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):
October 30 , 2018
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))

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 October 30 , 2018 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30 , 2018 . 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 , October 31 , 2018 at 10:00 am ET to discuss its third-quarter 2018 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 , October 31 , 2018 . In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended September 30, 2018 , available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 30, 2018 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 October 30 , 2018 , Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended September 30, 2018 . 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 October 30, 2018 (furnished and not filed)
99.2     Quarterly Investor Supplement for the quarter ended September 30, 2018 (furnished and not filed)

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/ Jean Weng                    
Name: Jean Weng
Title: Senior Vice President and Corporate Secretary

  Dated: October 30 , 2018

Exhibit 99.1

Voya Financial Announces Third-Quarter 2018 Results

•	Third-quarter 2018 net income available to common shareholders of $0.87 per diluted share	

•	Third-quarter 2018 adjusted operating earnings 1 of $0.84 per diluted share, after-tax; Normalized for the following items, third-quarter 2018 adjusted operating earnings were $1.34 per diluted share, after-tax:	

◦	$(0.70) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking — unfavorable annual assumption updates in Individual Life were partially offset by favorable assumption updates in Retirement and the company's legacy annuities in Corporate; and	

◦	$0.20 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income above the company’s long-term expectations.	

•	Board of directors authorizes an additional $500 million of share repurchases	

•	Voya completes strategic review of Individual Life business	

◦	Voya will cease new individual life insurance sales on Dec. 31, 2018 and retain the in-force block	

◦	Decision supports Voya’s focus on its higher-growth, higher-return, capital-light businesses	

◦	Retaining the block provides value to shareholders, including earnings and capital diversification and at least $1 billion of expected free cash flow from Individual Life over the next five to six years	

•	Voya to hold investor day on Tuesday, Nov. 13	

NEW YORK, Oct. 30, 2018 — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the third quarter of 2018.

“During the third quarter, we continued to make strong progress on our 2018 priorities,” said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “Our commitment to achieving our growth plans this year was demonstrated in the third quarter by positive net flows in both Retirement and Investment Management and an increase in annualized in-force premiums in Employee Benefits. We also generated strong bottom-line results. Excluding the negative impact of DAC/VOBA and other intangibles unlocking and the benefit of prepayment fees and alternative investment income above our long-term expectations, normalized third-quarter 2018 adjusted operating earnings were $1.34 per diluted share, after-tax. This demonstrates our

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.

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commitment to improving our adjusted operating earnings per share to reach $1.30 to $1.40 per share by the end of the second quarter of 2019.

"In addition to organic growth, we continued to execute on our capital initiatives as we repurchased $250 million of common stock in the third quarter. We also received an additional share repurchase authorization of $500 million from the board of directors, which will enable us to continue to deliver further shareholder value through share repurchases. Finally, we continued to focus on achieving cost savings and began to take actions to lower our debt-to-capital ratio by the end of this year.

“We are looking forward to our upcoming Investor Day on Nov. 13, when we'll share our long-term growth plans and opportunities to build upon the profitable growth we've achieved over the past several years, generate further shareholder value, expand our relationships with our customers, and achieve our vision to be America's Retirement Company,” added Martin.

Voya also announced today that the company has concluded the strategic review of its Individual Life business. The company will cease all new sales of individual life insurance on Dec. 31, 2018 and retain the in-force block of policies.

“Following the sale of substantially all of our individual annuities businesses earlier this year, we conducted a thorough review of our Individual Life business to determine the best path forward. We carefully considered our broader, go-forward strategy of largely focusing on the workplace and institutional clients, analyzed the options available to us, and concluded that ceasing new sales aligns with our plans to focus on our higher-growth, higher-return, capital-light businesses: Retirement, Investment Management and Employee Benefits,” said Martin.

“Further, continuing to own the in-force block will benefit shareholders in that it will provide earnings and capital diversification and generate higher free cash flows. Specifically, we expect our Individual Life business to increase free cash flow conversion to 70% to 80% and generate meaningful free cash flow of at least $1 billion over the next five to six years.

“Voya will continue to be good stewards of shareholder capital. As we have over the past several years, we will continue to explore and pursue opportunities to maximize the value of our in-force life insurance business,” concluded Martin.

Voya will continue to report its Individual Life segment financial results as part of the company’s adjusted operating earnings.

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THIRD-QUARTER 2018 SUMMARY

					
 	Three Months Ended	
 	September 30, 2018	September 30, 2017	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$142	$0.87	$149	$0.81	
Adjusted operating earnings, after-tax	$139	$0.84	$29	$0.16	
Common book value	 	$52.22	 	$75.98	
Common book value, excluding AOCI	 	$47.28	 	$60.78	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	160	 	180	 	
   Diluted	164	 	182	 	

Net income available to common shareholders for the third quarter of 2018 was $142 million , or $0.87 per diluted share, compared with $149 million , or $0.81 per diluted share in the third quarter of 2017. The improvement on a per-share basis reflects the company's share repurchases. Total third-quarter 2018 net income available to common shareholders was lower due to higher income from continuing operations in the third quarter of 2018 being more than offset by the benefit of income from discontinued operations in the third quarter of 2017.

Adjusted operating earnings for the third quarter of 2018 were $139 million , or $0.84 per diluted share, after-tax, up from $29 million , or $0.16 per diluted share, after-tax, in the third quarter of 2017. The increase was largely due to third-quarter 2018 results having lower negative DAC/VOBA and other intangibles unlocking, higher alternative investment income, lower expenses and higher fee-based margins.

THIRD-QUARTER 2018 HIGHLIGHTS
		
•	Continued execution of the company's 2018 priorities, including growth, capital and cost saving initiatives.	

•	Capital initiatives:	

◦	Repurchased $250 million of Voya common stock during the third quarter — the company plans to purchase an additional $250 million of common stock in the fourth quarter and deliver on its previously announced plan in December 2017 to repurchase $1.5 billion in shares by the end of 2018.	

◦	Issued $325 million of preferred shares in the third quarter, the proceeds of which will be utilized to reduce outstanding senior debt by $325 million in the fourth quarter of 2018.	

◦	Pro-forma for the expected debt repurchase in the fourth quarter of 2018, excess capital was $813 million as of Sept. 30, 2018.	

•	Strong performance from Voya's higher-growth, higher-return, capital-light businesses:	

◦	Retirement achieved record adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) of $203 million, largely driven by strong prepayment fees and alternative investment income as well as higher fee-based margins. Retirement Full	

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Service recurring deposits were $2.3 billion, and Full Service net flows were $99 million in the third quarter.

◦	Investment Management reported $48 million of adjusted operating earnings and generated $1.4 billion of Institutional net flows, reflecting strong commercial growth in the business. Third-party sales were $5.5 billion during the quarter, and third-party AUM grew to $155 billion as of Sept. 30, 2018.	

◦	Employee Benefits generated adjusted operating earnings of $50 million, including underwriting results that reflect an improved loss ratio for Stop Loss. Annualized in-force premiums increased 2% compared with the third quarter of 2017, reflecting both continued pricing discipline and a strong increase in the Voluntary business.	

•	Total company assets under management and administration grew to $543 billion as of Sept. 30, 2018.	

SEGMENT DISCUSSIONS
The following segment discussions compare the third quarter of 2018 with the third quarter of 2017, unless otherwise noted. All figures are presented before income taxes.

Retirement
Retirement adjusted operating earnings were $253 million , up from $107 million . The increase was largely due to:
		
•	$50 million of positive DAC/VOBA and other intangibles unlocking in the third quarter of 2018 compared with $44 million of negative DAC/VOBA and other intangibles unlocking in the third quarter of 2017;	
		
•	$35 million of higher fee-based margin primarily due to higher average AUM (driven by both equity market and business growth) as well as the benefit of fees from the movement of certain investment-only products to Retirement from Corporate;	
		
•	$33 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $27 million above the company's long-term expectations (before the effect of income taxes and DAC) in the third quarter of 2018; and	
		
•	$20 million of higher administrative expenses largely due to the movement of certain investment-only products and strategic investment spending to Retirement from Corporate.	

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($ in millions)	Trailing twelve months ended Sept. 30, 2018	Trailing twelve months ended June 30, 2018	Trailing twelve months ended Sept. 30, 2017	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	9,164		$	8,927		$	8,329		
 	 	 	 	
($ in millions)	Three months ended Sept. 30, 2018	Three months ended June 30, 2018	Three months ended Sept. 30, 2017	
Retirement	 	 	 	
Total client assets	$	434,862		$	420,882		$	409,908		
 	 	 	 	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	2,267		$	2,376		$	2,030		
Full Service net flows	$	99		$	126		$	925		
Full Service client assets	$	128,641		$	124,702		$	118,600		

Investment Management
Investment Management adjusted operating earnings were $48 million , compared with $54 million . The decline was largely due to:
		
•	$6 million of lower fee-based revenues as smaller general account average AUM resulting from the company's June 1, 2018 sale of substantially all of its annuities businesses was partially offset by growth in third-party management fees (driven by positive net flows and higher third-party AUM);	
		
•	$3 million of higher investment capital revenues, which were also $3 million above long-term expectations in the third quarter of 2018; and	
		
•	$3 million of higher expenses primarily due to higher volume expenses associated with higher revenue.	

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($ in millions)	3Q 2018	2Q 2018	3Q 2017	
Investment Management AUM	 	 	 	
External clients	$	154,553		$	151,535		$	139,616		
General account	55,862		55,617		82,489		
Total	$	210,415		$	207,152		$	222,105		
 	 	 	 	
Investment Management Net Flows	 	 	 	
Institutional	$	1,392		$	1,291		$	1,723		
Retail (including sub-advisor replacements)	(315	)	(548	)	736		
Total (excluding divested annuities)	$	1,077		$	743		$	2,459		
Divested annuities outflows	(600	)	(627	)	(948	)	
Total	$	477		$	116		$	1,512		

Total Investment Management AUM grew to $210 billion as of Sept. 30, 2018, up from $207 billion as of June 30, 2018. The decline from Sept. 30, 2017 reflects the sale of substantially all of the company's individual annuities business on June 1, 2018. During the third quarter of 2018, Investment Management net inflows of $477 million were driven by strong Institutional net flows of $1.4 billion, primarily from fixed income asset classes.

Employee Benefits
Employee Benefits adjusted operating earnings were $50 million , down from $58 million . The decline was largely due to:
		
•	$5 million of lower underwriting results due to a non-recurring favorable reserve adjustment of $25 million in the third quarter of 2017 — adjusting for the reserve change, underwriting results improved by $20 million due to improvement in the loss ratio for Stop Loss and growth in the Voluntary block, which were partially offset by a higher Group Life loss ratio;	
		
•	$4 million of higher administrative expenses to support growth in the business; and	
		
•	$2 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $2 million above the company's long-term expectations (before the effect of income taxes and DAC) in the third quarter of 2018.	

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($ in millions)	3Q 2018	2Q 2018	3Q 2017	
Employee Benefits Annualized In-Force Premiums	 	 	 	
Group Life, Disability and Other	$	654		$	664		$	627		
Stop Loss	953		938		989		
Voluntary	309		312		257		
Total	$	1,916		$	1,914		$	1,873		
 	 	 	 	
Employee Benefits Loss Ratios	 	 	 	
Group Life	78.6	%	81.5	%	74.4	%	
Stop Loss	77.0	%	81.7	%	80.6	%	
 	 	 	 	
 	Trailing twelve months ended Sept. 30, 2018	Trailing twelve months ended June 30, 2018	Trailing twelve months ended Sept. 30, 2017	
Total Aggregate Loss Ratio	73.1	%	72.6	%	74.2	%	

Compared with the third quarter of 2017, total Employee Benefits in-force premiums increased 2%, reflecting strong growth in Voluntary premiums and continued pricing discipline in Stop Loss. During the third quarter of 2018, the Stop Loss and Group Life loss ratios were within the company's targeted annual range of 77-80%.

Individual Life
Individual Life adjusted operating earnings were $(134) million compared with $(66) million . The higher loss was due to:
		
•	$57 million of higher negative DAC/VOBA and other intangibles unlocking driven by assumption changes, primarily related to increased expected cost of reinsurance;	
		
•	$11 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $10 million above the company's long-term expectations (before the effect of income taxes and DAC) in the third quarter of 2018; and	
		
•	$4 million of higher administrative expenses due to the reallocation of strategic investment spending from Corporate into the business segments.	

Total Individual Life sales, which primarily consist of indexed life insurance, were $20 million, up from $18 million.

Corporate
Corporate adjusted operating losses were $(54) million , including $5 million of positive DAC/VOBA and other intangibles unlocking, compared with losses of $(110) million . The improvement was largely due to the reallocation of strategic investment spending into the business segments, revenue from the company's transition service agreements associated with the sale of substantially all of its individual annuities businesses on June 1, 2018, and higher earnings from the company's legacy annuities business.

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Share Repurchases
In the third quarter of 2018, Voya repurchased 5,056,422 shares of its common stock at an average price per share of $49.44 for an aggregate purchase price of approximately $250 million.

The company 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 $500 million. This additional authorization increases the aggregate amount available under the company’s share repurchase authorization to approximately $761 million as of Sept. 30, 2018. 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 $500 million share repurchase authorization expires on Dec. 31, 2019 (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.

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., Oct. 31, 2018, at 10 a.m. ET, to discuss the company’s third-quarter 2018 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 Oct. 31, 2018.

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

Bill Sutton                        Billy Cheung
860-580-2626                        212-309-8984
William.Sutton@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 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $543 billion in total assets under management and administration as of Sept. 30, 2018. 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 ®

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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 2018 World’s Most Ethical Companies ® by the Ethisphere Institute, one of the 2018 World’s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S. by Newsweek magazine. For more information, visit voya.com . Follow Voya Financial on Facebook , LinkedIn and Twitter @Voya .

Use of Non-GAAP Financial Measures
Adjusted operating earnings before income taxes is a measure used to evaluate segment performance. 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. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the comparable U.S. GAAP 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;	
		
•	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	

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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 infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with restructuring. 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. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses.	

Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the Retained Business in periods prior to 2018. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

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.

Adjusted operating earnings - excluding unlocking is also a non-GAAP financial measure. This measure excludes from Adjusted operating earnings before income taxes the following items:
		
•	DAC/VOBA and other intangibles unlocking; and	
		
•	The net gains included in Adjusted operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement ("Lehman Recovery"), and losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships ("LIHTC") as a mean of exiting this asset class.	

Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability. The net gain from the Lehman Brothers bankruptcy settlement and loss from the disposition of low-income housing tax credit partnerships affected run-rate results and we believe that this effect is not reflective of our ongoing performance.  .

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

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.

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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 ("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.	
		
•	Trail 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. 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, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, including those affecting reserve requirements for variable annuity policies and the use of and possible application of NAIC accreditation standards to captive reinsurance entities, those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the U.S. Department of Labor’s final rules and exemptions pertaining to the fiduciary status of providers of investment advice, or any amendments thereto, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully manage the separation of Venerable, 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” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition - Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2017, which the company filed with the Securities and Exchange Commission on Feb. 23, 2018 and in our Quarterly Report on Form 10-Q for the three-month period ended Sept. 30, 2018, which the company expects to file with the Securities and Exchange Commission on or before Nov. 9, 2018.

