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

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

Registrant’s telephone number, including area code: (212) 309-8200
N/A
(Former name or former address, if changed since last report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

	
		
Item 2.02	Results of Operations and Financial Condition	
On February 5 , 2019 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and year ended December 31 , 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 , February 6 , 2019 at 10:00 am ET to discuss its fourth-quarter and full-year 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 , February 6 , 2019 . In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended December 31, 2018 , available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended December 31, 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 February 5 , 2019 , Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended December 31, 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 February 5, 2019 (furnished and not filed)
99.2     Quarterly Investor Supplement for the quarter ended December 31, 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, Deputy General
Counsel and Corporate Secretary

  Dated: February 5 , 2019

Exhibit 99.1

Voya Financial Announces Fourth-Quarter
and Full-Year 2018 Results

•	Fourth-quarter 2018 net income available to common shareholders of $0.76 per diluted share	

•	Fourth-quarter 2018 adjusted operating earnings 1 of $1.32 per diluted share, after-tax; Normalized for the following items, fourth-quarter 2018 adjusted operating earnings were $1.40 per diluted share, after-tax:	

◦	$(0.18) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking; and	

◦	$0.10 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income above the company’s long-term expectations.	

•	Full-year 2018 net income available to common shareholders of $5.20 per diluted share	

•	Full-year 2018 adjusted operating earnings of $4.04 per diluted share, after-tax; Normalized for the following items, full-year 2018 adjusted operating earnings were $4.88 per diluted share, after-tax:	

◦	$(1.30) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking;	

◦	$0.39 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income above the company’s long-term expectations; and	

◦	$0.07 per diluted share, after-tax, of Investment Management adjusted operating earnings associated with the fixed and variable annuities business that was sold on June 1, 2018.	

•	Repurchased $275 million of Voya common stock in the fourth-quarter and delivered on the previously announced plan to repurchase $1.5 billion in shares by the end of 2018	

•	$871 million of excess capital as of Dec. 31, 2018, which reflects the company's new risk-based capital (RBC) ratio target of 400% following the year-end implementation by the NAIC of reduced tax rates in the calculation of RBC	

NEW YORK, Feb. 5, 2019 — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the fourth quarter of 2018 and the full-year 2018.

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.

“We concluded 2018 with strong results that demonstrate our continued commitment to driving profitable organic growth and creating greater value for our shareholders,” said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “We demonstrated continued momentum across our businesses with Retirement Full Service recurring deposits for 2018 increasing 10% compared with 2017; $694 million of positive Institutional net flows in Investment Management in the fourth quarter of 2018; and a 5% increase in Employee Benefits annualized in-force premiums compared with the fourth quarter of 2017.

"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 fourth-quarter 2018 adjusted operating earnings were $1.40 per diluted share, after-tax, which is at the high-end of our previously shared target range of $1.30 to $1.40 earnings per share that we had aimed to achieve by the end of the second quarter of 2019.

"Normalized full-year 2018 adjusted operating earnings — which exclude DAC/VOBA and other intangibles unlocking, the benefit of prepayment fees and alternative investment income above our long-term expectations, and Investment Management adjusted operating earnings associated with the fixed and variable annuities business that was sold on June 1, 2018 — were $4.88 per diluted share, after-tax.

"We also further executed on our capital deployment plans and repurchased $275 million of Voya common shares in the fourth quarter of 2018. Including the accelerated share repurchase agreement that we executed at the end of 2017, we delivered on our previously-announced plan to repurchase at least $1.5 billion of Voya common shares in 2018.

“We also concluded 2018 with $871 million in excess capital and, in the first quarter of 2019, we entered into a new accelerated share repurchase agreement to buy back an additional $250 million of our common shares. We remain committed to our capital deployment plans, which continue to emphasize share repurchases, so that — along with our organic growth and cost savings initiatives — we can achieve our target of at least 10% annual adjusted operating earnings per share growth over the next three years, on a normalized basis.

“As a simpler, more focused company, Voya remains well positioned to achieve its plans to drive greater shareholder returns by ensuring we continue to both anticipate and meet our customers' needs, which will also enable us to achieve our vision to be America's Retirement Company,” added Martin.

FOURTH-QUARTER 2018 SUMMARY

					
 	Three Months Ended	
 	December 31, 2018	December 31, 2017	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$121	$0.76	$(3,165)	$(17.64)	
Adjusted operating earnings, after-tax	$209	$1.32	$158	$0.87	
Common book value	 	$52.28	 	$58.19	
Common book value, excluding AOCI	 	$48.26	 	$42.31	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	154	 	179	 	
   Diluted	158	 	183	 	

Net income available to common shareholders in the fourth quarter of 2018 was $121 million , or $0.76 per diluted share, compared with $(3,165) million , or $(17.64) per diluted share in the fourth quarter of 2017. Net income available to common shareholders in the fourth quarter of 2017 included a $2.6 billion loss from discontinued operations related to the company's sale of the majority of its individual annuities businesses and a $679 million one-time loss related to the reduction in the carrying value of deferred tax assets due to the lower corporate tax rate established by the Tax Cuts and Jobs Act.

Adjusted operating earnings in the fourth quarter of 2018 were $209 million , or $1.32 per diluted share, after-tax, up from $158 million , or $0.87 per diluted share, after-tax, in the fourth quarter of 2017. The increase was driven by improved underwriting results in Employee Benefits, higher investment income, and lower expenses in Corporate, which were partially offset by higher negative DAC/VOBA and other intangibles unlocking as well as lower fee-based margins due to the company’s June 1, 2018 sale of substantially all of its annuities businesses and the fourth quarter of 2017 benefiting from higher performance-based fees in Investment Management.

In addition, fourth-quarter 2018 adjusted operating earnings benefited from a change in the effective tax rate from 32.0% in the fourth quarter of 2017 to 12.2% in the fourth quarter of 2018. The fourth-quarter 2018 tax rate reflected a benefit of $11 million, or $0.07 per diluted share, due to a greater dividends received deduction than previously estimated.

FULL-YEAR 2018 SUMMARY

					
 	Twelve Months Ended	
 	December 31, 2018	December 31, 2017	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$875	$5.20	$(2,992)	$(16.25)	
Adjusted operating earnings, after-tax	$680	$4.04	$359	$1.92	
Common book value	 	$52.28	 	$58.19	
Common book value, excluding AOCI	 	$48.26	 	$42.31	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	163	 	184	 	
   Diluted	168	 	187	 	

Net income available to common shareholders in the full-year 2018 was $875 million , or $5.20 per diluted share, compared with $(2,992) million , or $(16.25) per diluted share in the full-year 2017. Net income available to common shareholders in the full-year 2017 includes the previously mentioned fourth-quarter 2017 loss from discontinued operations related to the company's sale of the majority of its individual annuities businesses and the one-time loss related to the reduction in the carrying value of deferred tax assets.

Adjusted operating earnings in the full-year 2018 were $680 million , or $4.04 per diluted share, after-tax, up from $359 million , or $1.92 per diluted share, after-tax, in the full-year 2017. The increase was driven by lower negative DAC/VOBA and other intangibles unlocking, higher investment income, improved underwriting results in Employee Benefits, higher fee-based margins, and lower expenses in Corporate.

FOURTH-QUARTER AND FULL-YEAR 2018 HIGHLIGHTS
		
•	Continued execution of the company's long-term plan to drive organic growth, cost savings and capital deployment.	

•	Capital deployment :	

◦	Repurchased $275 million of Voya common stock in the fourth-quarter of 2018 and delivered on the previously announced plan to repurchase $1.5 billion in shares by the end of 2018.	

◦	Reduced outstanding senior debt by $325 million.	

◦	Excess capital of $871 million as of Dec. 31, 2018, which is the amount above the company’s holding company liquidity target of $200 million and estimated statutory surplus in excess of a 400% combined RBC ratio. As of Dec. 31, 2018, Voya’s estimated RBC ratio was 479% and includes the impact of the industry-wide changes to the factors affecting the RBC formula that were driven by a change in the corporate tax rate. During the fourth quarter of 2018, Voya also established a new RBC ratio target of 400%, which the company believes is appropriate given its simpler portfolio of higher-growth, higher-	

return, capital-light businesses and actions taken during 2018 to lower balance sheet risk, including divestment of its variable and fixed annuities businesses.

•	Organic growth :	

◦	Retirement reported fourth-quarter 2018 adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) of $183 million , up 14% compared with the fourth quarter of 2017, largely driven by higher investment income and fee-based margins. For the full-year 2018, Retirement achieved record adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) of $702 million , up 18% compared with full-year 2017. For 2018, Full Service recurring deposits grew 10% compared with the prior year period to reach $9.3 billion.	

◦	Investment Management reported fourth-quarter 2018 adjusted operating earnings of $44 million and generated $694 million of Institutional net flows, reflecting strong commercial growth in the business and the 12th consecutive quarter of positive Institutional net flows. External client sales were $7.3 billion in the fourth quarter of 2018. Investment Management full-year 2018 adjusted operating earnings were $205 million and reflect a 6% increase in external client fee revenues compared with full-year 2017.	

◦	Employee Benefits increased fourth-quarter 2018 adjusted operating earnings to $43 million , up 39% compared with the fourth quarter of 2017 and driven by an improved loss ratio for Stop Loss. For the full-year 2018, Employee Benefits achieved record adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) of $161 million, up 26% compared with full-year 2017. The Employee Benefits total aggregate loss ratio improved to 72.5% for 2018, compared with 74.0% for 2017. In the fourth quarter of 2018, annualized in-force premiums increased 5% compared with the fourth quarter of 2017, reflecting both continued pricing discipline and a strong increase in the Voluntary business.	

•	Total company assets under management and administration of $467 billion as of Dec. 31, 2018.	

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

Retirement
Retirement adjusted operating earnings were $170 million , up from $168 million . The increase primarily reflects:
		
•	$13 million of negative DAC/VOBA and other intangibles unlocking in the fourth quarter of 2018 compared with $7 million of positive DAC/VOBA and other intangibles unlocking in the fourth quarter of 2017;	
		
•	$19 million of higher fee-based margin primarily due to the benefit of fees from the movement of certain investment-only products to Retirement from Corporate;	
		
•	$17 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $11 million above the company's long-term expectations (before the effect of income taxes and DAC) in the fourth quarter of 2018; and	

		
•	$23 million of higher administrative expenses largely due to the movement of certain investment-only products and strategic investment spending to Retirement from Corporate.	

	
										
($ in millions)	Trailing twelve months ended Dec. 31, 2018	Trailing twelve months ended Sept. 30, 2018	Trailing twelve months ended Dec. 31, 2017	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	9,343		$	9,164		$	8,478		
 	 	 	 	
($ in millions)	Three months ended Dec. 31, 2018	Three months ended Sept. 30, 2018	Three months ended Dec. 31, 2017	
Retirement	 	 	 	
Total client assets	$	361,575		$	434,862		$	432,341		
 	 	 	 	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	2,173		$	2,267		$	1,994		
Full Service net flows	$	1,315		$	99		$	(27	)	
Full Service client assets	$	119,219		$	128,641		$	122,565		

The decline in Retirement total client assets for the three months ended Dec. 31, 2018 compared with the prior periods reflects a previously announced termination of a large recordkeeping plan of approximately $40 billion of plan assets in the fourth quarter of 2018.

Investment Management
Investment Management adjusted operating earnings were $44 million , compared with $60 million . The decline primarily reflects:
		
•	$23 million of lower fee-based revenues driven by lower general account average AUM (resulting from the company's June 1, 2018 sale of substantially all of its annuities businesses) and the fourth quarter of 2017 benefiting from higher performance-based fees;	
		
•	$3 million of lower investment capital revenues, however fourth-quarter 2018 investment capital results were in-line with long-term expectations; and	
		
•	$10 million of lower expenses primarily due to lower volume expenses associated with lower revenue during the quarter.	

	
										
($ in millions)	4Q 2018	3Q 2018	4Q 2017	
Investment Management AUM	 	 	 	
External clients	$	147,176		$	154,553		$	142,280		
General account	56,288		55,862		82,006		
Total	$	203,464		$	210,415		$	224,286		
 	 	 	 	
Investment Management Net Flows	 	 	 	
Institutional	$	694		$	1,392		$	528		
Retail (including sub-advisor replacements)	(1,120	)	(315	)	(223	)	
Total (excluding divested annuities)	$	(426	)	$	1,077		$	305		
Divested annuities outflows	(578	)	(600	)	(1,443	)	
Total	$	(1,004	)	$	477		$	(1,137	)	

During the fourth quarter of 2018, Investment Management (IM) net outflows (excluding divested annuities) were $426 million . This included:
		
•	$694 million in Institutional net inflows, primarily from fixed income asset classes and senior loans, and reflecting $1.6 billion of net inflows from IM-sourced channels, partially offset by $884 million of net outflows from Affiliate-sourced channels.	
		
•	$1.1 billion in Retail net outflows, reflecting outflows in both IM-sourced (primarily senior loan and real estate strategies) and Affiliate-sourced channels.	

Total Investment Management AUM was $ 203 billion as of Dec. 31, 2018. The decline from Sept. 30, 2018 primarily reflects lower equity markets and total net flows, while the decline from Dec. 31, 2017 primarily reflects the reduction in the company's general account that resulted from the sale of substantially all of the company's individual annuities businesses on June 1, 2018.

Employee Benefits
Employee Benefits adjusted operating earnings were $43 million , up from $31 million . The increase primarily reflects:
		
•	$18 million of higher underwriting results driven by an 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;	
		
•	$3 million of higher administrative expenses to support growth in the business; and	
		
•	$1 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $1 million above the company's long-term expectations (before the effect of income taxes and DAC) in the fourth quarter of 2018.	

	
										
($ in millions)	4Q 2018	3Q 2018	4Q 2017	
Employee Benefits Annualized In-Force Premiums	 	 	 	
Group Life, Disability and Other	$	659		$	654		$	623		
Stop Loss	969		953		969		
Voluntary	311		309		257		
Total	$	1,939		$	1,916		$	1,849		
 	 	 	 	
Employee Benefits Loss Ratios	 	 	 	
Group Life	78.7	%	78.6	%	76.1	%	
Stop Loss	77.5	%	77.0	%	83.9	%	
 	 	 	 	
 	Trailing twelve months ended Dec. 31, 2018	Trailing twelve months ended Sept. 30, 2018	Trailing twelve months ended Dec. 31, 2017	
Total Aggregate Loss Ratio	72.5	%	73.1	%	74.0	%	

Compared with the fourth quarter of 2017, total Employee Benefits in-force premiums increased 5%, reflecting strong growth in Voluntary premiums and continued pricing discipline in Stop Loss. The Total Aggregate Loss Ratio improved to 72.5% for 2018, within the company's target range of 71% to 74% and driven largely by significant improvement in the loss ratio for Stop Loss.

Individual Life
Individual Life adjusted operating earnings were $43 million compared with $64 million . The decline primarily reflects:
		
•	$13 million of higher negative DAC/VOBA and other intangibles unlocking due to unfavorable unlocking related to assumption updates on cost of reinsurance, somewhat offset by favorable unlocking due to timing of reinsurance premiums in the period.	
		
•	$8 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $6 million above the company's long-term expectations (before the effect of income taxes and DAC) in the fourth 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 $26 million . Voya ceased new sales of individual life insurance on Dec. 31, 2018.

Corporate
Corporate adjusted operating losses were $62 million , including $1 million of negative DAC/VOBA and other intangibles unlocking, compared with losses of $90 million . The improvement was largely due to a decline in the stranded costs that resulted from the company's sale of substantially all of its individual annuities businesses on June 1, 2018 and the reallocation of

strategic investment spending into the business segments. Earnings from the company's legacy annuities business were largely unchanged.

Share Repurchases
In the fourth quarter of 2018, Voya repurchased 6,169,463 shares of its common stock at an average price per share of $44.51 for an aggregate purchase price of approximately $275 million.

