UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 5, 2019
VOYA FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

							
Delaware	 	001-35897	 	No.	52-1222820	
(State or other jurisdiction of incorporation)	 	(Commission File Number)	 	(IRS Employer Identification Number)	
230 Park Avenue	 	 	 	 	 	
New York	New York	 	 	 	10169	
(Address of principal executive offices)	 	 	 	(Zip Code)	
Registrant’s telephone number, including area code: (212) 309-8200
N/A
(Former name or former address, if changed since last report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

			
Title of each class	Trading symbol	Name of each exchange on which registered	
Common Stock, $.01 Par Value	VOYA	New York Stock Exchange	
Depositary Shares, each representing a 1/40th	VOYAPrB	New York Stock Exchange	
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value			
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

	
		
Item 2.02	Results of Operations and Financial Condition	
On November 5, 2019 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30, 2019. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.
As previously announced, Voya Financial will host a conference call on Wednesday, November 6, 2019 at 10:00 am ET to discuss its third-quarter 2019 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. The call will be accompanied by a slide presentation, which will be accessible via Voya Financial’s investor relations website at http://investors.voya.com beginning at 9:30 am ET on Wednesday, November 6, 2019. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended September 30, 2019, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 30, 2019 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set for by specific reference in such filing.

	
		
Item 7.01	Regulation FD Disclosure	
On November 5, 2019, Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended September 30, 2019. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

	
		
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits

99.1    Press release of Voya Financial, Inc., dated November 5, 2019 (furnished and not filed)
99.2    Quarterly Investor Supplement for the quarter ended September 30, 2019 (furnished and not filed)
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

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

Voya Financial, Inc.
(Registrant)
By:        /s/ Trevor Ogle             
Name:    Trevor Ogle

Title:	Senior Vice President and Deputy General Counsel 	
Dated: November 5, 2019

Exhibit 99.1

Voya Financial Announces Third-Quarter 2019 Results

Third-quarter 2019 net income available to common shareholders of $0.74 per diluted share
Third-quarter 2019 adjusted operating earnings1 of $0.81 per diluted share, after tax; Normalized for the following items, third-quarter 2019 adjusted operating earnings were $1.36 per diluted share, after tax:

•	$(0.63) per diluted share, after tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking, which was largely driven by unfavorable annual assumption updates in Individual Life; and	

•	$0.08 per diluted share, after tax, of prepayment fees and alternative investment income above the company’s long-term expectations.	
Voya completes $290 million of share repurchases during the third quarter of 2019; Voya has repurchased $936 million of common stock year-to-date
Board of directors authorizes the repurchase of an additional $800 million of Voya common stock — new authorization expires on Dec. 31, 2020

NEW YORK, Nov. 5, 2019 — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the third quarter of 2019.

“During the third quarter, we made further progress on our growth plans and generated normalized third-quarter 2019 adjusted operating earnings of $1.36 per diluted share," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “For the nine months ended Sept. 30, 2019, we generated normalized adjusted operating earnings of $3.87 per diluted share, which is up 11% compared with the prior period and — combined with our expectations for the fourth quarter — means we fully expect to achieve our target of at least 10% annual adjusted operating earnings per share growth, on a normalized basis, in 2019.

"During the third quarter, we generated organic growth in each of our core businesses as a result of our strategic focus on delivering valuable and differentiated solutions to our workplace and institutional clients. Specifically, we achieved $10 billion of Retirement full-service recurring deposits for the trailing 12 months ended Sept. 30, 2019; Investment Management generated $1.3 billion in positive net flows (excluding divested annuities) in the third quarter of 2019 due to

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

both positive institutional and retail net flows; and Employee Benefits grew in-force premiums by 12% compared with the third quarter of 2018.

"We continued to drive greater shareholder value, in part by advancing our capital management initiatives in the third quarter. With the additional shares we repurchased during the third quarter, Voya has now repurchased $936 million of its common stock in 2019 and, in total, we have returned approximately $6 billion of capital to our shareholders through share repurchases and dividends. We continue to prioritize share buybacks for our use of excess capital and we are pleased to have received a new share repurchase authorization from the board of directors to repurchase an additional $800 million of Voya's common stock. Additionally, in the fourth quarter of 2019, we completed a significant reserve financing that will free up approximately $200 million in excess capital, which is part of our plan to generate at least $1 billion in free cash flow from our Individual Life business between 2019 and 2024.

"Finally, we made additional progress toward achieving our cost-savings targets and further reduced stranded costs associated with last year's sale of substantially all of Voya's individual annuities business. Our cost savings initiatives are on track and, given the strong progress we are making, we now expect to achieve run-rate cost savings of at least $250 million by the end of 2020.

"Collectively, our plans to drive organic growth, effectively manage capital, and achieve cost savings are delivering notable outcomes and will enable us to achieve our target of at least 10% annual adjusted operating earnings per share growth over the next three years, on a normalized basis,” added Martin.

THIRD-QUARTER 2019 SUMMARY

	
					
 	Three Months Ended	
 	September 30, 2019	September 30, 2018	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$106	$0.74	$142	$0.87	
Adjusted operating earnings, after tax	$115	$0.81	$139	$0.84	
Normalized adjusted operating earnings, after tax	$195	$1.36	$220	$1.34	
Common book value	 	$73.73	 	$52.22	
Common book value, excluding AOCI	 	$47.79	 	$47.28	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	138	 	160	 	
   Diluted	144	 	164	 	

Net income available to common shareholders in the third quarter of 2019 was $106 million, or $0.74 per diluted share, compared with $142 million, or $0.87 per diluted share, in the third quarter of 2018. The decline reflects lower prepayment fees and alternative investment income in the third quarter of 2019. One-time expense items in Retirement, unfavorable mortality in Individual Life, and a loss on early extinguishment of debt also contributed to the decline.

Adjusted operating earnings in the third quarter of 2019 were $115 million, or $0.81 per diluted share, after tax, down from $139 million, or $0.84 per diluted share, after tax, in the third quarter of 2018. Third-quarter 2019 results included $92 million, after tax, of unfavorable DAC/VOBA and other intangibles unlocking as well as prepayment fees and alternative investment income that was $12 million, after tax, above the company's long-term expectations. Third-quarter 2018 results included $114 million, after tax, of unfavorable DAC/VOBA and other intangibles unlocking as well as prepayment fees and alternative investment income that was $33 million, after tax, above the company's long-term expectations. In addition, third-quarter 2019 results included $6 million of higher favorable tax adjustments due to true-ups of prior estimates compared with the third quarter of 2018.

Normalized adjusted operating earnings (which excludes DAC/VOBA and other intangibles unlocking as well as prepayment fees and alternative investment income above or below the company's long-term expectations) in the third quarter of 2019 were $195 million, or $1.36 per diluted share, after tax, compared with $220 million, or $1.34 per diluted share, after tax, in the third quarter of 2018. Higher normalized adjusted operating earnings in Employee Benefits were more than offset by lower normalized adjusted operating earnings in Retirement and Individual Life. On a per-share basis, the increase reflects the company's share repurchases.

THIRD-QUARTER 2019 HIGHLIGHTS
		
•	Business results:	

◦	Retirement reported third-quarter 2019 adjusted operating earnings of $117 million. Normalized adjusted operating earnings were $141 million. For the trailing 12 months (TTM) ended Sept. 30, 2019, full-service recurring deposits increased 9% to $10.0 billion compared with the TTM ended Sept. 30, 2018. Total full-service net inflows in the third quarter of 2019 were $1,272 million, driven by positive net flows in both Corporate and Tax-Exempt Markets. The third quarter of 2019 also marked the 24th consecutive quarter of positive net flows in Corporate Markets. Total full-service net inflows for the TTM ended Sept. 30, 2019 were $3.2 billion.	

◦	Investment Management reported third-quarter 2019 adjusted operating earnings of $46 million. Normalized adjusted operating earnings were $45 million. Institutional net flows were $332 million in the third quarter of 2019 and $2.9 billion for the TTM ended Sept. 30, 2019. The third quarter of 2019 marked the 15th consecutive quarter of positive institutional net flows. Retail net flows (including sub-advisor replacements and excluding divested annuities) were $1,010 million in the third quarter of 2019, reflecting strong fixed income net flows.	

◦	Employee Benefits reported record adjusted operating earnings of $57 million in the third quarter of 2019, reflecting a total aggregate loss ratio of 71.0% for the TTM ended Sept. 30, 2019. Normalized adjusted operating earnings were $56 million. In the third quarter of 2019, annualized in-force premiums were $2.1 billion, up 12% compared with the third quarter of 2018, reflecting strong growth in all products, particularly in the Voluntary business.	

•	Capital management:	

◦	In the third quarter of 2019, Voya completed an additional $290 million of share repurchases.	

◦	The board of directors recently authorized an additional $800 million in share repurchases; new authorization expires on Dec. 31, 2020.	

◦	Voya had excess capital of $471 million as of Sept. 30, 2019, which is the amount above the company’s holding company liquidity target of $200 million and estimated statutory surplus in excess of a 400% combined RBC ratio. As of Sept. 30, 2019, Voya’s estimated RBC ratio was 450%.	

◦	Early in the fourth quarter of 2019, Voya completed a significant reserve financing that will free up approximately $200 million in excess capital, in line with the company's plan to generate at least $1 billion in free cash flow from its Individual Life business.	

•	Total company assets under management and administration were $568 billion as of Sept. 30, 2019.	

SEGMENT DISCUSSIONS
The following segment discussions compare the third quarter of 2019 with the third quarter of 2018, unless otherwise noted. All figures are presented before income taxes.

Retirement
Retirement adjusted operating earnings were $117 million, compared with $253 million. The decrease primarily reflects:
		
•	$29 million of negative DAC/VOBA and other intangibles unlocking in the third quarter of 2019 compared with $50 million of positive DAC/VOBA and other intangibles unlocking in the third quarter of 2018;	
		
•	$25 million of lower investment income largely due to lower prepayment fee and alternative investment income — prepayment fee and alternative investment income (on a pre-DAC basis) were, in aggregate, $5 million above the company's long-term expectations in the third quarter of 2019 and $27 million above long-term expectations in the third quarter of 2018; and	
		
•	$33 million of higher administrative expenses, including $11 million of one-time adjustments to prior period expense deferrals as well as higher pension costs and volume-related expenses.	

	
										
 	Trailing 12 months ended	Trailing 12 months ended	Trailing 12 months ended	
($ in millions)	9/30/2019	6/30/2019	9/30/2018	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	10,029		$	9,761		$	9,164		
 	 	 	 	
 	Three months ended	Three months ended	Three months ended	
($ in millions)	9/30/2019	6/30/2019	9/30/2018	
Retirement	 	 	 	
Total client assets	$	407,810		$	401,756		$	434,862		
 	 	 	 	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	2,535		$	2,518		$	2,267		
Full Service net flows	$	1,272		$	(19	)	$	99		
Full Service client assets	$	135,528		$	133,726		$	128,641		

For the TTM ended Sept. 30, 2019, Retirement full-service recurring deposits grew 9% compared with the prior period to $10.0 billion and reflect growth in both Small-Mid Corporate and Tax-Exempt Markets.

Retirement total client assets for the three months ended Sept. 30, 2019, were $408 billion, up 2% compared with the three months ended June 30, 2019.

Investment Management
Investment Management adjusted operating earnings were $46 million, compared with $48 million. The decline primarily reflects:
		
•	$2 million of higher fee-based margin driven by higher Institutional fees from positive net flows; and	
		
•	$3 million of lower investment capital revenues primarily due to higher private equity earnings in the third quarter of 2018 (third-quarter 2019 investment capital results were in-line with the company's long-term expectations).	

	
										
($ in millions)	3Q 2019	2Q 2019	3Q 2018	
Investment Management AUM	 	 	 	
External clients	$	160,926		$	158,305		$	154,553		
General account	56,336		55,921		55,862		
Total	$	217,262		$	214,226		$	210,415		
 	 	 	 	
Investment Management Net Flows	 	 	 	
Institutional	$	332		$	772		$	1,392		
Retail (including sub-advisor replacements)	1,010		317		(315	)	
Total (excluding divested annuities)	$	1,342		$	1,089		$	1,077		
Divested annuities outflows	(621	)	(616	)	(600	)	
Total	$	721		$	473		$	477		

During the third quarter of 2019, Investment Management net flows (excluding divested annuities) of $1,342 million included $332 million in institutional net inflows (primarily from fixed income asset classes and a CLO issuance) and $1,010 million in retail net inflows (primarily from expanded distribution of Voya's fixed income asset classes).

Total Investment Management AUM was $217 billion as of Sept. 30, 2019. The increase from June 30, 2019 and Sept. 30, 2018, primarily reflects higher equity markets and total net flows.

Employee Benefits
Employee Benefits adjusted operating earnings were $57 million, up from $50 million. The increase primarily reflects:
		
•	$24 million of higher underwriting results primarily driven by growth in the Voluntary block as well as improvement in the loss ratios for Group Life; and	
		
•	$10 million of higher administrative expenses to support growth in the business.	

	
										
($ in millions)	3Q 2019	2Q 2019	3Q 2018	
Employee Benefits Annualized In-Force Premiums	 	 	 	
Group Life, Disability and Other	$	715		$	715		$	654		
Stop Loss	1,037		1,045		953		
Voluntary	392		392		309		
Total	$	2,144		$	2,152		$	1,916		
 	 	 	 	
 	Trailing 12 months ended	Trailing 12 months ended	Trailing 12 months ended	
 	9/30/2019	6/30/2019	9/30/2018	
Total Aggregate Loss Ratio	71.0	%	71.6	%	73.1	%	

Compared with the third quarter of 2018, total Employee Benefits in-force premiums increased 12% to $2.1 billion, reflecting strong growth in all products, particularly in the Voluntary business. The Total Aggregate Loss Ratio improved to 71.0% for the TTM ended Sept. 30, 2019, at the bottom of the company's target range of 71% to 74%.

Individual Life
Individual Life (which ceased new sales on Dec. 31, 2018) had adjusted operating earnings of $(33) million, compared with $(134) million. The improvement primarily reflects:
		
•	$112 million of lower negative DAC/VOBA and other intangibles unlocking, primarily due to changes in reinsurance costs in 2018 that did not reoccur;	
		
•	$1 million of lower investment income, including prepayment fee and alternative investment income that were, in aggregate, $9 million (on a pre-DAC basis) above the company's long-term expectations in the third quarter of 2019; and	
		
•	$17 million lower net underwriting gain (loss) (including DAC/VOBA and other intangibles amortization) due to unfavorable mortality driven by higher severity on both the interest and non-interest sensitive blocks; and	
		
•	$4 million of lower administrative expenses due to the discontinuance of new sales.	

Corporate
Corporate adjusted operating losses were $62 million compared with losses of $54 million. Third-quarter 2018 results benefited from $4 million of higher positive DAC/VOBA and other intangible unlocking. In addition, higher preferred stock dividends as well as lower investment margin in the company's retained annuities business offset lower administrative expenses and interest expenses in the third quarter of 2019.
 
Share Repurchases
During the third quarter of 2019, Voya completed $40 million of the previously announced accelerated share repurchase agreement entered into with a third-party to repurchase an aggregate of $200 million of Voya’s common stock. Under this agreement, a total of approximately 3.66 million shares of common stock were repurchased.

Also during the third quarter, Voya repurchased 4,926,775 shares of its common stock through open market repurchases at an average price per share of $50.74 for an aggregate purchase price of approximately $250 million.

As of Sept. 30, 2019, Voya has repurchased approximately $936 million of common stock year-to-date.

Voya announced today that its board of directors has increased the amount of the company’s common stock authorized for repurchase under the company’s share repurchase program by an additional $800 million. Under its share repurchase program, the company may, from time to time, purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic repurchase transactions, or tender offers. The additional $800 million share repurchase authorization expires on Dec. 31, 2020 (unless extended), and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.

With the new repurchase authorization, Voya has approximately $850 million remaining under its share repurchase authorizations.

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

Earnings Call and Slide Presentation
Voya will host a conference call on Wed., Nov. 6, 2019, at 10 a.m. ET, to discuss the company’s third-quarter 2019 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Nov. 6, 2019.

Media Contact:                    Investor Contact:
Christopher Breslin                    Michael Katz
212-309-8941                        212-309-8999
Christopher.Breslin@voya.com            IR@voya.com

About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $568 billion in total assets under management and administration as of Sept. 30, 2019. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the

Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

Use of Non-GAAP Financial Measures
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
•	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;	
		
•	Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;	
		
•	Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;	
		
•	Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and	

curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and
		
•	Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings and severance and other expenses associated with such activities. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.	