VOYA-IR

# # #

11

	
							
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings - Quarter-to-Date	
 	Three Months Ended	
(in millions USD)	9/30/2018	9/30/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	142		$	149		
Plus: Net income (loss) attributable to noncontrolling interest	23		65		
Net Income (loss)	165		214		
Less: Income from Discontinued Operations, net of tax	—		134		
Net Income (loss) from continuing operations	165		80		
Less: Net Income (loss) attributable to noncontrolling interest	23		65		
Less: Adjustments to adjusted operating earnings	 	 	
Net Investment gains (losses) and related charges and adjustments	11		(12	)	
Other adjustments (2)	(11	)	(56	)	
Total Adjustments to adjusted operating earnings before tax effect	—		(68	)	
Income taxes on adjustments to adjusted operating earnings (1)	—		22		
Total Adjustments to adjusted operating earnings, after tax (1)	—		(46	)	
Less: Difference between actual tax (expense) benefit and assumed tax rate	3		32		
Adjusted Operating earnings, after-tax (1)	139		29		
Less: Income taxes (1)	(24	)	(14	)	
Adjusted operating earnings before income taxes	$	163		$	43		

							
Reconciliation of Net Income per Share to Adjusted Operating Earnings per Share	
 	Three Months Ended	
(in USD per diluted share)	9/30/2018	9/30/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	0.87		$	0.81		
Less: Income from Discontinued Operations, net of tax	—		0.73		
Net Income (loss) from continuing operations	0.87		0.08		
Less: Net Investment gains (losses) and related charges and adjustments, after-tax	0.05		(0.04	)	
Less: Other adjustments, after-tax  (2)	(0.04	)	(0.20	)	
Less: Effect of assumed tax rate vs. actual tax rate	0.02		0.16		
Less: Adjustment due to antidilutive effect of net loss in the current period	—		—		
Adjusted Operating earnings, after-tax (1)	$	0.84		$	0.16		

					
Reconciliation of Fully Diluted Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares	
 	Three Months Ended	
(in millions USD)	9/30/2018	9/30/2017	
 	 	 	
Fully Diluted weighted average shares outstanding	164		182		
Dilutive effect of the exercise or issuance of stock based awards	—		—		
Weighted average common shares outstanding - diluted (adjusted operating)	164		182		
(1) Voya Financial assumes a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as "after tax" for 2017. For 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. A 35% tax rate is applied to all non-operating items in 2017 and 21% in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividend received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.

(2) “Other adjustments” consists of net guaranteed benefit hedging gains (losses) and related charges and adjustments; income (loss) from business exited; immediate recognition of net actuarial gains (losses) related to pension and other post-retirement benefit obligations and gains (losses) from plan amendments and curtailments; expenses associated with the rebranding of Voya Financial from ING U.S.; and restructuring expenses (severance, lease write-offs, etc.).

12

	
								
Reconciliation of Book Value per Common Share to Book Value per Share excluding AOCI	
 	 	As of September 30, 2018	As of September 30, 2017	
Book value per common share, including AOCI	$	52.22		$	75.98		
Per share impact of AOCI	 	(4.94	)	(15.20	)	
Book value per common share, excluding AOCI	$	47.28		$	60.78		

	
										
Reconciliation of Investment Management Adjusted Operating Margin to Adjusted Operating Margin Excluding Investment Capital (1)	
 	Three Months Ended	
(in millions USD, unless otherwise indicated)	9/30/2018	6/30/2018	9/30/2017	
 	 	 	 	
Adjusted Operating revenues	$	168		$	171		$	171		
Adjusted operating expenses	(120	)	(119	)	(117	)	
Adjusted operating earnings before income taxes	$	48		$	52		$	54		
Adjusted operating margin	28.9	%	30.7	%	31.3	%	
 	 	 	 	
Adjusted Operating revenues	$	168		$	171		$	171		
Less:	 	 	 	
Investment Capital Results	8		5		5		
Adjusted operating revenues excluding Investment Capital	160		166		166		
Adjusted operating expenses	(120	)	(119	)	(118	)	
Adjusted operating earnings excluding Investment Capital	$	40		$	47		$	49		
Adjusted operating margin excluding Investment Capital	25.4	%	28.7	%	29.2	%	
(1) In our Investment Management business, adjusted operating margin excluding Investment Capital results is reported because results from Investment Capital can be volatile and excluding the effect of this item can improve period-to-period comparability.

13

Exhibit 99.2

Quarterly Investor Supplement

September 30, 2018

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, 2018 . 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 Adjusted Operating Earnings	27	
Key Metrics	6	 	Key Metrics	28	
Consolidated Statements of Operations	7	 	Corporate	 	
Consolidated Adjusted Earnings Before Income Taxes	8	 	Adjusted Operating Earnings	30	
Adjusted Operating Earnings by Segment (QTD)	9	 	Investment Information	 	
Adjusted Operating Earnings by Segment (YTD)	10	 	Portfolio Composition	32	
Consolidated Balance Sheets	11	 	Portfolio Results	33	
DAC/VOBA Segment Trends	12	 	Alternative Investment Income	34	
Consolidated Capital Structure	13	 	Reconciliations	 	
Consolidated Assets Under Management/Assets Under Administration	14	 	Reconciliation of Consolidated Statements of Operations	36	
Retirement	 	 	Reconciliation of Adjusted Operating Revenues	37	
Sources of Adjusted Operating Earnings and Key Metrics	16	 	Reconciliation of Adjusted Operating Earnings - excluding Unlocking	 	
Assets Under Management Rollforward by Product Group	17	 	Adjusted Return on Capital	38 - 39	
Investment Management	 	 	Impacts of Prepayments and Alternative Income Above (Below) Long-	 	
Sources of Adjusted Operating Earnings	19	 	Term Expectations on Adjusted ROC (bps)	40	
Key Metrics	20	 	Reconciliation of Adjusted Operating Earnings Per Share; Book Value	 	
Account Value Rollforward by Source	21	 	Per Common Share
	41	
Account Value by Asset Type	22	 	Reconciliation of Investment Management Operating Margin, Excluding	 	
Employee Benefits	 	 	Investment Capital	42	
Sources of Adjusted Operating Earnings	24	 	Appendix	 	
Key Metrics	25	 	Pro-forma Retirement views	44 - 46	
 	 	 	Pro-forma Investment Management views	47 - 49	

	
				
Voya Financial	 	Page 3  of	49	

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 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 "Transaction"). As a result, the assets and liabilities of the businesses sold were classified as held for sale in prior periods and the results of operations have been classified as discontinued operations for all periods presented in this Quarterly Investor Supplement. Pursuant to the Transaction, we evaluated our segments and determined that the retained CBVA and annuities policies that are not components of the disposed businesses described above ("Retained Business") have insignificant impacts to Adjusted operating earnings before taxes. As such, we have recorded the results of these retained businesses in Corporate.
Adjusted Operating Earnings Before Income Taxes
Adjusted operating earnings before income taxes is a measure used to evaluate segment performance. 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. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the comparable U.S. GAAP 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;	
		
•	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 infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with restructuring. 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. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses.	

	
				
Voya Financial	 	Page 4  of	49	

Explanatory Note on Non-GAAP Financial Information

Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the Retained Business in periods prior to 2018. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.
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.
Adjusted Operating Earnings - excluding Unlocking
Adjusted operating earnings - excluding unlocking is also a non-GAAP financial measure. This measure excludes from Adjusted operating earnings before income taxes the following items:
		
•	DAC/VOBA and other intangibles unlocking; and	
		
•	The net gains included in Adjusted operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement ("Lehman Recovery"), and losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships ("LIHTC") as a mean of exiting this asset class.	
Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability. The net gain from the Lehman Brothers bankruptcy settlement and loss from the disposition of low-income housing tax credit partnerships affected run-rate results and we believe that this effect is not reflective of our ongoing performance.    
Adjusted Operating Earnings per Common Share (Diluted); Shareholders' Equity/Book Value per Common Share, Excluding AOCI
In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors.
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 Adjusted Operating Earning Per Common Share; 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
The Adjusted operating effective tax rate for 2018 is based on the income tax expense for the current period related to Income (loss) from continuing operations, less estimated taxes on non-operating items assuming a 21% corporate tax rate, and other non-operating impacts such as those related to restructuring, changes in tax valuation allowance, and the Tax Cuts and Jobs Act. Voya assumes a 21% tax rate on all components of Adjusted operating earnings described as “after-tax”. For purposes of calculating segment Adjusted ROC, 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.
Stranded Costs
As a result of the Transaction, the revenues and certain expenses of the businesses sold have been classified as discontinued operations. Expenses classified within discontinued operations include only direct operating expenses incurred by the businesses sold that are identifiable as costs of the businesses sold, but only to the extent that we did not continue to recognize such expenses after the close of the Transaction. Certain direct costs of the businesses sold, which relate to activities for which we provide transitional services and for which we will be 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	49	

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.	
Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business in the periods prior to 2018. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.
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 ("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.	
		
•	Trail 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	49	

Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD, unless otherwise indicated)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Income (loss) from continuing operations before income taxes	186		 	241		 	21		 	220		 	40		 	448		 	308		
Income tax expense (benefit)	21		 	45		 	4		 	687		 	(40	)	 	70		 	53		
Income (loss) from discontinued operations, net of tax (1)	—		 	28		 	429		 	(2,616	)	 	134		 	457		 	36		
Net income (loss)	165		 	224		 	446		 	(3,083	)	 	214		 	835		 	291		
Net income (loss) attributable to noncontrolling interest	23		 	58		 	—		 	82		 	65		 	81		 	118		
Net income (loss) available to Voya Financial, Inc.'s common shareholders	142		 	166		 	446		 	(3,165	)	 	149		 	754		 	173		
Adjusted operating earnings before income taxes - Consolidated (2)	163		 	238		 	163		 	233		 	43		 	564		 	295		
Total Voya Financial, Inc. Common Shareholders' Equity	8,204		 	8,460		 	9,378		 	10,009		 	13,653		 	8,204		 	13,653		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI  (2)	7,427		 	7,517		 	7,867		 	7,278		 	10,922		 	7,427		 	10,922		
Net Deferred Tax Asset (DTA and AMT receivables) (net of valuation allowance) (3)	1,811		 	1,942		 	1,843		 	1,856		 	2,954		 	1,811		 	2,954		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (3)	5,616		 	5,575		 	6,024		 	5,422		 	7,968		 	5,616		 	7,968		
Debt to Capital:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	28.9	%	 	29.0	%	 	26.9	%	 	25.7	%	 	20.2	%	 	28.9	%	 	20.2	%	
Adjusted Debt to Capital (2) (5)	28.4	%	 	29.0	%	 	28.1	%	 	30.5	%	 	22.7	%	 	28.4	%	 	22.7	%	
Per Share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating effective tax rate (6)	14.9	%	 	17.9	%	 	16.2	%	 	32.0	%	 	32.0	%	 	16.5	%	 	32.0	%	
Net income (loss) available to shareholders per common share:			 			 	 	 	 	 			 	 	 	 	
Basic	0.89		 	1.00		 	2.59		 	(17.64	)	 	0.83		 	4.54		 	0.93		
Diluted	0.87		 	0.96		 	2.50		 	(17.64	)	 	0.81		 	4.39		 	0.92		
Adjusted operating earnings per common share (diluted) (2) (4)	0.84		 	1.13		 	0.77		 	0.87		 	0.16		 	2.74		 	1.06		
Adjusted operating earnings per common share (diluted) - ex unlocking (2) (4)	1.54		 	1.26		 	1.08		 	0.87		 	0.86		 	3.86		 	2.14		
Book value per common share (including AOCI)	52.22		 	52.22		 	54.65		 	58.19		 	75.98		 	52.22		 	75.98		
Book value per common share (excluding AOCI) (4)	47.28		 	46.40		 	45.84		 	42.31		 	60.78		 	47.28		 	60.78		
Shares:			 			 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	160		 	167		 	172		 	179		 	180		 	166		 	186		
Diluted	164		 	173		 	178		 	179		 	182		 	172		 	188		
Adjusted Diluted (2) (4)	164		 	173		 	178		 	183		 	182		 	172		 	188		
Ending shares outstanding	157		 	162		 	172		 	172		 	180		 	157		 	180		
Returned to Common Shareholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Repurchase of common shares, excluding commissions	250		 	500		 	100		 	401		 	—		 	850		 	623		
Dividends to common shareholders	2		 	1		 	2		 	2		 	2		 	5		 	6		
Total cash returned to common shareholders	252		 	501		 	102		 	403		 	2		 	855		 	629		
(1)  Income (loss) from discontinued operations, net of tax includes a $2.4 billion write down of assets of businesses held for sale to fair value less costs to sell in the period ended 12/31/2017, which was reduced by $0.5 billion in the nine months ended September 30, 2018.	
(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 35  of this document.	
(3)  Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Life Subgroup Deferred Losses, 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 $447 million tax valuation allowance related to Federal NOLs for the period ended September 30, 2018.	
(4)  For an explanation of the diluted weighted-average common share measures used for Adjusted operating earnings per share (diluted) please refer to "Reconciliation of Adjusted Operating Earnings Per Share; Book Value Per Common Share, Excluding AOCI" on page 41  of this document.	
(5)  Includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	
(6)  Consolidated effective tax rate used in the calculation of Adjusted operating earning per share. The effect of assumed tax rate vs actual tax rate is listed on page 41 of this document.	

	
				
Voya Financial	 	Page 7  of	49	

Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	855		 	813		 	823		 	824		 	795		 	2,491		 	2,470		
Fee income	 	704		 	660		 	676		 	668		 	684		 	2,040		 	1,960		
Premiums	 	550		 	533		 	539		 	515		 	533		 	1,622		 	1,606		
Net realized capital gains (losses)	 	(46	)	 	(120	)	 	(181	)	 	(63	)	 	(53	)	 	(347	)	 	(164	)	
Income (loss) related to consolidated investment entities	 	62		 	126		 	11		 	136		 	139		 	199		 	295		
Other revenues	 	127		 	101		 	99		 	106		 	86		 	327		 	265		
Total revenues	 	2,252			2,113			1,967			2,186			2,184			6,332			6,432		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,268	)	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(1,192	)	 	(3,446	)	 	(3,477	)	
Operating expenses	 	(656	)	 	(645	)	 	(700	)	 	(682	)	 	(674	)	 	(2,001	)	 	(1,972	)	
Net amortization of DAC/VOBA	 	(86	)	 	(74	)	 	(100	)	 	(61	)	 	(209	)	 	(260	)	 	(468	)	
Interest expense	 	(47	)	 	(46	)	 	(49	)	 	(44	)	 	(49	)	 	(142	)	 	(140	)	
Operating expenses related to consolidated investment entities	 	(9	)	 	(19	)	 	(7	)	 	(20	)	 	(20	)	 	(35	)	 	(67	)	
Total benefits and expenses	 	(2,066	)	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(2,144	)	 	(5,884	)	 	(6,124	)	
Income (loss) from continuing operations before income taxes	 	186		 	241		 	21		 	220		 	40		 	448		 	308		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	11		 	(40	)	 	(61	)	 	(54	)	 	(12	)	 	(90	)	 	(30	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	14		 	2		 	(14	)	 	34		 	5		 	2		 	12		
Income (loss) related to businesses exited through reinsurance or divestment	 	—		 	(8	)	 	(45	)	 	(39	)	 	(2	)	 	(53	)	 	(6	)	
Income (loss) attributable to noncontrolling interests	 	23		 	58		 	—		 	82		 	65		 	81		 	118		
Income (loss) on early extinguishment of debt	 	—		 	—		 	(3	)	 	—		 	(3	)	 	(3	)	 	(4	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	—		 	(17	)	 	1		 	—		 	1		
Other adjustments (1)	 	(25	)	 	(9	)	 	(19	)	 	(19	)	 	(57	)	 	(53	)	 	(78	)	
Adjusted operating earnings before income taxes (2)	 	163		 	238		 	163		 	233		 	43		 	564		 	295		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.	
(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 35  of this document.	