In the first quarter of 2019, Voya entered into an accelerated share repurchase (“ASR”) agreement with a third-party to repurchase an aggregate of $250 million of Voya’s common stock. Under the terms of the ASR agreement, approximately 5 million shares were received by Voya in January 2019. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Voya’s common stock less a discount and subject to potential adjustments pursuant to the terms of the ASR agreement. Final settlement of the transaction under the ASR agreement is expected to occur no later than the beginning of the second quarter of 2019.

Giving effect to the completion of the ASR agreement, the aggregate amount remaining under the company’s share repurchase authorization would be approximately $236 million.

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., Feb. 6, 2019, at 10 a.m. ET, to discuss the company’s fourth-quarter and full-year 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 Feb. 6, 2019.

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

Bill Sutton                        Mei Ni Chu
860-580-2626                        212-309-8929
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 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $467 billion in total assets under management and administration as of Dec. 31, 2018. With a clear mission to make a secure financial future possible — o

ne person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company ® . Certified as a “Great Place to Work” by the Great Place to Work ® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 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
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.

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

losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and
		
•	Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings and severance and other expenses associated with such activities. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.	

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.

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, 2018, which the company expects to file with the Securities and Exchange Commission on or before March 1, 2019.

VOYA-IR

# # #

	
							
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings - Quarter-to-Date	
 	Three Months Ended	
(in millions USD)	12/31/2018	12/31/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	121		$	(3,165	)	
Plus: Net income (loss) attributable to noncontrolling interest	56		82		
Net Income (loss)	177		(3,083	)	
Less: Income from Discontinued Operations, net of tax	—		(2,616	)	
Net Income (loss) from continuing operations	177		(467	)	
Less: Net Income (loss) attributable to noncontrolling interest	56		82		
Less: Adjustments to adjusted operating earnings	 	 	
Net Investment gains (losses) and related charges and adjustments	(37	)	(54	)	
Other adjustments (2)	(95	)	(41	)	
Total Adjustments to adjusted operating earnings before tax effect	(132	)	(95	)	
Income taxes on adjustments to adjusted operating earnings (1)	28		33		
Total Adjustments to adjusted operating earnings, after tax (1)	(104	)	(62	)	
Less: Difference between actual tax (expense) benefit and assumed tax rate	16		(645	)	
Adjusted Operating earnings, after-tax (1)	209		158		
Less: Income taxes (1)	(29	)	(75	)	
Adjusted operating earnings before income taxes	$	238		$	233		

							
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings - Year-to-Date	
 	Year-to-Date	
(in millions USD)	12/31/2018	12/31/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	875		$	(2,992	)	
Plus: Net income (loss) attributable to noncontrolling interest	137		200		
Net Income (loss)	1,012		(2,792	)	
Less: Income from Discontinued Operations, net of tax	457		(2,580	)	
Net Income (loss) from continuing operations	555		(212	)	
Less: Net Income (loss) attributable to noncontrolling interest	137		200		
Less: Adjustments to adjusted operating earnings	 	 	
Net Investment gains (losses) and related charges and adjustments	(127	)	(84	)	
Other adjustments (2)	(202	)	(116	)	
Total Adjustments to adjusted operating earnings before tax effect	(329	)	(200	)	
Income taxes on adjustments to adjusted operating earnings (1)	70		70		
Total Adjustments to adjusted operating earnings, after tax (1)	(259	)	(130	)	
Less: Difference between actual tax (expense) benefit and assumed tax rate	(3	)	(641	)	
Adjusted Operating earnings, after-tax (1)	680		359		
Less: Income taxes (1)	(122	)	(169	)	
Adjusted operating earnings before income taxes	$	802		$	528		

	
							
Reconciliation of Net Income per Share to Adjusted Operating Earnings per Share - Quarter-to-Date	
 	Three Months Ended	
(in USD per diluted share)	12/31/2018	12/31/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	0.76		$	(17.64	)	
Less: Income from Discontinued Operations, net of tax	—		(14.58	)	
Net Income (loss) from continuing operations	0.76		(3.06	)	
Less: Net Investment gains (losses) and related charges and adjustments, after-tax	(0.19	)	(0.19	)	
Less: Other adjustments, after-tax  (2)	(0.47	)	(0.15	)	
Less: Effect of assumed tax rate vs. actual tax rate	0.10		(3.53	)	
Less: Adjustment due to antidilutive effect of net loss in the current period	—		(0.06	)	
Adjusted Operating earnings, after-tax (1)	$	1.32		$	0.87		

							
Reconciliation of Net Income per Share to Adjusted Operating Earnings per Share - Year-to-Date	
 	Year-to-Date	
(in USD per diluted share)	12/31/2018	12/31/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	5.20		$	(16.25	)	
Less: Income from Discontinued Operations, net of tax	2.72		(14.01	)	
Net Income (loss) from continuing operations	2.48		(2.24	)	
Less: Net Investment gains (losses) and related charges and adjustments, after-tax	(0.61	)	(0.29	)	
Less: Other adjustments, after-tax  (2)	(0.94	)	(0.40	)	
Less: Effect of assumed tax rate vs. actual tax rate	(0.01	)	(3.43	)	
Less: Adjustment due to antidilutive effect of net loss in the current period	—		(0.04	)	
Adjusted Operating earnings, after-tax (1)	$	4.04		$	1.92		

					
Reconciliation of Fully Diluted Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares	
 	Three Months Ended	
(in millions USD)	12/31/2018	12/31/2017	
 	 	 	
Fully Diluted weighted average shares outstanding	158		179		
Dilutive effect of the exercise or issuance of stock based awards	—		4		
Weighted average common shares outstanding - diluted (adjusted operating)	158		183		

					
Reconciliation of Fully Diluted Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares	
 	Twelve Months Ended	
(in millions USD)	12/31/2018	12/31/2017	
 	 	 	
Fully Diluted weighted average shares outstanding	168		184		
Dilutive effect of the exercise or issuance of stock based awards	—		3		
Weighted average common shares outstanding - diluted (adjusted operating)	168		187		
(1) Voya Financial assumed 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. For non-operating items, we apply a 35% tax rate in 2017 and 21% in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividends received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.

(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.).

	
								
Reconciliation of Book Value per Common Share to Book Value per Share excluding AOCI	
 	As of December 31, 2018	As of December 31, 2017	
Book value per common share, including AOCI	$	52.28		$	58.19		
Per share impact of AOCI	(4.02	)	(15.88	)	
Book value per common share, excluding AOCI	$	48.26		$	42.31		

										
Reconciliation of Investment Management Adjusted Operating Margin to Adjusted Operating Margin Excluding Investment Capital (1)	
 	Three Months Ended	
(in millions USD, unless otherwise indicated)	12/31/2018	9/30/2018	12/31/2017	
 	 	 	 	
Adjusted Operating revenues	$	159		$	168		$	186		
Adjusted operating expenses	(115	)	(120	)	(125	)	
Adjusted operating earnings before income taxes	$	44		$	48		$	61		
Adjusted operating margin	27.7	%	28.9	%	32.3	%	
 	 	 	 	
Adjusted Operating revenues	$	159		$	168		$	186		
Less:	 	 	 	
Investment Capital Results	5		8		8		
Adjusted operating revenues excluding Investment Capital	154		160		178		
Adjusted operating expenses	(115	)	(120	)	(125	)	
Adjusted operating earnings excluding Investment Capital	$	39		$	40		$	53		
Adjusted operating margin excluding Investment Capital	25.5	%	25.4	%	29.3	%	
(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.

Exhibit 99.2

Quarterly Investor Supplement

December 31, 2018

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 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	28	
Key Metrics	6	 	Key Metrics	29	
Consolidated Statements of Operations	7	 	Corporate	 	
Consolidated Adjusted Earnings Before Income Taxes	8	 	Adjusted Operating Earnings	31	
Adjusted Operating Earnings by Segment (QTD)	9	 	Investment Information	 	
Adjusted Operating Earnings by Segment (YTD)	10	 	Portfolio Composition	33	
Consolidated Balance Sheets	11	 	Portfolio Results	34	
DAC/VOBA Segment Trends	12	 	Alternative Investment Income	35	
Consolidated Capital Structure	13	 	Reconciliations	 	
Consolidated Assets Under Management/Assets Under Administration	14	 	Reconciliation of Consolidated Statements of Operations	37	
Retirement	 	 	Reconciliation of Adjusted Operating Revenues	38	
Sources of Adjusted Operating Earnings and Key Metrics	16	 	Reconciliation of Adjusted Operating Earnings - excluding Unlocking;	 	
Client Assets Rollforward by Product Group	17 - 18	 	Adjusted Return on Capital	39 - 40	
Investment Management	 	 	Prepayments and Alternative Income Above (Below) Long-Term	 	
Sources of Adjusted Operating Earnings	20	 	Expectations	41	
Analysis of AUM and AUA	21	 	Reconciliation of Adjusted Operating Earnings Per Common Share;	 	
Account Value Rollforward by Source	22	 	Book Value Per Common Share, Excluding AOCI
	42	
Account Value by Asset Type	23	 	Reconciliation of Investment Management Adjusted Operating Margin,	 	
Employee Benefits	 	 	Excluding Investment Capital	43	
Sources of Adjusted Operating Earnings	25	 	Appendix	 	
Key Metrics	26	 	Retirement alternative views	45 - 46	
 	 	 	Investment Management alternative 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
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
▪	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;	
		
•	Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;	
		
•	Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and	
		
•	Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings and severance and other expenses associated with such activities. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.	

	
				
Voya Financial	 	Page 4  of 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
We assumed 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. For non-operating items, we apply a 35% tax rate in 2017 and 21% in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividends received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.
Stranded Costs
As a result of the 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)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Income (loss) from continuing operations before income taxes	162		 	186		 	241		 	21		 	220		 	610		 	528		
Income tax expense (benefit)	(15	)	 	21		 	45		 	4		 	687		 	55		 	740		
Income (loss) from discontinued operations, net of tax (1)	—		 	—		 	28		 	429		 	(2,616	)	 	457		 	(2,580	)	
Net income (loss)	177		 	165		 	224		 	446		 	(3,083	)	 	1,012		 	(2,792	)	
Net income (loss) attributable to noncontrolling interest	56		 	23		 	58		 	—		 	82		 	137		 	200		
Net income (loss) available to Voya Financial, Inc.'s common shareholders	121		 	142		 	166		 	446		 	(3,165	)	 	875		 	(2,992	)	
Adjusted operating earnings before income taxes - Consolidated (2)	238		 	163		 	238		 	163		 	233		 	802		 	528		
Total Voya Financial, Inc. Common Shareholders' Equity	7,894		 	8,204		 	8,460		 	9,378		 	10,009		 	7,894		 	10,009		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI  (2)	7,287		 	7,427		 	7,517		 	7,867		 	7,278		 	7,287		 	7,278		
Net Deferred Tax Asset (DTA and AMT receivables) (net of valuation allowance) (3)	1,925		 	1,811		 	1,942		 	1,843		 	1,856		 	1,925		 	1,856		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (3)	5,362		 	5,616		 	5,575		 	6,024		 	5,422		 	5,362		 	5,422		
Debt to Capital:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	27.6	%	 	28.9	%	 	29.0	%	 	26.9	%	 	25.7	%	 	27.6	%	 	25.7	%	
Adjusted Debt to Capital (2) (5)	26.6	%	 	28.4	%	 	29.0	%	 	28.1	%	 	30.5	%	 	26.6	%	 	30.5	%	
Per Share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating effective tax rate (6)	12.2	%	 	14.9	%	 	17.9	%	 	16.2	%	 	32.0	%	 	15.3	%	 	32.0	%	
Net income (loss) available to shareholders per common share:			 			 	 	 	 	 			 	 	 	 	
Basic	0.78		 	0.89		 	1.00		 	2.59		 	(17.64	)	 	5.36		 	(16.25	)	
Diluted	0.76		 	0.87		 	0.96		 	2.50		 	(17.64	)	 	5.20		 	(16.25	)	
Adjusted operating earnings per common share (diluted) (2) (4)	1.32		 	0.84		 	1.13		 	0.77		 	0.87		 	4.04		 	1.92		
Adjusted operating earnings per common share (diluted) - ex unlocking (2) (4)	1.50		 	1.54		 	1.26		 	1.08		 	0.87		 	5.34		 	3.01		
Book value per common share (including AOCI)	52.28		 	52.22		 	52.22		 	54.65		 	58.19		 	52.28		 	58.19		
Book value per common share (excluding AOCI) (4)	48.26		 	47.28		 	46.40		 	45.84		 	42.31		 	48.26		 	42.31		
Shares:			 			 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	154		 	160		 	167		 	172		 	179		 	163		 	184		
Diluted	158		 	164		 	173		 	178		 	179		 	168		 	184		
Adjusted Diluted (2) (4)	158		 	164		 	173		 	178		 	183		 	168		 	187		
Ending shares outstanding	151		 	157		 	162		 	172		 	172		 	151		 	172		
Returned to Common Shareholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Repurchase of common shares, excluding commissions	275		 	250		 	500		 	100		 	401		 	1,125		 	1,023		
Dividends to common shareholders	1		 	2		 	1		 	2		 	2		 	6		 	8		
Total cash returned to common shareholders	276		 	252		 	501		 	102		 	403		 	1,131		 	1,031		
(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 twelve months ended December 31, 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 36  of this document.	
(3)  Deferred Tax Asset (DTA) related to Federal Net Operating Loss Car ry 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 $445 million ta x valuation  allowance related to Federal NOLs for the period ended December 31, 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 42  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)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	816		 	855		 	813		 	823		 	824		 	3,307		 	3,294		
Fee income	 	668		 	704		 	660		 	676		 	668		 	2,708		 	2,627		
Premiums	 	537		 	550		 	533		 	539		 	515		 	2,159		 	2,121		
Net realized capital gains (losses)	 	(52	)	 	(46	)	 	(120	)	 	(181	)	 	(63	)	 	(399	)	 	(227	)	
Other revenues	 	120		 	127		 	101		 	99		 	106		 	447		 	371		
Income (loss) related to consolidated investment entities	 	93		 	62		 	126		 	11		 	137		 	292		 	432		
Total revenues	 	2,182			2,252			2,113			1,967			2,186			8,514			8,618		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,129	)	 	(1,268	)	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(4,575	)	 	(4,636	)	
Operating expenses	 	(690	)	 	(656	)	 	(645	)	 	(700	)	 	(682	)	 	(2,691	)	 	(2,654	)	
Net amortization of DAC/VOBA	 	(108	)	 	(86	)	 	(74	)	 	(100	)	 	(61	)	 	(368	)	 	(529	)	
Interest expense	 	(79	)	 	(47	)	 	(46	)	 	(49	)	 	(44	)	 	(221	)	 	(184	)	
Operating expenses related to consolidated investment entities	 	(14	)	 	(9	)	 	(19	)	 	(7	)	 	(20	)	 	(49	)	 	(87	)	
Total benefits and expenses	 	(2,020	)	 	(2,066	)	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(7,904	)	 	(8,090	)	
Income (loss) from continuing operations before income taxes	 	162		 	186		 	241		 	21		 	220		 	610		 	528		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	(37	)	 	11		 	(40	)	 	(61	)	 	(54	)	 	(127	)	 	(84	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	38		 	14		 	2		 	(14	)	 	34		 	40		 	46		
Income (loss) related to businesses exited through reinsurance or divestment	 	(23	)	 	—		 	(8	)	 	(45	)	 	(39	)	 	(76	)	 	(45	)	
Income (loss) attributable to noncontrolling interests	 	56		 	23		 	58		 	—		 	82		 	137		 	200		
Income (loss) on early extinguishment of debt	 	(37	)	 	—		 	—		 	(3	)	 	—		 	(40	)	 	(4	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	(47	)	 	—		 	—		 	—		 	(17	)	 	(47	)	 	(16	)	
Other adjustments	 	(26	)	 	(25	)	 	(9	)	 	(19	)	 	(19	)	 	(79	)	 	(97	)	
Adjusted operating earnings before income taxes (1)	 	238		 	163		 	238		 	163		 	233		 	802		 	528		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 36  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)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Consolidated Adjusted Operating Earnings Before Income Taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	773		 	783		 	756		 	741		 	753		 	3,053		 	2,975		
Fee income	 	696		 	726		 	706		 	708		 	711		 	2,836		 	2,808		
Premiums	 	535		 	547		 	532		 	537		 	514		 	2,151		 	2,116		
Other revenue	 	49		 	52		 	39		 	37		 	45		 	177		 	147		
Adjusted operating revenues  (1)	 	2,053		 	2,108		 	2,033		 	2,023		 	2,023		 	8,217		 	8,046		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,120	)	 	(1,260	)	 	(1,101	)	 	(1,115	)	 	(1,077	)	 	(4,596	)	 	(4,435	)	
Operating expenses	 	(562	)	 	(557	)	 	(569	)	 	(578	)	 	(592	)	 	(2,266	)	 	(2,340	)	
Net amortization of DAC/VOBA	 	(91	)	 	(83	)	 	(77	)	 	(118	)	 	(75	)	 	(369	)	 	(557	)	
Interest expense	 	(42	)	 	(45	)	 	(48	)	 	(49	)	 	(46	)	 	(184	)	 	(186	)	
Adjusted operating benefits and expenses	 	(1,815	)	 	(1,945	)	 	(1,795	)	 	(1,860	)	 	(1,790	)	 	(7,415	)	 	(7,518	)	
Adjusted operating earnings before income taxes (1)	 	238		 	163		 	238		 	163		 	233		 	802		 	528		

