:* | *Investor Contact:* |
| Voya Financial | Christopher Breslin | Michael Katz |
| 230 Park Avenue | 212-309-8941 | 212-309-8999 |
| New York, New York 10169 | <u>Christopher.Breslin@voya.com</u> | <u>IR@voya.com</u> |
| *NYSE Ticker:* |  | *Web Site:* |
| VOYA |  | <u>investors.voya.com</u> |

---

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

------

**Table of Contents** 

---

| | | | |
|:---|:---|:---|:---|
| | Page | | Page |
| **Consolidated** |  | **Investment Information** |  |
| &nbsp;&nbsp;&nbsp;Explanatory Note on Non-GAAP Financial Information | 3 - 5 | &nbsp;&nbsp;&nbsp;Portfolio Results GAAP Book Value, Gross Investment Income, and |  |
| &nbsp;&nbsp;&nbsp;Key Metrics | [6](#i34c5bf8112bf4972bb34afd7bf59f701_13) | &nbsp;&nbsp;&nbsp; Earned Rate by Asset Class | [35](#i34c5bf8112bf4972bb34afd7bf59f701_97) |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Operations | [7](#i34c5bf8112bf4972bb34afd7bf59f701_16) | &nbsp;&nbsp;&nbsp;Portfolio Results Statutory Carrying Values by Asset Class and NAIC |  |
| &nbsp;&nbsp;&nbsp;Consolidated Adjusted Operating Earnings Before Income Taxes | [8](#i34c5bf8112bf4972bb34afd7bf59f701_19) | &nbsp;&nbsp;&nbsp; Ratings | [36](#i34c5bf8112bf4972bb34afd7bf59f701_100) |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings by Segment (QTD) | [9](#i34c5bf8112bf4972bb34afd7bf59f701_22) | &nbsp;&nbsp;&nbsp;Alternative Investment Income | [37](#i34c5bf8112bf4972bb34afd7bf59f701_103) |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings by Segment (YTD) | [10](#i34c5bf8112bf4972bb34afd7bf59f701_25) | &nbsp;&nbsp;&nbsp;Alternative Income and Prepayments Above (Below) Long-Term |  |
| &nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [11](#i34c5bf8112bf4972bb34afd7bf59f701_28) | &nbsp;&nbsp;&nbsp; Expectations | [38](#i34c5bf8112bf4972bb34afd7bf59f701_106) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA Segment Trends | [12](#i34c5bf8112bf4972bb34afd7bf59f701_31) | **Reconciliations** |  |
| &nbsp;&nbsp;&nbsp;Consolidated Capital Structure | [13](#i34c5bf8112bf4972bb34afd7bf59f701_34) | &nbsp;&nbsp;&nbsp;Reconciliation of Consolidated Statements of Operations | [40](#i34c5bf8112bf4972bb34afd7bf59f701_112) |
| &nbsp;&nbsp;&nbsp;Consolidated Assets Under Management, Assets Under Administration |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Revenues | [41](#i34c5bf8112bf4972bb34afd7bf59f701_115) |
| &nbsp;&nbsp;&nbsp; and Advisement | [14](#i34c5bf8112bf4972bb34afd7bf59f701_37) | &nbsp;&nbsp;&nbsp;Reconciliation of Net Revenues by Segment | 42 - 43 |
| **Wealth Solutions** |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings by Segment | [44](#i34c5bf8112bf4972bb34afd7bf59f701_121) |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings and Key Metrics | [16](#i34c5bf8112bf4972bb34afd7bf59f701_43) | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings and Earnings |  |
| &nbsp;&nbsp;&nbsp;Client Assets Rollforward by Product Group | 17 - 18 | &nbsp;&nbsp;&nbsp; Per Common Share (Diluted) (QTD) | [45](#i34c5bf8112bf4972bb34afd7bf59f701_124) |
| **Health Solutions** |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings and Earnings |  |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings | [20](#i34c5bf8112bf4972bb34afd7bf59f701_52) | &nbsp;&nbsp;&nbsp; Per Common Share (Diluted) (YTD) | [46](#i34c5bf8112bf4972bb34afd7bf59f701_127) |
| &nbsp;&nbsp;&nbsp;Key Metrics | [21](#i34c5bf8112bf4972bb34afd7bf59f701_55) | &nbsp;&nbsp;&nbsp;Reconciliation of Book Value Per Common Share, Excluding AOCI, |  |
| **Investment Management** |  | &nbsp;&nbsp;&nbsp; Leverage Ratio, and Adjusted Diluted Shares | [47](#i34c5bf8112bf4972bb34afd7bf59f701_130) |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings | [23](#i34c5bf8112bf4972bb34afd7bf59f701_61) |  |  |
| &nbsp;&nbsp;&nbsp;Analysis of AUM and AUA | [24](#i34c5bf8112bf4972bb34afd7bf59f701_64) |  |  |
| &nbsp;&nbsp;&nbsp;Account Value Rollforward by Source | [25](#i34c5bf8112bf4972bb34afd7bf59f701_67) |  |  |
| &nbsp;&nbsp;&nbsp;Account Value by Asset Type | [26](#i34c5bf8112bf4972bb34afd7bf59f701_70) |  |  |
| **Corporate** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings | [28](#i34c5bf8112bf4972bb34afd7bf59f701_76) |  |  |
| **Net Revenue, Adjusted Operating Margin, Administrative** |  |  |  |
| **Expenses, and Adjusted Operating Return on Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Revenue and Adjusted Operating Margin | [30](#i34c5bf8112bf4972bb34afd7bf59f701_82) |  |  |
| &nbsp;&nbsp;&nbsp;Administrative Expenses | [31](#i34c5bf8112bf4972bb34afd7bf59f701_85) |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Return on Allocated Capital Excluding Unlocking | 32 - 33 |  |  |

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**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 interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;

• Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that are 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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**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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**Explanatory Note on Non-GAAP Financial Information**

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

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

• Other adjustments 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 "DAC/VOBA Unlocking" in our SEC filings.

**Net Revenue and Adjusted Operating Margin**

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

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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.

• &nbsp;&nbsp;&nbsp;&nbsp;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**&nbsp;&nbsp;&nbsp;&nbsp;

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

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**Key Metrics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD, unless otherwise indicated) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | 190 | 193 | 64 | 27 | 403 | 474 | 2090 |
| &nbsp;&nbsp;&nbsp;Per common share (basic) | 1.95 | 1.98 | 0.62 | 0.26 | 3.66 | 4.71 | 17.92 |
| &nbsp;&nbsp;&nbsp;Per common share (diluted) | 1.77 | 1.82 | 0.57 | 0.24 | 3.36 | 4.30 | 16.61 |
| **Adjusted operating earnings:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before income taxes | 214 | 299 | 223 | 209 | 279 | 944 | 1292 |
| &nbsp;&nbsp;&nbsp;After income taxes | 233 | 245 | 185 | 172 | 229 | 835 | 1053 |
| &nbsp;&nbsp;&nbsp;Effective tax rate | (9.1)% | 18.1% | 17.1% | 17.4% | 18.0% | 11.5% | 18.5% |
| &nbsp;&nbsp;&nbsp;Per common share (Adjusted diluted) | 2.18 | 2.30 | 1.67 | 1.47 | 1.90 | 7.58 | 8.37 |
| **Shareholder's equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity | 3857 | 3481 | 3904 | 5586 | 7641 | 3857 | 7641 |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI <sup>(1)</sup> | 5651 | 5467 | 4867 | 5059 | 5541 | 5651 | 5541 |
| &nbsp;&nbsp;&nbsp;Book value per common share (including AOCI) | 39.68 | 35.81 | 39.88 | 54.66 | 70.88 | 39.68 | 70.88 |
| &nbsp;&nbsp;&nbsp;Book value per common share (excluding AOCI) <sup>(1)</sup> | 58.14 | 56.24 | 49.71 | 49.50 | 51.40 | 58.14 | 51.40 |
| **Leverage Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt to Capital | 33.3% | 35.3% | 34.6% | 28.0% | 23.9% | 33.3% | 23.9% |
| &nbsp;&nbsp;&nbsp;Financial Leverage excluding AOCI <sup>(1)</sup> | 29.9% | 30.2% | 33.3% | 33.6% | 33.0% | 29.9% | 33.0% |
| **Shares:** |  |  |  |  |  |  |  |
| Weighted-average common shares outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 97 | 98 | 102 | 106 | 110 | 101 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of warrants | 7 | 6 | 7 | 8 | 8 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other dilutive effects <sup>(2)</sup> | 2 | 2 | 2 | 3 | 3 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Diluted | 107 | 106 | 111 | 117 | 120 | 110 | 126 |
| &nbsp;&nbsp;&nbsp;Adjusted Diluted <sup>(1)</sup> | 107 | 106 | 111 | 117 | 120 | 110 | 126 |
| Ending shares outstanding | 97 | 97 | 98 | 102 | 108 | 97 | 108 |
| **Returned to Common Shareholders:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares, excluding commissions |  | 50 | 255 | 445 | 310 | 750 | 1143 |
| &nbsp;&nbsp;&nbsp;Dividends to common shareholders | 19 | 20 | 20 | 21 | 21 | 80 | 80 |
| **Total cash returned to common shareholders** | 19 | 70 | 275 | 466 | 331 | 830 | 1223 |
| <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |
| <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. |

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**Consolidated Statements of Operations**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Revenues** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 548 | 522 | 581 | 630 | 673 | 2281 | 2774 |
| &nbsp;&nbsp;&nbsp;Fee income | 452 | 435 | 411 | 433 | 446 | 1731 | 1827 |
| &nbsp;&nbsp;&nbsp;Premiums | 610 | 607 | 595 | 613 | 544 | 2425 | (3354) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (50) | (123) | (227) | (285) | (179) | (685) | 1423 |
| &nbsp;&nbsp;&nbsp;Other revenues | 31 | 33 | 44 | 40 | 49 | 148 | 579 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | (40) | (136) | 115 | 83 | 142 | 22 | 981 |
| **Total revenues** | **1551** | **1338** | **1519** | **1514** | **1675** | **5922** | **4230** |
| **Benefits and expenses** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (715) | (550) | (643) | (665) | (627) | (2573) | 2163 |
| &nbsp;&nbsp;&nbsp;Operating expenses | (673) | (632) | (605) | (632) | (636) | (2542) | (2586) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (30) | (10) | (67) | (80) | (40) | (187) | (795) |
| &nbsp;&nbsp;&nbsp;Interest expense | (30) | (31) | (33) | (40) | (59) | (134) | (186) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (20) | (14) | (18) | (6) | (13) | (58) | (49) |
| **Total benefits and expenses** | **(1468)** | **(1237)** | **(1366)** | **(1423)** | **(1375)** | **(5494)** | **(1453)** |
| **Income (loss) from continuing operations before income taxes** | **83** | **101** | **153** | **91** | **300** | **428** | **2777** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) and related charges and adjustments | (16) | (5) | (52) | (87) | (86) | (161) | (20) |
| &nbsp;&nbsp;&nbsp;Net guaranteed benefit gains (losses) and related charges and adjustments | 3 | (8) | 3 | (22) | (3) | (23) | (1) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment <sup>(2)</sup> | (30) | (14) | (50) | (47) | 14 | (141) | 812 |
| &nbsp;&nbsp;&nbsp;Income (loss) attributable to noncontrolling interests | (57) | (138) | 75 | 43 | 100 | (77) | 761 |
| &nbsp;&nbsp;&nbsp;Income (loss) on early extinguishment of debt |  | 1 | 1 | (5) | (21) | (3) | (31) |
| &nbsp;&nbsp;&nbsp;Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | 1 |  |  | 4 | 33 | 5 | 33 |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 4 | 14 | 4 | 14 | 4 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (35) | (47) | (51) | (17) | (19) | (151) | (105) |
| **Adjusted operating earnings before income taxes** <sup>(3)</sup> | **214** | **299** | **223** | **209** | **279** | **944** | **1292** |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. |
| <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. |
| <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |

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| **Voya Financial** | **Page 8 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Consolidated Adjusted Operating Earnings Before Income Taxes** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Consolidated Adjusted Operating Earnings Before Income Taxes** |  |  |  |  |  |  |  |
| **Adjusted operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 460 | 413 | 486 | 536 | 571 | 1896 | 2387 |
| &nbsp;&nbsp;&nbsp;Fee income | 455 | 451 | 418 | 440 | 467 | 1765 | 1791 |
| &nbsp;&nbsp;&nbsp;Premiums | 601 | 599 | 588 | 591 | 539 | 2378 | 2168 |
| &nbsp;&nbsp;&nbsp;Other revenue | 31 | 31 | 42 | 35 | 41 | 137 | 171 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1547** | **1494** | **1534** | **1601** | **1618** | **6176** | **6516** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (652) | (565) | (667) | (694) | (650) | (2579) | (2564) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (606) | (580) | (564) | (594) | (611) | (2344) | (2342) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (26) | 11 | (41) | (52) | (34) | (107) | (116) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> | (37) | (49) | (40) | (52) | (44) | (177) | (201) |
| &nbsp;&nbsp;&nbsp;**Adjusted operating benefits and expenses** | **(1321)** | **(1183)** | **(1311)** | **(1393)** | **(1339)** | **(5207)** | **(5224)** |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **226** | **311** | **223** | **209** | **279** | **969** | **1292** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest | 13 | 12 |  |  |  | 25 |  |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **214** | **299** | **223** | **209** | **279** | **944** | **1292** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Operating Revenues and Adjusted Operating Earnings by Segment** | | | | | | | |
| **Adjusted operating revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 668 | 643 | 706 | 754 | 791 | 2772 | 3238 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 649 | 646 | 640 | 647 | 599 | 2582 | 2395 |
| &nbsp;&nbsp;&nbsp;Investment Management | 215 | 192 | 171 | 178 | 201 | 756 | 783 |
| &nbsp;&nbsp;&nbsp;Corporate | 15 | 13 | 17 | 22 | 27 | 67 | 100 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1547** | **1494** | **1534** | **1601** | **1618** | **6176** | **6516** |
| **Adjusted operating earnings** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 148 | 168 | 186 | 205 | 241 | 707 | 1110 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 74 | 149 | 47 | 22 | 33 | 291 | 204 |
| &nbsp;&nbsp;&nbsp;Investment Management | 57 | 51 | 40 | 39 | 59 | 186 | 239 |
| &nbsp;&nbsp;&nbsp;Corporate | (52) | (57) | (49) | (58) | (54) | (215) | (261) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **226** | **311** | **223** | **209** | **279** | **969** | **1292** |
| &nbsp;&nbsp;&nbsp;**Less: Earnings (loss) attributable to Allianz noncontrolling interest** | 13 | 12 |  |  |  | 25 |  |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **214** | **299** | **223** | **209** | **279** | **944** | **1292** |
| <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |
| <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. |

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| **Voya Financial** | **Page 9 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Adjusted Operating Earnings by Segment**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| (in millions USD) | **Wealth Solutions** | **Health Solutions** | **Investment Management** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 423 | 31 | (1) | 7 | 460 |
| &nbsp;&nbsp;&nbsp;Fee income | 228 | 18 | 209 |  | 455 |
| &nbsp;&nbsp;&nbsp;Premiums |  | 601 |  |  | 601 |
| &nbsp;&nbsp;&nbsp;Other revenue | 18 | (1) | 6 | 8 | 31 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **668** | **649** | **215** | **15** | **1547** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (225) | (427) |  |  | (652) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (278) | (140) | (158) | (30) | (606) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (19) | (7) |  |  | (26) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (37) | (37) |
| &nbsp;&nbsp;&nbsp;**Adjusted operating benefits and expenses** | **(521)** | **(575)** | **(158)** | **(67)** | **(1321)** |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **148** | **74** | **57** | **(52)** | **226** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest |  |  | 14 | (2) | 13 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **148** | **74** | **42** | **(50)** | **214** |
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Wealth Solutions** | **Health Solutions** | **Investment Management** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 508 | 42 | 20 | 1 | 571 |
| &nbsp;&nbsp;&nbsp;Fee income | 270 | 19 | 178 |  | 467 |
| &nbsp;&nbsp;&nbsp;Premiums |  | 540 |  |  | 539 |
| &nbsp;&nbsp;&nbsp;Other revenue | 12 | (2) | 3 | 26 | 41 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **791** | **599** | **201** | **27** | **1618** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (223) | (427) |  |  | (650) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (298) | (133) | (142) | (37) | (611) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (28) | (6) |  |  | (34) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (44) | (44) |
| &nbsp;&nbsp;&nbsp;**Adjusted operating benefits and expenses** | **(549)** | **(566)** | **(142)** | **(82)** | **(1339)** |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **241** | **33** | **59** | **(54)** | **279** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest |  |  |  |  |  |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **241** | **33** | **59** | **(54)** | **279** |
| <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |
| <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. |

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| **Voya Financial** | **Page 10 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Adjusted Operating Earnings by Segment**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** | **Twelve Months Ended December 31, 2022** |
| (in millions USD) | **Wealth Solutions** | **Health Solutions** | **Investment Management** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 1751 | 134 | 3 | 8 | 1896 |
| &nbsp;&nbsp;&nbsp;Fee income | 953 | 76 | 736 |  | 1765 |
| &nbsp;&nbsp;&nbsp;Premiums |  | 2378 |  |  | 2378 |
| &nbsp;&nbsp;&nbsp;Other revenue | 68 | (6) | 17 | 59 | 137 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **2772** | **2582** | **756** | **67** | **6176** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (888) | (1691) |  |  | (2579) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (1100) | (569) | (570) | (105) | (2344) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (77) | (30) |  |  | (107) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (177) | (177) |
| &nbsp;&nbsp;&nbsp;**Adjusted operating benefits and expenses** | **(2064)** | **(2291)** | **(570)** | **(282)** | **(5207)** |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **707** | **291** | **186** | **(215)** | **969** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest |  |  | 27 | (2) | 25 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **707** | **291** | **158** | **(213)** | **944** |
|  | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** | **Twelve Months Ended December 31, 2021** |
|  | **Wealth Solutions** | **Health Solutions** | **Investment Management** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 2114 | 165 | 103 | 4 | 2387 |
| &nbsp;&nbsp;&nbsp;Fee income | 1056 | 69 | 667 |  | 1791 |
| &nbsp;&nbsp;&nbsp;Premiums |  | 2168 |  |  | 2168 |
| &nbsp;&nbsp;&nbsp;Other revenue | 68 | (7) | 13 | 96 | 171 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **3238** | **2395** | **783** | **100** | **6516** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (891) | (1674) |  |  | (2564) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (1146) | (492) | (544) | (160) | (2342) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (91) | (25) |  |  | (116) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (201) | (201) |
| &nbsp;&nbsp;&nbsp;**Adjusted operating benefits and expenses** | **(2128)** | **(2191)** | **(544)** | **(361)** | **(5224)** |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** <sup>(1)</sup> | **1110** | **204** | **239** | **(261)** | **1292** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest | **—** | **—** | **—** | **—** | **—** |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **1110** | **204** | **239** | **(261)** | **1292** |
| <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(1)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |
| <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. | <sup>(2)</sup> Includes dividend payments made to preferred shareholders. |