	
				
Voya Financial	 	Page 8  of	49	

Consolidated Adjusted Operating Earnings Before Income Taxes

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Consolidated Adjusted Operating Earnings Before Income Taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	783		 	756		 	741		 	753		 	736		 	2,280		 	2,222		
Fee income	 	726		 	706		 	708		 	711		 	730		 	2,140		 	2,097		
Premiums	 	547		 	532		 	537		 	514		 	533		 	1,616		 	1,603		
Other revenue	 	52		 	39		 	37		 	45		 	28		 	128		 	101		
Adjusted operating revenues  (1)	 	2,108		 	2,033		 	2,023		 	2,023		 	2,027		 	6,164		 	6,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,260	)	 	(1,101	)	 	(1,115	)	 	(1,077	)	 	(1,158	)	 	(3,476	)	 	(3,358	)	
Operating expenses	 	(557	)	 	(569	)	 	(578	)	 	(592	)	 	(568	)	 	(1,704	)	 	(1,748	)	
Net amortization of DAC/VOBA	 	(83	)	 	(77	)	 	(118	)	 	(75	)	 	(212	)	 	(278	)	 	(482	)	
Interest expense	 	(45	)	 	(48	)	 	(49	)	 	(46	)	 	(46	)	 	(142	)	 	(140	)	
Adjusted operating benefits and expenses	 	(1,945	)	 	(1,795	)	 	(1,860	)	 	(1,790	)	 	(1,984	)	 	(5,600	)	 	(5,728	)	
Adjusted operating earnings before income taxes (1)	 	163		 	238		 	163		 	233		 	43		 	564		 	295		

	
																						
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	705		 	670		 	662		 	649		 	634		 	2,037		 	1,889		
Investment Management	 	168		 	171		 	185		 	185		 	171		 	524		 	546		
Employee Benefits	 	469		 	460		 	453		 	431		 	446		 	1,382		 	1,336		
Individual Life	 	660		 	641		 	631		 	635		 	669		 	1,932		 	1,928		
Corporate	 	106		 	91		 	92		 	123		 	107		 	289		 	324		
Adjusted operating revenues  (1)	 	2,108		 	2,033		 	2,023		 	2,023		 	2,027		 	6,164		 	6,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	253		 	169		 	109		 	168		 	107		 	531		 	288		
Investment Management	 	48		 	52		 	61		 	60		 	54		 	161		 	188		
Employee Benefits	 	50		 	35		 	32		 	31		 	58		 	117		 	96		
Individual Life	 	(134	)	 	41		 	17		 	64		 	(66	)	 	(76	)	 	28		
Corporate	 	(54	)	 	(59	)	 	(56	)	 	(90	)	 	(110	)	 	(169	)	 	(305	)	
Adjusted operating earnings before income taxes (1)	 	163		 	238		 	163		 	233		 	43		 	564		 	295		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 35  of this document.	

	
				
Voya Financial	 	Page 9  of	49	

Adjusted Operating Earnings by Segment

																			
 	 	Three Months Ended September 30, 2018	
(in millions USD)	 	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		

 	 	Three Months Ended September 30, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	425		 	5		 	28		 	218		 	60		 	736		
Fee income	 	187		 	160		 	15		 	340		 	28		 	730		
Premiums	 	1		 	—		 	405		 	108		 	19		 	533		
Other revenue	 	21		 	6		 	(2	)	 	3		 	—		 	28		
Adjusted operating revenues (1)	 	634		 	171		 	446		 	669		 	107		 	2,027		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(243	)	 	—		 	(305	)	 	(550	)	 	(60	)	 	(1,158	)	
Operating expenses	 	(203	)	 	(117	)	 	(80	)	 	(63	)	 	(105	)	 	(568	)	
Net amortization of DAC/VOBA	 	(81	)	 	—		 	(3	)	 	(122	)	 	(6	)	 	(212	)	
Interest expense	 	—		 	—		 	—		 	—		 	(46	)	 	(46	)	
Adjusted operating benefits and expenses	 	(527	)	 	(117	)	 	(388	)	 	(735	)	 	(217	)	 	(1,984	)	
Adjusted operating earnings before income taxes (1)	 	107		 	54		 	58		 	(66	)	 	(110	)	 	43		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 35  of this document.	

	
				
Voya Financial	 	Page 10  of	49	

Adjusted Operating Earnings by Segment

																			
 	 	Nine Months Ended September 30, 2018	
(in millions USD)	 	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		

 	 	Nine Months Ended September 30, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	1,271		 	49		 	82		 	642		 	178		 	2,222		
Fee income	 	550		 	468		 	47		 	950		 	82		 	2,097		
Premiums	 	5		 	—		 	1,211		 	324		 	63		 	1,603		
Other revenue	 	63		 	29		 	(4	)	 	12		 	1		 	101		
Adjusted operating revenues (1)	 	1,889		 	546		 	1,336		 	1,928		 	324		 	6,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(717	)	 	—		 	(977	)	 	(1,473	)	 	(191	)	 	(3,358	)	
Operating expenses	 	(637	)	 	(358	)	 	(254	)	 	(210	)	 	(289	)	 	(1,748	)	
Net amortization of DAC/VOBA	 	(247	)	 	—		 	(9	)	 	(217	)	 	(9	)	 	(482	)	
Interest expense	 	—		 	—		 	—		 	—		 	(140	)	 	(140	)	
Adjusted operating benefits and expenses	 	(1,601	)	 	(358	)	 	(1,240	)	 	(1,900	)	 	(629	)	 	(5,728	)	
Adjusted operating earnings before income taxes (1)	 	288		 	188		 	96		 	28		 	(305	)	 	295		

	
				
Voya Financial	 	Page 11  of	49	

Consolidated Balance Sheets

																
 	 	Balances as of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	
Assets	 	 	 	 	 	 	 	 	 	 	
Total investments	 	63,873		 	63,857		 	64,608		 	66,087		 	65,918		
Cash and cash equivalents	 	1,789		 	1,534		 	1,411		 	1,218		 	1,470		
Assets held in separate accounts	 	80,937		 	78,642		 	77,949		 	77,605		 	77,613		
Premium receivable and reinsurance recoverable
	 	7,068		 	7,617		 	7,601		 	7,632		 	7,273		
Short term investments under securities loan agreement and accrued investment income	 	2,490		 	2,353		 	2,170		 	2,293		 	2,603		
Deferred policy acquisition costs, Value of business acquired	 	4,061		 	4,008		 	3,769		 	3,374		 	3,403		
Deferred income taxes	 	1,122		 	1,266		 	1,022		 	781		 	1,293		
Other assets (1)	 	1,473		 	1,175		 	1,388		 	1,314		 	1,477		
Assets related to consolidated investment entities	 	2,223		 	2,288		 	2,826		 	3,176		 	3,618		
Assets held for sale	 	—		 	—		 	57,080		 	59,052		 	62,325		
Total Assets	 	165,036		 	162,740		 	219,824		 	222,532		 	226,993		
 	 	 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	
Future policy benefits and contract owner account balances	 	65,523		 	65,980		 	65,732		 	65,805		 	65,100		
Liabilities related to separate accounts	 	80,937		 	78,642		 	77,949		 	77,605		 	77,613		
Payables under securities loan agreements, including collateral held	 	2,097		 	1,957		 	1,719		 	1,866		 	2,139		
Short-term debt	 	1		 	1		 	—		 	337		 	337		
Long-term debt	 	3,459		 	3,458		 	3,458		 	3,123		 	3,122		
Other liabilities (2)	 	2,632		 	2,339		 	2,752		 	2,775		 	2,816		
Liabilities related to consolidated investment entities	 	1,187		 	1,121		 	1,347		 	1,705		 	2,168		
Liabilities held for sale	 	—		 	—		 	56,458		 	58,277		 	59,087		
Total Liabilities	 	155,836		 	153,498		 	209,415		 	211,493		 	212,382		
 	 	 	 	 	 	 	 	 	 	 	
Shareholders' Equity	 	 	 	 	 	 	 	 	 	 	
Preferred stock	 	—		 	—		 	—		 	—		 	—		
Common stock	 	3		 	3		 	3		 	3		 	3		
Treasury stock	 	(4,705	)	 	(4,442	)	 	(3,936	)	 	(3,827	)	 	(3,426	)	
Additional paid-in capital	 	24,301		 	23,951		 	23,961		 	23,821		 	23,900		
Retained earnings (deficit)	 	(11,853	)	 	(11,995	)	 	(12,161	)	 	(12,719	)	 	(9,555	)	
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	 	7,746		 	7,517		 	7,867		 	7,278		 	10,922		
Accumulated other comprehensive income	 	777		 	943		 	1,511		 	2,731		 	2,731		
Total Voya Financial, Inc. Shareholders' Equity	 	8,523		 	8,460		 	9,378		 	10,009		 	13,653		
Noncontrolling interest	 	677		 	782		 	1,031		 	1,030		 	958		
Total Shareholders' Equity	 	9,200		 	9,242		 	10,409		 	11,039		 	14,611		
Total Liabilities and Shareholders' Equity	 	165,036		 	162,740		 	219,824		 	222,532		 	226,993		
 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes Other assets, Sales inducements to contract holders, Current income taxes, Goodwill and other intangible assets.	
(2)  Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.	

	
				
Voya Financial	 	Page 12  of	49	

DAC/VOBA Segment Trends

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	1,167		 	1,057		 	882		 	858		 	921		 	882		 	1,165		
Deferrals of commissions and expenses	 	17		 	18		 	19		 	23		 	21		 	54		 	70		
Amortization	 	(25	)	 	(20	)	 	(13	)	 	(27	)	 	(34	)	 	(58	)	 	(92	)	
Unlocking (1)	 	50		 	(8	)	 	(59	)	 	9		 	(39	)	 	(17	)	 	(128	)	
Change in unrealized capital gains/losses	 	42		 	120		 	228		 	19		 	(11	)	 	390		 	(157	)	
Balance as of End-of-Period	 	1,251		 	1,167		 	1,057		 	882		 	858		 	1,251		 	858		
Deferred Sales Inducements as of End-of-Period (2)	 	34		 	33		 	33		 	32		 	33		 	34		 	33		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	2,687		 	2,566		 	2,366		 	2,424		 	2,575		 	2,366		 	2,702		
Deferrals of commissions and expenses	 	28		 	25		 	26		 	31		 	26		 	79		 	92		
Amortization	 	(58	)	 	(38	)	 	(1	)	 	(39	)	 	(44	)	 	(97	)	 	(137	)	
Unlocking	 	(46	)	 	(2	)	 	(21	)	 	—		 	(83	)	 	(69	)	 	(91	)	
Change in unrealized capital gains/losses	 	37		 	136		 	196		 	(50	)	 	(50	)	 	369		 	(142	)	
Balance as of End-of-Period	 	2,648		 	2,687		 	2,566		 	2,366		 	2,424		 	2,648		 	2,424		
Other (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	154		 	146		 	126		 	121		 	124		 	126		 	130		
Deferrals of commissions and expenses	 	7		 	8		 	6		 	7		 	6		 	21		 	20		
Amortization	 	(5	)	 	(6	)	 	(6	)	 	(8	)	 	(5	)	 	(17	)	 	(18	)	
Unlocking	 	(2	)	 	—		 	—		 	1		 	(4	)	 	(2	)	 	(2	)	
Change in unrealized capital gains/losses	 	8		 	6		 	20		 	5		 	—		 	34		 	(9	)	
Balance as of End-of-Period	 	162		 	154		 	146		 	126		 	121		 	162		 	121		
Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	4,008		 	3,769		 	3,374		 	3,403		 	3,620		 	3,374		 	3,997		
Deferrals of commissions and expenses	 	52		 	51		 	51		 	61		 	53		 	154		 	182		
Amortization	 	(88	)	 	(64	)	 	(20	)	 	(74	)	 	(83	)	 	(172	)	 	(247	)	
Unlocking	 	2		 	(10	)	 	(80	)	 	10		 	(126	)	 	(88	)	 	(221	)	
Change in unrealized capital gains/losses	 	87		 	262		 	444		 	(26	)	 	(61	)	 	793		 	(308	)	
Balance as of End-of-Period	 	4,061		 	4,008		 	3,769		 	3,374		 	3,403		 	4,061		 	3,403		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the nine months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $52 million, of which $9 million was included in the results of the annual review of assumptions. For the nine months ended September 30, 2017, unfavorable unlocking of DAC / VOBA related to changes in GMIR provisions was $220 million, of which $92 million 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 13  of	49	

Consolidated Capital Structure

																
 	 	Balances as of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	
Financial Debt	 	 	 	 	 	 	 	 	 	 	
Senior bonds	 	2,358		 	2,357		 	2,357		 	2,703		 	2,702		
Subordinated bonds	 	1,097		 	1,097		 	1,096		 	752		 	752		
Other debt	 	5		 	5		 	5		 	5		 	5		
Total Debt	 	3,460		 	3,459		 	3,458		 	3,460		 	3,459		
 	 	 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	 	 	
Preferred equity (Excluding AOCI)  (3)	 	319		 	—		 	—		 	—		 	—		
Common equity (Excluding AOCI)	 	7,427		 	7,517		 	7,867		 	7,278		 	10,922		
Total Equity (Excluding AOCI)  (1)	 	7,746		 	7,517		 	7,867		 	7,278		 	10,922		
Accumulated other comprehensive income (AOCI)	 	777		 	943		 	1,511		 	2,731		 	2,731		
Total Voya Financial, Inc. Shareholders' Equity	 	8,523		 	8,460		 	9,378		 	10,009		 	13,653		
 	 	 	 	 	 	 	 	 	 	 	
Capital	 	 	 	 	 	 	 	 	 	 	
Total Capitalization	 	11,983		 	11,919		 	12,836		 	13,469		 	17,112		
Total Capitalization (Excluding AOCI) (1)	 	11,206		 	10,976		 	11,325		 	10,738		 	14,381		
 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	 		 	 	 	 	 	 	 	 	
Debt to Capital	 	28.9	%	 	29.0	%	 	26.9	%	 	25.7	%	 	20.2	%	
Adjusted Debt to Capital (1) (2)	 	28.4	%	 	29.0	%	 	28.1	%	 	30.5	%	 	22.7	%	
 	 	 	 	 	 	 	 	 	 	 	
(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 35  of this document.	
(2)  Includes 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	
(3)  Includes Preferred stock par value and additional paid-in-capital.	

	
				
Voya Financial	 	Page 14  of	49	

Consolidated Assets Under Management/Assets Under Administration

																			
As of September 30, 2018	 	 	 	 	 	 	 	 	 	 	 	 	
(in millions USD)	 	General Account	 	Separate Account	 	Institutional/Mutual Funds	 	Total AUM - Assets Under Management	 	AUA - Assets Under Administration	 	Total AUM + AUA	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement (1)	 	32,468		 	73,119		 	45,006		 	150,593		 	234,975		 	385,568		
Investment Management	 	55,862		 	27,520		 	127,033		 	210,415		 	48,990		 	259,405		
Employee Benefits	 	1,823		 	15		 	—		 	1,838		 	—		 	1,838		
Individual Life (2)	 	12,902		 	2,826		 	—		 	15,728		 	—		 	15,728		
Eliminations/Other	 	(47,193	)	 	(22,543	)	 	(10,745	)	 	(80,481	)	 	(39,492	)	 	(119,973	)	
Total AUM and AUA	 	55,862		 	80,937		 	161,294		 	298,093		 	244,473		 	542,566		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes wrapped funds as well as unwrapped Voya-managed funds.	
(2)  Includes assets backing interest and non-interest sensitive products.	