	
																						
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	690		 	705		 	670		 	662		 	649		 	2,727		 	2,538		
Investment Management	 	159		 	168		 	171		 	185		 	185		 	683		 	731		
Employee Benefits	 	467		 	469		 	460		 	453		 	431		 	1,849		 	1,767		
Individual Life	 	643		 	660		 	641		 	631		 	635		 	2,575		 	2,563		
Corporate	 	94		 	106		 	91		 	92		 	123		 	383		 	447		
Adjusted operating revenues  (1)	 	2,053		 	2,108		 	2,033		 	2,023		 	2,023		 	8,217		 	8,046		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	170		 	253		 	169		 	109		 	168		 	701		 	456		
Investment Management	 	44		 	48		 	52		 	61		 	60		 	205		 	248		
Employee Benefits	 	43		 	50		 	35		 	32		 	31		 	160		 	127		
Individual Life	 	43		 	(134	)	 	41		 	17		 	64		 	(33	)	 	92		
Corporate	 	(62	)	 	(54	)	 	(59	)	 	(56	)	 	(90	)	 	(231	)	 	(395	)	
Adjusted operating earnings before income taxes (1)	 	238		 	163		 	238		 	163		 	233		 	802		 	528		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 36  of this document.	

	
				
Voya Financial	 	Page 9  of 49	

Adjusted Operating Earnings by Segment

																			
 	 	Three Months Ended December 31, 2018	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	448		 	5		 	28		 	230		 	62		 	773		
Fee income	 	207		 	152		 	16		 	311		 	10		 	696		
Premiums	 	1		 			 	425		 	99		 	10		 	535		
Other revenue	 	34		 	2		 	(2	)	 	3		 	12		 	49		
Adjusted operating revenues (1)	 	690		 	159		 	467		 	643		 	94		 	2,053		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(240	)	 	—		 	(333	)	 	(484	)	 	(63	)	 	(1,120	)	
Operating expenses	 	(241	)	 	(115	)	 	(89	)	 	(69	)	 	(48	)	 	(562	)	
Net amortization of DAC/VOBA	 	(39	)	 	—		 	(2	)	 	(47	)	 	(3	)	 	(91	)	
Interest expense	 	—		 	—		 	—		 	—		 	(42	)	 	(42	)	
Adjusted operating benefits and expenses	 	(520	)	 	(115	)	 	(424	)	 	(600	)	 	(156	)	 	(1,815	)	
Adjusted operating earnings before income taxes (1)	 	170		 	44		 	43		 	43		 	(62	)	 	238		

 	 	Three Months Ended December 31, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	432		 	8		 	27		 	218		 	68		 	753		
Fee income	 	194		 	164		 	16		 	309		 	28		 	711		
Premiums	 	1		 	—		 	389		 	104		 	20		 	514		
Other revenue	 	22		 	13		 	(1	)	 	4		 	7		 	45		
Adjusted operating revenues (1)	 	649		 	185		 	431		 	635		 	123		 	2,023		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(241	)	 	—		 	(316	)	 	(462	)	 	(58	)	 	(1,077	)	
Operating expenses	 	(213	)	 	(125	)	 	(82	)	 	(65	)	 	(107	)	 	(592	)	
Net amortization of DAC/VOBA	 	(27	)	 	—		 	(2	)	 	(44	)	 	(2	)	 	(75	)	
Interest expense	 	—		 	—		 	—		 	—		 	(46	)	 	(46	)	
Adjusted operating benefits and expenses	 	(481	)	 	(125	)	 	(400	)	 	(571	)	 	(213	)	 	(1,790	)	
Adjusted operating earnings before income taxes (1)	 	168		 	60		 	31		 	64		 	(90	)	 	233		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 36  of this document.	

	
				
Voya Financial	 	Page 10  of 49	

Adjusted Operating Earnings by Segment

																			
 	 	Twelve Months Ended December 31, 2018	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	1,758		 	29		 	114		 	903		 	249		 	3,053		
Fee income	 	844		 	635		 	69		 	1,245		 	43		 	2,836		
Premiums	 	7		 	—		 	1,672		 	413		 	59		 	2,151		
Other revenue	 	118		 	19		 	(6	)	 	14		 	32		 	177		
Adjusted operating revenues (1)	 	2,727		 	683		 	1,849		 	2,575		 	383		 	8,217		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(956	)	 	—		 	(1,317	)	 	(2,096	)	 	(227	)	 	(4,596	)	
Operating expenses	 	(959	)	 	(478	)	 	(355	)	 	(277	)	 	(197	)	 	(2,266	)	
Net amortization of DAC/VOBA	 	(111	)	 	—		 	(17	)	 	(235	)	 	(6	)	 	(369	)	
Interest expense	 	—		 	—		 	—		 	—		 	(184	)	 	(184	)	
Adjusted operating benefits and expenses	 	(2,026	)	 	(478	)	 	(1,689	)	 	(2,608	)	 	(614	)	 	(7,415	)	
Adjusted operating earnings before income taxes (1)	 	701		 	205		 	160		 	(33	)	 	(231	)	 	802		

 	 	Twelve Months Ended December 31, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	1,703		 	57		 	109		 	860		 	246		 	2,975		
Fee income	 	744		 	632		 	63		 	1,259		 	110		 	2,808		
Premiums	 	6		 	—		 	1,600		 	428		 	82		 	2,116		
Other revenue	 	85		 	42		 	(5	)	 	16		 	9		 	147		
Adjusted operating revenues (1)	 	2,538		 	731		 	1,767		 	2,563		 	447		 	8,046		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(958	)	 	—		 	(1,293	)	 	(1,935	)	 	(249	)	 	(4,435	)	
Operating expenses	 	(850	)	 	(483	)	 	(336	)	 	(275	)	 	(396	)	 	(2,340	)	
Net amortization of DAC/VOBA	 	(274	)	 	—		 	(11	)	 	(261	)	 	(11	)	 	(557	)	
Interest expense	 	—		 	—		 	—		 	—		 	(186	)	 	(186	)	
Adjusted operating benefits and expenses	 	(2,082	)	 	(483	)	 	(1,640	)	 	(2,471	)	 	(842	)	 	(7,518	)	
Adjusted operating earnings before income taxes (1)	 	456		 	248		 	127		 	92		 	(395	)	 	528		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 36  of this document.

	
				
Voya Financial	 	Page 11  of 49	

Consolidated Balance Sheets

																
 	 	Balances as of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	
Assets	 	 	 	 	 	 	 	 	 	 	
Total investments	 	63,566		 	63,873		 	63,857		 	64,608		 	66,087		
Cash and cash equivalents	 	1,538		 	1,789		 	1,534		 	1,411		 	1,218		
Assets held in separate accounts	 	71,228		 	80,937		 	78,642		 	77,949		 	77,605		
Premium receivable and reinsurance recoverable
	 	6,567		 	7,068		 	7,617		 	7,601		 	7,632		
Short term investments under securities loan agreement and accrued investment income	 	2,334		 	2,490		 	2,353		 	2,170		 	2,293		
Deferred policy acquisition costs, Value of business acquired	 	4,116		 	4,061		 	4,008		 	3,769		 	3,374		
Deferred income taxes	 	1,157		 	1,122		 	1,266		 	1,022		 	781		
Other assets (1)	 	1,573		 	1,473		 	1,175		 	1,388		 	1,314		
Assets related to consolidated investment entities	 	2,310		 	2,223		 	2,288		 	2,826		 	3,176		
Assets held for sale	 	—		 	—		 	—		 	57,080		 	59,052		
Total Assets	 	154,389		 	165,036		 	162,740		 	219,824		 	222,532		
 	 	 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	
Future policy benefits and contract owner account balances	 	65,196		 	65,523		 	65,980		 	65,732		 	65,805		
Liabilities related to separate accounts	 	71,228		 	80,937		 	78,642		 	77,949		 	77,605		
Payables under securities loan agreements, including collateral held	 	1,821		 	2,097		 	1,957		 	1,719		 	1,866		
Short-term debt	 	1		 	1		 	1		 	—		 	337		
Long-term debt	 	3,136		 	3,459		 	3,458		 	3,458		 	3,123		
Other liabilities (2)	 	2,838		 	2,632		 	2,339		 	2,752		 	2,775		
Liabilities related to consolidated investment entities	 	1,228		 	1,187		 	1,121		 	1,347		 	1,705		
Liabilities held for sale	 	—		 	—		 	—		 	56,458		 	58,277		
Total Liabilities	 	145,448		 	155,836		 	153,498		 	209,415		 	211,493		
 	 	 	 	 	 	 	 	 	 	 	
Shareholders' Equity	 	 	 	 	 	 	 	 	 	 	
Preferred stock	 	—		 	—		 	—		 	—		 	—		
Common stock	 	3		 	3		 	3		 	3		 	3		
Treasury stock	 	(4,981	)	 	(4,705	)	 	(4,442	)	 	(3,936	)	 	(3,827	)	
Additional paid-in capital	 	24,316		 	24,301		 	23,951		 	23,961		 	23,821		
Retained earnings (deficit)	 	(11,732	)	 	(11,853	)	 	(11,995	)	 	(12,161	)	 	(12,719	)	
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	 	7,606		 	7,746		 	7,517		 	7,867		 	7,278		
Accumulated other comprehensive income	 	607		 	777		 	943		 	1,511		 	2,731		
Total Voya Financial, Inc. Shareholders' Equity	 	8,213		 	8,523		 	8,460		 	9,378		 	10,009		
Noncontrolling interest	 	728		 	677		 	782		 	1,031		 	1,030		
Total Shareholders' Equity	 	8,941		 	9,200		 	9,242		 	10,409		 	11,039		
Total Liabilities and Shareholders' Equity	 	154,389		 	165,036		 	162,740		 	219,824		 	222,532		
 	 	 	 	 	 	 	 	 	 	 	
(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)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	1,251		 	1,167		 	1,057		 	882		 	858		 	882		 	1,165		
Deferrals of commissions and expenses	 	19		 	17		 	18		 	19		 	23		 	73		 	93		
Amortization	 	(23	)	 	(25	)	 	(20	)	 	(13	)	 	(27	)	 	(81	)	 	(118	)	
Unlocking (1)	 	(19	)	 	50		 	(8	)	 	(59	)	 	9		 	(36	)	 	(120	)	
Change in unrealized capital gains/losses	 	43		 	42		 	120		 	228		 	19		 	433		 	(138	)	
Balance as of End-of-Period	 	1,271		 	1,251		 	1,167		 	1,057		 	882		 	1,271		 	882		
Deferred Sales Inducements as of End-of-Period (2)	 	34		 	34		 	33		 	33		 	32		 	34		 	32		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	2,648		 	2,687		 	2,566		 	2,366		 	2,424		 	2,366		 	2,702		
Deferrals of commissions and expenses	 	34		 	28		 	25		 	26		 	31		 	113		 	123		
Amortization	 	(61	)	 	(58	)	 	(38	)	 	(1	)	 	(39	)	 	(158	)	 	(175	)	
Unlocking	 	1		 	(46	)	 	(2	)	 	(21	)	 	—		 	(68	)	 	(91	)	
Change in unrealized capital gains/losses	 	57		 	37		 	136		 	196		 	(50	)	 	426		 	(193	)	
Balance as of End-of-Period	 	2,679		 	2,648		 	2,687		 	2,566		 	2,366		 	2,679		 	2,366		
Other (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	162		 	154		 	146		 	126		 	121		 	126		 	130		
Deferrals of commissions and expenses	 	9		 	7		 	8		 	6		 	7		 	30		 	26		
Amortization	 	(5	)	 	(5	)	 	(6	)	 	(6	)	 	(8	)	 	(22	)	 	(24	)	
Unlocking	 	(1	)	 	(2	)	 	—		 	—		 	1		 	(3	)	 	(1	)	
Change in unrealized capital gains/losses	 	1		 	8		 	6		 	20		 	5		 	35		 	(5	)	
Balance as of End-of-Period	 	166		 	162		 	154		 	146		 	126		 	166		 	126		
Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	4,061		 	4,008		 	3,769		 	3,374		 	3,403		 	3,374		 	3,997		
Deferrals of commissions and expenses	 	62		 	52		 	51		 	51		 	61		 	216		 	242		
Amortization	 	(89	)	 	(88	)	 	(64	)	 	(20	)	 	(74	)	 	(261	)	 	(317	)	
Unlocking	 	(19	)	 	2		 	(10	)	 	(80	)	 	10		 	(107	)	 	(212	)	
Change in unrealized capital gains/losses	 	101		 	87		 	262		 	444		 	(26	)	 	894		 	(336	)	
Balance as of End-of-Period	 	4,116		 	4,061		 	4,008		 	3,769		 	3,374		 	4,116		 	3,374		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the twelve months ended December 31, 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 twelve months ended December 31, 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)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	
Financial Debt	 	 	 	 	 	 	 	 	 	 	
Senior bonds	 	2,035		 	2,358		 	2,357		 	2,357		 	2,703		
Subordinated bonds	 	1,097		 	1,097		 	1,097		 	1,096		 	752		
Other debt	 	5		 	5		 	5		 	5		 	5		
Total Debt	 	3,137		 	3,460		 	3,459		 	3,458		 	3,460		
 	 	 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	 	 	
Preferred equity (Excluding AOCI)  (1)	 	319		 	319		 	—		 	—		 	—		
Common equity (Excluding AOCI)	 	7,287		 	7,746		 	7,517		 	7,867		 	7,278		
Total Equity (Excluding AOCI)  (2)	 	7,606		 	7,746		 	7,517		 	7,867		 	7,278		
Accumulated other comprehensive income (AOCI)	 	607		 	777		 	943		 	1,511		 	2,731		
Total Voya Financial, Inc. Shareholders' Equity	 	8,213		 	8,523		 	8,460		 	9,378		 	10,009		
 	 	 	 	 	 	 	 	 	 	 	
Capital	 	 	 	 	 	 	 	 	 	 	
Total Capitalization	 	11,350		 	11,983		 	11,919		 	12,836		 	13,469		
Total Capitalization (Excluding AOCI) (2)	 	10,743		 	11,206		 	10,976		 	11,325		 	10,738		
 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	 		 	 	 	 	 	 	 	 	
Debt to Capital	 	27.6	%	 	28.9	%	 	29.0	%	 	26.9	%	 	25.7	%	
Adjusted Debt to Capital (2) (3)	 	26.6	%	 	28.4	%	 	29.0	%	 	28.1	%	 	30.5	%	
 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes Preferred stock par value and additional paid-in-capital.	
(2)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 36  of this document.	
(3)  Includes 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	