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| **Voya Financial** | **Page 11 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Consolidated Balance Sheets**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 39110 | 39519 | 40913 | 42950 | 45581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 919 | 840 | 954 | 1011 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held in separate accounts | 80174 | 75980 | 80017 | 93108 | 100433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium receivable and reinsurance recoverable, net | 13341 | 13561 | 13079 | 13261 | 13635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term investments under securities loan agreement and accrued investment income | 1604 | 1623 | 1536 | 1507 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs, Value of business acquired | 2822 | 2894 | 2480 | 1921 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes <sup>(1)</sup> | 1929 | 1931 | 1795 | 1405 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets <sup>(2)</sup> | 3549 | 3505 | 2581 | 2710 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets related to consolidated investment entities | 4204 | 4195 | 4165 | 3933 | 3779 |
| **Total Assets** | **147652** | **144048** | **147520** | **161806** | **171262** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | 52573 | 53501 | 53151 | 52765 | 52758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to separate accounts | 80174 | 75980 | 80017 | 93108 | 100433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables under securities loan agreements, including collateral held | 1302 | 1378 | 1220 | 1124 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 141 | 141 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 2094 | 2094 | 2385 | 2406 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities <sup>(3)</sup> | 2817 | 2797 | 2379 | 2596 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to consolidated investment entities | 2434 | 2319 | 2154 | 2102 | 1893 |
| **Total Liabilities** | **141535** | **138210** | **141307** | **154102** | **161441** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz noncontrolling interest | 166 | 155 |  |  |  |
| **Shareholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (39) | (873) | (821) | (565) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6643 | 7945 | 7500 | 7504 | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | (342) | (994) | (1201) | (1269) | (1310) |
| **Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI** | **6263** | **6079** | **5479** | **5671** | **6153** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (1794) | (1986) | (963) | 527 | 2100 |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4469** | **4093** | **4516** | **6198** | **8253** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1482 | 1590 | 1697 | 1506 | 1568 |
| **Total Shareholders' Equity** | **5951** | **5683** | **6213** | **7704** | **9821** |
| **Total Liabilities, Mezzanine Equity and Shareholders' Equity** | **147652** | **144048** | **147520** | **161806** | **171262** |
| <sup>(1)</sup> Current and deferred income taxes: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax Asset primarily related to Federal NOL's | 1546 | 1510 | 1507 | 1520 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses | 511 | 561 | 290 | (106) | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Net Deferred Tax Asset (Liability) related to DAC, reserves, acquisition intangibles, and other temporary differences | (128) | (140) | (2) | (9) | 7 |
| **Total Current and deferred income taxes** | **1929** | **1931** | **1795** | **1405** | **986** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Unrealized Gains (losses) reflected in AOCI | (2431) | (2673) | (1379) | 507 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;21% Tax Effect | 511 | 561 | 290 | (106) | (525) |
| <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. | <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. | <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. | <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. | <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. | <sup>(2)</sup> Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets. |
| <sup>(3)</sup> Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.  | <sup>(3)</sup> Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.  | <sup>(3)</sup> Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.  | <sup>(3)</sup> Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.  | <sup>(3)</sup> Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.  | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**DAC/VOBA Segment Trends**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Wealth Solutions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance as of Beginning-of-Period | 1943 | 1530 | 975 | 430 | 381 | 430 | 207 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 17 | 15 | 16 | 17 | 17 | 65 | 67 |
| &nbsp;&nbsp;&nbsp;Amortization | (30) | (33) | (12) | (9) | (12) | (84) | (92) |
| &nbsp;&nbsp;&nbsp;Unlocking | 19 | 41 | (35) | (51) | (8) | (26) | 12 |
| &nbsp;&nbsp;&nbsp;Change in unrealized capital gains/losses | (70) | 389 | 586 | 588 | 53 | 1493 | 236 |
| &nbsp;&nbsp;&nbsp;**Balance as of End-of-Period** | **1878** | **1943** | **1530** | **975** | **430** | **1878** | **430** |
| &nbsp;&nbsp;&nbsp;Deferred Sales Inducements as of End-of-Period <sup>(1)</sup> | 25 | 26 | 26 | 25 | 23 | 25 | 23 |
| **Other** <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance as of Beginning-of-Period | 191 | 180 | 163 | 152 | 148 | 152 | 134 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 15 | 13 | 17 | 10 | 9 | 55 | 39 |
| &nbsp;&nbsp;&nbsp;Amortization | (7) | (7) | (8) | (8) | (6) | (30) | (28) |
| &nbsp;&nbsp;&nbsp;Unlocking |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized capital gains/losses | (2) | 6 | 8 | 8 | 2 | 20 | 7 |
| &nbsp;&nbsp;&nbsp;**Balance as of End-of-Period** | **197** | **191** | **180** | **163** | **152** | **197** | **152** |
| **Total** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance as of Beginning-of-Period | 2135 | 1710 | 1138 | 582 | 528 | 582 | 341 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 32 | 29 | 33 | 27 | 26 | 120 | 106 |
| &nbsp;&nbsp;&nbsp;Amortization | (37) | (40) | (20) | (17) | (18) | (114) | (120) |
| &nbsp;&nbsp;&nbsp;Unlocking | 19 | 41 | (35) | (51) | (8) | (26) | 12 |
| &nbsp;&nbsp;&nbsp;Change in unrealized capital gains/losses | (72) | 395 | 594 | 596 | 55 | 1513 | 243 |
| &nbsp;&nbsp;&nbsp;**Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment** | **2075** | **2135** | **1710** | **1138** | **582** | **2075** | **582** |
| &nbsp;&nbsp;&nbsp;Balance as of End-of-Period, businesses exited through reinsurance or divestment <sup>(3)</sup> | 748 | 760 | 771 | 783 | 796 | 747 | 796 |
| &nbsp;&nbsp;&nbsp;**Balance as of End-of-Period, including businesses exited through reinsurance or divestment** | **2822** | **2894** | **2480** | **1921** | **1378** | **2822** | **1378** |
| <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. | <sup>(1)</sup> Deferred sales inducements in other segments are insignificant. |
| <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. | <sup>(2)</sup> Primarily includes Health Solutions. |
| <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Consolidated Capital Structure**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| **Financial Obligations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior bonds | 1496 | 1495 | 1495 | 1495 | 1495 |
| &nbsp;&nbsp;&nbsp;Subordinated bonds | 737 | 737 | 888 | 909 | 1098 |
| &nbsp;&nbsp;&nbsp;Other debt | 2 | 3 | 3 | 3 | 3 |
| **Total Financial Debt** | **2235** | **2235** | **2386** | **2407** | **2596** |
| &nbsp;&nbsp;Other financial obligations <sup>(1)</sup> | 265 | 269 | 282 | 301 | 300 |
| **Total Financial Obligations** | **2500** | **2504** | **2668** | **2708** | **2896** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allianz noncontrolling interest | 166 | 155 |  |  |  |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;Preferred equity <sup>(2)</sup> | 612 | 612 | 612 | 612 | 612 |
| &nbsp;&nbsp;&nbsp;Common equity (Excluding AOCI) | 5651 | 5467 | 4867 | 5059 | 5541 |
| **Total Equity (Excluding AOCI)** <sup>(3)</sup>  | **6263** | **6079** | **5479** | **5671** | **6153** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI) | (1794) | (1986) | (963) | 527 | 2100 |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4469** | **4093** | **4516** | **6198** | **8253** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1482 | 1590 | 1697 | 1506 | 1568 |
| **Total Shareholders' Equity** | **5951** | **5683** | **6213** | **7704** | **9821** |
| **Capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capitalization** <sup>(4)</sup> | **6704** | **6328** | **6902** | **8605** | **10849** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Capitalization** <sup>(5)</sup>  | **8617** | **8342** | **8881** | **10412** | **12717** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Capitalization excluding AOCI** <sup>(6)</sup>  | **10411** | **10328** | **9844** | **9885** | **10617** |
| **Leverage Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt to Capital** <sup>(7)</sup> | **33.3%** | **35.3%** | **34.6%** | **28.0%** | **23.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Leverage** <sup>(3)(8)</sup> | **36.1%** | **37.4%** | **36.9%** | **31.9%** | **27.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Leverage excluding AOCI** <sup>(3)(9)</sup> | **29.9%** | **30.2%** | **33.3%** | **33.6%** | **33.0%** |
| <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax. |
| <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. | <sup>(2)</sup> Includes Preferred stock par value and additional paid-in-capital. |
| <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. | <sup>(3)</sup> 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](#i34c5bf8112bf4972bb34afd7bf59f701_109) of this document. |
| <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(4)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. |
| <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. | <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. | <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. | <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. | <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. | <sup>(5)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity. |
| <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(6)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* |
| <sup>(7)</sup> Total Financial Debt divided by Capitalization. | <sup>(7)</sup> Total Financial Debt divided by Capitalization. | <sup>(7)</sup> Total Financial Debt divided by Capitalization. | <sup>(7)</sup> Total Financial Debt divided by Capitalization. | <sup>(7)</sup> Total Financial Debt divided by Capitalization. | <sup>(7)</sup> Total Financial Debt divided by Capitalization. |
| <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. | <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. | <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. | <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. | <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. | <sup>(8)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization. |
| <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. | <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. | <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. | <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. | <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. | <sup>(9)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. |

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| **Voya Financial** | **Page 14 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Consolidated Assets Under Management, Assets Under Administration and Advisement**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | | | | | | |
| (in millions USD) | **General Account** | **Separate Account** | **Institutional/Mutual Funds** | **Total AUM - Assets Under Management** | **AUA - Assets Under Administration & Advisement**<sup>(2)</sup> | **Total AUM and AUA** |
| &nbsp;&nbsp;Wealth Solutions<sup>(1)</sup> | 33881 | 76348 | 73427 | 183656 | 290621 | 474277 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 1866 | 14 |  | 1880 |  | 1880 |
| &nbsp;&nbsp;&nbsp;Investment Management | 38028 | 24849 | 258486 | 321363 | 55601 | 376963 |
| &nbsp;&nbsp;&nbsp;Eliminations/Other | (35747) | (21037) | (11151) | (67935) | (43958) | (111893) |
| **Total AUM and AUA** | **38028** | **80174** | **320762** | **438964** | **302264** | **741227** |
| <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. | <sup>(1)</sup> Includes wrapped funds as well as unwrapped Voya-managed funds. |
| <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  | <sup>(2)</sup> Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.  |

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**<u>Wealth Solutions</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 16 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Sources of operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 432 | 427 | 411 | 397 | 387 | 1667 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | (20) | (20) | (20) | (19) | (20) | (79) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credited interest | (220) | (218) | (219) | (215) | (222) | (873) | (878) |
| &nbsp;&nbsp;&nbsp;Net margin | 192 | 189 | 172 | 163 | 145 | 716 | 607 |
| &nbsp;&nbsp;&nbsp;Other investment income <sup>(1)</sup> | 57 | 57 | 61 | 54 | 58 | 229 | 205 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income, *excluding* alts/prepays above/below expectations | 249 | 246 | 233 | 217 | 202 | 944 | 812 |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations | (50) | (70) | (7) | 52 | 82 | (76) | 406 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 199 | 176 | 226 | 269 | 285 | 869 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full service fee based revenue | 134 | 137 | 145 | 156 | 171 | 571 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping and other fee based revenue | 108 | 107 | 112 | 112 | 112 | 439 | 474 |
| &nbsp;&nbsp;&nbsp;Total fee based margin | 241 | 244 | 257 | 268 | 283 | 1009 | 1138 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 4 | 3 | 4 | 1 |  | 13 | (9) |
| **Net revenue** <sup>(2)</sup> | **444** | **423** | **486** | **538** | **568** | **1891** | **2346** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (223) | (214) | (207) | (223) | (232) | (867) | (885) |
| &nbsp;&nbsp;&nbsp;Net commissions | (55) | (57) | (58) | (63) | (66) | (232) | (257) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization, excluding unlocking  | (33) | (33) | (32) | (31) | (30) | (128) | (124) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles unlocking | 14 | 50 | (4) | (16) | 1 | 44 | 29 |
| **Adjusted operating earnings before income taxes** | **148** | **168** | **186** | **205** | **241** | **707** | **1110** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 37.4% | 39.7% | 42.7% | 45.7% | 47.3% |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin Excluding Notables TTM | 37.5% | 36.4% | 36.2% | 35.5% | 35.5% |  |  |
| **Full Service Revenue** <sup>(3)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Investment Spread and other investment income | 194 | 170 | 218 | 258 | 272 | 840 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee Based Revenue | 134 | 137 | 145 | 156 | 171 | 571 | 663 |
| **Total Full Service Revenue** | **327** | **307** | **363** | **414** | **443** | **1412** | **1829** |
| **Client Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fee Based | 379706 | 356102 | 369705 | 414597 | 434340 | 379706 | 434340 |
| &nbsp;&nbsp;&nbsp;Spread Based | 33881 | 34358 | 34220 | 33759 | 33359 | 33881 | 33359 |
| &nbsp;&nbsp;&nbsp;Investment-only Stable Value | 38148 | 38944 | 39622 | 40391 | 40246 | 38148 | 40246 |
| &nbsp;&nbsp;&nbsp;Retail Client Assets | 22543 | 21315 | 22592 | 26226 | 28300 | 22543 | 28300 |
| **Total Client Assets** | **474277** | **450718** | **466139** | **514972** | **536246** | **474277** | **536246** |
| <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. | <sup>(1)</sup> Includes investment income on assets backing surplus and income from policy loans. |
| <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  |
| <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(3)</sup> Excludes Net underwriting gain (loss) and other revenue. |

