# EDGAR Filing Document

**Accession Number:** 0001535929
**File Stem:** 0001535929-25-000068
**Filing Date:** 2025-8
**Character Count:** 300744
**Document Hash:** de57e300e61743cb71f18b6d5fca9024
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001535929-25-000068.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001535929-25-000068

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250805

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya Financial, Inc.
- **CENTRAL INDEX KEY:** 0001535929
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 251185219

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-309-8200

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**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' encoding='ASCII'? voya-20250805

**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):** 

August 5, 2025

**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) |
| **200 Park Avenue** |  |  |  |
| **New York** |  | **10166** | **10166** |
| (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 August 5, 2025, Voya Financial, Inc. ("Voya Financial") reported its financial results for the three months and six months ended June 30, 2025. 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, August 6, 2025 at 10:00 am ET to discuss its second-quarter 2025 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 June 30, 2025, available on Voya Financial's investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 2025 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 Section 18 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 forth by specific reference in such filing.

---

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

---

On August 5, 2025, 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 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 August 5, 2025](a2025q2pressrelease.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 June 30, 2025](a2025q2voyainvestorsupplem.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/ Julie Watson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Julie Watson

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Counsel and Corporate Secretary

Dated: August 5, 2025

## Exhibit 99.1

Exhibit 99.1

![newsreleaseheadera07a.jpg](newsreleaseheadera07a.jpg)

**Voya Financial announces second-quarter 2025 results**

**NEW YORK, Aug. 5, 2025** — Voya Financial, Inc. (NYSE: VOYA) announced today its second-quarter 2025 financial results:

• Second-quarter 2025 net income available to common shareholders of $162 million, or $1.66 per diluted share, and after-tax adjusted operating earnings<sup>1</sup> of $240 million, or $2.46 per diluted share.

• Results demonstrate solid performance across our businesses, evidenced by continued commercial momentum, net revenue growth, and expense discipline.

• Achievement of a significant milestone: exceeding $1 trillion in total assets across Retirement and Investment Management.

• Excess capital generation remains strong, and our balance sheet is well-positioned. In the quarter we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Generated approximately $0.2 billion of excess capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Returned $44 million to shareholders through common dividends.

"We are encouraged by another solid quarter of performance across our businesses," said Heather Lavallee, chief executive officer, Voya Financial. "Retirement and Investment Management delivered strong earnings and net flows during a dynamic quarter, and our Employee Benefits business saw positive claim development across all products. These results reflect the strength of our diversified and complementary business mix. I want to thank our Voya colleagues for their focus and execution which continue to deliver value for our customers and stakeholders."

"As we look to the second half of the year, our priorities remain clear — improving margins in Employee Benefits, successfully integrating OneAmerica, and driving strong organic growth. We remain focused on our strategy and well-positioned to deliver long-term value for our shareholders," Lavallee added.

<sup>1</sup> This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company's financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the "Non-GAAP Financial Measures" section of the company's Quarterly Investor Supplement, which is available at investors.voya.com.

------

**Second-Quarter 2025 Consolidated Results**

Second-quarter 2025 net income available to common shareholders was $162 million, or $1.66 per diluted share, compared with $201 million, or $1.96 per diluted share, in second-quarter 2024. The decrease in the current period was due to non-operating impacts from investment losses and severance expenses, partially offset by growth in after-tax adjusted operating earnings.

Second-quarter 2025 after-tax adjusted operating earnings were $240 million, or $2.46 per diluted share, compared with $223 million, or $2.18 per diluted share, in second-quarter 2024. The growth was primarily due to earnings in Retirement from the business acquired from OneAmerica, higher earnings in Employee Benefits, partially offset by lower Corporate results. Second-quarter 2025 earnings per share also reflect a reduced share count as a result of share repurchases in the prior year.

**Business Segment Results**

In the second quarter of 2025, we announced we would return to using our prior segment names--Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in naming convention did not affect the amounts reported by segment in our financial statements. We will continue to provide products and services through three segments: Retirement, Investment Management and Employee Benefits.

<u>Retirement</u>

Retirement second-quarter 2025 pre-tax adjusted operating earnings were $235 million, up from $214 million in the prior-year period. The increase was primarily due to the acquired business from OneAmerica.

Net revenues for the trailing twelve months (TTM) ended Jun. 30, 2025 grew 12.1% compared with the prior-year period due to positive capital markets, acquired spread and fee-based business from OneAmerica, strong commercial momentum and higher alternative investment income.

Adjusted operating margin for the TTM ended Jun. 30, 2025 was 39.3% compared with 37.1% in the prior-year period. The improvement reflects net revenue growth and disciplined spend management while expanding our business.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues grew 9.3% and adjusted operating margin was 40.3%.

Total client assets as of Jun. 30, 2025 were $757 billion, up 30% compared with Jun. 30, 2024, primarily due to assets onboarded from OneAmerica, positive capital markets, and significant recordkeeping wins in the first half of 2025.

<u>Investment Management</u>

Investment Management second-quarter 2025 pre-tax adjusted operating earnings, excluding noncontrolling interest, were $51 million, compared to $50 million in the prior-year period. Growth in fee-based revenues benefiting from continued strong business momentum and positive capital markets year-over-year was largely offset by lower investment capital results.

Net revenues for the TTM ended Jun. 30, 2025 grew 7.2% compared with the prior-year period due to an increase in fee-based revenues reflecting net inflows and positive capital markets.

Adjusted operating margin for the TTM ended Jun. 30, 2025 was 28.0% compared with 25.6% in the prior-year period. The improvement was due to net revenue growth and disciplined expense management.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues grew 8.0% and adjusted operating margin was 28.7%.

Investment Management generated net inflows of $1.8 billion (excluding divested businesses) during the three months ended Jun. 30, 2025, representing organic growth of 0.6% for the quarter. The growth reflects continued momentum across multiple channels including Insurance, US Intermediary and International Retail.

<u>Employee Benefits</u>

Employee Benefits second-quarter 2025 pre-tax adjusted operating earnings were $69 million, up from $60 million in the prior-year period. Positive claim development in Stop Loss and favorable Group Life underwriting gains were partially offset by lower Voluntary underwriting gains and strategic investments in Short-Term Disability and Leave Management.

Net revenues for the TTM ended Jun. 30, 2025 declined 13.8% compared with the prior-year period. Adjusted operating margin for the TTM ended Jun. 30, 2025, was 3.7% compared with 19.1% in the prior-year period.

Excluding notable items, for the TTM ended Jun. 30, 2025, net revenues declined 15.4% and adjusted operating margin was 4.2%.

The decline in TTM margins and net revenues primarily reflects negative Stop Loss claim development in the prior year periods.

Employee Benefits second-quarter 2025 annualized in-force premiums and fees declined 6% to $3.6 billion compared with the prior-year period. The decline was as planned and reflects our pricing discipline and risk selection within the Stop Loss business.

<u>Corporate</u>

Corporate second-quarter 2025 pre-tax adjusted operating losses, excluding noncontrolling interest, were $67 million, compared with $53 million of losses in the prior-year period. The increase in losses was primarily driven by incentive compensation reflecting strong business performance.

**Capital**

For the second-quarter 2025, the company generated approximately $0.2 billion of excess capital. Year-to-date capital generation is approximately 90% of after-tax adjusted operating earnings. In the second quarter, the company returned $44 million of excess capital to shareholders through common stock dividends. As of Jun. 30, 2025, the company had approximately $0.3 billion of excess capital.

In May 2025, the company entered into a 10-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $600 million of P-Caps, conducted pursuant to Rule 144A under the Securities Act. Under the Facility Agreement, the company has the right, from time to time, to issue and sell up to $600 million of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the company pays the Trust a semi-annual facility fee at a rate of 1.518% per annum on the unexercised portion of the facility. This facility provides the company financial flexibility as proceeds may be drawn upon in any market environment.

**Additional Financial Information and Earnings Call**

More detailed financial information can be found in the company's quarterly investor supplement, which is available on Voya's investor relations website, investors.voya.com. In addition, Voya will host a conference call on Wednesday, Aug. 6, 2025, at 10 a.m. ET, to discuss the company's second-quarter 2025 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, investors.voya.com, starting at approximately 1 p.m. ET on Aug. 6, 2025.

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

Donna Sullivan &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mei Ni Chu

<u>Donna.Sullivan@voya.com</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>IR@voya.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**About Voya Financial**

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya's services and solutions help clear the path to financial confidence and a more fulfilling life for approximately 15.7 million individual, workplace and institutional clients. Certified as a "Great Place to Work" by the Great Place to Work<sup>®</sup> Institute, Voya fosters a culture that values customer-centricity, integrity, accountability, agility and inclusivity. Voya employees fight together with customers and partners for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on Facebook, LinkedIn and Instagram.

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

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. 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 Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment's Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment gains (losses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) related to businesses exited or to be exited through reinsurance or divestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income (loss) attributable to noncontrolling interests to which we are not economically entitled;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other adjustments may include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Income (loss) related to early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Impairment of goodwill and intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, 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.

<u>Sources of Earnings</u>

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment spread and other investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-based margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net underwriting gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premium taxes, fees and assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DAC/VOBA and other intangibles amortization.

<u>Net Revenue and Adjusted Operating Margin</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by "Interest credited and other benefits to contract owners / policyholders". This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders ("loss ratio").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

<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) global market risks, including general economic conditions, interest rates, inflation, tariffs imposed or threatened by the U.S. or foreign governments and our ability to manage such risks; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. 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 Financial Condition and Results of Operations ("MD&A") – Trends and Uncertainties" in our Annual Report on Form 10-K for the year ended Dec. 31, 2024, as filed with the SEC on Feb. 21, 2025, and in our Quarterly Report on Form 10-Q for the three months ended Jun. 30, 2025, to be filed with the SEC on or before Aug. 11, 2025.

VOYA-IR VOYA-CF

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| | **Three Months Ended** | **Three Months Ended** |
| (in millions USD, except per share) | **6/30/2025** | **6/30/2024** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $584 | $518 |
| &nbsp;&nbsp;&nbsp;Fee income | 577 | 517 |
| &nbsp;&nbsp;&nbsp;Premiums | 718 | 790 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (41) | (4) |
| &nbsp;&nbsp;&nbsp;Other revenues | 100 | 98 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | 43 | 114 |
| **Total revenues** | **1981** | **2033** |
| **Benefits and expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (801) | (843) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (857) | (752) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (58) | (56) |
| &nbsp;&nbsp;&nbsp;Interest expense | (28) | (30) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (49) | (76) |
| **Total benefits and expenses** | **(1793)** | **(1757)** |
| **Income (loss) before income taxes** | **188** | **276** |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 27 | 41 |
| **Net income (loss)** | **161** | **235** |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (5) | 30 |
| **Net income (loss) available to Voya Financial, Inc.** | **166** | **205** |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 4 | 4 |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | $**162** | $**201** |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;**Basic** | $**1.69** | $**2.00** |
| &nbsp;&nbsp;&nbsp;**Diluted** | $**1.66** | $**1.96** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 USD, except per share) | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |
|  | 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** | $**162** | $**1.66** | $**201** | $**1.96** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (23) | (0.23) | 16 | 0.16 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (24) | (0.24) | (29) | (0.28) |
| &nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (31) | (0.32) | (9) | (0.09) |
| **Adjusted operating earnings** | $**240** | $**2.46** | $**223** | $**2.18** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation | 5 | 0.05 | (10) | (0.09) |
| **Adjusted operating earnings excluding notable items** | $**235** | $**2.40** | $**232** | $**2.27** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.

<sup>(2)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended Jun. 30, 2025, also includes $18 million, after-tax, of severance costs.

---

| | | | |
|:---|:---|:---|:---|
| **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** |
| **Three Months Ended Jun. 30, 2025** | **Three Months Ended Jun. 30, 2025** | **Three Months Ended Jun. 30, 2025** | **Three Months Ended Jun. 30, 2025** |
| (in millions USD, except per share) | **Amounts Including <br>Notable Items** | **Alternative investment income and prepayment fees above (below) expectations** <sup>(1)</sup> | **Amounts Excluding <br>Notable Items** |
|  | a | b | c = a - b |
| **Adjusted operating earnings** |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $235 | $8 | $227 |
| &nbsp;&nbsp;&nbsp;Investment Management | 51 | (2) | 54 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 69 | 1 | 68 |
| &nbsp;&nbsp;&nbsp;Corporate | (67) |  | (67) |
| **Adjusted operating earnings before income taxes** | **289** | **6** | **282** |
| &nbsp;&nbsp;Less: Income taxes <sup>(2)</sup> | 49 | 1 | 47 |
| **Adjusted operating earnings after income taxes** | $**240** | $**5** | $**235** |
| **Adjusted operating earnings per share** | **2.46** | **0.05** | **2.40** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the three months ended Jun. 30, 2025, was approximately $50 million, pre-tax and before variable compensation. The expectation for prepayment fees is between $1 million and $2 million for the three months ended Jun. 30, 2025, pre-tax and before variable compensation.

<sup>(2)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.

------

---

| | | | |
|:---|:---|:---|:---|
| **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** | **Adjusted Operating Earnings and Notable Items** |
| **Three Months Ended Jun. 30, 2024** | **Three Months Ended Jun. 30, 2024** | **Three Months Ended Jun. 30, 2024** | **Three Months Ended Jun. 30, 2024** |
| (in millions USD, except per share) | **Amounts Including <br>Notable Items** | **Alternative investment income and prepayment fees above (below) expectations** <sup>(1)</sup> | **Amounts Excluding <br>Notable Items** |
|  | a | b | c = a - b |
| **Adjusted operating earnings** |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $214 | $(8) | $222 |
| &nbsp;&nbsp;&nbsp;Investment Management | 50 | (1) | 51 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 60 | (3) | 63 |
| &nbsp;&nbsp;&nbsp;Corporate | (53) |  | (53) |
| **Adjusted operating earnings before income taxes** | **271** | **(12)** | **283** |
| &nbsp;&nbsp;Less: Income taxes <sup>(2)</sup> | 48 | (3) | 50 |
| **Adjusted operating earnings after income taxes** | $**223** | $**(10)** | $**232** |
| **Adjusted operating earnings per share** | **2.18** | **(0.09)** | **2.27** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> Amount by which Investment income from alternative investments and prepayments exceeds or is less than expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the three months ended Jun. 30, 2024, was approximately $47 million, pre-tax and before variable compensation. The prior long-term expectation for prepayment fees was a 10 basis point annual contribution to yield, which for the three months ended Jun. 30, 2024, was approximately $9 million, pre-tax and before variable compensation.

