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 6 , 2019
VOYA FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

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

			
Title of each class	Trading symbol	Name of each exchange on which registered	
Common Stock, $.01 Par Value	VOYA	New York Stock Exchange	
Depositary Shares, each representing a 1/40th interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value	VOYAPrB	New York Stock Exchange	

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

	
		
Item 2.02	Results of Operations and Financial Condition	
On August 6 , 2019 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30 , 2019 . A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.
As previously announced, Voya Financial will host a conference call on Wednesday , August 7 , 2019 at 10:00 am ET to discuss its second-quarter 2019 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. The call will be accompanied by a slide presentation, which will be accessible via Voya Financial’s investor relations website at http://investors.voya.com beginning at 9:30 am ET on Wednesday , August 7 , 2019 . In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended June 30, 2019 , available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended June 30, 2019 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set for by specific reference in such filing.

	
		
Item 7.01	Regulation FD Disclosure	
On August 6 , 2019 , Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended June 30, 2019 . These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

	
		
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits

99.1     Press release of Voya Financial, Inc., dated August 6, 2019 (furnished and not filed)
99.2     Quarterly Investor Supplement for the quarter ended June 30, 2019 (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 6 , 2019

Exhibit 99.1

Voya Financial Announces Second-Quarter 2019 Results

Second-quarter 2019 net income available to common shareholders of $1.51 per diluted share
Second-quarter 2019 adjusted operating earnings 1 of $1.52 per diluted share, after tax; Normalized for the following items, second-quarter 2019 adjusted operating earnings were $1.30 per diluted share, after tax:

•	$(0.01) per diluted share, after tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking; and	

•	$0.23 per diluted share, after tax, of prepayment fees and alternative investment income above the company’s long-term expectations.	
Voya completes previously announced accelerated share repurchase agreement for $236 million of common stock in the second quarter of 2019; enters into new agreement to repurchase an additional $200 million of shares; repurchases $646 million of common stock year-to-date
Board of directors increased common stock dividend to $0.15 per share for the third quarter of 2019, up from prior dividend level of $0.01 per share

NEW YORK, Aug. 6, 2019 — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the second quarter of 2019.

“During the second quarter, we once again delivered strong bottom-line growth with normalized second-quarter 2019 adjusted operating earnings of $1.30 per diluted share, after tax, up 11% compared with the second quarter of 2018," said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “Our results in the quarter reflect continued strong organic growth in each of our core businesses. Retirement full-service recurring deposits for the trailing 12 months ended June 30 grew 9% over the prior-year period; Investment Management generated $1.1 billion in positive net flows (excluding divested annuities); and Employee Benefits grew in-force premiums 12% compared with the second quarter of 2018.

"In addition to organic growth, we continue to execute on our capital-deployment plans. In the second quarter, we completed the previously announced $236 million accelerated share repurchase agreement and entered into a new agreement to repurchase $200 million of our common stock. While share repurchases are core to our capital management, we also

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

announced last week that our board of directors increased the third-quarter 2019 common stock dividend to $0.15 per share, which is consistent with our plans. In total, we have returned approximately $5.7 billion of capital to our shareholders through share repurchases and dividends. In addition to providing shareholder value, our share repurchases and our increased dividend demonstrate our ability to continue to generate strong free cash flows and our confidence in our plans.

"At the same time, we continue to make progress toward achieving our cost-savings targets as stranded costs associated with last year's sale of substantially all of Voya's individual annuities once again declined in the second quarter.

"We are confident that our plans to drive organic growth, effectively deploy capital and deliver cost savings will create significant shareholder value, and we remain committed to achieving our target of at least 10% annual adjusted operating earnings per share growth over the next three years, on a normalized basis,” added Martin.

SECOND-QUARTER 2019 SUMMARY

	
					
 	Three Months Ended	
 	June 30, 2019	June 30, 2018	
 	($ in millions)	(per share)	($ in millions)	(per share)	
Net income available to common shareholders	$226	$1.51	$166	$0.96	
Adjusted operating earnings, after tax	$229	$1.52	$195	$1.13	
Normalized adjusted operating earnings, after tax	$195	$1.30	$202	$1.17	
Common book value	 	$67.37	 	$52.22	
Common book value, excluding AOCI	 	$46.94	 	$46.40	
Weighted avg common shares outstanding (in millions):	 	 	 	 	
   Basic	144	 	167	 	
   Diluted	150	 	173	 	

Net income available to common shareholders in the second quarter of 2019 was $226 million , or $1.51 per diluted share, compared with $166 million , or $0.96 per diluted share, in the second quarter of 2018. The increase reflects higher alternative investment income in the second quarter of 2019 and unfavorable DAC/VOBA and other intangible unlocking in the second quarter of 2018. On a per-share basis, the increase reflects the company's share repurchases.

Adjusted operating earnings in the second quarter of 2019 were $229 million , or $1.52 per diluted share, after tax, up from $195 million , or $1.13 per diluted share, after tax, in the second quarter of 2018. Second-quarter 2019 results included $1 million , after tax, of unfavorable DAC/VOBA and other intangibles unlocking as well as prepayment fees and alternative investment income that was $35 million , after tax, above the company's long-term expectations. Second-quarter 2018 results included $22 million , after tax, of unfavorable DAC/VOBA and other intangibles unlocking as well as prepayment fees and alternative investment income that was $10 million , after tax, above the company's long-term expectations. On a per-share basis, the increase reflects the company's share repurchases.

Normalized adjusted operating earnings (which excludes DAC/VOBA and other intangibles unlocking; prepayment fees and alternative investment income above or below the company's long-term expectations; and Investment Management adjusted operating earnings associated with the annuities business that was sold on June 1, 2018) in the second quarter of 2019 were $195 million , or $1.30 per diluted share, after tax, compared with $202 million , or $1.17 per diluted share, after tax, in the second quarter of 2018. Higher normalized adjusted operating earnings in Employee Benefits and a decrease in Corporate losses were offset by lower normalized adjusted operating earnings in Retirement, Investment Management and Individual Life. On a per-share basis, the increase reflects the company's share repurchases.

SECOND-QUARTER 2019 HIGHLIGHTS
		
•	Business results :	

◦	Retirement reported second-quarter 2019 adjusted operating earnings of $180 million , up 7% compared with the second quarter of 2018. Normalized adjusted operating earnings were $153 million. For the trailing 12 months (TTM) ended June 30, 2019, full-service recurring deposits increased 9% to $9.8 billion compared with $8.9 billion for the TTM ended June 30, 2018. Corporate Markets full-service net flows were $309 million , marking the 23 rd consecutive quarter of positive net flows. Total full-service net outflows in the second quarter of 2019 were $19 million due to net outflows in Tax-Exempt Markets; total full-service net inflows for the TTM ended June 30, 2019, were $2.0 billion.	

◦	Investment Management reported second-quarter 2019 adjusted operating earnings of $41 million . Normalized adjusted operating earnings were $39 million. Institutional net flows were $772 million in the second quarter of 2019 and $4.0 billion for the TTM ended June 30, 2019, reflecting strong commercial growth in the business. The second quarter of 2019 also was the 14 th consecutive quarter of positive Institutional net flows.	

◦	Employee Benefits reported second-quarter 2019 adjusted operating earnings of $49 million , up 40% compared with the second quarter of 2018 and reflecting a total aggregate loss ratio of 71.6% for the TTM ended June 30, 2019. Normalized adjusted operating earnings were $47 million. In the second quarter of 2019, annualized in-force premiums were $2.2 billion , up 12% compared with the second quarter of 2018, reflecting strong growth in all products, particularly in the Voluntary business.	

•	Capital deployment :	

◦	Voya completed the company's previously announced $236 million accelerated share repurchase ("ASR") agreement and entered into a new, $200 million ASR agreement in the second quarter of 2019.	

◦	As previously announced, Voya's board of directors authorized a third-quarter 2019 common stock dividend of $0.15 per share, which is consistent with the company's plan to increase the dividend to a yield of at least 1%.	

◦	Excess capital of $540 million as of June 30, 2019, which is the amount above the company’s holding company liquidity target of $200 million and estimated statutory surplus in excess of a 400% combined RBC ratio. As of June 30, 2019, Voya’s estimated RBC ratio was 429%.	

•	Total company assets under management and administration were $560 billion as of June 30, 2019.	

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

Retirement

Retirement adjusted operating earnings were $180 million , up from $169 million . The increase primarily reflects:
		
•	$5 million of positive DAC/VOBA and other intangibles unlocking in the second quarter of 2019 compared with $3 million of positive DAC/VOBA and other intangibles unlocking in the second quarter of 2018;	
		
•	$7 million of higher fee-based margin primarily due to equity market growth;	
		
•	$11 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $22 million above the company's long-term expectations (before the effect of income taxes and DAC) in the second quarter of 2019; and	
		
•	$9 million of higher administrative expenses, reflecting growth in the business as well as higher pension expenses.	

	
										
($ in millions)	Trailing 12 months ended June 30, 2019	Trailing 12 months ended March 31, 2019	Trailing 12 months ended June 30, 2018	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	9,761		$	9,619		$	8,928		
 	 	 	 	
($ in millions)	Three months ended June 30, 2019	Three months ended March 31, 2019	Three months ended June 30, 2018	
Retirement	 	 	 	
Total client assets	$	401,756		$	391,856		$	420,882		
 	 	 	 	
Retirement — Full Service	 	 	 	
Full Service recurring deposits	$	2,518		$	2,803		$	2,376		
Full Service net flows	$	(19	)	$	584		$	127		
Full Service client assets	$	133,726		$	129,976		$	124,702		

For the TTM ended June 30, 2019, Retirement full-service recurring deposits grew 9% compared with the prior period to $9.8 billion and reflect growth in both Small-Mid Corporate and Tax-Exempt Markets.

Retirement total client assets for the three months ended June 30, 2019, were $402 billion , up 3% compared with the three months ended March 31, 2019. The decline in total client assets compared with June 30, 2018, reflects a previously announced termination of a large recordkeeping plan of approximately $40 billion of plan assets in the fourth quarter of 2018.

Investment Management
Investment Management adjusted operating earnings were $41 million , compared with $52 million . The decline primarily reflects:

		
•	$10 million of lower fee-based margin driven by $6 million of lower fee income resulting from the company's June 1, 2018, sale of substantially all of its annuities businesses and higher private equity fees in the second quarter of 2018 — this was partially offset by higher Institutional revenues driven by positive net flows.	
		
•	$2 million of higher investment capital revenues driven by higher private equity earnings (second-quarter 2019 investment capital results were $2 million above the company's long-term expectations, largely reflecting first-quarter 2019 valuations); and	
		
•	$3 million of higher expenses largely due to the timing of certain strategic investments as well as higher pension expenses.	

	
										
($ in millions)	2Q 2019	1Q 2019	2Q 2018	
Investment Management AUM	 	 	 	
External clients	$	158,305		$	153,660		$	151,535		
General account	55,921		56,021		55,617		
Total	$	214,226		$	209,681		$	207,152		
 	 	 	 	
Investment Management Net Flows	 	 	 	
Institutional	$	772		$	1,105		$	1,291		
Retail (including sub-advisor replacements)	317		(494	)	(548	)	
Total (excluding divested annuities)	$	1,089		$	611		$	743		
Divested annuities outflows	(616	)	(550	)	(627	)	
Total	$	473		$	61		$	116		

During the second quarter of 2019, Investment Management net flows (excluding divested annuities) of $1,089 million included $772 million in Institutional net inflows (primarily from fixed income asset classes and CLO issuances) and $317 million in Retail net inflows (primarily from sub-advisor replacements, which were partially offset by net outflows in certain equity strategies).

Total Investment Management AUM was $ 214 billion as of June 30, 2019. The increase from March 31, 2019 and June 30, 2018, primarily reflects higher equity markets and total net flows.

Employee Benefits
Employee Benefits adjusted operating earnings were $49 million , up from $35 million .

The increase primarily reflects:
		
•	$ 28 million of higher underwriting results primarily driven by growth in the Voluntary block as well as improvement in the loss ratios for Group Life and Stop Loss;	
		
•	$ 10 million of higher administrative expenses to support growth in the business; and	
		
•	$ 1 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $2 million above the company's long-term expectations (before the effect of income taxes and DAC) in the second quarter of 2019.	

	
										
($ in millions)	2Q 2019	1Q 2019	2Q 2018	
Employee Benefits Annualized In-Force Premiums	 	 	 	
Group Life, Disability and Other	$	715		$	720		$	664		
Stop Loss	1,045		1,053		938		
Voluntary	392		390		312		
Total	$	2,152		$	2,163		$	1,914		
 	 	 	 	
 	Trailing 12 months ended June 30, 2019	Trailing 12 months ended March 31, 2019	Trailing 12 months ended June 30, 2018	
Total Aggregate Loss Ratio	71.6	%	72.3	%	72.6	%	

Compared with the second quarter of 2018, total Employee Benefits in-force premiums increased 12% , reflecting strong growth in all products, particularly in the Voluntary business. The Total Aggregate Loss Ratio improved to 71.6% for the TTM ended June 30, 2019, within the company's target range of 71% to 74%.

Individual Life
Individual Life (which ceased new sales on Dec. 31, 2018) had adjusted operating earnings of $47 million compared with $41 million . The increase primarily reflects:
		
•	$25 million of lower negative DAC/VOBA and other intangibles unlocking, primarily due to changes in reinsurance costs in 2018 that did not reoccur;	
		
•	$15 million of higher investment income, including prepayment fee and alternative investment income that was, in aggregate, $18 million above the company's long-term expectations (before the effect of income taxes and DAC) in the second quarter of 2019; and	
		
•	$38 million lower net underwriting gain (loss) (including DAC/VOBA and other intangibles amortization) due to unfavorable mortality driven by higher severity on the combined interest and non-interest sensitive blocks.	

Corporate
Corporate adjusted operating losses were $39 million compared with losses of $59 million . The improvement was largely due to a decline in the stranded costs that resulted from the company's sale of substantially all of its individual annuities businesses on June 1, 2018.

Share Repurchases
During the second quarter of 2019, Voya completed the previously announced ASR agreement entered into with a third-party to repurchase an aggregate of $236 million of Voya’s common stock. Under this agreement, approximately 4.47 million shares of common stock were repurchased.

Also during the second quarter of 2019, Voya entered into a new ASR agreement with a third-party to repurchase an aggregate of $200 million of Voya’s common stock. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Voya’s common stock, less a discount and subject to potential adjustments pursuant to the terms of the

ASR agreement. Final settlement of the transaction under the ASR agreement is expected to occur in the third quarter of 2019.

After consideration of the upfront payment made upon entering into the most recent ASR agreement, the company has approximately $300 million remaining under its current share repurchase authorization.

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

Earnings Call and Slide Presentation
Voya will host a conference call on Wed., Aug. 7, 2019, at 10 a.m. ET, to discuss the company’s second-quarter 2019 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com . A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Aug. 7, 2019.