	
				
Voya Financial	 	Page 14  of 49	

Consolidated Assets Under Management/Assets Under Administration

																			
As of December 31, 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)(2)	 	33,006		 	65,417		 	40,710		 	139,133		 	177,342		 	316,475		
Investment Management	 	56,288		 	24,945		 	122,231		 	203,464		 	47,004		 	250,468		
Employee Benefits	 	1,775		 	13		 	—		 	1,788		 	—		 	1,788		
Individual Life (3)	 	12,848		 	2,439		 	—		 	15,287		 	—		 	15,287		
Eliminations/Other (2)	 	(47,629	)	 	(21,586	)	 	(9,077	)	 	(78,292	)	 	(38,461	)	 	(116,753	)	
Total AUM and AUA	 	56,288		 	71,228		 	153,864		 	281,380		 	185,885		 	467,265		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes wrapped funds as well as unwrapped Voya-managed funds.	
(2)  Asset amounts for Retirement and associated eliminations to arrive at total Voya AUM/AUA are calculated consistently with AUM/AUA as reported in the Appendix, beginning on page 44.	
(3)  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)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	391		 	387		 	385		 	381		 	386		 	1,544		 	1,546		
Limited partnership and Prepayment fee income	9		 	12		 	6		 	5		 	13		 	32		 	35		
Total gross investment income	400		 	399		 	391		 	386		 	399		 	1,576		 	1,581		
Investment expenses	(17	)	 	(18	)	 	(19	)	 	(17	)	 	(17	)	 	(71	)	 	(72	)	
Credited interest	(233	)	 	(233	)	 	(231	)	 	(228	)	 	(236	)	 	(925	)	 	(935	)	
Net margin	150		 	148		 	141		 	141		 	146		 	580		 	574		
Other investment income (1)	59		 	70		 	54		 	46		 	46		 	229		 	176		
Investment spread and other investment income	209		 	218		 	195		 	187		 	192		 	809		 	750		
Full service fee based revenue	127		 	136		 	132		 	133		 	134		 	528		 	512		
Recordkeeping and Other fee based revenue (2)(i)	114		 	111		 	105		 	108		 	87		 	438		 	331		
Total fee based margin	240		 	247		 	237		 	241		 	221		 	965		 	844		
Net underwriting gain (loss) and other revenue	1		 	—		 	—		 	(3	)	 	(9	)	 	(2	)	 	(23	)	
Administrative expenses (2)	(190	)	 	(179	)	 	(185	)	 	(194	)	 	(167	)	 	(748	)	 	(673	)	
Net Commissions	(50	)	 	(52	)	 	(52	)	 	(53	)	 	(42	)	 	(207	)	 	(163	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(27	)	 	(31	)	 	(29	)	 	(28	)	 	(34	)	 	(115	)	 	(141	)	
DAC/VOBA and other intangibles unlocking (3)  	(13	)	 	50		 	3		 	(41	)	 	7		 	(1	)	 	(137	)	
Adjusted operating earnings before income taxes	170		 	253		 	169		 	109		 	168		 	701		 	456		
Adjusted Return on Capital (4)	14.1	%	 	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	 	14.1	%	 	10.3	%	
Full Service Revenue  (5)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service Investment Spread and other investment income	197		 	205		 	183		 	176		 	181		 	761		 	703		
Full Service Fee Based Revenue	127		 	136		 	132		 	133		 	134		 	528		 	512		
Total Full Service Revenue and other revenue	324		 	340		 	315		 	309		 	315		 	1,289		 	1,215		
Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spread Based	33,006		 	32,468		 	32,519		 	32,480		 	32,571		 	33,006		 	32,571		
Fee Based (ii)	240,976		 	309,278		 	297,787		 	294,386		 	312,269		 	240,976		 	312,269		
Retail Client Assets (iii)	53,515		 	58,543		 	56,619		 	55,815		 	52,501		 	53,515		 	52,501		
Defined Contribution Investment-only Stable Value (iiii)	34,078		 	34,573		 	33,957		 	34,326		 	35,000		 	34,078		 	35,000		
Total Client Assets	361,575		 	434,862		 	420,882		 	417,007		 	432,341		 	361,575		 	432,341		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 twelve months ended December 31, 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 twelve months ended December 31, 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 17  of 49	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	64,380		 	61,888		 	60,650		 	60,495		 	58,010		 	60,495		 	49,921		
Transfers / Single deposits	1,679		 	927		 	986		 	1,066		 	1,597		 	4,658		 	5,738		
Recurring deposits	1,372		 	1,442		 	1,512		 	1,670		 	1,219		 	5,996		 	5,324		
Total Deposits	3,051		 	2,369		 	2,498		 	2,736		 	2,816		 	10,654		 	11,062		
Surrenders, benefits, and product charges	(2,448	)	 	(1,999	)	 	(2,261	)	 	(2,465	)	 	(2,656	)	 	(9,173	)	 	(8,550	)	
Net Flows	602		 	370		 	237		 	271		 	160		 	1,480		 	2,512		
Interest Credited and investment performance	(6,278	)	 	2,122		 	1,001		 	(116	)	 	2,325		 	(3,271	)	 	8,061		
Client Assets, end of period - Corporate markets	58,705		 	64,380		 	61,888		 	60,650		 	60,495		 	58,705		 	60,495		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	64,261		 	62,814		 	61,954		 	62,070		 	60,590		 	62,070		 	55,497		
Transfers / Single deposits	1,286		 	451		 	283		 	280		 	272		 	2,300		 	1,967		
Recurring deposits	801		 	825		 	864		 	857		 	775		 	3,347		 	3,154		
Total Deposits	2,087		 	1,276		 	1,147		 	1,137		 	1,047		 	5,647		 	5,121		
Surrenders, benefits, and product charges	(1,373	)	 	(1,547	)	 	(1,257	)	 	(1,361	)	 	(1,234	)	 	(5,538	)	 	(5,129	)	
Net Flows	713		 	(271	)	 	(110	)	 	(224	)	 	(187	)	 	108		 	(8	)	
Interest Credited and investment performance	(4,460	)	 	1,718		 	970		 	108		 	1,667		 	(1,664	)	 	6,582		
Client Assets, end of period - Tax-exempt markets	60,514		 	64,261		 	62,814		 	61,954		 	62,070		 	60,514		 	62,070		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Total	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	128,641		 	124,702		 	122,604		 	122,565		 	118,600		 	122,565		 	105,418		
Transfers / Single deposits	2,965		 	1,378		 	1,269		 	1,346		 	1,869		 	6,958		 	7,705		
Recurring deposits	2,173		 	2,267		 	2,376		 	2,527		 	1,994		 	9,343		 	8,478		
Total Deposits	5,138		 	3,645		 	3,645		 	3,873		 	3,863		 	16,301		 	16,183		
Surrenders, benefits, and product charges	(3,821	)	 	(3,546	)	 	(3,518	)	 	(3,826	)	 	(3,890	)	 	(14,711	)	 	(13,679	)	
Net Flows	1,315		 	99		 	127		 	47		 	(27	)	 	1,588		 	2,504		
Interest Credited and investment performance	(10,738	)	 	3,840		 	1,971		 	(8	)	 	3,992		 	(4,935	)	 	14,643		
Client Assets, end of period - Full Service Total	119,219		 	128,641		 	124,702		 	122,604		 	122,565		 	119,219		 	122,565		

	
				
Voya Financial	 	Page 18  of 49	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Recordkeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	211,149		 	203,561		 	202,226		 	220,191		 	202,852		 	220,191		 	171,149		
Transfers / Single deposits	1,552		 	1,754		 	544		 	510		 	12,837		 	4,360		 	30,981		
Recurring deposits	3,250		 	3,291		 	3,563		 	4,273		 	3,229		 	14,377		 	13,627		
Total Deposits	4,802		 	5,045		 	4,107		 	4,782		 	16,066		 	18,736		 	44,608		
Surrenders, benefits, and product charges	(41,969	)	 	(6,064	)	 	(6,747	)	 	(21,529	)	 	(6,793	)	 	(76,309	)	 	(22,100	)	
Net Flows	(37,167	)	 	(1,019	)	 	(2,639	)	 	(16,747	)	 	9,274		 	(57,573	)	 	22,508		
Interest Credited and investment performance	(21,145	)	 	8,607		 	3,974		 	(1,218	)	 	8,065		 	(9,781	)	 	26,534		
Client Assets, end of period - Recordkeeping	152,837		 	211,149		 	203,561		 	202,226		 	220,191		 	152,837		 	220,191		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Defined Contribution (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	339,789		 	328,288		 	324,830		 	342,756		 	321,453		 	342,756		 	276,566		
Transfers / Single deposits	4,517		 	3,132		 	1,814		 	1,856		 	14,707		 	11,319		 	38,687		
Recurring deposits	5,423		 	5,559		 	5,939		 	6,799		 	5,224		 	23,720		 	22,105		
Total Deposits	9,940		 	8,691		 	7,752		 	8,655		 	19,930		 	35,038		 	60,792		
Surrenders, benefits, and product charges	(45,790	)	 	(9,611	)	 	(10,265	)	 	(25,356	)	 	(10,682	)	 	(91,022	)	 	(35,778	)	
Net Flows	(35,850	)	 	(920	)	 	(2,513	)	 	(16,700	)	 	9,248		 	(55,984	)	 	25,014		
Interest Credited and investment performance	(31,883	)	 	12,421		 	5,972		 	(1,226	)	 	12,055		 	(14,716	)	 	41,176		
Client Assets, end of period - Total Defined Contribution	272,056		 	339,789		 	328,288		 	324,830		 	342,756		 	272,056		 	342,756		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Defined Contribution Investment-only Stable Value (SV) (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets, beginning of period	34,573		 	33,957		 	34,326		 	35,000		 	35,510		 	35,000		 	35,419		
Transfers / Single deposits	348		 	607		 	798		 	779		 	823		 	2,532		 	2,622		
Recurring deposits	208		 	87		 	279		 	105		 	67		 	679		 	606		
Total Deposits	556		 	694		 	1,077		 	884		 	891		 	3,211		 	3,228		
Surrenders, benefits, and product charges	(1,111	)	 	(269	)	 	(1,563	)	 	(1,242	)	 	(1,285	)	 	(4,185	)	 	(4,338	)	
Net Flows	(555	)	 	425		 	(486	)	 	(358	)	 	(394	)	 	(974	)	 	(1,110	)	
Interest Credited and investment performance	60		 	191		 	118		 	(316	)	 	(116	)	 	52		 	691		
Assets, end of period - Defined Contribution Investment-only SV	34,078		 	34,573		 	33,957		 	34,326		 	35,000		 	34,078		 	35,000		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail Client Assets (3)(4)	53,515		 	58,543		 	56,619		 	55,815		 	52,501		 	53,515		 	52,501		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Assets (5)	1,926		 	1,957		 	2,018		 	2,036		 	2,084		 	1,926		 	2,084		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Client Assets	361,574		 	434,862		 	420,882		 	417,007		 	432,341		 	361,574		 	432,341		
 	
(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.	

Investment Management

	
				
Voya Financial	 	Page 20  of 49	

Investment Management Sources of Adjusted Operating Earnings

	
																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment capital and other investment income (1)	 	5		 	8		 	5		 	11		 	8		 	29		 	57		
Fee based margin	 	154		 	160		 	166		 	174		 	177		 	654		 	674		
Administrative expenses	 	(115	)	 	(120	)	 	(119	)	 	(124	)	 	(125	)	 	(478	)	 	(483	)	
Adjusted operating earnings before income taxes	 	44		 	48		 	52		 	61		 	60		 	205		 	248		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment advisory and administrative revenue	 	152		 	157		 	161		 	165		 	164		 	635		 	632		
Other fee based margin	 	2		 	3		 	5		 	9		 	13		 	19		 	42		
Fee based margin	 	154		 	160		 	166		 	174		 	177		 	654		 	674		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 months ended December 31, 2018, our carried interest total net results were a gain of $3 million. For the twelve months ended December 31, 2018, our carried interest total net results were a gain of $13 million, including the recovery of $1 million of previously accrued carried interest for one private equity fund. For the twelve months ended December 31, 2017, our carried interest total net results were a gain of $35 million, including the recovery of $25 million of previously accrued carried interest for one private equity fund.	

	
				
Voya Financial	 	Page 21  of 49	

Investment Management Analysis of AUM and AUA

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Client Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 			 			 			 			 	 	 	 	 	 	
Institutional	 	85,918		 	85,258		 	83,641		 	72,544		 	72,468		 	85,918		 	72,468		
Retail	 	61,257		 	69,295		 	67,894		 	68,014		 	69,812		 	61,257		 	69,812		
Subtotal External Clients	 	147,176		 	154,553		 	151,535		 	140,558		 	142,280		 	147,176		 	142,280		
General Account	 	56,288		 	55,862		 	55,617		 	81,893		 	82,006		 	56,288		 	82,006		
Total Client Assets (AUM)	 	203,464		 	210,415		 	207,152		 	222,451		 	224,286		 	203,464		 	224,286		
Administration Only Assets (AUA)	 	47,004		 	48,990		 	49,378		 	49,008		 	50,018		 	47,004		 	50,018		
Total AUM and AUA	 	250,468		 	259,405		 	256,530		 	271,459		 	274,304		 	250,468		 	274,304		

Investment Advisory and Administrative Revenues	 	 	 	 	 	 	 	 	 	 	 			 			
External Clients	 	 	 	 	 	 	 	 	 	 	 			 			
Institutional	 	65		 	65		 	64		 	62		 	60		 	256		 	222		
Retail	 	54		 	59		 	58		 	58		 	60		 	230		 	234		
Subtotal External Clients	 	120		 	124		 	122		 	120		 	120		 	486		 	456		
General Account	 	28		 	28		 	36		 	40		 	40		 	132		 	158		
Total Investment Advisory and Administrative Revenues (AUM)	 	148		 	152		 	158		 	160		 	160		 	618		 	614		
Administration Only Fees	 	4		 	5		 	3		 	5		 	4		 	17		 	18		
Total Investment Advisory and Administrative Revenues	 	152		 	157		 	161		 	165		 	164		 	635		 	632		

Revenue Yield (bps)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Institutional	 	30.3		 	30.9		 	33.6		 	34.0		 	33.3		 	32.1		 	32.8		
Retail	 	33.9		 	34.2		 	33.1		 	33.3		 	34.3		 	33.5		 	34.6		
Revenue Yield on External Clients	 	31.9		 	32.4		 	33.4		 	33.7		 	33.8		 	32.7		 	33.7		
General Account	 	19.9		 	20.0		 	19.7		 	19.5		 	19.5		 	19.7		 	19.2		
Revenue Yield on Client Assets (AUM)	 	28.6		 	29.1		 	28.8		 	28.5		 	28.5		 	28.7		 	28.2		
Revenue Yield on Administration Only Assets (AUA)	 	3.5		 	3.8		 	2.9		 	4.1		 	4.0		 	3.6		 	3.6		
Total Revenue Yield on AUM and AUA (bps)	 	23.9		 	24.3		 	24.1		 	24.0		 	24.0		 	24.0		 	23.6		

	
				