Income (loss) related to businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions) is excluded from the results of operations from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited through reinsurance or divestment.

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

Normalized adjusted operating earnings excludes from Adjusted operating earnings before income taxes the following items:
		
•	DAC/VOBA and other intangibles unlocking;	
		
•	The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment, and	
		
•	For periods ended on or prior to June 30, 2018, Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	

Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability.

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

In addition to book value per common share including Accumulated other comprehensive income (AOCI), we also report book value per common share excluding AOCI and shareholders' equity excluding AOCI and preferred stock. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per common share excluding AOCI and common shareholders' equity excluding AOCI provide a measure consistent with that view. The Adjusted debt to capital ratio includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.

For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the tables that accompany this release, as well as our Quarterly Investor Supplement.

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

		
•	Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.	
		
•	Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees.	
		
•	Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC.	
		
•	Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit.	
		
•	Net commissions are commissions paid that are not deferred and thus recorded directly to expense.	
		
•	For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking refer to our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q.	

More details on these sources of earnings can be found in Voya Financial’s Quarterly Investor Supplement, which is available on Voya Financial’s investor relations website, investors.voya.com.

Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully manage the separation of the fixed and variable annuities businesses that we sold to VA Capital LLC on June 1, 2018, including the transition services on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")- Trends and Uncertainties" in the Annual Report on Form 10-K for the year ended Dec. 31, 2018, which we filed with the Securities and Exchange Commission on Feb. 22, 2019 and "MD&A- Trends and Uncertainties" in our Quarterly Report on Form 10-Q for the three-month period ended September 30, 2019, which we expect to file with the Securities and Exchange Commission on or before Nov. 12, 2019.

VOYA-IR

# # #

	
																										
Reconciliation of Net Income (Loss) to Normalized Adjusted Operating Earnings and Earnings Per Share (Diluted) Quarter-to-Date	
 	Three Months Ended	
(in millions USD, except per share)	9/30/2019	 	9/30/2018	
 	Pre-tax	Tax Effect (1)	After-tax	Per share	 	Pre-tax	Tax Effect (1)	After-tax	Per share	
 	 	 	 	 	 	 	 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	 	 	$	106		$	0.74		 	 	 	$	142		$	0.87		
Less: Preferred stock dividends	 	 	(14	)	(0.10	)	 	 	 	—		—		
Net Income (loss) available to Voya Financial, Inc.	 	 	120		0.83		 	 	 	142		0.87		
Plus: Net income (loss) attributable to noncontrolling interest	 	 	19		0.13		 	 	 	23		0.14		
Net Income (loss)	 	 	139		0.97		 	 	 	165		1.01		
Less: Income (loss) from discontinued operations, net of tax	 	 	—		—		 	 	 	—		—		
Income (loss) from continuing operations	143		4		139		0.97		 	186		21		165		1.01		
Less Adjustments	 	 	 	 	 	 	 	 	 	
Net Investment gains (losses) and related charges and adjustments	17		4		13		0.09		 	11		2		9		0.05		
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(19	)	(4	)	(15	)	(0.10	)	 	14		3		11		0.07		
Income (loss) related to businesses exited through reinsurance or divestment	27		6		21		0.14		 	—		—		—		—		
Net income (loss) attributable to noncontrolling interest	19		—		19		0.13		 	23		—		23		0.14		
Income (loss) on early extinguishment of debt	(12	)	(3	)	(9	)	(0.07	)	 	—		—		—		—		
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—		—		—		—		 	—		—		—		—		
Dividend payments made to preferred shareholders	14		—		14		(0.10	)	 	—		—		—		—		
Other adjustments (2)	(28	)	(9	)	(19	)	(0.14	)	 	(25	)	(8	)	(17	)	(0.09	)	
Adjusted operating earnings	125		10		115		0.81		 	163		24		139		0.84		
Less Adjustments	 	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	(116	)	(24	)	(92	)	(0.63	)	 	(144	)	(30	)	(114	)	(0.70	)	
Prepayment fees and alternative investment income above (below) long-term expectations	15		3		12		0.08		 	42		9		33		0.20		
Investment Management earnings related to annuities business sold on 6/1/2018	—		—		—		—		 	—		—		—		—		
Normalized adjusted operating earnings	$	226		$	31		$	195		$	1.36		 	$	265		$	45		$	220		$	1.34		
(1) The normalized adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law, including the Tax Cuts and Jobs Act. For non-operating items, we apply a 21% tax rate.

(2) “Other adjustments” primarily consists of restructuring expenses (severance, lease write-offs, etc.) and tax adjustments.

	
																										
Reconciliation of Net Income (Loss) to Normalized Adjusted Operating Earnings and Earnings Per Share (Diluted) Year-to-Date	
 	Year-to-Date	
(in millions USD, except per share)	9/30/2019	 	9/30/2018	
 	Pre-tax	Tax Effect (1)	After-tax	Per share	 	Pre-tax	Tax Effect (1)	After-tax	Per share	
 	 	 	 	 	 	 	 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	 	 	$	396		$	2.67		 	 	 	$	754		$	4.39		
Less: Preferred stock dividends	 	 	24		(0.16	)	 	 	 	—		—		
Net Income (loss) available to Voya Financial, Inc.	 	 	420		2.83		 	 	 	754		4.39		
Plus: Net income (loss) attributable to noncontrolling interest	 	 	43		0.29		 	 	 	81		0.48		
Net Income (loss)	 	 	463		3.12		 	 	 	835		4.87		
Less: Income (loss) from discontinued operations, net of tax	 	 	(82	)	(0.55	)	 	 	 	457		2.66		
Income (loss) from continuing operations	618		73		545		3.67		 	448		70		378		2.21		
Less Adjustments	 	 	 	 	 	 	 	 	 	
Net Investment gains (losses) and related charges and adjustments	95		20		75		0.50		 	(90	)	(19	)	(71	)	(0.42	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(30	)	(6	)	(24	)	(0.16	)	 	2		—		2		0.01		
Income (loss) related to businesses exited through reinsurance or divestment	8		2		6		0.04		 	(53	)	(11	)	(42	)	(0.24	)	
Net income (loss) attributable to noncontrolling interest	43		—		43		0.29		 	81		—		81		0.48		
Income (loss) on early extinguishment of debt	(12	)	(3	)	(9	)	(0.06	)	 	(3	)	(1	)	(2	)	(0.01	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	66		14		52		0.35		 	—		—		—		—		
Dividend payments made to preferred shareholders	24		—		24		(0.16	)	 	—		—		—		—		
Other adjustments (2)	(173	)	(45	)	(128	)	(0.85	)	 	(53	)	7		(60	)	(0.35	)	
Adjusted operating earnings	597		91		506		3.41		 	564		93		471		2.74		
Less Adjustments	 	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	(116	)	(24	)	(92	)	(0.61	)	 	(243	)	(51	)	(192	)	(1.12	)	
Prepayment fees and alternative investment income above (below) long-term expectations	29		6		23		0.15		 	65		14		51		0.30		
Investment Management earnings related to annuities business sold on 6/1/2018	—		—		—		—		 	15		3		12		0.07		
Normalized adjusted operating earnings	$	684		$	109		$	575		$	3.87		 	$	727		$	127		$	600		$	3.48		
(1) The normalized adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law, including the Tax Cuts and Jobs Act. For non-operating items, we apply a 21% tax rate.

(2) “Other adjustments” primarily consists of restructuring expenses (severance, lease write-offs, etc.) and tax adjustments.

	
									
Reconciliation of Fully Diluted Weighted Average Shares to Normalized Adjusted Operating Diluted Weighted Average Shares	
 	Three Months Ended	Year-to-Date	
(in millions USD)	9/30/2019	9/30/2018	9/30/2019	9/30/2018	
 	 	 	 	 	
Fully Diluted weighted average shares outstanding	144		164		149		172		
Dilutive effect of the exercise or issuance of stock based awards	—		—		—		—		
Weighted average common shares outstanding - diluted	144		164		149		172		

	
								
Reconciliation of Book Value per Common Share to Book Value per Share excluding AOCI	
 	As of September 30, 2019	As of September 30, 2018	
 	 	 	
Book value per common share, including AOCI	$	73.73		$	52.22		
Per share impact of AOCI	(25.94	)	(4.94	)	
Book value per common share, excluding AOCI	$	47.79		$	47.28		

	
										
Reconciliation of Investment Management Adjusted Operating Margin to Normalized Adjusted Operating Margin Excluding Investment Capital (1)	
 	Three Months Ended	
(in millions USD, unless otherwise indicated)	9/30/2019	6/30/2019	9/30/2018	
 	 	 	 	
Adjusted Operating revenues	$	167		$	163		$	168		
Adjusted operating expenses	(121	)	(122	)	(120	)	
Adjusted operating earnings before income taxes	$	46		$	41		$	48		
Adjusted operating margin	27.4	%	25.3	%	28.9	%	
 	 	 	 	
Adjusted Operating revenues	$	167		$	163		$	168		
Less:	 	 	 	
Investment Capital Results	5		7		8		
Adjusted operating revenues excluding Investment Capital	162		156		160		
Adjusted operating expenses	(121	)	(122	)	(120	)	
Adjusted operating earnings excluding Investment Capital	$	41		$	34		$	40		
Adjusted operating margin excluding Investment Capital	25.0	%	21.9	%	25.4	%	
 	 	 	 	
Adjusted Operating revenues	$	167		$	163		$	168		
Less:	 	 	 	
Investment Capital Results above (below) long-term expectations	—		2		3		
Adjusted operating revenue related to annuities businesses sold on June 1, 2018	—		—		—		
Normalized adjusted operating revenues	167		161		165		
Adjusted operating expenses	(121	)	(122	)	(120	)	
Normalized adjusted operating earnings excluding Investment Capital above (below) long-term expectations	$	45		$	39		$	45		
Normalized adjusted operating margin excluding Investment Capital above (below) long-term expectations	27.3	%	24.4	%	27.6	%	
(1) In our Investment Management business, normalized and adjusted operating margins excluding investment capital results are reported because the results from investment capital can be volatile and excluding the effect of these items can improve period-to-period comparability.

Exhibit 99.2

Quarterly Investor Supplement

September 30, 2019

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended September 30, 2019. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

	

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

Table of Contents

					
 	Page	 	 	Page	
Consolidated	 	 	Individual Life	 	
Explanatory Note on Non-GAAP Financial Information	3 - 5	 	Sources of Normalized Adjusted Operating Earnings	30	
Key Metrics	6	 	Key Metrics	31	
Normalized Adjusted Operating Earnings by Segment	7	 	Corporate	 	
Normalized Effective Tax Rate	8	 	Adjusted Operating Earnings	33	
Consolidated Statements of Operations	9	 	Investment Information	 	
Consolidated Adjusted Earnings Before Income Taxes	10	 	Portfolio Composition	35	
Adjusted Operating Earnings by Segment (QTD)	11	 	Portfolio Results	36	
Adjusted Operating Earnings by Segment (YTD)	12	 	Alternative Investment Income	37	
Consolidated Balance Sheets	13	 	Reconciliations	 	
DAC/VOBA Segment Trends	14	 	Reconciliation of Consolidated Statements of Operations	39	
Consolidated Capital Structure	15	 	Reconciliation of Adjusted Operating Revenues	40	
Consolidated Assets Under Management, Assets Under Administration	 	 	Reconciliation of Adjusted Operating Earnings - excluding Unlocking;	 	
  and Advisement	16	 	  Adjusted Return on Capital	41 - 42	
Retirement	 	 	Prepayments and Alternative Income Above (Below) Long-Term	 	
Sources of Normalized Adjusted Operating Earnings and Key Metrics	18	 	  Expectations	43	
Client Assets Rollforward by Product Group	19 - 20	 	Reconciliation of Normalized Adjusted Operating Earnings and Earnings	 	
Investment Management	 	 	  Per Common Share (Diluted) (QTD)	44	
Sources of Normalized Adjusted Operating Earnings	22	 	Reconciliation of Normalized Adjusted Operating Earnings and Earnings	 	
Analysis of AUM and AUA	23	 	  Per Common Share (Diluted) (YTD)	45	
Account Value Rollforward by Source	24	 	Reconciliation of Book Value Per Common Share, Excluding AOCI
	46	
Account Value by Asset Type	25	 	Reconciliation of Investment Management Normalized Adjusted	 	
Employee Benefits	 	 	   Operating Margin, Excluding Investment Capital	47	
Sources of Normalized Adjusted Operating Earnings	27	 	 	 	
Key Metrics	28	 	 	 	

	
				
Voya Financial	 	Page 3 of 47	

Explanatory Note on Non-GAAP Financial Information

On September 12, 2018, we issued 325,000 shares of 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $319 million. Dividend payments will be made semi-annually in arrears on the 15th day of March and September of each year, commencing on March 15, 2019. On June 11, 2019, we issued 300,000 shares of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $293 million. Dividend payments will be made quarterly in arrears on the 15th of March, June, September and December of each year, commencing on September 15, 2019.
On June 1, 2018, we closed a transaction that resulted in the disposition of substantially all of our Closed Block Variable Annuity (“CBVA”) and annuities businesses (the "2018 Transaction"). We have recorded the results of the retained businesses in Corporate. In the second quarter of 2019, we settled all outstanding purchase price true-up amounts. Income (loss) from discontinued operations, net of tax for the nine months ended September 30, 2019, includes a $82 million charge related to the purchase price true-up settlement.
Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
▪	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;	
		
•	Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;	
		
•	Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;	
		
•	Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and	
		
•	Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings and severance and other expenses associated with such activities. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.	

	
				
Voya Financial	 	Page 4 of 47	

Income (loss) related to businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions) is excluded from the results of operations from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited through reinsurance or divestment.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, refer to the "Reconciliations" section in this document.
Normalized Adjusted Operating Earnings
Normalized adjusted operating earnings excludes from Adjusted operating earnings before income taxes the following items:
		
•	DAC/VOBA and other intangibles unlocking;	
		
•	The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment, and	
		
•	For periods ended on or prior to June 30, 2018, Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	
Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability.  
Adjusted Operating Earnings per Common Share (Diluted) and Normalized Adjusted Operating Earnings per Common Share (Diluted)
In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) and Normalized adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Normalized Adjusted Operating Earning and Earnings Per Common Share" page of this document.
Shareholders' Equity/Book Value per Common Share, Excluding AOCI
In addition to book value per common share including Accumulated other comprehensive income (AOCI), we also report book value per common share excluding AOCI and shareholders' equity excluding AOCI and preferred stock. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per common share excluding AOCI and common shareholders' equity excluding AOCI provide a measure consistent with that view. The Adjusted debt to capital ratio includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Book Value Per Common Share, Excluding AOCI" page of this document.
Adjusted Return on Capital
We report Adjusted return on capital ("ROC") because we believe this measure is a useful indicator of how effectively we use capital resources allocated to our segments apart from corporate and closed block activities, which include our Retirement, Investment Management, Individual Life and Employee Benefits segments. Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to Corporate.
Adjusted Operating Effective Tax Rate and Normalized Adjusted Operating Effective Tax Rate
We assumed a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as "after tax" for 2017. Beginning in 2018, the adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law, including the Tax Cuts and Jobs Act. For non-operating items, we apply a 21% tax rate beginning in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividends received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.
Stranded Costs
As a result of the 2018 Transaction, certain costs that relate to activities for which we continue to provide transitional services for businesses sold and for which we are reimbursed under a transition services agreement ("TSA"), are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold, and other expenses that do not meet the foregoing criteria are reported within continuing operations. These costs reported within continuing operations ("Stranded Costs") are included in Adjusted operating earnings before income taxes and Income (loss) from continuing operations for all periods presented. Because we do not believe that TSA revenues and Stranded Costs are representative of the future run-rate of revenues and expenses of our continuing operations, they are recorded in Corporate. We plan to address the Stranded Costs through a cost reduction strategy.

	
				
Voya Financial	 	Page 5 of 47	

Explanatory Note on Non-GAAP Financial Information

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 realized investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;	
		
•	Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in nonperformance spread;	
		
•	Revenues related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how we manages our segments;	
		
•	Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and	
		
•	Other adjustments to total revenues primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in 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 in this document.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings (loss) before income taxes. The sources of earnings are defined as such:

•	Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.	
		
•	Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees.	
		