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

About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $560 billion in total assets under management and administration as of June 30, 2019. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company ® . Certified as a “Great Place to Work” by the Great Place to Work ® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2019 World’s Most Ethical Companies ® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com . Follow Voya Financial on Facebook , LinkedIn and Twitter @Voya .

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

Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before

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

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

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

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

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

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

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

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

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

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

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

Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully manage the separation of the fixed and variable annuities businesses that we sold to VA Capital LLC on June 1, 2018, including the transition services on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations-Trends and Uncertainties" in the Annual Report on Form 10-K for the year ended Dec. 31, 2018, which we filed with the Securities and Exchange Commission on Feb. 22, 2019 and "Risk Factors," in our Quarterly Report on Form 10-Q for the three-month period ended June 30, 2019, which we expect to file with the Securities and Exchange Commission on or before Aug. 9, 2019.

VOYA-IR

# # #

	
																										
Reconciliation of Net Income (Loss) to Normalized Adjusted Operating Earnings and Earnings Per Share (Diluted) Quarter-to-Date	
 	Three Months Ended	
(in millions USD, except per share)	6/30/2019	 	6/30/2018	
 	Pre-tax	Tax Effect (1)	After-tax	Per share	 	Pre-tax	Tax Effect (1)	After-tax	Per share	
 	 	 	 	 	 	 	 	 	 	
Net Income (loss) available to Voya Financial, Inc.'s common shareholders	 	 	$	226		$	1.51		 	 	 	$	166		$	0.96		
Less: Preferred stock dividends	 	 	—		—		 	 	 	—		—		
Net Income (loss) available to Voya Financial, Inc.	 	 	226		1.51		 	 	 	166		0.96		
Plus: Net income (loss) attributable to noncontrolling interest	 	 	25		0.17		 	 	 	58		0.34		
Net Income (loss)	 	 	251		1.67		 	 	 	224		1.30		
Less: Income (loss) from discontinued operations, net of tax	 	 	(3	)	(0.02	)	 	 	 	28		0.16		
Income (loss) from continuing operations	298		44		254		1.69		 	241		45		196		1.14		
Less Adjustments	 	 	 	 	 	 	 	 	 	
Net Investment gains (losses) and related charges and adjustments	55		12		43		0.29		 	(40	)	(8	)	(32	)	(0.18	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(9	)	(2	)	(7	)	(0.05	)	 	2		—		2		0.01		
Income (loss) related to businesses exited through reinsurance or divestment	2		—		2		0.01		 	(8	)	(2	)	(6	)	(0.04	)	
Net income (loss) attributable to noncontrolling interest	25		—		25		0.17		 	58		—		58		0.34		
Other adjustments (2)	(53	)	(15	)	(38	)	(0.26	)	 	(9	)	12		(21	)	(0.12	)	
Adjusted operating earnings	278		49		229		1.52		 	238		43		195		1.13		
Less Adjustments	 	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	(1	)	—		(1	)	(0.01	)	 	(28	)	(6	)	(22	)	(0.13	)	
Prepayment fees and alternative investment income above (below) long-term expectations	44		9		35		0.23		 	13		3		10		0.06		
Investment Management earnings related to annuities business sold on 6/1/2018	—		—		—		—		 	6		1		5		0.03		
Normalized adjusted operating earnings	$	235		$	40		$	195		$	1.30		 	$	247		$	45		$	202		$	1.17		
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law, including the Tax Cuts and Jobs Act. For non-operating items, we apply a 21% tax rate.

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

	
									
Reconciliation of Fully Diluted Weighted Average Shares to Normalized Adjusted Operating Diluted Weighted Average Shares	
 	Three Months Ended	Year-to-Date	
(in millions USD)	6/30/2019	6/30/2018	6/30/2019	6/30/2018	
 	 	 	 	 	
Fully Diluted weighted average shares outstanding	150		173		151		176		
Dilutive effect of the exercise or issuance of stock based awards	—		—		—		—		
Weighted average common shares outstanding - diluted	150		173		151		176		

								
Reconciliation of Book Value per Common Share to Book Value per Share excluding AOCI	
 	As of June 30, 2019	As of June 30, 2018	
 	 	 	
Book value per common share, including AOCI	$	67.37		$	52.22		
Per share impact of AOCI	(20.43	)	(5.82	)	
Book value per common share, excluding AOCI	$	46.94		$	46.40		

	
										
Reconciliation of Investment Management Adjusted Operating Margin to Normalized Adjusted Operating Margin Excluding Investment Capital (1)	
 	Three Months Ended	
(in millions USD, unless otherwise indicated)	6/30/2019	3/31/2019	6/30/2018	
 	 	 	 	
Adjusted Operating revenues	$	163		$	148		$	171		
Adjusted operating expenses	(122	)	(114	)	(119	)	
Adjusted operating earnings before income taxes	$	41		$	34		$	52		
Adjusted operating margin	25.3	%	22.7	%	30.7	%	
 	 	 	 	
Adjusted Operating revenues	$	163		$	148		$	171		
Less:	 	 	 	
Investment Capital Results	7		(2	)	5		
Adjusted operating revenues excluding Investment Capital	156		150		166		
Adjusted operating expenses	(122	)	(114	)	(119	)	
Adjusted operating earnings excluding Investment Capital	$	34		$	36		$	47		
Adjusted operating margin excluding Investment Capital	21.9	%	23.9	%	28.7	%	
 	 	 	 	
Adjusted Operating revenues	$	163		$	148		$	171		
Less:	 	 	 	
Investment Capital Results above (below) long-term expectations	2		(7	)	(1	)	
Adjusted operating revenue related to annuities businesses sold on June 1, 2018	—		—		6		
Normalized adjusted operating revenues	161		155		166		
Adjusted operating expenses	(122	)	(114	)	(119	)	
Normalized adjusted operating earnings excluding Investment Capital above (below) long-term expectations	$	39		$	41		$	47		
Normalized adjusted operating margin excluding Investment Capital above (below) long-term expectations	24.4	%	26.2	%	28.5	%	
(1) In our Investment Management business, normalized and adjusted operating margins excluding investment capital results are reported because the results from investment capital can be volatile and excluding the effect of these items can improve period-to-period comparability.

Exhibit 99.2

Quarterly Investor Supplement

June 30, 2019

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

	

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

Table of Contents

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

	
				
Voya Financial	 	Page 3  of 47	

Explanatory Note on Non-GAAP Financial Information

On September 12, 2018, we issued 325,000 shares of 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $319 million. Dividend payments will be made semi-annually in arrears on the 15th day of March and September of each year, commencing on March 15, 2019. On June 11, 2019, we issued 300,000 shares of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $293 million. Dividend payments will be made quarterly in arrears on the 15th of March, June, September and December of each year, commencing on September 15, 2019.
On June 1, 2018, we closed a transaction that resulted in the disposition of substantially all of our Closed Block Variable Annuity (“CBVA”) and annuities businesses (the "2018 Transaction"). 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 2018 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. In the first quarter of 2019, income (loss) from discontinued operations included a $79 million charge related to a proposed settlement of purchase price true-up amounts. In the second quarter of 2019, we settled all outstanding purchase price true-up amounts. Income (loss) from discontinued operations, net of tax for the six months ended June 30, 2019, includes a $82 million charge related to the purchase price true-up settlement.
Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
		
▪	Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;	
		
•	Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;	
		
•	Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;	
		
•	Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;	
		
•	Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;	
		
•	Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;	
		
•	Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;	
		
•	Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and	

	
				
Voya Financial	 	Page 4  of 47	

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

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

	
				
Voya Financial	 	Page 5  of 47	

Explanatory Note on Non-GAAP Financial Information

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

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

	
				
Voya Financial	 	Page 6  of 47	

Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD, unless otherwise indicated)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Net income (loss) available to Voya Financial, Inc.'s common shareholders	226		 	64		 	121		 	142		 	166		 	290		 	612		
Per common share (basic)	1.57		 	0.44		 	0.78		 	0.89		 	1.00		 	1.99		 	3.60		
Per common share (diluted)	1.51		 	0.42		 	0.76		 	0.87		 	0.96		 	1.93		 	3.48		
Adjusted operating earnings: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	278		 	194		 	238		 	163		 	238		 	472		 	401		
After income taxes	229		 	163		 	209		 	139		 	195		 	391		 	332		
Effective tax rate	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	17.9	%	 	17.1	%	 	17.2	%	
Per common share (diluted)	1.52		 	1.07		 	1.32		 	0.84		 	1.13		 	2.59		 	1.89		
Normalized adjusted operating earnings: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	235		 	223		 	255		 	265		 	247		 	458		 	462		
After income taxes	195		 	186		 	222		 	220		 	202		 	380		 	380		
Effective tax rate	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	R	18.0	%	R	17.0	%	 	17.7	%	
Per common share (diluted)	1.30		 	1.22		 	1.40		 	1.34		 	1.17		 	2.51		 	2.15		
Shareholder's equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Voya Financial, Inc. Common Shareholders' Equity	9,452		 	8,746		 	7,894		 	8,204		 	8,460		 	9,452		 	8,460		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI  (1)	6,585		 	6,780		 	7,287		 	7,427		 	7,517		 	6,585		 	7,517		
Net Deferred Tax Asset (DTA and AMT receivables) (net of valuation allowance) (2)	1,952		 	1,985		 	1,925		 	1,811		 	1,942		 	1,952		 	1,942		
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (2)	4,633		 	4,795		 	5,362		 	5,616		 	5,575		 	4,633		 	5,575		
Book value per common share (including AOCI)	67.37		 	59.13		 	52.28		 	52.22		 	52.22		 	67.37		 	52.22		
Book value per common share (excluding AOCI) (1)	46.94		 	45.84		 	48.26		 	47.28		 	46.40		 	46.94		 	46.40		
Debt to Capital:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	23.8	%	 	25.7	%	 	27.6	%	 	28.9	%	 	29.0	%	 	23.8	%	 	29.0	%	
Adjusted Debt to Capital (1) (4)	27.7	%	 	28.0	%	 	26.6	%	 	28.4	%	 	29.0	%	 	27.7	%	 	29.0	%	
Shares:			 			 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	144		 	147		 	154		 	160		 	167		 	145		 	170		
Diluted	150		 	151		 	158		 	164		 	173		 	151		 	176		
Adjusted Diluted (1) (3)	150		 	151		 	158		 	164		 	173		 	151		 	176		
Ending shares outstanding	140		 	148		 	151		 	157		 	162		 	140		 	162		
Returned to Common Shareholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Repurchase of common shares, excluding commissions	446		 	200		 	275		 	250		 	500		 	646		 	600		
Dividends to common shareholders	2		 	1		 	1		 	2		 	1		 	3		 	3		
Total cash returned to common shareholders	448		 	201		 	276		 	252		 	501		 	649		 	603		
 	
(1)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.	
(2)  Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Alternative Minimum Tax refundable in the short term under new tax legislation, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $445 million tax valuation allowance related to Federal NOLs for the period ended June 30, 2019.	
(3)  For an explanation of the diluted weighted-average common share measures used for Adjusted operating earnings per share (diluted) and Normalized adjusted operating earnings per share (diluted) please refer to "Reconciliation of Book Value per Common Share, excluding AOCI" on page 46  of this document.	
(4)  Includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	
R  Amounts revised to conform with the current period presentation. There was no change to after-tax earnings. The previously provided amounts were 17.8% and 17.0%.	

	
				
Voya Financial	 	Page 7  of 47	

Normalized Adjusted Operating Earnings by Segment

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD, unless otherwise indicated)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Normalized adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	153			141			172			176			160			294			307		
Investment Management	39			41			44			45			47			80			94		
Employee Benefits	47			40			43			47			34			87			66		
Individual Life	35			56			58			56			65			91			110		
Corporate	(39	)		(55	)		(62	)		(59	)		(59	)		(94	)		(115	)	
Before income taxes	235		 	223		 	255		 	265		 	247		 	458		 	462		
After income taxes	195		 	186		 	222		 	220		 	202		 	380		 	380		
Effective tax rate	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	 	18.0	%	 	17.0	%	 	17.7	%	
Per common share (diluted)	1.30		 	1.22		 	1.40		 	1.34		 	1.17		 	2.51		 	2.15		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayment fees and alternative investment income above (below) long-term expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	22		 	(16	)	 	11		 	27		 	6		 	6		 	9		
Investment Management	2		 	(7	)	 	—		 	3		 	(1	)	 	(5	)	 	4		
Employee Benefits	2		 	(2	)	 	1		 	2		 	1		 	—		 	2		
Individual Life	18		 	(5	)	 	6		 	10		 	7		 	13		 	8		
Before income taxes	44		 	(30	)	 	18		 	42		 	13		 	14		 	23		
After income taxes	35		 	(24	)	 	14		 	33		 	10		 	11		 	18		
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Per common share (diluted)	0.23		 	(0.16	)	 	0.10		 	0.20		 	0.06		 	0.07		 	0.11		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking and other adjustments (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	5		 	4		 	(13	)	 	50		 	3		 	9		 	(38	)	
Investment Management (2)	—		 	—		 	—		 	—		 	6		 	—		 	15		
Employee Benefits	—		 	—		 	(1	)	 	1		 	—		 	—		 	(1	)	
Individual Life	(6	)	 	(3	)	 	(21	)	 	(200	)	 	(31	)	 	(9	)	 	(60	)	
Corporate	—		 	—		 	—		 	5		 	—		 	—		 	—		
Before income taxes	(1	)	 	1		 	(35	)	 	(144	)	 	(22	)	 	—		 	(84	)	
After income taxes	(1	)	 	1		 	(28	)	 	(114	)	 	(17	)	 	—		 	(66	)	
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Per common share (diluted)	(0.01	)	 	0.01		 	(0.18	)	 	(0.70	)	 	(0.10	)	 	—		 	(0.37	)	
Adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	180		 	129		 	170		 	253		 	169		 	309		 	278		
Investment Management	41		 	34		 	44		 	48		 	52		 	75		 	113		
Employee Benefits	49		 	38		 	43		 	50		 	35		 	87		 	67		
Individual Life	47		 	48		 	43		 	(134	)	 	41		 	95		 	58		
Corporate	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(59	)	 	(94	)	 	(115	)	
Before income taxes	278		 	194		 	238		 	163		 	238		 	472		 	401		
After income taxes	229		 	163		 	209		 	139		 	195		 	391		 	332		
Effective tax rate	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	17.9	%	 	17.1	%	 	17.2	%	
Per common share (diluted)	1.52		 	1.07		 	1.32		 	0.84		 	1.13		 	2.59		 	1.89		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment.	
(2) For periods on or prior to June 30, 2018 other adjustments include Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	

	
				
Voya Financial	 	Page 8  of 47	

Normalized Effective Tax Rate

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD, unless otherwise indicated)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Normalized adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	235		 	223		 	255		 	265		 	247		 	458		 	462		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	49		 	47		 	54		 	56		 	52		 	96		 	97		
Tax adjustments (1)	(9	)	 	(9	)	 	(21	)	 	(10	)	 	(7	)	 	(18	)	 	(15	)	
Total taxes	40		 	37		 	32		 	45		 	45		 	78		 	82		
Effective tax rate	17.1	%	 	16.9	%	 	12.7	%	 	17.3	%	 	18.0	%	 	17.0	%	 	17.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayment fees and alternative investment income above (below) long-term expectations (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	44		 	(30	)	 	18		 	42		 	13		 	14		 	23		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	9		 	(6	)	 	4		 	9		 	3		 	3		 	5		
Total taxes	9		 	(6	)	 	4		 	9		 	3		 	3		 	5		
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking and other adjustments (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	(1	)	 	1		 	(35	)	 	(144	)	 	(22	)	 	—		 	(84	)	
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	—		 	—		 	(7	)	 	(30	)	 	(5	)	 	—		 	(18	)	
Total taxes	—		 	—		 	(7	)	 	(30	)	 	(5	)	 	—		 	(18	)	
Effective tax rate	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before income taxes	278		 	194		 	238		 	163		 	238		 	472		 	401		
Income taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	
Federal income taxes at 21% corporate rate	58		 	41		 	50		 	34		 	50		 	99		 	84		
Tax adjustments (1)	(9	)	 	(9	)	 	(21	)	 	(10	)	 	(7	)	 	(18	)	 	(15	)	
Total taxes	49		 	31		 	29		 	24		 	43		 	81		 	69		
Effective tax rate	17.7	%	 	16.3	%	 	12.2	%	 	14.9	%	 	17.9	%	 	17.1	%	 	17.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes tax adjustments for the dividends received deduction (DRD) related to certain qualified dividends that are not subject to federal income taxes less certain expense items that are not deductible for federal income taxes such as preferred stock dividends, certain compensation expenses, etc.	
(2)  The amount by which Investment income from prepayment fees and alternative investments exceeds or is less than our long-term expectations reported on a pre-DAC basis, but excluding such amounts attributable to prepayment fees and alternative income in the Corporate Segment.	
(3) For periods on or prior to June 30, 2018 other adjustments include Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.	