Voya Financial	 	Page 22  of 49	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Institutional AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	85,258		 	83,641		 	72,544		 	72,468		 	70,752		 	72,468		 	62,669		
Inflows	 	4,278		 	2,771		 	3,141		 	1,851		 	2,419		 	12,041		 	12,480		
Outflows	 	(2,699	)	 	(1,832	)	 	(1,741	)	 	(1,559	)	 	(1,509	)	 	(7,831	)	 	(6,751	)	
Subtotal Investment Management Sourced Institutional Net Flows	 	1,579		 	938		 	1,399		 	292		 	910		 	4,208		 	5,729		
Affiliate Sourced Institutional Inflows	 	587		 	786		 	432		 	421		 	349		 	2,226		 	1,955		
Affiliate Sourced Institutional Outflows	 	(1,471	)	 	(332	)	 	(541	)	 	(699	)	 	(731	)	 	(3,043	)	 	(2,271	)	
Subtotal Affiliate Sourced Net Flows	 	(884	)	 	454		 	(109	)	 	(278	)	 	(382	)	 	(817	)	 	(316	)	
Net flows- Institutional AUM	 	694		 	1,392		 	1,291		 	14		 	528		 	3,391		 	5,413		
Net Money Market Flows	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Change in Market Value	 	(360	)	 	551		 	80		 	(49	)	 	1,081		 	222		 	4,208		
Other (Including Acquisitions/Divestitures) (1)	 	325		 	(325	)	 	9,727		 	110		 	107		 	9,837		 	178		
End of period AUM- Institutional	 	85,918		 	85,258		 	83,641		 	72,544		 	72,468		 	85,918		 	72,468		
Organic Growth (Net Flows/Beginning of period AUM)	 	0.8	 %	 	1.7	 %	 	1.8	 %	 	0.0	 %	 	0.7	 %	 	4.7	 %	 	8.6	 %	
Market Growth %	 	-0.4	 %	 	0.7	 %	 	0.1	 %	 	-0.1	 %	 	1.5	 %	 	0.3	 %	 	6.7	 %	
Retail AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	69,295		 	67,894		 	68,014		 	69,812		 	68,865		 	69,812		 	65,577		
Inflows	 	1,777		 	1,391		 	1,560		 	1,680		 	1,635		 	6,408		 	5,739		
Outflows	 	(2,142	)	 	(1,087	)	 	(1,372	)	 	(1,499	)	 	(1,093	)	 	(6,100	)	 	(4,384	)	
Sub-advised Retail Net Flows	 	(382	)	 	(289	)	 	(436	)	 	(416	)	 	(616	)	 	(1,524	)	 	(2,067	)	
Subtotal Investment Management Sourced Retail Net Flows (2)	 	(747	)	 	15		 	(248	)	 	(235	)	 	(74	)	 	(1,216	)	 	(712	)	
Affiliate Sourced Retail Inflows	 	579		 	537		 	479		 	592		 	555		 	2,186		 	2,404		
Affiliate Sourced Retail Outflows	 	(952	)	 	(943	)	 	(778	)	 	(821	)	 	(704	)	 	(3,494	)	 	(3,065	)	
Subtotal Affiliate Sourced Retail Net Flows (2)	 	(373	)	 	(406	)	 	(300	)	 	(229	)	 	(149	)	 	(1,308	)	 	(661	)	
Variable Annuity Net Flows	 	(578	)	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(2,519	)	 	(4,505	)	
Inflows from Sub-advisor Replacements	 	—		 	76		 	—		 	—		 	—		 	76		 	857		
Net flows- Retail AUM	 	(1,699	)	 	(915	)	 	(1,175	)	 	(1,179	)	 	(1,666	)	 	(4,967	)	 	(5,022	)	
Net Money Market Flows	 	158		 	(1	)	 	(28	)	 	(84	)	 	(23	)	 	45		 	(250	)	
Change in Market Value	 	(6,434	)	 	2,549		 	946		 	(363	)	 	2,835		 	(3,302	)	 	9,353		
Other (Including Acquisitions/Divestitures) (1)	 	(63	)	 	(233	)	 	137		 	(172	)	 	(199	)	 	(331	)	 	154		
End of period AUM- Retail	 	61,257		 	69,295		 	67,894		 	68,014		 	69,812		 	61,257		 	69,812		
Retail Organic Growth Excluding Variable Annuity Net Flows and Sub-advisor	 	-1.6	 %	 	-0.6	 %	 	-0.8	 %	 	-0.7	 %	 	-0.3	 %	 	-3.6	 %	 	-2.1	 %	
Replacements (Net Flows / Beginning of period AUM)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Market Growth %	 	-9.3	 %	 	3.8	 %	 	1.4	 %	 	-0.5	 %	 	4.1	 %	 	-4.7	 %	 	14.3	 %	
Total Investment Management Sourced Net Flows (2)	 	830		 	953		 	1,152		 	56		 	836		 	2,991		 	5,017		
Total Affiliate Sourced Net Flows (2)	 	(1,256	)	 	48		 	(409	)	 	(507	)	 	(530	)	 	(2,124	)	 	(978	)	
Total Variable Annuity Net Flows (1)	 	(578	)	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(2,519	)	 	(4,505	)	
Total Inflows from Sub-advisor Replacements	 	—		 	76		 	—		 	—		 	—		 	76		 	857		
Total Net Flows	 	(1,004	)	 	477		 	116		 	(1,165	)	 	(1,137	)	 	(1,576	)	 	391		
Net Flows excluding sub-advisor replacement and Variable Annuity net flows	 	(426	)	 	1,001		 	743		 	(451	)	 	305		 	867		 	4,040		
Total External Clients Organic Growth  
(Net Flows (excludes VA) / Beginning of period AUM)  (2)	 	-0.3	 %	 	0.7	 %	 	0.5	 %	 	-0.3	 %	 	0.2	 %	 	0.6	 %	 	3.2	 %	
(1)  Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2)  For the three months ending December 31, 2018 and September 30, 2018, Affiliate Sourced Net Flows include Retirement distribution of Voya Investment Management retail funds.	

	
				
Voya Financial	 	Page 23  of 49	

Investment Management Account Value by Asset Type

															
 	Balances as of	
(in millions USD)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
Institutional	 	 	 	 	 	 	 	 	 	
Equity	21,169		 	23,712		 	23,188		 	23,037		 	22,905		
Fixed Income	64,061		 	61,396		 	60,363		 	49,507		 	49,563		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	688		 	150		 	90		 	—		 	—		
Total	85,918		 	85,258		 	83,641		 	72,544		 	72,468		
Retail	 	 	 	 	 	 	 	 	 	
Equity	37,107		 	44,441		 	43,075		 	43,003		 	44,380		
Fixed Income	21,298		 	21,685		 	21,326		 	21,257		 	21,077		
Real Estate	1,307		 	1,800		 	2,118		 	2,353		 	2,873		
Money Market	1,545		 	1,369		 	1,375		 	1,401		 	1,482		
Total	61,257		 	69,295		 	67,894		 	68,014		 	69,812		
General Account	 	 	 	 	 	 	 	 	 	
Equity	121		 	139		 	205		 	240		 	217		
Fixed Income	55,108		 	54,904		 	54,581		 	80,011		 	80,253		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	1,059		 	819		 	831		 	1,642		 	1,536		
Total	56,288		 	55,862		 	55,617		 	81,893		 	82,006		
Combined Asset Type	 	 	 	 	 	 	 	 	 	
Equity	58,397		 	68,292		 	66,468		 	66,280		 	67,502		
Fixed Income	140,468		 	137,985		 	136,270		 	150,775		 	150,893		
Real Estate	1,307		 	1,800		 	2,118		 	2,353		 	2,873		
Money Market	3,292		 	2,338		 	2,296		 	3,043		 	3,018		
Total	203,464		 	210,415		 	207,152		 	222,451		 	224,286		
 	 	 	 	 	 	 	 	 	 	
Total Specialty Assets	66,423		 	66,600		 	66,950		 	72,212		 	71,697		
% of Specialty Assets / Total AUM	32.6	%	 	31.7	%	 	32.3	%	 	32.5	%	 	32.0	%	
 	 	 	 	 	 	 	 	 	 	
Total Retirement and Wealth Management Assets	94,440		 	101,319		 	98,298		 	98,238		 	99,086		
% of Retirement and Wealth Management Assets / Total AUM	46.4	%	 	48.2	%	 	47.5	%	 	44.2	%	 	44.2	%	

Employee Benefits

	
				
Voya Financial	 	Page 25  of 49	

Employee Benefits Sources of Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	 	23		 	23		 	23		 	23		 	23		 	92		 	93		
Limited partnership income and Prepayment fee income	 	—		 	1		 	1		 	—		 	1		 	2		 	3		
Total gross investment income	 	23		 	24		 	24		 	23		 	24		 	94		 	96		
Investment expenses	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(4	)	 	(4	)	
Credited interest	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(56	)	 	(58	)	
Net margin	 	8		 	9		 	9		 	8		 	9		 	34		 	35		
Other investment income	 	6		 	7		 	5		 	5		 	4		 	23		 	16		
Investment spread and other investment income	 	14		 	16		 	14		 	13		 	13		 	57		 	51		
Net underwriting gain (loss) and other revenue	 	120		 	123		 	112		 	113		 	102		 	468		 	423		
Administrative expenses	 	(54	)	 	(53	)	 	(53	)	 	(55	)	 	(51	)	 	(215	)	 	(205	)	
Trail commissions	 	(34	)	 	(35	)	 	(35	)	 	(35	)	 	(31	)	 	(139	)	 	(130	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	 	(2	)	 	(2	)	 	(3	)	 	(3	)	 	(3	)	 	(10	)	 	(9	)	
DAC/VOBA and other intangibles unlocking	 	(1	)	 	1		 	—		 	(1	)	 	—		 	(1	)	 	(2	)	
Adjusted operating earnings before income taxes	 	43		 	50		 	35		 	32		 	31		 	160		 	127		
Adjusted Return on Capital (1)	 	28.2	%	 	26.9	%	 	29.0	%	 	28.3	%	 	24.4	%	 	28.2	%	 	24.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	125		 	124		 	125		 	123		 	117		 	497		 	466		
Benefits	 	(98	)	 	(97	)	 	(102	)	 	(98	)	 	(89	)	 	(395	)	 	(354	)	
Other (2)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(8	)	 	(8	)	
Total Group life	 	25		 	25		 	21		 	23		 	26		 	94		 	103		
Group Life Loss Ratio (Interest adjusted)	 	78.7	%	 	78.6	%	 	81.5	%	 	79.3	%	 	76.1	%	 	79.5	%	 	76.0	%	
Group stop loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	236		 	233		 	232		 	226		 	233		 	927		 	953		
Benefits	 	(183	)	 	(180	)	 	(189	)	 	(181	)	 	(195	)	 	(733	)	 	(788	)	
Other (2)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(4	)	 	(4	)	
Total Group stop loss	 	52		 	52		 	42		 	44		 	37		 	190		 	161		
Stop loss Loss Ratio	 	77.5	%	 	77.0	%	 	81.7	%	 	80.2	%	 	83.9	%	 	79.1	%	 	82.7	%	
Voluntary Benefits, Disability, and Other	 	43		 	45		 	49		 	46		 	39		 	183		 	158		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	441		 	438		 	435		 	431		 	413		 	1,744		 	1,674		
Benefits	 	(318	)	 	(311	)	 	(321	)	 	(314	)	 	(308	)	 	(1,264	)	 	(1,238	)	
Other (2)	 	(3	)	 	(4	)	 	(2	)	 	(4	)	 	(3	)	 	(13	)	 	(12	)	
Total Net underwriting gain (loss) and other revenue	 	120		 	123		 	112		 	113		 	102		 	467		 	423		
Total Aggregate Loss Ratio (1)  	 	72.5	%	 	73.1	%	 	72.6	%	 	72.9	%	 	74.0	%	 	72.5	%	 	74.0	%	
 	 	 	
(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 26  of 49	

Employee Benefits Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	15		 	12		 	12		 	60		 	11		 	99		 	85		
Stop loss	 	25		 	36		 	15		 	179		 	7		 	255		 	286		
Voluntary	 	10		 	9		 	10		 	65		 	9		 	94		 	70		
Total sales by product line	 	50		 	57		 	37		 	304		 	27		 	448		 	441		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total gross premiums and deposits	 	473		 	468		 	469		 	462		 	440		 	1,872		 	1,806		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized In-force Premiums by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	659		 	654		 	664		 	663		 	623		 	659		 	623		
Stop loss	 	969		 	953		 	938		 	925		 	969		 	969		 	969		
Voluntary	 	311		 	309		 	312		 	303		 	257		 	311		 	257		
Total annualized in-force premiums	 	1,939		 	1,916		 	1,914		 	1,891		 	1,849		 	1,939		 	1,849		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	1,775		 	1,823		 	1,807		 	1,779		 	1,813		 	1,775		 	1,813		
Separate account	 	13		 	15		 	14		 	15		 	16		 	13		 	16		
Total AUM	 	1,788		 	1,838		 	1,821		 	1,794		 	1,829		 	1,788		 	1,829		

Individual Life

	
				
Voya Financial	 	Page 28  of 49	

Individual Life Sources of Adjusted Operating Earnings

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	206		 	205		 	204		 	203		 	203		 	818		 	809		
Limited partnership income	9		 	9		 	10		 	4		 	6		 	32		 	17		
Prepayment fee income	3		 	2		 	3		 	2		 	2		 	10		 	8		
Total gross investment income	218		 	216		 	217		 	209		 	211		 	860		 	834		
Investment expenses	(7	)	 	(7	)	 	(7	)	 	(8	)	 	(7	)	 	(29	)	 	(27	)	
Credited interest	(153	)	 	(150	)	 	(150	)	 	(149	)	 	(150	)	 	(602	)	 	(599	)	
Net margin	58		 	59		 	60		 	52		 	54		 	229		 	208		
Other investment income (1)	16		 	19		 	13		 	14		 	12		 	62		 	43		
Investment spread and other investment income	74		 	78		 	73		 	66		 	66		 	291		 	251		
Fee based margin	3		 	3		 	3		 	3		 	4		 	12		 	14		
Net underwriting gain (loss) and other revenue	98		 	89		 	93		 	69		 	98		 	349		 	375		
Administrative expenses	(54	)	 	(51	)	 	(51	)	 	(58	)	 	(50	)	 	(214	)	 	(205	)	
Trail commissions	(4	)	 	(5	)	 	(5	)	 	(7	)	 	(5	)	 	(21	)	 	(22	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	(53	)	 	(48	)	 	(41	)	 	(27	)	 	(41	)	 	(169	)	 	(162	)	
DAC/VOBA and other intangibles unlocking	(21	)	 	(200	)	 	(31	)	 	(29	)	 	(8	)	 	(281	)	 	(160	)	
Adjusted operating earnings before income taxes	43		 	(134	)	 	41		 	17		 	64		 	(33	)	 	92		
Adjusted Return on Capital (2)	9.1	%	 	9.8	%	 	10.6	%	 	10.8	%	 	11.2	%	 	9.1	%	 	11.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee revenue / Premiums	428		 	427		 	427		 	417		 	430		 	1,699		 	1,716		
Net mortality, including Reinsurance	(329	)	 	(319	)	 	(331	)	 	(371	)	 	(317	)	 	(1,350	)	 	(1,254	)	
Reserve change / Other	(1	)	 	(19	)	 	(3	)	 	23		 	(15	)	 	—		 	(87	)	
Total net underwriting gain (loss) and other revenue	98		 	89		 	93		 	69		 	98		 	349		 	375		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 29  of 49	