<sup>(2)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.

---

| | | | |
|:---|:---|:---|:---|
| **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Twelve Months Ended Jun. 30, 2025** | **Twelve Months Ended Jun. 30, 2025** | **Twelve Months Ended Jun. 30, 2025** | **Twelve Months Ended Jun. 30, 2025** |
| (in millions USD) | **Amounts Including Notable Items** | **Alternative investment income and prepayment fees above (below) expectations** <sup>(1)</sup> | **Amounts Excluding Notable Items** |
|  | a | b | c = a - b |
| **Net revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $2194 | $(37) | $2232 |
| &nbsp;&nbsp;&nbsp;Investment Management | 996 | (13) | 1010 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 974 | (5) | 979 |
| **Total net revenue** | $**4164** | $**(56)** | $**4221** |
| **Adjusted operating margin** |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 39.3% | (1.0)% | 40.3% |
| &nbsp;&nbsp;&nbsp;Investment Management | 28.0% | (0.7)% | 28.7% |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 3.7% | (0.5)% | 4.2% |
| **Adjusted operating margin, excluding Corporate** | **28.3%** | **(0.9)%** | **29.2%** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the twelve months ended Jun. 30, 2025, was approximately $194 million, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million for the twelve months ended Jun. 30, 2025, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** | **Net Revenue, Adjusted Operating Margin, and Notable Items** |
| **Twelve Months Ended Jun. 30, 2024** | **Twelve Months Ended Jun. 30, 2024** | **Twelve Months Ended Jun. 30, 2024** | **Twelve Months Ended Jun. 30, 2024** | **Twelve Months Ended Jun. 30, 2024** | **Twelve Months Ended Jun. 30, 2024** |
| (in millions USD) | **Amounts Including Notable Items** | **Alternative investment income and prepayment fees above (below) expectations** <sup>(1)</sup> | **Other** <sup>(2)</sup> | **Other** <sup>(2)</sup> | **Amounts Excluding Notable Items** |
|  | a | b | c | c | d = a - b - c |
| **Net revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | $1958 | $(85) | $|  | $2043 |
| &nbsp;&nbsp;&nbsp;Investment Management | 929 | (6) |  |  | 935 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 1130 | (10) | (16) | (16) | 1157 |
| **Total net revenue** | $**4017** | $**(101)** | **$** | **(16)** | $**4135** |
| **Adjusted operating margin** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 37.1% | (2.6)% |  | —% | 39.7% |
| &nbsp;&nbsp;&nbsp;Investment Management | 25.6% | (0.6)% |  |  | 26.2% |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 19.1% | (0.7)% | (1.1)% | (1.1)% | 20.9% |
| **Adjusted operating margin, excluding Corporate** | **29.4%** | **(1.7)%** | **(0.3)** | **(0.3)%** | **31.4%** |

---

Note: Totals may not sum due to rounding.

<sup>(1)</sup> Amount by which Investment income from alternative investments and prepayments exceeds or is less than our expectations, net of variable compensation. The long-term expectation for alternative investments is a 9% annual return, which for the twelve months ended Jun. 30, 2024, was approximately $189 million, pre-tax and before variable compensation. The prior long-term expectation for prepayment fees was a 10 basis point annual contribution to yield, which for the twelve months ended Jun. 30, 2024, was approximately $37 million, pre-tax and before variable compensation.

<sup>(2)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level.

## Exhibit 99.2

 Exhibit 99.2

![voyrfinrgbgrdpos1567a07a.jpg](voyrfinrgbgrdpos1567a07a.jpg)

**Quarterly Investor Supplement**

June 30, 2025

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 30, 2025. 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:* | *Investor Contact:* |
| Voya Financial | Mei Ni Chu |
| 200 Park Avenue | <u>IR@voya.com</u> |
| New York, New York 10166 | *Web Site:* |
| *NYSE Ticker:* | <u>investors.voya.com</u> |
| VOYA | |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**Table of Contents** 

---

| | | | |
|:---|:---|:---|:---|
| | Page | | Page |
| **Consolidated** |  | **Net Revenue, Adjusted Operating Margin, Administrative** |  |
| &nbsp;&nbsp;&nbsp;Explanatory Note on Non-GAAP Financial Information | 3 - 5 | **Expenses, and Adjusted Operating Return on Capital** |  |
| &nbsp;&nbsp;&nbsp;Key Metrics | [6](#ic869089f22ef407aa5139e1bd33e3cd4_13) | &nbsp;&nbsp;&nbsp;Net Revenue and Adjusted Operating Margin | [31](#ic869089f22ef407aa5139e1bd33e3cd4_85) |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Operations | [7](#ic869089f22ef407aa5139e1bd33e3cd4_16) | &nbsp;&nbsp;&nbsp;Administrative Expenses | [32](#ic869089f22ef407aa5139e1bd33e3cd4_88) |
| &nbsp;&nbsp;&nbsp;Consolidated Adjusted Operating Earnings Before Income Taxes | [8](#ic869089f22ef407aa5139e1bd33e3cd4_19) | &nbsp;&nbsp;&nbsp;Adjusted Operating Return on Allocated Capital | [33](#ic869089f22ef407aa5139e1bd33e3cd4_91) |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings Before Income Taxes by Segment (QTD) | [9](#ic869089f22ef407aa5139e1bd33e3cd4_22) | **Investment Information** |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings Before Income Taxes by Segment (YTD) | [10](#ic869089f22ef407aa5139e1bd33e3cd4_25) | &nbsp;&nbsp;&nbsp;Portfolio Results GAAP Book Value, Gross Investment Income, and |  |
| &nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [11](#ic869089f22ef407aa5139e1bd33e3cd4_28) | &nbsp;&nbsp;&nbsp; Earned Rate by Asset Class | [35](#ic869089f22ef407aa5139e1bd33e3cd4_97) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA Segment Trends | [12](#ic869089f22ef407aa5139e1bd33e3cd4_31) | &nbsp;&nbsp;&nbsp;Portfolio Results Statutory Carrying Values by Asset Class and NAIC |  |
| &nbsp;&nbsp;&nbsp;Consolidated Capital Structure | [13](#ic869089f22ef407aa5139e1bd33e3cd4_34) | &nbsp;&nbsp;&nbsp; Ratings | [36](#ic869089f22ef407aa5139e1bd33e3cd4_100) |
| &nbsp;&nbsp;&nbsp;Consolidated Assets Under Management, Assets Under Administration |  | &nbsp;&nbsp;&nbsp;Alternative Investment Income | [37](#ic869089f22ef407aa5139e1bd33e3cd4_103) |
| &nbsp;&nbsp;&nbsp; and Advisement | [14](#ic869089f22ef407aa5139e1bd33e3cd4_37) | &nbsp;&nbsp;&nbsp;Alternative Income and Prepayments Above (Below) Expectations | [38](#ic869089f22ef407aa5139e1bd33e3cd4_106) |
| **Retirement** |  | **Reconciliations** |  |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes |  | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings Before Income Taxes and |  |
| &nbsp;&nbsp;&nbsp; and Key Metrics | [16](#ic869089f22ef407aa5139e1bd33e3cd4_43) | &nbsp;&nbsp;&nbsp;Earnings Per Common Share (Diluted) (QTD) | [40](#ic869089f22ef407aa5139e1bd33e3cd4_112) |
| &nbsp;&nbsp;&nbsp;Client Assets Rollforward by Product Group | 17 - 18 | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings Before Income Taxes and |  |
| **Investment Management** |  | &nbsp;&nbsp;&nbsp;Earnings Per Common Share (Diluted) (YTD) | [41](#ic869089f22ef407aa5139e1bd33e3cd4_115) |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes | [20](#ic869089f22ef407aa5139e1bd33e3cd4_64) | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Revenues and Adjusted Operating |  |
| &nbsp;&nbsp;&nbsp;Analysis of AUM and AUA | [21](#ic869089f22ef407aa5139e1bd33e3cd4_67) | &nbsp;&nbsp;&nbsp;&nbsp;Benefits and Expenses | [42](#ic869089f22ef407aa5139e1bd33e3cd4_121) |
| &nbsp;&nbsp;&nbsp;Account Value Rollforward by Source | [22](#ic869089f22ef407aa5139e1bd33e3cd4_70) | &nbsp;&nbsp;&nbsp;Reconciliation of Net Revenues by Segment | 43 - 44 |
| &nbsp;&nbsp;&nbsp;Account Value by Asset Type | [23](#ic869089f22ef407aa5139e1bd33e3cd4_73) | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Earnings Before Income Taxes |  |
| **Employee Benefits** |  | &nbsp;&nbsp;&nbsp;&nbsp;Excluding Notable Items by Segment | 45 - 46 |
| &nbsp;&nbsp;&nbsp;Sources of Adjusted Operating Earnings Before Income Taxes | [25](#ic869089f22ef407aa5139e1bd33e3cd4_52) | &nbsp;&nbsp;&nbsp;Reconciliation of Adjusted Operating Return on Common Equity |  |
| &nbsp;&nbsp;&nbsp;Quarterly Loss Ratio Development for Group Stop Loss | [26](#ic869089f22ef407aa5139e1bd33e3cd4_55) | &nbsp;&nbsp;&nbsp;&nbsp;Excluding AOCI and NOL DTA | [47](#ic869089f22ef407aa5139e1bd33e3cd4_133) |
| &nbsp;&nbsp;&nbsp;Key Metrics | [27](#ic869089f22ef407aa5139e1bd33e3cd4_58) | &nbsp;&nbsp;&nbsp;Reconciliation of Book Value Per Common Share, Excluding AOCI and |  |
| **Corporate** |  | &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Earnings Before Income Taxes | [29](#ic869089f22ef407aa5139e1bd33e3cd4_79) | **Appendix** |  |
|  |  | &nbsp;&nbsp;&nbsp;Reconciliation of Recast Retirement Client Asset Rollforward | [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097) |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page [3](#ic869089f22ef407aa5139e1bd33e3cd4_7) of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Explanatory Note on Non-GAAP Financial Information**

In the second quarter of 2025, we announced we would return to using our prior segment names--Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in our financial statements. We will continue to provide products and services through three segments: Retirement, Investment Management and Employee Benefits.

**Adjusted Operating Earnings Before Income Taxes**

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of our segments. 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 Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment's Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

▪ Net investment gains (losses), which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

• Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity;

• Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as the results attributable to the redeemable noncontrolling interest (referred to as the noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

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

• Other adjustments may include the following items:

• Income (loss) related to early extinguishment of debt;

• Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses; and

• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, 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.

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

**Adjusted Operating Revenues**

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

• Net investment gains (losses);

• Revenues related to businesses exited or to be exited through reinsurance or divestment;

• Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

• Other adjustments that 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.

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 4 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Explanatory Note on Non-GAAP Financial Information**

**Adjusted Operating Benefits and Expenses**

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

• Changes in market risk benefits;

• Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment;

• Expenses attributable to noncontrolling interests;

• Dividend payments made to preferred shareholders are included in adjusted operating benefits and expenses to reflect expenses related to our common shareholders;

• Other adjustments include:

• Income (loss) related to early extinguishment of debt;

• Impairment of goodwill and intangible assets;

• Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions;

• Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments;

• Commissions paid to our broker-dealers for sales of non-proprietary products and other items where the income is passed on to third parties, which are reflected in adjusted operating revenue with the fee income related to those products;

• Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, 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.

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

**Sources of Earnings**

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

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

• Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

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

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

• Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.

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

• DAC/VOBA and other intangibles amortization.

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 5 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Explanatory Note on Non-GAAP Financial Information**

**Adjusted Operating Return on Common Equity excluding AOCI**

• We believe Adjusted operating return on common equity excluding AOCI is a useful measure which indicates how effectively we are generating returns for common shareholders on our net worth and excludes AOCI which can be highly variable primarily due to changes in interest rates.

• The closest GAAP measure is the Return on Voya Financial, Inc's Equity which is GAAP Net Income Attributable to common shareholders divided by Total Voya Financial, Inc. Shareholders' Equity.

• Adjusted operating return on common equity ex AOCI is defined as after-tax adjusted operating earnings divided by Voya Financial, Inc. common shareholders' equity excluding AOCI.

• We also report Adjusted operating return on common equity excluding AOCI and NOL DTA which excludes components of the Deferred Tax Asset ("DTA") related to federal loss carryforwards ("NOL") plus certain tax credits from the denominator.

• Please see the "Reconciliations" section of this document for a reconciliation of Return on Voya Financial, Inc's Equity to Adjusted operating return on common equity excluding AOCI and Adjusted operating return on common equity excluding AOCI and NOL DTA.

**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.

• The primary adjustment to derive Net revenue is reducing Adjusted operating revenues by "Interest credited and other benefits to contract owners / policyholders". This adjustment primarily reflects the interest credited to customers for general account products in our Retirement and Employee Benefits segments and the benefits paid to customers in our Employee Benefits segment for Group Life, Stop Loss, and Voluntary products. This adjustment allows us to report to investors our investment spread and our net underwriting gain and loss, which are meaningful measures used by management to evaluate our business and segment performance. Investment spread informs investors how we set crediting rates relative to the yield we earn on our general account investments and net underwriting gain and loss informs investors how we set premiums relative to incurred benefits to policyholders ("loss ratio").

• &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, and of Adjusted operating return on common equity excluding AOCI to Adjusted operating return on common equity excluding AOCI and notable items.