	
				
Voya Financial	 	Page 9  of 47	

Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	880		 	815		 	816		 	855		 	813		 	1,695		 	1,636		
Fee income	 	662		 	665		 	668		 	704		 	660		 	1,327		 	1,336		
Premiums	 	585		 	582		 	537		 	550		 	533		 	1,167		 	1,072		
Net realized capital gains (losses)	 	50		 	17		 	(52	)	 	(46	)	 	(120	)	 	67		 	(301	)	
Other revenues	 	102		 	113		 	120		 	127		 	101		 	215		 	200		
Income (loss) related to consolidated investment entities	 	67		 	5		 	93		 	62		 	126		 	72		 	137		
Total revenues	 	2,346			2,197			2,182			2,252			2,113			4,543			4,080		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,232	)	 	(1,186	)	 	(1,129	)	 	(1,268	)	 	(1,088	)	 	(2,418	)	 	(2,178	)	
Operating expenses	 	(687	)	 	(702	)	 	(690	)	 	(656	)	 	(645	)	 	(1,389	)	 	(1,345	)	
Net amortization of DAC/VOBA	 	(67	)	 	(85	)	 	(108	)	 	(86	)	 	(74	)	 	(152	)	 	(174	)	
Interest expense	 	(42	)	 	(42	)	 	(79	)	 	(47	)	 	(46	)	 	(84	)	 	(95	)	
Operating expenses related to consolidated investment entities	 	(20	)	 	(5	)	 	(14	)	 	(9	)	 	(19	)	 	(25	)	 	(26	)	
Total benefits and expenses	 	(2,048	)	 	(2,020	)	 	(2,020	)	 	(2,066	)	 	(1,872	)	 	(4,068	)	 	(3,818	)	
Income (loss) from continuing operations before income taxes	 	298		 	177		 	162		 	186		 	241		 	475		 	262		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	55		 	23		 	(37	)	 	11		 	(40	)	 	78		 	(101	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(9	)	 	(2	)	 	38		 	14		 	2		 	(11	)	 	(12	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	2		 	(21	)	 	(23	)	 	—		 	(8	)	 	(19	)	 	(53	)	
Income (loss) attributable to noncontrolling interests	 	25		 	(1	)	 	56		 	23		 	58		 	24		 	58		
Income (loss) on early extinguishment of debt	 	—		 	—		 	(37	)	 	—		 	—		 	—		 	(3	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	66		 	(47	)	 	—		 	—		 	66		 	—		
Dividend payments made to preferred shareholders	 	—		 	10		 	—		 	—		 	—		 	10		 	—		
Other adjustments	 	(53	)	 	(92	)	 	(26	)	 	(25	)	 	(9	)	 	(145	)	 	(28	)	
Adjusted operating earnings before income taxes (1)	 	278		 	194		 	238		 	163		 	238		 	472		 	401		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.	

	
				
Voya Financial	 	Page 10  of 47	

Consolidated Adjusted Operating Earnings Before Income Taxes

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Consolidated Adjusted Operating Earnings Before Income Taxes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	776		 	711		 	773		 	783		 	756		 	1,487		 	1,497		
Fee income	 	696		 	678		 	696		 	726		 	706		 	1,374		 	1,414		
Premiums	 	583		 	581		 	535		 	547		 	532		 	1,164		 	1,069		
Other revenue	 	40		 	53		 	49		 	52		 	39		 	93		 	76		
Adjusted operating revenues  (1)	 	2,095		 	2,023		 	2,053		 	2,108		 	2,033		 	4,118		 	4,056		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,140	)	 	(1,108	)	 	(1,120	)	 	(1,260	)	 	(1,101	)	 	(2,248	)	 	(2,216	)	
Operating expenses	 	(561	)	 	(591	)	 	(562	)	 	(557	)	 	(569	)	 	(1,152	)	 	(1,147	)	
Net amortization of DAC/VOBA	 	(72	)	 	(75	)	 	(91	)	 	(83	)	 	(77	)	 	(147	)	 	(195	)	
Interest expense	 	(44	)	 	(55	)	 	(42	)	 	(45	)	 	(48	)	 	(99	)	 	(97	)	
Adjusted operating benefits and expenses	 	(1,817	)	 	(1,829	)	 	(1,815	)	 	(1,945	)	 	(1,795	)	 	(3,646	)	 	(3,655	)	
Adjusted operating earnings before income taxes (1)	 	278		 	194		 	238		 	163		 	238		 	472		 	401		

	
																						
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	688		 	648		 	690		 	705		 	670		 	1,336		 	1,332		
Investment Management	 	163		 	148		 	159		 	168		 	171		 	311		 	356		
Employee Benefits	 	515		 	508		 	467		 	469		 	460		 	1,023		 	913		
Individual Life	 	643		 	626		 	643		 	660		 	641		 	1,269		 	1,272		
Corporate	 	86		 	93		 	94		 	106		 	91		 	179		 	183		
Adjusted operating revenues  (1)	 	2,095		 	2,023		 	2,053		 	2,108		 	2,033		 	4,118		 	4,056		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	180		 	129		 	170		 	253		 	169		 	309		 	278		
Investment Management	 	41		 	34		 	44		 	48		 	52		 	75		 	113		
Employee Benefits	 	49		 	38		 	43		 	50		 	35		 	87		 	67		
Individual Life	 	47		 	48		 	43		 	(134	)	 	41		 	95		 	58		
Corporate	 	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(59	)	 	(94	)	 	(115	)	
Adjusted operating earnings before income taxes (1)	 	278		 	194		 	238		 	163		 	238		 	472		 	401		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.	

	
				
Voya Financial	 	Page 11  of 47	

Adjusted Operating Earnings by Segment

																			
 	 	Three Months Ended June 30, 2019	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	449		 	7		 	29		 	240		 	51		 	776		
Fee income	 	211		 	152		 	16		 	307		 	10		 	696		
Premiums	 	4		 	—		 	472		 	94		 	13		 	583		
Other revenue	 	24		 	4		 	(2	)	 	2		 	12		 	40		
Adjusted operating revenues (1)	 	688		 	163		 	515		 	643		 	86		 	2,095		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(238	)	 	—		 	(361	)	 	(493	)	 	(48	)	 	(1,140	)	
Operating expenses	 	(248	)	 	(122	)	 	(100	)	 	(60	)	 	(31	)	 	(561	)	
Net amortization of DAC/VOBA	 	(22	)	 	—		 	(5	)	 	(43	)	 	(2	)	 	(72	)	
Interest expense	 	—		 	—		 	—		 	—		 	(44	)	 	(44	)	
Adjusted operating benefits and expenses	 	(508	)	 	(122	)	 	(466	)	 	(596	)	 	(125	)	 	(1,817	)	
Adjusted operating earnings before income taxes (1)	 	180		 	41		 	49		 	47		 	(39	)	 	278		

 	 	Three Months Ended June 30, 2018	
 	 	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		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.	

	
				
Voya Financial	 	Page 12  of 47	

Adjusted Operating Earnings by Segment

																			
 	 	Six Months Ended June 30, 2019	
(in millions USD)	 	Retirement	 	Investment Management	 	Employee Benefits	 	Individual Life	 	Corporate	 	Consolidated	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income and net realized gains (losses)	 	864		 	5		 	55		 	455		 	108		 	1,487		
Fee income	 	410		 	297		 	32		 	615		 	20		 	1,374		
Premiums	 	5		 	—		 	939		 	192		 	28		 	1,164		
Other revenue	 	57		 	9		 	(3	)	 	7		 	23		 	93		
Adjusted operating revenues (1)	 	1,336		 	311		 	1,023		 	1,269		 	179		 	4,118		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(469	)	 	—		 	(725	)	 	(951	)	 	(103	)	 	(2,248	)	
Operating expenses	 	(516	)	 	(236	)	 	(202	)	 	(131	)	 	(67	)	 	(1,152	)	
Net amortization of DAC/VOBA	 	(42	)	 	—		 	(9	)	 	(92	)	 	(4	)	 	(147	)	
Interest expense	 	—		 	—		 	—		 	—		 	(99	)	 	(99	)	
Adjusted operating benefits and expenses	 	(1,027	)	 	(236	)	 	(936	)	 	(1,174	)	 	(273	)	 	(3,646	)	
Adjusted operating earnings before income taxes (1)	 	309		 	75		 	87		 	95		 	(94	)	 	472		

 	 	Six Months Ended June 30, 2018	
 	 	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		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.

	
				
Voya Financial	 	Page 13  of 47	

Consolidated Balance Sheets

																
 	 	Balances as of	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Assets	 	 	 	 	 	 	 	 	 	 	
Total investments	 	67,050		 	65,625		 	63,566		 	63,873		 	63,857		
Cash and cash equivalents	 	1,482		 	1,033		 	1,538		 	1,789		 	1,534		
Assets held in separate accounts	 	79,915		 	77,649		 	71,228		 	80,937		 	78,642		
Premium receivable and reinsurance recoverable	 	6,640		 	6,753		 	6,860		 	7,068		 	7,617		
Short term investments under securities loan agreement and accrued investment income	 	2,591		 	2,585		 	2,334		 	2,490		 	2,353		
Deferred policy acquisition costs, Value of business acquired	 	3,246		 	3,600		 	4,116		 	4,061		 	4,008		
Deferred income taxes	 	576		 	864		 	1,157		 	1,122		 	1,266		
Other assets (1)	 	1,651		 	1,575		 	1,573		 	1,473		 	1,175		
Assets related to consolidated investment entities	 	2,011		 	2,301		 	2,310		 	2,223		 	2,288		
Total Assets	 	165,162		 	161,985		 	154,682		 	165,036		 	162,740		
 	 	 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	
Future policy benefits and contract owner account balances	 	65,421		 	65,366		 	65,489		 	65,523		 	65,980		
Liabilities related to separate accounts	 	79,915		 	77,649		 	71,228		 	80,937		 	78,642		
Payables under securities loan agreements, including collateral held	 	1,972		 	1,978		 	1,821		 	2,097		 	1,957		
Short-term debt	 	97		 	1		 	1		 	1		 	1		
Long-term debt	 	3,041		 	3,136		 	3,136		 	3,459		 	3,458		
Other liabilities (2)	 	2,983		 	2,849		 	2,838		 	2,632		 	2,339		
Liabilities related to consolidated investment entities	 	994		 	1,200		 	1,228		 	1,187		 	1,121		
Total Liabilities	 	154,423		 	152,179		 	145,741		 	155,836		 	153,498		
 	 	 	 	 	 	 	 	 	 	 	
Shareholders' Equity	 	 	 	 	 	 	 	 	 	 	
Preferred stock	 	—		 	—		 	—		 	—		 	—		
Common stock	 	3		 	3		 	3		 	3		 	3		
Treasury stock	 	(5,663	)	 	(5,203	)	 	(4,981	)	 	(4,705	)	 	(4,442	)	
Additional paid-in capital	 	24,642		 	24,310		 	24,316		 	24,301		 	23,951		
Retained earnings (deficit)	 	(11,785	)	 	(12,011	)	 	(11,732	)	 	(11,853	)	 	(11,995	)	
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	 	7,197		 	7,099		 	7,606		 	7,746		 	7,517		
Accumulated other comprehensive income	 	2,867		 	1,966		 	607		 	777		 	943		
Total Voya Financial, Inc. Shareholders' Equity	 	10,064		 	9,065		 	8,213		 	8,523		 	8,460		
Noncontrolling interest	 	675		 	741		 	728		 	677		 	782		
Total Shareholders' Equity	 	10,739		 	9,806		 	8,941		 	9,200		 	9,242		
Total Liabilities and Shareholders' Equity	 	165,162		 	161,985		 	154,682		 	165,036		 	162,740		
 	 	 	 	 	 	 	 	 	 	 	
(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 14  of 47	

DAC/VOBA Segment Trends

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	1,029		 	1,271		 	1,251		 	1,167		 	1,057		 	1,271		 	882		
Deferrals of commissions and expenses	 	18		 	17		 	19		 	17		 	18		 	35		 	37		
Amortization	 	(26	)	 	(33	)	 	(23	)	 	(25	)	 	(20	)	 	(59	)	 	(33	)	
Unlocking (1)	 	18		 	25		 	(19	)	 	50		 	(8	)	 	43		 	(67	)	
Change in unrealized capital gains/losses	 	(205	)	 	(251	)	 	43		 	42		 	120		 	(456	)	 	348		
Balance as of End-of-Period	 	834		 	1,029		 	1,271		 	1,251		 	1,167		 	834		 	1,167		
Deferred Sales Inducements as of End-of-Period (2)	 	31		 	32		 	34		 	34		 	33		 	31		 	33		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	2,421		 	2,679		 	2,648		 	2,687		 	2,566		 	2,679		 	2,366		
Deferrals of commissions and expenses	 	23		 	43		 	34		 	28		 	25		 	66		 	51		
Amortization	 	(47	)	 	(69	)	 	(61	)	 	(58	)	 	(38	)	 	(116	)	 	(39	)	
Unlocking	 	(4	)	 	(2	)	 	1		 	(46	)	 	(2	)	 	(6	)	 	(23	)	
Change in unrealized capital gains/losses	 	(134	)	 	(230	)	 	57		 	37		 	136		 	(364	)	 	332		
Balance as of End-of-Period	 	2,259		 	2,421		 	2,679		 	2,648		 	2,687		 	2,259		 	2,687		
Other (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	150		 	166		 	162		 	154		 	146		 	166		 	126		
Deferrals of commissions and expenses	 	22		 	7		 	9		 	7		 	8		 	29		 	14		
Amortization	 	(8	)	 	(6	)	 	(5	)	 	(5	)	 	(6	)	 	(14	)	 	(12	)	
Unlocking	 	—		 	—		 	(1	)	 	(2	)	 	—		 	—		 	—		
Change in unrealized capital gains/losses	 	(11	)	 	(17	)	 	1		 	8		 	6		 	(28	)	 	26		
Balance as of End-of-Period	 	153		 	150		 	166		 	162		 	154		 	153		 	154		
Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of Beginning-of-Period	 	3,600		 	4,116		 	4,061		 	4,008		 	3,769		 	4,116		 	3,374		
Deferrals of commissions and expenses	 	63		 	67		 	62		 	52		 	51		 	130		 	102		
Amortization	 	(81	)	 	(108	)	 	(89	)	 	(88	)	 	(64	)	 	(189	)	 	(84	)	
Unlocking	 	14		 	23		 	(19	)	 	2		 	(10	)	 	37		 	(90	)	
Change in unrealized capital gains/losses	 	(350	)	 	(498	)	 	101		 	87		 	262		 	(848	)	 	706		
Balance as of End-of-Period	 	3,246		 	3,600		 	4,116		 	4,061		 	4,008		 	3,246		 	4,008		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.	
(2)  Deferred sales inducements in other segments are insignificant.	
(3)  Includes Employee Benefits, Investment Management and closed blocks, including remaining annuities businesses.	

