UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 1 , 2018
VOYA FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

	
		
Item 2.02	Results of Operations and Financial Condition	
On August 1 , 2018 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30 , 2018 . A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.
As previously announced, Voya Financial will host a conference call on Thursday , August 2 , 2018 at 8:00 am ET to discuss its second-quarter 2018 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. The call will be accompanied by a slide presentation, which will be accessible via Voya Financial’s investor relations website at http://investors.voya.com beginning at 7:30 am ET on Thursday , August 2 , 2018 . In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended June 30, 2018 , available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 2018 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set for by specific reference in such filing.

	
		
Item 7.01	Regulation FD Disclosure	
On August 1 , 2018 , Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended June 30, 2018 . These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

	
		
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits

99.1     Press release of Voya Financial, Inc., dated August 1, 2018 (furnished and not filed)
99.2     Quarterly Investor Supplement for the quarter ended June 30, 2018 (furnished and not filed)

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

Voya Financial, Inc.
(Registrant)
By: /s/ Trevor Ogle                    
Name: Trevor Ogle
Title: Senior Vice President and Deputy General Counsel

  Dated: August 1 , 2018

Exhibit 99.1

Voya Financial Announces Second-Quarter 2018 Results

•	Second-quarter 2018 net income available to common shareholders of $0.96 per diluted share	

•	Second-quarter 2018 adjusted operating earnings 1 of $1.13 per diluted share, after-tax, reflecting:	

◦	$(0.13) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking, and	

◦	$0.06 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income above the company’s long-term expectations.	

•	Second-quarter 2018 adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) 1 up 20% compared with the second quarter of 2017	

•	Company completes annuities transaction, reducing market and insurance risk and positioning Voya to expand its higher-growth, higher-return, capital-light businesses	

•	Continued progress on $1.5 billion share repurchase plan:	

◦	$500 million of shares repurchased in the second quarter to achieve the previously announced plan to repurchase $1 billion of shares by June 30	

◦	$500 million of share repurchases planned for the second half of 2018	

•	Strong excess capital of $699 million as of June 30, 2018 2	

NEW YORK, Aug. 1, 2018 — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the second quarter of 2018.

“Our second-quarter results demonstrate our commitment to growth, operational excellence and continued good stewardship of shareholder capital,” said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “A top priority for us this year was closing the transaction to sell the majority of our annuities businesses. Through this transaction, which we completed on June 1, we have significantly reduced market and insurance risk — transforming Voya into a simpler, more focused company with higher-growth, higher-return, capital-light businesses. At the same time, we continue to execute on our other 2018 priorities, which include several cost-saving, capital and growth initiatives. Our commitment to achieving these priorities is demonstrated in our financial results this quarter.

1 This press release includes certain non-GAAP financial measures. More information on these 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.
2 Excess capital as of June 30, 2018 of $699 million is that which is above the company’s holding company liquidity target of $200 million and estimated statutory surplus in excess of a 425% combined risk-based capital (RBC) ratio.

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“Excluding DAC/VOBA and other intangibles unlocking, our adjusted operating earnings grew 20% compared with the second quarter of 2017. We are executing on our plans to achieve $1.30 to $1.40 per share of adjusted operating earnings and our targeted cost savings of $110 to $130 million by the end of the second quarter of 2019.

“During the second quarter, we delivered on our plan to repurchase $1 billion of Voya shares by June 30, 2018. We intend to buy back an additional $500 million of our common stock by the end of 2018 as we continue to generate greater value for Voya's shareholders. As a more focused, simpler company, we are now better positioned to drive greater customer and shareholder value and achieve our vision to be America's Retirement Company,” added Martin.

SECOND-QUARTER 2018 SUMMARY

					
 	For the three months ended	
 	June 30, 2018	June 30, 2017	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$166	$0.96	$167	$0.89	
Adjusted operating earnings, after-tax	$195	$1.13	$73	$0.39	
Book value	 	$52.22	 	$74.30	
Book value, excluding AOCI 3	 	$46.40	 	$59.80	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	167	 	186	 	
   Diluted	173	 	188	 	

Second-quarter 2018 net income available to common shareholders was $166 million, or $0.96 per diluted share, compared with $167 million, or $0.89 per diluted share in the second quarter of 2017. The increase is largely due to higher income from continuing operations.

Second-quarter 2018 adjusted operating earnings were $195 million, or $1.13 per diluted share, after-tax, up from $73 million, or $0.39 per diluted share, after-tax, in the second quarter of 2017. The increase was largely due to second-quarter 2017 results having higher negative DAC/VOBA and other intangibles unlocking, driven by changes in guaranteed minimum interest rate ("GMIR") provisions for certain retirement plan contracts. In addition, fee income increased, and expenses declined year over year.

3 This press release includes certain non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release and in the company’s Quarterly Investor Supplement.

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BUSINESS HIGHLIGHTS
		
•	Retirement Full Service net flows of $127 million; record Retirement adjusted operating earnings (excluding DAC/VOBA and other intangibles unlocking) of $167 million	

•	Investment Management sourced net flows of $1.2 billion	

•	Employee Benefits in-force premium year-over-year growth driven by a strong increase in the Voluntary business	

•	Individual Life mortality results slightly favorable to expectations	

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

Retirement
Retirement adjusted operating earnings were $169 million, up from $33 million. Second-quarter 2018 results reflect $3 million of positive DAC/VOBA and other intangibles unlocking. Conversely, the second quarter of 2017 had $114 million of negative DAC/VOBA and other intangibles unlocking primarily due to changes in GMIR provisions for certain retirement plan contracts.

Key earnings drivers included:
		
•	Investment spread revenues	
		
◦	Prepayment fee and alternative investment income was, in aggregate, $6 million above long-term expectations (before the effect of income taxes and DAC).	
		
◦	Excluding alternative investment income and prepayment fees, investment spread revenues increased $1 million.	
		
•	Fee-based revenues net of asset-based commissions increased $18 million due to higher average AUM attributable to equity market and business growth as well as the benefit of fees from the movement of certain investment-only products from Corporate to Retirement.	
		
•	Expenses increased primarily as a result of the movement of certain investment-only products and strategic investment spending from Corporate to Retirement, offset in part by continued expense management in the business.	

	
										
Retirement Net Flows	
($ in millions)	2Q 2018	1Q 2018	2Q 2017	
Full Service	$	127		$	47		$	914		
Stable Value and Pension Risk Transfer	(260	)	(341	)	(559	)	
Retail Wealth Management	(1	)	(68	)	(75	)	
Total	$	(134	)	$	(362	)	$	280		

During the second quarter of 2018, full service net inflows were more than offset by stable value net outflows.

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Retirement AUM was $146 billion, up from $144 billion as of March 31, 2018. Retirement AUM increased from $130 billion as of June 30, 2017, primarily due to equity market and business growth as well as the transfer of certain investment-only products from Corporate to Retirement in the first quarter of 2018.

Investment Management
Investment Management adjusted operating earnings were $52 million compared with $85 million. Key earnings drivers included:
		
•	Investment capital revenues declined $31 million as the second quarter of 2017 benefited from a recovery of carried interest; alternative investment income was positive in the second quarter of 2018 and modestly below long-term expectations (before the effect of income taxes).	
		
•	Fee-based revenues declined $2 million – strong third-party management fees driven by positive net flows were more than offset by lower fees due to smaller average AUM as a result of the company's sale of the majority of its annuities businesses and the second quarter of 2017 benefiting from higher performance fees.	

	
										
Investment Management Net Flows	
($ in billions)	2Q 2018	1Q 2018	2Q 2017	
Investment Management Sourced	$	1.2		$	0.1		$	2.4		
Affiliate Sourced	(0.4	)	(0.5	)	(0.5	)	
Variable Annuities	(0.6	)	(0.7	)	(0.7	)	
Total	$	0.1		$	(1.2	)	$	1.2		

During the second quarter of 2018, Investment Management sourced net inflows were driven by institutional net flows primarily reflecting the issuance of three collateralized loan obligations during the quarter.

Third-party sales (which exclude general account assets of Voya Financial’s insurance company subsidiaries) were $5.7 billion, compared with $4.7 billion in the first quarter of 2018 and $6.4 billion in the second quarter of 2017. Third-party AUM totaled $152 billion as of June 30, 2018, up from $141 billion as of March 31, 2018, and up from $135 billion as of June 30, 2017. The increase was largely due to positive net flows and the addition of $9.7 billion of AUM retained from Voya's general account assets in connection with Voya's sale of the majority of its annuities businesses.

Employee Benefits
Employee Benefits adjusted operating earnings were $35 million, up from $27 million. Key earnings drivers included:
		
•	Underwriting results improved primarily due to higher volumes in Voluntary and better claim experience in Stop Loss and partially offset by lower results in Group Life.	
		
•	Administrative expenses increased slightly due to growth in the in force.	
		
•	Investment spread revenues	
		
◦	Prepayment fee and alternative investment income were, in aggregate, $1 million above long-term expectations (before the effect of income taxes and DAC).	

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◦	Excluding alternative investment income and prepayment fees, investment spread revenues were flat.	

The loss ratio for Group Life was 81.5%, compared with 70.5% in the second quarter of 2017. The loss ratio for Stop Loss was 81.7%, compared with 85.6% during the same period last year. The annual loss ratios for Stop Loss and Group Life are expected to be between the company's targeted annual range of 77-80%.

	
										
Employee Benefits Annualized In-Force Premiums	
($ in millions)	2Q 2018	1Q 2018	2Q 2017	
Group Life, Disability and Other	$	664		$	663		$	620		
Stop Loss	938		925		992		
Voluntary	312		303		262		
Total	$	1,914		$	1,891		$	1,874		

Compared with the second quarter of 2017, total Employee Benefits sales increased 3%, and in-force premiums increased 2%, reflecting strong growth in Voluntary premiums and continued pricing discipline in Stop Loss.

Individual Life
Individual Life adjusted operating earnings were $41 million compared with $62 million. Second-quarter 2018 results were lower due to $30 million of higher negative DAC/VOBA and other intangibles unlocking driven by changes in reinsurance and unfavorable mortality experience on interest-sensitive products.

Key earnings drivers included:
		
•	Investment spread revenues	
		
◦	Prepayment fee and alternative investment income were, in aggregate, $7 million above long-term expectations (before the effect of income taxes and DAC); total investment spread was $13 million favorable compared with the second quarter of 2017.	
		
◦	Excluding alternative investment income and prepayment fees, investment spread revenues increased slightly.	
		
•	Underwriting results (including DAC/VOBA and other intangibles amortization) were lower as net mortality — while slightly favorable to expectations — was unfavorable compared with the second quarter of 2017 due to higher frequency and severity on the combined interest and non-interest sensitive blocks and partially offset by favorable intangibles amortization.	

Total Individual Life sales, which primarily consist of indexed life insurance, were $18 million compared with $19 million.

Corporate
Corporate adjusted operating losses were $59 million, compared with losses of $100 million. The improvement was largely due to the reallocation of strategic investment spending into the business segments and a $10 million one-time favorable reserve refinement associated with the legacy annuities.

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Loss on Sale
For the three months ended June 30, 2018, the company recorded a favorable adjustment of $56 million, after-tax, to the previously estimated loss on the sale of the majority of its variable and fixed annuities business.

Share Repurchases
In the second quarter of 2018, Voya repurchased 9,617,162 shares of its common stock at an average price per share of $51.99 for an aggregate purchase price of approximately $500 million. Voya had approximately $511 million remaining under its share repurchase authorization as of June 30, 2018.

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 Thursday, Aug. 2, 2018, at 8 a.m. ET, to discuss the company’s second-quarter 2018 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com . A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Aug. 2, 2018.

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

Bill Sutton                        Billy Cheung
860-580-2626                        212-309-8984
William.Sutton@voya.com IR@voya.com

About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $528 billion in total assets under management and administration as of June 30, 2018. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company ® . Certified as a “Great Place to Work” by the Great Place to Work ® 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 .

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

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the comparable U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
•	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option ("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 manage our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Income (loss) 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;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and	
		
•	Other items not indicative of normal operations or performance of our segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity	

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offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses.

Adjusted operating earnings before income taxes for Corporate in the prior period includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the retained CBVA and annuities businesses that are not components of discontinued operations. 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 income (loss) from continuing operations before income taxes to adjusted operating earnings 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 Recovery and loss from the disposition of LIHTC 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 share, we report adjusted operating earnings per 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 share including accumulated other comprehensive income (AOCI), we also report book value per share excluding AOCI and shareholders' equity excluding AOCI. 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 share excluding AOCI and shareholders' equity excluding AOCI provide a measure consistent with that view. The adjusted debt to capital calculation excludes AOCI and includes a 25% equity treatment afforded to subordinated debt.

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.

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 also 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

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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 Management’s Discussion and Analysis of Financial Condition and Results of Operations - Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles in our Annual Report on Form 10-K for the twelve-month period ended Dec. 31, 2017, which the company filed with the Securities and Exchange Commission on Feb. 23, 2018 and in our Quarterly Report on Form 10-Q for the three-month period ended June 30, 2018, which the company expects to file with the Securities and Exchange Commission on or before Aug. 8, 2018.	

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

Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, including those affecting reserve requirements for variable annuity policies and the use of and possible application of NAIC accreditation standards to captive reinsurance entities, those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the U.S. Department of Labor’s final rules and exemptions pertaining to the fiduciary status of providers of investment advice, or any amendments thereto, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully manage the separation of Venerable, including the transition services, on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition - Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2017, which the company filed with the Securities and Exchange Commission on Feb. 23, 2018 and in our Quarterly Report on Form 10-Q for the three-month period ended June 30, 2018, which the company expects to file with the Securities and Exchange Commission on or before Aug. 8, 2018.