• &nbsp;&nbsp;&nbsp;&nbsp;We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

**Other Information**&nbsp;&nbsp;&nbsp;&nbsp;

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 6 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

 **Key Metrics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | 162 | 139 | 93 | 98 | 201 | 301 | 435 |
| &nbsp;&nbsp;&nbsp;Per common share (basic) | 1.69 | 1.45 | 0.97 | 1.00 | 2.00 | 3.14 | 4.29 |
| &nbsp;&nbsp;&nbsp;Per common share (diluted) | 1.66 | 1.42 | 0.94 | 0.98 | 1.96 | 3.09 | 4.20 |
| **Adjusted operating earnings:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before income taxes | 289 | 232 | 147 | 230 | 271 | 521 | 494 |
| &nbsp;&nbsp;&nbsp;After income taxes | 240 | 195 | 138 | 190 | 223 | 435 | 408 |
| &nbsp;&nbsp;&nbsp;Effective tax rate | 16.9% | 15.9% | 6.1% | 17.1% | 17.6% | 16.5% | 17.4% |
| &nbsp;&nbsp;&nbsp;Per common share (diluted) | 2.46 | 2.00 | 1.40 | 1.90 | 2.18 | 4.45 | 3.94 |
| &nbsp;&nbsp;&nbsp;Per common share excluding notable items | 2.40 | 2.15 | 1.50 | 2.12 | 2.27 | 4.55 | 4.15 |
| **Return on Equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TTM Return on Voya Financial, Inc's Equity | 11.3% | 12.5% | 14.7% | 16.0% | 20.9% | 11.3% | 20.9% |
| &nbsp;&nbsp;TTM Adjusted operating return on common equity excluding AOCI <sup>(1)</sup> | 12.8% | 12.6% | 12.3% | 12.9% | 12.9% | 12.8% | 12.9% |
| &nbsp;&nbsp;TTM Adjusted operating return on common equity excluding AOCI and NOL DTA <sup>(1)</sup> | 17.0% | 16.7% | 16.5% | 17.3% | 17.3% | 17.0% | 17.3% |
| **Shareholder's equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Shareholders' Equity | 4629 | 4383 | 4005 | 4719 | 4043 | 4629 | 4043 |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI | 6084 | 5952 | 5855 | 5919 | 6014 | 6084 | 6014 |
| &nbsp;&nbsp;&nbsp;Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI and NOL DTA | 4654 | 4486 | 4371 | 4467 | 4511 | 4654 | 4511 |
| &nbsp;&nbsp;&nbsp;Book value per common share (including AOCI) | 41.71 | 39.20 | 35.53 | 42.30 | 34.66 | 41.71 | 34.66 |
| &nbsp;&nbsp;Book value per common share (excluding AOCI) <sup>(2)</sup> | 63.18 | 61.87 | 61.31 | 60.96 | 60.75 | 63.18 | 60.75 |
| **Leverage Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt-to-Capital | 31.2% | 32.4% | 38.5% | 34.6% | 34.2% | 31.2% | 34.2% |
| &nbsp;&nbsp;Financial Leverage - excluding AOCI <sup>(2)</sup> | 27.4% | 27.5% | 30.3% | 30.6% | 28.0% | 27.4% | 28.0% |
| **Shares:** |  |  |  |  |  |  |  |
| Weighted-average common shares outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 96 | 96 | 96 | 98 | 100 | 96 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effects <sup>(3)</sup> | 1 | 2 | 3 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Diluted | 98 | 98 | 99 | 100 | 102 | 98 | 103 |
| Ending shares outstanding | 96 | 96 | 96 | 97 | 99 | 96 | 99 |
| **Returned to Common Shareholders:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares, excluding commissions |  |  | 140 | 149 | 174 |  | 346 |
| &nbsp;&nbsp;&nbsp;Dividends to common shareholders | 44 | 43 | 43 | 44 | 40 | 87 | 81 |
| **Total cash returned to common shareholders** | 44 | 43 | 183 | 193 | 214 | 87 | 427 |
| <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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_109) of this document. |
| <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  | <sup>(2)</sup> This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document.  |
| <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. | <sup>(3)</sup> Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 7 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**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) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 584 | 560 | 521 | 506 | 518 | 1144 | 1047 |
| &nbsp;&nbsp;&nbsp;Fee income | 577 | 570 | 543 | 540 | 517 | 1147 | 1030 |
| &nbsp;&nbsp;&nbsp;Premiums | 718 | 737 | 790 | 796 | 790 | 1455 | 1590 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) | (41) | (34) | (52) | (14) | (4) | (75) | 39 |
| &nbsp;&nbsp;&nbsp;Other revenues | 100 | 104 | 134 | 103 | 98 | 204 | 186 |
| &nbsp;&nbsp;&nbsp;Income (loss) related to consolidated investment entities | 43 | 32 | 74 | 25 | 114 | 75 | 192 |
| **Total revenues** | **1981** | **1969** | **2010** | **1956** | **2033** | **3950** | **4084** |
| **Benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (801) | (835) | (987) | (938) | (843) | (1636) | (1694) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (857) | (824) | (756) | (775) | (752) | (1681) | (1551) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (58) | (62) | (56) | (55) | (56) | (120) | (112) |
| &nbsp;&nbsp;&nbsp;Interest expense | (28) | (32) | (35) | (29) | (30) | (60) | (60) |
| &nbsp;&nbsp;&nbsp;Operating expenses related to consolidated investment entities | (49) | (43) | (56) | (43) | (76) | (92) | (104) |
| **Total benefits and expenses** | **(1793)** | **(1796)** | **(1890)** | **(1840)** | **(1757)** | **(3589)** | **(3521)** |
| **Income (loss) before income taxes** | **188** | **173** | **120** | **116** | **276** | **361** | **563** |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 27 | 22 | (1) | 18 | 41 | 49 | 40 |
| **Net income (loss)** | **161** | **151** | **121** | **98** | **235** | **312** | **523** |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (5) | (5) | 24 | (16) | 30 | (10) | 67 |
| **Net income (loss) available to Voya Financial, Inc.** | **166** | **156** | **97** | **114** | **205** | **322** | **456** |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 4 | 17 | 4 | 16 | 4 | 21 | 21 |
| **Net income (loss) available to Voya Financial, Inc.'s common shareholders** | **162** | **139** | **93** | **98** | **201** | **301** | **435** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 8 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Consolidated Adjusted Operating Earnings Before Income Taxes** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Consolidated Adjusted Operating Earnings Before Income Taxes** |  |  |  |  |  |  |  |
| **Adjusted operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 534 | 506 | 478 | 472 | 489 | 1041 | 977 |
| &nbsp;&nbsp;&nbsp;Fee income | 577 | 572 | 540 | 536 | 512 | 1149 | 1021 |
| &nbsp;&nbsp;&nbsp;Premiums | 720 | 734 | 780 | 785 | 791 | 1454 | 1588 |
| &nbsp;&nbsp;&nbsp;Other revenue | 69 | 75 | 99 | 74 | 68 | 145 | 138 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1900** | **1888** | **1897** | **1867** | **1860** | **3788** | **3724** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (761) | (782) | (975) | (845) | (804) | (1544) | (1633) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (770) | (779) | (684) | (702) | (710) | (1549) | (1436) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (34) | (37) | (31) | (29) | (29) | (71) | (59) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> | (32) | (47) | (38) | (46) | (33) | (80) | (78) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(1598)** | **(1645)** | **(1728)** | **(1622)** | **(1576)** | **(3243)** | **(3206)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **302** | **243** | **169** | **245** | **284** | **545** | **518** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(3)</sup> | 13 | 11 | 23 | 16 | 13 | 24 | 24 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **289** | **232** | **147** | **230** | **271** | **521** | **494** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment** | | | | | | | |
| **Adjusted operating revenues** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Retirement | 824 | 798 | 731 | 726 | 730 | 1622 | 1450 |
| &nbsp;&nbsp;&nbsp;Investment Management | 239 | 243 | 271 | 243 | 234 | 482 | 468 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 832 | 841 | 888 | 892 | 892 | 1673 | 1798 |
| &nbsp;&nbsp;&nbsp;Corporate | 5 | 6 | 8 | 6 | 4 | 11 | 9 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1900** | **1888** | **1897** | **1867** | **1860** | **3788** | **3724** |
| **Adjusted operating earnings before income taxes** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 235 | 207 | 210 | 211 | 214 | 442 | 400 |
| &nbsp;&nbsp;&nbsp;Investment Management | 51 | 41 | 66 | 55 | 50 | 92 | 92 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 69 | 46 | (102) | 23 | 60 | 115 | 119 |
| &nbsp;&nbsp;&nbsp;Corporate | (67) | (62) | (27) | (59) | (53) | (129) | (117) |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **289** | **232** | **147** | **230** | **271** | **521** | **494** |
| <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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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. |
| <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(3)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 9 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Adjusted Operating Earnings Before Income Taxes by Segment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| (in millions USD) | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 482 | 5 | 43 | 5 | 534 |
| &nbsp;&nbsp;&nbsp;Fee income | 319 | 237 | 21 |  | 577 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 720 |  | 720 |
| &nbsp;&nbsp;&nbsp;Other revenue | 24 | (3) | 48 |  | 69 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **824** | **239** | **832** | **5** | **1900** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (232) |  | (529) |  | (761) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (330) | (174) | (227) | (40) | (770) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (27) |  | (7) |  | (34) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (32) | (32) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(589)** | **(174)** | **(763)** | **(72)** | **(1598)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **235** | **65** | **69** | **(67)** | **302** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest |  | 14 |  | (1) | 13 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **235** | **51** | **69** | **(67)** | **289** |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 443 | 8 | 34 | 4 | 489 |
| &nbsp;&nbsp;&nbsp;Fee income | 271 | 225 | 16 |  | 512 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 791 |  | 791 |
| &nbsp;&nbsp;&nbsp;Other revenue | 17 | 1 | 50 | 1 | 68 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **730** | **234** | **892** | **4** | **1860** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (213) |  | (591) |  | (804) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (282) | (169) | (232) | (26) | (710) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (21) |  | (8) |  | (29) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (33) | (33) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(516)** | **(169)** | **(832)** | **(59)** | **(1576)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **214** | **64** | **60** | **(54)** | **284** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest |  | 14 |  | (1) | 13 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **214** | **50** | **60** | **(53)** | **271** |
| <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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 10 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Adjusted Operating Earnings Before Income Taxes by Segment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| (in millions USD) | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 939 | 11 | 80 | 10 | 1041 |
| &nbsp;&nbsp;&nbsp;Fee income | 637 | 472 | 39 |  | 1149 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 1454 |  | 1454 |
| &nbsp;&nbsp;&nbsp;Other revenue | 46 | (1) | 100 | 1 | 145 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1622** | **482** | **1673** | **11** | **3788** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (463) |  | (1081) |  | (1544) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (662) | (364) | (461) | (62) | (1549) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (54) |  | (16) |  | (71) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (80) | (80) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(1180)** | **(364)** | **(1558)** | **(142)** | **(3243)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **442** | **118** | **115** | **(131)** | **545** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest |  | 26 |  | (2) | 24 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **442** | **92** | **115** | **(129)** | **521** |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Retirement** | **Investment Management** | **Employee Benefits** | **Corporate** | **Consolidated** |
| **Adjusted operating revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income and net gains (losses) | 880 | 16 | 73 | 8 | 977 |
| &nbsp;&nbsp;&nbsp;Fee income | 534 | 452 | 34 |  | 1021 |
| &nbsp;&nbsp;&nbsp;Premiums |  |  | 1588 |  | 1588 |
| &nbsp;&nbsp;&nbsp;Other revenue | 35 |  | 102 | 1 | 138 |
| &nbsp;&nbsp;**Adjusted operating revenues** <sup>(1)</sup> | **1450** | **468** | **1798** | **9** | **3724** |
| **Adjusted operating benefits and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders | (429) |  | (1204) |  | (1633) |
| &nbsp;&nbsp;&nbsp;Operating expenses | (579) | (351) | (458) | (49) | (1436) |
| &nbsp;&nbsp;&nbsp;Net amortization of DAC/VOBA | (42) |  | (17) |  | (59) |
| &nbsp;&nbsp;&nbsp;Interest expense <sup>(2)</sup> |  |  |  | (78) | (78) |
| &nbsp;&nbsp;**Adjusted operating benefits and expenses** <sup>(1)</sup> | **(1050)** | **(351)** | **(1678)** | **(127)** | **(3206)** |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** <sup>(1)</sup> | **400** | **117** | **119** | **(118)** | **518** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest |  | 26 |  | (2) | 24 |
| **Adjusted operating earnings before income taxes** <sup>(1)</sup> | **400** | **92** | **119** | **(117)** | **494** |