Retirement

	
				
Voya Financial	 	Page 16  of	49	

Retirement Sources of Adjusted Operating Earnings and Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	387		 	385		 	381		 	386		 	390		 	1,153		 	1,161		
Limited partnership income	1		 	1		 	1		 	2		 	2		 	3		 	6		
Prepayment fee income	11		 	5		 	4		 	11		 	6		 	20		 	17		
Total gross investment income	399		 	391		 	386		 	399		 	398		 	1,176		 	1,184		
Investment expenses	(18	)	 	(19	)	 	(17	)	 	(17	)	 	(19	)	 	(54	)	 	(55	)	
Credited interest	(233	)	 	(231	)	 	(228	)	 	(236	)	 	(237	)	 	(692	)	 	(700	)	
Net margin	148		 	141		 	141		 	146		 	142		 	430		 	429		
Other investment income (1)	70		 	54		 	46		 	46		 	43		 	170		 	129		
Investment spread and other investment income	218		 	195		 	187		 	192		 	185		 	600		 	558		
Fee based margin (2)	247		 	237		 	241		 	221		 	212		 	725		 	622		
Net underwriting gain (loss) and other revenue	—		 	—		 	(3	)	 	(9	)	 	(8	)	 	(3	)	 	(14	)	
Administrative expenses (2)	(179	)	 	(185	)	 	(194	)	 	(167	)	 	(159	)	 	(558	)	 	(506	)	
Trail commissions	(52	)	 	(52	)	 	(53	)	 	(42	)	 	(41	)	 	(157	)	 	(122	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(31	)	 	(29	)	 	(28	)	 	(34	)	 	(38	)	 	(88	)	 	(105	)	
DAC/VOBA and other intangibles unlocking (3)  	50		 	3		 	(41	)	 	7		 	(44	)	 	12		 	(145	)	
Adjusted operating earnings before income taxes	253		 	169		 	109		 	168		 	107		 	531		 	288		
Adjusted Return on Capital (4)	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	 	9.9	%	 	13.4	%	 	9.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin - excluding Recordkeeping	201		 	195		 	196		 	177		 	171		 	592		 	502		
Fee based margin - Recordkeeping	46		 	42		 	45		 	44		 	41		 	133		 	120		
Fee based margin (2)	247		 	237		 	241		 	221		 	212		 	725		 	622		
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	32,468		 	32,519		 	32,480		 	32,571		 	32,761		 	32,468		 	32,761		
Guaranteed separate account	7,770		 	7,527		 	7,541		 	7,695		 	7,771		 	7,770		 	7,771		
Non-guaranteed separate account	65,349		 	63,386		 	62,820		 	63,538		 	60,705		 	65,349		 	60,705		
Mutual funds / Institutional funds	45,006		 	42,483		 	40,875		 	34,387		 	33,348		 	45,006		 	33,348		
Total AUM	150,593		 	145,915		 	143,716		 	138,191		 	134,585		 	150,593		 	134,585		
AUA (5)	234,975		 	227,271		 	226,101		 	244,517		 	227,283			234,975		 	227,283		
Total AUM and AUA	385,568		 	373,186		 	369,817		 	382,708		 	361,868		 	385,568		 	361,868		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2)  During the first quarter of 2018, results from certain investment-only products were moved from Corporate to the Retirement segment.	
(3) During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the nine months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $52 million, of which $9 million was included in the results of the annual review of assumptions. For the nine months ended September 30, 2017, unfavorable unlocking of DAC / VOBA related to changes in GMIR provisions was $220 million, of which $92 million was included in the results of the annual review of assumptions.	
(4)  Adjusted Return on Capital calculated using trailing twelve months.	
(5)  Includes Recordkeeping and Stable Value where Voya is not the Investment Manager.	

	
				
Voya Financial	 	Page 17  of	49	

Retirement AUM Rollforward by Product Group

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	61,888		 	60,650		 	60,495		 	58,010		 	55,536		 	60,495		 	49,921		
Transfer/Single deposits	 	927		 	986		 	1,066		 	1,597		 	1,212		 	2,979		 	4,141		
Recurring deposits	 	1,442		 	1,512		 	1,670		 	1,219		 	1,307		 	4,624		 	4,105		
Total Deposits	 	2,369		 	2,498		 	2,736		 	2,816		 	2,518		 	7,603		 	8,246		
Surrenders, benefits, and product charges	 	(1,999	)	 	(2,261	)	 	(2,465	)	 	(2,656	)	 	(1,952	)	 	(6,725	)	 	(5,894	)	
Net Flows	 	370		 	237		 	271		 	160		 	567		 	878		 	2,352		
Interest credited and investment performance	 	2,122		 	1,001		 	(116	)	 	2,325		 	1,907		 	3,007		 	5,738		
Assets under management, end of period	 	64,380		 	61,888		 	60,650		 	60,495		 	58,010		 	64,380		 	58,010		
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	62,814		 	61,954		 	62,070		 	60,590		 	58,549		 	62,070		 	55,497		
Transfer/Single deposits	 	451		 	283		 	280		 	272		 	789		 	1,014		 	1,696		
Recurring deposits	 	825		 	864		 	857		 	775		 	723		 	2,546		 	2,377		
Total Deposits	 	1,276		 	1,147		 	1,137		 	1,047		 	1,512		 	3,560		 	4,073		
Surrenders, benefits, and product charges	 	(1,547	)	 	(1,257	)	 	(1,361	)	 	(1,234	)	 	(1,155	)	 	(4,165	)	 	(3,895	)	
Net Flows	 	(271	)	 	(110	)	 	(224	)	 	(187	)	 	357		 	(605	)	 	179		
Interest credited and investment performance	 	1,718		 	970		 	108		 	1,667		 	1,684		 	2,796		 	4,914		
Assets under management, end of period	 	64,261		 	62,814		 	61,954		 	62,070		 	60,590		 	64,261		 	60,590		
Stable value (1) and Pension risk transfer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	11,518		 	11,544		 	11,982		 	12,403		 	12,088		 	11,982		 	12,506		
Transfer/Adjustment (2)	 	—		 	196		 	—		 	—		 	—		 	196		 	—		
Transfer/Single deposits	 	538		 	107		 	101		 	137		 	415		 	746		 	598		
Recurring deposits	 	86		 	231		 	104		 	67		 	95		 	421		 	315		
Total Deposits	 	624		 	338		 	205		 	204		 	510		 	1,167		 	913		
Surrenders, benefits, and product charges	 	(180	)	 	(598	)	 	(546	)	 	(620	)	 	(283	)	 	(1,324	)	 	(1,291	)	
Net Flows	 	444		 	(260	)	 	(341	)	 	(415	)	 	226		 	(157	)	 	(379	)	
Interest credited and investment performance	 	43		 	38		 	(97	)	 	(5	)	 	89		 	(16	)	 	276		
Assets under management, end of period	 	12,005		 	11,518		 	11,544		 	11,982		 	12,403		 	12,005		 	12,403		
Retail wealth management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	9,695		 	9,568		 	3,644		 	3,581		 	3,562		 	3,644		 	3,485		
Transfer/Adjustment (2)	 	—		 	—		 	6,016		 	—		 	—		 	6,016		 	—		
Transfer/Single deposits	 	402		 	456		 	440		 	180		 	150		 	1,298		 	532		
Recurring deposits	 	1		 	1		 	1		 	1		 	1		 	3		 	3		
Total Deposits	 	403		 	457		 	441		 	180		 	150		 	1,301		 	534		
Surrenders, benefits, and product charges	 	(430	)	 	(458	)	 	(509	)	 	(214	)	 	(211	)	 	(1,397	)	 	(707	)	
Net Flows	 	(27	)	 	(1	)	 	(68	)	 	(34	)	 	(60	)	 	(96	)	 	(172	)	
Interest credited and investment performance	 	280		 	128		 	(24	)	 	97		 	80		 	384		 	268		
Assets under management, end of period	 	9,948		 	9,695		 	9,568		 	3,644		 	3,581		 	9,948		 	3,581		
Total AUM (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	145,915		 	143,716		 	138,191		 	134,585		 	129,735		 	138,191		 	121,408		
Transfer/Adjustment (2)	 	—		 	196		 	6,016		 	—		 	—		 	6,212		 	—		
Transfer/Single deposits	 	2,318		 	1,832		 	1,887		 	2,186		 	2,565		 	6,037		 	6,965		
Recurring deposits	 	2,354		 	2,608		 	2,632		 	2,062		 	2,126		 	7,594		 	6,802		
Total Deposits	 	4,672		 	4,440		 	4,519		 	4,248		 	4,691		 	13,631		 	13,767		
Surrenders, benefits, and product charges	 	(4,156	)	 	(4,574	)	 	(4,881	)	 	(4,724	)	 	(3,600	)	 	(13,611	)	 	(11,785	)	
Net Flows	 	516		 	(134	)	 	(362	)	 	(476	)	 	1,091		 	20		 	1,982		
Interest credited and investment performance	 	4,162		 	2,137		 	(129	)	 	4,082		 	3,759		 	6,170		 	11,195		
Assets under management, end of period	 	150,593		 	145,915		 	143,716		 	138,191		 	134,585		 	150,593		 	134,585		
1) Where Voya is the Investment Manager.  Stable Value assets move from AUM to AUA when Voya no longer serves as Investment Manager but continues to provide a book value guarantee.
	
(2)  During the Q1 2018, results from certain investment-only products were moved from Corporate to the Retirement segment. In addition, an adjustment in Q2 2018 reflects certain stable value assets that were previously reported as AUA.	
(3)  Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager.	

Investment Management

	
				
Voya Financial	 	Page 19  of	49	

Investment Management Sources of Adjusted Operating Earnings

	
																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment capital and other investment income (1)	 	8		 	5		 	11		 	8		 	5		 	24		 	49		
Fee based margin	 	160		 	166		 	174		 	177		 	166		 	500		 	497		
Administrative expenses	 	(120	)	 	(119	)	 	(124	)	 	(125	)	 	(117	)	 	(363	)	 	(358	)	
Adjusted operating earnings before income taxes	 	48		 	52		 	61		 	60		 	54		 	161		 	188		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment advisory and administrative revenue	 	157		 	161		 	165		 	164		 	160		 	483		 	468		
Other fee based margin	 	3		 	5		 	9		 	13		 	6		 	17		 	29		
Fee based margin	 	160		 	166		 	174		 	177		 	166		 	500		 	497		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes performance fees related to sponsored private equity funds (“carried interest”) that are subject to later reversal based on subsequent fund performance, to the extent that cumulative rates of investment return fall below specified investment hurdle rates. Should the market value of a portfolio increase in future periods, reversals of carried interest could be fully or partially recovered. For the three and nine months ended September 30, 2018 and for the three months ended September 30, 2017, our carried interest total net results were immaterial. For the nine months ended September 30, 2017, our carried interest total net results were a gain of $33 million, including the recovery of $26 million of previously accrued carried interest for one private equity fund.	

	
				
Voya Financial	 	Page 20  of	49	

Investment Management Key Metrics

																						
 	 	Balances as of	 	Balances as of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Client Assets by Source:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	89,208		 	86,802		 	85,411		 	85,804		 	83,070		 	89,208		 	83,070		
Affiliate sourced	 	38,170		 	36,882		 	55,147		 	56,476		 	56,546		 	38,170		 	56,546		
Variable Annuities (1)	 	27,175		 	27,851		 	—		 	—		 	—		 	27,175		 	—		
Subtotal external clients	 	154,553		 	151,535		 	140,558		 	142,280		 	139,616		 	154,553		 	139,616		
General Account (2)	 	55,862		 	55,617		 	81,893		 	82,006		 	82,489		 	55,862		 	82,489		
Total Client Assets (AUM)	 	210,415		 	207,152		 	222,451		 	224,286		 	222,105		 	210,415		 	222,105		
Administration Only Assets (AUA)	 	48,990		 	49,378		 	49,008		 	50,018		 	50,460		 	48,990		 	50,460		
Total AUM and AUA	 	259,405		 	256,530		 	271,459		 	274,304		 	272,565		 	259,405		 	272,565		
 	 	Three Months Ended	 	Year-to-Date	
 	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Analysis of investment advisory and administrative revenues, net, by source:  (3)(4)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	97		 	95		 	92		 	92		 	86		 	284		 	252		
Affiliate sourced	 	27		 	27		 	28		 	28		 	29		 	82		 	85		
Total external clients	 	124		 	122		 	120		 	120		 	115		 	366		 	337		
General Account	 	28		 	36		 	40		 	40		 	40		 	104		 	118		
Total investment advisory and administrative revenues, net, from AUM	 	152		 	158		 	160		 	160		 	155		 	470		 	455		
Administration Only Fees	 	5		 	3		 	5		 	4		 	5		 	13		 	13		
Total investment advisory and administrative revenues, net, by source (3)	 	157		 	161		 	165		 	164		 	160		 	483		 	468		
Revenue Yield (bps, using average client assets for the period): (3)(5)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	41.9		 	43.3		 	43.0		 	43.3		 	42.0		 	42.7		 	42.8		
Affiliate sourced	 	17.1		 	18.5		 	19.5		 	19.5		 	21.0		 	18.3		 	20.7		
Revenue yield on external clients	 	32.4		 	33.4		 	33.7		 	33.8		 	33.5		 	33.0		 	33.7		
General Account	 	20.0		 	19.7		 	19.5		 	19.5		 	19.3		 	19.7		 	19.1		
Revenue yield on client assets (AUM)	 	29.1		 	28.8		 	28.5		 	28.5		 	28.2		 	28.7		 	28.1		
Revenue yield on administration only assets (AUA)	 	3.8		 	2.9		 	4.1		 	4.0		 	4.5		 	3.6		 	3.4		
Total revenue yield on AUM and AUA (bps) (3)	 	24.3		 	24.1		 	24.0		 	24.0		 	23.8		 	24.1		 	23.4		
(1)  Reflects Assets Under Management associated with the Variable Annuities business divested in June 2018.	
(2)  General Account assets reported on a Statutory Book Value billing basis consistent with revenues earned.

	
(3)  Measures used by management to evaluate ongoing business performance, allowing for more appropriate comparisons with industry peers.	
(4)  Revenues include fees on AUM associated with the Variable Annuities business in both Investment Management sourced and Affiliate sourced.	
(5)  Revenue yield on external clients includes the yield on AUM associated with the Variable Annuities business. For the periods ended 9/30/2018 and 6/30/2018, standalone revenue yields reflect ongoing yield on Investment Management Sourced and Affiliate Sourced AUM and exclude Variable Annuities business impacts.	

	
				
Voya Financial	 	Page 21  of	49	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Investment Management Sourced AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	86,802		 	85,411		 	85,804		 	83,070		 	80,158		 	85,804		 	73,992		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Inflows-other	 	4,321		 	4,788		 	3,704		 	4,219		 	5,290		 	12,813		 	14,622		
Outflows	 	(3,461	)	 	(3,636	)	 	(3,648	)	 	(3,383	)	 	(4,062	)	 	(10,745	)	 	(10,441	)	
Net Flows	 	860		 	1,152		 	56		 	836		 	1,228		 	2,068		 	4,181		
Net Money Market Flows	 	(6	)	 	19		 	(62	)	 	59		 	(24	)	 	(49	)	 	(47	)	
Change in Market Value	 	1,575		 	273		 	(93	)	 	1,975		 	1,445		 	1,755		 	4,737		
Other	 	(23	)	 	217		 	(294	)	 	(136	)	 	263		 	(100	)	 	207		
Impact of Divestitures (1)
	 	—		 	(270	)	 	—		 	—		 	—		 	(270	)	 	—		
End of period AUM	 	89,208		 	86,802		 	85,411		 	85,804		 	83,070		 	89,208		 	83,070		
Organic Growth (Net Flows / Beginning of period AUM)	 	0.99	%	 	1.35	 %	 	0.07	 %	 	1.01	 %	 	1.53	%	 	2.41	 %	 	5.65	 %	
Market Growth %	 	1.81	%	 	0.32	 %	 	-0.11	 %	 	2.38	 %	 	1.80	%	 	2.05	 %	 	6.40	 %	
Affiliate Sourced AUM:	 	 	 		 		 		 		 		 		
Beginning of period AUM	 	36,882		 	55,147		 	56,476		 	56,546		 	54,937		 	56,476		 	54,254		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	76		 	—		 	—		 	—		 	857		 	76		 	857		
Inflows-other	 	1,189		 	911		 	1,013		 	904		 	1,452		 	3,113		 	3,455		
Outflows	 	(1,048	)	 	(1,947	)	 	(2,234	)	 	(2,877	)	 	(2,025	)	 	(5,229	)	 	(6,964	)	
Net Flows	 	217		 	(1,036	)	 	(1,221	)	 	(1,973	)	 	284		 	(2,040	)	 	(2,653	)	
Net Money Market Flows	 	5		 	(47	)	 	(22	)	 	(82	)	 	(10	)	 	(64	)	 	(180	)	
Change in Market Value	 	1,227		 	753		 	(319	)	 	1,941		 	1,466		 	1,661		 	4,908		
Other	 	(161	)	 	(80	)	 	233		 	44		 	(131	)	 	(8	)	 	217		
Impact of Divestitures (1)
	 			 	(17,855	)	 	—		 	—		 	—		 	(17,855	)	 	—		
End of period AUM	 	38,170		 	36,882		 	55,147		 	56,476		 	56,546		 	38,170		 	56,546		
Organic Growth (Net Flows / Beginning of period AUM)	 	0.59	%	 	-1.88	 %	 	-2.16	 %	 	-3.49	 %	 	0.52	%	 	-3.61	 %	 	-4.89	 %	
Market Growth %	 	3.33	%	 	1.37	 %	 	-0.56	 %	 	3.43	 %	 	2.67	%	 	2.94	 %	 	9.05	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable Annuity End of Period AUM (1)(2)	 	27,175		 	27,851		 	—		 	—		 	—		 	27,175		 	—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced net flows	 	860		 	1,152		 	56		 	836		 	1,228		 	2,068		 	4,181		
Other affiliate sourced net flows	 	217		 	(409	)	 	(507	)	 	(530	)	 	1,232		 	(699	)	 	410		
Variable annuities net flows	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(948	)	 	(1,941	)	 	(3,062	)	
Total Net Flows	 	477		 	116		 	(1,165	)	 	(1,137	)	 	1,512		 	(572	)	 	1,528		
Net Flows excluding sub-advisor replacements and variable annuities net flows	 	1,001		 	743		 	(451	)	 	305		 	1,603		 	1,293		 	3,735		
(1)  Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2) Variable Annuities End of Period AUM includes Retail AUM of $18.3Bn reflected in divestitures above as well as $8.9Bn of General Account AUM retained by Voya Investment Management.	