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| **Voya Financial** | **Page 17 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Wealth Solutions Client Assets Rollforward by Product Group**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Full service - Corporate markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 80135 | 83329 | 94434 | 99698 | 95456 | 99698 | 86581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 1603 | 1074 | 1176 | 1676 | 1575 | 5529 | 6578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 2108 | 2231 | 2297 | 2558 | 1938 | 9194 | 8161 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 3710 | 3305 | 3473 | 4234 | 3514 | 14722 | 14740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (2900) | (2589) | (2798) | (3623) | (3941) | (11910) | (13709) |
| &nbsp;&nbsp;&nbsp;Net Flows | 811 | 716 | 674 | 612 | (427) | 2812 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 5029 | (3910) | (11779) | (5875) | 4669 | (16535) | 12086 |
| **Client Assets, end of period - Corporate markets** | **85975** | **80135** | **83329** | **94434** | **99698** | **85975** | **99698** |
| **Full service - Tax-exempt markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 73119 | 75627 | 83727 | 88004 | 84929 | 88004 | 78831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 887 | 248 | 534 | 374 | 399 | 2043 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 1061 | 986 | 1006 | 1046 | 980 | 4100 | 3895 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 1948 | 1235 | 1540 | 1420 | 1379 | 6143 | 6239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (1807) | (1395) | (1215) | (1586) | (1836) | (6002) | (6694) |
| &nbsp;&nbsp;&nbsp;Net Flows | 141 | (161) | 326 | (165) | (457) | 141 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 3429 | (2347) | (8426) | (4112) | 3533 | (11456) | 9628 |
| **Client Assets, end of period - Tax-exempt markets** | **76690** | **73119** | **75627** | **83727** | **88004** | **76690** | **88004** |
| **Full Service - Total** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 153254 | 158956 | 178161 | 187702 | 180385 | 187702 | 165412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 2489 | 1322 | 1710 | 2050 | 1974 | 7571 | 8922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 3169 | 3217 | 3303 | 3604 | 2918 | 13294 | 12056 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 5658 | 4540 | 5013 | 5654 | 4893 | 20865 | 20979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (4706) | (3984) | (4013) | (5209) | (5777) | (17912) | (20403) |
| &nbsp;&nbsp;&nbsp;Net Flows | 952 | 555 | 1000 | 446 | (884) | 2953 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 8458 | (6257) | (20205) | (9987) | 8202 | (27991) | 21714 |
| **Client Assets, end of period - Full Service Total** | **162664** | **153254** | **158956** | **178161** | **187702** | **162664** | **187702** |
| **Full Service - Client Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based | 129199 | 119325 | 125206 | 144888 | 154839 | 129199 | 154839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread-based | 33466 | 33929 | 33749 | 33273 | 32864 | 33466 | 32864 |
| **Client Assets, end of period - Full Service Total** | **162664** | **153254** | **158956** | **178161** | **187702** | **162664** | **187702** |

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| **Voya Financial** | **Page 18 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Wealth Solutions Client Assets Rollforward by Product Group**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Recordkeeping** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 236776 | 244499 | 269708 | 279501 | 274265 | 279501 | 247309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 979 | 3573 | 1595 | 1955 | 812 | 8101 | 8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 3778 | 4278 | 4359 | 5217 | 3892 | 17632 | 16531 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 4758 | 7851 | 5954 | 7172 | 4705 | 25734 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (5327) | (5846) | (5730) | (8065) | (12451) | (24967) | (31692) |
| &nbsp;&nbsp;&nbsp;Net Flows | (569) | 2004 | 224 | (893) | (7747) | 766 | (6731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 14300 | (9726) | (25435) | (8900) | 12982 | (29761) | 38923 |
| **Client Assets, end of period - Recordkeeping** | **250507** | **236776** | **244499** | **269708** | **279501** | **250507** | **279501** |
| **Total Defined Contribution** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 390031 | 403454 | 447870 | 467203 | 454650 | 467203 | 412721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 3469 | 4895 | 3304 | 4005 | 2786 | 15673 | 17354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 6947 | 7495 | 7663 | 8822 | 6811 | 30926 | 28587 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 10416 | 12390 | 10967 | 12827 | 9597 | 46599 | 45941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (10033) | (9831) | (9743) | (13273) | (18229) | (42879) | (52095) |
| &nbsp;&nbsp;&nbsp;Net Flows | 383 | 2559 | 1224 | (446) | (8632) | 3719 | (6154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 22758 | (15983) | (45640) | (18887) | 21184 | (57752) | 60636 |
| **Client Assets, end of period - Total Defined Contribution** | **413171** | **390031** | **403454** | **447870** | **467203** | **413171** | **467203** |
| **Defined Contribution Investment-only Stable Value (SV)** <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets, beginning of period | 38944 | 39622 | 40390 | 40246 | 41329 | 40246 | 42864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 435 | 177 | 630 | 1500 | 280 | 2742 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 440 | 169 | 203 | 190 | 103 | 1002 | 525 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 875 | 346 | 833 | 1690 | 382 | 3744 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (1269) | (431) | (284) | (545) | (1112) | (2529) | (3802) |
| &nbsp;&nbsp;&nbsp;Net Flows | (394) | (84) | 549 | 1144 | (730) | 1215 | (2108) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (402) | (593) | (1319) | (1000) | (353) | (3314) | (509) |
| **Assets, end of period - Defined Contribution Investment-only SV** | **38148** | **38944** | **39622** | **40390** | **40246** | **38148** | **40246** |
| **Retail Client Assets** <sup>(3)</sup> | **22548** | **21320** | **22598** | **26232** | **28306** | **22548** | **28306** |
| **Other Assets** <sup>(4)</sup> | **410** | **423** | **465** | **480** | **490** | **410** | **490** |
| **Total Client Assets** | **474277** | **450718** | **466139** | **514972** | **536246** | **474277** | **536246** |
| <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping | <sup>(1)</sup> Total of Full Service and Recordkeeping |
| <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(2)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. |
| <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  |
| <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(4)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Health Solutions</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 20 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Health Solutions Sources of Adjusted Operating Earnings**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Sources of operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross investment income | 24 | 24 | 25 | 23 | 23 | 96 | 92 |
| &nbsp;&nbsp;&nbsp;Investment expenses | (1) | (1) | (1) | (1) | (1) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;Credited interest | (12) | (13) | (13) | (13) | (13) | (52) | (54) |
| &nbsp;&nbsp;&nbsp;Net margin | 11 | 11 | 10 | 9 | 9 | 41 | 34 |
| &nbsp;&nbsp;Other investment income | 14 | 13 | 12 | 12 | 10 | 50 | 36 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income, *excluding* alts/prepays above/below expectations | 24 | 24 | 22 | 20 | 20 | 90 | 70 |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations | (5) | (7) |  | 5 | 9 | (7) | 41 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 19 | 17 | 22 | 25 | 28 | 83 | 111 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 202 | 286 | 173 | 146 | 144 | 807 | 611 |
| **Net revenue** <sup>(1)</sup> | **221** | **303** | **195** | **171** | **172** | **890** | **722** |
| &nbsp;&nbsp;&nbsp;Administrative expenses  | (71) | (66) | (67) | (72) | (66) | (276) | (237) |
| &nbsp;&nbsp;&nbsp;Premium taxes, fees and assessments | (27) | (39) | (32) | (28) | (29) | (126) | (109) |
| &nbsp;&nbsp;&nbsp;Net commissions | (43) | (41) | (42) | (42) | (38) | (167) | (147) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization, excluding unlocking | (7) | (7) | (8) | (8) | (6) | (30) | (25) |
| **Adjusted operating earnings before income taxes** | **74** | **149** | **47** | **22** | **33** | **291** | **204** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 32.8% | 29.8% | 23.4% | 25.8% | 28.3% |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin Excluding Notables TTM | 31.9% | 30.5% | 29.5% | 31.7% | 33.5% |  |  |
| **Group life:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 151 | 151 | 148 | 143 | 140 | 593 | 550 |
| &nbsp;&nbsp;&nbsp;Benefits | (125) | (49) | (133) | (167) | (136) | (473) | (525) |
| &nbsp;&nbsp;&nbsp;Other <sup>(2)</sup> | (2) | (2) | (2) | (2) | (2) | (9) | (10) |
| **Total Group life** | **23** | **100** | **13** | **(26)** | **1** | **111** | **15** |
| &nbsp;&nbsp;**Group Life Loss Ratio (Interest adjusted)** <sup>(3)</sup> | **82.9%** | **71.3%** | **89.9%** | **116.4%** | **97.5%** | **89.8%** | **95.5%** |
| **Group stop loss:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 314 | 311 | 302 | 303 | 288 | 1230 | 1165 |
| &nbsp;&nbsp;&nbsp;Benefits | (226) | (238) | (238) | (232) | (224) | (934) | (901) |
| &nbsp;&nbsp;&nbsp;Other <sup>(2)</sup> | (1) | (1) | (1) | (1) | (1) | (5) | (5) |
| **Total Group stop loss** | **87** | **72** | **63** | **70** | **63** | **292** | **260** |
| &nbsp;&nbsp;&nbsp;**Stop loss Loss Ratio** | **72.0%** | **76.4%** | **78.9%** | **76.5%** | **77.7%** | **75.9%** | **77.3%** |
| **Voluntary Benefits, Disability, and Other** | **92** | **114** | **98** | **101** | **79** | **405** | **335** |
| **Net underwriting gain (loss) and other revenue** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 626 | 620 | 609 | 602 | 562 | 2457 | 2248 |
| &nbsp;&nbsp;&nbsp;Benefits | (422) | (334) | (433) | (458) | (419) | (1647) | (1630) |
| &nbsp;&nbsp;&nbsp;Other <sup>(2)</sup> | (2) | 1 | (3) | 1 | 1 | (3) | (8) |
| **Total Net underwriting gain (loss) and other revenue** | **202** | **286** | **173** | **146** | **144** | **807** | **611** |
| &nbsp;&nbsp;**Total Aggregate Loss Ratio TTM** <sup>(3)(4)</sup>  | **69.4%** | **71.1%** | **73.1%** | **73.1%** | **72.5%** | **69.4%** | **72.5%** |
| <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(1)</sup> Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. |
| <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(2)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. |
| <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. | <sup>(3)</sup> Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update. |
| <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. | <sup>(4)</sup> Total Aggregate Loss Ratio is calculated using trailing twelve months. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 21 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Health Solutions Key Metrics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Sales by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 23 | 4 | 14 | 86 | 12 | 126 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 20 | 42 | 24 | 323 | 14 | 409 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary | 13 | 12 | 20 | 104 | 6 | 149 | 128 |
| **Total sales by product line** | **56** | **58** | **58** | **513** | **31** | **684** | **593** |
| Total gross premiums and deposits | 687 | 707 | 671 | 660 | 610 | 2724 | 2429 |
| **Annualized In-force Premiums by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 833 | 817 | 811 | 807 | 752 | 833 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 1258 | 1259 | 1231 | 1220 | 1181 | 1258 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary | 689 | 684 | 681 | 678 | 576 | 689 | 576 |
| **Total annualized in-force premiums** | **2780** | **2760** | **2722** | **2705** | **2510** | **2780** | **2510** |
| **Assets Under Management by Fund Group:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General account | 1866 | 1938 | 1981 | 1886 | 1869 | 1866 | 1869 |
| &nbsp;&nbsp;&nbsp;Separate account | 14 | 14 | 15 | 17 | 18 | 14 | 18 |
| **Total AUM** | **1880** | **1952** | **1996** | **1903** | **1887** | **1880** | **1887** |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Investment Management</u>**

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| **Voya Financial** | **Page 23 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Investment Management Sources of Adjusted Operating Earnings**