Individual Life Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Indexed	 	24		 	19		 	16		 	16		 	19		 	75		 	73		
Accumulation	 	1		 	1		 	1		 	1		 	1		 	4		 	4		
Total Universal life	 	25		 	20		 	17		 	17		 	20		 	79		 	77		
Variable life	 	1		 	—		 	1		 	—		 	1		 	2		 	3		
Term	 	—		 	—		 	—		 	—		 	—		 	—		 	2		
Total sales by product line	 	26		 	20		 	18		 	17		 	21		 	81		 	82		
Gross Premiums and Deposits by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest sensitive	 	336		 	320		 	314		 	318		 	331		 	1,288		 	1,266		
Non - interest sensitive	 	128		 	130		 	130		 	131		 	134		 	519		 	541		
Total gross premiums and deposits	 	464		 	450		 	444		 	449		 	465		 	1,807		 	1,806		
Applications	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
New business policy count (Paid)	 	1,274		 	1,292		 	1,069		 	1,060		 	1,108		 	4,695		 	6,532		
End of Period:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In-Force Face Amount by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	82,334		 	81,634		 	81,266		 	81,150		 	81,055		 	82,334		 	81,055		
Variable life	 	20,146		 	20,626		 	21,016		 	21,330		 	21,695		 	20,146		 	21,695		
Term (2)	 	230,212		 	206,189		 	212,572		 	218,586		 	223,596		 	230,212		 	223,596		
Whole life	 	1,653		 	1,683		 	1,720		 	1,743		 	1,774		 	1,653		 	1,774		
Total in-force face amount	 	334,345		 	310,132		 	316,574		 	322,809		 	328,120		 	334,345		 	328,120		
In-Force Policy Count (in whole numbers): (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	237,435		 	239,742		 	241,992		 	244,740		 	247,610		 	237,435		 	247,610		
Variable life	 	48,803		 	49,517		 	50,387		 	51,112		 	51,922		 	48,803		 	51,922		
Term (2)	 	421,571		 	389,242		 	400,397		 	411,474		 	420,731		 	421,571		 	420,731		
Whole life	 	104,860		 	106,381		 	107,995		 	109,841		 	111,673		 	104,860		 	111,673		
Total in-force policy count	 	812,669		 	784,882		 	800,771		 	817,167		 	831,936		 	812,669		 	831,936		
Assets Under Management by Fund Group: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	12,848		 	12,902		 	12,899		 	12,833		 	12,824		 	12,848		 	12,824		
Separate account	 	2,439		 	2,826		 	2,774		 	2,755		 	2,809		 	2,439		 	2,809		
Total AUM	 	15,287		 	15,728		 	15,673		 	15,588		 	15,633		 	15,287		 	15,633		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes amounts transferred to third parties through reinsurance transactions.	
(2) Q4 2018 balances include adjustments related to business exited through reinsurance agreements; periods prior to Q4 2018 have not been updated	

Corporate

	
				
Voya Financial	 	Page 31  of 49	

Corporate Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	(44	)	 	(49	)	 	(49	)	 	(49	)	 	(47	)	 	(191	)	 	(192	)	
Amortization of intangibles	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(36	)	 	(35	)	
Strategic investment program (1)	 	—		 	—		 	—		 	—		 	(16	)	 	—		 	(80	)	
Other (2)	 	(9	)	 	4		 	(1	)	 	2		 	(18	)	 	(4	)	 	(88	)	
Adjusted operating earnings before income taxes	 	(62	)	 	(54	)	 	(59	)	 	(56	)	 	(90	)	 	(231	)	 	(395	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 33  of 49	

Portfolio Composition

																											
 	 	Balances as of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
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	 	46,298		72.9	%	 	46,185		72.4	%	 	46,104		72.3	%	 	47,274		 	73.2	%	 	48,329		73.1	%	
Fixed maturities, at fair value using the fair value option	 	2,956		4.7	%	 	2,886		4.5	%	 	2,983		4.7	%	 	2,903		 	4.5	%	 	3,018		4.6	%	
Equity securities, available for sale, at fair value	 	273		0.4	%	 	323		0.5	%	 	385		0.6	%	 	382		 	0.6	%	 	380		0.6	%	
Short-term investments	 	168		0.3	%	 	86		0.1	%	 	102		0.2	%	 	193		 	0.3	%	 	471		0.7	%	
Mortgage loans on real estate	 	8,676		13.6	%	 	8,862		13.8	%	 	8,904		13.8	%	 	8,837		 	13.6	%	 	8,686		13.0	%	
Policy loans	 	1,833		2.9	%	 	1,832		2.9	%	 	1,849		2.9	%	 	1,863		 	2.9	%	 	1,888		2.9	%	
Limited partnerships/corporations, before consolidation	 	1,511		N/M		 	1,482		N/M		 	1,453		N/M		 	1,267		 	N/M		 	1,293		N/M		
CLO/VOEs Adjustments (1)	 	(353	)	N/M		 	(359	)	N/M		 	(383	)	N/M		 	(447	)	 	N/M		 	(509	)	N/M		
Limited partnerships/corporations, after consolidation	 	1,158		1.8	%	 	1,123		1.8	%	 	1,070		1.7	%	 	820		 	1.3	%	 	784		1.2	%	
Derivatives	 	247		0.4	%	 	422		0.7	%	 	376		0.6	%	 	390		 	0.6	%	 	397		0.6	%	
Other investments	 	90		0.1	%	 	91		0.1	%	 	90		0.1	%	 	77		 	0.1	%	 	47		0.1	%	
Securities pledged to creditors	 	1,867		2.9	%	 	2,063		3.2	%	 	1,994		3.1	%	 	1,869		 	2.9	%	 	2,087		3.2	%	
Total investments, after consolidation	 	63,566		100.0	%	 	63,873		100.0	%	 	63,857		100.0	%	 	64,608		 	100.0	%	 	66,087		100.0	%	
Fixed Maturity Securities - Security Sector (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Government agencies and authorities	 	2,537		5.0	%	 	2,327		4.6	%	 	2,419		4.8	%	 	2,522		 	4.8	%	 	2,797		5.2	%	
U.S. Corporate - Public	 	19,848		38.7	%	 	20,381		39.8	%	 	20,577		40.2	%	 	22,083		 	42.5	%	 	23,258		43.4	%	
U.S. Corporate - Private	 	6,232		12.2	%	 	6,418		12.6	%	 	6,261		12.3	%	 	5,665		 	10.9	%	 	5,833		10.9	%	
Foreign Government / Agency	 	851		1.7	%	 	855		1.7	%	 	848		1.7	%	 	785		 	1.5	%	 	775		1.5	%	
Foreign Corporate - Public	 	4,604		9.0	%	 	4,687		9.1	%	 	4,552		8.9	%	 	4,851		 	9.3	%	 	4,941		9.2	%	
Foreign Corporate - Private	 	5,094		10.0	%	 	5,103		10.0	%	 	5,252		10.3	%	 	5,204		 	10.0	%	 	5,161		9.7	%	
State, municipalities and political subdivisions	 	1,659		3.2	%	 	1,631		3.2	%	 	1,659		3.2	%	 	1,815		 	3.5	%	 	1,913		3.6	%	
CMO-B	 	3,197		6.3	%	 	3,016		5.9	%	 	3,199		6.3	%	 	3,016		 	5.9	%	 	2,969		5.6	%	
Agency	 	818		1.6	%	 	827		1.6	%	 	823		1.6	%	 	1,004		 	1.9	%	 	989		1.9	%	
Non-Agency (3)	 	937		1.8	%	 	910		1.8	%	 	831		1.6	%	 	801		 	1.5	%	 	749		1.4	%	
Total Residential mortgage-backed securities	 	4,952		9.7	%	 	4,753		9.3	%	 	4,853		9.5	%	 	4,821		 	9.3	%	 	4,707		8.9	%	
Commercial mortgage-backed securities	 	3,416		6.7	%	 	3,116		6.1	%	 	2,932		5.7	%	 	2,871		 	5.5	%	 	2,704		5.1	%	
Other asset-backed securities (3)	 	1,928		3.8	%	 	1,863		3.6	%	 	1,728		3.4	%	 	1,429		 	2.7	%	 	1,345		2.5	%	
Total fixed maturities, including securities pledged  (4)	 	51,121		100.0	%	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		 	100.0	%	 	53,434		100.0	%	
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Due in one year or less	 	1,089		2.1	%	 	1,070		2.1	%	 	865		1.7	%	 	1,061		 	2.0	%	 	1,001		1.9	%	
Due after one year through five years	 	7,406		14.5	%	 	7,313		14.3	%	 	7,817		15.3	%	 	8,245		 	15.8	%	 	8,703		16.3	%	
Due after five years through ten years	 	9,715		19.0	%	 	9,993		19.5	%	 	9,943		19.5	%	 	10,279		 	19.8	%	 	10,762		20.1	%	
Due after ten years	 	22,615		44.2	%	 	23,026		45.1	%	 	22,943		44.9	%	 	23,340		 	44.9	%	 	24,212		45.3	%	
CMO-B	 	3,197		6.3	%	 	3,016		5.9	%	 	3,199		6.3	%	 	3,016		 	5.9	%	 	2,969		5.6	%	
Mortgage-backed securities	 	5,171		10.1	%	 	4,853		9.5	%	 	4,586		8.9	%	 	4,676		 	8.9	%	 	4,442		8.3	%	
Other asset-backed securities (3)	 	1,928		3.8	%	 	1,863		3.6	%	 	1,728		3.4	%	 	1,429		 	2.7	%	 	1,345		2.5	%	
Total fixed maturities, including securities pledged (4)	 	51,121		100.0	%	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		 	100.0	%	 	53,434		100.0	%	
Fixed Maturity Securities - NAIC Quality Designation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	28,405		55.6	%	 	28,525		55.7	%	 	28,817		56.5	%	 	29,831		 	57.4	%	 	30,942		57.9	%	
2	 	20,216		39.5	%	 	20,036		39.2	%	 	19,675		38.5	%	 	19,696		 	37.8	%	 	19,947		37.3	%	
3	 	1,798		3.5	%	 	1,783		3.5	%	 	1,803		3.5	%	 	1,822		 	3.5	%	 	1,889		3.5	%	
4	 	504		1.0	%	 	570		1.1	%	 	584		1.1	%	 	488		 	0.9	%	 	512		1.0	%	
5	 	120		0.2	%	 	143		0.3	%	 	123		0.2	%	 	87		 	0.2	%	 	33		0.1	%	
6	 	78		0.2	%	 	77		0.2	%	 	79		0.2	%	 	122		 	0.2	%	 	111		0.2	%	
Total fixed maturities, including securities pledged (4) (5)	 	51,121		100.0	%	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		 	100.0	%	 	53,434		100.0	%	
Fixed Maturity Securities - ARO Quality Rating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
AAA	 	9,112		17.8	%	 	8,750		17.1	%	 	8,885		17.4	%	 	9,267		 	17.8	%	 	9,702		18.2	%	
AA	 	3,526		6.9	%	 	3,466		6.8	%	 	3,510		6.9	%	 	3,543		 	6.8	%	 	3,611		6.8	%	
A	 	14,113		27.7	%	 	14,828		29.1	%	 	14,887		29.2	%	 	15,628		 	30.1	%	 	16,329		30.6	%	
BBB	 	20,826		40.7	%	 	20,565		40.1	%	 	20,191		39.5	%	 	19,987		 	38.3	%	 	20,204		37.7	%	
BB	 	2,297		4.5	%	 	2,221		4.3	%	 	2,170		4.2	%	 	2,224		 	4.3	%	 	2,058		3.8	%	
B and below	 	1,247		2.4	%	 	1,304		2.6	%	 	1,438		2.8	%	 	1,397		 	2.7	%	 	1,530		2.9	%	
Total fixed maturities, including securities pledged (5)	 	51,121		100.0	%	 	51,134		100.0	%	 	51,081		100.0	%	 	52,046		 	100.0	%	 	53,434		100.0	%	
(1)  Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds.	
(2)  Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors.	
(3)  Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.	
(4)  Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.	
(5)  ARO ratings do not directly translate into NAIC ratings.	

	
				
Voya Financial	 	Page 34  of 49	

Portfolio Results

																																				
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	 	598		5.19	 %	 	575		5.05	 %	 	593		5.18	 %	 	584		5.07	 %	 	582		4.99	 %	 	2,350		5.13	 %	 	2,332		5.02	 %	
Equity securities	 	3		5.52	 %	 	3		5.48	 %	 	3		4.33	 %	 	3		3.96	 %	 	3		4.43	 %	 	593		4.70	 %	 	9		3.92	 %	
Mortgage loans	 	94		4.41	 %	 	94		4.39	 %	 	95		4.39	 %	 	94		4.39	 %	 	93		4.40	 %	 	377		4.39	 %	 	369		4.42	 %	
Limited partnerships	 	46		12.94	 %	 	74		22.17	 %	 	43		13.87	 %	 	43		15.12	 %	 	41		19.82	 %	 	206		15.72	 %	 	170		17.50	 %	
Policy loans	 	23		5.15	 %	 	23		5.12	 %	 	25		5.43	 %	 	25		5.41	 %	 	23		5.06	 %	 	96		5.34	 %	 	97		5.25	 %	
Short-term investments	 	4		0.71	 %	 	7		1.20	 %	 	5		0.85	 %	 	4		0.59	 %	 	3		0.41	 %	 	20		0.84	 %	 	10		0.30	 %	
Derivatives (2)	 	10		N/A		 	10		N/A		 	10		N/A		 	10		N/A		 	13		N/A		 	40		N/A		 	44		N/A		
Prepayment fee income	 	15		0.09	 %	 	16		0.10	 %	 	9		0.06	 %	 	7		0.04	 %	 	16		0.10	 %	 	47		0.07	 %	 	43		0.07	 %	
Other assets	 	12		N/A		 	19		N/A		 	4		N/A		 	1		N/A		 	14		N/A		 	36		N/A		 	29		N/A		
Gross investment income before expenses and fees	 	805		5.33	 %	 	821		5.48	 %	 	787		5.22	 %	 	771		5.10	 %	 	788		5.17	 %	 	3,184		5.28	 %	 	3,103		5.13	 %	
Expenses and fees	 	(32	)	-0.22	 %	 	(38	)	-0.26	 %	 	(31	)	-0.21	 %	 	(30	)	-0.20	 %	 	(35	)	-0.24	 %	 	(131	)	-0.22	 %	 	(128	)	-0.22	 %	
Total investment income and annualized yield	 	773		5.11	 %	 	783		5.22	 %	 	756		5.01	 %	 	741		4.90	 %	 	753		4.93	 %	 	3,053		5.06	 %	 	2,975		4.91	 %	
Trading gains/losses (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(24	)	 	 	17		 	 	(9	)	 	 	(17	)	 	 	28		 	 	(33	)	 	 	23		 	
Equity securities	 	2		 	 	—		 	 	1		 	 	(3	)	 	 	—		 	 	—		 	 	(1	)	 	
Mortgage loans	 	—		 	 	—		 	 	8		 	 	—		 	 	—		 	 	8		 	 	1		 	
Other investments	 	7		 	 	(4	)	 	 	(4	)	 	 	9		 	 	(20	)	 	 	8		 	 	(17	)	 	
Total trading gains/losses	 	(15	)	 	 	13		 	 	(4	)	 	 	(11	)	 	 	8		 	 	(17	)	 	 	5		 	
Impairments (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(8	)	 	 	(7	)	 	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(30	)	 	 	(21	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Mortgage loans	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Other investments	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Total impairments	 	(8	)	 	 	(7	)	 	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(30	)	 	 	(21	)	 	
Fair value adjustments (3)	 	91		 	 	(37	)	 	 	(46	)	 	 	(74	)	 	 	(51	)	 	 	(66	)	 	 	(69	)	 	
Derivatives, including change in fair value of derivatives related to guaranteed benefits	 	(66	)	 	 	41		 	 	7		 	 	22		 	 	26		 	 	4		 	 	6		 	
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	 	2		 	 	10		 	 	(44	)	 	 	(77	)	 	 	(35	)	 	 	(109	)	 	 	(79	)	 	
Businesses exited through reinsurance (4)	 	3		 	 	13		 	 	(14	)	 	 	(36	)	 	 	30		 	 	(34	)	 	 	134		 	
Consolidation/eliminations (5)	 	(14	)	 	 	3		 	 	(5	)	 	 	14		 	 	13		 	 	(2	)	 	 	37		 	
Total investment income and realized capital gains (losses)	 	764		 	 	809		 	 	693		 	 	642		 	 	761		 	 	2,908		 	 	3,067		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 35  of 49	

Alternative Investment Income

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	643		 	646		 	558		 	536		 	532		 	595		 	517		
Alternative investment income	 	23		 	38		 	20		 	18		 	18		 	99		 	62		
Investment Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	204		 	214		 	250		 	262		 	252		 	232		 	229		
Alternative investment income (1)	 	4		 	8		 	5		 	11		 	8		 	28		 	57		
Employee Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	63		 	63		 	53		 	51		 	49		 	57		 	49		
Alternative investment income	 	2		 	4		 	2		 	2		 	2		 	10		 	6		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	412		 	387		 	348		 	312		 	293		 	365		 	259		
Alternative investment income	 	14		 	19		 	16		 	9		 	10		 	58		 	30		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 months ended December 31, 2018, our carried interest total net results were a gain of $3 million. For the twelve months ended December 31, 2018, our carried interest total net results were a gain of $13 million, including the recovery of $1 million of previously accrued carried interest for one private equity fund. For the twelve months ended December 31, 2017, our carried interest total net results were a gain of $35 million, including the recovery of $25 million of previously accrued carried interest for one private equity fund.	