•	Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC.	
		
•	Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit.	
		
•	Net commissions are commissions paid that are not deferred and thus recorded directly to expense.	
		
•	For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see “Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our SEC filings.	
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

	
				
Voya Financial	 	Page 6 of 47	

Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD, unless otherwise indicated)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Net income (loss) available to Voya Financial, Inc.'s common shareholders	106		 	226		 	64		 	121		 	142		 	396		 	754		
Per common share (basic)	0.77		 	1.57		 	0.44		 	0.78		 	0.89		 	2.77		 	4.54		
Per common share (diluted)	0.74		 	1.51		 	0.42		 	0.76		 	0.87		 	2.67		 	4.39		
Adjusted operating earnings: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	125		 	278		 	194		 	238		 	163		 	597		 	564		
After income taxes	115		 	229		 	163		 	209		 	139		 	506		 	471		
Effective tax rate	7.8	%	 	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	15.2	%	 	16.5	%	
Per common share (diluted)	0.81		 	1.52		 	1.07		 	1.32		 	0.84		 	3.41		 	2.74		
Normalized adjusted operating earnings: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	226		 	235		 	223		 	255		 	265		 	684		 	727		
After income taxes	195		 	195		 	186		 	222		 	220		 	575		 	600		
Effective tax rate	13.7	%	 	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	 	15.9	%	 	17.5	%	
Per common share (diluted)	1.36		 	1.30		 	1.22		 	1.40		 	1.34		 	3.87		 	3.48		
Shareholder's equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Voya Financial, Inc. Common Shareholders' Equity	9,939		 	9,452		 	8,746		 	7,894		 	8,204		 	9,939		 	8,204		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)	6,442		 	6,585		 	6,780		 	7,287		 	7,427		 	6,442		 	7,427		
Net Deferred Tax Asset (DTA and AMT receivables) (net of valuation allowance) (2)	1,829		 	1,952		 	1,985		 	1,925		 	1,811		 	1,829		 	1,811		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (2)	4,613		 	4,633		 	4,795		 	5,362		 	5,616		 	4,613		 	5,616		
Book value per common share (including AOCI)	73.73		 	67.37		 	59.13		 	52.28		 	52.22		 	73.73		 	52.22		
Book value per common share (excluding AOCI) (1)	47.79		 	46.94		 	45.84		 	48.26		 	47.28		 	47.79		 	47.28		
Debt to Capital:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	22.4	%	 	23.8	%	 	25.7	%	 	27.6	%	 	28.9	%	 	22.4	%	 	28.9	%	
Adjusted Debt to Capital (1) (4)	27.4	%	 	27.7	%	 	28.0	%	 	26.6	%	 	28.4	%	 	27.4	%	 	28.4	%	
Shares:			 			 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	138		 	144		 	147		 	154		 	160		 	143		 	166		
Diluted	144		 	150		 	151		 	158		 	164		 	149		 	172		
Adjusted Diluted (1) (3)	144		 	150		 	151		 	158		 	164		 	149		 	172		
Ending shares outstanding	135		 	140		 	148		 	151		 	157		 	135		 	157		
Returned to Common Shareholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Repurchase of common shares, excluding commissions	290		 	446		 	200		 	275		 	250		 	936		 	850		
Dividends to common shareholders	20		 	2		 	1		 	1		 	2		 	23		 	5		
Total cash returned to common shareholders	310		 	448		 	201		 	276		 	252		 	959		 	855		
 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.	
(2) Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Alternative Minimum Tax refundable in the short term under new tax legislation, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $445 million tax valuation allowance related to Federal NOLs for the period ended September 30, 2019.	
(3) For an explanation of the diluted weighted-average common share measures used for Adjusted operating earnings per share (diluted) and Normalized adjusted operating earnings per share (diluted) please refer to "Reconciliation of Book Value per Common Share, excluding AOCI" on page 46 of this document.	
(4) Includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	

	
				
Voya Financial	 	Page 7 of 47	

Normalized Adjusted Operating Earnings by Segment

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD, unless otherwise indicated)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Normalized adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	141			153			141			172			176			435			483		
Investment Management	45			39			41			44			45			125			139		
Employee Benefits	56			47			40			43			47			143			113		
Individual Life	46			35			56			58			56			137			166		
Corporate	(62	)		(39	)		(55	)		(62	)		(59	)		(156	)		(174	)	
Before income taxes	226		 	235		 	223		 	255		 	265		 	684		 	727		
After income taxes	195		 	195		 	186		 	222		 	220		 	575		 	600		
Effective tax rate	13.7	%	 	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	 	15.9	%	 	17.5	%	
Per common share (diluted)	1.36		 	1.30		 	1.22		 	1.40		 	1.34		 	3.87		 	3.48		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayment fees and alternative investment income above (below) long-term expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	5		 	22		 	(16	)	 	11		 	27		 	11		 	36		
Investment Management	—		 	2		 	(7	)	 	—		 	3		 	(5	)	 	7		
Employee Benefits	1		 	2		 	(2	)	 	1		 	2		 	1		 	4		
Individual Life	9		 	18		 	(5	)	 	6		 	10		 	22		 	18		
Before income taxes	15		 	44		 	(30	)	 	18		 	42		 	29		 	65		
After income taxes	12		 	35		 	(24	)	 	14		 	33		 	23		 	51		
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Per common share (diluted)	0.08		 	0.23		 	(0.16	)	 	0.10		 	0.20		 	0.15		 	0.30		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking and other adjustments (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	(29	)	 	5		 	4		 	(13	)	 	50		 	(20	)	 	12		
Investment Management (2)	—		 	—		 	—		 	—		 	—		 	—		 	15		
Employee Benefits	—		 	—		 	—		 	(1	)	 	1		 	—		 	—		
Individual Life	(88	)	 	(6	)	 	(3	)	 	(21	)	 	(200	)	 	(97	)	 	(260	)	
Corporate	1		 	—		 	—		 	—		 	5		 	1		 	5		
Before income taxes	(116	)	 	(1	)	 	1		 	(35	)	 	(144	)	 	(116	)	 	(228	)	
After income taxes	(92	)	 	(1	)	 	1		 	(28	)	 	(114	)	 	(92	)	 	(180	)	
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Per common share (diluted)	(0.63	)	 	(0.01	)	 	0.01		 	(0.18	)	 	(0.70	)	 	(0.61	)	 	(1.05	)	
Adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	117		 	180		 	129		 	170		 	253		 	426		 	531		
Investment Management	46		 	41		 	34		 	44		 	48		 	121		 	161		
Employee Benefits	57		 	49		 	38		 	43		 	50		 	144		 	117		
Individual Life	(33	)	 	47		 	48		 	43		 	(134	)	 	62		 	(76	)	
Corporate	(62	)	 	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(156	)	 	(169	)	
Before income taxes	125		 	278		 	194		 	238		 	163		 	597		 	564		
After income taxes	115		 	229		 	163		 	209		 	139		 	506		 	471		
Effective tax rate	7.8	%	 	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	15.2	%	 	16.5	%	
Per common share (diluted)	0.81		 	1.52		 	1.07		 	1.32		 	0.84		 	3.41		 	2.74		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment.	
(2) For periods on or prior to June 30, 2018 other adjustments include Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	

	
				
Voya Financial	 	Page 8 of 47	

Normalized Effective Tax Rate

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD, unless otherwise indicated)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Normalized adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	226		 	235		 	223		 	255		 	265		 	684		 	727		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	47		 	49		 	47		 	54		 	56		 	144		 	153		
Tax adjustments (1)	(16	)	 	(9	)	 	(9	)	 	(21	)	 	(10	)	 	(35	)	 	(25	)	
Total taxes	31		 	40		 	37		 	32		 	45		 	109		 	127		
Effective tax rate (4)	13.7	%	 	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	 	15.9	%	 	17.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayment fees and alternative investment income above (below) long-term expectations (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	15		 	44		 	(30	)	 	18		 	42		 	29		 	65		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	3		 	9		 	(6	)	 	4		 	9		 	6		 	14		
Total taxes	3		 	9		 	(6	)	 	4		 	9		 	6		 	14		
Effective tax rate (4)	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking and other adjustments (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	(116	)	 	(1	)	 	1		 	(35	)	 	(144	)	 	(116	)	 	(228	)	
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	(24	)	 	—		 	—		 	(7	)	 	(30	)	 	(24	)	 	(48	)	
Total taxes	(24	)	 	—		 	—		 	(7	)	 	(30	)	 	(24	)	 	(48	)	
Effective tax rate (4)	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	125		 	278		 	194		 	238		 	163		 	597		 	564		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	26		 	58		 	41		 	50		 	34		 	125		 	118		
Tax adjustments (1)	(16	)	 	(9	)	 	(9	)	 	(21	)	 	(10	)	 	(35	)	 	(25	)	
Total taxes	10		 	49		 	31		 	29		 	24		 	91		 	93		
Effective tax rate (4)	7.8	%	 	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	15.2	%	 	16.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes tax adjustments for the dividends received deduction (DRD) related to certain qualified dividends that are not subject to federal income taxes and tax credits, less certain expense items that are not deductible for federal income taxes such as preferred stock dividends, certain compensation expenses, etc.	
(2) The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment.	
(3) For periods on or prior to June 30, 2018 other adjustments include Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	
(4) Normalized effective tax rate calculations are based on un-rounded numbers.	

	
				
Voya Financial	 	Page 9 of 47	

Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	853		 	880		 	815		 	816		 	855		 	2,548		 	2,491		
Fee income	 	692		 	662		 	665		 	668		 	704		 	2,019		 	2,040		
Premiums	 	571		 	585		 	582		 	537		 	550		 	1,738		 	1,622		
Net realized capital gains (losses)	 	(15	)	 	50		 	17		 	(52	)	 	(46	)	 	52		 	(347	)	
Other revenues	 	93		 	102		 	113		 	120		 	127		 	308		 	327		
Income (loss) related to consolidated investment entities	 	43		 	67		 	5		 	93		 	62		 	115		 	199		
Total revenues	 	2,237			2,346			2,197			2,182			2,252			6,780			6,332		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,259	)	 	(1,232	)	 	(1,186	)	 	(1,129	)	 	(1,268	)	 	(3,677	)	 	(3,446	)	
Operating expenses	 	(641	)	 	(687	)	 	(702	)	 	(690	)	 	(656	)	 	(2,030	)	 	(2,001	)	
Net amortization of DAC/VOBA	 	(134	)	 	(67	)	 	(85	)	 	(108	)	 	(86	)	 	(286	)	 	(260	)	
Interest expense	 	(51	)	 	(42	)	 	(42	)	 	(79	)	 	(47	)	 	(135	)	 	(142	)	
Operating expenses related to consolidated investment entities	 	(9	)	 	(20	)	 	(5	)	 	(14	)	 	(9	)	 	(34	)	 	(35	)	
Total benefits and expenses	 	(2,094	)	 	(2,048	)	 	(2,020	)	 	(2,020	)	 	(2,066	)	 	(6,162	)	 	(5,884	)	
Income (loss) from continuing operations before income taxes	 	143		 	298		 	177		 	162		 	186		 	618		 	448		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	17		 	55		 	23		 	(37	)	 	11		 	95		 	(90	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(19	)	 	(9	)	 	(2	)	 	38		 	14		 	(30	)	 	2		
Income (loss) related to businesses exited through reinsurance or divestment	 	27		 	2		 	(21	)	 	(23	)	 	—		 	8		 	(53	)	
Income (loss) attributable to noncontrolling interests	 	19		 	25		 	(1	)	 	56		 	23		 	43		 	81		
Income (loss) on early extinguishment of debt	 	(12	)	 	—		 	—		 	(37	)	 	—		 	(12	)	 	(3	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	66		 	(47	)	 	—		 	66		 	—		
Dividend payments made to preferred shareholders	 	14		 	—		 	10		 	—		 	—		 	24		 	—		
Other adjustments	 	(28	)	 	(53	)	 	(92	)	 	(26	)	 	(25	)	 	(173	)	 	(53	)	
Adjusted operating earnings before income taxes (1)	 	125		 	278		 	194		 	238		 	163		 	597		 	564		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.	

	
				
Voya Financial	 	Page 10 of 47	

Consolidated Adjusted Operating Earnings Before Income Taxes

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Consolidated Adjusted Operating Earnings Before Income Taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	735		 	776		 	711		 	773		 	783		 	2,222		 	2,280		
Fee income	 	718		 	696		 	678		 	696		 	726		 	2,092		 	2,140		
Premiums	 	571		 	583		 	581		 	535		 	547		 	1,735		 	1,616		
Other revenue	 	38		 	40		 	53		 	49		 	52		 	131		 	128		
Adjusted operating revenues (1)	 	2,062		 	2,095		 	2,023		 	2,053		 	2,108		 	6,180		 	6,164		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,172	)	 	(1,140	)	 	(1,108	)	 	(1,120	)	 	(1,260	)	 	(3,420	)	 	(3,476	)	
Operating expenses	 	(573	)	 	(561	)	 	(591	)	 	(562	)	 	(557	)	 	(1,725	)	 	(1,704	)	
Net amortization of DAC/VOBA	 	(133	)	 	(72	)	 	(75	)	 	(91	)	 	(83	)	 	(280	)	 	(278	)	
Interest expense	 	(59	)	 	(44	)	 	(55	)	 	(42	)	 	(45	)	 	(158	)	 	(142	)	
Adjusted operating benefits and expenses	 	(1,937	)	 	(1,817	)	 	(1,829	)	 	(1,815	)	 	(1,945	)	 	(5,583	)	 	(5,600	)	
Adjusted operating earnings before income taxes (1)	 	125		 	278		 	194		 	238		 	163		 	597		 	564		

	
																						
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	675		 	688		 	648		 	690		 	705		 	2,011		 	2,037		
Investment Management	 	167		 	163		 	148		 	159		 	168		 	478		 	524		
Employee Benefits	 	503		 	515		 	508		 	467		 	469		 	1,526		 	1,382		
Individual Life	 	653		 	643		 	626		 	643		 	660		 	1,922		 	1,932		
Corporate	 	64		 	86		 	93		 	94		 	106		 	243		 	289		
Adjusted operating revenues (1)	 	2,062		 	2,095		 	2,023		 	2,053		 	2,108		 	6,180		 	6,164		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	117		 	180		 	129		 	170		 	253		 	426		 	531		
Investment Management	 	46		 	41		 	34		 	44		 	48		 	121		 	161		
Employee Benefits	 	57		 	49		 	38		 	43		 	50		 	144		 	117		
Individual Life	 	(33	)	 	47		 	48		 	43		 	(134	)	 	62		 	(76	)	
Corporate	 	(62	)	 	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(156	)	 	(169	)	
Adjusted operating earnings before income taxes (1)	 	125		 	278		 	194		 	238		 	163		 	597		 	564		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.	

	
				
Voya Financial	 	Page 11 of 47	

Adjusted Operating Earnings by Segment

																			
 	 	Three Months Ended September 30, 2019	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	437		 	5		 	29		 	232		 	32		 	735		
Fee income	 	218		 	158		 	16		 	317		 	9		 	718		
Premiums	 	(1	)	 	—		 	460		 	101		 	11		 	571		
Other revenue	 	21		 	4		 	(2	)	 	3		 	12		 	38		
Adjusted operating revenues (1)	 	675		 	167		 	503		 	653		 	64		 	2,062		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(238	)	 	—		 	(341	)	 	(550	)	 	(42	)	 	(1,172	)	
Operating expenses	 	(267	)	 	(121	)	 	(101	)	 	(62	)	 	(23	)	 	(573	)	
Net amortization of DAC/VOBA	 	(53	)	 	—		 	(4	)	 	(74	)	 	(2	)	 	(133	)	
Interest expense	 	—		 	—		 	—		 	—		 	(59	)	 	(59	)	
Adjusted operating benefits and expenses	 	(558	)	 	(121	)	 	(446	)	 	(686	)	 	(126	)	 	(1,937	)	
Adjusted operating earnings before income taxes (1)	 	117		 	46		 	57		 	(33	)	 	(62	)	 	125		

 	 	Three Months Ended September 30, 2018	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	457		 	8		 	31		 	230		 	57		 	783		
Fee income	 	215		 	157		 	22		 	320		 	12		 	726		
Premiums	 	—		 	—		 	418		 	106		 	23		 	547		
Other revenue	 	33		 	3		 	(2	)	 	4		 	14		 	52		
Adjusted operating revenues (1)	 	705		 	168		 	469		 	660		 	106		 	2,108		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(240	)	 	—		 	(323	)	 	(628	)	 	(69	)	 	(1,260	)	
Operating expenses	 	(233	)	 	(120	)	 	(88	)	 	(68	)	 	(48	)	 	(557	)	
Net amortization of DAC/VOBA	 	21		 	—		 	(8	)	 	(98	)	 	2		 	(83	)	
Interest expense	 	—		 	—		 	—		 	—		 	(45	)	 	(45	)	
Adjusted operating benefits and expenses	 	(452	)	 	(120	)	 	(419	)	 	(794	)	 	(160	)	 	(1,945	)	
Adjusted operating earnings before income taxes (1)	 	253		 	48		 	50		 	(134	)	 	(54	)	 	163		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.	