| <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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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](#ic869089f22ef407aa5139e1bd33e3cd4_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. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 11 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Consolidated Balance Sheets**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 37579 | 37703 | 35024 | 36094 | 35235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1179 | 868 | 1399 | 1457 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held in separate accounts | 107278 | 98948 | 101676 | 103532 | 99147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium receivable and reinsurance recoverable, net | 10965 | 11144 | 11284 | 11486 | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term investments under securities loan agreement and accrued investment income | 1418 | 1459 | 1438 | 1678 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs, Value of business acquired | 2472 | 2505 | 2148 | 2173 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes | 1997 | 2046 | 2146 | 1967 | 2186 |
| &nbsp;&nbsp;&nbsp;Other assets <sup>(1)</sup> | 4908 | 4920 | 3880 | 3893 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets related to consolidated investment entities | 4640 | 4357 | 4894 | 4653 | 4489 |
| **Total Assets** | **172436** | **163950** | **163889** | **166933** | **161280** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits and contract owner account balances | 49665 | 49763 | 46436 | 47056 | 47231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to separate accounts | 107278 | 98948 | 101676 | 103532 | 99147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables under securities loan agreements, including collateral held | 1128 | 1486 | 1309 | 1368 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 447 | 1 | 399 | 397 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 1657 | 2103 | 2103 | 2103 | 1707 |
| &nbsp;&nbsp;&nbsp;Other liabilities <sup>(2)</sup> | 3155 | 3048 | 3218 | 3294 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to consolidated investment entities | 2553 | 2240 | 2741 | 2601 | 2473 |
| **Total Liabilities** | **165883** | **157589** | **157882** | **160351** | **155411** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 215 | 214 | 219 | 198 | 183 |
| **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 | (796) | (788) | (754) | (604) | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6321 | 6299 | 6266 | 6227 | 6218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | 1170 | 1052 | 954 | 907 | 855 |
| **Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI** | **6696** | **6564** | **6467** | **6531** | **6626** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (2067) | (2181) | (2462) | (1812) | (2583) |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4629** | **4383** | **4005** | **4719** | **4043** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1709 | 1764 | 1783 | 1665 | 1643 |
| **Total Shareholders' Equity** | **6338** | **6147** | **5788** | **6384** | **5686** |
| **Total Liabilities, Mezzanine Equity and Shareholders' Equity** | **172436** | **163950** | **163889** | **166933** | **161280** |
| <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. | <sup>(1)</sup> Includes Other assets, Goodwill, and Other intangibles, net. |
| <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  | <sup>(2)</sup> Includes Other liabilities and Derivatives.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 12 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**DAC/VOBA Segment Trends**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Retirement** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 1422 | 1044 | 1048 | 1053 | 1059 | 1044 | 1064 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> |  | 390 |  |  |  | 390 |  |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 15 | 15 | 16 | 15 | 15 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;Amortization | (27) | (27) | (20) | (20) | (21) | (54) | (42) |
| **Balance as of End-of-Period** | **1410** | **1422** | **1044** | **1048** | **1053** | **1410** | **1053** |
| &nbsp;&nbsp;&nbsp;Deferred Sales Inducements as of End-of-Period | 22 | 22 | 22 | 22 | 22 | 22 | 22 |
| **Employee Benefits** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 237 | 234 | 229 | 222 | 215 | 234 | 211 |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 11 | 13 | 16 | 16 | 15 | 24 | 27 |
| &nbsp;&nbsp;&nbsp;Amortization | (7) | (9) | (11) | (8) | (8) | (16) | (17) |
| **Balance as of End-of-Period** | **241** | **237** | **234** | **229** | **222** | **241** | **222** |
| **Total** |  |  |  |  |  |  |  |
| Balance as of Beginning-of-Period | 1659 | 1278 | 1277 | 1275 | 1274 | 1278 | 1275 |
| &nbsp;&nbsp;Additions related to business acquisitions<sup>(1)</sup> |  | 390 |  |  |  | 390 |  |
| &nbsp;&nbsp;&nbsp;Deferrals of commissions and expenses | 26 | 28 | 32 | 31 | 30 | 54 | 58 |
| &nbsp;&nbsp;&nbsp;Amortization | (34) | (37) | (31) | (29) | (29) | (71) | (59) |
| **Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment** | **1651** | **1659** | **1278** | **1277** | **1275** | **1651** | **1275** |
| Balance as of End-of-Period, businesses exited through reinsurance or divestment <sup>(2)</sup> | 821 | 846 | 870 | 896 | 921 | 821 | 921 |
| **Balance as of End-of-Period, including businesses exited through reinsurance or divestment** | **2472** | **2505** | **2148** | **2173** | **2196** | **2472** | **2196** |
| <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. | <sup>(1)</sup> Includes VOBA related to the OneAmerica transaction. For further details, refer to our Quarterly Report on Form 10-Q for the first quarter 2025. |
| <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. | <sup>(2)</sup> Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Retirement annuities policies that were not part of the divested businesses. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 13 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Consolidated Capital Structure**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Financial Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior bonds | 1753 | 1753 | 2151 | 2149 | 1751 |
| &nbsp;&nbsp;&nbsp;Subordinated bonds | 349 | 349 | 349 | 349 | 349 |
| &nbsp;&nbsp;&nbsp;Other debt | 2 | 2 | 2 | 2 | 2 |
| **Total Financial Debt** | **2104** | **2104** | **2502** | **2500** | **2102** |
| &nbsp;&nbsp;Other financial obligations <sup>(1)</sup> | 305 | 298 | 304 | 325 | 333 |
| **Total Financial Obligations** | **2409** | **2402** | **2806** | **2825** | **2435** |
| **Mezzanine Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interest | 215 | 214 | 219 | 198 | 183 |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;Preferred equity <sup>(2)</sup> | 612 | 612 | 612 | 612 | 612 |
| &nbsp;&nbsp;&nbsp;Common equity (Excluding AOCI) | 6084 | 5952 | 5855 | 5919 | 6014 |
| **Total Equity (Excluding AOCI)**  | **6696** | **6564** | **6467** | **6531** | **6626** |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI) | (2067) | (2181) | (2462) | (1812) | (2583) |
| **Total Voya Financial, Inc. Shareholders' Equity** | **4629** | **4383** | **4005** | **4719** | **4043** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 1709 | 1764 | 1783 | 1665 | 1643 |
| **Total Shareholders' Equity** | **6338** | **6147** | **5788** | **6384** | **5686** |
| **Capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capitalization** <sup>(3)</sup> | **6733** | **6487** | **6507** | **7219** | **6145** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Capitalization excluding AOCI** <sup>(4)</sup> | **11029** | **10944** | **11275** | **11219** | **10887** |
| **Leverage Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt-to-Capital** <sup>(5)</sup> | **31.2%** | **32.4%** | **38.5%** | **34.6%** | **34.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Leverage excluding AOCI** <sup>(6)</sup> | **27.4%** | **27.5%** | **30.3%** | **30.6%** | **28.0%** |
| <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax. | <sup>(1)</sup> Includes operating leases, finance 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> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. | <sup>(3)</sup> Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity. |
| <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* | <sup>(4)</sup> Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI*.* |
| <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. | <sup>(5)</sup> Total Financial Debt divided by Capitalization. |
| <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. | <sup>(6)</sup> Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page [48](#ic869089f22ef407aa5139e1bd33e3cd4_136) of this document. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 14 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | | | | | | |
| (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;Retirement <sup>(1)</sup> | 33220 | 102809 | 159139 | 295168 | 462076 | 757244 |
| &nbsp;&nbsp;&nbsp;Investment Management | 36428 | 29866 | 293296 | 359589 | 53530 | 413119 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 1945 | 18 |  | 1963 |  | 1963 |
| &nbsp;&nbsp;Eliminations/Other <sup>(3)</sup> | (35165) | (25415) | (13195) | (73775) | (43323) | (117098) |
| **Total AUM and AUA** | **36428** | **107278** | **439240** | **582945** | **472283** | **1055228** |
| <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> Retirement 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> Retirement 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> Retirement 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> Retirement 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> Retirement 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> Retirement 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> Retirement 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>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  | <sup>(3)</sup> Includes eliminations for AUM and AUA in our Retirement and Employee Benefit segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Retirement</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 16 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Retirement Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 430 | 425 | 387 | 397 | 402 | 1639 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | (20) | (19) | (18) | (17) | (17) | (74) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credited interest | (229) | (228) | (209) | (211) | (210) | (877) | (867) |
| &nbsp;&nbsp;&nbsp;Net margin | 181 | 177 | 160 | 170 | 175 | 688 | 704 |
| &nbsp;&nbsp;Other investment income <sup>(1)</sup> | 61 | 65 | 62 | 64 | 63 | 252 | 243 |
| &nbsp;&nbsp;Investment spread and other investment income, *excluding* alts/prepays above/below expectations | 242 | 242 | 223 | 234 | 238 | 941 | 946 |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations | 8 | (14) | (10) | (21) | (8) | (37) | (85) |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 250 | 228 | 213 | 213 | 230 | 904 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee-based revenue <sup>(2)</sup> | 201 | 204 | 181 | 174 | 168 | 760 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping and other fee-based revenue <sup>(2)</sup> | 133 | 128 | 121 | 122 | 117 | 504 | 455 |
| &nbsp;&nbsp;&nbsp;Total Fee-based margin | 334 | 332 | 302 | 296 | 285 | 1264 | 1084 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 8 | 7 | 5 | 7 | 2 | 27 | 13 |
| **Net revenue** <sup>(3)</sup> | **592** | **567** | **519** | **516** | **517** | **2194** | **1958** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (259) | (261) | (223) | (219) | (220) | (962) | (906) |
| &nbsp;&nbsp;&nbsp;Net commissions | (71) | (71) | (66) | (65) | (62) | (273) | (240) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization | (28) | (28) | (20) | (21) | (21) | (97) | (87) |
| **Adjusted operating earnings before income taxes** | **235** | **207** | **210** | **211** | **214** | **863** | **726** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 39.3% | 39.7% | 39.9% | 37.9% | 37.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin Excluding Notables TTM | 40.3% | 41.2% | 41.4% | 40.4% | 39.7% |  |  |
| **Full Service Revenue** <sup>(4)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Investment spread and other investment income | 235 | 212 | 198 | 197 | 213 | 842 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee-based revenue <sup>(2)</sup> | 201 | 204 | 181 | 174 | 168 | 760 | 630 |
| **Total Full Service Revenue** | **437** | **416** | **379** | **370** | **381** | **1602** | **1440** |
| **Client Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fee-based | 662433 | 601790 | 524476 | 520167 | 493994 | 662433 | 493994 |
| &nbsp;&nbsp;Spread-based <sup>(5)</sup> | 33220 | 33306 | 29768 | 30052 | 30335 | 33220 | 30335 |
| &nbsp;&nbsp;&nbsp;Investment-only Stable Value | 36678 | 36157 | 34557 | 34744 | 33985 | 36678 | 33985 |
| &nbsp;&nbsp;&nbsp;Retail Client Assets | 33000 | 30670 | 31214 | 31223 | 29699 | 33000 | 29699 |
| &nbsp;&nbsp;Eliminations <sup>(6)</sup> | (8087) | (7743) | (7811) | (7693) | (7446) | (8087) | (7446) |
| **Total Client Assets** | **757244** | **694180** | **612205** | **608493** | **580567** | **757244** | **580567** |
| <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  | <sup>(1)</sup> Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.  |
| <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(2)</sup> In the second quarter of 2025, total fee-based margin for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Fee-based margin as a result of this recast. See page 50 of this document for a reconciliation of this recast. |
| <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(3)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  |  |  |
| <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. | <sup>(4)</sup> Excludes Net underwriting gain (loss) and other revenue. |