Reconciliations

	
				
Voya Financial	 	Page 37  of 49	

Reconciliation of Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	816		 	855		 	813		 	823		 	824		 	3,307		 	3,294		
Fee income	 	668		 	704		 	660		 	676		 	668		 	2,708		 	2,627		
Premiums	 	537		 	550		 	533		 	539		 	515		 	2,159		 	2,121		
Net realized capital gains (losses)	 	(52	)	 	(46	)	 	(120	)	 	(181	)	 	(63	)	 	(399	)	 	(227	)	
Other revenues	 	120		 	127		 	101		 	99		 	106		 	447		 	371		
Income (loss) related to consolidated investment entities	 	93		 	62		 	126		 	11		 	137		 	292		 	432		
Total revenues	 	2,182		 	2,252		 	2,113		 	1,967		 	2,186		 	8,514		 	8,618		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,129	)	 	(1,268	)	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(4,575	)	 	(4,636	)	
Operating expenses	 	(690	)	 	(656	)	 	(645	)	 	(700	)	 	(682	)	 	(2,691	)	 	(2,654	)	
Net amortization of DAC/VOBA	 	(108	)	 	(86	)	 	(74	)	 	(100	)	 	(61	)	 	(368	)	 	(529	)	
Interest expense	 	(79	)	 	(47	)	 	(46	)	 	(49	)	 	(44	)	 	(221	)	 	(184	)	
Operating expenses related to consolidated investment entities	 	(14	)	 	(9	)	 	(19	)	 	(7	)	 	(20	)	 	(49	)	 	(87	)	
Total benefits and expenses	 	(2,020	)	 	(2,066	)	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(7,904	)	 	(8,090	)	
Income (loss) from continuing operations before income taxes	 	162		 	186		 	241		 	21		 	220		 	610		 	528		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	(37	)	 	11		 	(40	)	 	(61	)	 	(54	)	 	(127	)	 	(84	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	38		 	14		 	2		 	(14	)	 	34		 	40		 	46		
Income (loss) related to businesses exited through reinsurance or divestment	 	(23	)	 	—		 	(8	)	 	(45	)	 	(39	)	 	(76	)	 	(45	)	
Income (loss) attributable to noncontrolling interests	 	56		 	23		 	58		 	—		 	82		 	137		 	200		
Income (loss) on early extinguishment of debt	 	(37	)	 	—		 	—		 	(3	)	 	—		 	(40	)	 	(4	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	(47	)	 	—		 	—		 	—		 	(17	)	 	(47	)	 	(16	)	
Other adjustments	 	(26	)	 	(25	)	 	(9	)	 	(19	)	 	(19	)	 	(79	)	 	(97	)	
Adjusted operating earnings before income taxes	 	238		 	163		 	238		 	163		 	233		 	802		 	528		

	
				
Voya Financial	 	Page 38  of 49	

Reconciliation of Adjusted Operating Revenues

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Total revenues	 	2,182		 	2,252		 	2,113		 	1,967		 	2,186		 	8,514		 	8,618		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less Adjustments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized investment gains (losses) and related charges and adjustments	 	(48	)	 	—		 	(49	)	 	(73	)	 	(58	)	 	(170	)	 	(100	)	
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	 	45		 	12		 	4		 	(7	)	 	35		 	54		 	52		
Revenues (losses) related to business exited through reinsurance or divestment	 	4		 	22		 	(18	)	 	(40	)	 	27		 	(32	)	 	122		
Revenues (loss) attributable to noncontrolling interests	 	70		 	34		 	76		 	6		 	100		 	186		 	286		
Other adjustments (1)	 	58		 	76		 	67		 	58		 	59		 	259		 	212		
Total adjusted operating revenues	 	2,053		 	2,108		 	2,033		 	2,023		 	2,023		 	8,217		 	8,046		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues by segment	 			 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	690		 	705		 	670		 	662		 	649		 	2,727		 	2,538		
Investment Management	 	159		 	168		 	171		 	185		 	185		 	683		 	731		
Employee Benefits	 	467		 	469		 	460		 	453		 	431		 	1,849		 	1,767		
Individual Life	 	643		 	660		 	641		 	631		 	635		 	2,575		 	2,563		
Corporate	 	94		 	106		 	91		 	92		 	123		 	383		 	447		
Total adjusted operating revenues	 	2,053		 	2,108		 	2,033		 	2,023		 	2,023		 	8,217		 	8,046		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 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)	
Retirement	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
Adjusted operating earnings before income taxes	 	701		 	699		 	553		 	417		 	456		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(1	)	 	19		 	(75	)	 	(191	)	 	(137	)	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	702		 	680		 	628		 	608		 	593		
Income tax expense	 	116		 	137		 	150		 	170		 	190		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	586		 	543		 	478		 	438		 	403		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	16.7	%	 	17.1	%	 	16.3	%	 	15.8	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	16.5	%	 	20.1	%	 	23.9	%	 	28.0	%	 	32.0	%	
Average Capital	 	4,156		 	4,063		 	3,987		 	3,946		 	3,928		
Ending Capital	 	4,289		 	4,218		 	4,100		 	4,096		 	4,130		
Adjusted Return on Capital	 	14.1	%	 	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Investment Management
	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	205		 	221		 	227		 	259		 	248		
Less:	 	 	 	 	 	 	 	 	 	 	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	205		 	221		 	227		 	259		 	248		
Income tax expense	 	43		 	53		 	—		 	76		 	79		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	162		 	168		 	167		 	183		 	169		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	24.0	%	 	26.5	%	 	29.4	%	 	32.0	%	
Average Capital	 	305		 	306		 	309		 	309		 	308		
Ending Capital	 	300		 	297		 	310		 	319		 	290		
Adjusted Return on Capital	 	53.3	%	 	55.2	%	 	54.0	%	 	59.3	%	 	54.9	%	
 	 	 	 	 	 	 	 	 	 	 	
(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 40  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	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
Adjusted operating earnings before income taxes	 	160		 	148		 	156		 	148		 	127		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(1	)	 	—		 	(2	)	 	(3	)	 	(2	)	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	161		 	148		 	158		 	151		 	129		
Income tax expense	 	34		 	34		 	43		 	45		 	41		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	127		 	114		 	115		 	106		 	88		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	23.3	%	 	27.2	%	 	29.6	%	 	32.0	%	
Average Capital	 	449		 	424		 	398		 	375		 	360		
Ending Capital	 	470		 	466		 	463		 	441		 	387		
Adjusted Return on Capital	 	28.2	%	 	26.9	%	 	29.0	%	 	28.3	%	 	24.4	%	
 	 	 	 	 	 	 	 	 	 	 	
Individual Life	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	(33	)	 	(12	)	 	56		 	77		 	92		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(281	)	 	(268	)	 	(211	)	 	(181	)	 	(160	)	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	—		
Adjusted Operating Earnings - excluding Unlocking before interest	 	248		 	256		 	267		 	258		 	251		
Income tax expense	 	52		 	62		 	72		 	78		 	80		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	196		 	194		 	195		 	180		 	171		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	24.1	%	 	27.1	%	 	30.0	%	 	32.0	%	
Average Capital	 	2,137		 	1,977		 	1,823		 	1,666		 	1,527		
Ending Capital	 	2,170		 	2,102		 	2,150		 	2,141		 	2,141		
Adjusted Return on Capital	 	9.1	%	 	9.8	%	 	10.6	%	 	10.8	%	 	11.2	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(2)  Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding Unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we 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 41  of 49	

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

																					
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	2		 	4		 	(2	)	 	(3	)	 	5		 	1		 	—		
Investment Management	—		 	—		 	—		 	—		 	—		 	—		 	—		
Employee Benefits	—		 	—		 	—		 	—		 	—		 	—		 	—		
Individual Life	—		 	—		 	—		 	(1	)	 	—		 	(1	)	 	(2	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alternatives Above (Below) Long-term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	9		 	23		 	8		 	6		 	7		 	46		 	16		
Investment Management	—		 	3		 	(1	)	 	5		 	2		 	7		 	37		
Employee Benefits	1		 	2		 	1		 	1		 	1		 	5		 	2		
Individual Life	6		 	10		 	7		 	2		 	3		 	25		 	6		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	11		 	27		 	6		 	3		 	12		 	47		 	16		
Investment Management	—		 	3		 	(1	)	 	5		 	2		 	7		 	37		
Employee Benefits	1		 	2		 	1		 	1		 	1		 	5		 	2		
Individual Life	6		 	10		 	7		 	1		 	3		 	24		 	4		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Impacts are pre-DAC and pre-tax.	
(2)  Amounts exclude gain on Lehman recovery for the twelve months ending December 31, 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 42  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)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders per common share (Diluted)	 	0.76		 	0.87		 	0.96		 	2.50		 	(17.64	)	 	5.20		 	(16.25	)	
Exclusion of per share impact of:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	0.19		 	(0.05	)	 	0.18		 	0.27		 	0.19		 	0.61		 	0.29		
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(0.19	)	 	(0.07	)	 	(0.01	)	 	0.06		 	(0.12	)	 	(0.19	)	 	(0.16	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	0.11		 	—		 	0.04		 	0.20		 	0.14		 	0.35		 	0.16		
Income (loss) on early extinguishment of debt	 	0.18		 	—		 	—		 	0.01		 	—		 	0.19		 	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	 	0.24		 	—		 	—		 	—		 	0.06		 	0.22		 	0.06		
Other adjustments to operating earnings	 	0.13		 	0.11		 	0.04		 	0.09		 	0.07		 	0.37		 	0.33		
Effect of discontinued operations	 	—		 	—		 	(0.16	)	 	(2.40	)	 	14.58		 	(2.72	)	 	14.01		
Effect of assumed tax rate vs actual effective tax rate	 	(0.10	)	 	(0.02	)	 	0.08		 	0.04		 	3.53		 	0.01		 	3.43		
Adjustment due to antidilutive effect of net loss in the current period	 	—		 	—		 	—		 	—		 	0.06			—			0.04		
Adjusted operating earnings per common share (Diluted) (1)	 	1.32		 	0.84		 	1.13		 	0.77		 	0.87		 	4.04		 	1.92		
Impact of unlocking to earnings per common share (Diluted)	 	0.18		 	0.70		 	0.13		 	0.31		 	—		 	1.30		 	1.09		
Adjusted operating earnings per common share (Diluted) - ex Unlocking	 	1.50		 	1.54		 	1.26		 	1.08		 	0.87		 	5.34		 	3.01		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share, including AOCI	 	52.28		 	52.22		 	52.22		 	54.65		 	58.19		 	52.28		 	58.19		
Per share impact of AOCI	 	(4.02	)	 	(4.94	)	 	(5.82	)	 	(8.81	)	 	(15.88	)	 	(4.02	)	 	(15.88	)	
Book value per common share, excluding AOCI	 	48.26		 	47.28		 	46.40		 	45.84		 	42.31		 	48.26		 	42.31		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of shares used in Total Consolidated Adjusted Operating earnings per common share (Diluted)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	 	157.9		 	164.0		 	172.8		 	178.4		 	179.4		 	168.2		 	184.0		
Dilutive effect of the exercise or issuance of stock-based awards (1)	 	—		 	—		 	—		 	—		 	3.5			—		 	3.0		
Weighted average common shares outstanding - Adjusted Diluted (1)	 	157.9		 	164.0		 	172.8		 	178.4		 	182.9		 	168.2		 	187.1		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to capital	 	27.6	 %	 	28.9	 %	 	29.0	 %	 	26.9	 %	 	25.7	 %	 	27.6	 %	 	25.7	 %	
Capital impact of AOCI	 	1.6	 %	 	2.0	 %	 	2.5	 %	 	3.6	 %	 	6.5	 %	 	1.6	 %	 	6.5	 %	
Impact of 25% equity treatment afforded to subordinate debt	 	(2.6	)%	 	(2.5	)%	 	(2.5	)%	 	(2.4	)%	 	(1.7	)%	 	(2.6	)%	 	(1.7	)%	
Adjusted Debt to capital	 	26.6	 %	 	28.4	 %	 	29.0	 %	 	28.1	 %	 	30.5	 %	 	26.6	 %	 	30.5	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 43  of 49	

Reconciliation of Investment Management Adjusted Operating Margin, Excluding Investment Capital 

																		
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD, unless otherwise indicated)	12/31/2018	 	9/30/2018	 	12/31/2017	 	12/31/2018	 	9/30/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	159		 	168		 	186		 	683		 	709		 	731		
Adjusted operating expenses	(115	)	 	(120	)	 	(125	)	 	(478	)	 	(488	)	 	(483	)	
Adjusted operating earnings before income taxes	44		 	48		 	61		 	205		 	221		 	248		
Adjusted operating margin	27.7	%	 	28.9	%	 	32.3	%	 	30.1	%	 	31.3	%	 	33.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	159		 	168		 	186		 	683		 	709		 	731		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results	5		 	8		 	8		 	29		 	32		 	57		
Adjusted operating revenues excluding Investment Capital	154		 	160		 	178		 	654		 	677		 	674		
Adjusted operating expenses	(115	)	 	(120	)	 	(125	)	 	(478	)	 	(488	)	 	(483	)	
Adjusted operating earnings excluding Investment Capital	39		 	40		 	53		 	176		 	189		 	191		
Adjusted operating margin excluding Investment Capital	25.5	%	 	25.4	%	 	29.3	%		27.1	%	 	28.0	%	 	28.3	%	

Appendix

Asset amounts for Retirement and associated eliminations to arrive at total Voya AUM/AUA are calculated consistently with AUM/AUA as reported in this Appendix.