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

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| **Voya Financial** | **Page 24 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Investment Management Analysis of AUM and AUA**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Client Assets:** |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 161502 | 160720 | 136596 | 143581 | 148921 | 161502 | 148921 |
| &nbsp;&nbsp;&nbsp;Retail | 121833 | 118016 | 61070 | 71578 | 76908 | 121833 | 76908 |
| **Subtotal External Clients** | **283335** | **278735** | **197666** | **215159** | **225829** | **283335** | **225829** |
| &nbsp;&nbsp;&nbsp;General Account | 38028 | 38614 | 38686 | 38049 | 38004 | 38028 | 38004 |
| **Total Client Assets (AUM)** | **321363** | **317349** | **236352** | **253208** | **263832** | **321363** | **263832** |
| &nbsp;&nbsp;&nbsp;Assets under Advisement and Administration (AUA) | 55601 | 51862 | 53359 | 57187 | 59823 | 55601 | 59823 |
| **Total AUM and AUA** | **376963** | **369210** | **289710** | **310395** | **323656** | **376963** | **323656** |
| **Investment Advisory and Administrative Revenues** <sup>(1)</sup>  |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 90 | 89 | 86 | 87 | 92 | 352 | 334 |
| &nbsp;&nbsp;&nbsp;Retail | 95 | 88 | 49 | 53 | 59 | 284 | 227 |
| **Subtotal External Clients** | **185** | **177** | **134** | **140** | **151** | **636** | **561** |
| &nbsp;&nbsp;&nbsp;General Account | 20 | 20 | 20 | 20 | 20 | 80 | 82 |
| **Total Investment Advisory and Administrative Revenues (AUM)** | **205** | **197** | **154** | **160** | **171** | **717** | **643** |
| &nbsp;&nbsp;&nbsp;Administration Only Fees | 5 | 5 | 5 | 5 | 6 | 20 | 22 |
| **Total Investment Advisory and Administrative Revenues** | **209** | **202** | **160** | **165** | **178** | **736** | **667** |
| **Revenue Yield (bps)** <sup>(1)</sup> |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 22.1 | 21.4 | 24.5 | 23.7 | 25.3 | 20.7 | 23.9 |
| &nbsp;&nbsp;&nbsp;Retail | 31.1 | 28.0 | 29.4 | 29.1 | 30.6 | 22.1 | 29.7 |
| **Revenue Yield on External Clients** <sup>(2)</sup> | **26.0** | **24.3** | **26.1** | **25.5** | **27.1** | **21.3** | **25.9** |
| &nbsp;&nbsp;&nbsp;General Account | 20.8 | 21.1 | 21.1 | 21.1 | 21.0 | 21.0 | 21.4 |
| **Revenue Yield on Client Assets (AUM)** | **25.3** | **23.9** | **25.3** | **24.8** | **26.2** | **21.3** | **25.2** |
| &nbsp;&nbsp;&nbsp;Revenue Yield on Advisement and Administrative Only Assets (AUA) | 3.7 | 3.4 | 3.8 | 3.5 | 4.1 | 3.6 | 3.7 |
| **Total Revenue Yield on AUM and AUA (bps)** | **22.3** | **21.0** | **21.3** | **20.9** | **22.1** | **18.8** | **21.1** |
| **Revenue Yield on Client Assets (AUM) - trailing twelve months** <sup>(2)</sup> | **21.3** | **25.2** | **25.8** | **25.4** | **25.2** | **21.3** | **25.2** |
| <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. | <sup>(1)</sup> Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees. |
| <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  | <sup>(2)</sup> Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.  |

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| **Voya Financial** | **Page 25 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Investment Management Account Rollforward by Source**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Institutional AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 160720 | 136595 | 143580 | 148921 | 138332 | 148921 | 111964 |
| &nbsp;&nbsp;&nbsp;Inflows | 8249 | 4759 | 5500 | 5963 | 12899 | 24470 | 27317 |
| &nbsp;&nbsp;&nbsp;Outflows | (7904) | (5648) | (3502) | (3742) | (3383) | (20796) | (18242) |
| **Net flows- Institutional** | **345** | **(889)** | **1998** | **2221** | **9516** | **3675** | **9075** |
| &nbsp;&nbsp;&nbsp;Change in Market Value | 2341 | (5815) | (8803) | (7411) | 1028 | (19689) | 2371 |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | (1903) | 30828 | (180) | (151) | 45 | 28595 | 25511 |
| **End of period AUM - Institutional** | **161503** | **160720** | **136595** | **143580** | **148921** | **161502** | **148921** |
| &nbsp;&nbsp;&nbsp;Organic Growth (Net Flows/Beginning of period AUM) | 0.2% | -0.7% | 1.4% | 1.5% | 6.9% | 2.5% | 8.1% |
| &nbsp;&nbsp;&nbsp;Market Growth % | 1.5% | -4.3% | -6.1% | -5.0% | 0.7% | -13.2% | 2.1% |
| **Retail AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 118016 | 61070 | 71579 | 76908 | 75352 | 76908 | 75116 |
| &nbsp;&nbsp;&nbsp;Inflows | 7203 | 6683 | 2290 | 2609 | 2207 | 18783 | 9456 |
| &nbsp;&nbsp;&nbsp;Outflows | (7400) | (6754) | (3728) | (3502) | (2727) | (21384) | (10760) |
| **Net flows- Retail** | **(198)** | **(71)** | **(1439)** | **(893)** | **(520)** | **(2601)** | **(1304)** |
| &nbsp;&nbsp;&nbsp;Net Money Market Flows | 51 | 45 | 120 | (18) | 11 | 197 | (290) |
| &nbsp;&nbsp;&nbsp;Change in Market Value | 3232 | (6332) | (8352) | (4181) | 3001 | (15633) | 8709 |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses | (497) | (467) | (525) | (668) | (761) | (2156) | (2974) |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | 1229 | 63771 | (313) | 431 | (174) | 65119 | (2348) |
| **End of period AUM - Retail** | **121833** | **118016** | **61070** | **71579** | **76908** | **121834** | **76908** |
| &nbsp;&nbsp;&nbsp;Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor <br>Replacements (Net Flows / Beginning of period AUM) | -0.2% | -0.1% | -2.0% | -1.2% | -0.7% | -3.4% | -1.7% |
| &nbsp;&nbsp;&nbsp;Market Growth % | 2.7% | -10.4% | -11.7% | -5.4% | 4.0% | -20.3% | 11.6% |
| **Net Flows:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Net Flows | 345 | (889) | 1998 | 2221 | 9516 | 3675 | 9075 |
| &nbsp;&nbsp;&nbsp;Retail Net Flows | (198) | (71) | (1439) | (893) | (520) | (2601) | (1304) |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses | (497) | (467) | (525) | (668) | (761) | (2156) | (2974) |
| **Total Net Flows** | **(350)** | **(1427)** | **34** | **660** | **8234** | **(1082)** | **4796** |
| &nbsp;&nbsp;**Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements** | **147** | **(960)** | **559** | **1328** | **8995** | **1074** | **7770** |
| &nbsp;&nbsp;**Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)** <sup>(1)</sup> | **0.1%** | **-0.5%** | **0.3%** | **0.6%** | **4.2%** | **0.5%** | **4.2%** |
| <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. | <sup>(1)</sup> Includes net flows related to Allianz transaction as of July 25, 2022. |

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| **Voya Financial** | **Page 26 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Investment Management Account Value by Asset Type**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 22943 | 22835 | 12086 | 14830 | 14994 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 57532 | 59752 | 62378 | 67693 | 72550 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 67809 | 63361 | 47177 | 45985 | 46631 |
| &nbsp;&nbsp;&nbsp;Alternatives | 13218 | 14771 | 14955 | 15073 | 14746 |
| &nbsp;&nbsp;&nbsp;Money Market |  |  |  |  |  |
| **Total** | **161502** | **160720** | **136596** | **143581** | **148921** |
| **Retail** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 60244 | 57343 | 36100 | 44128 | 47583 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 58480 | 57714 | 22124 | 24749 | 26676 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 483 | 499 | 547 | 611 | 634 |
| &nbsp;&nbsp;&nbsp;Alternatives | 822 | 724 | 611 | 542 | 470 |
| &nbsp;&nbsp;&nbsp;Money Market | 1803 | 1736 | 1688 | 1548 | 1546 |
| **Total** | **121833** | **118016** | **61070** | **71578** | **76908** |
| **General Account** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 237 | 241 | 242 | 216 | 308 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 19748 | 20701 | 20416 | 20217 | 20000 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 14942 | 14877 | 14764 | 14500 | 14601 |
| &nbsp;&nbsp;&nbsp;Alternatives | 2378 | 2450 | 2732 | 2628 | 2645 |
| &nbsp;&nbsp;&nbsp;Money Market | 724 | 344 | 532 | 488 | 449 |
| **Total** | **38028** | **38614** | **38686** | **38049** | **38004** |
| **Combined Asset Type** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 83424 | 80419 | 48429 | 59174 | 62884 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 135760 | 138166 | 104917 | 112659 | 119225 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 83234 | 78737 | 62488 | 61097 | 61867 |
| &nbsp;&nbsp;&nbsp;Alternatives | 16418 | 17945 | 18298 | 18243 | 17861 |
| &nbsp;&nbsp;&nbsp;Money Market | 2527 | 2080 | 2220 | 2036 | 1995 |
| **Total** | **321363** | **317349** | **236352** | **253208** | **263832** |
| **Total Private and Alternative Assets** | **99652** | **96683** | **80786** | **79340** | **79728** |
| **% of Private and Alternative Assets / Total AUM** | **31.0%** | **30.5%** | **34.2%** | **31.3%** | **30.2%** |
| **Total Wealth Assets** | **162355** | **158900** | **101885** | **110305** | **112905** |
| **% of Wealth Assets / Total AUM** | **50.5%** | **50.1%** | **43.1%** | **43.6%** | **42.8%** |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Corporate</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 28 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Corporate Adjusted Operating Earnings**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| &nbsp;&nbsp;Interest expense (excluding Preferred stock dividends) <sup>(1)</sup> | (33) | (35) | (36) | (38) | (40) | (142) | (165) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (4) | (14) | (4) | (14) | (4) | (36) | (36) |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles | (4) | (3) | (2) | (2) | (2) | (11) | (8) |
| &nbsp;&nbsp;&nbsp;Stranded costs net of TSA revenue |  | (1) | (4) | (4) | 3 | (9) | (15) |
| &nbsp;&nbsp;&nbsp;Other | (11) | (4) | (3) |  | (11) | (17) | (37) |
| **Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | **(52)** | **(57)** | **(49)** | **(58)** | **(54)** | **(215)** | **(261)** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest | (2) | (1) |  |  |  | (2) |  |
| **Adjusted operating earnings before income taxes** | **(50)** | **(56)** | **(49)** | **(58)** | **(54)** | **(213)** | **(261)** |
| <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. | <sup>(1)</sup> Includes interest expense related to intercompany loans and other operating expenses related to financing agreements. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Net Revenue, Adjusted Operating Margin,</u>**