	
				
Voya Financial	 	Page 22  of	49	

Investment Management Account Value by Asset Type 

																
 	 	Balances as of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
Institutional	 	 	 	 	 	 	 	 	 	 	
Equity	 	23,712		 	23,188		 	23,037		 	22,905		 	21,868		
Fixed Income	 	61,396		 	60,363		 	49,507		 	49,563		 	48,884		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	150		 	90		 	—		 	—		 	—		
Total	 	85,258		 	83,641		 	72,544		 	72,468		 	70,752		
Retail	 	 	 	 	 	 	 	 	 	 	
Equity	 	44,441		 	43,075		 	43,003		 	44,380		 	43,228		
Fixed Income	 	21,685		 	21,326		 	21,257		 	21,077		 	20,524		
Real Estate	 	1,800		 	2,118		 	2,353		 	2,873		 	3,611		
Money Market	 	1,369		 	1,375		 	1,401		 	1,482		 	1,502		
Total	 	69,295		 	67,894		 	68,014		 	69,812		 	68,865		
General Account	 	 	 	 	 	 	 	 	 	 	
Equity	 	139		 	205		 	240		 	217		 	218		
Fixed Income	 	54,904		 	54,581		 	80,011		 	80,253		 	80,813		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	819		 	831		 	1,642		 	1,536		 	1,458		
Total	 	55,862		 	55,617		 	81,893		 	82,006		 	82,489		
Combined Asset Type	 	 	 	 	 	 	 	 	 	 	
Equity	 	68,292		 	66,468		 	66,280		 	67,502		 	65,313		
Fixed Income	 	137,985		 	136,270		 	150,775		 	150,893		 	150,221		
Real Estate	 	1,800		 	2,118		 	2,353		 	2,873		 	3,611		
Money Market	 	2,338		 	2,296		 	3,043		 	3,018		 	2,960		
Total	 	210,415		 	207,152		 	222,451		 	224,286		 	222,105		

Employee Benefits

	
				
Voya Financial	 	Page 24  of	49	

Employee Benefits Sources of Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	 	23		 	23		 	23		 	23		 	24		 	69		 	71		
Limited partnership income and Prepayment fee income	 	1		 	1		 	—		 	—		 	1		 	2		 	2		
Total gross investment income	 	24		 	24		 	23		 	24		 	25		 	71		 	73		
Investment expenses	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(3	)	 	(4	)	
Credited interest	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(42	)	 	(43	)	
Net margin	 	9		 	9		 	8		 	9		 	10		 	26		 	26		
Other investment income	 	7		 	5		 	5		 	4		 	4		 	17		 	13		
Investment spread and other investment income	 	16		 	14		 	13		 	13		 	14		 	43		 	39		
Net underwriting gain (loss) and other revenue	 	123		 	112		 	113		 	102		 	128		 	348		 	321		
Administrative expenses	 	(53	)	 	(53	)	 	(55	)	 	(51	)	 	(49	)	 	(161	)	 	(155	)	
Trail commissions	 	(35	)	 	(35	)	 	(35	)	 	(31	)	 	(32	)	 	(105	)	 	(99	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	 	(2	)	 	(3	)	 	(3	)	 	(3	)	 	(2	)	 	(8	)	 	(7	)	
DAC/VOBA and other intangibles unlocking	 	1		 	—		 	(1	)	 	—		 	(1	)	 	—		 	(3	)	
Adjusted operating earnings before income taxes	 	50		 	35		 	32		 	31		 	58		 	117		 	96		
Adjusted Return on Capital (1)	 	26.9	%	 	29.0	%	 	28.3	%	 	24.4	%	 	24.3	%	 	26.9	%	 	24.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	124		 	125		 	123		 	117		 	118		 	372		 	349		
Benefits	 	(97	)	 	(102	)	 	(98	)	 	(89	)	 	(88	)	 	(297	)	 	(266	)	
Other (2)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(6	)	 	(6	)	
Total Group life	 	25		 	21		 	23		 	26		 	28		 	69		 	77		
Group Life Loss Ratio (Interest adjusted)	 	78.6	%	 	81.5	%	 	79.3	%	 	76.1	%	 	74.4	%	 	79.8	%	 	76.0	%	
Group stop loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	233		 	232		 	226		 	233		 	241		 	691		 	720		
Benefits	 	(180	)	 	(189	)	 	(181	)	 	(195	)	 	(194	)	 	(550	)	 	(593	)	
Other (2)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(3	)	 	(3	)	
Total Group stop loss	 	52		 	42		 	44		 	37		 	46		 	138		 	124		
Stop loss Loss Ratio	 	77.0	%	 	81.7	%	 	80.2	%	 	83.9	%	 	80.6	%	 	79.6	%	 	82.4	%	
Voluntary Benefits, Disability, and Other	 	45		 	49		 	46		 	39		 	54		 	140		 	120		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	438		 	435		 	431		 	413		 	422		 	1,304		 	1,261		
Benefits	 	(311	)	 	(321	)	 	(314	)	 	(308	)	 	(291	)	 	(946	)	 	(931	)	
Other (2)	 	(4	)	 	(2	)	 	(4	)	 	(3	)	 	(3	)	 	(10	)	 	(9	)	
Total Net underwriting gain (loss) and other revenue	 	123		 	112		 	113		 	102		 	128		 	348		 	321		
Total Aggregate Loss Ratio (1)  	 	73.1	%	 	72.6	%	 	72.9	%	 	74.0	%	 	74.2	%	 	73.1	%	 	74.2	%	
 	 	 	
(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 25  of	49	

Employee Benefits Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	12		 	12		 	60		 	11		 	15		 	84		 	75		
Stop loss	 	36		 	15		 	179		 	7		 	19		 	230		 	279		
Voluntary	 	9		 	10		 	65		 	9		 	5		 	84		 	61		
Total sales by product line	 	57		 	37		 	304		 	27		 	39		 	398		 	415		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total gross premiums and deposits	 	468		 	469		 	462		 	440		 	456		 	1,399		 	1,366		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized In-force Premiums by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	654		 	664		 	663		 	623		 	627		 	654		 	627		
Stop loss	 	953		 	938		 	925		 	969		 	989		 	953		 	989		
Voluntary	 	309		 	312		 	303		 	257		 	257		 	309		 	257		
Total annualized in-force premiums (1)	 	1,916		 	1,914		 	1,891		 	1,849		 	1,873		 	1,916		 	1,873		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	1,823		 	1,807		 	1,779		 	1,813		 	1,860		 	1,823		 	1,860		
Separate account	 	15		 	14		 	15		 	16		 	15		 	15		 	15		
Total AUM	 	1,838		 	1,821		 	1,794		 	1,829		 	1,875		 	1,838		 	1,875		
(1)  Historical amounts for annualized in-force premiums are as follows:	
 	 	Three months ended 12/31/2016	 	Three months ended 12/31/2015	 	 	 	 	 	 	 	 	 	 	
Group life	 	500		 	492		 	 	 	 	 	 	 	 	 	 	
Stop loss	 	874		 	824		 	 	 	 	 	 	 	 	 	 	
Voluntary	 	213		 	183		 	 	 	 	 	 	 	 	 	 	
Disability and other	 	127		 	105		 	 	 	 	 	 	 	 	 	 	
Total annualized in-force premiums	 	1,714		 	1,604		 	 	 	 	 	 	 	 	 	 	

Individual Life

	
				
Voya Financial	 	Page 27  of	49	

Individual Life Sources of Adjusted Operating Earnings

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	205		 	204		 	203		 	203		 	206		 	612		 	607		
Limited partnership income	9		 	10		 	4		 	6		 	5		 	23		 	12		
Prepayment fee income	2		 	3		 	2		 	2		 	2		 	7		 	6		
Total gross investment income	216		 	217		 	209		 	211		 	213		 	642		 	625		
Investment expenses	(7	)	 	(7	)	 	(8	)	 	(7	)	 	(6	)	 	(22	)	 	(20	)	
Credited interest	(150	)	 	(150	)	 	(149	)	 	(150	)	 	(150	)	 	(449	)	 	(450	)	
Net margin	59		 	60		 	52		 	54		 	57		 	171		 	155		
Other investment income (1)	19		 	13		 	14		 	12		 	10		 	46		 	31		
Investment spread and other investment income	78		 	73		 	66		 	66		 	67		 	217		 	186		
Fee based margin	3		 	3		 	3		 	4		 	3		 	9		 	10		
Net underwriting gain (loss) and other revenue	89		 	93		 	69		 	98		 	96		 	251		 	276		
Administrative expenses	(51	)	 	(51	)	 	(58	)	 	(50	)	 	(47	)	 	(160	)	 	(155	)	
Trail commissions	(5	)	 	(5	)	 	(7	)	 	(5	)	 	(5	)	 	(17	)	 	(17	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	(48	)	 	(41	)	 	(27	)	 	(41	)	 	(37	)	 	(116	)	 	(120	)	
DAC/VOBA and other intangibles unlocking	(200	)	 	(31	)	 	(29	)	 	(8	)	 	(143	)	 	(260	)	 	(152	)	
Adjusted operating earnings before income taxes	(134	)	 	41		 	17		 	64		 	(66	)	 	(76	)	 	28		
Adjusted Return on Capital (2)	9.8	%	 	10.6	%	 	10.8	%	 	11.2	%	 	9.5	%	 	9.8	%	 	9.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee revenue / Premiums	427		 	427		 	417		 	430		 	429		 	1,271		 	1,286		
Net mortality, including Reinsurance	(319	)	 	(331	)	 	(371	)	 	(317	)	 	(310	)	 	(1,021	)	 	(937	)	
Reserve change / Other	(19	)	 	(3	)	 	23		 	(15	)	 	(22	)	 	1		 	(72	)	
Total net underwriting gain (loss) and other revenue	89		 	93		 	69		 	98		 	97		 	251		 	277		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 28  of	49	

Individual Life Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Indexed	 	19		 	16		 	16		 	19		 	16		 	51		 	54		
Accumulation	 	1		 	1		 	1		 	1		 	1		 	3		 	3		
Total Universal life	 	20		 	17		 	17		 	20		 	17		 	54		 	57		
Variable life	 	—		 	1		 	—		 	1		 	1		 	1		 	3		
Term	 	—		 	—		 	—		 	—		 	—		 	—		 	2		
Total sales by product line	 	20		 	18		 	17		 	21		 	18		 	55		 	62		
Gross Premiums and Deposits by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest sensitive	 	320		 	314		 	318		 	331		 	305		 	952		 	935		
Non - interest sensitive	 	130		 	130		 	131		 	134		 	136		 	391		 	407		
Total gross premiums and deposits	 	450		 	444		 	449		 	465		 	441		 	1,343		 	1,341		
Applications	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
New business policy count (Paid)	 	1,292		 	1,069		 	1,060		 	1,108		 	1,144		 	3,421		 	5,424		
End of Period:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In-Force Face Amount by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	81,634		 	81,266		 	81,150		 	81,055		 	80,657		 	81,634		 	80,657		
Variable life	 	20,626		 	21,016		 	21,330		 	21,695		 	22,110		 	20,626		 	22,110		
Term	 	206,189		 	212,572		 	218,586		 	223,596		 	228,384		 	206,189		 	228,384		
Whole life	 	1,683		 	1,720		 	1,743		 	1,774		 	1,782		 	1,683		 	1,782		
Total in-force face amount	 	310,132		 	316,574		 	322,809		 	328,120		 	332,933		 	310,132		 	332,933		
In-Force Policy Count (in whole numbers): (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	239,742		 	241,992		 	244,740		 	247,610		 	251,379		 	239,742		 	251,379		
Variable life	 	49,517		 	50,387		 	51,112		 	51,922		 	52,656		 	49,517		 	52,656		
Term	 	389,242		 	400,397		 	411,474		 	420,731		 	429,667		 	389,242		 	429,667		
Whole life	 	106,381		 	107,995		 	109,841		 	111,673		 	112,088		 	106,381		 	112,088		
Total in-force policy count	 	784,882		 	800,771		 	817,167		 	831,936		 	845,790		 	784,882		 	845,790		
Assets Under Management by Fund Group: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	12,902		 	12,899		 	12,833		 	12,824		 	12,770		 	12,902		 	12,770		
Separate account	 	2,826		 	2,774		 	2,755		 	2,809		 	2,724		 	2,826		 	2,724		
Total AUM	 	15,728		 	15,673		 	15,588		 	15,633		 	15,493		 	15,728		 	15,493		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Excludes amounts transferred to third parties through reinsurance transactions.	

Corporate

	
				
Voya Financial	 	Page 30  of	49	

Corporate Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	(49	)	 	(49	)	 	(49	)	 	(47	)	 	(47	)	 	(147	)	 	(142	)	
Amortization of intangibles	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(27	)	 	(27	)	
Strategic investment program (1)	 	—		 	—		 	—		 	(16	)	 	(21	)	 	—		 	(64	)	
Other (2)	 	4		 	(1	)	 	2		 	(18	)	 	(33	)	 	5		 	(72	)	
Adjusted operating earnings before income taxes	 	(54	)	 	(59	)	 	(56	)	 	(90	)	 	(110	)	 	(169	)	 	(305	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  In 2015, we announced that we would incur an incremental $350.0 million of expenses through 2018 for IT simplification, digital and analytics and cross-enterprise initiatives. In 2018, the remaining costs related to this program are insignificant and reflected in our segments.	
(2)  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 and other intangibles unlocking related to the Retained Business.	