VOYA-IR

# # #

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Reconciliation of Net Income (Loss) to Adjusted Operating Earnings - Quarter-to-Date	
 	Three Months Ended	
(in millions USD)	6/30/2018	6/30/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	166		$	167		
Plus: Net income (loss) attributable to noncontrolling interest	58		52		
Net Income (loss)	224		219		
Less: Income from Discontinued Operations, net of tax	28		64		
Net Income (loss) from continuing operations	196		155		
Less: Net Income (loss) attributable to noncontrolling interest	58		52		
Less: Adjustments to adjusted operating earnings	 	 	
Net Investment gains (losses) and related charges and adjustments	(40	)	2		
Other adjustments (2)	(15	)	(6	)	
Total Adjustments to adjusted operating earnings before tax effect	(55	)	(4	)	
Income taxes on adjustments to adjusted operating earnings (1)	12		1		
Total Adjustments to adjusted operating earnings, after tax (1)	(43	)	(3	)	
Less: Difference between actual tax (expense) benefit and assumed tax rate	(14	)	33		
Adjusted Operating earnings, after-tax (1)	195		73		
Less: Income taxes (1)	(43	)	(34	)	
Adjusted operating earnings before income taxes	$	238		$	107		

	
							
Reconciliation of Net Income per Share to Adjusted Operating Earnings per Share	
 	Three Months Ended	
(in USD per diluted share)	6/30/2018	6/30/2017	
 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	0.96		$	0.89		
Less: Income from Discontinued Operations, net of tax	0.16		0.34		
Net Income (loss) from continuing operations	0.80		0.55		
Less: Net Investment gains (losses) and related charges and adjustments, after-tax	(0.18	)	0.01		
Less: Other adjustments, after-tax  (2)	(0.07	)	(0.02	)	
Less: Effect of assumed tax rate vs. actual tax rate	(0.08	)	0.17		
Less: Adjustment due to antidilutive effect of net loss in the current period	—		—		
Adjusted Operating earnings, after-tax (1)	$	1.13		$	0.39		

	
					
Reconciliation of Fully Diluted Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares	
 	Three Months Ended	
 	6/30/2018	6/30/2017	
 	 	 	
Fully Diluted weighted average shares outstanding	173		188		
Dilutive effect of the exercise or issuance of stock based awards	—		—		
Weighted average common shares outstanding - diluted (adjusted operating)	173		188		
 	 	 	
(1) Voya Financial assumes a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as "after tax" for 2017. For 2018, the adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, less estimated taxes on non-operating items assuming a 21% corporate tax rate and other non-operating impacts such as those related to restructuring and the Tax Cuts and Jobs Act. A 35% tax rate is applied to all non-operating items in 2017 and 21% in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividend received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.
(2) “Other adjustments” consists of net guaranteed benefit hedging gains (losses) and related charges and adjustments; income (loss) from business exited; immediate recognition of net actuarial gains (losses) related to pension and other post-retirement benefit obligations and gains (losses) from

10

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 Share to Book Value per Share excluding AOCI	
 	 	As of June 30, 2018		As of June 30, 2017		
Book value per share, including AOCI	$	52.22		$	74.30		
Per share impact of AOCI	 	(5.82	)	(14.50	)	
Book value per share, excluding AOCI	$	46.40		$	59.80		

	
										
Reconciliation of Investment Management Adjusted Operating Margin to Adjusted Operating Margin Excluding Investment Capital	
 	Three Months Ended	
(in millions USD, unless otherwise indicated)	6/30/2018	3/31/2018	6/30/2017	
 	 	 	 	
Adjusted Operating revenues	$	171		$	185		$	204		
Adjusted operating expenses	(119	)	(124	)	(119	)	
Adjusted operating earnings before income taxes	$	52		$	61		$	85		
Adjusted operating margin	30.7	%	32.9	%	41.8	%	
 	 	 	 	
Adjusted Operating revenues	$	171		$	185		$	204		
Less:	 	 	 	
Investment Capital Results	5		11		35		
Adjusted operating revenues excluding Investment Capital	166		174		168		
Adjusted operating expenses	(119	)	(124	)	(119	)	
Adjusted operating earnings excluding Investment Capital	$	47		$	50		$	50		
Adjusted operating margin excluding Investment Capital	28.7	%	28.6	%	29.6	%	

11

Exhibit 99.2

Quarterly Investor Supplement

June 30, 2018

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended June 30, 2018 . Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

	

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

Table of Contents

					
 	Page	 	 	Page	
Consolidated	 	 	Individual Life	 	
Explanatory Note on Non-GAAP Financial Information	3 - 5	 	Sources of Adjusted Operating Earnings	27	
Key Metrics	6	 	Key Metrics	28	
Consolidated Statements of Operations	7	 	Corporate	 	
Consolidated Adjusted Earnings Before Income Taxes	8	 	Adjusted Operating Earnings	30	
Adjusted Operating Earnings by Segment (QTD)	9	 	Investment Information	 	
Adjusted Operating Earnings by Segment (YTD)	10	 	Portfolio Composition	32	
Consolidated Balance Sheets	11	 	Portfolio Results	33	
DAC/VOBA Segment Trends	12	 	Alternative Investment Income	34	
Consolidated Capital Structure	13	 	Reconciliations	 	
Consolidated Assets Under Management/Assets Under Administration	14	 	Reconciliation of Consolidated Statements of Operations	36	
Retirement	 	 	Reconciliation of Adjusted Operating Revenues	37	
Sources of Adjusted Operating Earnings and Key Metrics	16	 	Reconciliation of Adjusted Operating Earnings - excluding Unlocking	 	
Assets Under Management Rollforward by Product Group	17	 	Adjusted Return on Capital	38 - 39	
Investment Management	 	 	Impacts of Prepayments and Alternative Income Above (Below) Long-	 	
Sources of Adjusted Operating Earnings	19	 	Term Expectations on Adjusted ROC (bps)	40	
Key Metrics	20	 	Reconciliation of Adjusted Operating Earnings Per Share; Book Value	 	
Account Value Rollforward by Source	21	 	Per Share
	41	
Account Value by Asset Type	22	 	Reconciliation of Investment Management Operating Margin, Excluding	 	
Employee Benefits	 	 	Investment Capital	42	
Sources of Adjusted Operating Earnings	24	 	 	 	
Key Metrics	25	 	 	 	

	
				
Voya Financial	 	Page 3  of	42	

Explanatory Note on Non-GAAP Financial Information

On June 1, 2018, we closed a transaction that resulted in the disposition of substantially all of our Closed Block Variable Annuity (“CBVA”) and annuities businesses (the "Transaction"). As a result, the assets and liabilities of the businesses sold were classified as held for sale in prior periods and the results of operations have been classified as discontinued operations for all periods presented in this Quarterly Investor Supplement. Pursuant to the Transaction, we evaluated our segments and determined that the retained CBVA and annuities policies that are not components of the disposed businesses described above ("Retained Business") have insignificant impacts to Adjusted operating earnings before taxes. As such, we have recorded the results of these retained businesses in Corporate.
Adjusted Operating Earnings Before Income Taxes
Adjusted operating earnings before income taxes is a measure used to evaluate segment performance. We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the comparable U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
▪	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;	
		
•	Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;	
		
•	Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and	
		
•	Other items not indicative of normal operations or performance of our segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses.	

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.

	
				
Voya Financial	 	Page 4  of	42	

Explanatory Note on Non-GAAP Financial Information

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 Share (Diluted); Shareholders' Equity/Book Value per Share, Excluding AOCI
In addition to Net income (loss) per share, we report Adjusted operating earnings per 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 share including Accumulated other comprehensive income (AOCI), we also report book value per share excluding AOCI and shareholders' equity excluding AOCI. 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 share excluding AOCI and shareholders' equity excluding AOCI provide a measure consistent with that view. The Adjusted debt to capital excludes AOCI and includes a 25% equity treatment afforded to subordinated debt.
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 Share; Book Value Per Share, Excluding AOCI" page of this document.
Adjusted Return on Capital
We report Adjusted return on capital ("ROC") because we believe this measure is a useful indicator of how effectively we use capital resources allocated to our segments apart from corporate and closed block activities, which include our Retirement, Investment Management, Individual Life and Employee Benefits segments. Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to Corporate.
Adjusted Operating Effective Tax Rate
The Adjusted operating effective tax rate for 2018 is based on the income tax expense for the current period related to Income (loss) from continuing operations, less estimated taxes on non-operating items assuming a 21% corporate tax rate, and other non-operating impacts such as those related to restructuring and the Tax Cuts and Jobs Act. Voya assumes a 21% tax rate on all components of Adjusted operating earnings described as “after-tax”. For purposes of calculating segment Adjusted ROC, we assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assumed a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.
Stranded Costs
As a result of the Transaction, the revenues and expenses of the businesses held for sale have been classified as discontinued operations. Expenses classified within discontinued operations include only direct operating expenses incurred by the businesses sold that 1) are identifiable as costs of the businesses sold, and 2) we will not continue to incur after the close of the Transaction. Consequently, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses held for sale, are excluded from discontinued operations. In addition, certain direct costs related to the businesses sold, for which we will continue to perform transition services and be reimbursed in a transaction services agreement, are excluded from discontinued operations. Both types of costs ("Stranded Costs") are included in Adjusted operating earnings and Income (loss) from continuing operations for all periods presented. We do not believe these Stranded Costs are representative of the future run-rate of expenses for our continuing operations, therefore they are currently allocated to Corporate. We will undertake efforts to eliminate some or all of the Stranded Costs through a cost reduction strategy.

	
				
Voya Financial	 	Page 5  of	42	

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	42	

Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD, unless otherwise indicated)	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Income (loss) from continuing operations before income taxes	241		 	21		 	220		 	40		 	155		 	262		 	268		
Income tax expense (benefit)	45		 	4		 	687		 	(40	)	 	—		 	49		 	93		
Income (loss) from discontinued operations, net of tax (1)	28		 	429		 	(2,616	)	 	134		 	64		 	457		 	(98	)	
Net income (loss)	224		 	446		 	(3,083	)	 	214		 	219		 	670		 	77		
Net income (loss) attributable to noncontrolling interest	58		 	—		 	82		 	65		 	52		 	58		 	53		
Net income (loss) available to Voya Financial, Inc.'s common shareholders	166		 	446		 	(3,165	)	 	149		 	167		 	612		 	24		
Adjusted operating earnings before income taxes - Consolidated (2)	238		 	163		 	233		 	43		 	107		 	401		 	252		
Total Voya Financial, Inc. Shareholders' Equity	8,460		 	9,378		 	10,009		 	13,653		 	13,353		 	8,460		 	13,353		
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI  (2)	7,517		 	7,867		 	7,278		 	10,922		 	10,747		 	7,517		 	10,747		
Net Deferred Tax Asset (DTA) (net of valuation allowance)	1,885		 	1,816		 	1,856		 	2,954		 	2,888		 	1,885		 	2,888		
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI & DTA (3)	5,632		 	6,051		 	5,422		 	7,968		 	7,859		 	5,632		 	7,859		
Debt to Capital:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	29.0	%	 	26.9	%	 	25.7	%	 	20.2	%	 	20.6	%	 	29.0	%	 	20.6	%	
Adjusted Debt to Capital (2) (5)	29.0	%	 	28.1	%	 	30.5	%	 	22.7	%	 	23.0	%	 	29.0	%	 	23.0	%	
Per Share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating effective tax rate (6)	17.9	%	 	16.2	%	 	32.0	%	 	32.0	%	 	32.0	%	 	17.2	%	 	32.0	%	
Net income (loss) available to shareholders per common share:			 			 	 	 	 	 			 	 	 	 	
Basic	1.00		 	2.59		 	(17.64	)	 	0.83		 	0.90		 	3.60		 	0.13		
Diluted	0.96		 	2.50		 	(17.64	)	 	0.81		 	0.89		 	3.48		 	0.12		
Adjusted operating earnings per share (diluted) (2) (4)	1.13		 	0.77		 	0.87		 	0.16		 	0.39		 	1.89		 	0.89		
Adjusted operating earnings per share (diluted) - ex unlocking (2) (4)	1.26		 	1.08		 	0.87		 	0.86		 	0.81		 	2.33		 	1.29		
Book value per share (including AOCI)	52.22		 	54.65		 	58.19		 	75.98		 	74.30		 	52.22		 	74.30		
Book value per share (excluding AOCI) (4)	46.40		 	45.84		 	42.31		 	60.78		 	59.80		 	46.40		 	59.80		
Shares:			 			 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	167		 	172		 	179		 	180		 	186		 	170		 	189		
Diluted	173		 	178		 	179		 	182		 	188		 	176		 	191		
Adjusted Diluted (2),(4)	173		 	178		 	183		 	182		 	188		 	176		 	191		
Ending shares outstanding	162		 	172		 	172		 	180		 	180		 	162		 	180		
Returned to Shareholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Repurchase of common shares, excluding commissions	500		 	100		 	401		 	—		 	375		 	600		 	623		
Dividends to shareholders	1		 	2		 	2		 	2		 	2		 	3		 	4		
Total cash returned to shareholders	501		 	102		 	403		 	2		 	377		 	603		 	627		
(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 six months ended June 30, 2018.	
(2)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 35  of this document.	
(3) Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Life Subgroup Deferred Losses, Alternative Minimum Tax refundable in the short term under new tax legislation, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $447 million tax valuation allowance related to Federal NOLs for the period ended June 30, 2018.	
(4)  For an explanation of the diluted weighted-average common share measures used for Adjusted operating earnings per share (diluted) please refer to "Reconciliation of Adjusted Operating Earnings Per Share; Book Value Per Share, Excluding AOCI" on page 41  of this document.	
(5)  Includes a 25% equity treatment afforded to subordinated debt 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	42	

Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	813		 	823		 	824		 	795		 	832		 	1,636		 	1,675		
Fee income	 	660		 	676		 	668		 	683		 	639		 	1,336		 	1,276		
Premiums	 	533		 	539		 	515		 	533		 	526		 	1,072		 	1,073		
Net realized capital gains (losses)	 	(120	)	 	(181	)	 	(63	)	 	(53	)	 	(25	)	 	(301	)	 	(111	)	
Income (loss) related to consolidated investment entities	 	126		 	11		 	136		 	140		 	129		 	137		 	156		
Other revenues	 	101		 	99		 	106		 	86		 	90		 	200		 	179		
Total revenues	 	2,113			1,967			2,186			2,184			2,191			4,080			4,248		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(1,192	)	 	(1,136	)	 	(2,178	)	 	(2,285	)	
Operating expenses	 	(645	)	 	(700	)	 	(682	)	 	(674	)	 	(630	)	 	(1,345	)	 	(1,298	)	
Net amortization of DAC/VOBA	 	(74	)	 	(100	)	 	(61	)	 	(209	)	 	(195	)	 	(174	)	 	(259	)	
Interest expense	 	(46	)	 	(49	)	 	(44	)	 	(49	)	 	(45	)	 	(95	)	 	(91	)	
Operating expenses related to consolidated investment entities	 	(19	)	 	(7	)	 	(20	)	 	(20	)	 	(30	)	 	(26	)	 	(47	)	
Total benefits and expenses	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(2,144	)	 	(2,036	)	 	(3,818	)	 	(3,980	)	
Income (loss) from continuing operations before income taxes	 	241		 	21		 	220		 	40		 	155		 	262		 	268		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	(40	)	 	(61	)	 	(54	)	 	(12	)	 	2		 	(101	)	 	(18	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	2		 	(14	)	 	34		 	5		 	(1	)	 	(12	)	 	7		
Income (loss) related to businesses exited through reinsurance or divestment	 	(8	)	 	(45	)	 	(39	)	 	(2	)	 	1		 	(53	)	 	(4	)	
Income (loss) attributable to noncontrolling interests	 	58		 	—		 	82		 	65		 	52		 	58		 	53		
Income (loss) on early extinguishment of debt	 	—		 	(3	)	 	—		 	(3	)	 	—		 	(3	)	 	(1	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	(17	)	 	1		 	—		 	—		 	—		
Other adjustments (1)	 	(9	)	 	(19	)	 	(19	)	 	(57	)	 	(6	)	 	(28	)	 	(21	)	
Adjusted operating earnings before income taxes (2)	 	238		 	163		 	233		 	43		 	107		 	401		 	252		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.	
(2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 35  of this document.	

	
				
Voya Financial	 	Page 8  of	42	

Consolidated Adjusted Operating Earnings Before Income Taxes

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Consolidated Adjusted Operating Earnings Before Income Taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	756		 	741		 	753		 	736		 	758		 	1,497		 	1,486		
Fee income	 	706		 	708		 	711		 	730		 	693		 	1,414		 	1,367		
Premiums	 	532		 	537		 	514		 	532		 	524		 	1,069		 	1,069		
Other revenue	 	39		 	37		 	45		 	29		 	36		 	76		 	74		
Adjusted operating revenues  (1)	 	2,033		 	2,023		 	2,023		 	2,027		 	2,011		 	4,056		 	3,996		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,101	)	 	(1,115	)	 	(1,077	)	 	(1,158	)	 	(1,078	)	 	(2,216	)	 	(2,200	)	
Operating expenses	 	(569	)	 	(578	)	 	(592	)	 	(568	)	 	(576	)	 	(1,147	)	 	(1,180	)	
Net amortization of DAC/VOBA	 	(77	)	 	(118	)	 	(75	)	 	(212	)	 	(203	)	 	(195	)	 	(270	)	
Interest expense	 	(48	)	 	(49	)	 	(46	)	 	(46	)	 	(47	)	 	(97	)	 	(94	)	
Adjusted operating benefits and expenses	 	(1,795	)	 	(1,860	)	 	(1,790	)	 	(1,984	)	 	(1,904	)	 	(3,655	)	 	(3,744	)	
Adjusted operating earnings before income taxes (1)	 	238		 	163		 	233		 	43		 	107		 	401		 	252		

	
																						
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	670		 	662		 	649		 	634		 	630		 	1,332		 	1,255		
Investment Management	 	171		 	185		 	185		 	171		 	204		 	356		 	375		
Employee Benefits	 	460		 	453		 	431		 	446		 	443		 	913		 	890		
Individual Life	 	641		 	631		 	635		 	669		 	629		 	1,272		 	1,259		
Corporate	 	91		 	92		 	123		 	107		 	105		 	183		 	217		
Adjusted operating revenues  (1)	 	2,033		 	2,023		 	2,023		 	2,027		 	2,011		 	4,056		 	3,996		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	169		 	109		 	168		 	107		 	33		 	278		 	181		
Investment Management	 	52		 	61		 	60		 	54		 	85		 	113		 	134		
Employee Benefits	 	35		 	32		 	31		 	58		 	27		 	67		 	38		
Individual Life	 	41		 	17		 	64		 	(66	)	 	62		 	58		 	94		
Corporate	 	(59	)	 	(56	)	 	(90	)	 	(110	)	 	(100	)	 	(115	)	 	(195	)	
Adjusted operating earnings before income taxes (1)	 	238		 	163		 	233		 	43		 	107		 	401		 	252		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 35  of this document.	

	
				
Voya Financial	 	Page 9  of	42	

Adjusted Operating Earnings by Segment

																			
 	 	Three Months Ended June 30, 2018	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	430		 	5		 	28		 	225		 	69		 	756		
Fee income	 	210		 	161		 	15		 	309		 	10		 	706		
Premiums	 	4		 	—		 	418		 	103		 	6		 	532		
Other revenue	 	26		 	5		 	(1	)	 	4		 	6		 	39		
Adjusted operating revenues (1)	 	670		 	171		 	460		 	641		 	91		 	2,033		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(239	)	 	—		 	(335	)	 	(489	)	 	(39	)	 	(1,101	)	
Operating expenses	 	(237	)	 	(119	)	 	(87	)	 	(66	)	 	(60	)	 	(569	)	
Net amortization of DAC/VOBA	 	(25	)	 	—		 	(3	)	 	(45	)	 	(3	)	 	(77	)	
Interest expense	 	—		 	—		 	—		 	—		 	(48	)	 	(48	)	
Adjusted operating benefits and expenses	 	(501	)	 	(119	)	 	(425	)	 	(600	)	 	(150	)	 	(1,795	)	
Adjusted operating earnings before income taxes (1)	 	169		 	52		 	35		 	41		 	(59	)	 	238		

 	 	Three Months Ended June 30, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	419		 	35		 	27		 	213		 	64		 	758		
Fee income	 	185		 	158		 	16		 	307		 	27		 	693		
Premiums	 	5		 	—		 	401		 	105		 	12		 	523		
Other revenue	 	21		 	11		 	(1	)	 	4		 	2		 	37		
Adjusted operating revenues (1)	 	630		 	204		 	443		 	629		 	105		 	2,011		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(242	)	 	—		 	(329	)	 	(448	)	 	(59	)	 	(1,078	)	
Operating expenses	 	(207	)	 	(119	)	 	(84	)	 	(69	)	 	(97	)	 	(576	)	
Net amortization of DAC/VOBA	 	(148	)	 	—		 	(3	)	 	(50	)	 	(2	)	 	(203	)	
Interest expense	 	—		 	—		 	—		 	—		 	(47	)	 	(47	)	
Adjusted operating benefits and expenses	 	(597	)	 	(119	)	 	(416	)	 	(567	)	 	(205	)	 	(1,904	)	
Adjusted operating earnings before income taxes (1)	 	33		 	85		 	27		 	62		 	(100	)	 	107		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 35  of this document.	

	
				
Voya Financial	 	Page 10  of	42	

Adjusted Operating Earnings by Segment

																			
 	 	Six Months Ended June 30, 2018	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	853		 	16		 	55		 	443		 	130		 	1,497		
Fee income	 	422		 	326		 	31		 	614		 	21		 	1,414		
Premiums	 	6		 	—		 	829		 	208		 	26		 	1,069		
Other revenue	 	51		 	14		 	(2	)	 	7		 	6		 	76		
Adjusted operating revenues (1)	 	1,332		 	356		 	913		 	1,272		 	183		 	4,056		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(476	)	 	—		 	(661	)	 	(984	)	 	(95	)	 	(2,216	)	
Operating expenses	 	(485	)	 	(243	)	 	(178	)	 	(140	)	 	(101	)	 	(1,147	)	
Net amortization of DAC/VOBA	 	(93	)	 	—		 	(7	)	 	(90	)	 	(5	)	 	(195	)	
Interest expense	 	—		 	—		 	—		 	—		 	(97	)	 	(97	)	
Adjusted operating benefits and expenses	 	(1,054	)	 	(243	)	 	(846	)	 	(1,214	)	 	(298	)	 	(3,655	)	
Adjusted operating earnings before income taxes (1)	 	278		 	113		 	67		 	58		 	(115	)	 	401		

 	 	Six Months Ended June 30, 2017	
 	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	846		 	44		 	54		 	424		 	118		 	1,486		
Fee income	 	363		 	308		 	32		 	610		 	54		 	1,367		
Premiums	 	4		 	—		 	806		 	216		 	43		 	1,069		
Other revenue	 	42		 	23		 	(2	)	 	9		 	2		 	74		
Adjusted operating revenues (1)	 	1,255		 	375		 	890		 	1,259		 	217		 	3,996		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(474	)	 	—		 	(672	)	 	(923	)	 	(131	)	 	(2,200	)	
Operating expenses	 	(434	)	 	(241	)	 	(174	)	 	(147	)	 	(184	)	 	(1,180	)	
Net amortization of DAC/VOBA	 	(166	)	 	—		 	(6	)	 	(95	)	 	(3	)	 	(270	)	
Interest expense	 	—		 	—		 	—		 	—		 	(94	)	 	(94	)	
Adjusted operating benefits and expenses	 	(1,074	)	 	(241	)	 	(852	)	 	(1,165	)	 	(412	)	 	(3,744	)	
Adjusted operating earnings before income taxes (1)	 	181		 	134		 	38		 	94		 	(195	)	 	252		

	
				
Voya Financial	 	Page 11  of	42	

Consolidated Balance Sheets

																
 	 	Balances as of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	
Assets	 	 	 	 	 	 	 	 	 	 	
Total investments	 	63,857		 	64,608		 	66,087		 	65,918		 	64,976		
Cash and cash equivalents	 	1,534		 	1,411		 	1,218		 	1,470		 	1,528		
Assets held in separate accounts	 	78,642		 	77,949		 	77,605		 	77,613		 	72,747		
Premium receivable and reinsurance recoverable
	 	7,617		 	7,601		 	7,632		 	7,273		 	7,249		
Short term investments under securities loan agreement and accrued investment income	 	2,353		 	2,170		 	2,293		 	2,603		 	1,408		
Deferred policy acquisition costs, Value of business acquired	 	4,008		 	3,769		 	3,374		 	3,403		 	3,620		
Deferred income taxes	 	1,266		 	1,022		 	781		 	1,293		 	1,375		
Other assets (1)	 	1,175		 	1,388		 	1,314		 	1,477		 	1,581		
Assets related to consolidated investment entities	 	2,288		 	2,826		 	3,176		 	3,618		 	3,679		
Assets held for sale	 	—		 	57,080		 	59,052		 	62,325		 	62,026		
Total Assets	 	162,740		 	219,824		 	222,532		 	226,993		 	220,189		
 	 	 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	
Future policy benefits and contract owner account balances	 	65,980		 	65,732		 	65,805		 	65,100		 	64,778		
Liabilities related to separate accounts	 	78,642		 	77,949		 	77,605		 	77,613		 	72,747		
Payables under securities loan agreements, including collateral held	 	1,957		 	1,719		 	1,866		 	2,139		 	1,000		
Short-term debt	 	1		 	—		 	337		 	337		 	736		
Long-term debt	 	3,458		 	3,458		 	3,123		 	3,122		 	2,726		
Other liabilities (2)	 	2,339		 	2,752		 	2,775		 	2,816		 	2,681		
Liabilities related to consolidated investment entities	 	1,121		 	1,347		 	1,705		 	2,168		 	2,155		
Liabilities held for sale	 	—		 	56,458		 	58,277		 	59,087		 	59,073		
Total Liabilities	 	153,498		 	209,415		 	211,493		 	212,382		 	205,896		
 	 	 	 	 	 	 	 	 	 	 	
Shareholders' Equity	 	 	 	 	 	 	 	 	 	 	
Common stock	 	3		 	3		 	3		 	3		 	3		
Treasury stock	 	(4,442	)	 	(3,936	)	 	(3,827	)	 	(3,426	)	 	(3,426	)	
Additional paid-in capital	 	23,951		 	23,961		 	23,821		 	23,900		 	23,873		
Retained earnings (deficit)	 	(11,995	)	 	(12,161	)	 	(12,719	)	 	(9,555	)	 	(9,703	)	
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	 	7,517		 	7,867		 	7,278		 	10,922		 	10,747		
Accumulated other comprehensive income	 	943		 	1,511		 	2,731		 	2,731		 	2,606		
Total Voya Financial, Inc. Shareholders' Equity	 	8,460		 	9,378		 	10,009		 	13,653		 	13,353		
Noncontrolling interest	 	782		 	1,031		 	1,030		 	958		 	940		
Total Shareholders' Equity	 	9,242		 	10,409		 	11,039		 	14,611		 	14,293		
Total Liabilities and Shareholders' Equity	 	162,740		 	219,824		 	222,532		 	226,993		 	220,189		
 	 	 	 	 	 	 	 	 	 	 	