	
				
Voya Financial	 	Page 15  of 47	

Consolidated Capital Structure

																
 	 	Balances as of	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Financial Debt	 	 	 	 	 	 	 	 	 	 	
Senior bonds	 	2,037		 	2,035		 	2,035		 	2,358		 	2,357		
Subordinated bonds	 	1,097		 	1,097		 	1,097		 	1,097		 	1,097		
Other debt	 	4		 	5		 	5		 	5		 	5		
Total Debt	 	3,138		 	3,137		 	3,137		 	3,460		 	3,459		
 	 	 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	 	 	
Preferred equity (Excluding AOCI)  (1)	 	612		 	319		 	319		 	319		 	—		
Common equity (Excluding AOCI)	 	6,585		 	6,780		 	7,287		 	7,427		 	7,517		
Total Equity (Excluding AOCI)  (2)	 	7,197		 	7,099		 	7,606		 	7,746		 	7,517		
Accumulated other comprehensive income (AOCI)	 	2,867		 	1,966		 	607		 	777		 	943		
Total Voya Financial, Inc. Shareholders' Equity	 	10,064		 	9,065		 	8,213		 	8,523		 	8,460		
 	 	 	 	 	 	 	 	 	 	 	
Capital	 	 	 	 	 	 	 	 	 	 	
Total Capitalization	 	13,202		 	12,202		 	11,350		 	11,983		 	11,919		
Total Capitalization (Excluding AOCI) (2)	 	10,335		 	10,236		 	10,743		 	11,206		 	10,976		
 	 	 	 	 	 	 	 	 	 	 	
Debt to Capital	 		 	 	 	 	 	 	 	 	
Debt to Capital	 	23.8	%	 	25.7	%	 	27.6	%	 	28.9	%	 	29.0	%	
Adjusted Debt to Capital (2) (3)	 	27.7	%	 	28.0	%	 	26.6	%	 	28.4	%	 	29.0	%	
 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes Preferred stock par value and additional paid-in-capital.	
(2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38  of this document.	
(3)  Includes 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.	

	
				
Voya Financial	 	Page 16  of 47	

Consolidated Assets Under Management, Assets Under Administration and Advisement

																			
As of June 30, 2019	 	 	 	 	 	 	 	 	 	 	 	 	
(in millions USD)	 	General Account	 	Separate Account	 	Institutional/Mutual Funds	 	Total AUM - Assets Under Management	 	AUA - Assets Under Administration & Advisement (3)	 	Total AUM + AUA	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement (1)	 	32,688		 	73,105		 	48,628		 	154,421		 	247,335		 	401,756		
Investment Management	 	55,921		 	26,311		 	131,994		 	214,226		 	50,098		 	264,324		
Employee Benefits	 	1,827		 	15		 	—		 	1,842		 	—		 	1,842		
Individual Life (2)	 	12,871		 	2,719		 	—		 	15,590		 	—		 	15,590		
Eliminations/Other	 	(47,386	)	 	(22,235	)	 	(10,577	)	 	(80,198	)	 	(43,123	)	 	(123,321	)	
Total AUM and AUA	 	55,921		 	79,915		 	170,045		 	305,881		 	254,310		 	560,191		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes wrapped funds as well as unwrapped Voya-managed funds.	
(2)  Includes assets backing interest and non-interest sensitive products.	
(3)  Starting Q1 2019, AUA includes Assets Under Advisement. Retirement Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, General Account and Stable Value assets where only administrative or ancillary services are performed.	

Retirement

	
				
Voya Financial	 	Page 18  of 47	

Retirement Sources of Adjusted Operating Earnings and Key Metrics

																					
 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	385		 	390		 	391		 	387		 	385		 	775		 	766		
Limited partnership and Prepayment fee income	14		 	6		 	9		 	12		 	6		 	20		 	11		
Total gross investment income	399		 	396		 	400		 	399		 	391		 	795		 	777		
Investment expenses	(18	)	 	(19	)	 	(17	)	 	(18	)	 	(19	)	 	(37	)	 	(36	)	
Credited interest	(231	)	 	(229	)	 	(233	)	 	(233	)	 	(231	)	 	(460	)	 	(459	)	
Net margin	150		 	148		 	150		 	148		 	141		 	298		 	282		
Other investment income (1)	56		 	34		 	59		 	70		 	54		 	90		 	100		
Investment spread and other investment income	206		 	182		 	209		 	218		 	195		 	388		 	382		
Full service fee based revenue	133		 	124		 	127		 	136		 	132		 	257		 	265		
Recordkeeping and Other fee based revenue	111		 	108		 	114		 	111		 	105		 	219		 	213		
Total fee based margin	244		 	232		 	240		 	247		 	237		 	476		 	478		
Net underwriting gain (loss) and other revenue	—		 	3		 	1		 	—		 	—		 	3		 	(3	)	
Administrative expenses	(194	)	 	(215	)	 	(190	)	 	(179	)	 	(185	)	 	(409	)	 	(379	)	
Net Commissions	(53	)	 	(52	)	 	(50	)	 	(52	)	 	(52	)	 	(105	)	 	(105	)	
DAC/VOBA and other intangibles amortization, excluding unlocking  	(28	)	 	(25	)	 	(27	)	 	(31	)	 	(29	)	 	(53	)	 	(57	)	
DAC/VOBA and other intangibles unlocking (2)  	5		 	4		 	(13	)	 	50		 	3		 	9		 	(38	)	
Adjusted operating earnings before income taxes	180		 	129		 	170		 	253		 	169		 	309		 	278		
Adjusted Return on Capital (3)	13.9	%	 	13.6	%	 	14.1	%	 	13.4	%	 	12.0	%	 	13.9	%	 	12.0	%	
Full Service Revenue  (4)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service Investment Spread and other investment income	194		 	170		 	197		 	205		 	183		 	364		 	359		
Full Service Fee Based Revenue	133		 	124		 	127		 	136		 	132		 	257		 	265		
Total Full Service Revenue	327		 	294		 	324		 	340		 	315		 	621		 	624		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spread Based	32,688		 	32,784		 	33,006		 	32,468		 	32,519		 	32,688		 	32,519		
Fee Based	273,301		 	265,861		 	240,976		 	309,278		 	297,787		 	273,301		 	297,787		
Retail Client Assets	60,089		 	58,244		 	53,515		 	58,543		 	56,619		 	60,089		 	56,619		
Defined Contribution Investment-only Stable Value	35,678		 	34,967		 	34,078		 	34,573		 	33,957		 	35,678		 	33,957		
Total Client Assets	401,756		 	391,856		 	361,575		 	434,862		 	420,882		 	401,756		 	420,882		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2) During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.	
(3)  Adjusted Return on Capital calculated using trailing twelve months.	
(4)  Excludes Net underwriting gain (loss) and other revenue.	

	
				
Voya Financial	 	Page 19  of 47	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Full service - Corporate markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	65,366		 	58,705		 	64,380		 	61,888		 	60,650		 	58,705		 	60,495		
Transfers / Single deposits	828		 	1,352		 	1,679		 	927		 	986		 	2,180		 	2,052		
Recurring deposits	1,639		 	1,850		 	1,372		 	1,442		 	1,512		 	3,489		 	3,182		
Total Deposits	2,467		 	3,202		 	3,051		 	2,369		 	2,498		 	5,669		 	5,234		
Surrenders, benefits, and product charges	(2,158	)	 	(2,309	)	 	(2,448	)	 	(1,999	)	 	(2,261	)	 	(4,467	)	 	(4,726	)	
Net Flows	309		 	893		 	602		 	370		 	237		 	1,202		 	508		
Interest credited and investment performance	2,073		 	5,768		 	(6,278	)	 	2,122		 	1,001		 	7,841		 	885		
Client Assets, end of period - Corporate markets	67,748		 	65,366		 	58,705		 	64,380		 	61,888		 	67,748		 	61,888		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full service - Tax-exempt markets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	64,610		 	60,514		 	64,261		 	62,814		 	61,954		 	60,514		 	62,070		
Transfers / Single deposits	477		 	399		 	1,286		 	451		 	283		 	876		 	563		
Recurring deposits	879		 	953		 	801		 	825		 	864		 	1,832		 	1,721		
Total Deposits	1,356		 	1,352		 	2,087		 	1,276		 	1,147		 	2,708		 	2,284		
Surrenders, benefits, and product charges	(1,684	)	 	(1,660	)	 	(1,373	)	 	(1,547	)	 	(1,257	)	 	(3,344	)	 	(2,618	)	
Net Flows	(328	)	 	(309	)	 	713		 	(271	)	 	(110	)	 	(637	)	 	(334	)	
Interest credited and investment performance	1,696		 	4,405		 	(4,460	)	 	1,718		 	970		 	6,101		 	1,078		
Client Assets, end of period - Tax-exempt markets	65,978		 	64,610		 	60,514		 	64,261		 	62,814		 	65,978		 	62,814		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Total	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	129,976		 	119,219		 	128,641		 	124,702		 	122,604		 	119,219		 	122,565		
Transfers / Single deposits	1,305		 	1,751		 	2,965		 	1,378		 	1,269		 	3,056		 	2,615		
Recurring deposits	2,518		 	2,803		 	2,173		 	2,267		 	2,376		 	5,321		 	4,903		
Total Deposits	3,823		 	4,554		 	5,138		 	3,645		 	3,645		 	8,377		 	7,518		
Surrenders, benefits, and product charges	(3,842	)	 	(3,969	)	 	(3,821	)	 	(3,546	)	 	(3,518	)	 	(7,811	)	 	(7,344	)	
Net Flows	(19	)	 	584		 	1,315		 	99		 	127		 	565		 	174		
Interest credited and investment performance	3,769		 	10,173		 	(10,738	)	 	3,840		 	1,971		 	13,942		 	1,963		
Client Assets, end of period - Full Service Total	133,726		 	129,976		 	119,219		 	128,641		 	124,702		 	133,726		 	124,702		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Service - Client Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based	102,883		 	99,083		 	88,139		 	98,130		 	94,201		 	102,883		 	94,201		
Spread-based	30,842		 	30,893		 	31,080		 	30,511		 	30,501		 	30,842		 	30,501		
Client Assets, end of period - Full Service Total	133,726		 	129,976		 	119,219		 	128,641		 	124,702		 	133,726		 	124,702		

	
				
Voya Financial	 	Page 20  of 47	

Retirement Client Assets Rollforward by Product Group

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Recordkeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	166,778		 	152,837		 	211,149		 	203,561		 	202,226		 	152,837		 	220,191		
Transfers / Single deposits	602		 	999		 	1,552		 	1,754		 	544		 	1,601		 	1,054		
Recurring deposits	3,126		 	3,835		 	3,250		 	3,291		 	3,563		 	6,961		 	7,836		
Total Deposits	3,728		 	4,834		 	4,802		 	5,045		 	4,107		 	8,562		 	8,889		
Surrenders, benefits, and product charges	(3,968	)	 	(5,165	)	 	(41,969	)	 	(6,064	)	 	(6,747	)	 	(9,133	)	 	(28,276	)	
Net Flows	(240	)	 	(331	)	 	(37,167	)	 	(1,019	)	 	(2,639	)	 	(571	)	 	(19,386	)	
Interest credited and investment performance	3,879		 	14,272		 	(21,145	)	 	8,607		 	3,974		 	18,151		 	2,756		
Client Assets, end of period - Recordkeeping	170,417		 	166,778		 	152,837		 	211,149		 	203,561		 	170,417		 	203,561		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Defined Contribution (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Client Assets, beginning of period	296,754		 	272,056		 	339,789		 	328,288		 	324,830		 	272,056		 	342,756		
Transfers / Single deposits	1,907		 	2,750		 	4,517		 	3,132		 	1,814		 	4,657		 	3,670		
Recurring deposits	5,644		 	6,637		 	5,423		 	5,559		 	5,939		 	12,281		 	12,738		
Total Deposits	7,551		 	9,387		 	9,940		 	8,691		 	7,752		 	16,938		 	16,407		
Surrenders, benefits, and product charges	(7,810	)	 	(9,134	)	 	(45,790	)	 	(9,611	)	 	(10,265	)	 	(16,944	)	 	(35,621	)	
Net Flows	(259	)	 	253		 	(35,850	)	 	(920	)	 	(2,513	)	 	(6	)	 	(19,213	)	
Interest credited and investment performance	7,648		 	24,445		 	(31,883	)	 	12,421		 	5,972		 	32,093		 	4,745		
Client Assets, end of period - Total Defined Contribution	304,143		 	296,754		 	272,056		 	339,789		 	328,288		 	304,143		 	328,288		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Defined Contribution Investment-only Stable Value (SV) (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets, beginning of period	34,967		 	34,078		 	34,573		 	33,957		 	34,326		 	34,078		 	35,000		
Transfers / Single deposits	342		 	861		 	348		 	607		 	798		 	1,203		 	1,577		
Recurring deposits	186		 	118		 	208		 	87		 	279		 	304		 	384		
Total Deposits	528		 	979		 	556		 	694		 	1,077		 	1,507		 	1,961		
Surrenders, benefits, and product charges	(658	)	 	(765	)	 	(1,111	)	 	(269	)	 	(1,563	)	 	(1,423	)	 	(2,805	)	
Net Flows	(130	)	 	214		 	(555	)	 	425		 	(486	)	 	84		 	(844	)	
Interest credited and investment performance	842		 	675		 	60		 	191		 	118		 	1,517		 	(198	)	
Assets, end of period - Defined Contribution Investment-only SV	35,679		 	34,967		 	34,078		 	34,573		 	33,957		 	35,679		 	33,957		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail Client Assets (3)	60,089		 	58,244		 	53,515		 	58,543		 	56,619		 	60,089		 	56,619		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Assets (4)	1,846		 	1,891		 	1,926		 	1,957		 	2,018		 	1,846		 	2,018		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Client Assets	401,756		 	391,856		 	361,575		 	434,862		 	420,882		 	401,756		 	420,882		
 	
(1)  Total of Full Service and Recordkeeping	
(2)  Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.	
(3)  Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors.	
(4)  Includes other guaranteed payout products.	