	
				
Voya Financial	 	Page 12 of 47	

Adjusted Operating Earnings by Segment

																			
 	 	Nine Months Ended September 30, 2019	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	1,301		 	10		 	84		 	687		 	140		 	2,222		
Fee income	 	628		 	455		 	48		 	932		 	29		 	2,092		
Premiums	 	4		 	—		 	1,399		 	293		 	39		 	1,735		
Other revenue	 	78		 	13		 	(5	)	 	10		 	35		 	131		
Adjusted operating revenues (1)	 	2,011		 	478		 	1,526		 	1,922		 	243		 	6,180		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(707	)	 	—		 	(1,066	)	 	(1,501	)	 	(145	)	 	(3,420	)	
Operating expenses	 	(783	)	 	(357	)	 	(303	)	 	(193	)	 	(90	)	 	(1,725	)	
Net amortization of DAC/VOBA	 	(95	)	 	—		 	(13	)	 	(166	)	 	(6	)	 	(280	)	
Interest expense	 	—		 	—		 	—		 	—		 	(158	)	 	(158	)	
Adjusted operating benefits and expenses	 	(1,585	)	 	(357	)	 	(1,382	)	 	(1,860	)	 	(399	)	 	(5,583	)	
Adjusted operating earnings before income taxes (1)	 	426		 	121		 	144		 	62		 	(156	)	 	597		

 	 	Nine Months Ended September 30, 2018	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	1,310		 	24		 	86		 	673		 	187		 	2,280		
Fee income	 	637		 	483		 	53		 	934		 	33		 	2,140		
Premiums	 	6		 	—		 	1,247		 	314		 	49		 	1,616		
Other revenue	 	84		 	17		 	(4	)	 	11		 	20		 	128		
Adjusted operating revenues (1)	 	2,037		 	524		 	1,382		 	1,932		 	289		 	6,164		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(716	)	 	—		 	(984	)	 	(1,612	)	 	(164	)	 	(3,476	)	
Operating expenses	 	(718	)	 	(363	)	 	(266	)	 	(208	)	 	(149	)	 	(1,704	)	
Net amortization of DAC/VOBA	 	(72	)	 	—		 	(15	)	 	(188	)	 	(3	)	 	(278	)	
Interest expense	 	—		 	—		 	—		 	—		 	(142	)	 	(142	)	
Adjusted operating benefits and expenses	 	(1,506	)	 	(363	)	 	(1,265	)	 	(2,008	)	 	(458	)	 	(5,600	)	
Adjusted operating earnings before income taxes (1)	 	531		 	161		 	117		 	(76	)	 	(169	)	 	564		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.

	
				
Voya Financial	 	Page 13 of 47	

Consolidated Balance Sheets

																
 	 	Balances as of	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
Assets	 	 	 	 	 	 	 	 	 	 	
Total investments	 	69,177		 	67,050		 	65,625		 	63,566		 	63,873		
Cash and cash equivalents	 	1,376		 	1,482		 	1,033		 	1,538		 	1,789		
Assets held in separate accounts	 	80,134		 	79,915		 	77,649		 	71,228		 	80,937		
Premium receivable and reinsurance recoverable	 	6,780		 	6,640		 	6,753		 	6,860		 	7,068		
Short term investments under securities loan agreement and accrued investment income	 	2,512		 	2,591		 	2,585		 	2,334		 	2,490		
Deferred policy acquisition costs, Value of business acquired	 	2,771		 	3,246		 	3,600		 	4,116		 	4,061		
Current and deferred income taxes (1)	 	519		 	802		 	1,086		 	1,394		 	1,312		
Other assets (2)	 	1,392		 	1,425		 	1,353		 	1,336		 	1,283		
Assets related to consolidated investment entities	 	2,189		 	2,011		 	2,301		 	2,310		 	2,223		
Total Assets	 	166,850		 	165,162		 	161,985		 	154,682		 	165,036		
Liabilities	 	 	 	 	 	 	 	 	 	 	
Future policy benefits and contract owner account balances	 	66,237		 	65,421		 	65,366		 	65,489		 	65,523		
Liabilities related to separate accounts	 	80,134		 	79,915		 	77,649		 	71,228		 	80,937		
Payables under securities loan agreements, including collateral held	 	1,915		 	1,972		 	1,978		 	1,821		 	2,097		
Short-term debt	 	1		 	97		 	1		 	1		 	1		
Long-term debt	 	3,041		 	3,041		 	3,136		 	3,136		 	3,459		
Other liabilities (3)	 	3,099		 	2,983		 	2,849		 	2,838		 	2,632		
Liabilities related to consolidated investment entities	 	1,212		 	994		 	1,200		 	1,228		 	1,187		
Total Liabilities	 	155,639		 	154,423		 	152,179		 	145,741		 	155,836		
 	 	 	 	 	 	 	 	 	 	 	
Shareholders' Equity	 	 	 	 	 	 	 	 	 	 	
Preferred stock	 	—		 	—		 	—		 	—		 	—		
Common stock	 	3		 	3		 	3		 	3		 	3		
Treasury stock	 	(5,955	)	 	(5,663	)	 	(5,203	)	 	(4,981	)	 	(4,705	)	
Additional paid-in capital	 	24,671		 	24,642		 	24,310		 	24,316		 	24,301		
Retained earnings (deficit)	 	(11,665	)	 	(11,785	)	 	(12,011	)	 	(11,732	)	 	(11,853	)	
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	 	7,054		 	7,197		 	7,099		 	7,606		 	7,746		
Accumulated other comprehensive income	 	3,497		 	2,867		 	1,966		 	607		 	777		
Total Voya Financial, Inc. Shareholders' Equity	 	10,551		 	10,064		 	9,065		 	8,213		 	8,523		
Noncontrolling interest	 	660		 	675		 	741		 	728		 	677		
Total Shareholders' Equity	 	11,211		 	10,739		 	9,806		 	8,941		 	9,200		
Total Liabilities and Shareholders' Equity	 	166,850		 	165,162		 	161,985		 	154,682		 	165,036		
 	 	 	 	 	 	 	 	 	 	 	
(1) Current and deferred income taxes:	 	 	 	 	 	 	 	 	 	 	
Net Deferred Tax Asset (Federal NOL's net of TVA, Alternative Minimum Tax, and Non-Life Subgroup Deferred Losses)	 	1,829		 	1,952		 	1,985		 	1,925		 	1,811		
Net Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses (21% of Unrealized Gains and Losses in AOCI)	 	(833	)	 	(666	)	 	(426	)	 	(156	)	 	(201	)	
Other Net Deferred Tax Asset (Liability) DAC, Reserves, Other temporary Differences)	 	(477	)	 	(484	)	 	(473	)	 	(375	)	 	(298	)	
Total Current and deferred income taxes	 	519		 	802		 	1,086		 	1,394		 	1,312		
Gross Unrealized Gains (losses) reflected in AOCI	 	3,968		 	3,170		 	2,028		 	743		 	955		
21% Tax Effect	 	(833	)	 	(666	)	 	(426	)	 	(156	)	 	(201	)	
(2) Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets.	
(3) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.	

	
				
Voya Financial	 	Page 14 of 47	

DAC/VOBA Segment Trends

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	834		 	1,029		 	1,271		 	1,251		 	1,167		 	1,271		 	882		
Deferrals of commissions and expenses	 	5		 	18		 	17		 	19		 	17		 	40		 	54		
Amortization	 	(41	)	 	(26	)	 	(33	)	 	(23	)	 	(25	)	 	(100	)	 	(58	)	
Unlocking (1)	 	(4	)	 	18		 	25		 	(19	)	 	50		 	39		 	(17	)	
Change in unrealized capital gains/losses	 	(162	)	 	(205	)	 	(251	)	 	43		 	42		 	(618	)	 	390		
Balance as of End-of-Period	 	632		 	834		 	1,029		 	1,271		 	1,251		 	632		 	1,251		
Deferred Sales Inducements as of End-of-Period (2)	 	29		 	31		 	32		 	34		 	34		 	29		 	34		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	2,259		 	2,421		 	2,679		 	2,648		 	2,687		 	2,679		 	2,366		
Deferrals of commissions and expenses	 	9		 	23		 	43		 	34		 	28		 	75		 	79		
Amortization	 	(22	)	 	(47	)	 	(69	)	 	(61	)	 	(58	)	 	(138	)	 	(97	)	
Unlocking	 	(60	)	 	(4	)	 	(2	)	 	1		 	(46	)	 	(66	)	 	(69	)	
Change in unrealized capital gains/losses	 	(194	)	 	(134	)	 	(230	)	 	57		 	37		 	(558	)	 	369		
Balance as of End-of-Period	 	1,992		 	2,259		 	2,421		 	2,679		 	2,648		 	1,992		 	2,648		
Other (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	153		 	150		 	166		 	162		 	154		 	166		 	126		
Deferrals of commissions and expenses	 	9		 	22		 	7		 	9		 	7		 	38		 	21		
Amortization	 	(8	)	 	(8	)	 	(6	)	 	(5	)	 	(5	)	 	(22	)	 	(17	)	
Unlocking	 	1		 	—		 	—		 	(1	)	 	(2	)	 	1		 	(2	)	
Change in unrealized capital gains/losses	 	(8	)	 	(11	)	 	(17	)	 	1		 	8		 	(36	)	 	34		
Balance as of End-of-Period	 	147		 	153		 	150		 	166		 	162		 	147		 	162		
Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	3,246		 	3,600		 	4,116		 	4,061		 	4,008		 	4,116		 	3,374		
Deferrals of commissions and expenses	 	23		 	63		 	67		 	62		 	52		 	153		 	154		
Amortization	 	(71	)	 	(81	)	 	(108	)	 	(89	)	 	(88	)	 	(260	)	 	(172	)	
Unlocking	 	(63	)	 	14		 	23		 	(19	)	 	2		 	(26	)	 	(88	)	
Change in unrealized capital gains/losses	 	(364	)	 	(350	)	 	(498	)	 	101		 	87		 	(1,212	)	 	793		
Balance as of End-of-Period	 	2,771		 	3,246		 	3,600		 	4,116		 	4,061		 	2,771		 	4,061		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) During 2019, annual review of assumptions didn't have an impact on the GMIR initiatives. During 2018, we updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.	
(2) Deferred sales inducements in other segments are insignificant.	
(3) Includes Employee Benefits, Investment Management and closed blocks, including remaining annuities businesses.	

	
				
Voya Financial	 	Page 15 of 47	

Consolidated Capital Structure

																
 	 	Balances as of	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Financial Debt	 	 	 	 	 	 	 	 	 	 	
Senior bonds	 	1,941		 	2,037		 	2,035		 	2,035		 	2,358		
Subordinated bonds	 	1,097		 	1,097		 	1,097		 	1,097		 	1,097		
Other debt	 	4		 	4		 	5		 	5		 	5		
Total Debt	 	3,042		 	3,138		 	3,137		 	3,137		 	3,460		
 	 	 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	 	 	
Preferred equity (Excluding AOCI) (1)	 	612		 	612		 	319		 	319		 	319		
Common equity (Excluding AOCI)	 	6,442		 	6,585		 	6,780		 	7,287		 	7,427		
Total Equity (Excluding AOCI) (2)	 	7,054		 	7,197		 	7,099		 	7,606		 	7,746		
Accumulated other comprehensive income (AOCI)	 	3,497		 	2,867		 	1,966		 	607		 	777		
Total Voya Financial, Inc. Shareholders' Equity	 	10,551		 	10,064		 	9,065		 	8,213		 	8,523		
 	 	 	 	 	 	 	 	 	 	 	
Capital	 	 	 	 	 	 	 	 	 	 	
Total Capitalization	 	13,593		 	13,202		 	12,202		 	11,350		 	11,983		
Total Capitalization (Excluding AOCI) (2)	 	10,096		 	10,335		 	10,236		 	10,743		 	11,206		
 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	 		 	 	 	 	 	 	 	 	
Debt to Capital	 	22.4	%	 	23.8	%	 	25.7	%	 	27.6	%	 	28.9	%	
Adjusted Debt to Capital (2) (3)	 	27.4	%	 	27.7	%	 	28.0	%	 	26.6	%	 	28.4	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Includes Preferred stock par value and additional paid-in-capital.	
(2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.	
(3) Includes 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	

	
				
Voya Financial	 	Page 16 of 47	

Consolidated Assets Under Management, Assets Under Administration and Advisement

																			
As of September 30, 2019	 	 	 	 	 	 	 	 	 	 	 	 	
(in millions USD)	 	General Account	 	Separate Account	 	Institutional/Mutual Funds	 	Total AUM - Assets Under Management	 	AUA - Assets Under Administration & Advisement (3)	 	Total AUM + AUA	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement (1)	 	32,928		 	73,358		 	50,145		 	156,431		 	251,379		 	407,810		
Investment Management	 	56,336		 	26,343		 	134,583		 	217,262		 	50,031		 	267,293		
Employee Benefits	 	1,896		 	15		 	—		 	1,911		 	—		 	1,911		
Individual Life (2)	 	12,845		 	2,676		 	—		 	15,521		 	—		 	15,521		
Eliminations/Other	 	(47,669	)	 	(22,258	)	 	(10,831	)	 	(80,758	)	 	(43,470	)	 	(124,228	)	
Total AUM and AUA	 	56,336		 	80,134		 	173,897		 	310,367		 	257,940		 	568,307		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.	
(2) Includes assets backing interest and non-interest sensitive products.	
(3) Starting Q1 2019, AUA includes Assets Under Advisement. 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, General Account and Stable Value assets where only administrative or ancillary services are performed.	

Retirement

	
				
Voya Financial	 	Page 18 of 47	

Retirement Sources of Normalized Adjusted Operating Earnings and Key Metrics

																								
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income (normalized)	396		 	393		398		398		395		400		393		395		 	1,187		 	1,178		
Investment expenses	(19	)	 	(18	)	 	(19	)	 	(17	)	 	(18	)	 	(56	)	 	(54	)	
Credited interest	(234	)	 	(231	)	 	(229	)	 	(233	)	 	(233	)	 	(694	)	 	(692	)	
Net margin	143		 	144		150		150		144		150		150		144		 	437		 	432		
Other investment income (normalized) (1)	45		 	40		48		48		47		48		48		47		 	133		 	132		
Investment spread and other investment income (normalized)	188		 	184		198		198		191		198		198		191		 	570		 	564		
Full service fee based revenue	137		 	133		 	124		 	127		 	136		 	394		 	401		
Recordkeeping and Other fee based revenue	111		 	111		 	108		 	114		 	111		 	330		 	324		
Total fee based margin	248		 	244		 	232		 	240		 	247		 	724		 	725		
Net underwriting gain (loss) and other revenue	(3	)	 	—		 	3		 	1		 	—		 	—		 	(3	)	
Administrative expenses	(212	)	 	(194	)	 	(215	)	 	(190	)	 	(179	)	 	(621	)	 	(558	)	
Net Commissions	(54	)	 	(53	)	 	(52	)	 	(50	)	 	(52	)	 	(159	)	 	(157	)	
DAC/VOBA and other intangibles amortization, excluding unlocking 	(26	)	 	(28	)	 	(25	)	 	(27	)	 	(31	)	 	(79	)	 	(88	)	
Normalized adjusted operating earnings before income taxes	141		 	153		141		141		176		172		141		176		 	435		 	483		
Prepayment fees and alternative investment income above (below) long-term expectations	5		 	22		 	(16	)	 	11		 	27		 	11		 	36		
DAC/VOBA and other intangibles unlocking (2) 	(29	)	 	5		 	4		 	(13	)	 	50		 	(20	)	 	12		
Adjusted operating earnings before income taxes	117		 	180		 	129		 	170		 	253		 	426		 	531		
Adjusted Return on Capital (3)	13.2	%	 	13.9	%	 	13.6	%	 	14.1	%	 	13.4	%	 	13.2	%	 	13.4	%	
Full Service Revenue (4)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service Investment Spread and other investment income	182		 	194		 	170		 	197		 	205		 	546		 	564		
Full Service Fee Based Revenue	137		 	133		 	124		 	127		 	136		 	394		 	401		
Total Full Service Revenue	319		 	327		 	294		 	324		 	340		 	940		 	965		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spread Based	32,928		 	32,688		 	32,784		 	33,006		 	32,468		 	32,928		 	32,468		
Fee Based	278,318		 	273,301		 	265,861		 	240,976		 	309,278		 	278,318		 	309,278		
Retail Client Assets	60,221		 	60,089		 	58,244		 	53,515		 	58,543		 	60,221		 	58,543		
Defined Contribution Investment-only Stable Value	36,343		 	35,678		 	34,967		 	34,078		 	34,573		 	36,343		 	34,573		
Total Client Assets	407,810		 	401,756		 	391,856		 	361,575		 	434,862		 	407,810		 	434,862		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2) During 2019, annual review of assumptions didn't have an impact on the GMIR initiatives. During 2018, we updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.	
(3) Adjusted Return on Capital calculated using trailing twelve months.	
(4) Excludes Net underwriting gain (loss) and other revenue.	