Investment Information

	
				
Voya Financial	 	Page 32  of	49	

Portfolio Composition

																											
 	 	Balances as of	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
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	 	46,185		72.4	%	 	46,104		72.3	%	 	47,274		73.2	%	 	48,329		 	73.1	%	 	48,191		73.1	%	
Fixed maturities, at fair value using the fair value option	 	2,886		4.5	%	 	2,983		4.7	%	 	2,903		4.5	%	 	3,018		 	4.6	%	 	3,080		4.7	%	
Equity securities, available for sale, at fair value	 	323		0.5	%	 	385		0.6	%	 	382		0.6	%	 	380		 	0.6	%	 	397		0.6	%	
Short-term investments	 	86		0.1	%	 	102		0.2	%	 	193		0.3	%	 	471		 	0.7	%	 	343		0.5	%	
Mortgage loans on real estate	 	8,862		13.8	%	 	8,904		13.8	%	 	8,837		13.6	%	 	8,686		 	13.0	%	 	8,629		13.1	%	
Policy loans	 	1,832		2.9	%	 	1,849		2.9	%	 	1,863		2.9	%	 	1,888		 	2.9	%	 	1,899		2.9	%	
Limited partnerships/corporations, before consolidation	 	1,482		N/M		 	1,453		N/M		 	1,267		N/M		 	1,293		 	N/M		 	1,177		N/M		
CLO/VOEs Adjustments (1)	 	(359	)	N/M		 	(383	)	N/M		 	(447	)	N/M		 	(509	)	 	N/M		 	(491	)	N/M		
Limited partnerships/corporations, after consolidation	 	1,123		1.8	%	 	1,070		1.7	%	 	820		1.3	%	 	784		 	1.2	%	 	686		1.0	%	
Derivatives	 	422		0.7	%	 	376		0.6	%	 	390		0.6	%	 	397		 	0.6	%	 	358		0.5	%	
Other investments	 	91		0.1	%	 	90		0.1	%	 	77		0.1	%	 	47		 	0.1	%	 	48		0.1	%	
Securities pledged to creditors	 	2,063		3.2	%	 	1,994		3.1	%	 	1,869		2.9	%	 	2,087		 	3.2	%	 	2,287		3.5	%	
Total investments, after consolidation	 	63,873		100.0	%	 	63,857		100.0	%	 	64,608		100.0	%	 	66,087		 	100.0	%	 	65,918		100.0	%	
Fixed Maturity Securities - Security Sector (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Government agencies and authorities	 	2,327		4.6	%	 	2,419		4.8	%	 	2,522		4.8	%	 	2,797		 	5.2	%	 	2,812		5.3	%	
U.S. Corporate - Public	 	20,381		39.8	%	 	20,577		40.2	%	 	22,083		42.5	%	 	23,258		 	43.4	%	 	23,458		43.9	%	
U.S. Corporate - Private	 	6,418		12.6	%	 	6,261		12.3	%	 	5,665		10.9	%	 	5,833		 	10.9	%	 	5,737		10.7	%	
Foreign Government / Agency	 	855		1.7	%	 	848		1.7	%	 	785		1.5	%	 	775		 	1.5	%	 	769		1.4	%	
Foreign Corporate - Public	 	4,687		9.1	%	 	4,552		8.9	%	 	4,851		9.3	%	 	4,941		 	9.2	%	 	4,880		9.1	%	
Foreign Corporate - Private	 	5,103		10.0	%	 	5,252		10.3	%	 	5,204		10.0	%	 	5,161		 	9.7	%	 	5,421		10.1	%	
State, municipalities and political subdivisions	 	1,631		3.2	%	 	1,659		3.2	%	 	1,815		3.5	%	 	1,913		 	3.6	%	 	1,896		3.5	%	
CMO-B	 	3,016		5.9	%	 	3,199		6.3	%	 	3,016		5.9	%	 	2,969		 	5.6	%	 	3,064		5.7	%	
Agency	 	827		1.6	%	 	823		1.6	%	 	1,004		1.9	%	 	989		 	1.9	%	 	1,127		2.1	%	
Non-Agency (3)	 	910		1.8	%	 	831		1.6	%	 	801		1.5	%	 	749		 	1.4	%	 	732		1.4	%	
Total Residential mortgage-backed securities	 	4,753		9.3	%	 	4,853		9.5	%	 	4,821		9.3	%	 	4,707		 	8.9	%	 	4,923		9.2	%	
Commercial mortgage-backed securities	 	3,116		6.1	%	 	2,932		5.7	%	 	2,871		5.5	%	 	2,704		 	5.1	%	 	2,514		4.7	%	
Other asset-backed securities (3)	 	1,863		3.6	%	 	1,728		3.4	%	 	1,429		2.7	%	 	1,345		 	2.5	%	 	1,148		2.1	%	
Total fixed maturities, including securities pledged  (5)	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		 	100.0	%	 	53,558		100.0	%	
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Due in one year or less	 	1,070		2.1	%	 	865		1.7	%	 	1,061		2.0	%	 	1,001		 	1.9	%	 	1,410		2.6	%	
Due after one year through five years	 	7,313		14.3	%	 	7,817		15.3	%	 	8,245		15.8	%	 	8,703		 	16.3	%	 	9,002		16.8	%	
Due after five years through ten years	 	9,993		19.5	%	 	9,943		19.5	%	 	10,279		19.8	%	 	10,762		 	20.1	%	 	10,582		19.8	%	
Due after ten years	 	23,026		45.1	%	 	22,943		44.9	%	 	23,340		44.9	%	 	24,212		 	45.3	%	 	23,979		44.8	%	
CMO-B	 	3,016		5.9	%	 	3,199		6.3	%	 	3,016		5.9	%	 	2,969		 	5.6	%	 	3,064		5.7	%	
Mortgage-backed securities	 	4,853		9.5	%	 	4,586		8.9	%	 	4,676		8.9	%	 	4,442		 	8.3	%	 	4,373		8.2	%	
Other asset-backed securities (3)	 	1,863		3.6	%	 	1,728		3.4	%	 	1,429		2.7	%	 	1,345		 	2.5	%	 	1,148		2.1	%	
Total fixed maturities, including securities pledged (5)	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		 	100.0	%	 	53,558		100.0	%	
Fixed Maturity Securities - NAIC Quality Designation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	28,525		55.7	%	 	28,817		56.5	%	 	29,831		57.4	%	 	30,942		 	57.9	%	 	30,801		57.4	%	
2	 	20,036		39.2	%	 	19,675		38.5	%	 	19,696		37.8	%	 	19,947		 	37.3	%	 	20,172		37.7	%	
3	 	1,783		3.5	%	 	1,803		3.5	%	 	1,822		3.5	%	 	1,889		 	3.5	%	 	2,016		3.8	%	
4	 	570		1.1	%	 	584		1.1	%	 	488		0.9	%	 	512		 	1.0	%	 	413		0.8	%	
5	 	143		0.3	%	 	123		0.2	%	 	87		0.2	%	 	33		 	0.1	%	 	48		0.1	%	
6	 	77		0.2	%	 	79		0.2	%	 	122		0.2	%	 	111		 	0.2	%	 	108		0.2	%	
Total fixed maturities, including securities pledged (4) (5)	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		 	100.0	%	 	53,558		100.0	%	
Fixed Maturity Securities - ARO Quality Rating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
AAA	 	8,750		17.1	%	 	8,885		17.4	%	 	9,267		17.8	%	 	9,702		 	18.2	%	 	9,842		18.4	%	
AA	 	3,466		6.8	%	 	3,510		6.9	%	 	3,543		6.8	%	 	3,611		 	6.8	%	 	3,710		6.9	%	
A	 	14,828		29.1	%	 	14,887		29.2	%	 	15,628		30.1	%	 	16,329		 	30.6	%	 	15,979		29.8	%	
BBB	 	20,565		40.1	%	 	20,191		39.5	%	 	19,987		38.3	%	 	20,204		 	37.7	%	 	20,447		38.2	%	
BB	 	2,221		4.3	%	 	2,170		4.2	%	 	2,224		4.3	%	 	2,058		 	3.8	%	 	2,147		4.0	%	
B and below	 	1,304		2.6	%	 	1,438		2.8	%	 	1,397		2.7	%	 	1,530		 	2.9	%	 	1,433		2.7	%	
Total fixed maturities, including securities pledged (5)	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		 	100.0	%	 	53,558		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)  ARO ratings do not directly translate into NAIC ratings.	
(5)  Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.	

	
				
Voya Financial	 	Page 33  of	49	

Portfolio Results

																																				
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	 	575		5.05	 %	 	593		5.18	 %	 	584		5.07	 %	 	582		4.99	 %	 	588		5.06	 %	 	1,752		5.10	 %	 	1,751		5.03	 %	
Equity securities	 	3		5.48	 %	 	3		4.33	 %	 	3		3.96	 %	 	3		4.43	 %	 	2		2.26	 %	 	9		4.50	 %	 	6		3.69	 %	
Mortgage loans	 	94		4.39	 %	 	95		4.39	 %	 	94		4.39	 %	 	93		4.40	 %	 	93		4.39	 %	 	283		4.39	 %	 	277		4.43	 %	
Limited partnerships	 	74		22.17	 %	 	43		13.87	 %	 	43		15.12	 %	 	41		19.82	 %	 	36		13.40	 %	 	160		16.73	 %	 	130		16.85	 %	
Policy loans	 	23		5.12	 %	 	25		5.43	 %	 	25		5.41	 %	 	23		5.06	 %	 	25		5.31	 %	 	73		5.40	 %	 	75		5.32	 %	
Short-term investments	 	7		1.20	 %	 	5		0.85	 %	 	4		0.59	 %	 	3		0.41	 %	 	3		0.33	 %	 	16		0.88	 %	 	8		0.37	 %	
Derivatives (2)	 	10		N/A		 	10		N/A		 	10		N/A		 	13		N/A		 	12		N/A		 	30		N/A		 	32		N/A		
Prepayment fee income	 	16		0.10	 %	 	9		0.06	 %	 	7		0.04	 %	 	16		0.10	 %	 	10		0.06	 %	 	32		0.07	 %	 	28		0.06	 %	
Other assets	 	19		N/A		 	4		N/A		 	1		N/A		 	14		N/A		 	(1	)	N/A		 	24		N/A		 	8		N/A		
Gross investment income before expenses and fees	 	821		5.48	 %	 	787		5.22	 %	 	771		5.10	 %	 	788		5.17	 %	 	768		5.01	 %	 	2,379		5.27	 %	 	2,315		5.12	 %	
Expenses and fees	 	(38	)	-0.26	 %	 	(31	)	-0.21	 %	 	(30	)	-0.20	 %	 	(35	)	-0.24	 %	 	(32	)	-0.22	 %	 	(99	)	-0.22	 %	 	(93	)	-0.21	 %	
Total investment income and annualized yield	 	783		5.22	 %	 	756		5.01	 %	 	741		4.90	 %	 	753		4.93	 %	 	736		4.79	 %	 	2,280		5.05	 %	 	2,222		4.91	 %	
Trading gains/losses (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	17		 	 	(9	)	 	 	(17	)	 	 	28		 	 	12		 	 	(9	)	 	 	(4	)	 	
Equity securities	 	—		 	 	1		 	 	(3	)	 	 	—		 	 	(1	)	 	 	(2	)	 	 	(1	)	 	
Mortgage loans	 	—		 	 	8		 	 	—		 	 	—		 	 	—		 	 	8		 	 	1		 	
Other investments	 	(4	)	 	 	(4	)	 	 	9		 	 	(20	)	 	 	1		 	 	1		 	 	3		 	
Total trading gains/losses	 	13		 	 	(4	)	 	 	(11	)	 	 	8		 	 	12		 	 	(2	)	 	 	(1	)	 	
Impairments (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(7	)	 	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(2	)	 	 	(22	)	 	 	(4	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Mortgage loans	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Other investments	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Total impairments	 	(7	)	 	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(2	)	 	 	(22	)	 	 	(4	)	 	
Fair value adjustments (3)	 	(37	)	 	 	(46	)	 	 	(74	)	 	 	(51	)	 	 	(12	)	 	 	(157	)	 	 	(19	)	 	
Derivatives, including change in fair value of derivatives related to guaranteed benefits	 	41		 	 	7		 	 	22		 	 	26		 	 	(12	)	 	 	70		 	 	(20	)	 	
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	 	10		 	 	(44	)	 	 	(77	)	 	 	(35	)	 	 	(14	)	 	 	(111	)	 	 	(44	)	 	
Businesses exited through reinsurance (4)	 	13		 	 	(14	)	 	 	(36	)	 	 	30		 	 	29		 	 	(37	)	 	 	105		 	
Consolidation/eliminations (5)	 	3		 	 	(5	)	 	 	14		 	 	13		 	 	(9	)	 	 	12		 	 	23		 	
Total investment income and realized capital gains (losses)	 	809		 	 	693		 	 	642		 	 	761		 	 	742		 	 	2,144		 	 	2,306		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 34  of	49	

Alternative Investment Income

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	646		 	558		 	536		 	532		 	519		 	580		 	512		
Alternative investment income	 	38		 	20		 	18		 	18		 	16		 	76		 	44		
Investment Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	214		 	250		 	262		 	252		 	236		 	242		 	222		
Alternative investment income (1)	 	8		 	5		 	11		 	8		 	5		 	24		 	49		
Employee Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	63		 	53		 	51		 	49		 	49		 	56		 	49		
Alternative investment income	 	4		 	2		 	2		 	2		 	2		 	8		 	4		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	387		 	348		 	312		 	293		 	270		 	349		 	248		
Alternative investment income	 	19		 	16		 	9		 	10		 	8		 	44		 	21		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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.	
 	
(1)  Includes performance fees related to sponsored private equity funds (“carried interest”) that are subject to later reversal based on subsequent fund performance, to the extent that cumulative rates of investment return fall below specified investment hurdle rates. Should the market value of a portfolio increase in future periods, reversals of carried interest could be fully or partially recovered. For the three and nine months ended September 30, 2018 and for the three months ended September 30, 2017, our carried interest total net results were immaterial. For the nine months ended September 30, 2017, our carried interest total net results were a gain of $33 million, including the recovery of $26 million of previously accrued carried interest for one private equity fund.	

Reconciliations

	
				
Voya Financial	 	Page 36  of	49	

Reconciliation of Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	855		 	813		 	823		 	824		 	795		 	2,491		 	2,470		
Fee income	 	704		 	660		 	676		 	668		 	684		 	2,040		 	1,960		
Premiums	 	550		 	533		 	539		 	515		 	533		 	1,622		 	1,606		
Net realized capital gains (losses)	 	(46	)	 	(120	)	 	(181	)	 	(63	)	 	(53	)	 	(347	)	 	(164	)	
Income (loss) related to consolidated investment entities	 	62		 	126		 	11		 	136		 	139		 	199		 	295		
Other revenues	 	127		 	101		 	99		 	106		 	86		 	327		 	265		
Total revenues	 	2,252		 	2,113		 	1,967		 	2,186		 	2,184		 	6,332		 	6,432		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,268	)	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(1,192	)	 	(3,446	)	 	(3,477	)	
Operating expenses	 	(656	)	 	(645	)	 	(700	)	 	(682	)	 	(674	)	 	(2,001	)	 	(1,972	)	
Net amortization of DAC/VOBA	 	(86	)	 	(74	)	 	(100	)	 	(61	)	 	(209	)	 	(260	)	 	(468	)	
Interest expense	 	(47	)	 	(46	)	 	(49	)	 	(44	)	 	(49	)	 	(142	)	 	(140	)	
Operating expenses related to consolidated investment entities	 	(9	)	 	(19	)	 	(7	)	 	(20	)	 	(20	)	 	(35	)	 	(67	)	
Total benefits and expenses	 	(2,066	)	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(2,144	)	 	(5,884	)	 	(6,124	)	
Income (loss) from continuing operations before income taxes	 	186		 	241		 	21		 	220		 	40		 	448		 	308		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	11		 	(40	)	 	(61	)	 	(54	)	 	(12	)	 	(90	)	 	(30	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	14		 	2		 	(14	)	 	34		 	5		 	2		 	12		
Income (loss) related to businesses exited through reinsurance or divestment	 	—		 	(8	)	 	(45	)	 	(39	)	 	(2	)	 	(53	)	 	(6	)	
Income (loss) attributable to noncontrolling interests	 	23		 	58		 	—		 	82		 	65		 	81		 	118		
Income (loss) on early extinguishment of debt	 	—		 	—		 	(3	)	 	—		 	(3	)	 	(3	)	 	(4	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	—		 	(17	)	 	1		 	—		 	1		
Other adjustments (1)	 	(25	)	 	(9	)	 	(19	)	 	(19	)	 	(57	)	 	(53	)	 	(78	)	
Adjusted operating earnings before income taxes	 	163		 	238		 	163		 	233		 	43		 	564		 	295		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.	