	
				
Voya Financial	 	Page 45  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)	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	391		 	387		 	385		 	381		 	386		 	1,544		 	1,546		
Limited partnership income	1		 	1		 	1		 	1		 	2		 	4		 	8		
Prepayment fee income	8		 	11		 	5		 	4		 	11		 	28		 	27		
Total gross investment income	400		 	399		 	391		 	386		 	399		 	1,576		 	1,581		
Investment expenses	(17	)	 	(18	)	 	(19	)	 	(17	)	 	(17	)	 	(71	)	 	(72	)	
Credited interest	(233	)	 	(233	)	 	(231	)	 	(228	)	 	(236	)	 	(925	)	 	(935	)	
Net margin	150		 	148		 	141		 	141		 	146		 	580		 	574		
Other investment income (1)	59		 	70		 	54		 	46		 	46		 	229		 	176		
Investment spread and other investment income	209		 	218		 	195		 	187		 	192		 	809		 	750		
Fee based margin (2)	240		 	247		 	237		 	241		 	221		 	965		 	844		
Net underwriting gain (loss) and other revenue	1		 	—		 	—		 	(3	)	 	(9	)	 	(2	)	 	(23	)	
Administrative expenses (2)	(190	)	 	(179	)	 	(185	)	 	(194	)	 	(167	)	 	(748	)	 	(673	)	
Trail commissions	(50	)	 	(52	)	 	(52	)	 	(53	)	 	(42	)	 	(207	)	 	(163	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(27	)	 	(31	)	 	(29	)	 	(28	)	 	(34	)	 	(115	)	 	(141	)	
DAC/VOBA and other intangibles unlocking (3)  	(13	)	 	50		 	3		 	(41	)	 	7		 	(1	)	 	(137	)	
Adjusted operating earnings before income taxes	170		 	253		 	169		 	109		 	168		 	701		 	456		
Adjusted Return on Capital (4)	14.1	%	 	13.4	%	 	12.0	%	 	11.1	%	 	10.3	%	 	14.1	%	 	10.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin - excluding Recordkeeping	192		 	201		 	195		 	196		 	177		 	784		 	679		
Fee based margin - Recordkeeping	48		 	46		 	42		 	45		 	44		 	181		 	165		
Fee based margin (2)	240		 	247		 	237		 	241		 	221		 	965		 	844		
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	33,006		 	32,468		 	32,519		 	32,480		 	32,571		 	33,006		 	32,571		
Guaranteed separate account	7,945		 	7,770		 	7,527		 	7,541		 	7,695		 	7,945		 	7,695		
Non-guaranteed separate account	57,472		 	65,349		 	63,386		 	62,820		 	63,538		 	57,472		 	63,538		
Mutual funds / Institutional funds	40,710		 	45,006		 	42,483		 	40,875		 	34,387		 	40,710		 	34,387		
Total AUM	139,133		 	150,593		 	145,915		 	143,716		 	138,191		 	139,133		 	138,191		
AUA (5)	177,342		 	234,975		 	227,271		 	226,101		 	244,517			177,342		 	244,517		
Total AUM and AUA	316,475		 	385,568		 	373,186		 	369,817		 	382,708		 	316,475		 	382,708		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 twelve months ended December 31, 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 twelve months ended December 31, 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 46  of 49	

Retirement AUM Rollforward by Product Group

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	64,380		 	61,888		 	60,650		 	60,495		 	58,010		 	60,495		 	49,921		
Transfer/Single deposits	 	1,679		 	927		 	986		 	1,066		 	1,597		 	4,658		 	5,738		
Recurring deposits	 	1,372		 	1,442		 	1,512		 	1,670		 	1,219		 	5,996		 	5,324		
Total Deposits	 	3,051		 	2,369		 	2,498		 	2,736		 	2,816		 	10,654		 	11,062		
Surrenders, benefits, and product charges	 	(2,448	)	 	(1,999	)	 	(2,261	)	 	(2,465	)	 	(2,656	)	 	(9,173	)	 	(8,550	)	
Net Flows	 	602		 	370		 	237		 	271		 	160		 	1,480		 	2,512		
Interest credited and investment performance	 	(6,278	)	 	2,122		 	1,001		 	(116	)	 	2,325		 	(3,271	)	 	8,061		
Assets under management, end of period	 	58,705		 	64,380		 	61,888		 	60,650		 	60,495		 	58,705		 	60,495		
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	64,261		 	62,814		 	61,954		 	62,070		 	60,590		 	62,070		 	55,497		
Transfer/Single deposits	 	1,286		 	451		 	283		 	280		 	272		 	2,300		 	1,967		
Recurring deposits	 	801		 	825		 	864		 	857		 	775		 	3,347		 	3,154		
Total Deposits	 	2,087		 	1,276		 	1,147		 	1,137		 	1,047		 	5,647		 	5,121		
Surrenders, benefits, and product charges	 	(1,373	)	 	(1,547	)	 	(1,257	)	 	(1,361	)	 	(1,234	)	 	(5,538	)	 	(5,129	)	
Net Flows	 	713		 	(271	)	 	(110	)	 	(224	)	 	(187	)	 	108		 	(8	)	
Interest credited and investment performance	 	(4,460	)	 	1,718		 	970		 	108		 	1,667		 	(1,664	)	 	6,582		
Assets under management, end of period	 	60,514		 	64,261		 	62,814		 	61,954		 	62,070		 	60,514		 	62,070		
Stable value (1) and Pension risk transfer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	12,005		 	11,518		 	11,544		 	11,982		 	12,403		 	11,982		 	12,506		
Transfer/Adjustment (2)	 	—		 	—		 	196		 	—		 	—		 	196		 	—		
Transfer/Single deposits	 	123		 	538		 	107		 	101		 	137		 	869		 	735		
Recurring deposits	 	170		 	86		 	231		 	104		 	67		 	591		 	382		
Total Deposits	 	293		 	624		 	338		 	205		 	204		 	1,460		 	1,117		
Surrenders, benefits, and product charges	 	(1,594	)	 	(180	)	 	(598	)	 	(546	)	 	(620	)	 	(2,918	)	 	(1,910	)	
Net Flows	 	(1,301	)	 	444		 	(260	)	 	(341	)	 	(415	)	 	(1,458	)	 	(793	)	
Interest credited and investment performance	 	111		 	43		 	38		 	(97	)	 	(5	)	 	95		 	270		
Assets under management, end of period	 	10,815		 	12,005		 	11,518		 	11,544		 	11,982		 	10,815		 	11,982		
Retail wealth management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	9,948		 	9,695		 	9,568		 	3,644		 	3,581		 	3,644		 	3,485		
Transfer/Adjustment (2)	 	—		 	—		 	—		 	6,016		 	—		 	6,016		 	—		
Transfer/Single deposits	 	411		 	402		 	456		 	440		 	180		 	1,709		 	712		
Recurring deposits	 	1		 	1		 	1		 	1		 	1		 	4		 	3		
Total Deposits	 	412		 	403		 	457		 	441		 	180		 	1,713		 	715		
Surrenders, benefits, and product charges	 	(413	)	 	(430	)	 	(458	)	 	(509	)	 	(214	)	 	(1,810	)	 	(921	)	
Net Flows	 	(1	)	 	(27	)	 	(1	)	 	(68	)	 	(34	)	 	(97	)	 	(206	)	
Interest credited and investment performance	 	(848	)	 	280		 	128		 	(24	)	 	97		 	(464	)	 	365		
Assets under management, end of period	 	9,099		 	9,948		 	9,695		 	9,568		 	3,644		 	9,099		 	3,644		
Total AUM (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	150,593		 	145,915		 	143,716		 	138,191		 	134,585		 	138,191		 	121,408		
Transfer/Adjustment (2)	 	—		 	—		 	196		 	6,016		 	—		 	6,212		 	—		
Transfer/Single deposits	 	3,499		 	2,318		 	1,832		 	1,887		 	2,186		 	9,536		 	9,152		
Recurring deposits	 	2,344		 	2,354		 	2,608		 	2,632		 	2,062		 	9,938		 	8,863		
Total Deposits	 	5,843		 	4,672		 	4,440		 	4,519		 	4,248		 	19,474		 	18,014		
Surrenders, benefits, and product charges	 	(5,828	)	 	(4,156	)	 	(4,574	)	 	(4,881	)	 	(4,724	)	 	(19,439	)	 	(16,509	)	
Net Flows	 	15		 	516		 	(134	)	 	(362	)	 	(476	)	 	35		 	1,505		
Interest credited and investment performance	 	(11,475	)	 	4,162		 	2,137		 	(129	)	 	4,082		 	(5,305	)	 	15,278		
Assets under management, end of period	 	139,133		 	150,593		 	145,915		 	143,716		 	138,191		 	139,133		 	138,191		
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.	

	
				
Voya Financial	 	Page 47  of 49	

Investment Management Key Metrics

																						
 	 	Balances as of	 	Balances as of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Client Assets by Source:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	85,573		 	89,208		 	86,802		 	85,411		 	85,804		 	85,573		 	85,804		
Affiliate sourced	 	34,372		 	38,170		 	36,882		 	55,147		 	56,476		 	34,372		 	56,476		
Variable Annuities (1)	 	27,231		 	27,175		 	27,851		 	—		 	—		 	27,231		 	—		
Subtotal external clients	 	147,176		 	154,553		 	151,535		 	140,558		 	142,280		 	147,176		 	142,280		
General Account (2)	 	56,288		 	55,862		 	55,617		 	81,893		 	82,006		 	56,288		 	82,006		
Total Client Assets (AUM)	 	203,464		 	210,415		 	207,152		 	222,451		 	224,286		 	203,464		 	224,286		
Administration Only Assets (AUA)	 	47,004		 	48,990		 	49,378		 	49,008		 	50,018		 	47,004		 	50,018		
Total AUM and AUA	 	250,468		 	259,405		 	256,530		 	271,459		 	274,304		 	250,468		 	274,304		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Year-to-Date	
 	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Analysis of investment advisory and administrative revenues, net, by source: (3)(4)	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	95		 	97		 	95		 	92		 	92		 	379		 	343		
Affiliate sourced	 	25		 	27		 	27		 	28		 	28		 	107		 	114		
Total external clients	 	120		 	124		 	122		 	120		 	120		 	486		 	456		
General Account	 	28		 	28		 	36		 	40		 	40		 	132		 	158		
Total investment advisory and administrative revenues, net, from AUM	 	148		 	152		 	158		 	160		 	160		 	618		 	614		
Administration Only Fees	 	4		 	5		 	3		 	5		 	4		 	17		 	18		
Total investment advisory and administrative revenues, net, by source (3)	 	152		 	157		 	161		 	165		 	164		 	635		 	632		
Revenue Yield (bps, using average client assets for the period): (3)(5)	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	40.9		 	41.9		 	43.3		 	43.0		 	43.3		 	42.2		 	42.9		
Affiliate sourced	 	16.2		 	17.1		 	18.5		 	19.5		 	19.5		 	17.9		 	20.4		
Revenue yield on external clients	 	31.9		 	32.4		 	33.4		 	33.7		 	33.8		 	32.7		 	33.7		
General Account	 	19.9		 	20.0		 	19.7		 	19.5		 	19.5		 	19.7		 	19.2		
Revenue yield on client assets (AUM)	 	28.6		 	29.1		 	28.8		 	28.5		 	28.5		 	28.7		 	28.2		
Revenue yield on administration only assets (AUA)	 	3.5		 	3.8		 	2.9		 	4.1		 	4.0		 	3.6		 	3.6		
Total revenue yield on AUM and AUA (bps) (3)	 	23.9		 	24.3		 	24.1		 	24.0		 	24.0		 	24.0		 	23.6		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 48  of 49	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	12/31/2018	 	12/31/2017	
Investment Management Sourced AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	89,208		 	86,802		 	85,411		 	85,804		 	83,070		 	85,804		 	73,992		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Inflows-other	 	6,233		 	4,321		 	4,788		 	3,704		 	4,219		 	19,046		 	18,842		
Outflows	 	(5,441	)	 	(3,461	)	 	(3,636	)	 	(3,648	)	 	(3,383	)	 	(16,186	)	 	(13,825	)	
Net Flows	 	792		 	860		 	1,152		 	56		 	836		 	2,860		 	5,017		
Net Money Market Flows	 	67		 	(6	)	 	19		 	(62	)	 	59		 	18		 	13		
Change in Market Value	 	(4,669	)	 	1,575		 	273		 	(93	)	 	1,975		 	(2,914	)	 	6,711		
Other	 	175		 	(23	)	 	217		 	(294	)	 	(136	)	 	75		 	71		
Impact of Divestitures (1)
	 	—		 	—		 	(270	)	 	—		 	—		 	(270	)	 	—		
End of period AUM	 	85,573		 	89,208		 	86,802		 	85,411		 	85,804		 	85,573		 	85,804		
Organic Growth (Net Flows / Beginning of period AUM)	 	0.89	 %	 	0.99	%	 	1.35	 %	 	0.07	 %	 	1.01	 %	 	3.33	 %	 	6.78	 %	
Market Growth %	 	-5.23	 %	 	1.81	%	 	0.32	 %	 	-0.11	 %	 	2.38	 %	 	-3.40	 %	 	9.07	 %	
Affiliate Sourced AUM:	 	 	 		 		 		 		 		 		
Beginning of period AUM	 	38,170		 	36,882		 	55,147		 	56,476		 	56,546		 	56,476		 	54,254		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	—		 	76		 	—		 	—		 	—		 	76		 	857		
Inflows-other	 	1,003		 	1,189		 	911		 	1,013		 	904		 	4,116		 	4,359		
Outflows	 	(2,221	)	 	(1,048	)	 	(1,947	)	 	(2,234	)	 	(2,877	)	 	(7,450	)	 	(9,841	)	
Net Flows	 	(1,218	)	 	217		 	(1,036	)	 	(1,221	)	 	(1,973	)	 	(3,258	)	 	(4,625	)	
Net Money Market Flows	 	90		 	5		 	(47	)	 	(22	)	 	(82	)	 	26		 	(263	)	
Change in Market Value	 	(2,481	)	 	1,227		 	753		 	(319	)	 	1,941		 	(820	)	 	6,849		
Other	 	(189	)	 	(161	)	 	(80	)	 	233		 	44		 	(197	)	 	261		
Impact of Divestitures (1)
	 			 			 	(17,855	)	 	—		 	—		 	(17,855	)	 	—		
End of period AUM	 	34,372		 	38,170		 	36,882		 	55,147		 	56,476		 	34,372		 	56,476		
Organic Growth (Net Flows / Beginning of period AUM)	 	-3.19	 %	 	0.59	%	 	-1.88	 %	 	-2.16	 %	 	-3.49	 %	 	-5.77	 %	 	-8.52	 %	
Market Growth %	 	-6.50	 %	 	3.33	%	 	1.37	 %	 	-0.56	 %	 	3.43	 %	 	-1.45	 %	 	12.62	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable Annuity End of Period AUM (1)(2)	 	27,231		 	27,175		 	27,851		 	—		 	—		 	27,231		 	—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced net flows	 	792		 	860		 	1,152		 	56		 	836		 	2,860		 	5,017		
Other affiliate sourced net flows	 	(1,218	)	 	217		 	(409	)	 	(507	)	 	(530	)	 	(1,917	)	 	(121	)	
Variable annuities net flows	 	(578	)	 	(600	)	 	(627	)	 	(714	)	 	(1,443	)	 	(2,519	)	 	(4,505	)	
Total Net Flows	 	(1,004	)	 	477		 	116		 	(1,165	)	 	(1,137	)	 	(1,576	)	 	391		
Net Flows excluding sub-advisor replacements and variable annuities net flows	 	(426	)	 	1,001		 	743		 	(451	)	 	305		 	867		 	4,040		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 $15.9Bn reflected in divestitures above as well as $11.3Bn of General Account AUM retained by Voya Investment Management.	

	
				
Voya Financial	 	Page 49  of 49	

Investment Management Account Value by Asset Type 

																
 	 	Balances as of	
(in millions USD)	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	3/31/2018	 	12/31/2017	
Institutional	 	 	 	 	 	 	 	 	 	 	
Equity	 	21,169		 	23,712		 	23,188		 	23,037		 	22,905		
Fixed Income	 	64,061		 	61,396		 	60,363		 	49,507		 	49,563		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	688		 	150		 	90		 	—		 	—		
Total	 	85,918		 	85,258		 	83,641		 	72,544		 	72,468		
Retail	 	 	 	 	 	 	 	 	 	 	
Equity	 	37,107		 	44,441		 	43,075		 	43,003		 	44,380		
Fixed Income	 	21,298		 	21,685		 	21,326		 	21,257		 	21,077		
Real Estate	 	1,307		 	1,800		 	2,118		 	2,353		 	2,873		
Money Market	 	1,545		 	1,369		 	1,375		 	1,401		 	1,482		
Total	 	61,257		 	69,295		 	67,894		 	68,014		 	69,812		
General Account	 	 	 	 	 	 	 	 	 	 	
Equity	 	121		 	139		 	205		 	240		 	217		
Fixed Income	 	55,108		 	54,904		 	54,581		 	80,011		 	80,253		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	1,059		 	819		 	831		 	1,642		 	1,536		
Total	 	56,288		 	55,862		 	55,617		 	81,893		 	82,006		
Combined Asset Type	 	 	 	 	 	 	 	 	 	 	
Equity	 	58,397		 	68,292		 	66,468		 	66,280		 	67,502		
Fixed Income	 	140,468		 	137,985		 	136,270		 	150,775		 	150,893		
Real Estate	 	1,307		 	1,800		 	2,118		 	2,353		 	2,873		
Money Market	 	3,292		 	2,338		 	2,296		 	3,043		 	3,018		
Total	 	203,464		 	210,415		 	207,152		 	222,451		 	224,286