Investment Management

	
				
Voya Financial	 	Page 22  of 47	

Investment Management Sources of Adjusted Operating Earnings

	
																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment capital and other investment income	 	7		 	(2	)	 	5		 	8		 	5		 	5		 	16		
Fee based margin	 	156		 	150		 	154		 	160		 	166		 	306		 	340		
Administrative expenses	 	(122	)	 	(114	)	 	(115	)	 	(120	)	 	(119	)	 	(236	)	 	(243	)	
Adjusted operating earnings before income taxes	 	41		 	34		 	44		 	48		 	52		 	75		 	113		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee based margin	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment advisory and administrative revenue	 	152		 	145		 	152		 	157		 	161		 	297		 	326		
Other fee based margin	 	4		 	5		 	2		 	3		 	5		 	9		 	14		
Fee based margin	 	156		 	150		 	154		 	160		 	166		 	306		 	340		

	
				
Voya Financial	 	Page 23  of 47	

Investment Management Analysis of AUM and AUA

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Client Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 			 			 			 			 	 	 	 	 	 	
Institutional	 	91,116		 	88,147		 	85,918		 	85,258		 	83,641		 	91,116		 	83,641		
Retail	 	67,189		 	65,512		 	61,257		 	69,295		 	67,894		 	67,189		 	67,894		
Subtotal External Clients	 	158,305		 	153,660		 	147,176		 	154,553		 	151,535		 	158,305		 	151,535		
General Account	 	55,921		 	56,021		 	56,288		 	55,862		 	55,617		 	55,921		 	55,617		
Total Client Assets (AUM)	 	214,226		 	209,681		 	203,464		 	210,415		 	207,152		 	214,226		 	207,152		
Administration Only Assets (AUA)	 	50,098		 	49,929		 	47,004		 	48,990		 	49,378		 	50,098		 	49,378		
Total AUM and AUA	 	264,324		 	259,610		 	250,468		 	259,405		 	256,530		 	264,324		 	256,530		

Investment Advisory and Administrative Revenues (1)	 	 	 	 	 	 	 	 	 	 	 			 			
External Clients	 	 	 	 	 	 	 	 	 	 	 			 			
Institutional	 	65		 	62		 	65		 	65		 	64		 	127		 	126		
Retail	 	55		 	52		 	54		 	59		 	58		 	107		 	116		
Subtotal External Clients	 	119		 	113		 	120		 	124		 	122		 	232		 	242		
General Account	 	29		 	28		 	28		 	28		 	36		 	57		 	76		
Total Investment Advisory and Administrative Revenues (AUM)	 	148		 	141		 	148		 	152		 	158		 	289		 	318		
Administration Only Fees	 	4		 	4		 	4		 	5		 	3		 	8		 	8		
Total Investment Advisory and Administrative Revenues	 	152		 	145		 	152		 	157		 	161		 	297		 	326		

Revenue Yield (bps) (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
External Clients	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Institutional	 	29.1		 	28.5		 	30.3		 	30.9		 	33.6		 	28.8		 	33.8		
Retail	 	33.1		 	32.2		 	33.9		 	34.2		 	33.1		 	32.7		 	33.2		
Revenue Yield on External Clients	 	30.8		 	30.1		 	31.9		 	32.4		 	33.4		 	30.5		 	33.6		
General Account	 	20.3		 	19.9		 	19.9		 	20.0		 	19.7		 	20.1		 	19.6		
Revenue Yield on Client Assets (AUM)	 	28.0		 	27.3		 	28.6		 	29.1		 	28.8		 	27.7		 	28.7		
Revenue Yield on Administration Only Assets (AUA)	 	3.3		 	3.0		 	3.5		 	3.8		 	2.9		 	3.2		 	3.5		
Total Revenue Yield on AUM and AUA (bps)	 	23.3		 	22.7		 	23.9		 	24.3		 	24.1		 	23.0		 	24.1		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue Yield on Client Assets (AUM) - trailing twelve months	 	28.2		 	28.6		 	28.7		 	28.4		 	28.3		 	28.2		 	28.3		
 	
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.	

	
				
Voya Financial	 	Page 24  of 47	

Investment Management Account Rollforward by Source

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Institutional AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	88,147		 	85,918		 	85,258		 	83,641		 	72,544		 	85,918		 	72,468		
Inflows	 	3,219		 	3,335		 	4,278		 	2,771		 	3,141		 	6,554		 	4,992		
Outflows	 	(2,230	)	 	(1,867	)	 	(2,699	)	 	(1,832	)	 	(1,741	)	 	(4,097	)	 	(3,300	)	
Subtotal Investment Management Sourced Institutional Net Flows	 	989		 	1,468		 	1,579		 	938		 	1,399		 	2,457		 	1,692		
Affiliate Sourced Institutional Inflows	 	545		 	1,269		 	587		 	786		 	432		 	1,814		 	853		
Affiliate Sourced Institutional Outflows	 	(762	)	 	(1,632	)	 	(1,471	)	 	(332	)	 	(541	)	 	(2,394	)	 	(1,240	)	
Subtotal Affiliate Sourced Net Flows	 	(217	)	 	(363	)	 	(884	)	 	454		 	(109	)	 	(580	)	 	(387	)	
Net flows- Institutional AUM	 	772		 	1,105		 	694		 	1,392		 	1,291		 	1,877		 	1,305		
Net Money Market Flows	 	—		 	—		 	—		 	—		 	—		 	—		 	—		
Change in Market Value	 	2,201		 	1,124		 	(360	)	 	551		 	80		 	3,325		 	31		
Other (Including Acquisitions / Divestitures) (1)	 	(4	)	 	—		 	325		 	(325	)	 	9,727		 	(4	)	 	9,837		
End of period AUM- Institutional	 	91,116		 	88,147		 	85,918		 	85,258		 	83,641		 	91,116		 	83,641		
Organic Growth (Net Flows/Beginning of period AUM)	 	0.9	 %	 	1.3	 %	 	0.8	 %	 	1.7	 %	 	1.8	 %	 	2.2	 %	 	1.8	 %	
Market Growth %	 	2.5	 %	 	1.3	 %	 	-0.4	 %	 	0.7	 %	 	0.1	 %	 	3.9	 %	 	—	 %	
Retail AUM:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Beginning of period AUM	 	65,512		 	61,257		 	69,295		 	67,894		 	68,014		 	61,257		 	69,812		
Inflows	 	1,717		 	1,924		 	1,777		 	1,391		 	1,560		 	3,641		 	3,240		
Outflows	 	(1,874	)	 	(2,004	)	 	(2,142	)	 	(1,087	)	 	(1,372	)	 	(3,878	)	 	(2,871	)	
Sub-advised Retail Net Flows	 	(139	)	 	(223	)	 	(382	)	 	(289	)	 	(436	)	 	(362	)	 	(852	)	
Subtotal Investment Management Sourced Retail Net Flows (2)	 	(296	)	 	(303	)	 	(747	)	 	15		 	(248	)	 	(599	)	 	(483	)	
Affiliate Sourced Retail Inflows	 	547		 	684		 	579		 	537		 	479		 	1,231		 	1,071		
Affiliate Sourced Retail Outflows	 	(831	)	 	(875	)	 	(952	)	 	(943	)	 	(778	)	 	(1,706	)	 	(1,600	)	
Subtotal Affiliate Sourced Retail Net Flows (2)	 	(284	)	 	(191	)	 	(373	)	 	(406	)	 	(300	)	 	(475	)	 	(529	)	
Variable Annuity Net Flows	 	(616	)	 	(550	)	 	(578	)	 	(600	)	 	(627	)	 	(1,166	)	 	(1,341	)	
Inflows from Sub-advisor Replacements	 	897		 	—		 	—		 	76		 	—		 	897		 	—		
Net flows- Retail AUM	 	(299	)	 	(1,044	)	 	(1,699	)	 	(915	)	 	(1,175	)	 	(1,343	)	 	(2,354	)	
Net Money Market Flows	 	(27	)	 	(122	)	 	158		 	(1	)	 	(28	)	 	(149	)	 	(112	)	
Change in Market Value	 	2,100		 	5,690		 	(6,434	)	 	2,549		 	946		 	7,790		 	583		
Other (Including Acquisitions / Divestitures) (1)	 	(97	)	 	(269	)	 	(63	)	 	(233	)	 	137		 	(366	)	 	(35	)	
End of period AUM- Retail	 	67,189		 	65,512		 	61,257		 	69,295		 	67,894		 	67,189		 	67,894		
Retail Organic Growth Excluding Variable Annuity Net Flows and Sub-advisor
Replacements (Net Flows / Beginning of period AUM)	 	-0.9	 %	 	-0.8	 %	 	-1.6	 %	 	-0.6	 %	 	-0.8	 %	 	-1.8	 %	 	-1.5	 %	
Market Growth %	 	3.2	 %	 	9.3	 %	 	-9.3	 %	 	3.8	 %	 	1.4	 %	 	12.7	 %	 	0.8	 %	
Total Investment Management Sourced Net Flows (2)	 	693		 	1,165		 	830		 	953		 	1,152		 	1,858		 	1,208		
Total Affiliate Sourced Net Flows (2)	 	(501	)	 	(554	)	 	(1,256	)	 	48		 	(409	)	 	(1,055	)	 	(916	)	
Total Variable Annuity Net Flows (1)	 	(616	)	 	(550	)	 	(578	)	 	(600	)	 	(627	)	 	(1,166	)	 	(1,341	)	
Total Inflows from Sub-advisor Replacements (3)	 	897		 	—		 	—		 	76		 	—		 	897		 	—		
Total Net Flows	 	473		 	61		 	(1,004	)	 	477		 	116		 	534		 	(1,049	)	
Net Flows excluding sub-advisor replacement and Variable Annuity net flows	 	192		 	611		 	(426	)	 	1,001		 	743		 	803		 	292		
Total External Clients Organic Growth  
(Net Flows (excludes VA) / Beginning of period AUM)  (2)	 	0.1	 %	 	0.4	 %	 	-0.3	 %	 	0.7	 %	 	0.5	 %	 	0.6	 %	 	-0.2	 %	
(1)  Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.	
(2)  For the three months ending June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, Affiliate Sourced Net Flows include Retirement distribution of Voya Investment Management retail funds.	
(3)  Reflects net flows mainly associated with outside managed funds.	

	
				
Voya Financial	 	Page 25  of 47	

Investment Management Account Value by Asset Type

															
 	Balances as of	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
Institutional	 	 	 	 	 	 	 	 	 	
Equity	23,041		 	22,517		 	21,169		 	23,712		 	23,188		
Fixed Income	68,075		 	65,630		 	64,061		 	61,396		 	60,363		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	—		 	—		 	688		 	150		 	90		
Total	91,116		 	88,147		 	85,918		 	85,258		 	83,641		
Retail	 	 	 	 	 	 	 	 	 	
Equity	41,621		 	40,591		 	37,107		 	44,441		 	43,075		
Fixed Income	23,207		 	22,370		 	21,298		 	21,685		 	21,326		
Real Estate	962		 	1,128		 	1,307		 	1,800		 	2,118		
Money Market	1,399		 	1,424		 	1,545		 	1,369		 	1,375		
Total	67,189		 	65,513		 	61,257		 	69,295		 	67,894		
General Account	 	 	 	 	 	 	 	 	 	
Equity	309		 	169		 	121		 	139		 	205		
Fixed Income	54,417		 	54,917		 	55,108		 	54,904		 	54,581		
Real Estate	—		 	—		 	—		 	—		 	—		
Money Market	1,195		 	935		 	1,059		 	819		 	831		
Total	55,921		 	56,021		 	56,288		 	55,862		 	55,617		
Combined Asset Type	 	 	 	 	 	 	 	 	 	
Equity	64,971		 	63,276		 	58,397		 	68,292		 	66,468		
Fixed Income	145,699		 	142,918		 	140,468		 	137,985		 	136,270		
Real Estate	962		 	1,128		 	1,307		 	1,800		 	2,118		
Money Market	2,594		 	2,359		 	3,292		 	2,338		 	2,296		
Total	214,226		 	209,681		 	203,464		 	210,415		 	207,152		
 	 	 	 	 	 	 	 	 	 	
Total Specialty Assets	67,631		 	67,260		 	66,423		 	66,600		 	66,950		
% of Specialty Assets / Total AUM	31.6	%	 	32.1	%	 	32.6	%	 	31.7	%	 	32.3	%	
 	 	 	 	 	 	 	 	 	 	
Total Retirement and Wealth Management Assets	99,754		 	98,480		 	94,440		 	101,319		 	98,298		
% of Retirement and Wealth Management Assets / Total AUM	46.6	%	 	47.0	%	 	46.4	%	 	48.2	%	 	47.5	%	

Employee Benefits

	
				