| <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. | <sup>(5)</sup> Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products. |
| <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. | <sup>(6)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 17 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Retirement Client Assets Rollforward by Product Group**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Full Service - Client Assets** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based | 237544 | 218347 | 178983 | 179238 | 169180 | 237544 | 169180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread-based | 32933 | 33010 | 29464 | 29740 | 30016 | 32933 | 30016 |
| **Client Assets, end of period - Full Service Total** | **270477** | **251357** | **208448** | **208978** | **199196** | **270477** | **199196** |
| **Full Service - Total** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 251357 | 208448 | 208978 | 199196 | 196607 | 199196 | 178398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 2174 | 2413 | 2848 | 2361 | 1768 | 9796 | 7709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 5396 | 6063 | 3852 | 3965 | 4044 | 19276 | 15364 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 7571 | 8475 | 6699 | 6326 | 5811 | 29071 | 23071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (8692) | (9304) | (7152) | (6547) | (6409) | (31695) | (26977) |
| &nbsp;&nbsp;&nbsp;Net Flows | (1121) | (828) | (453) | (222) | (597) | (2624) | (3905) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 20241 | (3809) | (78) | 10005 | 3186 | 26359 | 24702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  | 47547 |  |  |  | 47547 |  |
| **Client Assets, end of period - Full Service Total** | **270477** | **251357** | **208448** | **208978** | **199196** | **270477** | **199196** |
| **Recordkeeping** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 378366 | 340254 | 335774 | 319819 | 315134 | 319819 | 279669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 15107 | 34611 | 7772 | 3751 | 1295 | 61241 | 9978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 7291 | 8380 | 6203 | 5397 | 5820 | 27271 | 21658 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 22399 | 42991 | 13974 | 9148 | 7115 | 88512 | 31635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (9667) | (12759) | (9211) | (9372) | (8143) | (41009) | (29225) |
| &nbsp;&nbsp;&nbsp;Net Flows | 12732 | 30232 | 4763 | (224) | (1027) | 47503 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 28570 | (5200) | (283) | 16179 | 5712 | 39266 | 37739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  | 13080 |  |  |  | 13080 |  |
| **Client Assets, end of period - Recordkeeping** | **419669** | **378366** | **340254** | **335774** | **319819** | **419669** | **319819** |
| **Total Defined Contribution** <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 629723 | 548702 | 544753 | 519015 | 511741 | 519015 | 458068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 17282 | 37024 | 10619 | 6113 | 3063 | 71038 | 17686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 12688 | 14443 | 10054 | 9362 | 9863 | 46547 | 37018 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 29970 | 51467 | 20674 | 15474 | 12927 | 117585 | 54706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (18358) | (22063) | (16364) | (15920) | (14551) | (72705) | (56200) |
| &nbsp;&nbsp;&nbsp;Net Flows | 11611 | 29404 | 4310 | (445) | (1625) | 44880 | (1495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 48811 | (9009) | (361) | 26184 | 8898 | 65625 | 62442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition |  | 60627 |  |  |  | 60627 |  |
| **Client Assets, end of period - Total Defined Contribution** | **690146** | **629723** | **548702** | **544753** | **519015** | **690146** | **519015** |
| <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. | <sup>(1)</sup> In the second quarter of 2025, the client asset rollforward for the three months ended 3/31/2025 has been recast to reflect the OneAmerica book of business consistent with Voya's definition of Full Service and Recordkeeping categories. There was no change to Total Defined Contribution for this recast. See page 50 of this document for a reconciliation of this recast. |
| <sup>(2)</sup> Total of Full Service and Recordkeeping. |  |  |  |  |  |  |  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 18 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Retirement Client Assets Rollforward by Product Group**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Defined Contribution Investment-only Stable Value (SV)** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets, beginning of period | 36157 | 34557 | 34744 | 33985 | 34814 | 33985 | 37354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 814 | 1629 | 1118 | 192 | 97 | 3753 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 145 | 554 | 139 | 137 | 94 | 975 | 1790 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 959 | 2183 | 1257 | 329 | 191 | 4728 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (707) | (1024) | (1435) | (895) | (1252) | (4061) | (7089) |
| &nbsp;&nbsp;&nbsp;Net Flows | 252 | 1159 | (178) | (566) | (1061) | 667 | (4612) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | 270 | 440 | (9) | 1325 | 232 | 2026 | 1243 |
| **Assets, end of period - Defined Contribution Investment-only SV** | **36678** | **36157** | **34557** | **34744** | **33985** | **36678** | **33985** |
| **Retail Client Assets** <sup>(2)</sup> | **33004** | **30675** | **31218** | **31228** | **29704** | **33004** | **29704** |
| **Other Assets** <sup>(3)</sup> | **5503** | **5368** | **5538** | **5462** | **5310** | **5503** | **5310** |
| **Eliminations** <sup>(4)</sup> | **(8087)** | **(7743)** | **(7811)** | **(7693)** | **(7446)** | **(8087)** | **(7446)** |
| **Total Client Assets** | **757244** | **694180** | **612205** | **608493** | **580567** | **757244** | **580567** |
| <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. | <sup>(1)</sup> Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts. |
| <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  | <sup>(2)</sup> Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya's registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.  |
| <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. | <sup>(3)</sup> Includes other guaranteed payout products and Non-qualified Retirement Plans. |
| <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. | <sup>(4)</sup> Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 20 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Investment Management Sources of Adjusted Operating Earnings Before Income Taxes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment capital and other investment income, *excluding* alts/prepays above/below expectations | 9 | 8 | 9 | 9 | 9 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations | (4) | (2) | (3) | (5) | (1) | (13) | (6) |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 5 | 6 | 6 | 4 | 8 | 22 | 30 |
| &nbsp;&nbsp;Fee-based margin <sup>(1)</sup> | 234 | 237 | 265 | 239 | 226 | 974 | 899 |
| **Net revenue** <sup>(2)</sup> | **239** | **243** | **271** | **243** | **234** | **996** | **929** |
| &nbsp;&nbsp;Administrative expenses <sup>(3)</sup> | (174) | (190) | (182) | (171) | (169) | (717) | (690) |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | **65** | **53** | **89** | **72** | **64** | **279** | **237** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 28.0% | 28.1% | 28.3% | 26.3% | 25.6% |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin Excluding Notables TTM | 28.7% | 28.6% | 28.9% | 26.9% | 26.2% |  |  |
| **Fee-based margin** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory and administrative revenue | 237 | 236 | 237 | 238 | 225 | 948 | 897 |
| &nbsp;&nbsp;&nbsp;Other fee-based margin | (3) | 1 | 27 | 1 | 1 | 26 | 2 |
| **Fee-based margin** | **234** | **237** | **265** | **239** | **226** | **974** | **899** |
| **Reconciliation to Adjusted operating earnings before income taxes** |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | **65** | **53** | **89** | **72** | **64** | **279** | **237** |
| &nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest <sup>(4)</sup> | 14 | 12 | 22 | 17 | 14 | 65 | 53 |
| **Adjusted operating earnings before income taxes** | **51** | **41** | **66** | **55** | **50** | **214** | **186** |
| <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> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.  | <sup>(2)</sup> Refer to 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. |
| <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. | <sup>(4)</sup> Reflects Allianz's 24% ownership stake in the results of VIM Holdings LLC. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 21 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Investment Management Analysis of AUM and AUA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Client Assets:** |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 166833 | 161220 | 156568 | 158288 | 152165 | 166833 | 152165 |
| &nbsp;&nbsp;&nbsp;Retail | 156329 | 147025 | 149214 | 148243 | 150341 | 156329 | 150341 |
| **Subtotal External Clients** | **323162** | **308245** | **305782** | **306531** | **302506** | **323162** | **302506** |
| &nbsp;&nbsp;&nbsp;General Account | 36428 | 36734 | 33576 | 33989 | 33884 | 36428 | 33884 |
| **Total Client Assets (AUM)** | **359589** | **344978** | **339358** | **340520** | **336390** | **359589** | **336390** |
| &nbsp;&nbsp;&nbsp;Assets under Advisement and Administration (AUA) | 53530 | 50162 | 50247 | 51154 | 52678 | 53530 | 52678 |
| **Total AUM and AUA** | **413119** | **395140** | **389605** | **391674** | **389068** | **413119** | **389068** |
| **Investment Advisory and Administrative Revenues** <sup>(1)</sup>  |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 89 | 89 | 90 | 90 | 86 | 358 | 348 |
| &nbsp;&nbsp;&nbsp;Retail | 125 | 124 | 125 | 126 | 118 | 501 | 461 |
| **Subtotal External Clients** | **214** | **213** | **215** | **216** | **204** | **858** | **809** |
| &nbsp;&nbsp;&nbsp;General Account | 19 | 19 | 17 | 17 | 17 | 72 | 72 |
| **Total Investment Advisory and Administrative Revenues (AUM)** | **232** | **232** | **233** | **234** | **221** | **931** | **880** |
| &nbsp;&nbsp;&nbsp;Administration Only Fees | 5 | 5 | 5 | 4 | 4 | 19 | 17 |
| **Total Investment Advisory and Administrative Revenues** | **237** | **236** | **237** | **238** | **225** | **948** | **897** |
| **Revenue Yield (bps)** <sup>(1)</sup> |  |  |  |  |  |  |  |
| **External Clients** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional | 21.7 | 22.1 | 22.7 | 23.3 | 23.0 | 22.4 | 23.3 |
| &nbsp;&nbsp;&nbsp;Retail | 33.2 | 33.0 | 33.6 | 33.5 | 32.8 | 33.2 | 33.2 |
| **Revenue Yield on External Clients** | **27.2** | **27.4** | **28.0** | **28.3** | **27.9** | **27.7** | **28.1** |
| &nbsp;&nbsp;&nbsp;General Account | 20.3 | 20.6 | 20.4 | 20.2 | 20.2 | 20.3 | 20.3 |
| **Revenue Yield on Client Assets (AUM)** | **26.5** | **26.7** | **27.2** | **27.5** | **27.1** | **26.9** | **27.2** |
| &nbsp;&nbsp;&nbsp;Revenue Yield on Advisement and Administrative Only Assets (AUA) | 3.5 | 3.6 | 3.5 | 3.3 | 2.7 | 3.5 | 3.1 |
| **Total Revenue Yield on AUM and AUA (bps)** | **23.6** | **23.8** | **24.2** | **24.3** | **23.8** | **23.9** | **23.8** |
| **Revenue Yield on Client Assets (AUM) TTM** | **26.9** | **27.0** | **27.2** | **27.4** | **27.2** | **26.9** | **27.2** |
| <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. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 22 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Investment Management Account Rollforward by Source**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Institutional AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 161220 | 156568 | 158288 | 152165 | 148489 | 152165 | 156435 |
| &nbsp;&nbsp;&nbsp;Inflows | 6665 | 10460 | 8925 | 7341 | 8766 | 33391 | 22075 |
| &nbsp;&nbsp;&nbsp;Outflows | (5713) | (5272) | (6923) | (5566) | (5632) | (23474) | (30920) |
| **Net flows - Institutional** | **952** | **5187** | **2001** | **1775** | **3134** | **9915** | **(8842)** |
| &nbsp;&nbsp;&nbsp;Change in Market Value | 5622 | (345) | (1361) | 4814 | 1135 | 8730 | 9100 |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | (961) | (191) | (2361) | (466) | (594) | (3979) | (4526) |
| **End of period AUM - Institutional** | **166833** | **161220** | **156568** | **158288** | **152165** | **166833** | **152165** |
| &nbsp;&nbsp;&nbsp;Organic Growth (Net Flows/Beginning of period AUM) | 0.6% | 3.3% | 1.3% | 1.2% | 2.1% | 6.5% | -5.7% |
| &nbsp;&nbsp;&nbsp;Market Growth % | 3.5% | -0.2% | -0.9% | 3.2% | 0.8% | 5.7% | 5.8% |
| **Retail AUM:** |  |  |  |  |  |  |  |
| **Beginning of period AUM** | 147025 | 149214 | 148243 | 150341 | 148710 | 150341 | 131391 |
| &nbsp;&nbsp;&nbsp;Inflows | 11093 | 12774 | 11092 | 11013 | 9745 | 45971 | 36574 |
| &nbsp;&nbsp;&nbsp;Outflows | (10218) | (10279) | (9739) | (8952) | (8106) | (39188) | (32125) |
| **Net flows - Retail** <sup>(1)</sup> | **874** | **2496** | **1353** | **2060** | **1640** | **6783** | **4450** |
| &nbsp;&nbsp;&nbsp;Net Money Market Flows | 49 | 117 | 64 | 65 | 66 | 294 | 283 |
| &nbsp;&nbsp;&nbsp;Change in Market Value | 8984 | (4816) | 1314 | 3604 | 1022 | 9086 | 15079 |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses <sup>(2)</sup> | (259) | (374) | (316) | (7404) | (623) | (8353) | (2300) |
| &nbsp;&nbsp;&nbsp;Other (Including Acquisitions / Divestitures) | (344) | 388 | (1444) | (424) | (474) | (1824) | 1438 |
| **End of period AUM - Retail** | **156329** | **147025** | **149214** | **148243** | **150341** | **156329** | **150341** |
| &nbsp;&nbsp;&nbsp;Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) | 0.6% | 1.7% | 0.9% | 1.4% | 1.1% | 4.5% | 3.4% |