	
				
Voya Financial	 	Page 19 of 47	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	67,748		 	65,366		 	58,705		 	64,380		 	61,888		 	58,705		 	60,495		
Transfers / Single deposits	1,338		 	828		 	1,352		 	1,679		 	927		 	3,518		 	2,979		
Recurring deposits	1,653		 	1,639		 	1,850		 	1,372		 	1,442		 	5,142		 	4,624		
Total Deposits	2,991		 	2,467		 	3,202		 	3,051		 	2,369		 	8,660		 	7,603		
Surrenders, benefits, and product charges	(2,112	)	 	(2,158	)	 	(2,309	)	 	(2,448	)	 	(1,999	)	 	(6,579	)	 	(6,725	)	
Net Flows	879		 	309		 	893		 	602		 	370		 	2,081		 	878		
Interest credited and investment performance	265		 	2,073		 	5,768		 	(6,278	)	 	2,122		 	8,106		 	3,007		
Client Assets, end of period - Corporate markets	68,892		 	67,748		 	65,366		 	58,705		 	64,380		 	68,892		 	64,380		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	65,978		 	64,610		 	60,514		 	64,261		 	62,814		 	60,514		 	62,070		
Transfers / Single deposits	927		 	477		 	399		 	1,286		 	451		 	1,803		 	1,014		
Recurring deposits	882		 	879		 	953		 	801		 	825		 	2,714		 	2,546		
Total Deposits	1,809		 	1,356		 	1,352		 	2,087		 	1,276		 	4,517		 	3,560		
Surrenders, benefits, and product charges	(1,416	)	 	(1,684	)	 	(1,660	)	 	(1,373	)	 	(1,547	)	 	(4,760	)	 	(4,165	)	
Net Flows	393		 	(328	)	 	(309	)	 	713		 	(271	)	 	(244	)	 	(605	)	
Interest credited and investment performance	265		 	1,696		 	4,405		 	(4,460	)	 	1,718		 	6,366		 	2,796		
Client Assets, end of period - Tax-exempt markets	66,636		 	65,978		 	64,610		 	60,514		 	64,261		 	66,636		 	64,261		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Total	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	133,726		 	129,976		 	119,219		 	128,641		 	124,702		 	119,219		 	122,565		
Transfers / Single deposits	2,265		 	1,305		 	1,751		 	2,965		 	1,378		 	5,321		 	3,993		
Recurring deposits	2,535		 	2,518		 	2,803		 	2,173		 	2,267		 	7,856		 	7,170		
Total Deposits	4,800		 	3,823		 	4,554		 	5,138		 	3,645		 	13,177		 	11,163		
Surrenders, benefits, and product charges	(3,528	)	 	(3,842	)	 	(3,969	)	 	(3,821	)	 	(3,546	)	 	(11,339	)	 	(10,890	)	
Net Flows	1,272		 	(19	)	 	584		 	1,315		 	99		 	1,837		 	273		
Interest credited and investment performance	530		 	3,769		 	10,173		 	(10,738	)	 	3,840		 	14,472		 	5,803		
Client Assets, end of period - Full Service Total	135,528		 	133,726		 	129,976		 	119,219		 	128,641		 	135,528		 	128,641		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based	104,422		 	102,883		 	99,083		 	88,139		 	98,130		 	104,422		 	98,130		
Spread-based	31,106		 	30,842		 	30,893		 	31,080		 	30,511		 	31,106		 	30,511		
Client Assets, end of period - Full Service Total	135,528		 	133,726		 	129,976		 	119,219		 	128,641		 	135,528		 	128,641		

	
				
Voya Financial	 	Page 20 of 47	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Recordkeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	170,417		 	166,778		 	152,837		 	211,149		 	203,561		 	152,837		 	220,191		
Transfers / Single deposits	4,086		 	602		 	999		 	1,552		 	1,754		 	5,687		 	2,808		
Recurring deposits	3,148		 	3,126		 	3,835		 	3,250		 	3,291		 	10,109		 	11,127		
Total Deposits	7,234		 	3,728		 	4,834		 	4,802		 	5,045		 	15,796		 	13,934		
Surrenders, benefits, and product charges	(4,476	)	 	(3,968	)	 	(5,165	)	 	(41,969	)	 	(6,064	)	 	(13,609	)	 	(34,340	)	
Net Flows	2,758		 	(240	)	 	(331	)	 	(37,167	)	 	(1,019	)	 	2,187		 	(20,405	)	
Interest credited and investment performance	721		 	3,879		 	14,272		 	(21,145	)	 	8,607		 	18,872		 	11,363		
Client Assets, end of period - Recordkeeping	173,896		 	170,417		 	166,778		 	152,837		 	211,149		 	173,896		 	211,149		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Defined Contribution (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	304,143		 	296,754		 	272,056		 	339,789		 	328,288		 	272,056		 	342,756		
Transfers / Single deposits	6,351		 	1,907		 	2,750		 	4,517		 	3,132		 	11,008		 	6,802		
Recurring deposits	5,684		 	5,644		 	6,637		 	5,423		 	5,559		 	17,965		 	18,297		
Total Deposits	12,035		 	7,551		 	9,387		 	9,940		 	8,691		 	28,973		 	25,098		
Surrenders, benefits, and product charges	(8,005	)	 	(7,810	)	 	(9,134	)	 	(45,790	)	 	(9,611	)	 	(24,949	)	 	(45,232	)	
Net Flows	4,030		 	(259	)	 	253		 	(35,850	)	 	(920	)	 	4,024		 	(20,133	)	
Interest credited and investment performance	1,251		 	7,648		 	24,445		 	(31,883	)	 	12,421		 	33,344		 	17,166		
Client Assets, end of period - Total Defined Contribution	309,424		 	304,143		 	296,754		 	272,056		 	339,789		 	309,424		 	339,789		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Defined Contribution Investment-only Stable Value (SV) (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets, beginning of period	35,679		 	34,967		 	34,078		 	34,573		 	33,957		 	34,078		 	35,000		
Transfers / Single deposits	368		 	342		 	861		 	348		 	607		 	1,571		 	2,184		
Recurring deposits	133		 	186		 	118		 	208		 	87		 	437		 	471		
Total Deposits	501		 	528		 	979		 	556		 	694		 	2,008		 	2,655		
Surrenders, benefits, and product charges	(620	)	 	(658	)	 	(765	)	 	(1,111	)	 	(269	)	 	(2,043	)	 	(3,074	)	
Net Flows	(119	)	 	(130	)	 	214		 	(555	)	 	425		 	(35	)	 	(419	)	
Interest credited and investment performance	783		 	842		 	675		 	60		 	191		 	2,300		 	(7	)	
Assets, end of period - Defined Contribution Investment-only SV	36,343		 	35,679		 	34,967		 	34,078		 	34,573		 	36,343		 	34,573		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail Client Assets (3)	60,221		 	60,089		 	58,244		 	53,515		 	58,543		 	60,221		 	58,543		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Assets (4)	1,822		 	1,846		 	1,891		 	1,926		 	1,957		 	1,822		 	1,957		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Client Assets	407,810		 	401,756		 	391,856		 	361,575		 	434,862		 	407,810		 	434,862		
 	
(1) Total of Full Service and Recordkeeping	
(2) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.	
(3) Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors.	
(4) Includes other guaranteed payout products.	

Investment Management

	
				
Voya Financial	 	Page 22 of 47	

Investment Management Sources of Normalized Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment capital and other investment income (normalized)	 	5		 	5		 	5		 	5		 	5		 	15		 	17		
Fee based margin (normalized)	 	162		 	156		 	150		 	154		 	160		 	468		 	485		
Administrative expenses	 	(121	)	 	(122	)	 	(114	)	 	(115	)	 	(120	)	 	(357	)	 	(363	)	
Normalized adjusted operating earnings before income taxes	 	45		 	39		 	41		 	44		 	45		 	125		 	139		
Prepayment fees and alternative investment income above (below) long-term expectations	 	—		 	2		 	(7	)	 	—		 	3		 	(5	)	 	7		
Earnings related to businesses sold in transaction closed on June 1, 2018	 	—		 	—		 	—		 	—		 	—		 	—		 	15		
Adjusted operating earnings before income taxes	 	46		 	41		 	34		 	44		 	48		 	121		 	161		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment advisory and administrative revenue	 	158		 	152		 	145		 	152		 	157		 	455		 	483		
Other fee based margin	 	4		 	4		 	5		 	2		 	3		 	13		 	17		
Earnings related to businesses sold in transaction closed on June 1, 2018	 	—		 	—		 	—		 	—		 	—		 	—		 	(15	)	
Fee based margin (normalized)	 	162		 	156		 	150		 	154		 	160		 	468		 	485		

	
				
Voya Financial	 	Page 23 of 47	

Investment Management Analysis of AUM and AUA

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Client Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 			 			 			 			 	 	 	 	 	 	
Institutional	 	92,912		 	91,116		 	88,147		 	85,918		 	85,258		 	92,912		 	85,258		
Retail	 	68,014		 	67,189		 	65,512		 	61,257		 	69,295		 	68,014		 	69,295		
Subtotal External Clients	 	160,926		 	158,305		 	153,660		 	147,176		 	154,553		 	160,926		 	154,553		
General Account	 	56,336		 	55,921		 	56,021		 	56,288		 	55,862		 	56,336		 	55,862		
Total Client Assets (AUM)	 	217,262		 	214,226		 	209,681		 	203,464		 	210,415		 	217,262		 	210,415		
Administration Only Assets (AUA)	 	50,031		 	50,098		 	49,929		 	47,004		 	48,990		 	50,031		 	48,990		
Total AUM and AUA	 	267,293		 	264,324		 	259,610		 	250,468		 	259,405		 	267,293		 	259,405		

Investment Advisory and Administrative Revenues (1)	 	 	 	 	 	 	 	 	 	 	 			 			
External Clients	 	 	 	 	 	 	 	 	 	 	 			 			
Institutional	 	67		 	65		 	62		 	65		 	65		 	194		 	191		
Retail	 	58		 	55		 	52		 	54		 	59		 	165		 	175		
Subtotal External Clients	 	125		 	119		 	113		 	120		 	124		 	357		 	366		
General Account	 	28		 	29		 	28		 	28		 	28		 	85		 	104		
Total Investment Advisory and Administrative Revenues (AUM)	 	153		 	148		 	141		 	148		 	152		 	442		 	470		
Administration Only Fees	 	5		 	4		 	4		 	4		 	5		 	13		 	13		
Total Investment Advisory and Administrative Revenues	 	158		 	152		 	145		 	152		 	157		 	455		 	483		

Revenue Yield (bps) (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Institutional	 	29.0		 	29.1		 	28.5		 	30.3		 	30.9		 	28.9		 	32.8		
Retail	 	34.4		 	33.1		 	32.2		 	33.9		 	34.2		 	33.3		 	33.3		
Revenue Yield on External Clients	 	31.3		 	30.8		 	30.1		 	31.9		 	32.4		 	30.8		 	33.0		
General Account	 	20.3		 	20.3		 	19.9		 	19.9		 	20.0		 	20.1		 	19.7		
Revenue Yield on Client Assets (AUM)	 	28.4		 	28.0		 	27.3		 	28.6		 	29.1		 	27.9		 	28.7		
Revenue Yield on Administration Only Assets (AUA)	 	3.6		 	3.3		 	3.0		 	3.5		 	3.8		 	3.3		 	3.6		
Total Revenue Yield on AUM and AUA (bps)	 	23.7		 	23.3		 	22.7		 	23.9		 	24.3		 	23.3		 	24.1		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue Yield on Client Assets (AUM) - trailing twelve months	 	28.1		 	28.2		 	28.6		 	28.7		 	28.4		 	28.1		 	28.4		
 	
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.	

	
				
Voya Financial	 	Page 24 of 47	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Institutional AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	91,116		 	88,147		 	85,918		 	85,258		 	83,641		 	85,918		 	72,468		
Inflows	 	2,478		 	3,219		 	3,335		 	4,278		 	2,771		 	9,032		 	7,762		
Outflows	 	(2,105	)	 	(2,230	)	 	(1,867	)	 	(2,699	)	 	(1,832	)	 	(6,202	)	 	(5,133	)	
Subtotal Investment Management Sourced Institutional Net Flows	 	373		 	989		 	1,468		 	1,579		 	938		 	2,830		 	2,629		
Affiliate Sourced Institutional Inflows	 	426		 	545		 	1,269		 	587		 	786		 	2,240		 	1,639		
Affiliate Sourced Institutional Outflows	 	(467	)	 	(762	)	 	(1,632	)	 	(1,471	)	 	(332	)	 	(2,861	)	 	(1,572	)	
Subtotal Affiliate Sourced Net Flows	 	(41	)	 	(217	)	 	(363	)	 	(884	)	 	454		 	(621	)	 	67		
Net flows- Institutional AUM	 	332		 	772		 	1,105		 	694		 	1,392		 	2,209		 	2,696		
Net Money Market Flows	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Change in Market Value	 	1,196		 	2,201		 	1,124		 	(360	)	 	551		 	4,521		 	582		
Other (Including Acquisitions / Divestitures) (1)	 	268		 	(4	)	 	—		 	325		 	(325	)	 	264		 	9,512		
End of period AUM- Institutional	 	92,912		 	91,116		 	88,147		 	85,918		 	85,258		 	92,912		 	85,258		
Organic Growth (Net Flows/Beginning of period AUM)	 	0.4	%	 	0.9	 %	 	1.3	 %	 	0.8	 %	 	1.7	 %	 	2.6	 %	 	3.7	 %	
Market Growth %	 	1.3	%	 	2.5	 %	 	1.3	 %	 	-0.4	 %	 	0.7	 %	 	5.3	 %	 	0.8	 %	
Retail AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	67,189		 	65,512		 	61,257		 	69,295		 	67,894		 	61,257		 	69,812		
Inflows	 	2,153		 	1,717		 	1,924		 	1,777		 	1,391		 	5,794		 	4,631		
Outflows	 	(1,189	)	 	(1,874	)	 	(2,004	)	 	(2,142	)	 	(1,087	)	 	(5,067	)	 	(3,958	)	
Sub-advised Retail Net Flows	 	(29	)	 	(139	)	 	(223	)	 	(382	)	 	(289	)	 	(391	)	 	(1,141	)	
Subtotal Investment Management Sourced Retail Net Flows (2)	 	935		 	(296	)	 	(303	)	 	(747	)	 	15		 	336		 	(468	)	
Affiliate Sourced Retail Inflows	 	669		 	547		 	684		 	579		 	537		 	1,900		 	1,608		
Affiliate Sourced Retail Outflows	 	(813	)	 	(831	)	 	(875	)	 	(952	)	 	(943	)	 	(2,519	)	 	(2,543	)	
Subtotal Affiliate Sourced Retail Net Flows (2)	 	(144	)	 	(284	)	 	(191	)	 	(373	)	 	(406	)	 	(619	)	 	(935	)	
Variable Annuity Net Flows	 	(621	)	 	(616	)	 	(550	)	 	(578	)	 	(600	)	 	(1,787	)	 	(1,941	)	
Inflows from Sub-advisor Replacements	 	219		 	897		 	—		 	—		 	76		 	1,116		 	76		
Net flows- Retail AUM	 	389		 	(299	)	 	(1,044	)	 	(1,699	)	 	(915	)	 	(954	)	 	(3,268	)	
Net Money Market Flows	 	16		 	(27	)	 	(122	)	 	158		 	(1	)	 	(133	)	 	(113	)	
Change in Market Value	 	691		 	2,100		 	5,690		 	(6,434	)	 	2,549		 	8,481		 	3,132		
Other (Including Acquisitions / Divestitures) (1)	 	(271	)	 	(97	)	 	(269	)	 	(63	)	 	(233	)	 	(637	)	 	(268	)	
End of period AUM- Retail	 	68,014		 	67,189		 	65,512		 	61,257		 	69,295		 	68,014		 	69,295		
Retail Organic Growth excluding Variable Annuity Net Flows and Sub-advisor
Replacements (Net Flows / Beginning of period AUM)	 	1.2	%	 	-0.9	 %	 	-0.8	 %	 	-1.6	 %	 	-0.6	 %	 	-0.5	 %	 	-2.0	 %	
Market Growth %	 	1.0	%	 	3.2	 %	 	9.3	 %	 	-9.3	 %	 	3.8	 %	 	13.8	 %	 	4.5	 %	
Total Investment Management Sourced Net Flows (2)	 	1,307		 	693		 	1,165		 	830		 	953		 	3,165		 	2,161		
Total Affiliate Sourced Net Flows (2)	 	(184	)	 	(501	)	 	(554	)	 	(1,256	)	 	48		 	(1,239	)	 	(868	)	
Total Variable Annuity Net Flows (1)	 	(621	)	 	(616	)	 	(550	)	 	(578	)	 	(600	)	 	(1,787	)	 	(1,941	)	
Total Inflows from Sub-advisor Replacements (3)	 	219		 	897		 	—		 	—		 	76		 	1,116		 	76		
Total Net Flows	 	721		 	473		 	61		 	(1,004	)	 	477		 	1,255		 	(572	)	
Net Flows excluding Variable Annuity Net Flows and Sub-advisor Replacements	 	1,123		 	192		 	611		 	(426	)	 	1,001		 	1,926		 	1,293		
Total External Clients Organic Growth 
(Net Flows (excludes VA and Sub-advisor Replacement) / Beginning of period AUM) (2)	 	0.7	%	 	0.1	 %	 	0.4	 %	 	-0.3	 %	 	0.7	 %	 	1.3	 %	 	0.9	 %	
(1) Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2) Affiliate Sourced Net Flows include Retirement distribution of Voya Investment Management retail funds.	
(3) Reflects net flows mainly associated with outside managed funds.	