Voya Financial	 	Page 27  of 47	

Employee Benefits Sources of Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	 	23		 	23		 	23		 	23		 	23		 	46		 	46		
Limited partnership income and Prepayment fee income	 	—		 	—		 	—		 	1		 	1		 	—		 	1		
Total gross investment income	 	23		 	23		 	23		 	24		 	24		 	46		 	47		
Investment expenses	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(2	)	 	(2	)	
Credited interest	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(14	)	 	(28	)	 	(28	)	
Net margin	 	8		 	8		 	8		 	9		 	9		 	16		 	17		
Other investment income	 	7		 	4		 	6		 	7		 	5		 	11		 	10		
Investment spread and other investment income	 	15		 	12		 	14		 	16		 	14		 	27		 	27		
Net underwriting gain (loss) and other revenue	 	140		 	132		 	120		 	123		 	112		 	272		 	225		
Administrative expenses	 	(63	)	 	(62	)	 	(54	)	 	(53	)	 	(53	)	 	(125	)	 	(108	)	
Net commissions	 	(38	)	 	(40	)	 	(34	)	 	(35	)	 	(35	)	 	(78	)	 	(70	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	 	(5	)	 	(4	)	 	(2	)	 	(2	)	 	(3	)	 	(9	)	 	(6	)	
DAC/VOBA and other intangibles unlocking	 	—		 	—		 	(1	)	 	1		 	—		 	—		 	(1	)	
Adjusted operating earnings before income taxes	 	49		 	38		 	43		 	50		 	35		 	87		 	67		
Adjusted Return on Capital (1)	 	29.4	%	 	28.0	%	 	28.2	%	 	26.9	%	 	28.7	%	 	29.4	%	 	28.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	131		 	130		 	125		 	124		 	125		 	261		 	248		
Benefits	 	(97	)	 	(104	)	 	(98	)	 	(97	)	 	(102	)	 	(201	)	 	(200	)	
Other (2)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(2	)	 	(4	)	 	(4	)	
Total Group life	 	32		 	24		 	25		 	25		 	21		 	56		 	44		
Group Life Loss Ratio (Interest adjusted)	 	74.4	%	 	79.5	%	 	78.7	%	 	78.6	%	 	81.5	%	 	77.0	%	 	80.4	%	
Group stop loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	255		 	254		 	236		 	233		 	232		 	509		 	458		
Benefits	 	(205	)	 	(196	)	 	(183	)	 	(180	)	 	(189	)	 	(401	)	 	(370	)	
Other (2)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(1	)	 	(2	)	 	(2	)	
Total Group stop loss	 	49		 	57		 	52		 	52		 	42		 	106		 	86		
Stop loss Loss Ratio	 	80.6	%	 	77.3	%	 	77.5	%	 	77.0	%	 	81.7	%	 	79.0	%	 	81.0	%	
Voluntary Benefits, Disability, and Other	 	59		 	51		 	43		 	45		 	49		 	110		 	95		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Premiums	 	489		 	484		 	441		 	438		 	435		 	973		 	866		
Benefits	 	(346	)	 	(349	)	 	(318	)	 	(311	)	 	(321	)	 	(695	)	 	(635	)	
Other (2)	 	(3	)	 	(3	)	 	(3	)	 	(4	)	 	(2	)	 	(6	)	 	(6	)	
Total Net underwriting gain (loss) and other revenue	 	140		 	132		 	120		 	123		 	112		 	272		 	225		
Total Aggregate Loss Ratio (1)  	 	71.6	%	 	72.3	%	 	72.5	%	 	73.1	%	 	72.6	%	 	71.6	%	 	72.6	%	
 	 	 	
(1)  Adjusted Return on Capital and Total Aggregate Loss Ratio are calculated using Trailing twelve months.	
(2)  Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.	

	
				
Voya Financial	 	Page 28  of 47	

Employee Benefits Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	13		 	104		 	15		 	12		 	12		 	117		 	72		
Stop loss	 	9		 	236		 	25		 	36		 	15		 	245		 	194		
Voluntary	 	31		 	69		 	10		 	9		 	10		 	100		 	75		
Total sales by product line	 	53		 	409		 	50		 	57		 	37		 	462		 	341		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total gross premiums and deposits	 	532		 	521		 	473		 	468		 	469		 	1,053		 	931		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized In-force Premiums by Product Line:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Group life and Disability	 	715		 	720		 	659		 	654		 	664		 	715		 	664		
Stop loss	 	1,045		 	1,053		 	969		 	953		 	938		 	1,045		 	938		
Voluntary	 	392		 	390		 	311		 	309		 	312		 	392		 	312		
Total annualized in-force premiums	 	2,152		 	2,163		 	1,939		 	1,916		 	1,914		 	2,152		 	1,914		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assets Under Management by Fund Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	1,827		 	1,753		 	1,775		 	1,823		 	1,807		 	1,827		 	1,807		
Separate account	 	15		 	14		 	13		 	15		 	14		 	15		 	14		
Total AUM	 	1,842		 	1,767		 	1,788		 	1,838		 	1,821		 	1,842		 	1,821		

Individual Life

	
				
Voya Financial	 	Page 30  of 47	

Individual Life Sources of Adjusted Operating Earnings

																					
 	Three Months Ended	 	Year-to-Date	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sources of operating earnings before income taxes:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income	206		 	204		 	206		 	205		 	204		 	410		 	407		
Limited partnership income	16		 	6		 	9		 	9		 	10		 	22		 	14		
Prepayment fee income	7		 	2		 	3		 	2		 	3		 	9		 	5		
Total gross investment income	229		 	212		 	218		 	216		 	217		 	441		 	426		
Investment expenses	(7	)	 	(8	)	 	(7	)	 	(7	)	 	(7	)	 	(15	)	 	(15	)	
Credited interest	(149	)	 	(147	)	 	(153	)	 	(150	)	 	(150	)	 	(296	)	 	(299	)	
Net margin	73		 	57		 	58		 	59		 	60		 	130		 	112		
Other investment income (1)	15		 	9		 	16		 	19		 	13		 	24		 	27		
Investment spread and other investment income	88		 	66		 	74		 	78		 	73		 	154		 	139		
Fee based margin	3		 	3		 	3		 	3		 	3		 	6		 	6		
Net underwriting gain (loss) and other revenue	56		 	89		 	98		 	89		 	93		 	145		 	162		
Administrative expenses	(48	)	 	(56	)	 	(54	)	 	(51	)	 	(51	)	 	(104	)	 	(109	)	
Net commissions	(4	)	 	(6	)	 	(4	)	 	(5	)	 	(5	)	 	(10	)	 	(12	)	
DAC/VOBA and other intangibles amortization, excluding unlocking	(42	)	 	(45	)	 	(53	)	 	(48	)	 	(41	)	 	(87	)	 	(68	)	
DAC/VOBA and other intangibles unlocking	(6	)	 	(3	)	 	(21	)	 	(200	)	 	(31	)	 	(9	)	 	(60	)	
Adjusted operating earnings before income taxes	47		 	48		 	43		 	(134	)	 	41		 	95		 	58		
Adjusted Return on Capital (2)	8.6	%	 	9.3	%	 	9.1	%	 	9.8	%	 	10.6	%	 	8.6	%	 	10.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net underwriting gain (loss) and other revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee revenue / Premiums	415		 	418		 	428		 	427		 	427		 	833		 	844		
Net mortality, including Reinsurance	(368	)	 	(334	)	 	(329	)	 	(319	)	 	(331	)	 	(702	)	 	(702	)	
Reserve change / Other	9		 	5		 	(1	)	 	(19	)	 	(3	)	 	14		 	20		
Total net underwriting gain (loss) and other revenue	56		 	89		 	98		 	89		 	93		 	145		 	162		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.	
(2)  Adjusted Return on Capital calculated using trailing twelve months.	

	
				
Voya Financial	 	Page 31  of 47	

Individual Life Key Metrics

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Gross Premiums and Deposits by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest sensitive	 	308		 	337		 	336		 	320		 	314		 	645		 	632		
Non - interest sensitive	 	121		 	122		 	128		 	130		 	130		 	243		 	261		
Total gross premiums and deposits	 	429		 	459		 	464		 	450		 	444		 	888		 	893		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
End of Period:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
In-Force Face Amount by Product: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	83,309		 	83,512		 	82,334		 	81,634		 	81,266		 	83,309		 	81,266		
Variable life	 	19,476		 	19,846		 	20,146		 	20,626		 	21,016		 	19,476		 	21,016		
Term (2)	 	221,177		 	225,966		 	230,212		 	206,189		 	212,572		 	221,177		 	212,572		
Whole life	 	1,600		 	1,613		 	1,653		 	1,683		 	1,720		 	1,600		 	1,720		
Total in-force face amount	 	325,562		 	330,937		 	334,345		 	310,132		 	316,574		 	325,562		 	316,574		
In-Force Policy Count (in whole numbers): (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Universal life	 	232,699		 	235,521		 	237,435		 	239,742		 	241,992		 	232,699		 	241,992		
Variable life	 	47,198		 	48,043		 	48,803		 	49,517		 	50,387		 	47,198		 	50,387		
Term (2)	 	404,369		 	413,394		 	421,571		 	389,242		 	400,397		 	404,369		 	400,397		
Whole life	 	101,520		 	103,240		 	104,860		 	106,381		 	107,995		 	101,520		 	107,995		
Total in-force policy count	 	785,786		 	800,198		 	812,669		 	784,882		 	800,771		 	785,786		 	800,771		
Assets Under Management by Fund Group: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General account	 	12,871		 	12,845		 	12,848		 	12,902		 	12,899		 	12,871		 	12,899		
Separate account	 	2,719		 	2,685		 	2,439		 	2,826		 	2,774		 	2,719		 	2,774		
Total AUM	 	15,590		 	15,530		 	15,287		 	15,728		 	15,673		 	15,590		 	15,673		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Excludes amounts transferred to third parties through reinsurance transactions.	
(2)  Q4 2018 and forward balances include adjustments related to business exited through reinsurance agreements; periods prior to Q4 2018 have not been updated	

Corporate

	
				
Voya Financial	 	Page 33  of 47	

Corporate Adjusted Operating Earnings

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense (excluding Preferred stock dividends)	 	(43	)	 	(45	)	 	(44	)	 	(49	)	 	(49	)	 	(88	)	 	(98	)	
Preferred stock dividends	 	—		 	(10	)	 	—		 	—		 	—		 	(10	)	 	—		
Amortization of intangibles	 	(8	)	 	(9	)	 	(9	)	 	(9	)	 	(9	)	 	(17	)	 	(18	)	
Other (1)	 	12		 	9		 	(9	)	 	4		 	(1	)	 	21		 	1		
Adjusted operating earnings before income taxes	 	(39	)	 	(55	)	 	(62	)	 	(54	)	 	(59	)	 	(94	)	 	(115	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes results from Retained Business and other closed blocks, and revenues and expenses not allocated to our segments, including TSA revenues and Stranded costs. Also includes DAC/VOBA and other intangibles unlocking related to the Retained Business. During the three months ended September 30, 2018, the favorable unlocking impact of the annual review of assumptions was $5 million. Unlocking was not material for the other quarterly periods presented.	

Investment Information

	
				
Voya Financial	 	Page 35  of 47	

Portfolio Composition

																											
 	 	Balances as of	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
Composition of Investment Portfolio	 	Amount	% of Total	 	Amount	% of Total	 	Amount	% of Total	 	Amount	 	% of Total	 	Amount	% of Total	
Fixed maturities, available for sale, at fair value, after consolidation	 	49,150		73.3	%	 	47,923		73.0	%	 	46,298		72.9	%	 	46,185		 	72.4	%	 	46,104		72.3	%	
Fixed maturities, at fair value using the fair value option	 	3,358		5.0	%	 	3,159		4.8	%	 	2,956		4.7	%	 	2,886		 	4.5	%	 	2,983		4.7	%	
Equity securities, available for sale, at fair value	 	367		0.5	%	 	355		0.5	%	 	273		0.4	%	 	323		 	0.5	%	 	385		0.6	%	
Short-term investments	 	154		0.2	%	 	192		0.3	%	 	168		0.3	%	 	86		 	0.1	%	 	102		0.2	%	
Mortgage loans on real estate	 	8,418		12.6	%	 	8,516		13.0	%	 	8,676		13.6	%	 	8,862		 	13.8	%	 	8,904		13.8	%	
Policy loans	 	1,797		2.7	%	 	1,827		2.8	%	 	1,833		2.9	%	 	1,832		 	2.9	%	 	1,849		2.9	%	
Limited partnerships/corporations, before consolidation	 	1,665		N/M		 	1,525		N/M		 	1,511		N/M		 	1,482		 	N/M		 	1,453		N/M		
CLO/VOEs Adjustments (1)	 	(340	)	N/M		 	(359	)	N/M		 	(353	)	N/M		 	(359	)	 	N/M		 	(383	)	N/M		
Limited partnerships/corporations, after consolidation	 	1,325		2.0	%	 	1,166		1.8	%	 	1,158		1.8	%	 	1,123		 	1.8	%	 	1,070		1.7	%	
Derivatives	 	440		0.7	%	 	314		0.5	%	 	247		0.4	%	 	422		 	0.7	%	 	376		0.6	%	
Other investments	 	96		0.1	%	 	89		0.1	%	 	90		0.1	%	 	91		 	0.1	%	 	90		0.1	%	
Securities pledged to creditors	 	1,945		2.9	%	 	2,084		3.2	%	 	1,867		2.9	%	 	2,063		 	3.2	%	 	1,994		3.1	%	
Total investments, after consolidation	 	67,050		100.0	%	 	65,625		100.0	%	 	63,566		100.0	%	 	63,873		 	100.0	%	 	63,857		100.0	%	
Fixed Maturity Securities - Security Sector (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Government agencies and authorities	 	2,415		4.5	%	 	2,449		4.6	%	 	2,537		5.0	%	 	2,327		 	4.6	%	 	2,419		4.8	%	
U.S. Corporate - Public	 	20,410		37.4	%	 	20,187		38.0	%	 	19,848		38.7	%	 	20,381		 	39.8	%	 	20,577		40.2	%	
U.S. Corporate - Private	 	6,698		12.3	%	 	6,620		12.5	%	 	6,232		12.2	%	 	6,418		 	12.6	%	 	6,261		12.3	%	
Foreign Government / Agency	 	907		1.7	%	 	875		1.6	%	 	851		1.7	%	 	855		 	1.7	%	 	848		1.7	%	
Foreign Corporate - Public	 	4,903		9.0	%	 	4,839		9.1	%	 	4,604		9.0	%	 	4,687		 	9.1	%	 	4,552		8.9	%	
Foreign Corporate - Private	 	5,262		9.7	%	 	5,273		9.9	%	 	5,094		10.0	%	 	5,103		 	10.0	%	 	5,252		10.3	%	
State, municipalities and political subdivisions	 	1,754		3.2	%	 	1,715		3.2	%	 	1,659		3.2	%	 	1,631		 	3.2	%	 	1,659		3.2	%	
CMO-B	 	3,677		6.9	%	 	3,294		6.3	%	 	3,197		6.3	%	 	3,016		 	5.9	%	 	3,199		6.3	%	
Agency	 	888		1.6	%	 	885		1.7	%	 	818		1.6	%	 	827		 	1.6	%	 	823		1.6	%	
Non-Agency (3)	 	1,152		2.1	%	 	1,078		2.0	%	 	937		1.8	%	 	910		 	1.8	%	 	831		1.6	%	
Total Residential mortgage-backed securities	 	5,717		10.6	%	 	5,257		10.0	%	 	4,952		9.7	%	 	4,753		 	9.3	%	 	4,853		9.5	%	
Commercial mortgage-backed securities	 	4,090		7.5	%	 	3,827		7.2	%	 	3,416		6.7	%	 	3,116		 	6.1	%	 	2,932		5.7	%	
Other asset-backed securities (3)	 	2,297		4.1	%	 	2,124		3.9	%	 	1,928		3.8	%	 	1,863		 	3.6	%	 	1,728		3.4	%	
Total fixed maturities, including securities pledged  (4)	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		100.0	%	 	51,134		 	100.0	%	 	51,081		100.0	%	
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Due in one year or less	 	1,277		2.3	%	 	1,306		2.5	%	 	1,089		2.1	%	 	1,070		 	2.1	%	 	865		1.7	%	
Due after one year through five years	 	6,697		12.3	%	 	6,961		13.1	%	 	7,406		14.5	%	 	7,313		 	14.3	%	 	7,817		15.3	%	
Due after five years through ten years	 	9,800		18.0	%	 	9,746		18.3	%	 	9,715		19.0	%	 	9,993		 	19.5	%	 	9,943		19.5	%	
Due after ten years	 	24,575		45.1	%	 	23,945		45.0	%	 	22,615		44.2	%	 	23,026		 	45.1	%	 	22,943		44.9	%	
CMO-B	 	3,677		6.9	%	 	3,294		6.3	%	 	3,197		6.3	%	 	3,016		 	5.9	%	 	3,199		6.3	%	
Mortgage-backed securities	 	6,130		11.2	%	 	5,790		10.9	%	 	5,171		10.1	%	 	4,853		 	9.5	%	 	4,586		8.9	%	
Other asset-backed securities (3)	 	2,297		4.2	%	 	2,124		3.9	%	 	1,928		3.8	%	 	1,863		 	3.6	%	 	1,728		3.4	%	
Total fixed maturities, including securities pledged (4)	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		100.0	%	 	51,134		 	100.0	%	 	51,081		100.0	%	
Fixed Maturity Securities - NAIC Quality Designation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	30,510		56.0	%	 	29,805		56.1	%	 	28,405		55.6	%	 	28,525		 	55.7	%	 	28,817		56.5	%	
2	 	21,748		39.9	%	 	21,080		39.6	%	 	20,216		39.5	%	 	20,036		 	39.2	%	 	19,675		38.5	%	
3	 	1,577		2.9	%	 	1,698		3.2	%	 	1,798		3.5	%	 	1,783		 	3.5	%	 	1,803		3.5	%	
4	 	414		0.8	%	 	380		0.7	%	 	504		1.0	%	 	570		 	1.1	%	 	584		1.1	%	
5	 	166		0.3	%	 	118		0.2	%	 	120		0.2	%	 	143		 	0.3	%	 	123		0.2	%	
6	 	38		0.1	%	 	85		0.2	%	 	78		0.2	%	 	77		 	0.2	%	 	79		0.2	%	
Total fixed maturities, including securities pledged (4) (5)	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		100.0	%	 	51,134		 	100.0	%	 	51,081		100.0	%	
Fixed Maturity Securities - ARO Quality Rating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
AAA	 	9,755		17.9	%	 	9,518		17.9	%	 	9,112		17.8	%	 	8,750		 	17.1	%	 	8,885		17.4	%	
AA	 	3,825		7.0	%	 	3,660		6.9	%	 	3,526		6.9	%	 	3,466		 	6.8	%	 	3,510		6.9	%	
A	 	15,055		27.7	%	 	15,125		28.5	%	 	14,113		27.7	%	 	14,828		 	29.1	%	 	14,887		29.2	%	
BBB	 	22,674		41.6	%	 	21,611		40.6	%	 	20,826		40.7	%	 	20,565		 	40.1	%	 	20,191		39.5	%	
BB	 	1,994		3.7	%	 	2,117		4.0	%	 	2,297		4.5	%	 	2,221		 	4.3	%	 	2,170		4.2	%	
B and below	 	1,150		2.1	%	 	1,135		2.1	%	 	1,247		2.4	%	 	1,304		 	2.6	%	 	1,438		2.8	%	
Total fixed maturities, including securities pledged (5)	 	54,453		100.0	%	 	53,166		100.0	%	 	51,121		100.0	%	 	51,134		 	100.0	%	 	51,081		100.0	%	
(1)  Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds.	
(2)  Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors.	
(3)  Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.	
(4)  Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.	
(5)  ARO ratings do not directly translate into NAIC ratings.	