| &nbsp;&nbsp;&nbsp;Market Growth % | 6.1% | -3.2% | 0.9% | 2.4% | 0.6% | 6.0% | 11.4% |
| **Net Flows:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Net Flows | 952 | 5187 | 2001 | 1775 | 3134 | 9915 | (8842) |
| &nbsp;&nbsp;&nbsp;Retail Net Flows | 874 | 2496 | 1353 | 2060 | 1640 | 6783 | 4450 |
| &nbsp;&nbsp;&nbsp;Net Flows from Divested Businesses | (259) | (374) | (316) | (7404) | (623) | (8353) | (2300) |
| **Total Net Flows** | **1567** | **7310** | **3038** | **(3569)** | **4151** | **8346** | **(6693)** |
| &nbsp;&nbsp;**Net Flows excluding Net Flows from Divested Businesses** | **1826** | **7683** | **3354** | **3835** | **4774** | **16698** | **(4394)** |
| &nbsp;&nbsp;**Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)** | **0.6%** | **2.5%** | **1.1%** | **1.3%** | **1.6%** | **5.5%** | **-1.5%** |
| <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. | <sup>(1)</sup> Includes reinvested dividends on a prospective basis effective January 1<sup>st</sup>, 2024. |
| <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. | <sup>(2)</sup> In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 23 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Investment Management Account Value by Asset Type**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 27457 | 22375 | 24056 | 23662 | 23433 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 56899 | 57182 | 55645 | 56276 | 51976 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 68818 | 67245 | 64095 | 65126 | 63800 |
| &nbsp;&nbsp;&nbsp;Alternatives | 13659 | 14418 | 12772 | 13224 | 12955 |
| &nbsp;&nbsp;&nbsp;Money Market |  |  |  |  |  |
| **Total** | **166833** | **161220** | **156568** | **158288** | **152165** |
| **Retail** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 78699 | 70634 | 73784 | 74186 | 77870 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 72870 | 71625 | 70854 | 69648 | 68234 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 277 | 311 | 334 | 351 | 365 |
| &nbsp;&nbsp;&nbsp;Alternatives | 1876 | 1910 | 1850 | 1739 | 1633 |
| &nbsp;&nbsp;&nbsp;Money Market | 2606 | 2544 | 2392 | 2319 | 2239 |
| **Total** | **156329** | **147025** | **149214** | **148243** | **150341** |
| **General Account** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 112 | 138 | 129 | 135 | 129 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 17870 | 18071 | 16832 | 16926 | 17198 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 16271 | 16574 | 14375 | 14500 | 14533 |
| &nbsp;&nbsp;&nbsp;Alternatives | 1615 | 1650 | 1681 | 1686 | 1598 |
| &nbsp;&nbsp;&nbsp;Money Market | 560 | 300 | 559 | 742 | 426 |
| **Total** | **36428** | **36734** | **33576** | **33989** | **33884** |
| **Combined Asset Type** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 106268 | 93147 | 97969 | 97983 | 101433 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Public | 147639 | 146878 | 143331 | 142850 | 137408 |
| &nbsp;&nbsp;&nbsp;Fixed Income - Privates | 85366 | 84130 | 78804 | 79976 | 78698 |
| &nbsp;&nbsp;&nbsp;Alternatives | 17150 | 17979 | 16304 | 16649 | 16186 |
| &nbsp;&nbsp;&nbsp;Money Market | 3166 | 2844 | 2951 | 3061 | 2665 |
| **Total** | **359589** | **344978** | **339358** | **340520** | **336390** |
| **Total Private and Alternative Assets** | **102516** | **102109** | **95108** | **96625** | **94885** |
| **% of Private and Alternative Assets / Total AUM** | **28.5%** | **29.6%** | **28.0%** | **28.4%** | **28.2%** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Employee Benefits</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 25 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Employee Benefits Sources of Adjusted Operating Earnings before income taxes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Sources of Adjusted operating earnings before income taxes:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 27 | 27 | 26 | 26 | 26 | 106 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment expenses | (1) | (1) | (1) | (1) | (1) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credited interest | (11) | (12) | (12) | (12) | (13) | (47) | (49) |
| &nbsp;&nbsp;&nbsp;Net margin | 14 | 14 | 14 | 12 | 12 | 54 | 47 |
| &nbsp;&nbsp;Other investment income | 16 | 15 | 15 | 16 | 15 | 62 | 57 |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income, *excluding* alts/prepays above/below expectations | 31 | 29 | 28 | 28 | 27 | 116 | 102 |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations | 1 | (2) | (1) | (3) | (3) | (5) | (10) |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 31 | 27 | 27 | 26 | 24 | 111 | 93 |
| &nbsp;&nbsp;&nbsp;Fee-based margin <sup>(1)</sup> | 56 | 56 | 57 | 57 | 54 | 226 | 226 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 216 | 206 | 40 | 175 | 223 | 637 | 812 |
| **Net revenue** <sup>(2)</sup> | **303** | **290** | **124** | **257** | **301** | **974** | **1130** |
| &nbsp;&nbsp;&nbsp;Administrative expenses | (132) | (139) | (130) | (130) | (131) | (531) | (518) |
| &nbsp;&nbsp;&nbsp;Premium taxes, fees and assessments | (50) | (50) | (48) | (47) | (50) | (195) | (165) |
| &nbsp;&nbsp;&nbsp;Net commissions | (44) | (45) | (37) | (49) | (51) | (175) | (198) |
| &nbsp;&nbsp;&nbsp;DAC/VOBA and other intangibles amortization | (7) | (9) | (11) | (8) | (8) | (35) | (32) |
| **Adjusted operating earnings before income taxes** | **69** | **46** | **(102)** | **23** | **60** | **36** | **216** |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin TTM | 3.7% | 2.7% | 4.1% | 16.6% | 19.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Operating Margin Excluding Notables TTM | 4.2% | 3.6% | 4.8% | 17.4% | 20.9% |  |  |
| **Group life:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 166 | 162 | 167 | 165 | 173 | 661 | 644 |
| &nbsp;&nbsp;&nbsp;Benefits | (124) | (146) | (139) | (119) | (138) | (528) | (514) |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup> | (3) | (2) | (4) | (2) | (3) | (10) | (11) |
| **Total Group life** | **40** | **14** | **24** | **44** | **33** | **122** | **119** |
| &nbsp;&nbsp;**Group life Loss Ratio (interest adjusted)** <sup>(4)</sup> | **74.3%** | **90.3%** | **83.3%** | **71.9%** | **79.3%** | **79.9%** | **79.8%** |
| **Group Stop loss:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 388 | 390 | 451 | 453 | 452 | 1682 | 1642 |
| &nbsp;&nbsp;&nbsp;Benefits | (312) | (293) | (520) | (424) | (376) | (1549) | (1346) |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup> | (2) | (2) | (2) | (2) | (1) | (8) | (15) |
| **Total Group Stop loss** | **75** | **96** | **(71)** | **28** | **74** | **128** | **280** |
| &nbsp;&nbsp;&nbsp;**Stop loss Loss Ratio** | **80.3%** | **75.0%** | **115.4%** | **93.4%** | **83.2%** | **92.0%** | **82.0%** |
| **Voluntary Benefits, Disability, and Other** <sup>(4)</sup> | **100** | **97** | **87** | **103** | **115** | **386** | **412** |
| **Net underwriting gain (loss) and other revenue** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 741 | 747 | 802 | 804 | 812 | 3094 | 3002 |
| &nbsp;&nbsp;&nbsp;Benefits | (524) | (538) | (757) | (625) | (592) | (2444) | (2170) |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)(4)</sup> | (2) | (3) | (4) | (4) | 3 | (13) | (21) |
| **Total Net underwriting gain (loss) and other revenue** | **216** | **206** | **40** | **175** | **223** | **637** | **812** |
| &nbsp;&nbsp;&nbsp;**Total Aggregate Loss Ratio** | **70.7%** | **72.0%** | **94.5%** | **77.7%** | **72.9%** | **79.0%** | **72.3%** |
| &nbsp;&nbsp;&nbsp;**Total Aggregate Loss Ratio TTM** | **79.0%** | **79.4%** | **79.7%** | **73.9%** | **72.3%** |  |  |
| <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. | <sup>(1)</sup> Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products. |  |  |
| <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. | <sup>(2)</sup> Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue. |  |  |
| <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. | <sup>(3)</sup> Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. |  |  |
| <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. | <sup>(4)</sup> The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 26 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Quarterly Loss Ratio Development for Group Stop Loss**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** | **Estimated Ultimate Loss Ratio as of** |
| | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **3/31/2024** | **12/31/2023** | **9/30/2023** | **6/30/2023** | **3/31/2023** |
| **2025 Stop Loss Policy Year Development** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;January Business | 87% | 87% | —% | —% | —% | —% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Non-January Business | 85% | NM <sup>(1)</sup> | —% | —% | —% | —% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Total 2025 Policy Year | 87% | 87% | —% | —% | —% | —% | —% | —% | —% | —% |
| **2024 Stop Loss Policy Year Development** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January Business | 91% | 93% | 95% | 86% | 81% | 81% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Non-January Business | 85% | 85% | 85% | 80% | 81% | 81% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Total 2024 Policy Year | 90% | 92% | 94% | 86% | 81% | 81% | —% | —% | —% | —% |
| **2023 Stop Loss Policy Year Development** | **2023 Stop Loss Policy Year Development** | **2023 Stop Loss Policy Year Development** | **2023 Stop Loss Policy Year Development** | **2023 Stop Loss Policy Year Development** | **2023 Stop Loss Policy Year Development** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January Business | 80% | 80% | 80% | 80% | 80% | 80% | 79% | 79% | 75% | 78% |
| &nbsp;&nbsp;&nbsp;Non-January Business | 83% | 83% | 85% | 83% | 81% | 79% | 77% | 77% | 78% | 78% |
| &nbsp;&nbsp;&nbsp;Total 2023 Policy Year | 80% | 80% | 81% | 81% | 80% | 80% | 79% | 78% | 75% | 78% |
| **2022 Stop Loss Policy Year Development** | **2022 Stop Loss Policy Year Development** | **2022 Stop Loss Policy Year Development** | **2022 Stop Loss Policy Year Development** | **2022 Stop Loss Policy Year Development** | **2022 Stop Loss Policy Year Development** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January Business | 71% | 71% | 71% | 71% | 71% | 71% | 71% | 71% | 71% | 74% |
| &nbsp;&nbsp;&nbsp;Non-January Business | 67% | 67% | 67% | 68% | 68% | 67% | 68% | 71% | 72% | 76% |
| &nbsp;&nbsp;&nbsp;Total 2022 Policy Year | 70% | 70% | 70% | 70% | 71% | 71% | 71% | 71% | 72% | 74% |
| **Reported Loss Ratio for Stop Loss** | **80%** | **75%** | **115%** | **93%** | **83%** | **84%** | **76%** | **83%** | **63%** | **70%** |
| <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. | <sup>(1)</sup> The 2025 non-January business is not material for the first quarter of 2025. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 27 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Employee Benefits Key Metrics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **Twelve Months Ended or As of** | **Twelve Months Ended or As of** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Sales by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 22 | 74 | 7 | 11 | 18 | 114 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 14 | 265 | 12 | 35 | 23 | 326 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary and Other <sup>(1)</sup> | 37 | 99 | 14 | 17 | 38 | 167 | 202 |
| **Total sales by product line** | **73** | **438** | **33** | **63** | **78** | **607** | **1019** |
| Total gross premiums and deposits | 843 | 846 | 896 | 900 | 904 | 3485 | 3333 |
| **Annualized In-force Premiums and Fees by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group life and Disability | 977 | 971 | 978 | 978 | 996 | 977 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop loss | 1569 | 1589 | 1821 | 1837 | 1845 | 1569 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary and Other <sup>(1)</sup> | 1103 | 1117 | 1057 | 1050 | 1030 | 1103 | 1030 |
| **Total annualized in-force premiums and fees by product line** | **3649** | **3677** | **3856** | **3864** | **3870** | **3649** | **3870** |
| **Assets Under Management by Fund Group:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General account | 1945 | 1870 | 1975 | 1954 | 1921 | 1945 | 1921 |
| &nbsp;&nbsp;&nbsp;Separate account | 18 | 17 | 18 | 17 | 17 | 18 | 17 |
| **Total AUM** | **1963** | **1887** | **1993** | **1972** | **1938** | **1963** | **1938** |
| <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. | <sup>(1)</sup> Includes benefit administration annual recurring revenue and Health Account Solutions products. |  |  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 29 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Corporate Adjusted Operating Earnings Before Income Taxes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| &nbsp;&nbsp;Interest expense (excluding Preferred stock dividends) <sup>(1)</sup> | (28) | (31) | (34) | (29) | (29) | (122) | (117) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (4) | (17) | (4) | (16) | (4) | (41) | (39) |
| &nbsp;&nbsp;Pension expense <sup>(2)</sup> | (13) | (13) | (12) | (12) | (12) | (50) | (46) |
| &nbsp;&nbsp;Other <sup>(3)</sup> | (22) | (2) | 23 | (3) | (9) | (4) | (1) |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | **(67)** | **(63)** | **(27)** | **(60)** | **(54)** | **(217)** | **(203)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest | (1) | (1) |  | (1) | (1) | (2) | (1) |
| **Adjusted operating earnings before income taxes** | **(67)** | **(62)** | **(27)** | **(59)** | **(53)** | **(215)** | **(202)** |
| <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. | <sup>(1)</sup> Includes other operating expenses related to financing agreements. |
| <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. | <sup>(2)</sup> Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations. |
| <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. | <sup>(3)</sup> Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