	
				
Voya Financial	 	Page 25 of 47	

Investment Management Account Value by Asset Type

															
 	Balances as of	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
Institutional	 	 	 	 	 	 	 	 	 	
Equity	22,561		 	23,041		 	22,517		 	21,169		 	23,712		
Fixed Income	70,351		 	68,075		 	65,630		 	64,061		 	61,396		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	—		 	—		 	—		 	688		 	150		
Total	92,912		 	91,116		 	88,147		 	85,918		 	85,258		
Retail	 	 	 	 	 	 	 	 	 	
Equity	41,149		 	41,621		 	40,591		 	37,107		 	44,441		
Fixed Income	24,496		 	23,207		 	22,370		 	21,298		 	21,685		
Real Estate	947		 	962		 	1,128		 	1,307		 	1,800		
Money Market	1,422		 	1,399		 	1,424		 	1,545		 	1,369		
Total	68,014		 	67,189		 	65,513		 	61,257		 	69,295		
General Account	 	 	 	 	 	 	 	 	 	
Equity	311		 	309		 	169		 	121		 	139		
Fixed Income	54,962		 	54,417		 	54,917		 	55,108		 	54,904		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	1,063		 	1,195		 	935		 	1,059		 	819		
Total	56,336		 	55,921		 	56,021		 	56,288		 	55,862		
Combined Asset Type	 	 	 	 	 	 	 	 	 	
Equity	64,020		 	64,971		 	63,276		 	58,397		 	68,292		
Fixed Income	149,810		 	145,699		 	142,918		 	140,468		 	137,985		
Real Estate	947		 	962		 	1,128		 	1,307		 	1,800		
Money Market	2,485		 	2,594		 	2,359		 	3,292		 	2,338		
Total	217,262		 	214,226		 	209,681		 	203,464		 	210,415		
 	 	 	 	 	 	 	 	 	 	
Total Specialty Assets	68,330		 	67,631		 	67,260		 	66,423		 	66,600		
% of Specialty Assets / Total AUM	31.5	%	 	31.6	%	 	32.1	%	 	32.6	%	 	31.7	%	
 	 	 	 	 	 	 	 	 	 	
Total Retirement and Wealth Management Assets	100,840		 	99,754		 	98,480		 	94,440		 	101,319		
% of Retirement and Wealth Management Assets / Total AUM	46.4	%	 	46.6	%	 	47.0	%	 	46.4	%	 	48.2	%	

Employee Benefits

	
				
Voya Financial	 	Page 27 of 47	

Employee Benefits Sources of Normalized Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income (normalized)	 	23		 	23		 	23		 	23		 	24		 	69		 	71		
Investment expenses	 	—		 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(2	)	 	(3	)	
Credited interest	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(42	)	 	(42	)	
Net margin	 	9		 	8		 	8		 	8		 	9		 	25		 	26		
Other investment income (normalized)	 	6		 	5		 	6		 	5		 	5		 	17		 	13		
Investment spread and other investment income (normalized)	 	15		 	13		 	14		 	13		 	14		 	42		 	39		
Net underwriting gain (loss) and other revenue	 	147		 	140		 	132		 	120		 	123		 	419		 	348		
Administrative expenses	 	(63	)	 	(63	)	 	(62	)	 	(54	)	 	(53	)	 	(188	)	 	(161	)	
Net commissions	 	(39	)	 	(38	)	 	(40	)	 	(34	)	 	(35	)	 	(117	)	 	(105	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	 	(4	)	 	(5	)	 	(4	)	 	(2	)	 	(2	)	 	(13	)	 	(8	)	
Normalized adjusted operating earnings before income taxes	 	56		 	47		 	40		 	43		 	47		 	143		 	113		
Prepayment fees and alternative investment income above (below) long-term expectations	 	1		 	2		 	(2	)	 	1		 	2		 	1		 	4		
DAC/VOBA and other intangibles unlocking	 	—		 	—		 	—		 	(1	)	 	1		 	—		 	—		
Adjusted operating earnings before income taxes	 	57		 	49		 	38		 	43		 	50		 	144		 	117		
Adjusted Return on Capital (1)	 	29.8	%	 	29.4	%	 	28.0	%	 	28.2	%	 	26.9	%	 	29.8	%	 	26.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	133		 	131		 	130		 	125		 	124		 	394		 	372		
Benefits	 	(101	)	 	(97	)	 	(104	)	 	(98	)	 	(97	)	 	(302	)	 	(297	)	
Other (2)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(6	)	 	(6	)	
Total Group life	 	30		 	32		 	24		 	25		 	25		 	86		 	69		
Group Life Loss Ratio (Interest adjusted)	 	76.3	%	 	74.4	%	 	79.5	%	 	78.7	%	 	78.6	%	 	76.7	%	 	79.8	%	
Group stop loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	250		 	255		 	254		 	236		 	233		 	759		 	691		
Benefits	 	(196	)	 	(205	)	 	(196	)	 	(183	)	 	(180	)	 	(597	)	 	(550	)	
Other (2)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(3	)	 	(3	)	
Total Group stop loss	 	53		 	49		 	57		 	52		 	52		 	159		 	138		
Stop loss Loss Ratio	 	78.6	%	 	80.6	%	 	77.3	%	 	77.5	%	 	77.0	%	 	78.8	%	 	79.6	%	
Voluntary Benefits, Disability, and Other	 	65		 	59		 	51		 	43		 	45		 	175		 	140		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	482		 	489		 	484		 	441		 	438		 	1,455		 	1,303		
Benefits	 	(331	)	 	(346	)	 	(349	)	 	(318	)	 	(311	)	 	(1,026	)	 	(946	)	
Other (2)	 	(3	)	 	(3	)	 	(3	)	 	(3	)	 	(4	)	 	(9	)	 	(10	)	
Total Net underwriting gain (loss) and other revenue	 	147		 	140		 	132		 	120		 	123		 	419		 	348		
Total Aggregate Loss Ratio (1) 	 	71.0	%	 	71.6	%	 	72.3	%	 	72.5	%	 	73.1	%	 	71.0	%	 	73.1	%	
 	 	 	
(1) Adjusted Return on Capital and Total Aggregate Loss Ratio are calculated using Trailing twelve months.	
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.	

	
				
Voya Financial	 	Page 28 of 47	

Employee Benefits Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	7		 	13		 	104		 	15		 	12		 	124		 	84		
Stop loss	 	25		 	9		 	236		 	25		 	36		 	270		 	230		
Voluntary	 	6		 	31		 	69		 	10		 	9		 	106		 	84		
Total sales by product line	 	38		 	53		 	409		 	50		 	57		 	500		 	398		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total gross premiums and deposits	 	515		 	532		 	521		 	473		 	468		 	1,568		 	1,399		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized In-force Premiums by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	715		 	715		 	720		 	659		 	654		 	715		 	654		
Stop loss	 	1,037		 	1,045		 	1,053		 	969		 	953		 	1,037		 	953		
Voluntary	 	392		 	392		 	390		 	311		 	309		 	392		 	309		
Total annualized in-force premiums	 	2,144		 	2,152		 	2,163		 	1,939		 	1,916		 	2,144		 	1,916		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	1,896		 	1,827		 	1,753		 	1,775		 	1,823		 	1,896		 	1,823		
Separate account	 	15		 	15		 	14		 	13		 	15		 	15		 	15		
Total AUM	 	1,911		 	1,842		 	1,767		 	1,788		 	1,838		 	1,911		 	1,838		

Individual Life

	
				
Voya Financial	 	Page 30 of 47	

Individual Life Sources of Normalized Adjusted Operating Earnings

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross investment income (normalized)	215		 	216		 	213		 	215		 	212		 	644		 	635		
Investment expenses	(7	)	 	(7	)	 	(8	)	 	(7	)	 	(7	)	 	(22	)	 	(22	)	
Credited interest	(152	)	 	(149	)	 	(147	)	 	(153	)	 	(150	)	 	(448	)	 	(449	)	
Net margin	56		 	60		 	58		 	55		 	55		 	174		 	164		
Other investment income (normalized) (1)	12		 	10		 	13		 	13		 	13		 	35		 	35		
Investment spread and other investment income (normalized)	68		 	70		 	71		 	68		 	68		 	209		 	199		
Fee based margin	3		 	3		 	3		 	3		 	3		 	9		 	9		
Net underwriting gain (loss) and other revenue	39		 	56		 	89		 	98		 	89		 	184		 	251		
Administrative expenses	(47	)	 	(48	)	 	(56	)	 	(54	)	 	(51	)	 	(151	)	 	(160	)	
Net commissions	(2	)	 	(4	)	 	(6	)	 	(4	)	 	(5	)	 	(12	)	 	(17	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	(15	)	 	(42	)	 	(45	)	 	(53	)	 	(48	)	 	(102	)	 	(116	)	
Normalized adjusted operating earnings before income taxes	46		 	35		 	56		 	58		 	56		 	137		 	166		
Prepayment fees and alternative investment income above (below) long-term expectations	9		 	18		 	(5	)	 	6		 	10		 	22		 	18		
DAC/VOBA and other intangibles unlocking	(88	)	 	(6	)	 	(3	)	 	(21	)	 	(200	)	 	(97	)	 	(260	)	
Adjusted operating earnings before income taxes	(33	)	 	47		 	48		 	43		 	(134	)	 	62		 	(76	)	
Adjusted Return on Capital (2)	8.1	%	 	8.6	%	 	9.3	%	 	9.1	%	 	9.8	%	 	8.1	%	 	9.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee revenue / Premiums	410		 	415		 	418		 	428		 	427		 	1,243		 	1,271		
Net mortality, including Reinsurance	(393	)	 	(368	)	 	(334	)	 	(329	)	 	(319	)	 	(1,095	)	 	(1,021	)	
Reserve change / Other	22		 	9		 	5		 	(1	)	 	(19	)	 	36		 	1		
Total net underwriting gain (loss) and other revenue	39		 	56		 	89		 	98		 	89		 	184		 	251		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2) Adjusted Return on Capital calculated using trailing twelve months.	

	
				
Voya Financial	 	Page 31 of 47	

Individual Life Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Gross Premiums and Deposits by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest sensitive	 	295		 	308		 	337		 	336		 	320		 	940		 	952		
Non - interest sensitive	 	128		 	121		 	122		 	128		 	130		 	371		 	391		
Total gross premiums and deposits	 	423		 	429		 	459		 	464		 	450		 	1,311		 	1,343		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
End of Period:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In-Force Face Amount by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	82,342		 	83,309		 	83,512		 	82,334		 	81,634		 	82,342		 	81,634		
Variable life	 	19,143		 	19,476		 	19,846		 	20,146		 	20,626		 	19,143		 	20,626		
Term (2)	 	217,353		 	221,177		 	225,966		 	230,212		 	206,189		 	217,353		 	206,189		
Whole life	 	1,579		 	1,600		 	1,613		 	1,653		 	1,683		 	1,579		 	1,683		
Total in-force face amount	 	320,417		 	325,562		 	330,937		 	334,345		 	310,132		 	320,417		 	310,132		
In-Force Policy Count (in whole numbers): (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	229,230		 	232,699		 	235,521		 	237,435		 	239,742		 	229,230		 	239,742		
Variable life	 	46,360		 	47,198		 	48,043		 	48,803		 	49,517		 	46,360		 	49,517		
Term (2)	 	397,236		 	404,369		 	413,394		 	421,571		 	389,242		 	397,236		 	389,242		
Whole life	 	99,860		 	101,520		 	103,240		 	104,860		 	106,381		 	99,860		 	106,381		
Total in-force policy count	 	772,686		 	785,786		 	800,198		 	812,669		 	784,882		 	772,686		 	784,882		
Assets Under Management by Fund Group: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	12,845		 	12,871		 	12,845		 	12,848		 	12,902		 	12,845		 	12,902		
Separate account	 	2,676		 	2,719		 	2,685		 	2,439		 	2,826		 	2,676		 	2,826		
Total AUM	 	15,521		 	15,590		 	15,530		 	15,287		 	15,728		 	15,521		 	15,728		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes amounts transferred to third parties through reinsurance transactions.	
(2) Q4 2018 and forward balances include adjustments related to business exited through reinsurance agreements; periods prior to Q4 2018 have not been updated	

Corporate

	
				
Voya Financial	 	Page 33 of 47	

Corporate Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense (excluding Preferred stock dividends)	 	(45	)	 	(43	)	 	(45	)	 	(44	)	 	(49	)	 	(133	)	 	(147	)	
Preferred stock dividends	 	(14	)	 	—		 	(10	)	 	—		 	—		 	(24	)	 	—		
Amortization of intangibles	 	(9	)	 	(8	)	 	(9	)	 	(9	)	 	(9	)	 	(26	)	 	(27	)	
Other (1)	 	6		 	12		 	9		 	(9	)	 	4		 	27		 	5		
Adjusted operating earnings before income taxes	 	(62	)	 	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(156	)	 	(169	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes results from Retained Business and other closed blocks, and revenues and expenses not allocated to our segments, including TSA revenues and Stranded costs. Also includes DAC/VOBA and other intangibles unlocking related to the Retained Business. During the three months ended September 30, 2019, the unlocking impact of the annual review of assumptions was not material. During the three months ended September 30, 2018, the unlocking impact of the annual review of assumptions was $5 million.	