**<u>Administrative Expenses, and Adjusted Operating Return on Capital</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 30 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Net Revenue and Adjusted Operating Margin**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Net Revenue Excluding Notable Items** |  |  |  |  |  |  |  |
| **Wealth Solutions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 249 | 246 | 233 | 217 | 202 | 944 | 809 |
| &nbsp;&nbsp;&nbsp;Fee based margin | 241 | 244 | 257 | 268 | 283 | 1009 | 1112 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 4 | 3 | 4 | 1 |  | 13 | (9) |
| **Wealth Solutions Net Revenue** | **494** | **493** | **494** | **486** | **485** | **1966** | **1912** |
| **Health Solutions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 24 | 24 | 22 | 20 | 20 | 90 | 70 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 202 | 227 | 173 | 186 | 178 | 788 | 707 |
| **Health Solutions Net Revenue** | **226** | **251** | **195** | **206** | **198** | **878** | **777** |
| **Investment Management** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment capital and other investment income | 8 | 8 | 8 | 8 | 8 | 33 | 28 |
| &nbsp;&nbsp;&nbsp;Fee based margin | 216 | 204 | 165 | 167 | 181 | 753 | 680 |
| **Investment Management Net Revenue** | **224** | **212** | **173** | **175** | **189** | **785** | **708** |
| **Total Net Revenue Excluding Notable Items** <sup>(1)</sup> | **944** | **956** | **862** | **867** | **872** | **3629** | **3397** |
| **Adjusted Operating Earnings Excluding Notable Items** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 184 | 188 | 197 | 169 | 158 | 738 | 678 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 79 | 97 | 47 | 57 | 58 | 280 | 259 |
| &nbsp;&nbsp;&nbsp;Investment Management | 64 | 67 | 42 | 37 | 49 | 210 | 178 |
| **Total Adjusted Operating Earnings Excluding Corporate and Notable Items** <sup>(1)</sup> | **327** | **352** | **286** | **263** | **265** | **1228** | **1115** |
| &nbsp;&nbsp;&nbsp;Corporate | (52) | (57) | (49) | (58) | (38) | (215) | (205) |
| **Total Adjusted operating earnings Excluding Notable Items, *including* Allianz noncontrolling interest** | **275** | **295** | **237** | **205** | **227** | **1012** | **910** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items | 13 | 12 |  |  |  | 25 |  |
| **Total Adjusted Operating Earnings Excluding Notable Items** | **262** | **283** | **237** | **205** | **227** | **987** | **910** |
| **Adjusted Operating Margin Excluding Notable Items** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 37.2% | 38.1% | 39.9% | 34.8% | 32.6% | 37.5% | 35.5% |
| &nbsp;&nbsp;&nbsp;Health Solutions | 35.0% | 38.6% | 24.1% | 27.7% | 29.3% | 31.9% | 33.5% |
| &nbsp;&nbsp;&nbsp;Investment Management | 28.6% | 31.6% | 24.3% | 21.1% | 25.9% | 26.8% | 25.1% |
| **Total Adjusted Operating Margin *<u>Excluding Corporate</u>* and Notable Items** | **34.6%** | **36.8%** | **33.2%** | **30.3%** | **30.4%** | **33.8%** | **32.9%** |
| Total Adjusted Operating Margin *<u>Including Corporate</u>,* Excluding Notable Items | 29.1% | 30.9% | 27.5% | 23.6% | 26.0% | 27.9% | 26.8% |
| **Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 37.5% | 36.4% | 36.2% | 35.5% | 35.5% |  |  |
| &nbsp;&nbsp;&nbsp;Health Solutions | 31.9% | 30.5% | 29.5% | 31.7% | 33.5% |  |  |
| &nbsp;&nbsp;&nbsp;Investment Management | 26.8% | 26.0% | 24.1% | 25.2% | 25.1% |  |  |
| **Total Adjusted Operating Margin *<u>Excluding Corporate</u>* and Notable Items** | **33.8%** | **32.8%** | **32.3%** | **32.5%** | **32.9%** |  |  |
| Total Adjusted Operating Margin *<u>Including Corporate</u>*, Excluding Notable Items | 27.9% | 27.1% | 26.7% | 26.7% | 26.8% |  |  |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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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**Administrative Expenses**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | (223) | (214) | (207) | (223) | (232) | (867) | (885) |
| &nbsp;&nbsp;&nbsp;Health Solutions | (71) | (66) | (67) | (72) | (66) | (276) | (237) |
| &nbsp;&nbsp;&nbsp;Investment Management | (158) | (142) | (131) | (139) | (142) | (570) | (544) |
| &nbsp;&nbsp;Stranded costs net of TSA revenue<sup>(1)</sup> |  | (1) | (4) | (4) | 3 | (9) | (15) |
| **Total Administrative Expenses**<sup>(2)</sup> | **(452)** | **(423)** | **(409)** | **(438)** | **(437)** | **(1722)** | **(1681)** |
| <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. | <sup>(1)</sup> Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction. |
| <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 32 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Adjusted Operating Return on Allocated Capital Excluding Unlocking** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** <sup>(1)</sup>  | **Twelve Months Ended** <sup>(1)</sup>  | **Twelve Months Ended** <sup>(1)</sup>  | **Twelve Months Ended** <sup>(1)</sup>  | **Twelve Months Ended** <sup>(1)</sup>  |
| (in millions USD, unless otherwise indicated) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| **Wealth Solutions** |  |  |  |  |  |
| Adjusted operating earnings before income taxes | 707 | 800 | 951 | 1060 | 1110 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles unlocking | 44 | 31 | (12) | 10 | 29 |
| Adjusted Operating Earnings - excluding Unlocking before interest | 663 | 769 | 964 | 1050 | 1082 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 102 | 124 | 164 | 182 | 188 |
| **Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes** | **561** | **645** | **800** | **868** | **894** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking <sup>(2)</sup> | 14.1% | 13.2% | 16.1% | 16.9% | 16.9% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months | 15.4% | 16.1% | 17.0% | 17.3% | 17.3% |
| &nbsp;&nbsp;&nbsp;Average Capital | 3742 | 3753 | 3761 | 3755 | 3775 |
| &nbsp;&nbsp;&nbsp;Ending Capital | 3730 | 3731 | 3765 | 3738 | 3740 |
| **Adjusted Return on Capital** | **15.0%** | **17.2%** | **21.3%** | **23.1%** | **23.7%** |
| **Health Solutions** |  |  |  |  |  |
| Adjusted operating earnings before income taxes | 291 | 250 | 173 | 189 | 204 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles unlocking |  |  |  |  |  |
| Adjusted Operating Earnings - excluding Unlocking before interest | 291 | 250 | 173 | 189 | 204 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 61 | 53 | 36 | 40 | 43 |
| **Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes** | **230** | **198** | **137** | **149** | **161** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking <sup>(2)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 585 | 551 | 525 | 509 | 503 |
| &nbsp;&nbsp;&nbsp;Ending Capital | 649 | 640 | 571 | 546 | 516 |
| **Adjusted Return on Capital** | **39.3%** | **35.8%** | **26.0%** | **29.3%** | **32.1%** |
| <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. |
| <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 33 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Adjusted Operating Return on Allocated Capital Excluding Unlocking** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** <sup>(1)</sup> | **Twelve Months Ended** <sup>(1)</sup> | **Twelve Months Ended** <sup>(1)</sup> | **Twelve Months Ended** <sup>(1)</sup> | **Twelve Months Ended** <sup>(1)</sup> |
| (in millions USD, unless otherwise indicated) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| **Investment Management** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - excluding Unlocking before interest | 158 | 176 | 201 | 227 | 239 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 33 | 37 | 42 | 48 | 50 |
| **Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes** | **125** | **139** | **159** | **179** | **189** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking <sup>(2)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 582 | 488 | 427 | 403 | 387 |
| &nbsp;&nbsp;&nbsp;Ending Capital | 797 | 778 | 486 | 458 | 420 |
| **Adjusted Return on Capital** | **21.5%** | **28.3%** | **37.0%** | **44.3%** | **48.7%** |
| <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. | <sup>(1)</sup> Due to rounding, trailing twelve month totals may not equal the sum of the quarters. |
| <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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.  | <sup>(2)</sup> 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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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Investment Information</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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|:---|:---|
| **Voya Financial** | **Page 35 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in millions USD) | **12/31/2022** | **12/31/2022** | **12/31/2022** | **12/31/2022** | **9/30/2022** | **9/30/2022** | **9/30/2022** | **9/30/2022** | **12/31/2022** | **12/31/2022** | **12/31/2022** | **12/31/2022** |
| **Invested Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Book Values, Gross investment income and Earned rate**<sup>(1)</sup> | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public corporate | 12179 | 30.0% | 163 | 5.2% | 13093 | 32.0% | 162 | 5.0% | 12179 | 30.0% | 641 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit | 8222 | 20.0% | 84 | 4.2% | 8233 | 20.0% | 84 | 4.2% | 8222 | 20.0% | 333 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitized<sup>(2)(3)</sup> | 10654 | 26.0% | 157 | 6.0% | 10651 | 26.0% | 147 | 5.7% | 10654 | 26.0% | 556 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5413 | 13.0% | 59 | 4.5% | 5376 | 13.0% | 56 | 4.2% | 5413 | 13.0% | 223 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals | 952 | 2.0% | 10 | 4.0% | 966 | 2.0% | 10 | 4.0% | 952 | 2.0% | 38 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 627 | 2.0% | 7 | 4.4% | 728 | 2.0% | 8 | 4.4% | 627 | 2.0% | 33 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 290 | 1.0% | 4 | 5.5% | 298 | 1.0% | 4 | 5.9% | 290 | 1.0% | 17 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 363 | 1.0% | 5 | 5.3% | 368 | 1.0% | 5 | 5.5% | 363 | 1.0% | 21 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (11) | —% | 3 | N/A | (11) | —% | 4 | N/A | (11) | —% | 14 | N/A |
| &nbsp;&nbsp;**Book Values and Gross Investment Income before variable components** | **38689** | **96.0%** | **491** | **5.1%** | **39703** | **97.0%** | **480** | **4.9%** | **38689** | **96.0%** | **1875** | **4.8%** |
| &nbsp;&nbsp;**Book Values and Gross Investment Income on variable components** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnership | 1774 | 4.0% | (7) | -1.5% | 1778 | 4.0% | (29) | -6.2% | 1774 | 4.0% | 101 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment / Other fee income | N/A | N/A |  | —% | N/A | N/A | 2 | —% | N/A | N/A | 16 | —% |
| &nbsp;&nbsp;**Book Values and Gross Investment Income (variable)** | 1774 | 4.0% | (6) | N/A | 1778 | 4.0% | (27) | N/A | 1774 | 4.0% | 116 | N/A |
| **Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings** | **40464** | **100.0%** | **485** | **4.8%** | **41481** | **100.0%** | **452** | **4.4%** | **40464** | **100.0%** | **1992** | **4.9%** |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. |
| <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. | <sup>(2)</sup> Includes operating investment income from CMO-B portfolio assets, including derivatives. |
| <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 36 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> | **Three Months Ended or As of** <sup>(1)</sup> |
| (in millions USD) | **9/30/2022** | **9/30/2022** | **06/30/2022** | **06/30/2022** | **03/31/2022** | **03/31/2022** | **12/31/2021** | **12/31/2021** |
| **Statutory Carrying Value** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public corporate | 13187 | 32.0% | 13145 | 32.0% | 13151 | 32.0% | 13256 | 33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit | 7958 | 19.0% | 7989 | 19.0% | 7773 | 19.0% | 7754 | 19.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized | 10663 | 26.0% | 10469 | 25.0% | 10024 | 25.0% | 9878 | 24.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals | 966 | 2.0% | 964 | 2.0% | 957 | 2.0% | 965 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 802 | 2.0% | 891 | 2.0% | 935 | 2.0% | 897 | 2.0% |
| &nbsp;&nbsp;**Total Fixed maturities** | **33577** | **81.0%** | **33458** | **81.0%** | **32840** | **81.0%** | **32750** | **81.0%** |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5375 | 13.0% | 5381 | 13.0% | 5490 | 14.0% | 5581 | 14.0% |
| &nbsp;&nbsp;&nbsp;Limited partnership | 1777 | 4.0% | 1813 | 4.0% | 1793 | 4.0% | 1687 | 4.0% |
| &nbsp;&nbsp;&nbsp;Equity securities | 475 | 1.0% | 486 | 1.0% | 476 | 1.0% | 487 | 1.0% |
| **Total** | **41204** | **100.0%** | **41138** | **100.0%** | **40599** | **100.0%** | **40504** | **100.0%** |
| **NAIC Ratings** |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC 1 | 17312 | 52.0% | 17208 | 51.0% | 16619 | 51.0% | 16745 | 51.0% |
| &nbsp;&nbsp;&nbsp;NAIC 2 | 14970 | 45.0% | 14850 | 44.0% | 14699 | 45.0% | 14524 | 44.0% |
| &nbsp;&nbsp;&nbsp;NAIC 3 and below | 1295 | 4.0% | 1400 | 4.0% | 1522 | 5.0% | 1481 | 5.0% |
| **Total Fixed maturities** | **33577** | **100.0%** | **33458** | **100.0%** | **32840** | **100.0%** | **32750** | **100.0%** |
| Commercial Mortgage Loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CML 1 | 4220 | 79.0% | 4224 | 78.0% | 4400 | 80.0% | 4624 | 83.0% |
| &nbsp;&nbsp;&nbsp;CML 2 | 1045 | 19.0% | 1030 | 19.0% | 966 | 18.0% | 876 | 16.0% |
| &nbsp;&nbsp;&nbsp;CML 3 and below | 110 | 2.0% | 127 | 2.0% | 125 | 2.0% | 81 | 1.0% |
| **Total Commercial mortgage loans** | **5375** | **100.0%** | **5381** | **100.0%** | **5490** | **100.0%** | **5581** | **100.0%** |
| <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. | <sup>(1)</sup> Presented one quarter in arrears based on the timing of our statutory filings. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 37 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Alternative Investment Income**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Wealth Solutions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 1614 | 1650 | 1634 | 1534 | 1508 | 1608 | 1360 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | (5) | (26) | 33 | 89 | 115 | 91 | 511 |
| **Health Solutions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 160 | 163 | 162 | 170 | 152 | 164 | 134 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | (1) | (3) | 3 | 9 | 12 | 8 | 50 |
| **Investment Management** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 316 | 333 | 347 | 351 | 337 | 337 | 309 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | (2) | (13) | 5 | 11 | 20 | 1 | 104 |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 38 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Alternative Income Above (Below) Long-Term Expectations** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Solutions | (41) | (63) | (4) | 55 | 81 | (54) | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Solutions | (5) | (7) |  | 5 | 8 | (7) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management | (9) | (20) | (3) | 3 | 12 | (29) | 75 |
| **Total** | **(55)** | **(90)** | **(7)** | **63** | **101** | **(90)** | **501** |
| **Prepayments Above (Below) Long-Term Expectations** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Solutions | (9) | (7) | (3) | (3) | 1 | (22) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Solutions |  |  |  |  | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management |  |  |  |  |  |  |  |
| **Total** | **(9)** | **(7)** | **(3)** | **(3)** | **2** | **(22)** | **21** |
| **Alternative Income and Prepayments Above (Below) Long-Term Expectations** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Solutions | (50) | (70) | (7) | 52 | 82 | (76) | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Solutions | (5) | (7) |  | 5 | 9 | (7) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management | (9) | (20) | (3) | 3 | 12 | (29) | 75 |
| **Total** | **(64)** | **(97)** | **(10)** | **60** | **103** | **(112)** | **522** |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. |