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

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 31 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Net Revenue and Adjusted Operating Margin**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Net Revenue Excluding Notable Items** |  |  |  |  |  |  |  |
| **Retirement** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 242 | 242 | 223 | 234 | 238 | 941 | 946 |
| &nbsp;&nbsp;&nbsp;Fee-based margin | 334 | 332 | 302 | 296 | 285 | 1264 | 1084 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 8 | 7 | 5 | 7 | 2 | 27 | 13 |
| **Retirement Net Revenue** | **584** | **581** | **529** | **537** | **525** | **2232** | **2043** |
| **Investment Management** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment capital and other investment income | 9 | 8 | 9 | 9 | 9 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;Fee-based margin | 234 | 237 | 265 | 239 | 226 | 974 | 899 |
| **Investment Management Net Revenue** | **243** | **246** | **273** | **248** | **234** | **1010** | **935** |
| **Employee Benefits** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment spread and other investment income | 31 | 29 | 28 | 28 | 27 | 116 | 102 |
| &nbsp;&nbsp;&nbsp;Fee-based margin | 56 | 56 | 57 | 57 | 54 | 226 | 226 |
| &nbsp;&nbsp;&nbsp;Net underwriting gain (loss) and other revenue | 216 | 206 | 40 | 175 | 223 | 637 | 828 |
| **Employee Benefits Net Revenue** | **302** | **292** | **125** | **260** | **304** | **979** | **1157** |
| **Total Net Revenue Excluding Notable Items** <sup>(1)</sup> | **1128** | **1119** | **928** | **1045** | **1063** | **4221** | **4135** |
| **Adjusted Operating Earnings Excluding Notable Items** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 227 | 222 | 220 | 232 | 222 | 901 | 811 |
| &nbsp;&nbsp;&nbsp;Investment Management | 68 | 55 | 91 | 76 | 65 | 290 | 245 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 68 | 48 | (102) | 26 | 63 | 40 | 242 |
| **Total Adjusted Operating Earnings Excluding Corporate and Notable Items** <sup>(1)</sup> | **363** | **325** | **209** | **334** | **350** | **1231** | **1298** |
| &nbsp;&nbsp;&nbsp;Corporate | (67) | (63) | (27) | (60) | (54) | (217) | (203) |
| **Total Adjusted operating earnings Excluding Notable Items, *including* noncontrolling interest** | **296** | **262** | **183** | **274** | **296** | **1014** | **1094** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items | 13 | 11 | 23 | 16 | 13 | 63 | 51 |
| **Total Adjusted Operating Earnings Excluding Notable Items** <sup>(1)</sup> | **282** | **251** | **160** | **258** | **283** | **951** | **1042** |
| **Adjusted Operating Margin Excluding Notable Items** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 38.9% | 38.1% | 41.5% | 43.1% | 42.3% | 40.3% | 39.7% |
| &nbsp;&nbsp;&nbsp;Investment Management | 27.9% | 22.5% | 33.3% | 30.6% | 27.8% | 28.7% | 26.2% |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 22.6% | 16.6% | (81.3)% | 9.9% | 20.8% | 4.2% | 20.9% |
| **Total Adjusted Operating Margin *<u>Excluding Corporate</u>* and Notable Items** | **32.2%** | **29.1%** | **22.6%** | **31.9%** | **32.9%** | **29.2%** | **31.4%** |
| Total Adjusted Operating Margin *<u>Including Corporate</u>,* Excluding Notable Items | 26.2% | 23.4% | 19.7% | 26.2% | 27.8% | 24.0% | 26.5% |
| **Adjusted Operating Margin Excluding Notable Items TTM** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 40.3% | 41.2% | 41.4% | 40.4% | 39.7% |  |  |
| &nbsp;&nbsp;&nbsp;Investment Management | 28.7% | 28.6% | 28.9% | 26.9% | 26.2% |  |  |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 4.2% | 3.6% | 4.8% | 17.4% | 20.9% |  |  |
| **Total Adjusted Operating Margin *<u>Excluding Corporate</u>* and Notable Items** | **29.2%** | **29.2%** | **29.6%** | **31.0%** | **31.4%** |  |  |
| Total Adjusted Operating Margin *<u>Including Corporate</u>*, Excluding Notable Items | 24.0% | 24.2% | 24.4% | 25.9% | 26.5% |  |  |
| <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. | <sup>(1)</sup> Refer to the "Reconciliations" section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 32 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Administrative Expenses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| &nbsp;&nbsp;&nbsp;Retirement | (259) | (261) | (223) | (219) | (220) | (962) | (906) |
| &nbsp;&nbsp;&nbsp;Investment Management | (174) | (190) | (182) | (171) | (169) | (717) | (690) |
| &nbsp;&nbsp;&nbsp;Employee Benefits | (132) | (139) | (130) | (130) | (131) | (531) | (518) |
| **Total Administrative Expenses** <sup>(1)</sup> | **(565)** | **(590)** | **(535)** | **(520)** | **(520)** | **(2210)** | **(2114)** |
| <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  | <sup>(1)</sup> Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.  |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 33 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Adjusted Operating Return on Allocated Capital**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD, unless otherwise indicated) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Retirement** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest | 863 | 842 | 820 | 758 | 726 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 122 | 119 | 116 | 104 | 98 |
| **Adjusted Operating Earnings - before interest and after income taxes** | **741** | **723** | **704** | **654** | **628** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 14.3% | 13.4% | 14.3% | 14.3% | 14.5% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 14.1% | 14.1% | 14.2% | 13.7% | 13.4% |
| &nbsp;&nbsp;&nbsp;Average Capital | 3584 | 3483 | 3415 | 3402 | 3413 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 3771 | 3796 | 3509 | 3445 | 3401 |
| **Adjusted Return on Capital** | **20.7%** | **20.7%** | **20.6%** | **19.2%** | **18.4%** |
| **Investment Management** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest | 214 | 213 | 213 | 192 | 186 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 45 | 45 | 45 | 40 | 39 |
| **Adjusted Operating Earnings - before interest and after income taxes** | **169** | **168** | **168** | **152** | **147** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 861 | 851 | 843 | 834 | 824 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 875 | 874 | 869 | 843 | 841 |
| **Adjusted Return on Capital** | **19.6%** | **19.7%** | **20.0%** | **18.1%** | **17.8%** |
| **Employee Benefits** |  |  |  |  |  |
| Adjusted operating earnings before income taxes - before interest | 36 | 27 | 40 | 186 | 216 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 7 | 6 | 8 | 39 | 45 |
| **Adjusted Operating Earnings - before interest and after income taxes** | **29** | **21** | **32** | **147** | **171** |
| &nbsp;&nbsp;Adjusted Operating effective tax rate <sup>(1)</sup> | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Adjusted Operating effective tax rate TTM | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;Average Capital | 1286 | 1275 | 1246 | 1222 | 1220 |
| &nbsp;&nbsp;Ending Capital <sup>(2)</sup> | 1281 | 1295 | 1306 | 1267 | 1268 |
| **Adjusted Return on Capital** | **2.2%** | **1.6%** | **2.5%** | **12.0%** | **14.0%** |
| <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  | <sup>(1)</sup> We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Retirement segment.  |
| <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 35 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2025** | **3/31/2025** | **3/31/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |
| **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 | 10639 | 28.0% | 138 | 5.2% | 10743 | 28.0% | 134 | 5.0% | 10639 | 28.0% | 271 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit | 8566 | 22.0% | 107 | 5.1% | 8678 | 22.0% | 106 | 5.1% | 8566 | 22.0% | 213 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitized <sup>(2)(3)</sup> | 9931 | 26.0% | 143 | 5.8% | 10107 | 26.0% | 150 | 5.9% | 9931 | 26.0% | 293 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5502 | 14.0% | 67 | 4.9% | 5588 | 14.0% | 66 | 4.9% | 5502 | 14.0% | 133 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals | 609 | 2.0% | 6 | 3.9% | 623 | 2.0% | 6 | 3.9% | 609 | 2.0% | 12 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 598 | 2.0% | 6 | 4.3% | 499 | 1.0% | 6 | 4.2% | 598 | 2.0% | 12 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 178 | —% | 3 | 6.5% | 191 | —% | 3 | 6.4% | 178 | —% | 6 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 376 | 1.0% | 4 | 4.7% | 381 | 1.0% | 5 | 5.5% | 376 | 1.0% | 9 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (6) | —% | 2 | N/A | (6) | —% | 2 | N/A | (6) | —% | 4 | N/A |
| &nbsp;&nbsp;**Book Values and Gross Investment Income before variable components** | **36393** | **95.0%** | **476** | **5.3%** | **36804** | **95.0%** | **478** | **5.3%** | **36393** | **95.0%** | **954** | **5.3%** |
| &nbsp;&nbsp;**Book Values and Gross Investment Income on variable components** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnership <sup>(4)</sup> | 1984 | 5.0% | 46 | 10.1% | 1910 | 5.0% | 20 | 4.3% | 1984 | 5.0% | 66 | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment / Other fee income | N/A | —% | 4 | —% | N/A | —% | 2 | —% | N/A | —% | 6 | —% |
| &nbsp;&nbsp;**Book Values and Gross Investment Income (variable)** | 1984 | 5.0% | 50 | —% | 1910 | 5.0% | 22 | —% | 1984 | 5.0% | 72 | —% |
| **Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings** | **38377** | **100.0%** | **526** | **5.6%** | **38713** | **100.0%** | **500** | **5.3%** | **38377** | **100.0%** | **1026** | **5.4%** |
| <sup>(1)</sup> Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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, funds withheld asset receivables, 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. |
| <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. | <sup>(4)</sup> Includes assets and income related to foreclosed real estate. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 36 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) | **3/31/2025** | **3/31/2025** | **12/31/2024** | **12/31/2024** | **09/30/2024** | **09/30/2024** | **06/30/2024** | **06/30/2024** |
| **Statutory Carrying Value** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** | **Statutory Value** | **SV %** |
| &nbsp;&nbsp;&nbsp;&nbsp;Public corporate | 10610 | 28.0% | 10336 | 29.0% | 10241 | 28.0% | 10563 | 29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Private credit | 8506 | 22.0% | 7860 | 22.0% | 7754 | 21.0% | 7695 | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitized | 9996 | 26.0% | 9657 | 27.0% | 10083 | 28.0% | 9831 | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipals | 623 | 2.0% | 686 | 2.0% | 705 | 2.0% | 731 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term / Treasury | 524 | 1.0% | 572 | 2.0% | 432 | 1.0% | 452 | 1.0% |
| &nbsp;&nbsp;**Total Fixed maturities** | **30258** | **79.0%** | **29110** | **81.0%** | **29215** | **81.0%** | **29272** | **81.0%** |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans | 5553 | 14.0% | 4669 | 13.0% | 4814 | 13.0% | 4971 | 14.0% |
| &nbsp;&nbsp;&nbsp;Limited partnership | 1910 | 5.0% | 1885 | 5.0% | 1778 | 5.0% | 1768 | 5.0% |
| &nbsp;&nbsp;&nbsp;Equity securities | 577 | 2.0% | 309 | 1.0% | 316 | 1.0% | 290 | 1.0% |
| **Total** | **38298** | **100.0%** | **35973** | **100.0%** | **36122** | **100.0%** | **36302** | **100.0%** |
| **NAIC Ratings** |  |  |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC 1 | 16304 | 54.0% | 15641 | 54.0% | 15803 | 54.0% | 15525 | 53.0% |
| &nbsp;&nbsp;&nbsp;NAIC 2 | 12459 | 41.0% | 12073 | 41.0% | 12053 | 41.0% | 12493 | 43.0% |
| &nbsp;&nbsp;&nbsp;NAIC 3 and below | 1495 | 5.0% | 1397 | 5.0% | 1359 | 5.0% | 1254 | 4.0% |
| **Total Fixed maturities** | **30258** | **100.0%** | **29110** | **100.0%** | **29215** | **100.0%** | **29272** | **100.0%** |
| Commercial Mortgage Loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CML 1 | 4111 | 74.0% | 3396 | 73.0% | 3482 | 72.0% | 3667 | 74.0% |
| &nbsp;&nbsp;&nbsp;CML 2 | 1000 | 18.0% | 961 | 21.0% | 1004 | 21.0% | 992 | 20.0% |
| &nbsp;&nbsp;&nbsp;CML 3 and below | 441 | 8.0% | 312 | 7.0% | 328 | 7.0% | 313 | 6.0% |
| **Total Commercial mortgage loans** | **5553** | **100.0%** | **4669** | **100.0%** | **4814** | **100.0%** | **4971** | **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. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 37 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Alternative Investment Income**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Retirement** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 1590 | 1591 | 1575 | 1558 | 1536 | 1590 | 1498 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 42 | 22 | 33 | 20 | 34 | 64 | 58 |
| **Investment Management** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 344 | 326 | 340 | 347 | 349 | 335 | 331 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 4 | 5 | 5 | 3 | 7 | 9 | 13 |
| **Employee Benefits** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average alternative investments | 268 | 238 | 215 | 212 | 220 | 253 | 231 |
| &nbsp;&nbsp;&nbsp;Alternative investment income | 7 | 3 | 5 | 3 | 2 | 10 | 8 |
| <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. | <sup>(1)</sup> Excludes assets and income related to foreclosed real estate. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 38 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Alternative Income and Prepayments Above (Below) Expectations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Alternative Income Above (Below) Long-Term Expectations** <sup>(1) (2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | 7 | (14) | (2) | (14) |  | (24) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management | (4) | (2) | (3) | (5) | (1) | (13) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits | 1 | (2) | (1) | (3) | (3) | (5) | (10) |
| **Total** | **4** | **(19)** | **(6)** | **(22)** | **(4)** | **(42)** | **(72)** |
| **Prepayments Above (Below) Expectations** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | 1 |  | (8) | (7) | (8) | (13) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits |  |  |  |  |  |  |  |
| **Total** | **1** | **—** | **(8)** | **(7)** | **(8)** | **(13)** | **(29)** |
| **Alternative Income and Prepayments Above (Below) Expectations** <sup>(1) (2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | 8 | (14) | (10) | (21) | (8) | (37) | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management | (4) | (2) | (3) | (5) | (1) | (13) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits | 1 | (2) | (1) | (3) | (3) | (5) | (10) |
| **Total** | **5** | **(19)** | **(14)** | **(29)** | **(12)** | **(56)** | **(101)** |
| <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  | <sup>(1)</sup> Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our expectations. The long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended June 30, 2025 and 2024 was approximately $194 million and $189 million, respectively, pre-tax and before variable compensation. The expectation for prepayment fees was approximately $22 million and $37 million for the twelve months ended June 30, 2025 and 2024, respectively, pre-tax and before variable compensation. This reflects the updated expectation for periods after 2024 of approximately $1 million to $2 million per quarter and the prior long-term expectation for periods through 2024 of approximately $8 million to $10 million per quarter with both expectations pre-tax and before variable compensation.  |
| <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. | <sup>(2)</sup> Excludes income related to foreclosed real estate. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