(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	42	

DAC/VOBA Segment Trends

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	1,057		 	882		 	858		 	921		 	1,141		 	882		 	1,165		
Deferrals of commissions and expenses	 	18		 	19		 	23		 	21		 	23		 	37		 	49		
Amortization	 	(20	)	 	(13	)	 	(27	)	 	(34	)	 	(33	)	 	(33	)	 	(58	)	
Unlocking (1)	 	(8	)	 	(59	)	 	9		 	(39	)	 	(102	)	 	(67	)	 	(89	)	
Change in unrealized capital gains/losses	 	120		 	228		 	19		 	(11	)	 	(108	)	 	348		 	(146	)	
Balance as of End-of-Period	 	1,167		 	1,057		 	882		 	858		 	921		 	1,167		 	921		
Deferred Sales Inducements as of End-of-Period	 	33		 	33		 	32		 	33		 	34		 	33		 	34		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	2,566		 	2,366		 	2,424		 	2,575		 	2,658		 	2,366		 	2,702		
Deferrals of commissions and expenses	 	25		 	26		 	31		 	26		 	31		 	51		 	66		
Amortization	 	(38	)	 	(1	)	 	(39	)	 	(44	)	 	(50	)	 	(39	)	 	(93	)	
Unlocking	 	(2	)	 	(21	)	 	—		 	(83	)	 	(4	)	 	(23	)	 	(8	)	
Change in unrealized capital gains/losses	 	136		 	196		 	(50	)	 	(50	)	 	(60	)	 	332		 	(92	)	
Balance as of End-of-Period	 	2,687		 	2,566		 	2,366		 	2,424		 	2,575		 	2,687		 	2,575		
Other (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	146		 	126		 	121		 	124		 	130		 	126		 	130		
Deferrals of commissions and expenses	 	8		 	6		 	7		 	6		 	7		 	14		 	13		
Amortization	 	(6	)	 	(6	)	 	(8	)	 	(5	)	 	(5	)	 	(12	)	 	(12	)	
Unlocking and loss recognition	 	—		 	—		 	1		 	(4	)	 	(1	)	 	—		 	1		
Change in unrealized capital gains/losses	 	6		 	20		 	5		 	—		 	(7	)	 	26		 	(8	)	
Balance as of End-of-Period	 	154		 	146		 	126		 	121		 	124		 	154		 	124		
Deferred Sales Inducements as of End-of-Period	 	(2	)	 	1		 	1		 	1		 	1		 	(2	)	 	1		
Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	3,769		 	3,374		 	3,403		 	3,620		 	3,929		 	3,374		 	3,997		
Deferrals of commissions and expenses	 	51		 	51		 	61		 	53		 	61		 	102		 	128		
Amortization	 	(64	)	 	(20	)	 	(74	)	 	(83	)	 	(88	)	 	(84	)	 	(163	)	
Unlocking	 	(10	)	 	(80	)	 	10		 	(126	)	 	(107	)	 	(90	)	 	(96	)	
Change in unrealized capital gains/losses	 	262		 	444		 	(26	)	 	(61	)	 	(175	)	 	706		 	(246	)	
Balance as of End-of-Period	 	4,008		 	3,769		 	3,374		 	3,403		 	3,620		 	4,008		 	3,620		
Deferred Sales Inducements as of End-of-Period	 	31		 	34		 	33		 	34		 	35		 	31		 	35		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Beginning in the second quarter of 2017, we solicited customer consents to execute a change to reduce the guaranteed minimum interest rate ("GMIR") applicable to future deposits and transfers into fixed investment option for certain retirement plan contracts with above-market GMIRs. This change, which reduces our exposure to low interest rates on new deposits, transfers and in certain plans existing fixed account assets, resulted in unfavorable unlocking for the Retirement segment of $43 million, $92 million and $128 million, for the three months ended 3/31/2018, 9/30/2017 and 6/30/2017,respectively.	
(2)  Includes Employee Benefits, Investment Management and closed blocks, including remaining annuities businesses.	

	
				
Voya Financial	 	Page 13  of	42	

Consolidated Capital Structure

																
 	 	Balances as of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	
Financial Debt	 	 	 	 	 	 	 	 	 	 	
Senior bonds	 	2,357		 	2,357		 	2,703		 	2,702		 	2,705		
Subordinated bonds	 	1,097		 	1,096		 	752		 	752		 	752		
Other debt	 	5		 	5		 	5		 	5		 	5		
Total Debt	 	3,459		 	3,458		 	3,460		 	3,459		 	3,462		
 	 	 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	 	 	
Total common equity (Excluding AOCI) (1)	 	7,517		 	7,867		 	7,278		 	10,922		 	10,747		
Accumulated other comprehensive income (AOCI)	 	943		 	1,511		 	2,731		 	2,731		 	2,606		
Total Voya Financial, Inc. Shareholders' Equity	 	8,460		 	9,378		 	10,009		 	13,653		 	13,353		
 	 	 	 	 	 	 	 	 	 	 	
Total Equity (Excluding AOCI)  (1)	 	7,517		 	7,867		 	7,278		 	10,922		 	10,747		
 	 	 	 	 	 	 	 	 	 	 	
Capital	 	 	 	 	 	 	 	 	 	 	
Total Capitalization	 	11,919		 	12,836		 	13,469		 	17,112		 	16,815		
Total Capitalization (Excluding AOCI) (1)	 	10,976		 	11,325		 	10,738		 	14,381		 	14,209		
 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	 		 	 	 	 	 	 	 	 	
Debt to Capital	 	29.0	%	 	26.9	%	 	25.7	%	 	20.2	%	 	20.6	%	
Adjusted Debt to Capital (1) (2)	 	29.0	%	 	28.1	%	 	30.5	%	 	22.7	%	 	23.0	%	
 	 	 	 	 	 	 	 	 	 	 	
(1)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 35  of this document.	
(2)  Includes a 25% equity treatment afforded to subordinated debt and excludes AOCI.	

	
				
Voya Financial	 	Page 14  of	42	

Consolidated Assets Under Management/Assets Under Administration

																			
As of June 30, 2018	 	 	 	 	 	 	 	 	 	 	 	 	
(in millions USD)	 	General Account	 	Separate Account	 	Institutional/Mutual Funds	 	Total AUM - Assets Under Management	 	AUA - Assets Under Administration	 	Total AUM + AUA	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement (1)	 	32,519		 	70,913		 	42,483		 	145,915		 	227,271		 	373,186		
Investment Management	 	55,617		 	26,550		 	124,985		 	207,152		 	49,378		 	256,530		
Employee Benefits	 	1,807		 	14		 	—		 	1,821		 	—		 	1,821		
Individual Life (2)	 	12,899		 	2,774		 	—		 	15,673		 	—		 	15,673		
Eliminations/Other	 	(47,225	)	 	(21,609	)	 	(10,468	)	 	(79,302	)	 	(40,286	)	 	(119,588	)	
Total AUM and AUA	 	55,617		 	78,642		 	157,000		 	291,259		 	236,363		 	527,622		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes wrapped funds as well as unwrapped Voya-managed funds.	
(2)  Includes assets backing interest and non-interest sensitive products.	

Retirement

	
				
Voya Financial	 	Page 16  of	42	

Retirement Sources of Adjusted Operating Earnings and Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment spread and other investment income	195		 	187		 	192		 	185		 	181		 	382		 	373		
Fee based margin (1)	237		 	241		 	221		 	212		 	208		 	478		 	410		
Net underwriting gain (loss) and other revenue	—		 	(3	)	 	(9	)	 	(8	)	 	(4	)	 	(3	)	 	(7	)	
Administrative expenses (1)	(185	)	 	(194	)	 	(167	)	 	(159	)	 	(163	)	 	(379	)	 	(347	)	
Trail commissions	(52	)	 	(53	)	 	(42	)	 	(41	)	 	(41	)	 	(105	)	 	(81	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(29	)	 	(28	)	 	(35	)	 	(38	)	 	(35	)	 	(57	)	 	(67	)	
DAC/VOBA and other intangibles unlocking (2)  	3		 	(41	)	 	7		 	(44	)	 	(114	)	 	(38	)	 	(101	)	
Adjusted operating earnings before income taxes	169		 	109		 	168		 	107		 	33		 	278		 	181		
Adjusted Return on Capital (3)	12.0	%	 	11.1	%	 	10.3	%	 	9.9	%	 	9.6	%	 	12.0	%	 	9.6	%	
Gross investment income	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	385		 	381		 	386		 	390		 	386		 	766		 	771		
Limited partnership income	1		 	1		 	2		 	2		 	3		 	2		 	4		
Prepayment fee income	5		 	4		 	11		 	6		 	5		 	9		 	10		
Total gross investment income	391		 	386		 	399		 	398		 	394		 	777		 	785		
Investment expenses	(19	)	 	(17	)	 	(17	)	 	(19	)	 	(17	)	 	(36	)	 	(36	)	
Credited interest	(231	)	 	(228	)	 	(236	)	 	(237	)	 	(233	)	 	(459	)	 	(463	)	
Net margin	141		 	141		 	146		 	142		 	144		 	282		 	286		
Other investment income (4)	54		 	46		 	46		 	42		 	38		 	100		 	87		
Investment spread and other investment income	195		 	187		 	192		 	185		 	181		 	382		 	373		
Fee based margin (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin - excluding Recordkeeping	195		 	196		 	177		 	171		 	168		 	391		 	331		
Fee based margin - Recordkeeping	42		 	45		 	44		 	41		 	40		 	87		 	79		
Fee based margin (1)	237		 	241		 	221		 	212		 	208		 	478		 	410		
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	32,519		 	32,480		 	32,571		 	32,761		 	32,625		 	32,519		 	32,625		
Guaranteed separate account	7,527		 	7,541		 	7,695		 	7,771		 	7,104		 	7,527		 	7,104		
Non-guaranteed separate account	63,386		 	62,820		 	63,538		 	60,705		 	58,387		 	63,386		 	58,387		
Mutual funds / Institutional funds	42,483		 	40,875		 	34,387		 	33,348		 	31,619		 	42,483		 	31,619		
Total AUM	145,915		 	143,716		 	138,191		 	134,585		 	129,735		 	145,915		 	129,735		
AUA (5)	227,271		 	226,101		 	244,517		 	227,284		 	213,499			227,271		 	213,499		
Total AUM and AUA	373,186		 	369,817		 	382,708		 	361,868		 	343,234		 	373,186		 	343,234		
(1)  During the first quarter of 2018, results from certain investment-only products were moved from Corporate to the Retirement segment.	
(2) Beginning in the second quarter of 2017, we solicited customer consents to execute a change to reduce the guaranteed minimum interest rate ("GMIR") applicable to future deposits and transfers into fixed investment option for certain retirement plan contracts with above-market GMIRs. This change, which reduces our exposure to low interest rates on new deposits, transfers and in certain plans existing fixed account assets, resulted in unfavorable unlocking for the Retirement segment of $43 million, $92 million and $128 million, for the three months ended 3/31/2018, 9/30/2017 and 6/30/2017,respectively.	
(3)  Adjusted Return on Capital calculated using trailing twelve months.	
(4)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(5)  Includes Recordkeeping and Stable Value where Voya is not the Investment Manager.	

	
				