---

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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**<u>Reconciliations</u>**

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| | |
|:---|:---|
| **Voya Financial** | **Page 40 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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**Reconciliation of Consolidated Statements of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 548 | 522 | 581 | 630 | 673 | 2281 | 2774 |
| &nbsp;&nbsp;&nbsp;Fee income | 452 | 435 | 411 | 433 | 446 | 1731 | 1827 |
| &nbsp;&nbsp;&nbsp;Premiums | 610 | 607 | 595 | 613 | 544 | 2425 | (3354) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (50) | (123) | (227) | (285) | (179) | (685) | 1423 |
| &nbsp;&nbsp;&nbsp;Other revenues | 31 | 33 | 44 | 40 | 49 | 148 | 579 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | (40) | (136) | 115 | 83 | 142 | 22 | 981 |
| **Total revenues** | **1551** | **1338** | **1519** | **1514** | **1675** | **5922** | **4230** |
| **Benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (715) | (550) | (643) | (665) | (627) | (2573) | 2163 |
| &nbsp;&nbsp;&nbsp;Operating expenses | (673) | (632) | (605) | (632) | (636) | (2542) | (2586) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (30) | (10) | (67) | (80) | (40) | (187) | (795) |
| &nbsp;&nbsp;&nbsp;Interest expense | (30) | (31) | (33) | (40) | (59) | (134) | (186) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (20) | (14) | (18) | (6) | (13) | (58) | (49) |
| **Total benefits and expenses** | **(1468)** | **(1237)** | **(1366)** | **(1423)** | **(1375)** | **(5494)** | **(1453)** |
| **Income (loss) from continuing operations before income taxes** | **83** | **101** | **153** | **91** | **300** | **428** | **2777** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) and related charges and adjustments | (16) | (5) | (52) | (87) | (86) | (161) | (20) |
| &nbsp;&nbsp;&nbsp;Net guaranteed benefit gains (losses) and related charges and adjustments | 3 | (8) | 3 | (22) | (3) | (23) | (1) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (30) | (14) | (50) | (47) | 14 | (141) | 812 |
| &nbsp;&nbsp;&nbsp;Income (loss) attributable to noncontrolling interests | (57) | (138) | 75 | 43 | 100 | (77) | 761 |
| &nbsp;&nbsp;&nbsp;Income (loss) on early extinguishment of debt |  | 1 | 1 | (5) | (21) | (3) | (31) |
| &nbsp;&nbsp;&nbsp;Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | 1 |  |  | 4 | 33 | 5 | 33 |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 4 | 14 | 4 | 14 | 4 | 36 | 36 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (35) | (47) | (51) | (17) | (19) | (151) | (105) |
| **Adjusted operating earnings before income taxes** | **214** | **299** | **223** | **209** | **279** | **944** | **1292** |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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|:---|:---|
| **Voya Financial** | **Page 41 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

---

**Reconciliation of Adjusted Operating Revenues**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Total revenues** | **1551** | **1339** | **1519** | **1514** | **1675** | **5922** | **4230** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) and related charges and adjustments | (20) | (9) | (60) | (96) | (94) | (186) | (138) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 3 | (8) | 3 | (22) | (3) | (23) | (1) |
| &nbsp;&nbsp;&nbsp;Revenues (losses) related to business exited or to be exited through reinsurance or divestment | 10 | (38) | (58) | (46) | (11) | (132) | (3368) |
| &nbsp;&nbsp;&nbsp;Revenues (loss) attributable to noncontrolling interests | (44) | (130) | 93 | 48 | 112 | (33) | 809 |
| &nbsp;&nbsp;&nbsp;Other adjustments | 54 | 30 | 8 | 28 | 54 | 121 | 413 |
| **Total adjusted operating revenues** | **1547** | **1494** | **1534** | **1601** | **1618** | **6176** | **6516** |
| **Adjusted operating revenues by segment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth Solutions | 668 | 643 | 706 | 754 | 791 | 2772 | 3238 |
| &nbsp;&nbsp;&nbsp;Health Solutions | 649 | 646 | 640 | 647 | 599 | 2582 | 2395 |
| &nbsp;&nbsp;&nbsp;Investment Management | 215 | 192 | 171 | 178 | 201 | 756 | 783 |
| &nbsp;&nbsp;&nbsp;Corporate | 15 | 13 | 17 | 22 | 27 | 67 | 100 |
| **Total adjusted operating revenues** | **1547** | **1494** | **1534** | **1601** | **1618** | **6176** | **6516** |

---

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| | |
|:---|:---|
| **Voya Financial** | **Page 42 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

---

**Wealth Solutions and Health Solutions Reconciliation of Net Revenues**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Page* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | *Reference* | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Wealth Solutions** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_22)* | **668** | **643** | **706** | **754** | **791** | **2772** | **3238** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (225) | (223) | (222) | (218) | (223) | (888) | (891) |
| &nbsp;&nbsp;&nbsp;Other adjustments to Net Revenue |  | 1 | 3 | 2 | 2 |  | 7 | (1) |
| **Net revenue** | *page [16](#i34c5bf8112bf4972bb34afd7bf59f701_43)* | **444** | **423** | **486** | **538** | **568** | **1891** | **2346** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations |  | (50) | (70) | (7) | 52 | 82 | (76) | 406 |
| &nbsp;&nbsp;&nbsp;Fee income related to divested businesses |  |  |  |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Other adjustments to investment income |  |  |  |  |  |  |  | 3 |
| **Net Revenue Excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **494** | **493** | **494** | **486** | **485** | **1966** | **1912** |
| **Health Solutions** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_22)* | **649** | **646** | **640** | **647** | **599** | **2582** | **2395** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (427) | (343) | (445) | (476) | (427) | (1691) | (1674) |
| &nbsp;&nbsp;&nbsp;Other adjustments to Net Revenue |  | (1) |  |  |  |  | (1) | 1 |
| **Net revenue** | *page [20](#i34c5bf8112bf4972bb34afd7bf59f701_52)* | **221** | **303** | **195** | **171** | **172** | **890** | **722** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations |  | (5) | (7) |  | 5 | 9 | (7) | 41 |
| &nbsp;&nbsp;&nbsp;Group Life Covid-19 impacts |  |  |  |  | (40) | (34) | (40) | (112) |
| &nbsp;&nbsp;Other adjustments to net underwriting gain (loss) and other revenue <sup>(1)</sup> |  |  | 59 |  |  |  | 59 | 14 |
| **Net Revenue Excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **226** | **251** | **195** | **206** | **198** | **878** | **777** |
| <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. |

---

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| | |
|:---|:---|
| **Voya Financial** | **Page 43 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

---

**Investment Management and Consolidated Reconciliation of Net Revenues**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Page* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | *Reference* | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Investment Management** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_22)* | **215** | **192** | **171** | **178** | **201** | **756** | **783** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other adjustments to Net Revenue |  |  |  |  |  |  |  |  |
| **Net revenue** | *page [23](#i34c5bf8112bf4972bb34afd7bf59f701_61)* | **215** | **192** | **171** | **178** | **201** | **756** | **783** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations |  | (9) | (20) | (3) | 3 | 12 | (29) | 75 |
| **Net Revenue Excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **224** | **212** | **173** | **175** | **189** | **785** | **708** |
| **Consolidated** |  |  |  |  |  |  |  |  |
| **Total Adjusted operating revenues** <sup>(1)</sup> | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_22)* | **1547** | **1494** | **1534** | **1601** | **1618** | **6176** | **6516** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (652) | (565) | (667) | (694) | (650) | (2579) | (2564) |
| &nbsp;&nbsp;Other adjustments to Net Revenue <sup>(1)</sup> |  | (15) | (11) | (15) | (20) | (27) | (60) | (102) |
| **Net revenue** | *pages [16](#i34c5bf8112bf4972bb34afd7bf59f701_43)/20/[2](#i34c5bf8112bf4972bb34afd7bf59f701_52)3* | **880** | **918** | **852** | **887** | **941** | **3537** | **3850** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations |  | (64) | (97) | (10) | 60 | 103 | (112) | 522 |
| &nbsp;&nbsp;&nbsp;Group Life Covid-19 impacts |  |  |  |  | (40) | (34) | (40) | (112) |
| &nbsp;&nbsp;&nbsp;Fee income related to divested businesses |  |  |  |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Other adjustments |  |  | 59 |  |  |  | 59 | 17 |
| **Net Revenue Excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **944** | **956** | **862** | **867** | **872** | **3629** | **3397** |
| <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. | <sup>(1)</sup> Includes adjusted operating revenue in Corporate, primarily TSA Revenue. |