Investment Information

	
				
Voya Financial	 	Page 35 of 47	

Portfolio Composition

																											
 	 	Balances as of	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
Composition of Investment Portfolio	 	Amount	% of Total	 	Amount	% of Total	 	Amount	% of Total	 	Amount	 	% of Total	 	Amount	% of Total	
Fixed maturities, available for sale, at fair value, after consolidation	 	51,114		74.0	%	 	49,150		73.3	%	 	47,923		73.0	%	 	46,298		 	72.9	%	 	46,185		72.4	%	
Fixed maturities, at fair value using the fair value option	 	3,461		5.0	%	 	3,358		5.0	%	 	3,159		4.8	%	 	2,956		 	4.7	%	 	2,886		4.5	%	
Equity securities, available for sale, at fair value	 	373		0.5	%	 	367		0.5	%	 	355		0.5	%	 	273		 	0.4	%	 	323		0.5	%	
Short-term investments	 	145		0.2	%	 	154		0.2	%	 	192		0.3	%	 	168		 	0.3	%	 	86		0.1	%	
Mortgage loans on real estate	 	8,319		12.0	%	 	8,418		12.6	%	 	8,516		13.0	%	 	8,676		 	13.6	%	 	8,862		13.8	%	
Policy loans	 	1,796		2.6	%	 	1,797		2.7	%	 	1,827		2.8	%	 	1,833		 	2.9	%	 	1,832		2.9	%	
Limited partnerships/corporations, before consolidation	 	1,798		N/M		 	1,665		N/M		 	1,525		N/M		 	1,511		 	N/M		 	1,482		N/M		
CLO/VOEs Adjustments (1)	 	(312	)	N/M		 	(340	)	N/M		 	(359	)	N/M		 	(353	)	 	N/M		 	(359	)	N/M		
Limited partnerships/corporations, after consolidation	 	1,486		2.1	%	 	1,325		2.0	%	 	1,166		1.8	%	 	1,158		 	1.8	%	 	1,123		1.8	%	
Derivatives	 	575		0.8	%	 	440		0.7	%	 	314		0.5	%	 	247		 	0.4	%	 	422		0.7	%	
Other investments	 	104		0.2	%	 	96		0.1	%	 	89		0.1	%	 	90		 	0.1	%	 	91		0.1	%	
Securities pledged to creditors	 	1,804		2.6	%	 	1,945		2.9	%	 	2,084		3.2	%	 	1,867		 	2.9	%	 	2,063		3.2	%	
Total investments, after consolidation	 	69,177		100.0	%	 	67,050		100.0	%	 	65,625		100.0	%	 	63,566		 	100.0	%	 	63,873		100.0	%	
Fixed Maturity Securities - Security Sector (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Government agencies and authorities	 	2,526		4.5	%	 	2,415		4.5	%	 	2,449		4.6	%	 	2,537		 	5.0	%	 	2,327		4.6	%	
U.S. Corporate - Public	 	21,160		37.5	%	 	20,410		37.4	%	 	20,187		38.0	%	 	19,848		 	38.7	%	 	20,381		39.8	%	
U.S. Corporate - Private	 	6,902		12.2	%	 	6,698		12.3	%	 	6,620		12.5	%	 	6,232		 	12.2	%	 	6,418		12.6	%	
Foreign Government / Agency	 	902		1.6	%	 	907		1.7	%	 	875		1.6	%	 	851		 	1.7	%	 	855		1.7	%	
Foreign Corporate - Public	 	4,960		8.9	%	 	4,903		9.0	%	 	4,839		9.1	%	 	4,604		 	9.0	%	 	4,687		9.1	%	
Foreign Corporate - Private	 	5,268		9.3	%	 	5,262		9.7	%	 	5,273		9.9	%	 	5,094		 	10.0	%	 	5,103		10.0	%	
State, municipalities and political subdivisions	 	1,814		3.2	%	 	1,754		3.2	%	 	1,715		3.2	%	 	1,659		 	3.2	%	 	1,631		3.2	%	
CMO-B	 	3,800		6.7	%	 	3,677		6.9	%	 	3,294		6.3	%	 	3,197		 	6.3	%	 	3,016		5.9	%	
Agency	 	886		1.6	%	 	888		1.6	%	 	885		1.7	%	 	818		 	1.6	%	 	827		1.6	%	
Non-Agency (3)	 	1,308		2.3	%	 	1,152		2.1	%	 	1,078		2.0	%	 	937		 	1.8	%	 	910		1.8	%	
Total Residential mortgage-backed securities	 	5,994		10.6	%	 	5,717		10.6	%	 	5,257		10.0	%	 	4,952		 	9.7	%	 	4,753		9.3	%	
Commercial mortgage-backed securities	 	4,320		7.7	%	 	4,090		7.5	%	 	3,827		7.2	%	 	3,416		 	6.7	%	 	3,116		6.1	%	
Other asset-backed securities (3)	 	2,533		4.5	%	 	2,297		4.1	%	 	2,124		3.9	%	 	1,928		 	3.8	%	 	1,863		3.6	%	
Total fixed maturities, including securities pledged (4)	 	56,379		100.0	%	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		 	100.0	%	 	51,134		100.0	%	
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Due in one year or less	 	1,056		1.9	%	 	1,277		2.3	%	 	1,306		2.5	%	 	1,089		 	2.1	%	 	1,070		2.1	%	
Due after one year through five years	 	6,699		11.9	%	 	6,697		12.3	%	 	6,961		13.1	%	 	7,406		 	14.5	%	 	7,313		14.3	%	
Due after five years through ten years	 	9,763		17.3	%	 	9,800		18.0	%	 	9,746		18.3	%	 	9,715		 	19.0	%	 	9,993		19.5	%	
Due after ten years	 	26,014		46.1	%	 	24,575		45.1	%	 	23,945		45.0	%	 	22,615		 	44.2	%	 	23,026		45.1	%	
CMO-B	 	3,800		6.7	%	 	3,677		6.9	%	 	3,294		6.3	%	 	3,197		 	6.3	%	 	3,016		5.9	%	
Mortgage-backed securities	 	6,514		11.6	%	 	6,130		11.2	%	 	5,790		10.9	%	 	5,171		 	10.1	%	 	4,853		9.5	%	
Other asset-backed securities (3)	 	2,533		4.5	%	 	2,297		4.2	%	 	2,124		3.9	%	 	1,928		 	3.8	%	 	1,863		3.6	%	
Total fixed maturities, including securities pledged (4)	 	56,379		100.0	%	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		 	100.0	%	 	51,134		100.0	%	
Fixed Maturity Securities - NAIC Quality Designation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	31,577		55.9	%	 	30,510		56.0	%	 	29,805		56.1	%	 	28,405		 	55.6	%	 	28,525		55.7	%	
2	 	22,527		40.0	%	 	21,748		39.9	%	 	21,080		39.6	%	 	20,216		 	39.5	%	 	20,036		39.2	%	
3	 	1,686		3.0	%	 	1,577		2.9	%	 	1,698		3.2	%	 	1,798		 	3.5	%	 	1,783		3.5	%	
4	 	424		0.8	%	 	414		0.8	%	 	380		0.7	%	 	504		 	1.0	%	 	570		1.1	%	
5	 	130		0.2	%	 	166		0.3	%	 	118		0.2	%	 	120		 	0.2	%	 	143		0.3	%	
6	 	35		0.1	%	 	38		0.1	%	 	85		0.2	%	 	78		 	0.2	%	 	77		0.2	%	
Total fixed maturities, including securities pledged (4) (5)	 	56,379		100.0	%	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		 	100.0	%	 	51,134		100.0	%	
Fixed Maturity Securities - ARO Quality Rating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
AAA	 	10,011		17.8	%	 	9,755		17.9	%	 	9,518		17.9	%	 	9,112		 	17.8	%	 	8,750		17.1	%	
AA	 	4,177		7.4	%	 	3,825		7.0	%	 	3,660		6.9	%	 	3,526		 	6.9	%	 	3,466		6.8	%	
A	 	15,458		27.5	%	 	15,055		27.7	%	 	15,125		28.5	%	 	14,113		 	27.7	%	 	14,828		29.1	%	
BBB	 	23,646		41.8	%	 	22,674		41.6	%	 	21,611		40.6	%	 	20,826		 	40.7	%	 	20,565		40.1	%	
BB	 	1,990		3.6	%	 	1,994		3.7	%	 	2,117		4.0	%	 	2,297		 	4.5	%	 	2,221		4.3	%	
B and below	 	1,097		1.9	%	 	1,150		2.1	%	 	1,135		2.1	%	 	1,247		 	2.4	%	 	1,304		2.6	%	
Total fixed maturities, including securities pledged (5)	 	56,379		100.0	%	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		 	100.0	%	 	51,134		100.0	%	
(1) Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds.	
(2) Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors.	
(3) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.	
(4) Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.	
(5) ARO ratings do not directly translate into NAIC ratings.	

	
				
Voya Financial	 	Page 36 of 47	

Portfolio Results

																																				
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating investment income and annualized yield (1)	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	
Fixed maturity securities (2)	 	587		5.11	 %	 	586		5.09	 %	 	594		5.12	 %	 	598		5.19	 %	 	575		5.05	 %	 	1,767		5.10	 %	 	1,752		5.10	 %	
Equity securities	 	3		5.80	 %	 	3		4.13	 %	 	3		3.94	 %	 	3		5.52	 %	 	3		5.48	 %	 	9		4.52	 %	 	9		4.50	 %	
Mortgage loans	 	88		4.34	 %	 	89		4.35	 %	 	90		4.36	 %	 	94		4.41	 %	 	94		4.39	 %	 	267		4.35	 %	 	283		4.39	 %	
Limited partnerships	 	52		12.36	 %	 	70		18.84	 %	 	2		0.42	 %	 	46		12.94	 %	 	74		22.17	 %	 	124		10.59	 %	 	160		16.73	 %	
Policy loans	 	20		4.61	 %	 	23		5.14	 %	 	23		5.22	 %	 	23		5.15	 %	 	23		5.12	 %	 	66		4.99	 %	 	73		5.40	 %	
Short-term investments	 	5		0.95	 %	 	4		0.62	 %	 	4		0.74	 %	 	4		0.71	 %	 	7		1.20	 %	 	13		0.76	 %	 	16		0.88	 %	
Derivatives (2)	 	1		N/A		 	(1	)	N/A		 	4		N/A		 	10		N/A		 	10		N/A		 	4		N/A		 	30		N/A		
Prepayment fee income	 	9		0.06	 %	 	21		0.14	 %	 	11		0.07	 %	 	15		0.09	 %	 	16		0.10	 %	 	41		0.09	 %	 	32		0.07	 %	
Other assets	 	2		N/A		 	11		N/A		 	11		N/A		 	12		N/A		 	19		N/A		 	24		N/A		 	24		N/A		
Gross investment income before expenses and fees	 	767		5.12	 %	 	806		5.35	 %	 	742		4.89	 %	 	805		5.33	 %	 	821		5.48	 %	 	2,315		5.12	 %	 	2,379		5.27	 %	
Expenses and fees	 	(32	)	-0.22	 %	 	(30	)	-0.21	 %	 	(31	)	-0.21	 %	 	(32	)	-0.22	 %	 	(38	)	-0.26	 %	 	(93	)	-0.21	 %	 	(99	)	-0.22	 %	
Total investment income and annualized yield	 	735		4.90	 %	 	776		5.14	 %	 	711		4.68	 %	 	773		5.11	 %	 	783		5.22	 %	 	2,222		4.91	 %	 	2,280		5.05	 %	
Trading gains/losses (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	11		 	 	12		 	 	10		 	 	(24	)	 	 	17		 	 	33		 	 	(9	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	2		 	 	—		 	 	—		 	 	(2	)	 	
Mortgage loans	 	—		 	 	1		 	 	—		 	 	—		 	 	—		 	 	1		 	 	8		 	
Other investments	 	1		 	 	(1	)	 	 	1		 	 	7		 	 	(4	)	 	 	1		 	 	1		 	
Total trading gains/losses	 	12		 	 	12		 	 	11		 	 	(15	)	 	 	13		 	 	35		 	 	(2	)	 	
Impairments (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(3	)	 	 	(3	)	 	 	(31	)	 	 	(8	)	 	 	(7	)	 	 	(37	)	 	 	(22	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Mortgage loans	 	—		 	 	—		 	 	(2	)	 	 	—		 	 	—		 	 	(2	)	 	 	—		 	
Other investments	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Total impairments	 	(3	)	 	 	(3	)	 	 	(33	)	 	 	(8	)	 	 	(7	)	 	 	(39	)	 	 	(22	)	 	
Fair value adjustments (3)	 	54		 	 	135		 	 	96		 	 	91		 	 	(37	)	 	 	285		 	 	(157	)	 	
Derivatives, including change in fair value of derivatives related to guaranteed benefits	 	(50	)	 	 	(96	)	 	 	(67	)	 	 	(66	)	 	 	41		 	 	(213	)	 	 	70		 	
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	 	13		 	 	48		 	 	7		 	 	2		 	 	10		 	 	68		 	 	(111	)	 	
Businesses exited through reinsurance (4)	 	65		 	 	79		 	 	80		 	 	3		 	 	13		 	 	224		 	 	(37	)	 	
Consolidation/eliminations (5)	 	25		 	 	27		 	 	34		 	 	(14	)	 	 	3		 	 	86		 	 	12		 	
Total investment income and realized capital gains (losses)	 	838		 	 	930		 	 	832		 	 	764		 	 	809		 	 	2,600		 	 	2,144		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Investment results related to businesses exited through reinsurance are excluded.	
(2) Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities.	
(3) Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources.	
(4) Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement.	
(5) Includes i) the impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company's management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company, ii) the elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.	

	
				
Voya Financial	 	Page 37 of 47	

Alternative Investment Income

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	773		 	722		 	705		 	643		 	646		 	733		 	580		
Alternative investment income	 	25		 	33		 	(1	)	 	23		 	38		 	57		 	76		
Investment Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	226		 	228		 	208		 	204		 	214		 	221		 	242		
Alternative investment income	 	5		 	7		 	(2	)	 	4		 	8		 	10		 	24		
Employee Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	86		 	84		 	81		 	63		 	63		 	84		 	56		
Alternative investment income	 	3		 	4		 	—		 	2		 	4		 	7		 	8		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	534		 	491		 	463		 	412		 	387		 	496		 	349		
Alternative investment income	 	22		 	25		 	6		 	14		 	19		 	53		 	44		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The table above excludes alternative investments and income that are a component of Assets held for sale and Income (loss) from discontinued operations, net of tax, respectively, and alternative investments and income in Corporate.	

Reconciliations

	
				
Voya Financial	 	Page 39 of 47	

Reconciliation of Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	853		 	880		 	815		 	816		 	855		 	2,548		 	2,491		
Fee income	 	692		 	662		 	665		 	668		 	704		 	2,019		 	2,040		
Premiums	 	571		 	585		 	582		 	537		 	550		 	1,738		 	1,622		
Net realized capital gains (losses)	 	(15	)	 	50		 	17		 	(52	)	 	(46	)	 	52		 	(347	)	
Other revenues	 	93		 	102		 	113		 	120		 	127		 	308		 	327		
Income (loss) related to consolidated investment entities	 	43		 	67		 	5		 	93		 	62		 	115		 	199		
Total revenues	 	2,237		 	2,346		 	2,197		 	2,182		 	2,252		 	6,780		 	6,332		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,259	)	 	(1,232	)	 	(1,186	)	 	(1,129	)	 	(1,268	)	 	(3,677	)	 	(3,446	)	
Operating expenses	 	(641	)	 	(687	)	 	(702	)	 	(690	)	 	(656	)	 	(2,030	)	 	(2,001	)	
Net amortization of DAC/VOBA	 	(134	)	 	(67	)	 	(85	)	 	(108	)	 	(86	)	 	(286	)	 	(260	)	
Interest expense	 	(51	)	 	(42	)	 	(42	)	 	(79	)	 	(47	)	 	(135	)	 	(142	)	
Operating expenses related to consolidated investment entities	 	(9	)	 	(20	)	 	(5	)	 	(14	)	 	(9	)	 	(34	)	 	(35	)	
Total benefits and expenses	 	(2,094	)	 	(2,048	)	 	(2,020	)	 	(2,020	)	 	(2,066	)	 	(6,162	)	 	(5,884	)	
Income (loss) from continuing operations before income taxes	 	143		 	298		 	177		 	162		 	186		 	618		 	448		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	17		 	55		 	23		 	(37	)	 	11		 	95		 	(90	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(19	)	 	(9	)	 	(2	)	 	38		 	14		 	(30	)	 	2		
Income (loss) related to businesses exited through reinsurance or divestment	 	27		 	2		 	(21	)	 	(23	)	 	—		 	8		 	(53	)	
Income (loss) attributable to noncontrolling interests	 	19		 	25		 	(1	)	 	56		 	23		 	43		 	81		
Income (loss) on early extinguishment of debt	 	(12	)	 	—		 	—		 	(37	)	 	—		 	(12	)	 	(3	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	66		 	(47	)	 	—		 	66		 	—		
Dividend payments made to preferred shareholders	 	14		 	—		 	10		 	—		 	—		 	24		 	—		
Other adjustments	 	(28	)	 	(53	)	 	(92	)	 	(26	)	 	(25	)	 	(173	)	 	(53	)	
Adjusted operating earnings before income taxes	 	125		 	278		 	194		 	238		 	163		 	597		 	564		

	
				
Voya Financial	 	Page 40 of 47	

Reconciliation of Adjusted Operating Revenues

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	2,237		 	2,346		 	2,197		 	2,182		 	2,252		 	6,780		 	6,332		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less Adjustments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized investment gains (losses) and related charges and adjustments	 	22		 	51		 	10		 	(48	)	 	—		 	83		 	(122	)	
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	 	(12	)	 	(4	)	 	(3	)	 	45		 	12		 	(19	)	 	9		
Revenues (losses) related to business exited through reinsurance or divestment	 	50		 	76		 	76		 	4		 	22		 	202		 	(36	)	
Revenues (loss) attributable to noncontrolling interests	 	29		 	44		 	4		 	70		 	34		 	77		 	116		
Other adjustments (1)	 	86		 	84		 	87		 	58		 	76		 	257		 	201		
Total adjusted operating revenues	 	2,062		 	2,095		 	2,023		 	2,053		 	2,108		 	6,180		 	6,164		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues by segment	 			 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	675		 	688		 	648		 	690		 	705		 	2,011		 	2,037		
Investment Management	 	167		 	163		 	148		 	159		 	168		 	478		 	524		
Employee Benefits	 	503		 	515		 	508		 	467		 	469		 	1,526		 	1,382		
Individual Life	 	653		 	643		 	626		 	643		 	660		 	1,922		 	1,932		
Corporate	 	64		 	86		 	93		 	94		 	106		 	243		 	289		
Total adjusted operating revenues	 	2,062		 	2,095		 	2,023		 	2,053		 	2,108		 	6,180		 	6,164		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.	