Voya Financial	 	Page 17  of	42	

Retirement AUM Rollforward by Product Group

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	60,650		 	60,495		 	58,010		 	55,536		 	53,163		 	60,495		 	49,921		
Transfer/Single deposits	 	986		 	1,066		 	1,597		 	1,212		 	1,430		 	2,052		 	2,929		
Recurring deposits	 	1,512		 	1,670		 	1,219		 	1,307		 	1,296		 	3,182		 	2,798		
Total Deposits	 	2,498		 	2,736		 	2,816		 	2,519		 	2,726		 	5,234		 	5,727		
Surrenders, benefits, and product charges	 	(2,261	)	 	(2,465	)	 	(2,656	)	 	(1,952	)	 	(1,881	)	 	(4,726	)	 	(3,942	)	
Net Flows	 	237		 	271		 	160		 	567		 	845		 	508		 	1,785		
Interest credited and investment performance	 	1,001		 	(116	)	 	2,325		 	1,907		 	1,529		 	885		 	3,830		
Assets under management, end of period	 	61,888		 	60,650		 	60,495		 	58,010		 	55,536		 	61,888		 	55,536		
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	61,954		 	62,070		 	60,590		 	58,549		 	57,185		 	62,070		 	55,497		
Transfer/Single deposits	 	283		 	280		 	272		 	789		 	294		 	563		 	907		
Recurring deposits	 	864		 	857		 	775		 	723		 	786		 	1,721		 	1,655		
Total Deposits	 	1,147		 	1,137		 	1,047		 	1,512		 	1,080		 	2,284		 	2,562		
Surrenders, benefits, and product charges	 	(1,257	)	 	(1,361	)	 	(1,234	)	 	(1,155	)	 	(1,011	)	 	(2,618	)	 	(2,740	)	
Net Flows	 	(110	)	 	(224	)	 	(187	)	 	357		 	69		 	(334	)	 	(178	)	
Interest credited and investment performance	 	970		 	108		 	1,667		 	1,684		 	1,295		 	1,078		 	3,230		
Assets under management, end of period	 	62,814		 	61,954		 	62,070		 	60,590		 	58,549		 	62,814		 	58,549		
Stable value (1) and Pension risk transfer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	11,544		 	11,982		 	12,403		 	12,088		 	12,536		 	11,982		 	12,506		
Transfer/Adjustment (2)	 	196		 	—		 	—		 	—		 	—		 	196		 	—		
Transfer/Single deposits	 	107		 	101		 	137		 	415		 	25		 	208		 	182		
Recurring deposits	 	231		 	104		 	67		 	95		 	87		 	335		 	220		
Total Deposits	 	338		 	205		 	204		 	510		 	112		 	543		 	403		
Surrenders, benefits, and product charges	 	(598	)	 	(546	)	 	(620	)	 	(283	)	 	(671	)	 	(1,144	)	 	(1,007	)	
Net Flows	 	(260	)	 	(341	)	 	(416	)	 	227		 	(559	)	 	(601	)	 	(604	)	
Interest credited and investment performance	 	38		 	(97	)	 	(5	)	 	89		 	111		 	(59	)	 	187		
Assets under management, end of period	 	11,518		 	11,544		 	11,982		 	12,403		 	12,088		 	11,518		 	12,088		
Retail wealth management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	9,568		 	3,644		 	3,581		 	3,562		 	3,559		 	3,644		 	3,485		
Transfer/Adjustment (2)	 	—		 	6,016		 	—		 	—		 	—		 	6,016		 	—		
Transfer/Single deposits	 	456		 	440		 	180		 	150		 	161		 	896		 	382		
Recurring deposits	 	1		 	1		 	1		 	1		 	1		 	2		 	2		
Total Deposits	 	457		 	441		 	181		 	151		 	162		 	898		 	384		
Surrenders, benefits, and product charges	 	(458	)	 	(509	)	 	(214	)	 	(211	)	 	(237	)	 	(967	)	 	(496	)	
Net Flows	 	(1	)	 	(68	)	 	(33	)	 	(60	)	 	(75	)	 	(69	)	 	(112	)	
Interest credited and investment performance	 	128		 	(24	)	 	97		 	80		 	77		 	104		 	189		
Assets under management, end of period	 	9,695		 	9,568		 	3,644		 	3,581		 	3,562		 	9,695		 	3,562		
Total AUM (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets under management, beginning of period	 	143,716		 	138,191		 	134,585		 	129,735		 	126,443		 	138,191		 	121,408		
Transfer/Adjustment (2)	 	196		 	6,016		 	—		 	—		 	—		 	6,212		 	—		
Transfer/Single deposits	 	1,832		 	1,887		 	2,186		 	2,565		 	1,909		 	3,719		 	4,400		
Recurring deposits	 	2,608		 	2,632		 	2,062		 	2,126		 	2,171		 	5,240		 	4,675		
Total Deposits	 	4,440		 	4,519		 	4,248		 	4,691		 	4,080		 	8,959		 	9,076		
Surrenders, benefits, and product charges	 	(4,574	)	 	(4,881	)	 	(4,724	)	 	(3,600	)	 	(3,800	)	 	(9,455	)	 	(8,185	)	
Net Flows	 	(134	)	 	(362	)	 	(476	)	 	1,091		 	280		 	(496	)	 	891		
Interest credited and investment performance	 	2,137		 	(129	)	 	4,082		 	3,759		 	3,012		 	2,008		 	7,436		
Assets under management, end of period	 	145,915		 	143,716		 	138,191		 	134,585		 	129,735		 	145,915		 	129,735		
1) Where Voya is the Investment Manager.  Stable Value assets move from AUM to AUA when Voya no longer serves as Investment Manager but continues to provide a book value guarantee.
	
(2)  During the Q1 2018, results from certain investment-only products were moved from Corporate to the Retirement segment. In addition, an adjustment in Q2 2018 reflects certain stable value assets that were previously reported as AUA.	
(3)  Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager.	

Investment Management

	
				
Voya Financial	 	Page 19  of	42	

Investment Management Sources of Adjusted Operating Earnings

	
																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment capital and other investment income (1)	 	5		 	11		 	8		 	5		 	36		 	16		 	44		
Fee based margin	 	166		 	174		 	177		 	166		 	168		 	340		 	331		
Administrative expenses	 	(119	)	 	(124	)	 	(125	)	 	(117	)	 	(119	)	 	(243	)	 	(241	)	
Adjusted operating earnings before income taxes	 	52		 	61		 	60		 	54		 	85		 	113		 	134		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment advisory and administrative revenue	 	161		 	165		 	164		 	160		 	157		 	326		 	308		
Other fee based margin	 	5		 	9		 	13		 	6		 	11		 	14		 	23		
Fee based margin	 	166		 	174		 	177		 	166		 	168		 	340		 	331		
(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 6/30/2018, our carried interest total net results were immaterial. For the three months ended 12/31/2017, 9/30/2017 and 6/30/2017, our carried interest net results included a gain (loss) of $9 million, $(2) million, and $28 million, respectively, including the recovery of $25 million of carried interest reversed in prior periods.	

	
				
Voya Financial	 	Page 20  of	42	

Investment Management Key Metrics

																						
 	 	Balances as of	 	Balances as of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Client Assets by Source:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	86,802		 	85,411		 	85,804		 	83,070		 	80,158		 	86,802		 	80,158		
Affiliate sourced	 	36,882		 	55,147		 	56,476		 	56,546		 	54,937		 	36,882		 	54,937		
Variable Annuities (1)	 	27,851		 	—		 	—		 	—		 	—		 	27,851		 	—		
Subtotal external clients	 	151,535		 	140,558		 	142,280		 	139,616		 	135,095		 	151,535		 	135,095		
General Account (2)	 	55,617		 	81,893		 	82,006		 	82,489		 	81,905		 	55,617		 	81,905		
Total Client Assets (AUM)	 	207,152		 	222,451		 	224,286		 	222,105		 	217,000		 	207,152		 	217,000		
Administration Only Assets (AUA)	 	49,378		 	49,008		 	50,018		 	50,460		 	50,920		 	49,378		 	50,920		
Total AUM and AUA	 	256,530		 	271,459		 	274,304		 	272,565		 	267,920		 	256,530		 	267,920		
 	 	Three Months Ended	 	Year-to-Date	
 	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Analysis of investment advisory and administrative revenues, net, by source:  (3)(4)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	95		 	92		 	92		 	86		 	87		 	187		 	166		
Affiliate sourced	 	27		 	28		 	28		 	29		 	27		 	55		 	56		
Total external clients	 	122		 	120		 	120		 	115		 	114		 	242		 	222		
General Account	 	36		 	40		 	40		 	40		 	39		 	76		 	78		
Total investment advisory and administrative revenues, net, from AUM	 	158		 	160		 	160		 	155		 	153		 	318		 	300		
Administration Only Fees	 	3		 	5		 	4		 	5		 	5		 	8		 	7		
Total investment advisory and administrative revenues, net, by source (3)	 	161		 	165		 	164		 	160		 	158		 	326		 	308		
Revenue Yield (bps, using average client assets for the period): (3)(5)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced	 	43.3		 	43.0		 	43.3		 	42.0		 	44.6		 	43.3		 	43.2		
Affiliate sourced	 	18.5		 	19.5		 	19.5		 	21.0		 	19.9		 	19.8		 	20.6		
Revenue yield on external clients	 	33.4		 	33.7		 	33.8		 	33.5		 	34.4		 	33.6		 	33.8		
General Account	 	19.7		 	19.5		 	19.5		 	19.3		 	19.0		 	19.6		 	19.0		
Revenue yield on client assets (AUM)	 	28.8		 	28.5		 	28.5		 	28.2		 	28.5		 	28.7		 	28.1		
Revenue yield on administration only assets (AUA)	 	2.9		 	4.1		 	4.0		 	4.5		 	3.3		 	3.5		 	2.9		
Total revenue yield on AUM and AUA (bps) (3)	 	24.1		 	24.0		 	24.0		 	23.8		 	23.7		 	24.1		 	23.3		
(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 period ended 6/30/2018, standalone revenue yields reflect ongoing yield on Investment Management Sourced and Affiliate Sourced AUM and exclude Variable Annuities business impacts.	

	
				
Voya Financial	 	Page 21  of	42	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Investment Management Sourced AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	85,411		 	85,804		 	83,070		 	80,158		 	76,195		 	85,804		 	73,992		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Inflows-other	 	4,788		 	3,704		 	4,219		 	5,290		 	5,500		 	8,492		 	9,332		
Outflows	 	(3,636	)	 	(3,648	)	 	(3,383	)	 	(4,062	)	 	(3,115	)	 	(7,284	)	 	(6,379	)	
Net Flows	 	1,152		 	56		 	836		 	1,228		 	2,385		 	1,208		 	2,953		
Net Money Market Flows	 	19		 	(62	)	 	59		 	(24	)	 	20		 	(43	)	 	(24	)	
Change in Market Value	 	273		 	(93	)	 	1,975		 	1,445		 	1,488		 	180		 	3,292		
Other	 	217		 	(294	)	 	(136	)	 	263		 	70		 	(77	)	 	(55	)	
Impact of Divestitures (1)
	 	(270	)	 	—		 	—		 	—		 	—		 	(270	)	 	—		
End of period AUM	 	86,802		 	85,411		 	85,804		 	83,070		 	80,158		 	86,802		 	80,158		
Organic Growth (Net Flows / Beginning of period AUM)	 	1.35	 %	 	0.07	 %	 	1.01	 %	 	1.53	%	 	3.13	 %	 	1.41	 %	 	3.99	 %	
Market Growth %	 	0.32	 %	 	-0.11	 %	 	2.38	 %	 	1.80	%	 	1.95	 %	 	0.21	 %	 	4.45	 %	
Affiliate Sourced AUM:	 	 	 		 		 		 		 		 		
Beginning of period AUM	 	55,147		 	56,476		 	56,546		 	54,937		 	54,636		 	56,476		 	54,254		
Inflows	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Inflows from sub-advisor replacements	 	—		 	—		 	—		 	857		 	—		 	—		 	—		
Inflows-other	 	911		 	1,013		 	904		 	1,452		 	873		 	1,924		 	2,003		
Outflows	 	(1,947	)	 	(2,234	)	 	(2,877	)	 	(2,025	)	 	(2,088	)	 	(4,181	)	 	(4,939	)	
Net Flows	 	(1,036	)	 	(1,221	)	 	(1,973	)	 	284		 	(1,215	)	 	(2,257	)	 	(2,936	)	
Net Money Market Flows	 	(47	)	 	(22	)	 	(82	)	 	(10	)	 	(83	)	 	(69	)	 	(170	)	
Change in Market Value	 	753		 	(319	)	 	1,941		 	1,466		 	1,275		 	434		 	3,442		
Other	 	(80	)	 	233		 	44		 	(131	)	 	324		 	153		 	347		
Impact of Divestitures (1)
	 	(17,855	)	 	—		 	—		 	—		 	—		 	(17,855	)	 	—		
End of period AUM	 	36,882		 	55,147		 	56,476		 	56,546		 	54,937		 	36,882		 	54,937		
Organic Growth (Net Flows / Beginning of period AUM)	 	-1.88	 %	 	-2.16	 %	 	-3.49	 %	 	0.52	%	 	-2.22	 %	 	-4.00	 %	 	-5.41	 %	
Market Growth %	 	1.37	 %	 	-0.56	 %	 	3.43	 %	 	2.67	%	 	2.33	 %	 	0.77	 %	 	6.34	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable Annuity End of Period AUM (1)(2)	 	27,851		 	—		 	—		 	—		 	—		 	27,851		 	—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Management sourced net flows	 	1,152		 	56		 	836		 	1,228		 	2,385		 	1,208		 	2,953		
Other affiliate sourced net flows	 	(409	)	 	(507	)	 	(530	)	 	1,232		 	(515	)	 	(916	)	 	(822	)	
Variable annuities net flows	 	(627	)	 	(714	)	 	(1,443	)	 	(948	)	 	(699	)	 	(1,341	)	 	(2,114	)	
Total Net Flows	 	116		 	(1,165	)	 	(1,137	)	 	1,512		 	1,171		 	(1,049	)	 	17		
Net Flows excluding sub-advisor replacements and variable annuities net flows	 	743		 	(451	)	 	305		 	1,603		 	1,870		 	292		 	2,132		
(1)  Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2) Variable Annuities End of Period AUM includes Retail AUM of $18.1Bn reflected in divestitures above as well as $9.7Bn of General Account AUM retained by Voya Investment Management.	