---

![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| | |
|:---|:---|
| **Voya Financial** | **Page 44 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

---

**Reconciliation of Adjusted Operating Earnings by Segment** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Page* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | *Reference* | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Wealth Solutions Adjusted operating earnings before income taxes** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_19)* | **148** | **168** | **186** | **205** | **241** | **707** | **1110** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation |  | (50) | (70) | (7) | 52 | 82 | (76) | 406 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)(2)</sup>  |  | 14 | 50 | (4) | (16) | 1 | 44 | 26 |
| **Adjusted operating earnings excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **184** | **188** | **197** | **169** | **158** | **738** | **678** |
| **Health Solutions Adjusted operating earnings before income taxes** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_19)* | **74** | **149** | **47** | **22** | **33** | **291** | **204** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation |  | (5) | (7) |  | 5 | 9 | (7) | 41 |
| &nbsp;&nbsp;&nbsp;Group Life Covid-19 impacts |  |  |  |  | (40) | (34) | (40) | (112) |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> |  |  | 59 |  |  |  | 59 | 16 |
| **Adjusted operating earnings excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **79** | **97** | **47** | **57** | **58** | **280** | **259** |
| **Investment Management Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_19)* | **57** | **51** | **40** | **39** | **59** | **186** | **239** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation |  | (7) | (16) | (2) | 2 | 9 | (24) | 61 |
| **Adjusted operating earnings excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **64** | **67** | **42** | **37** | **49** | **210** | **178** |
| **Corporate Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_19)* | **(52)** | **(57)** | **(49)** | **(58)** | **(54)** | **(215)** | **(261)** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup> |  |  |  |  |  | (16) |  | (56) |
| **Adjusted operating earnings excluding Notable Items** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **(52)** | **(57)** | **(49)** | **(58)** | **(38)** | **(215)** | **(205)** |
| **Consolidated Adjusted operating earnings before income taxes, *including* Allianz noncontrolling interest** | *page [9](#i34c5bf8112bf4972bb34afd7bf59f701_19)* | **226** | **311** | **223** | **209** | **279** | **969** | **1292** |
| &nbsp;&nbsp;&nbsp;Total Notable Items Adjustments |  | (49) | 16 | (14) | 4 | 52 | (43) | 382 |
| **Consolidated Adjusted operating earnings excluding Notable Items, *including* Allianz noncontrolling interest** | *page [30](#i34c5bf8112bf4972bb34afd7bf59f701_82)* | **275** | **295** | **237** | **205** | **227** | **1012** | **910** |
| Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items |  | 13 | 12 |  |  |  | 25 |  |
| **Consolidated Adjusted operating earnings excluding Notable Items** |  | **262** | **283** | **237** | **205** | **227** | **987** | **910** |
| <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(1)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. |
| <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. | <sup>(2)</sup> Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021. |
| <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. | <sup>(3)</sup> Includes incentive compensation driven by above (below) target performance. |

---

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|:---|:---|
| **Voya Financial** | **Page 45 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| (in millions except per share in whole dollars) | **12/31/2022** | **12/31/2022** | **12/31/2022** | **9/30/2022** | **9/30/2022** | **9/30/2022** | **6/30/2022** | **6/30/2022** | **6/30/2022** | **3/31/2022** | **3/31/2022** | **3/31/2022** | **12/31/2021** | **12/31/2021** | **12/31/2021** |
|  | **Pre-tax** | **After-tax** | **Per share** <sup>(1)</sup> | **Pre-tax** | **After-tax** | **Per share** <sup>(1)</sup> | **Pre-tax** | **After-tax** | **Per share** <sup>(1)</sup> | **Pre-tax** | **After-tax** | **Per share** <sup>(1)</sup> | **Pre-tax** | **After-tax** | **Per share** <sup>(1)</sup> |
| **Income (loss) available to Voya Financial, Inc.'s common shareholders** |  | **190** | **1.77** |  | **193** | **1.82** |  | **64** | **0.57** |  | **27** | **0.24** |  | **403** | **3.36** |
| **Plus**: Net income (loss) attributable to noncontrolling interests |  | (57) | (0.54) |  | (138) | (1.30) |  | 75 | 0.68 |  | 43 | 0.36 |  | 100 | 0.83 |
| **Less**: Preferred stock dividends |  | (4) | (0.04) |  | (14) | (0.13) |  | (4) | (0.04) |  | (14) | (0.12) |  | (4) | (0.03) |
| **Less**: Income (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 | 0.05 |
| **Income (loss) from continuing operations** | **83** | **137** | **1.28** | **101** | **69** | **0.65** | **153** | **143** | **1.29** | **91** | **84** | **0.72** | **300** | **502** | **4.18** |
| **Less**: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) and related charges and adjustments | (16) | (13) | (0.12) | (5) | (4) | (0.04) | (52) | (41) | (0.37) | (87) | (69) | (0.59) | (86) | (68) | (0.56) |
| &nbsp;&nbsp;&nbsp;Net guaranteed benefit gains (losses) and related charges and adjustments | 3 | 3 | 0.03 | (8) | (6) | (0.06) | 3 | 2 | 0.02 | (22) | (17) | (0.15) | (3) | (2) | (0.02) |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (30) | (24) | (0.22) | (14) | (11) | (0.10) | (50) | (39) | (0.35) | (47) | (37) | (0.32) | 14 | 11 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | (57) | (57) | (0.54) | (138) | (138) | (1.30) | 75 | 75 | 0.68 | 43 | 43 | 0.36 | 100 | 100 | 0.83 |
| &nbsp;&nbsp;&nbsp;Income (loss) on early extinguishment of debt |  |  |  | 1 | 1 | 0.01 | 1 | 1 |  | (5) | (4) | (0.03) | (21) | (17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | 1 | 1 | 0.01 |  |  |  |  |  |  | 4 | 3 | 0.03 | 33 | 26 | 0.22 |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 4 | 4 | 0.04 | 14 | 14 | 0.13 | 4 | 4 | 0.04 | 14 | 14 | 0.12 | 4 | 4 | 0.03 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (35) | (10) | (0.10) | (47) | (31) | (0.29) | (51) | (44) | (0.40) | (17) | (20) | (0.17) | (19) | 219 | 1.83 |
| **Adjusted operating earnings** | **214** | **233** | **2.18** | **299** | **245** | **2.30** | **223** | **185** | **1.67** | **209** | **172** | **1.47** | **279** | **229** | **1.90** |
| <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 46 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
| (in millions except per share in whole dollars) | **12/31/2022** | **12/31/2022** | **12/31/2022** | **12/31/2021** | **12/31/2021** | **12/31/2021** |
|  | Pre-tax | After-tax | Per share <sup>(1)</sup> | Pre-tax | After-tax | Per share <sup>(1)</sup> |
| **Income (loss) available to Voya Financial, Inc.'s common shareholders** |  | **474** | **4.30** |  | **2090** | **16.61** |
| **Plus**: Net income (loss) attributable to noncontrolling interests |  | (77) | (0.70) |  | 761 | 6.05 |
| **Less**: Preferred stock dividends |  | (36) | (0.33) |  | (32) | (0.29) |
| **Less**: Income (loss) from discontinued operations |  |  |  |  | 12 | 0.10 |
| **Income (loss) from continuing operations** | **428** | **433** | **3.93** | **2777** | **2875** | **22.85** |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) and related charges and adjustments | (161) | (127) | (1.15) | (20) | (16) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net guaranteed benefit gains (losses) and related charges and adjustments | (23) | (18) | (0.17) | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (141) | (111) | (1.01) | 812 | 872 | 6.93 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | (77) | (77) | (0.70) | 761 | 761 | 6.05 |
| &nbsp;&nbsp;&nbsp;Income (loss) on early extinguishment of debt | (3) | (3) | (0.02) | (31) | (24) | (0.19) |
| &nbsp;&nbsp;&nbsp;Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | 5 | 4 | 0.03 | 33 | 26 | 0.21 |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 36 | 36 | 0.33 | 36 | 36 | 0.29 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (151) | (106) | (0.96) | (105) | 167 | 1.33 |
| **Adjusted operating earnings** | **944** | **835** | **7.58** | **1292** | **1053** | **8.37** |
| <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. | <sup>(1)</sup> Per share calculations are based on un-rounded numbers. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)

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| **Voya Financial** | **Page 47 of [47](#i34c5bf8112bf4972bb34afd7bf59f701_130)** |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Three Months Ended or As of** | **Year-to-Date or As of** | **Year-to-Date or As of** |
| (in whole dollars) | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Book value per common share, including AOCI** | 39.68 | 35.81 | 39.88 | 54.66 | 70.88 | 39.68 | 70.88 |
| Per share impact of AOCI | 18.46 | 20.43 | 9.84 | (5.16) | (19.48) | 18.46 | (19.48) |
| **Book value per common share, excluding AOCI** | 58.14 | 56.24 | 49.71 | 49.50 | 51.40 | 58.14 | 51.40 |
| **Debt to capital ratio** | 33.3% | 35.3% | 34.6% | 28.0% | 23.9% | 33.3% | 23.9% |
| Capital impact of adding noncontrolling interest | -6.0% | -7.1% | -6.9% | -4.2% | -3.0% | -6.0% | -3.0% |
| Impact of adding other financial obligations and treatment of preferred stock <sup>(1)</sup> | 8.8% | 9.2% | 9.2% | 8.1% | 6.7% | 8.8% | 6.7% |
| **Financial leverage ratio** | 36.1% | 37.4% | 36.9% | 31.9% | 27.6% | 36.1% | 27.6% |
| Capital impact of excluding AOCI | -6.2% | -7.2% | -3.6% | 1.7% | 5.4% | -6.2% | 5.4% |
| **Financial leverage ratio excluding AOCI** | 29.9% | 30.2% | 33.3% | 33.6% | 33.0% | 29.9% | 33.0% |
| **Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)** |  |  |  |  |  |  |  |
| Weighted-average common shares outstanding - Basic | 97.3 | 97.9 | 101.7 | 106.1 | 110.1 | 100.7 | 116.7 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of warrants | 7.2 | 6.2 | 7.1 | 8.2 | 7.5 | 7.2 | 6.7 |
| &nbsp;&nbsp;Other dilutive effects <sup>(2)</sup> | 2.2 | 2.3 | 2.0 | 2.6 | 2.5 | 2.3 | 2.4 |
| Weighted-average common shares outstanding - Diluted | 106.7 | 106.4 | 110.8 | 117.0 | 120.1 | 110.2 | 125.8 |
| &nbsp;&nbsp;Dilutive effect of the exercise or issuance of stock-based awards <sup>(3)</sup> |  |  |  |  |  |  |  |
| **Weighted average common shares outstanding - Adjusted Diluted** <sup>(3)</sup> | 106.7 | 106.4 | 110.8 | 117.0 | 120.1 | 110.2 | 125.8 |
| <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. |
| <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(2)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. |
| <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> For periods in which there is Net loss from continuing operations available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation. |

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![voyasupplementfootera03.jpg](voyasupplementfootera03.jpg)