	
				
Voya Financial	 	Page 37  of	49	

Reconciliation of Adjusted Operating Revenues

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	2,252		 	2,113		 	1,967		 	2,186		 	2,184		 	6,332		 	6,432		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less Adjustments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized investment gains (losses) and related charges and adjustments	 	—		 	(49	)	 	(73	)	 	(58	)	 	(14	)	 	(122	)	 	(42	)	
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	 	12		 	4		 	(7	)	 	35		 	7		 	9		 	17		
Revenues (losses) related to business exited through reinsurance or divestment	 	22		 	(18	)	 	(40	)	 	27		 	27		 	(36	)	 	95		
Revenues (loss) attributable to noncontrolling interests	 	34		 	76		 	6		 	100		 	85		 	116		 	186		
Other adjustments (1)	 	76		 	67		 	58		 	59		 	52		 	201		 	153		
Total adjusted operating revenues	 	2,108		 	2,033		 	2,023		 	2,023		 	2,027		 	6,164		 	6,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues by segment	 			 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	705		 	670		 	662		 	649		 	634		 	2,037		 	1,889		
Investment Management	 	168		 	171		 	185		 	185		 	171		 	524		 	546		
Employee Benefits	 	469		 	460		 	453		 	431		 	446		 	1,382		 	1,336		
Individual Life	 	660		 	641		 	631		 	635		 	669		 	1,932		 	1,928		
Corporate	 	106		 	91		 	92		 	123		 	107		 	289		 	324		
Total adjusted operating revenues	 	2,108		 	2,033		 	2,023		 	2,023		 	2,027		 	6,164		 	6,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 38  of	49	

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

																
(in millions USD, unless otherwise indicated)	 	Twelve Months Ended (1)	
Retirement	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
Adjusted operating earnings before income taxes	 	699		 	553		 	417		 	456		 	431		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	19		 	(75	)	 	(191	)	 	(137	)	 	(148	)	
Gain on Lehman Recovery	 		 		 	—		 	—		 	4		
Adjusted Operating Earnings - excluding Unlocking before interest	 	680		 	628		 	608		 	593		 	574		
Income tax expense	 	137		 	150		 	170		 	190		 	184		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	543		 	478		 	438		 	403		 	391		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	17.1	%	 	16.3	%	 	15.8	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	20.1	%	 	23.9	%	 	28.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	4,063		 	3,987		 	3,946		 	3,928		 	3,956		
Ending Capital	 	4,218		 	4,100		 	4,096		 	4,130		 	3,856		
Adjusted Return on Capital	 	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	 	9.9	%	
 	 	 	 	 	 	 	 	 	 	 	
Investment Management
	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	221		 	227		 	259		 	248		 	253		
Less:	 	 	 	 	 	 	 	 	 	 	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	221		 	227		 	259		 	248		 	252		
Income tax expense	 	53		 	60		 	76		 	79		 	81		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	168		 	167		 	183		 	169		 	172		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	24.0	%	 	26.5	%	 	29.4	%	 	32.0	%	 	32.0	%	
Average Capital	 	306		 	309		 	309		 	308		 	306		
Ending Capital	 	297		 	310		 	319		 	290		 	311		
Adjusted Return on Capital	 	55.2	%	 	54.0	%	 	59.3	%	 	54.9	%	 	56.1	%	
 	 	 	 	 	 	 	 	 	 	 	
(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 39  of	49	

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

																
(in millions USD, unless otherwise indicated)	 	Twelve Months Ended (1)	
Employee Benefits	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
Adjusted operating earnings before income taxes	 	148		 	156		 	148		 	127		 	128		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	—		 	(2	)	 	(3	)	 	(2	)	 	(2	)	
Gain on Lehman Recovery	 		 		 	—		 	—		 	1		
Adjusted Operating Earnings - excluding Unlocking before interest	 	148		 	158		 	151		 	129		 	129		
Income tax expense	 	34		 	43		 	45		 	41		 	41		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	114		 	115		 	106		 	88		 	87		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	23.3	%	 	27.2	%	 	29.6	%	 	32.0	%	 	32.0	%	
Average Capital	 	424		 	398		 	375		 	360		 	359		
Ending Capital	 	466		 	463		 	441		 	387		 	364		
Adjusted Return on Capital	 	26.9	%	 	29.0	%	 	28.3	%	 	24.4	%	 	24.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Individual Life	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	(12	)	 	56		 	77		 	92		 	71		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(268	)	 	(211	)	 	(181	)	 	(160	)	 	(162	)	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	8		
Adjusted Operating Earnings - excluding Unlocking before interest	 	256		 	267		 	258		 	251		 	225		
Income tax expense	 	62		 	72		 	78		 	80		 	72		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	194		 	195		 	180		 	171		 	153		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	24.1	%	 	27.1	%	 	30.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	1,977		 	1,823		 	1,666		 	1,527		 	1,614		
Ending Capital	 	2,102		 	2,150		 	2,141		 	2,141		 	1,476		
Adjusted Return on Capital	 	9.8	%	 	10.6	%	 	10.8	%	 	11.2	%	 	9.5	%	
 	 	 	 	 	 	 	 	 	 	 	
(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 40  of	49	

Prepayments and Alternative Income Above (Below) Long-Term Expectations (3)(4)  

																					
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	4		 	(2	)	 	(3	)	 	5		 	(1	)	 	3		 	2		
Investment Management	—		 	—		 	—		 	—		 	—		 	—		 	—		
Employee Benefits	—		 	—		 	—		 	—		 	—		 	—		 	2		
Individual Life	—		 	—		 	(1	)	 	—		 	—		 	(2	)	 	(1	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alternatives Above (Below) Long-term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	23		 	8		 	6		 	7		 	4		 	43		 	15		
Investment Management	3		 	(1	)	 	5		 	2		 	—		 	10		 	38		
Employee Benefits	2		 	1		 	1		 	1		 	1		 	5		 	2		
Individual Life	10		 	7		 	2		 	3		 	1		 	22		 	7		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	27		 	6		 	3		 	12		 	3		 	46		 	17		
Investment Management	3		 	(1	)	 	5		 	2		 	—		 	10		 	38		
Employee Benefits	2		 	1		 	1		 	1		 	1		 	5		 	4		
Individual Life	10		 	7		 	1		 	3		 	1		 	20		 	6		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Impacts are pre-DAC and pre-tax.	
(2)  Amounts exclude gain on Lehman recovery for the twelve months ending September 30, 2017.	
(3)  Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(4)  Corporate segment impacts are immaterial.	

	
				
Voya Financial	 	Page 41  of	49	

Reconciliation of Adjusted Operating Earnings Per Common Share; Book Value Per Common Share, Excluding AOCI

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in whole dollars)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders per common share (Diluted)	 	0.87		 	0.96		 	2.50		 	(17.64	)	 	0.81		 	4.39		 	0.92		
Exclusion of per share impact of:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	(0.05	)	 	0.18		 	0.27		 	0.19		 	0.04		 	0.42		 	0.10		
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(0.07	)	 	(0.01	)	 	0.06		 	(0.12	)	 	(0.02	)	 	(0.01	)	 	(0.04	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	—		 	0.04		 	0.20		 	0.14		 	0.01		 	0.24		 	0.02		
Income (loss) on early extinguishment of debt	 	—		 	—		 	0.01		 	—		 	0.01		 	0.01		 	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	 	—		 	—		 	—		 	0.06		 	—		 	—		 	—		
Other adjustments to operating earnings	 	0.11		 	0.04		 	0.09		 	0.07		 	0.20		 	0.24		 	0.26		
Effect of discontinued operations	 	—		 	(0.16	)	 	(2.40	)	 	14.58		 	(0.73	)	 	(2.66	)	 	(0.19	)	
Effect of assumed tax rate vs actual effective tax rate	 	(0.02	)	 	0.08		 	0.04		 	3.53		 	(0.16	)	 	0.11		 	(0.02	)	
Adjustment due to antidilutive effect of net loss in the current period	 	—		 	—		 	—		 	0.06		 	—			—			—		
Adjusted operating earnings per common share (Diluted) (1)	 	0.84		 	1.13		 	0.77		 	0.87		 	0.16		 	2.74		 	1.06		
Impact of unlocking to earnings per common share (Diluted)	 	0.70		 	0.13		 	0.31		 	—		 	0.70		 	1.12		 	1.08		
Adjusted operating earnings per common share (Diluted) - ex Unlocking	 	1.54		 	1.26		 	1.08		 	0.87		 	0.86		 	3.86		 	2.14		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share, including AOCI	 	52.22		 	52.22		 	54.65		 	58.19		 	75.98		 	52.22		 	75.98		
Per share impact of AOCI	 	(4.94	)	 	(5.82	)	 	(8.81	)	 	(15.88	)	 	(15.20	)	 	(4.94	)	 	(15.20	)	
Book value per common share, excluding AOCI	 	47.28		 	46.40		 	45.84		 	42.31		 	60.78		 	47.28		 	60.78		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of shares used in Total Consolidated Adjusted Operating earnings per common share (Diluted)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	 	164.0		 	172.8		 	178.4		 	179.4		 	182.4		 	171.7		 	188.1		
Dilutive effect of the exercise or issuance of stock-based awards (1)	 	—		 	—		 	—		 	3.5		 	—			—		 	—		
Weighted average common shares outstanding - Adjusted Diluted (1)	 	164.0		 	172.8		 	178.4		 	182.9		 	182.4		 	171.7		 	188.1		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to capital	 	28.9	 %	 	29.0	 %	 	26.9	 %	 	25.7	 %	 	20.2	 %	 	28.9	 %	 	20.2	 %	
Capital impact of AOCI	 	2.0	 %	 	2.5	 %	 	3.6	 %	 	6.5	 %	 	3.9	 %	 	2.0	 %	 	3.9	 %	
Impact of 25% equity treatment afforded to subordinate debt	 	(2.5	)%	 	(2.5	)%	 	(2.4	)%	 	(1.7	)%	 	(1.4	)%	 	(2.5	)%	 	(1.4	)%	
Adjusted Debt to capital	 	28.4	 %	 	29.0	 %	 	28.1	 %	 	30.5	 %	 	22.7	 %	 	28.4	 %	 	22.7	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  For periods in which there is a Net loss in Income from continuing operations, 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 Adjusted operating earnings per common share calculation.	

	
				
Voya Financial	 	Page 42  of	49	

Reconciliation of Investment Management Adjusted Operating Margin, Excluding Investment Capital 

																		
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD, unless otherwise indicated)	9/30/2018	 	6/30/2018	 	9/30/2017	 	9/30/2018	 	6/30/2018	 	9/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	168		 	171		 	171		 	709		 	712		 	735		
Adjusted operating expenses	(120	)	 	(119	)	 	(117	)	 	(488	)	 	(485	)	 	(482	)	
Adjusted operating earnings before income taxes	48		 	52		 	54		 	221		 	227		 	253		
Adjusted operating margin	28.9	%	 	30.7	%	 	31.3	%	 	31.3	%	 	31.8	%	 	34.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	168		 	171		 	171		 	709		 	712		 	735		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results	8		 	5		 	5		 	32		 	29		 	57		
Adjusted operating revenues excluding Investment Capital	160		 	166		 	166		 	677		 	683		 	677		
Adjusted operating expenses	(120	)	 	(119	)	 	(118	)	 	(488	)	 	(485	)	 	(482	)	
Adjusted operating earnings excluding Investment Capital	40		 	47		 	49		 	189		 	198		 	195		
Adjusted operating margin excluding Investment Capital	25.4	%	 	28.7	%	 	29.2	%		28.0	%	 	28.9	%	 	28.8	%	

Appendix

The following appendix pages provide pro-forma views for both Retirement and Investment Management.

	
				
Voya Financial	 	Page 44  of	49	

Retirement Sources of Adjusted Operating Earnings and Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	387		 	385		 	381		 	386		 	390		 	1,153		 	1,161		
Limited partnership and Prepayment fee income	12		 	6		 	5		 	13		 	8		 	23		 	23		
Total gross investment income	399		 	391		 	386		 	399		 	398		 	1,176		 	1,184		
Investment expenses	(18	)	 	(19	)	 	(17	)	 	(17	)	 	(19	)	 	(54	)	 	(55	)	
Credited interest	(233	)	 	(231	)	 	(228	)	 	(236	)	 	(237	)	 	(692	)	 	(700	)	
Net margin	148		 	141		 	141		 	146		 	142		 	430		 	429		
Other investment income (1)	70		 	54		 	46		 	46		 	43		 	170		 	129		
Investment spread and other investment income	218		 	195		 	187		 	192		 	184		 	600		 	558		
Full service fee based revenue	136		 	132		 	133		 	134		 	129		 	400		 	378		
Recordkeeping and Other fee based revenue (2)(i)	111		 	105		 	108		 	87		 	83		 	325		 	244		
Total fee based margin	247		 	237		 	241		 	221		 	212		 	725		 	622		
Net underwriting gain (loss) and other revenue	—		 	—		 	(3	)	 	(9	)	 	(8	)	 	(3	)	 	(14	)	
Administrative expenses (2)	(179	)	 	(185	)	 	(194	)	 	(167	)	 	(159	)	 	(558	)	 	(506	)	
Net Commissions	(52	)	 	(52	)	 	(53	)	 	(42	)	 	(41	)	 	(157	)	 	(122	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(31	)	 	(29	)	 	(28	)	 	(34	)	 	(38	)	 	(88	)	 	(105	)	
DAC/VOBA and other intangibles unlocking (3)  	50		 	3		 	(41	)	 	7		 	(44	)	 	12		 	(145	)	
Adjusted operating earnings before income taxes	253		 	169		 	109		 	168		 	107		 	531		 	288		
Adjusted Return on Capital (4)	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	 	9.9	%	 	13.4	%	 	9.9	%	
Full Service Revenue  (5)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service Investment Spread and other investment income	205		 	183		 	176		 	181		 	173		 	564		 	522		
Full Service Fee Based Revenue	136		 	132		 	133		 	134		 	129		 	400		 	378		
Total Full Service Revenue and other revenue	340		 	315		 	309		 	315		 	303		 	964		 	900		
Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spread Based	32,468		 	32,519		 	32,480		 	32,571		 	32,761		 	32,468		 	32,761		
Fee Based (ii)	309,278		 	297,787		 	294,386		 	312,269		 	290,771		 	309,278		 	290,771		
Retail Client Assets (iii)	58,543		 	56,619		 	55,815		 	52,501		 	50,866		 	58,543		 	50,866		
Defined Contribution Investment-only Stable Value (iiii)	34,573		 	33,957		 	34,326		 	35,000		 	35,510		 	34,573		 	35,510		
Total Client Assets	434,862		 	420,882		 	417,007		 	432,341		 	409,908		 	434,862		 	409,908		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2)  During the first quarter of 2018, results from certain investment-only products were moved from Corporate to the Retirement segment.	
(3)  During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the nine months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $52 million, of which $9 million was included in the results of the annual review of assumptions. For the nine months ended September 30, 2017, unfavorable unlocking of DAC / VOBA related to changes in GMIR provisions was $220 million, of which $92 million was included in the results of the annual review of assumptions.	
(4)  Adjusted Return on Capital calculated using trailing twelve months.	
(5)  Excludes Net underwriting gain (loss) and other revenue.	
* Changes / enhancements to presentation include:	
(i) Includes Fees from: Retail, Recordkeeping, Defined Contribution Investment-only Stable Value and Other.	
(ii)  Includes Full Service Corporate Markets, Full Service Tax Exempt Markets and Recordkeeping.	
(iii)  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.	
(iiii)  Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.	