	
				
Voya Financial	 	Page 22  of	42	

Investment Management Account Value by Asset Type 

																
 	 	Balances as of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
Institutional	 	 	 	 	 	 	 	 	 	 	
Equity	 	23,188		 	23,037		 	22,905		 	21,868		 	21,554		
Fixed Income	 	60,363		 	49,507		 	49,563		 	48,884		 	46,483		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	90		 	—		 	—		 	—		 	—		
Total	 	83,641		 	72,544		 	72,468		 	70,752		 	68,037		
Retail	 	 	 	 	 	 	 	 	 	 	
Equity	 	43,075		 	43,003		 	44,380		 	43,228		 	41,627		
Fixed Income	 	21,326		 	21,257		 	21,077		 	20,524		 	20,310		
Real Estate	 	2,118		 	2,353		 	2,873		 	3,611		 	3,588		
Money Market	 	1,375		 	1,401		 	1,482		 	1,502		 	1,533		
Total	 	67,894		 	68,014		 	69,812		 	68,865		 	67,058		
General Account	 	 	 	 	 	 	 	 	 	 	
Equity	 	205		 	240		 	217		 	218		 	245		
Fixed Income	 	54,581		 	80,011		 	80,253		 	80,813		 	79,806		
Real Estate	 	—		 	—		 	—		 	—		 	—		
Money Market	 	831		 	1,642		 	1,536		 	1,458		 	1,854		
Total	 	55,617		 	81,893		 	82,006		 	82,489		 	81,905		
Combined Asset Type	 	 	 	 	 	 	 	 	 	 	
Equity	 	66,468		 	66,280		 	67,502		 	65,313		 	63,426		
Fixed Income	 	136,270		 	150,775		 	150,893		 	150,221		 	146,599		
Real Estate	 	2,118		 	2,353		 	2,873		 	3,611		 	3,588		
Money Market	 	2,296		 	3,043		 	3,018		 	2,960		 	3,387		
Total	 	207,152		 	222,451		 	224,286		 	222,105		 	217,000		

Employee Benefits

	
				
Voya Financial	 	Page 24  of	42	

Employee Benefits Sources of Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment spread and other investment income	 	14		 	13		 	13		 	14		 	13		 	27		 	24		
Net underwriting gain (loss) and other revenue	 	112		 	113		 	102		 	128		 	101		 	225		 	193		
Administrative expenses	 	(53	)	 	(55	)	 	(51	)	 	(49	)	 	(51	)	 	(108	)	 	(106	)	
Trail commissions	 	(35	)	 	(35	)	 	(31	)	 	(32	)	 	(32	)	 	(70	)	 	(68	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	 	(3	)	 	(3	)	 	(3	)	 	(2	)	 	(3	)	 	(6	)	 	(5	)	
DAC/VOBA and other intangibles unlocking	 	—		 	(1	)	 	—		 	(1	)	 	(1	)	 	(1	)	 	(2	)	
Adjusted operating earnings before income taxes	 	35		 	32		 	31		 	58		 	27		 	67		 	38		
Adjusted Return on Capital (1)	 	29.0	%	 	28.3	%	 	24.4	%	 	24.3	%	 	20.8	%	 	29.0	%	 	20.8	%	
Gross Investment Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	 	23		 	23		 	23		 	24		 	24		 	46		 	46		
Limited partnership income	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Prepayment fee income	 	1		 	—		 	1		 	1		 	1		 	1		 	1		
Total gross investment income	 	24		 	23		 	24		 	25		 	24		 	47		 	47		
Investment expenses	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(2	)	 	(2	)	
Credited interest	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(28	)	 	(29	)	
Net margin	 	9		 	8		 	9		 	10		 	9		 	17		 	16		
Other investment income	 	5		 	5		 	4		 	4		 	4		 	10		 	8		
Investment spread and other investment income	 	14		 	13		 	13		 	14		 	13		 	27		 	24		
Group life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	125		 	123		 	117		 	118		 	116		 	248		 	231		
Benefits	 	(102	)	 	(98	)	 	(89	)	 	(88	)	 	(82	)	 	(200	)	 	(178	)	
Other (2)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(4	)	 	(4	)	
Total	 	21		 	23		 	26		 	28		 	32		 	44		 	49		
Loss Ratio (Interest adjusted)	 	81.5	%	 	79.3	%	 	76.1	%	 	74.4	%	 	70.5	%	 	80.4	%	 	76.9	%	
Group stop loss	 		 		 		 		 		 		 		
Premiums	 	232		 	226		 	233		 	241		 	238		 	458		 	479		
Benefits	 	(189	)	 	(181	)	 	(195	)	 	(194	)	 	(204	)	 	(370	)	 	(399	)	
Other (2)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(2	)	 	(2	)	
Total	 	42		 	44		 	37		 	46		 	33		 	86		 	78		
Loss Ratio	 	81.7	%	 	80.2	%	 	83.9	%	 	80.6	%	 	85.6	%	 	81.0	%	 	83.3	%	
Voluntary Benefits, Disability, and Other	 	49		 	46		 	39		 	54		 	36		 	95		 	65		
Net underwriting gain (loss) and other revenue	 	112		 	113		 	102		 	128		 	101		 	225		 	193		
 	 	 	
(1)  Adjusted Return on Capital calculated using trailing twelve months.	
(2)  Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.	

	
				
Voya Financial	 	Page 25  of	42	

Employee Benefits Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life	 	9		 	45		 	5		 	7		 	12		 	54		 	42		
Stop loss	 	15		 	179		 	7		 	19		 	12		 	194		 	260		
Voluntary	 	10		 	65		 	9		 	5		 	10		 	75		 	56		
Disability and other	 	3		 	15		 	6		 	8		 	2		 	18		 	19		
Total sales by product line	 	37		 	304		 	27		 	39		 	36		 	341		 	377		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total gross premiums and deposits	 	469		 	462		 	440		 	456		 	452		 	931		 	910		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized In-force Premiums by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life	 	515		 	512		 	479		 	483		 	479		 	515		 	479		
Stop loss	 	938		 	925		 	969		 	989		 	992		 	938		 	992		
Voluntary	 	312		 	303		 	257		 	257		 	262		 	312		 	262		
Disability and other	 	149		 	151		 	144		 	144		 	141		 	149		 	141		
Total annualized in-force premiums (1)	 	1,914		 	1,891		 	1,849		 	1,873		 	1,874		 	1,914		 	1,874		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	1,807		 	1,779		 	1,813		 	1,860		 	1,849		 	1,807		 	1,849		
Separate account	 	14		 	15		 	16		 	15		 	15		 	14		 	15		
Total AUM	 	1,821		 	1,794		 	1,829		 	1,875		 	1,864		 	1,821		 	1,864		
(1)  Historical amounts for annualized in-force premiums are as follows:	
 	 	Three months ended 12/31/2016	 	Three months ended 12/31/2015	 	 	 	 	 	 	 	 	 	 	
Group life	 	500		 	492		 	 	 	 	 	 	 	 	 	 	
Stop loss	 	874		 	824		 	 	 	 	 	 	 	 	 	 	
Voluntary	 	213		 	183		 	 	 	 	 	 	 	 	 	 	
Disability and other	 	127		 	105		 	 	 	 	 	 	 	 	 	 	
Total annualized in-force premiums	 	1,714		 	1,604		 	 	 	 	 	 	 	 	 	 	

Individual Life

	
				
Voya Financial	 	Page 27  of	42	

Individual Life Sources of Adjusted Operating Earnings

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment spread and other investment income	73		 	66		 	66		 	66		 	60		 	139		 	119		
Fee based margin	3		 	3		 	4		 	3		 	3		 	6		 	7		
Net underwriting gain (loss) and other revenue	93		 	69		 	98		 	96		 	98		 	162		 	180		
Administrative expenses	(51	)	 	(58	)	 	(50	)	 	(47	)	 	(50	)	 	(109	)	 	(108	)	
Trail commissions	(5	)	 	(7	)	 	(5	)	 	(5	)	 	(5	)	 	(12	)	 	(12	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	(41	)	 	(27	)	 	(41	)	 	(37	)	 	(43	)	 	(68	)	 	(83	)	
DAC/VOBA and other intangibles unlocking	(31	)	 	(29	)	 	(8	)	 	(143	)	 	(1	)	 	(60	)	 	(9	)	
Adjusted operating earnings before income taxes	41		 	17		 	64		 	(66	)	 	62		 	58		 	94		
Adjusted Return on Capital (1)	10.6	%	 	10.8	%	 	11.2	%	 	9.5	%	 	7.5	%	 	10.6	%	 	7.5	%	
Gross Investment Income	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	204		 	203		 	203		 	206		 	202		 	407		 	401		
Limited partnership income	10		 	4		 	6		 	5		 	5		 	14		 	7		
Prepayment fee income	3		 	2		 	2		 	2		 	1		 	5		 	4		
Total gross investment income	217		 	209		 	211		 	212		 	207		 	426		 	411		
Investment expenses	(7	)	 	(8	)	 	(7	)	 	(6	)	 	(7	)	 	(15	)	 	(13	)	
Credited interest	(150	)	 	(149	)	 	(150	)	 	(150	)	 	(150	)	 	(299	)	 	(300	)	
Net margin	60		 	52		 	54		 	56		 	51		 	112		 	98		
Other investment income (2)	13		 	14		 	12		 	10		 	9		 	27		 	21		
Investment spread and other investment income	73		 	66		 	66		 	66		 	60		 	139		 	119		
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee revenue / Premiums	427		 	417		 	430		 	429		 	427		 	844		 	858		
Net mortality, including Reinsurance	(331	)	 	(371	)	 	(317	)	 	(310	)	 	(296	)	 	(702	)	 	(628	)	
Reserve change / Other	(3	)	 	23		 	(15	)	 	(22	)	 	(33	)	 	20		 	(50	)	
Total net underwriting gain (loss) and other revenue	93		 	69		 	98		 	96		 	98		 	162		 	180		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Adjusted Return on Capital calculated using trailing twelve months.	
(2)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	

	
				
Voya Financial	 	Page 28  of	42	

Individual Life Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Indexed	 	16		 	16		 	19		 	16		 	17		 	32		 	38		
Accumulation	 	1		 	1		 	1		 	1		 	1		 	2		 	2		
Total Universal life	 	17		 	17		 	20		 	17		 	18		 	34		 	40		
Variable life	 	1		 	—		 	1		 	1		 	1		 	1		 	2		
Term	 	—		 	—		 	—		 	—		 	—		 	—		 	2		
Total sales by product line	 	18		 	17		 	21		 	18		 	19		 	35		 	44		
Gross Premiums and Deposits by Product (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest sensitive	 	314		 	318		 	331		 	305		 	319		 	632		 	629		
Non - interest sensitive	 	130		 	131		 	134		 	136		 	134		 	261		 	271		
Total gross premiums and deposits	 	444		 	449		 	465		 	441		 	453		 	893		 	900		
Applications	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
New business policy count (Paid)	 	1,069		 	1,060		 	1,108		 	1,144		 	1,235		 	2,129		 	4,280		
End of Period:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In-Force Face Amount by Product (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	81,266		 	81,150		 	81,055		 	80,657		 	80,383		 	81,266		 	80,383		
Variable life	 	21,016		 	21,330		 	21,695		 	22,110		 	22,381		 	21,016		 	22,381		
Term	 	212,572		 	218,586		 	223,596		 	228,384		 	233,358		 	212,572		 	233,358		
Whole life	 	1,720		 	1,743		 	1,774		 	1,782		 	1,797		 	1,720		 	1,797		
Total in-force face amount	 	316,574		 	322,809		 	328,120		 	332,933		 	337,919		 	316,574		 	337,919		
In-Force Policy Count (in whole numbers) (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	241,992		 	244,740		 	247,610		 	251,379		 	253,596		 	241,992		 	253,596		
Variable life	 	50,387		 	51,112		 	51,922		 	52,656		 	53,383		 	50,387		 	53,383		
Term	 	400,397		 	411,474		 	420,731		 	429,667		 	439,629		 	400,397		 	439,629		
Whole life	 	107,995		 	109,841		 	111,673		 	112,088		 	113,272		 	107,995		 	113,272		
Total in-force policy count	 	800,771		 	817,167		 	831,936		 	845,790		 	859,880		 	800,771		 	859,880		
Assets Under Management by Fund Group (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	12,899		 	12,833		 	12,824		 	12,770		 	12,761		 	12,899		 	12,761		
Separate account	 	2,774		 	2,755		 	2,809		 	2,724		 	2,657		 	2,774		 	2,657		
Total AUM	 	15,673		 	15,588		 	15,633		 	15,494		 	15,418		 	15,673		 	15,418		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Excludes amounts transferred to third parties through reinsurance transactions.	

Corporate

	
				
Voya Financial	 	Page 30  of	42	

Corporate Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense  (including interest rate swap settlements)	 	(49	)	 	(49	)	 	(47	)	 	(47	)	 	(49	)	 	(98	)	 	(96	)	
Amortization of intangibles	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(10	)	 	(18	)	 	(18	)	
Strategic investment program (1)	 	—		 	—		 	(16	)	 	(21	)	 	(23	)	 	—		 	(43	)	
Other	 	(1	)	 	2		 	(18	)	 	(33	)	 	(19	)	 	1		 	(39	)	
Adjusted operating earnings before income taxes	 	(59	)	 	(56	)	 	(90	)	 	(110	)	 	(100	)	 	(115	)	 	(195	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 (“Strategic Investment Program”). In 2018, the remaining costs related to this program are insignificant and reflected in our segments.	

Investment Information

	
				