	
				
Voya Financial	 	Page 36  of 47	

Portfolio Results

																																				
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating investment income and annualized yield (1)	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	 	Net Investment Income	Annualized Yield	
Fixed maturity securities (2)	 	586		5.09	 %	 	594		5.12	 %	 	598		5.19	 %	 	575		5.05	 %	 	593		5.18	 %	 	1,180		5.10	 %	 	1,177		5.16	 %	
Equity securities	 	3		4.13	 %	 	3		3.94	 %	 	3		5.52	 %	 	3		5.48	 %	 	3		4.33	 %	 	6		4.04	 %	 	6		4.09	 %	
Mortgage loans	 	89		4.35	 %	 	90		4.36	 %	 	94		4.41	 %	 	94		4.39	 %	 	95		4.39	 %	 	179		4.35	 %	 	189		4.37	 %	
Limited partnerships	 	70		18.84	 %	 	2		0.42	 %	 	46		12.94	 %	 	74		22.17	 %	 	43		13.87	 %	 	72		9.59	 %	 	86		12.62	 %	
Policy loans	 	23		5.14	 %	 	23		5.22	 %	 	23		5.15	 %	 	23		5.12	 %	 	25		5.43	 %	 	46		5.18	 %	 	50		5.45	 %	
Short-term investments	 	4		0.62	 %	 	4		0.74	 %	 	4		0.71	 %	 	7		1.20	 %	 	5		0.85	 %	 	8		0.68	 %	 	9		0.74	 %	
Derivatives (2)	 	(1	)	N/A		 	4		N/A		 	10		N/A		 	10		N/A		 	10		N/A		 	3		N/A		 	20		N/A		
Prepayment fee income	 	21		0.14	 %	 	11		0.07	 %	 	15		0.09	 %	 	16		0.10	 %	 	9		0.06	 %	 	32		0.10	 %	 	16		0.05	 %	
Other assets	 	11		N/A		 	11		N/A		 	12		N/A		 	19		N/A		 	4		N/A		 	22		N/A		 	5		N/A		
Gross investment income before expenses and fees	 	806		5.35	 %	 	742		4.89	 %	 	805		5.33	 %	 	821		5.48	 %	 	787		5.22	 %	 	1,548		5.12	 %	 	1,558		5.18	 %	
Expenses and fees	 	(30	)	-0.21	 %	 	(31	)	-0.21	 %	 	(32	)	-0.22	 %	 	(38	)	-0.26	 %	 	(31	)	-0.21	 %	 	(61	)	-0.21	 %	 	(61	)	-0.21	 %	
Total investment income and annualized yield	 	776		5.14	 %	 	711		4.68	 %	 	773		5.11	 %	 	783		5.22	 %	 	756		5.01	 %	 	1,487		4.91	 %	 	1,497		4.97	 %	
Trading gains/losses (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	12		 	 	10		 	 	(24	)	 	 	17		 	 	(9	)	 	 	22		 	 	(26	)	 	
Equity securities	 	—		 	 	—		 	 	2		 	 	—		 	 	1		 	 	—		 	 	(2	)	 	
Mortgage loans	 	1		 	 	—		 	 	—		 	 	—		 	 	8		 	 	1		 	 	8		 	
Other investments	 	(1	)	 	 	1		 	 	7		 	 	(4	)	 	 	(4	)	 	 	—		 	 	5		 	
Total trading gains/losses	 	12		 	 	11		 	 	(15	)	 	 	13		 	 	(4	)	 	 	23		 	 	(15	)	 	
Impairments (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturities	 	(3	)	 	 	(31	)	 	 	(8	)	 	 	(7	)	 	 	(1	)	 	 	(34	)	 	 	(15	)	 	
Equity securities	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Mortgage loans	 	—		 	 	(2	)	 	 	—		 	 	—		 	 	—		 	 	(2	)	 	 	—		 	
Other investments	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	 	—		 	
Total impairments	 	(3	)	 	 	(33	)	 	 	(8	)	 	 	(7	)	 	 	(1	)	 	 	(36	)	 	 	(15	)	 	
Fair value adjustments (3)	 	135		 	 	96		 	 	91		 	 	(37	)	 	 	(46	)	 	 	231		 	 	(120	)	 	
Derivatives, including change in fair value of derivatives related to guaranteed benefits	 	(96	)	 	 	(67	)	 	 	(66	)	 	 	41		 	 	7		 	 	(163	)	 	 	29		 	
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	 	48		 	 	7		 	 	2		 	 	10		 	 	(44	)	 	 	55		 	 	(121	)	 	
Businesses exited through reinsurance (4)	 	79		 	 	80		 	 	3		 	 	13		 	 	(14	)	 	 	159		 	 	(50	)	 	
Consolidation/eliminations (5)	 	27		 	 	34		 	 	(14	)	 	 	3		 	 	(5	)	 	 	61		 	 	9		 	
Total investment income and realized capital gains (losses)	 	930		 	 	832		 	 	764		 	 	809		 	 	693		 	 	1,762		 	 	1,335		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Investment results related to businesses exited through reinsurance are excluded.	
(2)  Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities.	
(3)  Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources.	
(4)  Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement.	
(5)  Includes i) the impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company's management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company, ii) the elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.	

	
				
Voya Financial	 	Page 37  of 47	

Alternative Investment Income

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Retirement	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	722		 	705		 	643		 	646		 	558		 	714		 	547		
Alternative investment income	 	33		 	(1	)	 	23		 	38		 	20		 	32		 	38		
Investment Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	228		 	208		 	204		 	214		 	250		 	218		 	256		
Alternative investment income	 	7		 	(2	)	 	4		 	8		 	5		 	5		 	16		
Employee Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	84		 	81		 	63		 	63		 	53		 	83		 	52		
Alternative investment income	 	4		 	—		 	2		 	4		 	2		 	4		 	4		
Individual Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average alternative investments	 	491		 	463		 	412		 	387		 	348		 	477		 	330		
Alternative investment income	 	25		 	6		 	14		 	19		 	16		 	31		 	25		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The table above excludes alternative investments and income that are a component of Assets held for sale and Income (loss) from discontinued operations, net of tax, respectively, and alternative investments and income in Corporate.	

Reconciliations

	
				
Voya Financial	 	Page 39  of 47	

Reconciliation of Consolidated Statements of Operations

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	880		 	815		 	816		 	855		 	813		 	1,695		 	1,636		
Fee income	 	662		 	665		 	668		 	704		 	660		 	1,327		 	1,336		
Premiums	 	585		 	582		 	537		 	550		 	533		 	1,167		 	1,072		
Net realized capital gains (losses)	 	50		 	17		 	(52	)	 	(46	)	 	(120	)	 	67		 	(301	)	
Other revenues	 	102		 	113		 	120		 	127		 	101		 	215		 	200		
Income (loss) related to consolidated investment entities	 	67		 	5		 	93		 	62		 	126		 	72		 	137		
Total revenues	 	2,346		 	2,197		 	2,182		 	2,252		 	2,113		 	4,543		 	4,080		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest credited and other benefits to contract owners/policyholders	 	(1,232	)	 	(1,186	)	 	(1,129	)	 	(1,268	)	 	(1,088	)	 	(2,418	)	 	(2,178	)	
Operating expenses	 	(687	)	 	(702	)	 	(690	)	 	(656	)	 	(645	)	 	(1,389	)	 	(1,345	)	
Net amortization of DAC/VOBA	 	(67	)	 	(85	)	 	(108	)	 	(86	)	 	(74	)	 	(152	)	 	(174	)	
Interest expense	 	(42	)	 	(42	)	 	(79	)	 	(47	)	 	(46	)	 	(84	)	 	(95	)	
Operating expenses related to consolidated investment entities	 	(20	)	 	(5	)	 	(14	)	 	(9	)	 	(19	)	 	(25	)	 	(26	)	
Total benefits and expenses	 	(2,048	)	 	(2,020	)	 	(2,020	)	 	(2,066	)	 	(1,872	)	 	(4,068	)	 	(3,818	)	
Income (loss) from continuing operations before income taxes	 	298		 	177		 	162		 	186		 	241		 	475		 	262		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	55		 	23		 	(37	)	 	11		 	(40	)	 	78		 	(101	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(9	)	 	(2	)	 	38		 	14		 	2		 	(11	)	 	(12	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	2		 	(21	)	 	(23	)	 	—		 	(8	)	 	(19	)	 	(53	)	
Income (loss) attributable to noncontrolling interests	 	25		 	(1	)	 	56		 	23		 	58		 	24		 	58		
Income (loss) on early extinguishment of debt	 	—		 	—		 	(37	)	 	—		 	—		 	—		 	(3	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	—		 	66		 	(47	)	 	—		 	—		 	66		 	—		
Dividend payments made to preferred shareholders	 	—		 	10		 	—		 	—		 	—		 	10		 	—		
Other adjustments	 	(53	)	 	(92	)	 	(26	)	 	(25	)	 	(9	)	 	(145	)	 	(28	)	
Adjusted operating earnings before income taxes	 	278		 	194		 	238		 	163		 	238		 	472		 	401		

	
				
Voya Financial	 	Page 40  of 47	

Reconciliation of Adjusted Operating Revenues

																						
 	 	Three Months Ended	 	Year-to-Date	
(in millions USD)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	2,346		 	2,197		 	2,182		 	2,252		 	2,113		 	4,543		 	4,080		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less Adjustments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized investment gains (losses) and related charges and adjustments	 	51		 	10		 	(48	)	 	—		 	(49	)	 	61		 	(122	)	
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	 	(4	)	 	(3	)	 	45		 	12		 	4		 	(7	)	 	(3	)	
Revenues (losses) related to business exited through reinsurance or divestment	 	76		 	76		 	4		 	22		 	(18	)	 	152		 	(58	)	
Revenues (loss) attributable to noncontrolling interests	 	44		 	4		 	70		 	34		 	76		 	48		 	82		
Other adjustments (1)	 	84		 	87		 	58		 	76		 	67		 	171		 	125		
Total adjusted operating revenues	 	2,095		 	2,023		 	2,053		 	2,108		 	2,033		 	4,118		 	4,056		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues by segment	 			 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	688		 	648		 	690		 	705		 	670		 	1,336		 	1,332		
Investment Management	 	163		 	148		 	159		 	168		 	171		 	311		 	356		
Employee Benefits	 	515		 	508		 	467		 	469		 	460		 	1,023		 	913		
Individual Life	 	643		 	626		 	643		 	660		 	641		 	1,269		 	1,272		
Corporate	 	86		 	93		 	94		 	106		 	91		 	179		 	183		
Total adjusted operating revenues	 	2,095		 	2,023		 	2,053		 	2,108		 	2,033		 	4,118		 	4,056		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Includes fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.	