	
				
Voya Financial	 	Page 45  of	49	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	61,888		 	60,650		 	60,495		 	58,010		 	55,536		 	60,495		 	49,921		
Transfers / Single deposits	927		 	986		 	1,066		 	1,597		 	1,212		 	2,979		 	4,141		
Recurring deposits	1,442		 	1,512		 	1,670		 	1,219		 	1,307		 	4,624		 	4,105		
Total Deposits	2,369		 	2,498		 	2,736		 	2,816		 	2,518		 	7,603		 	8,246		
Surrenders, benefits, and product charges	(1,999	)	 	(2,261	)	 	(2,465	)	 	(2,656	)	 	(1,952	)	 	(6,725	)	 	(5,894	)	
Net Flows	370		 	237		 	271		 	160		 	567		 	878		 	2,352		
Interest Credited and investment performance	2,122		 	1,001		 	(116	)	 	2,325		 	1,907		 	3,007		 	5,738		
Client Assets, end of period - Corporate markets	64,380		 	61,888		 	60,650		 	60,495		 	58,010		 	64,380		 	58,010		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	62,814		 	61,954		 	62,070		 	60,590		 	58,549		 	62,070		 	55,497		
Transfers / Single deposits	451		 	283		 	280		 	272		 	789		 	1,014		 	1,696		
Recurring deposits	825		 	864		 	857		 	775		 	723		 	2,546		 	2,377		
Total Deposits	1,276		 	1,147		 	1,137		 	1,047		 	1,512		 	3,560		 	4,073		
Surrenders, benefits, and product charges	(1,547	)	 	(1,257	)	 	(1,361	)	 	(1,234	)	 	(1,155	)	 	(4,165	)	 	(3,895	)	
Net Flows	(271	)	 	(110	)	 	(224	)	 	(187	)	 	357		 	(605	)	 	179		
Interest Credited and investment performance	1,718		 	970		 	108		 	1,667		 	1,684		 	2,796		 	4,914		
Client Assets, end of period - Tax-exempt markets	64,261		 	62,814		 	61,954		 	62,070		 	60,590		 	64,261		 	60,590		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Total	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	124,702		 	122,604		 	122,565		 	118,600		 	114,085		 	122,565		 	105,418		
Transfers / Single deposits	1,378		 	1,269		 	1,346		 	1,869		 	2,001		 	3,993		 	5,837		
Recurring deposits	2,267		 	2,376		 	2,527		 	1,994		 	2,030		 	7,170		 	6,482		
Total Deposits	3,645		 	3,645		 	3,873		 	3,863		 	4,030		 	11,163		 	12,319		
Surrenders, benefits, and product charges	(3,546	)	 	(3,518	)	 	(3,826	)	 	(3,890	)	 	(3,107	)	 	(10,890	)	 	(9,789	)	
Net Flows	99		 	127		 	47		 	(27	)	 	924		 	273		 	2,531		
Interest Credited and investment performance	3,840		 	1,971		 	(8	)	 	3,992		 	3,591		 	5,803		 	10,651		
Client Assets, end of period - Full Service Total	128,641		 	124,702		 	122,604		 	122,565		 	118,600		 	128,641		 	118,600		

	
				
Voya Financial	 	Page 46  of	49	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Recordkeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	203,561		 	202,226		 	220,191		 	202,852		 	189,083		 	220,191		 	171,149		
Transfers / Single deposits	1,754		 	544		 	510		 	12,837		 	7,907		 	2,808		 	18,144		
Recurring deposits	3,291		 	3,563		 	4,273		 	3,229		 	3,352		 	11,127		 	10,398		
Total Deposits	5,045		 	4,107		 	4,782		 	16,066		 	11,259		 	13,935		 	28,542		
Surrenders, benefits, and product charges	(6,064	)	 	(6,747	)	 	(21,529	)	 	(6,793	)	 	(4,599	)	 	(34,340	)	 	(15,307	)	
Net Flows	(1,019	)	 	(2,639	)	 	(16,747	)	 	9,274		 	6,661		 	(20,405	)	 	13,235		
Interest Credited and investment performance	8,607		 	3,974		 	(1,218	)	 	8,065		 	7,108		 	11,363		 	18,469		
Client Assets, end of period - Recordkeeping	211,149		 	203,561		 	202,226		 	220,191		 	202,852		 	211,149		 	202,852		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Defined Contribution (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	328,288		 	324,830		 	342,756		 	321,453		 	303,167		 	342,756		 	276,566		
Transfers / Single deposits	3,132		 	1,814		 	1,856		 	14,707		 	9,907		 	6,802		 	23,980		
Recurring deposits	5,559		 	5,939		 	6,799		 	5,224		 	5,383		 	18,297		 	16,881		
Total Deposits	8,691		 	7,752		 	8,655		 	19,930		 	15,290		 	25,098		 	40,861		
Surrenders, benefits, and product charges	(9,611	)	 	(10,265	)	 	(25,356	)	 	(10,682	)	 	(7,705	)	 	(45,232	)	 	(25,096	)	
Net Flows	(920	)	 	(2,513	)	 	(16,700	)	 	9,248		 	7,585		 	(20,134	)	 	15,765		
Interest Credited and investment performance	12,421		 	5,972		 	(1,226	)	 	12,055		 	10,700		 	17,167		 	29,121		
Client Assets, end of period - Total Defined Contribution	339,789		 	328,288		 	324,830		 	342,756		 	321,453		 	339,789		 	321,453		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Defined Contribution Investment-only Stable Value (SV) (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets, beginning of period	33,957		 	34,326		 	35,000		 	35,510		 	35,164		 	35,000		 	35,419		
Transfers / Single deposits	607		 	798		 	779		 	823		 	601		 	2,184		 	1,798		
Recurring deposits	87		 	279		 	105		 	67		 	95		 	471		 	539		
Total Deposits	694		 	1,077		 	884		 	891		 	696		 	2,654		 	2,337		
Surrenders, benefits, and product charges	(269	)	 	(1,563	)	 	(1,242	)	 	(1,285	)	 	(613	)	 	(3,074	)	 	(3,053	)	
Net Flows	425		 	(486	)	 	(358	)	 	(394	)	 	83		 	(420	)	 	(716	)	
Interest Credited and investment performance	191		 	118		 	(316	)	 	(116	)	 	263		 	(7	)	 	807		
Assets, end of period - Defined Contribution Investment-only SV	34,573		 	33,957		 	34,326		 	35,000		 	35,510		 	34,573		 	35,510		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail Client Assets (3)(4)	58,543		 	56,619		 	55,815		 	52,501		 	50,866		 	58,543		 	50,866		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Assets (5)	1,957		 	2,018		 	2,036		 	2,084		 	2,079		 	1,957		 	2,079		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Client Assets	434,862		 	420,882		 	417,007		 	432,340		 	409,907		 	434,862		 	409,907		
 	
(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)  During the Q1 2018, results from certain investment-only products were moved from Corporate to the Retirement segment.	
(5)  Includes other guaranteed payout products.	

	
				
Voya Financial	 	Page 47  of	49	

Investment Management Analysis of AUM and AUA

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Client Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 			 			 			 			 	 	 	 	 	 	
Institutional	 	85,258		 	83,641		 	72,544		 	72,468		 	70,752		 	85,258		 	70,752		
Retail	 	69,295		 	67,894		 	68,014		 	69,812		 	68,865		 	69,295		 	68,865		
Subtotal External Clients	 	154,553		 	151,535		 	140,558		 	142,280		 	139,616		 	154,553		 	139,616		
General Account	 	55,862		 	55,617		 	81,893		 	82,006		 	82,489		 	55,862		 	82,489		
Total Client Assets (AUM)	 	210,415		 	207,152		 	222,451		 	224,286		 	222,105		 	210,415		 	222,105		
Administration Only Assets (AUA)	 	48,990		 	49,378		 	49,008		 	50,018		 	50,460		 	48,990		 	50,460		
Total AUM and AUA	 	259,405		 	256,530		 	271,459		 	274,304		 	272,565		 	259,405		 	272,565		

Investment Advisory and Administrative Revenues	 	 	 	 	 	 	 	 	 	 	 			 			
External Clients	 	 	 	 	 	 	 	 	 	 	 			 			
Institutional	 	65		 	64		 	62		 	60		 	56		 	191		 	162		
Retail	 	59		 	58		 	58		 	60		 	59		 	174		 	175		
Subtotal External Clients	 	124		 	122		 	120		 	120		 	115		 	366		 	337		
General Account	 	28		 	36		 	40		 	40		 	40		 	104		 	118		
Total Investment Advisory and Administrative Revenues (AUM)	 	152		 	158		 	160		 	160		 	155		 	470		 	455		
Administration Only Fees	 	5		 	3		 	5		 	4		 	5		 	13		 	13		
Total Investment Advisory and Administrative Revenues	 	157		 	161		 	165		 	164		 	160		 	483		 	468		

Revenue Yield (bps)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Institutional	 	30.9		 	33.6		 	34.0		 	33.3		 	32.2		 	32.8		 	32.6		
Retail	 	34.2		 	33.1		 	33.3		 	34.3		 	34.7		 	33.3		 	34.7		
Revenue Yield on External Clients	 	32.4		 	33.4		 	33.7		 	33.8		 	33.5		 	33.0		 	33.7		
General Account	 	20.0		 	19.7		 	19.5		 	19.5		 	19.3		 	19.7		 	19.1		
Revenue Yield on Client Assets (AUM)	 	29.1		 	28.8		 	28.5		 	28.5		 	28.2		 	28.7		 	28.1		
Revenue Yield on Administration Only Assets (AUA)	 	3.8		 	2.9		 	4.1		 	4.0		 	4.5		 	3.6		 	3.4		
Total Revenue Yield on AUM and AUA (bps)	 	24.3		 	24.1		 	24.0		 	24.0		 	23.8		 	24.1		 	23.4		

	
				
Voya Financial	 	Page 48  of	49	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	9/30/2018	 	9/30/2017	
Institutional AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	83,641		 	72,544		 	72,468		 	70,752		 	68,038		 	72,468		 	62,669		
Inflows	 	2,771		 	3,141		 	1,851		 	2,419		 	3,734		 	7,762		 	10,061		
Outflows	 	(1,832	)	 	(1,741	)	 	(1,559	)	 	(1,509	)	 	(2,554	)	 	(5,132	)	 	(5,242	)	
Subtotal Investment Management Sourced Institutional Net Flows	 	938		 	1,399		 	292		 	910		 	1,180		 	2,630		 	4,819		
Affiliate Sourced Institutional Inflows	 	786		 	432		 	421		 	349		 	916		 	1,640		 	1,606		
Affiliate Sourced Institutional Outflows	 	(332	)	 	(541	)	 	(699	)	 	(731	)	 	(372	)	 	(1,573	)	 	(1,540	)	
Subtotal Affiliate Sourced Net Flows	 	454		 	(109	)	 	(278	)	 	(382	)	 	544		 	67		 	66		
Net flows- Institutional AUM	 	1,392		 	1,291		 	14		 	528		 	1,723		 	2,696		 	4,884		
Net Money Market Flows	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Change in Market Value	 	551		 	80		 	(49	)	 	1,081		 	940		 	582		 	3,127		
Other (Including Acquisitions/Divestitures) (1)	 	(325	)	 	9,727		 	110		 	107		 	51		 	9,511		 	71		
End of period AUM- Institutional	 	85,258		 	83,641		 	72,544		 	72,468		 	70,752		 	85,258		 	70,752		
Organic Growth (Net Flows/Beginning of period AUM)	 	1.7	 %	 	1.8	 %	 	0.0	 %	 	0.7	 %	 	2.5	 %	 	3.7	 %	 	7.8	 %	
Market Growth %	 	0.7	 %	 	0.1	 %	 	-0.1	 %	 	1.5	 %	 	1.4	 %	 	0.8	 %	 	5.0	 %	
Retail AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	67,894		 	68,014		 	69,812		 	68,865		 	67,058		 	69,812		 	65,577		
Inflows	 	1,391		 	1,560		 	1,680		 	1,635		 	1,445		 	4,631		 	4,104		
Outflows	 	(1,087	)	 	(1,372	)	 	(1,499	)	 	(1,093	)	 	(1,020	)	 	(3,958	)	 	(3,291	)	
Sub-advised Retail Net Flows	 	(289	)	 	(436	)	 	(416	)	 	(616	)	 	(378	)	 	(1,142	)	 	(1,451	)	
Subtotal Investment Management Sourced Retail Net Flows (2)	 	15		 	(248	)	 	(235	)	 	(74	)	 	48		 	(468	)	 	(637	)	
Affiliate Sourced Retail Inflows	 	537		 	479		 	592		 	555		 	535		 	1,607		 	1,849		
Affiliate Sourced Retail Outflows	 	(943	)	 	(778	)	 	(821	)	 	(704	)	 	(704	)	 	(2,543	)	 	(2,361	)	
Subtotal Affiliate Sourced Retail Net Flows (2)	 	(406	)	 	(300	)	 	(229	)	 	(149	)	 	(168	)	 	(935	)	 	(512	)	
Variable Annuity Net Flows	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(948	)	 	(1,941	)	 	(3,063	)	
Inflows from Sub-advisor Replacements	 	76		 	—		 	—		 	—		 	857		 	76		 	857		
Net flows- Retail AUM	 	(915	)	 	(1,175	)	 	(1,179	)	 	(1,666	)	 	(212	)	 	(3,268	)	 	(3,356	)	
Net Money Market Flows	 	(1	)	 	(28	)	 	(84	)	 	(23	)	 	(33	)	 	(114	)	 	(227	)	
Change in Market Value	 	2,549		 	946		 	(363	)	 	2,835		 	1,971		 	3,132		 	6,518		
Other (Including Acquisitions/Divestitures) (1)	 	(233	)	 	137		 	(172	)	 	(199	)	 	81		 	(267	)	 	353		
End of period AUM- Retail	 	69,295		 	67,894		 	68,014		 	69,812		 	68,865		 	69,295		 	68,865		
Retail Organic Growth Excluding Variable Annuity Net Flows and Sub-advisor	 	-0.6	 %	 	-0.8	 %	 	-0.7	 %	 	-0.3	 %	 	-0.2	 %	 	-2.0	 %	 	-1.8	 %	
Replacements (Net Flows / Beginning of period AUM)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Market Growth %	 	3.8	 %	 	1.4	 %	 	-0.5	 %	 	4.1	 %	 	2.9	 %	 	4.5	 %	 	9.9	 %	
Total Investment Management Sourced Net Flows (2)	 	953		 	1,152		 	56		 	836		 	1,228		 	2,161		 	4,181		
Total Affiliate Sourced Net Flows (2)	 	48		 	(409	)	 	(507	)	 	(530	)	 	375		 	(868	)	 	(447	)	
Total Variable Annuity Net Flows (1)	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(948	)	 	(1,941	)	 	(3,062	)	
Total Inflows from Sub-advisor Replacements	 	76		 	—		 	—		 	—		 	857		 	76		 	857		
Total Net Flows	 	477		 	116		 	(1,165	)	 	(1,137	)	 	1,512		 	(572	)	 	1,528		
Net Flows excluding sub-advisor replacement and Variable Annuity net flows	 	1,001		 	743		 	(451	)	 	305		 	1,603		 	1,293		 	3,735		
Total External Clients Organic Growth  (Net Flows (excludes VA) / Beginning of period AUM) (2)	 	0.7	 %	 	0.5	 %	 	-0.3	 %	 	0.2	 %	 	1.2	 %	 	0.9	 %	 	2.9	 %	
(1)  Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2)  For the period ending September 30, 2018, Affiliate Sourced Net Flows include Retirement distribution of Voya Investment Management retail funds.	

	
				
Voya Financial	 	Page 49  of	49	

Investment Management Account Value by Asset Type

															
 	Balances as of	
(in millions USD)	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	
Institutional	 	 	 	 	 	 	 	 	 	
Equity	23,712		 	23,188		 	23,037		 	22,905		 	21,868		
Fixed Income	61,396		 	60,363		 	49,507		 	49,563		 	48,884		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	150		 	90		 	—		 	—		 	—		
Total	85,258		 	83,641		 	72,544		 	72,468		 	70,752		
Retail	 	 	 	 	 	 	 	 	 	
Equity	44,441		 	43,075		 	43,003		 	44,380		 	43,228		
Fixed Income	21,685		 	21,326		 	21,257		 	21,077		 	20,524		
Real Estate	1,800		 	2,118		 	2,353		 	2,873		 	3,611		
Money Market	1,369		 	1,375		 	1,401		 	1,482		 	1,502		
Total	69,295		 	67,894		 	68,014		 	69,812		 	68,865		
General Account	 	 	 	 	 	 	 	 	 	
Equity	139		 	205		 	240		 	217		 	218		
Fixed Income	54,904		 	54,581		 	80,011		 	80,253		 	80,813		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	819		 	831		 	1,642		 	1,536		 	1,458		
Total	55,862		 	55,617		 	81,893		 	82,006		 	82,489		
Combined Asset Type	 	 	 	 	 	 	 	 	 	
Equity	68,292		 	66,468		 	66,280		 	67,502		 	65,313		
Fixed Income	137,985		 	136,270		 	150,775		 	150,893		 	150,221		
Real Estate	1,800		 	2,118		 	2,353		 	2,873		 	3,611		
Money Market	2,338		 	2,296		 	3,043		 	3,018		 	2,960		
Total	210,415		 	207,152		 	222,451		 	224,286		 	222,105		
 	 	 	 	 	 	 	 	 	 	
Total Specialty Assets	66,600		 	66,950		 	72,212		 	71,697		 	70,611		
% of Specialty Assets / Total AUM	31.7	%	 	32.3	%	 	32.5	%	 	32.0	%	 	31.8	%	
 	 	 	 	 	 	 	 	 	 	
Total Retirement and Wealth Management Assets	101,319		 	98,298		 	98,238		 	99,086		 	97,302		
% of Retirement and Wealth Management Assets / Total AUM	48.2	%	 	47.5	%	 	44.2	%	 	44.2	%	 	43.8	%