	
				
Voya Financial	 	Page 41 of 47	

Reconciliation of Adjusted Operating Earnings - excluding Unlocking; Adjusted Return on Capital (1) 

																
 	 	Twelve Months Ended (1)	
(in millions USD, unless otherwise indicated)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	596		 	732		 	721		 	701		 	699		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(33	)	 	46		 	44		 	(1	)	 	19		
Adjusted Operating Earnings - excluding Unlocking before interest	 	629		 	686		 	677		 	702		 	680		
Income tax expense	 	81		 	104		 	106		 	116		 	137		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	549		 	582		 	571		 	586		 	543		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	7.8	%	 	14.0	%	 	11.1	%	 	16.7	%	 	17.1	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	12.8	%	 	15.1	%	 	15.7	%	 	16.5	%	 	20.1	%	
Average Capital	 	4,170		 	4,186		 	4,180		 	4,156		 	4,063		
Ending Capital	 	4,065		 	4,123		 	4,126		 	4,289		 	4,218		
Adjusted Return on Capital	 	13.2	%	 	13.9	%	 	13.6	%	 	14.1	%	 	13.4	%	
 	 	 	 	 	 	 	 	 	 	 	
Investment Management
	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings - excluding Unlocking before interest	 	165		 	167		 	178		 	205		 	221		
Income tax expense	 	35		 	35		 	37		 	43		 	53		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	130		 	132		 	141		 	162		 	168		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	24.0	%	
Average Capital	 	303		 	302		 	304		 	305		 	306		
Ending Capital	 	310		 	306		 	301		 	300		 	297		
Adjusted Return on Capital	 	42.9	%	 	43.9	%	 	46.4	%	 	53.3	%	 	55.2	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters	
(2) Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assume a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 42 of 47	

Reconciliation of Adjusted Operating Earnings - excluding Unlocking; Adjusted Return on Capital (1)

																
 	 	Twelve Months Ended (1)	
(in millions USD, unless otherwise indicated)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Employee Benefits	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	187		 	180		 	166		 	160		 	148		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	—		 	—		 	—		 	(1	)	 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	187		 	180		 	166		 	161		 	148		
Income tax expense	 	39		 	38		 	35		 	34		 	34		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	148		 	142		 	131		 	127		 	114		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	23.3	%	
Average Capital	 	495		 	482		 	468		 	449		 	424		
Ending Capital	 	517		 	509		 	507		 	470		 	466		
Adjusted Return on Capital	 	29.8	%	 	29.4	%	 	28.0	%	 	28.2	%	 	26.9	%	
 	 	 	 	 	 	 	 	 	 	 	
Individual Life	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	105		 	4		 	(2	)	 	(33	)	 	(12	)	
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(118	)	 	(230	)	 	(255	)	 	(281	)	 	(268	)	
Adjusted Operating Earnings - excluding Unlocking before interest	 	223		 	234		 	253		 	248		 	256		
Income tax expense	 	47		 	49		 	53		 	52		 	62		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	176		 	185		 	200		 	196		 	194		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	24.1	%	
Average Capital	 	2,152		 	2,149		 	2,145		 	2,137		 	1,977		
Ending Capital	 	2,129		 	2,145		 	2,176		 	2,170		 	2,102		
Adjusted Return on Capital	 	8.1	%	 	8.6	%	 	9.3	%	 	9.1	%	 	9.8	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(2) Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding Unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assumed a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 43 of 47	

Prepayments and Alternative Income Above (Below) Long-Term Expectations (2) 

																					
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	(1	)	 	6		 	—		 	2		 	4		 	7		 	4		
Investment Management	—		 	—		 	—		 	—		 	—		 	—		 	—		
Employee Benefits	—		 	—		 	—		 	—		 	—		 	—		 	—		
Individual Life	(1	)	 	4		 	(1	)	 	—		 	—		 	2		 	(1	)	
Total	(2	)	 	10		 	(1	)	 	2		 	4		 	9		 	3		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alternatives Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	6		 	16		 	(16	)	 	9		 	23		 	15		 	44		
Investment Management	—		 	2		 	(7	)	 	—		 	3		 	(5	)	 	9		
Employee Benefits	1		 	2		 	(2	)	 	1		 	2		 	2		 	5		
Individual Life	10		 	14		 	(4	)	 	6		 	10		 	26		 	22		
Total	17		 	34		 	(29	)	 	16		 	38		 	38		 	80		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	5		 	22		 	(16	)	 	11		 	27		 	22		 	48		
Investment Management	—		 	2		 	(7	)	 	—		 	3		 	(5	)	 	9		
Employee Benefits	1		 	2		 	(2	)	 	1		 	2		 	2		 	5		
Individual Life	9		 	18		 	(5	)	 	6		 	10		 	28		 	21		
Total	15		 	44		 	(30	)	 	18		 	42		 	47		 	83		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate segment.	
(2) Corporate segment impacts are immaterial.	

	
				
Voya Financial	 	Page 44 of 47	

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

																																													
 	Three Months Ended	
(in millions except per share in whole dollars)	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	
 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders	 	$	106		$	0.74		 	 	$	226		$	1.51		 	 	$	64		$	0.42		 	 	$	121		$	0.76		 	 	$	142		$	0.87		
Plus: Net income (loss) attributable to noncontrolling interest	 	19		0.13		 	 	25		0.17		 	 	(1	)	(0.01	)	 	 	56		0.35		 	 	23		0.14		
Less: Preferred stock dividends	 	(14	)	(0.10	)	 	 	—		—		 	 	10		(0.07	)	 	 	—		—		 	 	—		—		
Less: Income (loss) from discontinued operations	 	—		—		 	 	(3	)	(0.02	)	 	 	(79	)	(0.52	)	 	 	—		—		 	 	—		—		
Income (loss) from continuing operations	143		139		0.97		 	298		254		1.69		 	177		152		1.00		 	162		177		1.11		 	186		165		1.01		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	17		13		0.09		 	55		43		0.29		 	23		18		0.12		 	(37	)	(29	)	(0.19	)	 	11		9		0.05		
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(19	)	(15	)	(0.10	)	 	(9	)	(7	)	(0.05	)	 	(2	)	(2	)	(0.01	)	 	38		30		0.19		 	14		11		0.07		
Income (loss) related to businesses exited through reinsurance or divestment	27		21		0.14		 	2		2		0.01		 	(21	)	(17	)	(0.11	)	 	(23	)	(18	)	(0.11	)	 	—		—		—		
Net income (loss) attributable to noncontrolling interest	19		19		0.13		 	25		25		0.17		 	(1	)	(1	)	(0.01	)	 	56		56		0.35		 	23		23		0.14		
Income (loss) on early extinguishment of debt	(12	)	(9	)	(0.07	)	 	—		—		—		 	—		—		—		 	(37	)	(29	)	(0.18	)	 	—		—		—		
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—		—		—		 	—		—		—		 	66		52		0.34		 	(47	)	(37	)	(0.24	)	 	—		—		—		
Dividend payments made to preferred shareholders	14		14		0.10		 	—		—		—		 	10		10		0.07		 	—		—		—		 	—		—		—		
Other adjustments	(28	)	(19	)	(0.14	)	 	(53	)	(38	)	(0.26	)	 	(92	)	(71	)	(0.47	)	 	(26	)	(5	)	(0.03	)	 	(25	)	(17	)	(0.09	)	
Adjusted operating earnings	125		115		0.81		 	278		229		1.52		 	194		163		1.07		 	238		209		1.32		 	163		139		0.84		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	(116	)	(92	)	(0.63	)	 	(1	)	(1	)	(0.01	)	 	1		1		0.01		 	(35	)	(27	)	(0.18	)	 	(144	)	(114	)	(0.70	)	
Prepayment fees and alternative investment income above (below) long-term expectations	15		12		0.08		 	44		35		0.23		 	(30	)	(24	)	(0.16	)	 	18		14		0.10		 	42		33		0.20		
Investment Management earnings related to annuities business sold on 6/1/2018	—		—		—		 	—		—		—		 	—		—		—		 	—		—		—		 	—		—		—		
Normalized adjusted operating earnings	226		195		1.36		 	235		195		1.30		 	223		186		1.22		 	255		222		1.40		 	265		220		1.34		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Per share calculations are based on un-rounded numbers.	

	
				
Voya Financial	 	Page 45 of 47	

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

																			
 	 	Nine months ended	
(in millions except per share in whole dollars)	 	9/30/2019	 	9/30/2018	
 	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	
 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders	 	 	$	396		$	2.67		 	 	$	754		$	4.39		
Plus: Net income (loss) attributable to noncontrolling interest	 	 	43		0.29		 	 	81		0.48		
Less: Preferred stock dividends	 	 	(24	)	(0.16	)	 	 	—		—		
Less: Income (loss) from discontinued operations	 	 	(82	)	(0.55	)	 	 	457		2.66		
Income (loss) from continuing operations	 	618		545		3.67		 	448		378		2.21		
Less:	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	95		75		0.50		 	(90	)	(71	)	(0.42	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(30	)	(24	)	(0.16	)	 	2		2		0.01		
Income (loss) related to businesses exited through reinsurance or divestment	 	8		6		0.04		 	(53	)	(42	)	(0.24	)	
Net income (loss) attributable to noncontrolling interest	 	43		43		0.29		 	81		81		0.48		
Income (loss) on early extinguishment of debt	 	(12	)	(9	)	(0.06	)	 	(3	)	(2	)	(0.01	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	66		52		0.35		 	—		—		—		
Dividend payments made to preferred shareholders	 	24		24		0.16		 	—		—		—		
Other adjustments	 	(173	)	(128	)	(0.85	)	 	(53	)	(60	)	(0.35	)	
Adjusted operating earnings	 	597		506		3.41		 	564		471		2.74		
Less:	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	 	(116	)	(92	)	(0.61	)	 	(243	)	(192	)	(1.12	)	
Prepayment fees and alternative investment income above (below) long-term expectations	 	29		23		0.15		 	65		51		0.30		
Investment Management earnings related to annuities business sold on 6/1/2018	 	—		—		—		 	15		12		0.07		
Normalized adjusted operating earnings	 	684		575		3.87		 	727		600		3.48		
 	 	 	 	 	 	 	 	 	
(1) Per share calculations are based on un-rounded numbers.	

	
				
Voya Financial	 	Page 46 of 47	

Reconciliation of Book Value Per Common Share, Excluding AOCI

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in whole dollars)	 	9/30/2019	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	9/30/2019	 	9/30/2018	
Book value per common share, including AOCI	 	73.73		 	67.37		 	59.13		 	52.28		 	52.22		 	73.73		 	52.22		
Per share impact of AOCI	 	(25.94	)	 	(20.43	)	 	(13.29	)	 	(4.02	)	 	(4.94	)	 	(25.94	)	 	(4.94	)	
Book value per common share, excluding AOCI	 	47.79		 	46.94		 	45.84		 	48.26		 	47.28		 	47.79		 	47.28		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to capital	 	22.4	 %	 	23.8	 %	 	25.7	 %	 	27.6	 %	 	28.9	 %	 	22.4	 %	 	28.9	 %	
Capital impact of AOCI	 	7.7	 %	 	6.6	 %	 	4.9	 %	 	1.6	 %	 	2.0	 %	 	7.7	 %	 	2.0	 %	
Impact of 25% equity treatment afforded to subordinate debt	 	(2.7	)%	 	(2.7	)%	 	(2.6	)%	 	(2.6	)%	 	(2.5	)%	 	(2.7	)%	 	(2.5	)%	
Adjusted Debt to capital	 	27.4	 %	 	27.7	 %	 	28.0	 %	 	26.6	 %	 	28.4	 %	 	27.4	 %	 	28.4	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of shares used in Normalized adjusted operating earnings per common share (Diluted)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	 	144.3		 	149.9		 	151.3		 	157.9		 	164.0		 	148.5		 	171.7		
Dilutive effect of the exercise or issuance of stock-based awards (1)	 	—		 	—		 	—		 	—		 	—			—		 	—		
Weighted average common shares outstanding - Adjusted Diluted (1)	 	144.3		 	149.9		 	151.3		 	157.9		 	164.0		 	148.5		 	171.7		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) For periods in which there is a Net loss in Income from continuing operations, Normalized adjusted operating earnings per common share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the Normalized adjusted operating earnings per common share calculation.	

	
				
Voya Financial	 	Page 47 of 47	

Reconciliation of Investment Management Normalized Adjusted Operating Margin, Excluding Investment Capital 

																		
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD, unless otherwise indicated)	9/30/2019	 	6/30/2019	 	9/30/2018	 	9/30/2019	 	6/30/2019	 	9/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	167		 	163		 	168		 	637		 	638		 	709		
Adjusted operating expenses	(121	)	 	(122	)	 	(120	)	 	(472	)	 	(471	)	 	(488	)	
Adjusted operating earnings before income taxes	46		 	41		 	48		 	165		 	167		 	221		
Adjusted operating margin	27.4	%	 	25.3	%	 	28.9	%	 	25.9	%	 	26.2	%	 	31.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	167		 	163		 	168		 	637		 	638		 	709		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results	5		 	7		 	8		 	15		 	18		 	32		
Adjusted operating revenues excluding Investment Capital	162		 	156		 	160		 	622		 	620		 	677		
Adjusted operating expenses	(121	)	 	(122	)	 	(120	)	 	(472	)	 	(471	)	 	(488	)	
Adjusted operating earnings excluding Investment Capital	41		 	34		 	40		 	150		 	149		 	189		
Adjusted operating margin excluding Investment Capital	25.0	%	 	21.9	%	 	25.4	%		24.1	%	 	24.2	%	 	28.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	167		 	163		 	168		 	637		 	638		 	709		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results above (below) long-term expectations	—		 	2		 	3		 	(5	)	 	(2	)	 	9		
Adjusted operating revenue related to annuities businesses sold on June 1, 2018	—		 	—		 	—		 	—		 	—		 	24		
Normalized adjusted operating revenues	167		 	161		 	165		 	642		 	640		 	676		
Adjusted operating expenses	(121	)	 	(122	)	 	(120	)	 	(472	)	 	(471	)	 	(488	)	
Normalized adjusted operating earnings	45		 	39		 	45		 	169		 	169		 	188		
Normalized adjusted operating margin	27.3	%	 	24.4	%	 	27.6	%	 	26.4	%	 	26.5	%	 	27.9	%