	
				
Voya Financial	 	Page 41  of 47	

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

																
 	 	Twelve Months Ended (1)	
(in millions USD, unless otherwise indicated)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Retirement	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	732		 	721		 	701		 	699		 	553		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	46		 	44		 	(1	)	 	19		 	(75	)	
Adjusted Operating Earnings - excluding Unlocking before interest	 	686		 	677		 	702		 	680		 	628		
Income tax expense	 	104		 	106		 	116		 	137		 	150		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	582		 	571		 	586		 	543		 	478		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	14.0	%	 	11.1	%	 	16.7	%	 	17.1	%	 	16.3	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	15.1	%	 	15.7	%	 	16.5	%	 	20.1	%	 	23.9	%	
Average Capital	 	4,186		 	4,180		 	4,156		 	4,063		 	3,987		
Ending Capital	 	4,123		 	4,126		 	4,289		 	4,218		 	4,100		
Adjusted Return on Capital	 	13.9	%	 	13.6	%	 	14.1	%	 	13.4	%	 	12.0	%	
 	 	 	 	 	 	 	 	 	 	 	
Investment Management
	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating Earnings - excluding Unlocking before interest	 	167		 	178		 	205		 	221		 	227		
Income tax expense	 	35		 	37		 	43		 	53		 	60		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	132		 	141		 	162		 	168		 	167		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	24.0	%	 	26.5	%	
Average Capital	 	302		 	304		 	305		 	306		 	309		
Ending Capital	 	306		 	301		 	300		 	297		 	310		
Adjusted Return on Capital	 	43.9	%	 	46.4	%	 	53.3	%	 	55.2	%	 	54.0	%	
 	 	 	 	 	 	 	 	 	 	 	
(1)  Due to rounding, trailing twelve month totals may not equal the sum of the quarters	
(2)  Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assume a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 42  of 47	

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

																
 	 	Twelve Months Ended (1)	
(in millions USD, unless otherwise indicated)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	
Employee Benefits	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	180		 	166		 	160		 	148		 	156		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	—		 	—		 	(1	)	 	—		 	(2	)	
Adjusted Operating Earnings - excluding Unlocking before interest	 	180		 	166		 	161		 	148		 	158		
Income tax expense	 	38		 	35		 	34		 	34		 	43		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	142		 	131		 	127		 	114		 	115		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	23.3	%	 	27.2	%	
Average Capital	 	482		 	468		 	449		 	424		 	398		
Ending Capital	 	509		 	507		 	470		 	466		 	463		
Adjusted Return on Capital	 	29.4	%	 	28.0	%	 	28.2	%	 	26.9	%	 	28.7	%	
 	 	 	 	 	 	 	 	 	 	 	
Individual Life	 	 	 	 	 	 	 	 	 	 	
Adjusted operating earnings before income taxes	 	4		 	(2	)	 	(33	)	 	(12	)	 	56		
Less:	 	 	 	 	 	 	 	 	 	 	
DAC/VOBA and other intangibles unlocking	 	(230	)	 	(255	)	 	(281	)	 	(268	)	 	(211	)	
Adjusted Operating Earnings - excluding Unlocking before interest	 	234		 	253		 	248		 	256		 	267		
Income tax expense	 	49		 	53		 	52		 	62		 	72		
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	 	185		 	200		 	196		 	194		 	195		
 	 	 	 	 	 	 	 	 	 	 	
Adjusted Operating effective tax rate, excluding Unlocking (2)	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	 	21.0	%	
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	 	21.0	%	 	21.0	%	 	21.0	%	 	24.1	%	 	27.1	%	
Average Capital	 	2,149		 	2,145		 	2,137		 	1,977		 	1,823		
Ending Capital	 	2,145		 	2,176		 	2,170		 	2,102		 	2,150		
Adjusted Return on Capital	 	8.6	%	 	9.3	%	 	9.1	%	 	9.8	%	 	10.6	%	
 	 	 	 	 	 	 	 	 	 	 	
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(2)  Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding Unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assumed a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.	

	
				
Voya Financial	 	Page 43  of 47	

Prepayments and Alternative Income Above (Below) Long-Term Expectations (2)(3)  

																					
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	6		 	—		 	2		 	4		 	(2	)	 	12		 	(1	)	
Investment Management	—		 	—		 	—		 	—		 	—		 	—		 	—		
Employee Benefits	—		 	—		 	—		 	—		 	—		 	—		 	—		
Individual Life	4		 	(1	)	 	—		 	—		 	—		 	3		 	(1	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Alternatives Above (Below) Long-term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	16		 	(16	)	 	9		 	23		 	8		 	32		 	25		
Investment Management	2		 	(7	)	 	—		 	3		 	(1	)	 	(2	)	 	6		
Employee Benefits	2		 	(2	)	 	1		 	2		 	1		 	3		 	4		
Individual Life	14		 	(4	)	 	6		 	10		 	7		 	26		 	13		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retirement	22		 	(16	)	 	11		 	27		 	6		 	44		 	24		
Investment Management	2		 	(7	)	 	—		 	3		 	(1	)	 	(2	)	 	6		
Employee Benefits	2		 	(2	)	 	1		 	2		 	1		 	3		 	4		
Individual Life	18		 	(5	)	 	6		 	10		 	7		 	29		 	12		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Impacts are pre-DAC and pre-tax.	
(2)  Due to rounding, trailing twelve month totals may not equal the sum of the quarters.	
(3)  Corporate segment impacts are immaterial.	

	
				
Voya Financial	 	Page 44  of 47	

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

																																													
 	Three Months Ended	
(in millions except per share in whole dollars)	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	
 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders	 	$	226		$	1.51		 	 	$	64		$	0.42		 	 	$	121		$	0.76		 	 	$	142		$	0.87		 	 	$	166		$	0.96		
Plus:  Net income (loss) attributable to noncontrolling interest	 	25		0.17		 	 	(1	)	(0.01	)	 	 	56		0.35		 	 	23		0.14		 	 	58		0.34		
Less:  Preferred stock dividends	 	—		—		 	 	(10	)	(0.07	)	 	 	—		—		 	 	—		—		 	 	—		—		
Less:  Income (loss) from discontinued operations	 	(3	)	(0.02	)	 	 	(79	)	(0.52	)	 	 	—		—		 	 	—		—		 	 	28		0.16		
Income (loss) from continuing operations	298		254		1.69		 	177		152		1.00		 	162		177		1.11		 	186		165		1.01		 	241		196		1.14		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	55		43		0.29		 	23		18		0.12		 	(37	)	(29	)	(0.19	)	 	11		9		0.05		 	(40	)	(32	)	(0.18	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(9	)	(7	)	(0.05	)	 	(2	)	(2	)	(0.01	)	 	38		30		0.19		 	14		11		0.07		 	2		2		0.01		
Income (loss) related to businesses exited through reinsurance or divestment	2		2		0.01		 	(21	)	(17	)	(0.11	)	 	(23	)	(18	)	(0.11	)	 	—		—		—		 	(8	)	(6	)	(0.04	)	
Net income (loss) attributable to noncontrolling interest	25		25		0.17		 	(1	)	(1	)	(0.01	)	 	56		56		0.35		 	23		23		0.14		 	58		58		0.34		
Income (loss) on early extinguishment of debt	—		—		—		 	—		—		—		 	(37	)	(29	)	(0.18	)	 	—		—		—		 	—		—		—		
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	—		—		—		 	66		52		0.34		 	(47	)	(37	)	(0.24	)	 	—		—		—		 	—		—		—		
Dividend payments made to preferred shareholders	—		—		—		 	10		10		0.07		 	—		—		—		 	—		—		—		 	—		—		—		
Other adjustments	(53	)	(38	)	(0.26	)	 	(92	)	(71	)	(0.47	)	 	(26	)	(5	)	(0.03	)	 	(25	)	(17	)	(0.09	)	 	(9	)	(21	)	(0.12	)	
Adjusted operating earnings	278		229		1.52		 	194		163		1.07		 	238		209		1.32		 	163		139		0.84		 	238		195		1.13		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	(1	)	(1	)	(0.01	)	 	1		1		0.01		 	(35	)	(27	)	(0.18	)	 	(144	)	(114	)	(0.70	)	 	(28	)	(22	)	(0.13	)	
Prepayment fees and alternative investment income above (below) long-term expectations	44		35		0.23		 	(30	)	(24	)	(0.16	)	 	18		14		0.10		 	42		33		0.20		 	13		10		0.06		
Investment Management earnings related to annuities business sold on 6/1/2018	—		—		—		 	—		—		—		 	—		—		—		 	—		—		—		 	6		5		0.03		
Normalized adjusted operating earnings	235		195		1.30		 	223		186		1.22		 	255		222		1.40		 	265		220		1.34		 	247		202		1.17		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  Per share calculations are based on un-rounded numbers.	

	
				
Voya Financial	 	Page 45  of 47	

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

																			
 	 	Six months ended	
(in millions except per share in whole dollars)	 	6/30/2019	 	6/30/2018	
 	 	Pre-tax	After-tax	Per share (1)	 	Pre-tax	After-tax	Per share (1)	
 	 	 	 	 	 	 	 	 	
Income (loss) available to Voya Financial, Inc.'s common shareholders	 	 	$	290		$	1.93		 	 	$	612		$	3.48		
Plus:  Net income (loss) attributable to noncontrolling interest	 	 	24		0.16		 	 	58		0.33		
Less:  Preferred stock dividends	 	 	10		0.07		 	 	—		—		
Less:  Income (loss) from discontinued operations	 	 	(82	)	(0.54	)	 	 	457		2.60		
Income (loss) from continuing operations	 	475		406		2.70		 	262		213		1.21		
Less:	 	 	 	 	 	 	 	 	
Net investment gains (losses) and related charges and adjustments	 	78		62		0.41		 	(101	)	(80	)	(0.45	)	
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	 	(11	)	(9	)	(0.06	)	 	(12	)	(9	)	(0.05	)	
Income (loss) related to businesses exited through reinsurance or divestment	 	(19	)	(15	)	(0.10	)	 	(53	)	(42	)	(0.24	)	
Net income (loss) attributable to noncontrolling interest	 	24		24		0.16		 	58		58		0.33		
Income (loss) on early extinguishment of debt	 	—		—		—		 	(3	)	(2	)	(0.01	)	
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	 	66		52		0.34		 	—		—		—		
Dividend payments made to preferred shareholders	 	10		10		(0.07	)	 	—		—		—		
Other adjustments	 	(145	)	(109	)	(0.71	)	 	(28	)	(44	)	(0.25	)	
Adjusted operating earnings	 	472		391		2.59		 	401		332		1.89		
Less:	 	 	 	 	 	 	 	 	
DAC, VOBA and other intangibles unlocking	 	—		—		—		 	(99	)	(78	)	(0.44	)	
Prepayment fees and alternative investment income above (below) long-term expectations	 	14		11		0.07		 	23		18		0.11		
Investment Management earnings related to annuities business sold on 6/1/2018	 	—		—		—		 	15		12		0.07		
Normalized adjusted operating earnings	 	458		380		2.51		 	462		380		2.15		
 	 	 	 	 	 	 	 	 	
(1)  Per share calculations are based on un-rounded numbers.	

	
				
Voya Financial	 	Page 46  of 47	

Reconciliation of Book Value Per Common Share, Excluding AOCI

																						
 	 	Three Months Ended or As of	 	Year-to-Date or As of	
(in whole dollars)	 	6/30/2019	 	3/31/2019	 	12/31/2018	 	9/30/2018	 	6/30/2018	 	6/30/2019	 	6/30/2018	
Book value per common share, including AOCI	 	67.37		 	59.13		 	52.28		 	52.22		 	52.22		 	67.37		 	52.22		
Per share impact of AOCI	 	(20.43	)	 	(13.29	)	 	(4.02	)	 	(4.94	)	 	(5.82	)	 	(20.43	)	 	(5.82	)	
Book value per common share, excluding AOCI	 	46.94		 	45.84		 	48.26		 	47.28		 	46.40		 	46.94		 	46.40		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt to capital	 	23.8	 %	 	25.7	 %	 	27.6	 %	 	28.9	 %	 	29.0	 %	 	23.8	 %	 	29.0	 %	
Capital impact of AOCI	 	6.6	 %	 	4.9	 %	 	1.6	 %	 	2.0	 %	 	2.5	 %	 	6.6	 %	 	2.5	 %	
Impact of 25% equity treatment afforded to subordinate debt	 	(2.7	)%	 	(2.6	)%	 	(2.6	)%	 	(2.5	)%	 	(2.5	)%	 	(2.7	)%	 	(2.5	)%	
Adjusted Debt to capital	 	27.7	 %	 	28.0	 %	 	26.6	 %	 	28.4	 %	 	29.0	 %	 	27.7	 %	 	29.0	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of shares used in Normalized adjusted operating earnings per common share (Diluted)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	 	149.9		 	151.3		 	157.9		 	164.0		 	172.8		 	150.6		 	175.6		
Dilutive effect of the exercise or issuance of stock-based awards (1)	 	—		 	—		 	—		 	—		 	—			—		 	—		
Weighted average common shares outstanding - Adjusted Diluted (1)	 	149.9		 	151.3		 	157.9		 	164.0		 	172.8		 	150.6		 	175.6		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  For periods in which there is a Net loss in Income from continuing operations, Normalized adjusted operating earnings per common share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the Normalized adjusted operating earnings per common share calculation.	

	
				
Voya Financial	 	Page 47  of 47	

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

																		
 	Three Months Ended	 	Twelve Months Ended	
(in millions USD, unless otherwise indicated)	6/30/2019	 	3/31/2019	 	6/30/2018	 	6/30/2019	 	3/31/2019	 	6/30/2018	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	163		 	148		 	171		 	638		 	646		 	712		
Adjusted operating expenses	(122	)	 	(114	)	 	(119	)	 	(471	)	 	(468	)	 	(485	)	
Adjusted operating earnings before income taxes	41		 	34		 	52		 	167		 	178		 	227		
Adjusted operating margin	25.3	%	 	22.7	%	 	30.7	%	 	26.2	%	 	27.7	%	 	31.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	163		 	148		 	171		 	638		 	646		 	712		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results	7		 	(2	)	 	5		 	18		 	16		 	29		
Adjusted operating revenues excluding Investment Capital	156		 	150		 	166		 	620		 	630		 	683		
Adjusted operating expenses	(122	)	 	(114	)	 	(119	)	 	(471	)	 	(468	)	 	(485	)	
Adjusted operating earnings excluding Investment Capital	34		 	36		 	47		 	149		 	162		 	198		
Adjusted operating margin excluding Investment Capital	21.9	%	 	23.9	%	 	28.7	%		24.2	%	 	26.0	%	 	28.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating revenues	163		 	148		 	171		 	638		 	646		 	712		
Less:	 	 	 	 	 	 	 	 	 	 	 	
Investment Capital Results above (below) long-term expectations	2		 	(7	)	 	(1	)	 	(2	)	 	(5	)	 	6		
Adjusted operating revenue related to annuities businesses sold on June 1, 2018	—		 	—		 	6		 	—		 	6		 	32		
Normalized adjusted operating revenues	161		 	155		 	166		 	640		 	645		 	674		
Adjusted operating expenses	(122	)	 	(114	)	 	(119	)	 	(471	)	 	(468	)	 	(485	)	
Normalized adjusted operating earnings	39		 	41		 	47		 	169		 	177		 	189		
Normalized adjusted operating margin	24.4	%	 	26.2	%	 	28.5	%	 	26.5	%	 	27.6	%	 	27.9	%