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

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 40 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Adjusted Operating Earnings Before Income Taxes 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 USD, except per share) | **6/30/2025** | **6/30/2025** | **6/30/2025** | **3/31/2025** | **3/31/2025** | **3/31/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** | **9/30/2024** | **9/30/2024** | **9/30/2024** | **6/30/2024** | **6/30/2024** | **6/30/2024** |
|  | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> |
| **Income (loss) available to Voya Financial, Inc.'s common shareholders** |  | **162** | **1.66** |  | **139** | **1.42** |  | **93** | **0.94** |  | **98** | **0.98** |  | **201** | **1.96** |
| **Plus:** Net income (loss) attributable to noncontrolling interests |  | (5) | (0.05) |  | (5) | (0.05) |  | 24 | 0.25 |  | (16) | (0.16) |  | 30 | 0.29 |
| **Less:** Preferred stock dividends |  | (4) | (0.04) |  | (17) | (0.17) |  | (4) | (0.04) |  | (16) | (0.17) |  | (4) | (0.04) |
| **Income (loss)** | **188** | **161** | **1.65** | **173** | **151** | **1.54** | **120** | **121** | **1.23** | **116** | **98** | **0.99** | **276** | **235** | **2.29** |
| **Less:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment gains (losses) | (29) | (23) | (0.23) | (2) | (1) | (0.02) |  |  |  | (33) | (26) | (0.26) | 20 | 16 | 0.16 |
| &nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (30) | (24) | (0.24) | (39) | (31) | (0.32) | (22) | (17) | (0.17) | (52) | (41) | (0.41) | (37) | (29) | (0.28) |
| &nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | (5) | (5) | (0.05) | (5) | (5) | (0.05) | 24 | 24 | 0.25 | (16) | (16) | (0.16) | 30 | 30 | 0.29 |
| &nbsp;&nbsp;Dividend payments made to preferred shareholders | 4 | 4 | 0.04 | 17 | 17 | 0.17 | 4 | 4 | 0.04 | 16 | 16 | 0.17 | 4 | 4 | 0.04 |
| &nbsp;&nbsp;Other adjustments <sup>(3)</sup> | (41) | (31) | (0.32) | (30) | (24) | (0.24) | (32) | (27) | (0.28) | (28) | (25) | (0.25) | (12) | (9) | (0.09) |
| **Adjusted operating earnings** | **289** | **240** | **2.46** | **232** | **195** | **2.00** | **147** | **138** | **1.40** | **230** | **190** | **1.90** | **271** | **223** | **2.18** |
| **Less:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation | 6 | 5 | 0.05 | (19) | (15) | (0.15) | (13) | (10) | (0.11) | (28) | (22) | (0.22) | (12) | (10) | (0.09) |
| **Adjusted operating earnings excluding notable items** | **282** | **235** | **2.40** | **251** | **210** | **2.15** | **160** | **148** | **1.50** | **258** | **212** | **2.12** | **283** | **232** | **2.27** |
| <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. |
| <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. |
| <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. | <sup>(3)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the three months ended June 30, 2025, also includes $18 million, after-tax, of severance costs. For the three months ended March 31, 2025, also includes $6 million, after-tax, of severance costs. For the three months ended December 31, 2024, also includes a $12 million, after-tax, write-off of an intangible asset related to a prior acquisition, an $8 million, after-tax, write-off of previously capitalized costs associated with an internal technology project which is no longer being pursued, $5 million, after-tax, of severance costs, and $4 million, after-tax, related to an insurance company guaranty fund assessment net of premium tax credits, partially offset by a $20 million, after-tax, net actuarial gain related to pension and other postretirement benefit obligations. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 41 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
| (in millions USD, except per share) | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** | **6/30/2024** |
|  | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> | **Before income taxes** | **After income taxes** <sup>(1)</sup> | **Per share** <sup>(2)</sup> |
| **Income (loss) available to Voya Financial, Inc.'s common shareholders** |  | **301** | **3.09** |  | **435** | **4.20** |
| **Plus**: Net income (loss) attributable to noncontrolling interests |  | (10) | (0.11) |  | 67 | 0.64 |
| **Less**: Preferred stock dividends |  | (21) | (0.21) |  | (21) | (0.20) |
| **Income (loss)** | **361** | **312** | **3.19** | **563** | **523** | **5.04** |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (31) | (24) | (0.25) | 84 | 66 | 0.64 |
| &nbsp;&nbsp;Income (loss) related to businesses exited or to be exited through reinsurance or divestment <sup>(3)</sup> | (69) | (55) | (0.56) | (69) | (16) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | (10) | (10) | (0.11) | 67 | 67 | 0.64 |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 21 | 21 | 0.21 | 21 | 21 | 0.20 |
| &nbsp;&nbsp;Other adjustments <sup>(4)</sup> | (71) | (55) | (0.56) | (35) | (23) | (0.22) |
| **Adjusted operating earnings** | **521** | **435** | **4.45** | **494** | **408** | **3.94** |
| **Less:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation | (13) | (10) | (0.10) | (27) | (21) | (0.21) |
| **Adjusted operating earnings excluding notable items** | **534** | **445** | **4.55** | **521** | **429** | **4.15** |
| <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. | <sup>(1)</sup> For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law. |
| <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. | <sup>(2)</sup> Per share calculations are based on un-rounded numbers. |
| <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. | <sup>(3)</sup> Includes tax benefits of $38 million related to a divested business for the six months ended June 30, 2024. |
| <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. | <sup>(4)</sup> Primarily consists of acquisition and integration costs associated with recent transactions and amortization of acquisition-related intangible assets. For the six months ended June 30, 2025, also includes $24 million, after-tax, of severance costs. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 42 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Adjusted Operating Revenues and Adjusted Operating Benefits and Expenses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year-to-Date** | **Year-to-Date** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Total revenues** | **1981** | **1969** | **2010** | **1956** | **2033** | **3950** | **4084** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (38) | (5) | (8) | (33) | 16 | (44) | 62 |
| &nbsp;&nbsp;&nbsp;Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment | 30 | 28 | 13 | 52 | 13 | 58 | 37 |
| &nbsp;&nbsp;&nbsp;Revenues (loss) attributable to noncontrolling interests | 35 | 25 | 57 | 19 | 102 | 60 | 167 |
| &nbsp;&nbsp;&nbsp;Other adjustments | 54 | 33 | 50 | 50 | 42 | 87 | 93 |
| **Total adjusted operating revenues** | **1900** | **1888** | **1897** | **1867** | **1860** | **3788** | **3724** |
| **Adjusted operating revenues by segment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | 824 | 798 | 731 | 726 | 730 | 1622 | 1450 |
| &nbsp;&nbsp;&nbsp;Investment Management | 239 | 243 | 271 | 243 | 234 | 482 | 468 |
| &nbsp;&nbsp;&nbsp;Employee Benefits | 832 | 841 | 888 | 892 | 892 | 1673 | 1798 |
| &nbsp;&nbsp;&nbsp;Corporate | 5 | 6 | 8 | 6 | 4 | 11 | 9 |
| **Total adjusted operating revenues** | **1900** | **1888** | **1897** | **1867** | **1860** | **3788** | **3724** |
| **Total benefits and expenses** | **(1793)** | **(1796)** | **(1890)** | **(1840)** | **(1757)** | **(3589)** | **(3521)** |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in market risk benefits | 9 | 3 | 8 |  | 4 | 12 | 20 |
| &nbsp;&nbsp;&nbsp;Benefits and expenses related to businesses exited or to be exited through reinsurance or divestment | (60) | (67) | (35) | (104) | (50) | (127) | (106) |
| &nbsp;&nbsp;&nbsp;Expenses attributable to noncontrolling interests | (54) | (41) | (56) | (51) | (85) | (95) | (124) |
| &nbsp;&nbsp;&nbsp;Dividend payments made to preferred shareholders | 4 | 17 | 4 | 16 | 4 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;Other adjustments | (95) | (63) | (83) | (79) | (54) | (158) | (128) |
| **Total adjusted operating benefits and expenses** | **(1598)** | **(1645)** | **(1728)** | **(1622)** | **(1576)** | **(3243)** | **(3206)** |
| **Adjusted operating benefits and expenses by segment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement | (589) | (591) | (521) | (516) | (516) | (1180) | (1050) |
| &nbsp;&nbsp;&nbsp;Investment Management | (174) | (190) | (182) | (171) | (169) | (364) | (351) |
| &nbsp;&nbsp;&nbsp;Employee Benefits | (763) | (795) | (990) | (869) | (832) | (1558) | (1678) |
| &nbsp;&nbsp;&nbsp;Corporate | (72) | (69) | (35) | (66) | (59) | (142) | (127) |
| **Total adjusted operating benefits and expenses** | **(1598)** | **(1645)** | **(1728)** | **(1622)** | **(1576)** | **(3243)** | **(3206)** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 43 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Retirement and Investment Management 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* | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Retirement** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#ic869089f22ef407aa5139e1bd33e3cd4_22)* | **824** | **798** | **731** | **726** | **730** | **3079** | **2837** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (232) | (231) | (211) | (210) | (213) | (884) | (878) |
| **Net revenue** | *page [16](#ic869089f22ef407aa5139e1bd33e3cd4_43)* | **592** | **567** | **519** | **516** | **517** | **2194** | **1958** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations |  | 8 | (14) | (10) | (21) | (8) | (37) | (85) |
| **Net revenue excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **584** | **581** | **529** | **537** | **525** | **2232** | **2043** |
| **Investment Management** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#ic869089f22ef407aa5139e1bd33e3cd4_22)* | **239** | **243** | **271** | **243** | **234** | **996** | **929** |
| **Net revenue** | *page [20](#ic869089f22ef407aa5139e1bd33e3cd4_64)* | **239** | **243** | **271** | **243** | **234** | **996** | **929** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations |  | (4) | (2) | (3) | (5) | (1) | (13) | (6) |
| **Net revenue excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **243** | **246** | **273** | **248** | **234** | **1010** | **935** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 44 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Employee Benefits 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* | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Employee Benefits** |  |  |  |  |  |  |  |  |
| **Adjusted operating revenues** | *page [9](#ic869089f22ef407aa5139e1bd33e3cd4_22)* | **832** | **841** | **888** | **892** | **892** | **3453** | **3329** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (529) | (551) | (764) | (634) | (591) | (2478) | (2199) |
| **Net revenue** | *page [25](#ic869089f22ef407aa5139e1bd33e3cd4_52)* | **303** | **290** | **124** | **257** | **301** | **974** | **1130** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations |  | 1 | (2) | (1) | (3) | (3) | (5) | (10) |
| &nbsp;&nbsp;Other adjustments to net underwriting gain (loss) and other revenue <sup>(1)</sup> |  |  |  |  |  |  |  | (16) |
| **Net revenue excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **302** | **292** | **125** | **260** | **304** | **979** | **1157** |
| **Consolidated** |  |  |  |  |  |  |  |  |
| **Total Adjusted operating revenues** | *page [9](#ic869089f22ef407aa5139e1bd33e3cd4_22)* | **1900** | **1888** | **1897** | **1867** | **1860** | **7552** | **7126** |
| &nbsp;&nbsp;&nbsp;Interest credited and other benefits to contract owners/policyholders |  | (761) | (782) | (975) | (845) | (804) | (3363) | (3078) |
| &nbsp;&nbsp;Corporate Adjusted operating revenues <sup>(2)</sup> |  | (5) | (6) | (8) | (6) | (4) | (25) | (31) |
| **Net revenue** | *pages [16](#ic869089f22ef407aa5139e1bd33e3cd4_43)/20/25* | **1134** | **1100** | **914** | **1016** | **1051** | **4164** | **4017** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations |  | 5 | (19) | (14) | (29) | (12) | (56) | (101) |
| &nbsp;&nbsp;Other adjustments <sup>(3)</sup> |  |  |  |  |  |  |  | (16) |
| **Net revenue excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **1128** | **1119** | **928** | **1045** | **1063** | **4221** | **4135** |
| <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 primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. | <sup>(2)</sup> Includes primarily investment income on assets backing surplus in excess of amounts held at the segment level and TSA Revenue. |
| <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. | <sup>(3)</sup> Includes changes in certain legal and other reserves not expected to recur at the same level. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 45 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items 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* | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Retirement** |  |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes** | *page [16](#ic869089f22ef407aa5139e1bd33e3cd4_43)* | **235** | **207** | **210** | **211** | **214** | **863** | **726** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation |  | 8 | (14) | (10) | (21) | (8) | (37) | (85) |
| **Adjusted operating earnings excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **227** | **222** | **220** | **232** | **222** | **901** | **811** |
| **Investment Management** |  |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest** | *page [20](#ic869089f22ef407aa5139e1bd33e3cd4_64)* | **65** | **53** | **89** | **72** | **64** | **279** | **237** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation |  | (2) | (2) | (2) | (4) | (1) | (11) | (7) |
| **Adjusted operating earnings excluding notable items, *including* noncontrolling interest** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **68** | **55** | **91** | **76** | **65** | **290** | **245** |
| Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items |  | 14 | 12 | 22 | 17 | 14 | 65 | 53 |
| **Adjusted operating earnings excluding notable items** |  | **54** | **43** | **69** | **59** | **51** | **225** | **192** |
| **Employee Benefits** |  |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes** | *page [25](#ic869089f22ef407aa5139e1bd33e3cd4_52)* | **69** | **46** | **(102)** | **23** | **60** | **36** | **216** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alternative investment income and prepayment fees above (below) expectations net of variable compensation |  | 1 | (2) | (1) | (3) | (3) | (5) | (10) |
| &nbsp;&nbsp;Other <sup>(1)</sup> |  |  |  |  |  |  |  | (16) |
| **Adjusted operating earnings excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **68** | **48** | **(102)** | **26** | **63** | **40** | **242** |
| <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. |

---

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 46 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items 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* | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Corporate** |  |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest**  | *page [29](#ic869089f22ef407aa5139e1bd33e3cd4_79)* | **(67)** | **(63)** | **(27)** | **(60)** | **(54)** | **(217)** | **(203)** |
| **Adjusted operating earnings excluding notable items, *including* noncontrolling interest** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **(67)** | **(63)** | **(27)** | **(60)** | **(54)** | **(217)** | **(203)** |
| Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items |  | (1) | (1) |  | (1) | (1) | (2) | (1) |
| **Adjusted operating earnings excluding notable items** |  | **(67)** | **(62)** | **(27)** | **(59)** | **(53)** | **(215)** | **(202)** |
| **Consolidated** |  |  |  |  |  |  |  |  |
| **Adjusted operating earnings before income taxes, *including* noncontrolling interest**  | *page [9](#ic869089f22ef407aa5139e1bd33e3cd4_22)* | **302** | **243** | **169** | **245** | **284** | **959** | **976** |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Notable Items Adjustments |  | 6 | (19) | (13) | (28) | (12) | (54) | (117) |
| **Adjusted operating earnings excluding notable items, *including* noncontrolling interest** |  | **296** | **262** | **183** | **274** | **296** | **1014** | **1094** |
| Less: Earnings (loss) attributable to the noncontrolling interest excluding notable items |  | 13 | 11 | 23 | 16 | 13 | 63 | 51 |
| **Adjusted operating earnings excluding notable items** | *page [31](#ic869089f22ef407aa5139e1bd33e3cd4_85)* | **282** | **251** | **160** | **258** | **283** | **951** | **1042** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 47 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Adjusted Operating Return on Common Equity Excluding AOCI and NOL DTA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (in millions USD) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| TTM Net Income (loss) available to Voya Financial, Inc.'s common shareholders | 492 | 531 | 626 | 651 | 801 |
| TTM Average Total Voya Financial, Inc. Shareholders' Equity | 4361 | 4259 | 4254 | 4078 | 3836 |
| **TTM Return on Voya Financial, Inc Equity** | **11.3%** | **12.5%** | **14.7%** | **16.0%** | **20.9%** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TTM Impact of Preferred Equity, excluded from denominator of Adjusted ROE, ex AOCI | -1.8% | -2.1% | -2.5% | -2.8% | -4.0% |
| &nbsp;&nbsp;&nbsp;TTM Impact of AOCI, excluded from denominator of Adjusted ROE, ex AOCI | 4.8% | 5.6% | 6.7% | 7.9% | 11.5% |
| &nbsp;&nbsp;&nbsp;TTM Net investment gains (losses), after-tax | -0.8% | -0.2% | 0.7% | 0.5% | 1.7% |
| &nbsp;&nbsp;&nbsp;TTM Income (loss) related to businesses exited or to be exited through reinsurance or divestment, after-tax | -1.9% | -2.0% | -1.2% | -1.6% | -0.3% |
| &nbsp;&nbsp;&nbsp;TTM Other adjustments, after-tax | -1.8% | -1.4% | -1.3% | -1.0% | -0.9% |
| **TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI** | **12.8%** | **12.6%** | **12.3%** | **12.9%** | **12.9%** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of NOL DTA, excluded from denominator of Adjusted ROE, ex AOCI and NOL DTA | -4.2% | -4.1% | -4.1% | -4.4% | -4.3% |
| **TTM Adjusted operating return on Voya Financial, Inc. common equity, ex AOCI and NOL DTA** | **17.0%** | **16.7%** | **16.5%** | **17.3%** | **17.3%** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 48 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Book value per common share, including AOCI** | 41.71 | 39.20 | 35.53 | 42.30 | 34.66 | 41.71 | 34.66 |
| Per share impact of AOCI | 21.46 | 22.67 | 25.78 | 18.66 | 26.09 | 21.46 | 26.09 |
| **Book value per common share, excluding AOCI** | 63.18 | 61.87 | 61.31 | 60.96 | 60.75 | 63.18 | 60.75 |
| **Debt to capital ratio** | 31.2% | 32.4% | 38.5% | 34.6% | 34.2% | 31.2% | 34.2% |
| &nbsp;&nbsp;Capital impact of adding noncontrolling interest | -6.9% | -7.5% | -9.1% | -7.1% | -7.8% | -6.9% | -7.8% |
| &nbsp;&nbsp;Impact of adding other financial obligations and treatment of preferred stock <sup>(1)</sup> | 9.4% | 9.5% | 9.4% | 9.0% | 10.3% | 9.4% | 10.3% |
| &nbsp;&nbsp;&nbsp;Capital impact of excluding AOCI | -6.3% | -6.9% | -8.5% | -5.9% | -8.7% | -6.3% | -8.7% |
| **Financial leverage ratio excluding AOCI** | 27.4% | 27.5% | 30.3% | 30.6% | 28.0% | 27.4% | 28.0% |
| <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. | <sup>(1)</sup> Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock. |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

**<u>Appendix</u>**

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)

------

---

| | |
|:---|:---|
| **Voya Financial** | **Page 50 of [50](#ic869089f22ef407aa5139e1bd33e3cd4_1097)** |

---

**Reconciliation of Recast Retirement Client Asset Rollforward and Fee Revenue**

---

| | | | |
|:---|:---|:---|:---|
| | **As Previously Reported** | **change** | **Recast Amounts** |
| (in millions USD) | **3/31/2025** |  | **3/31/2025** |
| **Full Service - Client Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based | 195591 | 22756 | 218347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spread-based | 33010 |  | 33010 |
| **Client Assets, end of period - Full Service Total** | **228601** | **22756** | **251357** |
| **Full Service - Total** |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 208448 |  | 208448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 2413 |  | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 5511 | 552 | 6063 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 7923 | 552 | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (8546) | (758) | (9304) |
| &nbsp;&nbsp;&nbsp;Net Flows | (622) | (206) | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (3598) | (211) | (3809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition | 24374 | 23172 | 47547 |
| **Client Assets, end of period - Full Service Total** | **228601** | **22756** | **251357** |
| **Recordkeeping** |  |  |  |
| &nbsp;&nbsp;&nbsp;Client Assets, beginning of period | 340254 |  | 340254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers / Single deposits | 34611 |  | 34611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring deposits | 8932 | (552) | 8380 |
| &nbsp;&nbsp;&nbsp;Total Deposits | 43543 | (552) | 42991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, benefits, and product charges | (13517) | 758 | (12759) |
| &nbsp;&nbsp;&nbsp;Net Flows | 30027 | 206 | 30232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited and investment performance | (5411) | 211 | (5200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer due to business acquisition | 36253 | (23172) | 13080 |
| **Client Assets, end of period - Recordkeeping** | **401122** | **(22756)** | **378366** |
| **Fee Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service Fee-based revenue | 194 | 10 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping and other fee-based revenue | 138 | (10) | 128 |
| **Total Fee-based margin** | **332** | **—** | **332** |

---

![voyasupplementfootera03a.jpg](voyasupplementfootera03a.jpg)