Voya Financial	 	Page 32  of	42	

Portfolio Composition

																											
 	 	Balances as of	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
Composition of Investment Portfolio	 	Amount	% of Total	 	Amount	% of Total	 	Amount	% of Total	 	Amount	 	% of Total	 	Amount	% of Total	
Fixed maturities, available for sale, at fair value, after consolidation	 	46,104		72.3	%	 	47,274		73.2	%	 	48,329		73.1	%	 	48,191		 	73.1	%	 	48,286		74.3	%	
Fixed maturities, at fair value using the fair value option	 	2,983		4.7	%	 	2,903		4.5	%	 	3,018		4.6	%	 	3,080		 	4.7	%	 	3,120		4.8	%	
Equity securities, available for sale, at fair value	 	385		0.6	%	 	382		0.6	%	 	380		0.6	%	 	397		 	0.6	%	 	281		0.4	%	
Short-term investments	 	102		0.2	%	 	193		0.3	%	 	471		0.7	%	 	343		 	0.5	%	 	384		0.6	%	
Mortgage loans on real estate	 	8,904		13.8	%	 	8,837		13.6	%	 	8,686		13.0	%	 	8,629		 	13.1	%	 	8,650		13.3	%	
Policy loans	 	1,849		2.9	%	 	1,863		2.9	%	 	1,888		2.9	%	 	1,899		 	2.9	%	 	1,889		2.9	%	
Limited partnerships/corporations, before consolidation	 	1,453		N/M		 	1,267		N/M		 	1,293		N/M		 	1,177		 	N/M		 	1,131		N/M		
CLO/VOEs Adjustments (1)	 	(383	)	N/M		 	(447	)	N/M		 	(509	)	N/M		 	(491	)	 	N/M		 	(457	)	N/M		
Limited partnerships/corporations, after consolidation	 	1,070		1.7	%	 	820		1.3	%	 	784		1.2	%	 	686		 	1.0	%	 	674		1.0	%	
Derivatives	 	376		0.6	%	 	390		0.6	%	 	397		0.6	%	 	358		 	0.5	%	 	385		0.6	%	
Other investments	 	90		0.1	%	 	77		0.1	%	 	47		0.1	%	 	48		 	0.1	%	 	40		0.2	%	
Securities pledged to creditors	 	1,994		3.1	%	 	1,869		2.9	%	 	2,087		3.2	%	 	2,287		 	3.5	%	 	1,267		1.9	%	
Total investments, after consolidation	 	63,857		100.0	%	 	64,608		100.0	%	 	66,087		100.0	%	 	65,918		 	100.0	%	 	64,976		100.0	%	
Fixed Maturity Securities - Security Sector (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Government agencies and authorities	 	2,419		4.8	%	 	2,522		4.8	%	 	2,797		5.2	%	 	2,812		 	5.3	%	 	2,897		5.5	%	
U.S. Corporate - Public	 	20,577		40.2	%	 	22,083		42.5	%	 	23,258		43.4	%	 	23,458		 	43.9	%	 	23,458		44.5	%	
U.S. Corporate - Private	 	6,261		12.3	%	 	5,665		10.9	%	 	5,833		10.9	%	 	5,737		 	10.7	%	 	5,567		10.6	%	
Foreign Government / Agency	 	848		1.7	%	 	785		1.5	%	 	775		1.5	%	 	769		 	1.4	%	 	772		1.5	%	
Foreign Corporate - Public	 	4,552		8.9	%	 	4,851		9.3	%	 	4,941		9.2	%	 	4,880		 	9.1	%	 	4,805		9.1	%	
Foreign Corporate - Private	 	5,252		10.3	%	 	5,204		10.0	%	 	5,161		9.7	%	 	5,421		 	10.1	%	 	5,066		9.6	%	
State, municipalities and political subdivisions	 	1,659		3.2	%	 	1,815		3.5	%	 	1,913		3.6	%	 	1,896		 	3.5	%	 	1,837		3.5	%	
CMO-B Agency	 	2,233		4.4	%	 	2,102		4.1	%	 	2,156		4.1	%	 	2,263		 	4.2	%	 	2,339		4.4	%	
CMO-B Non-Agency	 	966		1.9	%	 	914		1.8	%	 	813		1.5	%	 	801		 	1.5	%	 	721		1.4	%	
Agency	 	823		1.6	%	 	1,004		1.9	%	 	989		1.9	%	 	1,127		 	2.1	%	 	1,195		2.3	%	
Non-Agency (3)	 	831		1.6	%	 	801		1.5	%	 	749		1.4	%	 	732		 	1.4	%	 	657		1.2	%	
Total Residential mortgage-backed securities	 	4,853		9.5	%	 	4,821		9.3	%	 	4,707		8.9	%	 	4,923		 	9.2	%	 	4,912		9.3	%	
Commercial mortgage-backed securities	 	2,932		5.7	%	 	2,871		5.5	%	 	2,704		5.1	%	 	2,514		 	4.7	%	 	2,310		4.4	%	
Other asset-backed securities (3)	 	1,728		3.4	%	 	1,429		2.7	%	 	1,345		2.5	%	 	1,148		 	2.1	%	 	1,049		2.0	%	
Total fixed maturities, including securities pledged  (5)	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		100.0	%	 	53,558		 	100.0	%	 	52,673		100.0	%	
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Due in one year or less	 	865		1.7	%	 	1,061		2.0	%	 	1,001		1.9	%	 	1,410		 	2.6	%	 	1,372		2.6	%	
Due after one year through five years	 	7,817		15.3	%	 	8,245		15.8	%	 	8,703		16.3	%	 	9,002		 	16.8	%	 	9,132		17.3	%	
Due after five years through ten years	 	9,943		19.5	%	 	10,279		19.8	%	 	10,762		20.1	%	 	10,582		 	19.8	%	 	10,392		19.7	%	
Due after ten years	 	22,943		44.9	%	 	23,340		44.9	%	 	24,212		45.3	%	 	23,979		 	44.8	%	 	23,506		44.7	%	
CMO-B	 	3,199		6.3	%	 	3,016		5.9	%	 	2,969		5.6	%	 	3,064		 	5.7	%	 	3,060		5.8	%	
Mortgage-backed securities	 	4,586		8.9	%	 	4,676		8.9	%	 	4,442		8.3	%	 	4,373		 	8.2	%	 	4,162		7.9	%	
Other asset-backed securities (3)	 	1,728		3.4	%	 	1,429		2.7	%	 	1,345		2.5	%	 	1,148		 	2.1	%	 	1,049		2.0	%	
Total fixed maturities, including securities pledged (5)	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		100.0	%	 	53,558		 	100.0	%	 	52,673		100.0	%	
Fixed Maturity Securities - NAIC Quality Designation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	28,817		56.5	%	 	29,831		57.4	%	 	30,942		57.9	%	 	30,801		 	57.4	%	 	30,549		58.0	%	
2	 	19,675		38.5	%	 	19,696		37.8	%	 	19,947		37.3	%	 	20,172		 	37.7	%	 	19,667		37.3	%	
3	 	1,803		3.5	%	 	1,822		3.5	%	 	1,889		3.5	%	 	2,016		 	3.8	%	 	1,879		3.6	%	
4	 	584		1.1	%	 	488		0.9	%	 	512		1.0	%	 	413		 	0.8	%	 	416		0.8	%	
5	 	123		0.2	%	 	87		0.2	%	 	33		0.1	%	 	48		 	0.1	%	 	48		0.1	%	
6	 	79		0.2	%	 	122		0.2	%	 	111		0.2	%	 	108		 	0.2	%	 	114		0.2	%	
Total fixed maturities, including securities pledged (4) (5)	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		100.0	%	 	53,558		 	100.0	%	 	52,673		100.0	%	
Fixed Maturity Securities - ARO Quality Rating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
AAA	 	8,885		17.4	%	 	9,267		17.8	%	 	9,702		18.2	%	 	9,842		 	18.4	%	 	9,892		18.8	%	
AA	 	3,510		6.9	%	 	3,543		6.8	%	 	3,611		6.8	%	 	3,710		 	6.9	%	 	3,713		7.0	%	
A	 	14,887		29.2	%	 	15,628		30.1	%	 	16,329		30.6	%	 	15,979		 	29.8	%	 	15,786		30.0	%	
BBB	 	20,191		39.5	%	 	19,987		38.3	%	 	20,204		37.7	%	 	20,447		 	38.2	%	 	19,746		37.5	%	
BB	 	2,170		4.2	%	 	2,224		4.3	%	 	2,058		3.8	%	 	2,147		 	4.0	%	 	2,018		3.8	%	
B and below	 	1,438		2.8	%	 	1,397		2.7	%	 	1,530		2.9	%	 	1,433		 	2.7	%	 	1,518		2.9	%	
Total fixed maturities, including securities pledged (5)	 	51,081		100.0	%	 	52,046		100.0	%	 	53,434		100.0	%	 	53,558		 	100.0	%	 	52,673		100.0	%	
(1)  Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds.	
(2)  Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors.	
(3)  Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.	
(4)  ARO ratings do not directly translate into NAIC ratings.	
(5)  Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.	

	
				
Voya Financial	 	Page 33  of	42	

Portfolio Results

																																				
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating investment income and annualized yield (1)	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	
Fixed maturity securities (2)	 	593		5.18	 %	 	584		5.07	 %	 	582		4.99	 %	 	588		5.06	 %	 	583		5.03	 %	 	1,177		5.16	 %	 	1,163		5.01	 %	
Equity securities	 	3		4.33	 %	 	3		3.96	 %	 	3		4.43	 %	 	2		2.26	 %	 	2		5.35	 %	 	6		4.09	 %	 	4		5.04	 %	
Mortgage loans	 	95		4.39	 %	 	94		4.39	 %	 	93		4.40	 %	 	93		4.39	 %	 	93		4.44	 %	 	189		4.37	 %	 	184		4.45	 %	
Limited partnerships	 	43		13.87	 %	 	43		15.12	 %	 	41		19.82	 %	 	36		13.40	 %	 	59		23.34	 %	 	86		12.62	 %	 	93		18.68	 %	
Policy loans	 	25		5.43	 %	 	25		5.41	 %	 	23		5.06	 %	 	25		5.31	 %	 	25		5.35	 %	 	50		5.45	 %	 	49		5.32	 %	
Short-term investments	 	5		0.85	 %	 	4		0.59	 %	 	3		0.41	 %	 	3		0.33	 %	 	2		0.31	 %	 	9		0.74	 %	 	4		0.40	 %	
Derivatives (2)	 	10		N/A		 	10		N/A		 	13		N/A		 	12		N/A		 	12		N/A		 	20		N/A		 	20		N/A		
Prepayment fee income	 	9		0.06	 %	 	7		0.04	 %	 	16		0.10	 %	 	10		0.06	 %	 	8		0.05	 %	 	16		0.05	 %	 	17		0.06	 %	
Other assets	 	4		N/A		 	1		N/A		 	14		N/A		 	(1	)	N/A		 	3		N/A		 	5		N/A		 	12		N/A		
Gross investment income before expenses and fees	 	787		5.22	 %	 	771		5.10	 %	 	788		5.17	 %	 	768		5.01	 %	 	787		5.26	 %	 	1,558		5.18	 %	 	1,546		5.18	 %	
Expenses and fees	 	(31	)	-0.21	 %	 	(30	)	-0.20	 %	 	(35	)	-0.24	 %	 	(32	)	-0.22	 %	 	(29	)	-0.20	 %	 	(61	)	-0.21	 %	 	(61	)	-0.21	 %	
Total investment income and annualized yield	 	756		5.01	 %	 	741		4.90	 %	 	753		4.93	 %	 	736		4.79	 %	 	758		5.06	 %	 	1,497		4.97	 %	 	1,486		4.97	 %	
Trading gains/losses (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(9	)	 	 	(17	)	 	 	28		 	 	12		 	 	15		 	 	(26	)	 	 	(17	)	 	
Equity securities	 	1		 	 	(3	)	 	 	—		 	 	(1	)	 	 	—		 	 	(2	)	 	 	—		 	
Mortgage loans	 	8		 	 	—		 	 	—		 	 	—		 	 	1		 	 	8		 	 	1		 	
Other investments	 	(4	)	 	 	9		 	 	(20	)	 	 	1		 	 	1		 	 	5		 	 	3		 	
Total trading gains/losses	 	(4	)	 	 	(11	)	 	 	8		 	 	12		 	 	17		 	 	(15	)	 	 	(13	)	 	
Impairments (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(2	)	 	 	—		 	 	(15	)	 	 	(2	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Mortgage loans	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Other investments	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Total impairments	 	(1	)	 	 	(14	)	 	 	(18	)	 	 	(2	)	 	 	—		 	 	(15	)	 	 	(2	)	 	
Fair value adjustments (3)	 	(46	)	 	 	(74	)	 	 	(51	)	 	 	(12	)	 	 	11		 	 	(120	)	 	 	(7	)	 	
Derivatives, including change in fair value of derivatives related to guaranteed benefits	 	7		 	 	22		 	 	26		 	 	(12	)	 	 	(30	)	 	 	29		 	 	(8	)	 	
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	 	(44	)	 	 	(77	)	 	 	(35	)	 	 	(14	)	 	 	(2	)	 	 	(121	)	 	 	(30	)	 	
Businesses exited through reinsurance (4)	 	(14	)	 	 	(36	)	 	 	30		 	 	29		 	 	52		 	 	(50	)	 	 	76		 	
Consolidation/eliminations (5)	 	(5	)	 	 	14		 	 	13		 	 	(9	)	 	 	(1	)	 	 	9		 	 	32		 	
Total investment income and realized capital gains (losses)	 	693		 	 	642		 	 	761		 	 	742		 	 	807		 	 	1,335		 	 	1,564		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Investment results related to businesses exited through reinsurance are excluded.	
(2)  Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities.	
(3)  Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources.	
(4)  Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement.	
(5)  Includes i) the impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company's management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company, ii) the elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.	

	
				
Voya Financial	 	Page 34  of	42	

Alternative Investment Income

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	558		 	536		 	532		 	519		 	523		 	547		 	509		
Alternative investment income	 	20		 	18		 	18		 	16		 	13		 	38		 	28		
Investment Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	250		 	262		 	252		 	236		 	221		 	256		 	215		
Alternative investment income (1)	 	5		 	11		 	8		 	5		 	35		 	16		 	44		
Employee Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	53		 	51		 	49		 	49		 	50		 	52		 	48		
Alternative investment income	 	2		 	2		 	2		 	2		 	1		 	4		 	3		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	348		 	312		 	293		 	270		 	252		 	330		 	236		
Alternative investment income	 	16		 	9		 	10		 	8		 	8		 	25		 	13		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 6/30/2018, our carried interest total net results were immaterial. For the three months ended 12/31/2017, 9/30/2017 and 6/30/2017, our carried interest net results included a gain (loss) of $9 million, $(2) million, and $28 million, respectively, including the recovery of $25 million of carried interest reversed in prior periods.

Reconciliations

	
				
Voya Financial	 	Page 36  of	42	

Reconciliation of Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	813		 	823		 	824		 	795		 	832		 	1,636		 	1,675		
Fee income	 	660		 	676		 	668		 	683		 	639		 	1,336		 	1,276		
Premiums	 	533		 	539		 	515		 	533		 	526		 	1,072		 	1,073		
Net realized capital gains (losses)	 	(120	)	 	(181	)	 	(63	)	 	(53	)	 	(25	)	 	(301	)	 	(111	)	
Income (loss) related to consolidated investment entities	 	126		 	11		 	136		 	140		 	129		 	137		 	156		
Other revenues	 	101		 	99		 	106		 	86		 	90		 	200		 	179		
Total revenues	 	2,113		 	1,967		 	2,186		 	2,184		 	2,191		 	4,080		 	4,248		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,088	)	 	(1,090	)	 	(1,159	)	 	(1,192	)	 	(1,136	)	 	(2,178	)	 	(2,285	)	
Operating expenses	 	(645	)	 	(700	)	 	(682	)	 	(674	)	 	(630	)	 	(1,345	)	 	(1,298	)	
Net amortization of DAC/VOBA	 	(74	)	 	(100	)	 	(61	)	 	(209	)	 	(195	)	 	(174	)	 	(259	)	
Interest expense	 	(46	)	 	(49	)	 	(44	)	 	(49	)	 	(45	)	 	(95	)	 	(91	)	
Operating expenses related to consolidated investment entities	 	(19	)	 	(7	)	 	(20	)	 	(20	)	 	(30	)	 	(26	)	 	(47	)	
Total benefits and expenses	 	(1,872	)	 	(1,946	)	 	(1,966	)	 	(2,144	)	 	(2,036	)	 	(3,818	)	 	(3,980	)	
Income (loss) from continuing operations before income taxes	 	241		 	21		 	220		 	40		 	155		 	262		 	268		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	(40	)	 	(61	)	 	(54	)	 	(12	)	 	2		 	(101	)	 	(18	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	2		 	(14	)	 	34		 	5		 	(1	)	 	(12	)	 	7		
Income (loss) related to businesses exited through reinsurance or divestment	 	(8	)	 	(45	)	 	(39	)	 	(2	)	 	1		 	(53	)	 	(4	)	
Income (loss) attributable to noncontrolling interests	 	58		 	—		 	82		 	65		 	52		 	58		 	53		
Income (loss) on early extinguishment of debt	 	—		 	(3	)	 	—		 	(3	)	 	—		 	(3	)	 	(1	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	(17	)	 	1		 	—		 	—		 	—		
Other adjustments (1)	 	(9	)	 	(19	)	 	(19	)	 	(57	)	 	(6	)	 	(28	)	 	(21	)	
Adjusted operating earnings before income taxes	 	238		 	163		 	233		 	43		 	107		 	401		 	252		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.	

	
				
Voya Financial	 	Page 37  of	42	

Reconciliation of Adjusted Operating Revenues

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	2,113		 	1,967		 	2,186		 	2,184		 	2,191		 	4,080		 	4,248		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less Adjustments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized investment gains (losses) and related charges and adjustments	 	(49	)	 	(73	)	 	(58	)	 	(14	)	 	(1	)	 	(122	)	 	(28	)	
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	 	4		 	(7	)	 	35		 	7		 	1		 	(3	)	 	10		
Revenues (losses) related to business exited through reinsurance or divestment	 	(18	)	 	(40	)	 	27		 	27		 	48		 	(58	)	 	68		
Revenues (loss) attributable to noncontrolling interests	 	76		 	6		 	100		 	85		 	82		 	82		 	101		
Other adjustments (1)	 	67		 	58		 	59		 	52		 	50		 	125		 	101		
Total adjusted operating revenues	 	2,033		 	2,023		 	2,023		 	2,027		 	2,011		 	4,056		 	3,996		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues by segment	 			 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	670		 	662		 	649		 	634		 	630		 	1,332		 	1,255		
Investment Management	 	171		 	185		 	185		 	171		 	204		 	356		 	375		
Employee Benefits	 	460		 	453		 	431		 	446		 	443		 	913		 	890		
Individual Life	 	641		 	631		 	635		 	669		 	629		 	1,272		 	1,259		
Corporate	 	91		 	92		 	123		 	107		 	105		 	183		 	217		
Total adjusted operating revenues	 	2,033		 	2,023		 	2,023		 	2,027		 	2,011		 	4,056		 	3,996		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.	

	
				
Voya Financial	 	Page 38  of	42	

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

																
(in millions USD, unless otherwise indicated)	 	Twelve Months Ended (1)	
Retirement	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
Adjusted operating earnings before income taxes	 	553		 	417		 	456		 	431		 	387		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(75	)	 	(191	)	 	(137	)	 	(148	)	 	(178	)	
Gain on Lehman Recovery	 		 	—		 	—		 	4		 	4		
Adjusted Operating Earnings - excluding Unlocking before interest	 	628		 	608		 	593		 	574		 	561		
Income tax expense	 	150		 	170		 	190		 	184		 	180		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	478		 	438		 	403		 	391		 	381		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	16.3	%	 	15.8	%	 	32.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	23.9	%	 	28.0	%	 	32.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	3,987		 	3,946		 	3,928		 	3,956		 	3,974		
Ending Capital	 	4,100		 	4,096		 	4,130		 	3,856		 	3,852		
Adjusted Return on Capital	 	12.0	%	 	11.1	%	 	10.3	%	 	9.9	%	 	9.6	%	
 	 	 	 	 	 	 	 	 	 	 	
Investment Management
	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	227		 	259		 	248		 	253		 	251		
Less:	 	 	 	 	 	 	 	 	 	 	
Gain on Lehman Recovery	 	—		 	—		 	—		 	—		 	3		
Adjusted Operating Earnings - excluding Unlocking before interest	 	227		 	259		 	248		 	252		 	248		
Income tax expense	 	60		 	76		 	79		 	81		 	79		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	167		 	183		 	169		 	172		 	168		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	26.5	%	 	29.4	%	 	32.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	309		 	309		 	308		 	306		 	300		
Ending Capital	 	310		 	319		 	290		 	311		 	319		
Adjusted Return on Capital	 	54.0	%	 	59.3	%	 	54.9	%	 	56.1	%	 	56.1	%	
 	 	 	 	 	 	 	 	 	 	 	
(1)  Due to rounding, trailing twelve month totals may not equal the sum of the quarters	
(2)  Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assume a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 39  of	42	

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

																
(in millions USD, unless otherwise indicated)	 	Twelve Months Ended (1)	
Employee Benefits	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	
Adjusted operating earnings before income taxes	 	156		 	148		 	127		 	128		 	111		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(2	)	 	(3	)	 	(2	)	 	(2	)	 	(2	)	
Gain on Lehman Recovery	 		 	—		 	—		 	1		 	1		
Adjusted Operating Earnings - excluding Unlocking before interest	 	158		 	151		 	129		 	129		 	112		
Income tax expense	 	43		 	45		 	41		 	41		 	36		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	115		 	106		 	88		 	87		 	76		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	27.2	%	 	29.6	%	 	32.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	398		 	375		 	360		 	359		 	365		
Ending Capital	 	463		 	441		 	387		 	364		 	356		
Adjusted Return on Capital	 	29.0	%	 	28.3	%	 	24.4	%	 	24.3	%	 	20.8	%	
 	 	 	 	 	 	 	 	 	 	 	
Individual Life	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	56		 	77		 	92		 	71		 	61		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(211	)	 	(181	)	 	(160	)	 	(162	)	 	(141	)	
Gain on Lehman Recovery	 	—		 	—		 	—		 	8		 	8		
Adjusted Operating Earnings - excluding Unlocking before interest	 	266		 	257		 	251		 	225		 	194		
Income tax expense	 	72		 	78		 	80		 	72		 	62		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	194		 	180		 	171		 	153		 	132		
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	32.0	%	 	32.0	%	 	32.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	27.1	%	 	30.0	%	 	32.0	%	 	32.0	%	 	32.0	%	
Average Capital	 	1,823		 	1,666		 	1,527		 	1,614		 	1,749		
Ending Capital	 	2,150		 	2,141		 	2,141		 	1,476		 	1,546		
Adjusted Return on Capital	 	10.6	%	 	10.8	%	 	11.2	%	 	9.5	%	 	7.5	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(2)  Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding Unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assumed a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 40  of	42	

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

																					
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD)	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	(2	)	 	(3	)	 	5		 	(1	)	 	(3	)	 	(2	)	 	16		
Investment Management	—		 	—		 	—		 	—		 	—		 	—		 	—		
Employee Benefits	—		 	—		 	—		 	—		 	—		 	1		 	2		
Individual Life	—		 	(1	)	 	—		 	—		 	(2	)	 	(2	)	 	4		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alternatives Above (Below) Long-term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	8		 	6		 	7		 	4		 	1		 	25		 	8		
Investment Management	(1	)	 	5		 	2		 	—		 	30		 	6		 	38		
Employee Benefits	1		 	1		 	1		 	1		 	—		 	2		 	1		
Individual Life	7		 	2		 	3		 	1		 	2		 	15		 	3		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)(2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	6		 	3		 	12		 	3		 	(2	)	 	23		 	24		
Investment Management	(1	)	 	5		 	2		 	—		 	30		 	6		 	38		
Employee Benefits	1		 	1		 	1		 	1		 	—		 	3		 	3		
Individual Life	7		 	1		 	3		 	1		 	—		 	13		 	7		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Impacts are pre-DAC and pre-tax.	 	 	 	 	 	 	 	 	 	 	 	 	 	
(2)  Amounts exclude gain on Lehman recovery for the twelve months ending June 30, 2017.	
(3)  Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	

	
				
Voya Financial	 	Page 41  of	42	

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

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in whole dollars)	 	6/30/2018	 	3/31/2018	 	12/31/2017	 	9/30/2017	 	6/30/2017	 	6/30/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders per common share (Diluted)	 	0.96		 	2.50		 	(17.64	)	 	0.81		 	0.89		 	3.48		 	0.12		
Exclusion of per share impact of:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	0.18		 	0.27		 	0.19		 	0.04		 	(0.01	)	 	0.45		 	0.06		
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(0.01	)	 	0.06		 	(0.12	)	 	(0.02	)	 	—		 	0.05		 	(0.02	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	0.04		 	0.20		 	0.14		 	0.01		 	—		 	0.24		 	0.02		
Income (loss) on early extinguishment of debt	 	—		 	0.01		 	—		 	0.01		 	—		 	0.01		 	—		
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	—		 	0.06		 	—		 	—		 	—		 	—		
Other adjustments to operating earnings	 	0.04		 	0.09		 	0.07		 	0.20		 	0.02		 	0.14		 	0.07		
Effect of discontinued operations	 	(0.16	)	 	(2.40	)	 	14.58		 	(0.73	)	 	(0.34	)	 	(2.60	)	 	0.51		
Effect of assumed tax rate vs actual effective tax rate	 	0.08		 	0.04		 	3.53		 	(0.16	)	 	(0.17	)	 	0.12		 	0.13		
Adjustment due to antidilutive effect of net loss in the current period	 	—		 	—		 	0.06		 	—		 	—			—			—		
Adjusted operating earnings per share (Diluted) (1)	 	1.13		 	0.77		 	0.87		 	0.16		 	0.39		 	1.89		 	0.89		
Impact of unlocking to earnings per share (Diluted)	 	0.13		 	0.31		 	—		 	0.70		 	0.42		 	0.44		 	0.40		
Adjusted operating earnings per share (Diluted) - ex Unlocking	 	1.26		 	1.08		 	0.87		 	0.86		 	0.81		 	2.33		 	1.29		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, including AOCI	 	52.22		 	54.65		 	58.19		 	75.98		 	74.30		 	52.22		 	74.30		
Per share impact of AOCI	 	(5.82	)	 	(8.81	)		(15.88	)		(15.20	)		(14.50	)	 	(5.82	)	 	(14.50	)	
Book value per share, excluding AOCI	 	46.40		 	45.84		 	42.31		 	60.78		 	59.80		 	46.40		 	59.80		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of shares used in Total Consolidated Adjusted Operating earnings per share (Diluted)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	 	172.8		 	178.4		 	179.4		 	182.4		 	187.7		 	175.6		 	191.1		
Dilutive effect of the exercise or issuance of stock-based awards (1)	 	—		 	—		 	3.5		 	—		 	—			—		 	—		
Weighted average common shares outstanding - Adjusted Diluted (1)	 	172.8		 	178.4		 	182.9		 	182.4		 	187.7		 	175.6		 	191.1		
Debt to capital	 	29.0	 %	 	26.9	 %	 	25.7	 %	 	20.2	 %	 	20.6	 %	 	29.0	 %	 	20.6	 %	
Capital impact of AOCI	 	2.5	 %	 	3.6	 %	 	6.5	 %	 	3.9	 %	 	3.8	 %	 	2.5	 %	 	3.8	 %	
Impact of 25% equity treatment afforded to subordinate debt	 	(2.5	)%	 	(2.4	)%	 	(1.7	)%	 	(1.4	)%	 	(1.4	)%	 	(2.5	)%	 	(1.4	)%	
Adjusted Debt to capital	 	29.0	 %	 	28.1	 %	 	30.5	 %	 	22.7	 %	 	23.0	 %	 	29.0	 %	 	23.0	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) For periods in which there is a Net loss in Income from continuing operations, Adjusted operating earnings per 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 share calculation.	

	
				
Voya Financial	 	Page 42  of	42	

Reconciliation of Investment Management Adjusted Operating Margin, Excluding Investment Capital 

																		
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD, unless otherwise indicated)	6/30/2018	 	3/31/2018	 	6/30/2017	 	6/30/2018	 	3/31/2018	 	6/30/2017	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	171		 	185		 	204		 	712		 	745		 	724		
Adjusted operating expenses	(119	)	 	(124	)	 	(119	)	 	(485	)	 	(486	)	 	(477	)	
Adjusted operating earnings before income taxes	52		 	61		 	85		 	227		 	259		 	247		
Adjusted operating margin	30.7	%	 	32.9	%	 	41.8	%	 	31.8	%	 	34.8	%	 	34.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	171		 	185		 	204		 	712		 	745		 	724		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results	5		 	11		 	35		 	29		 	59		 	56		
Adjusted operating revenues excluding Investment Capital	166		 	174		 	168		 	683		 	686		 	668		
Adjusted operating expenses	(119	)	 	(124	)	 	(119	)	 	(485	)	 	(486	)	 	(477	)	
Adjusted operating earnings excluding Investment Capital	47		 	50		 	50		 	198		 	200		 	191		
Adjusted operating margin excluding Investment Capital	28.7	%	 	28.6	%	 	29.6	%		28.9	%	 	29.1	%	 	28.7	%