EX-99.2 3 a2023q1voyainvestorsupplem.htm EX-99.2 Document
Exhibit 99.2



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Quarterly Investor Supplement


March 31, 2023


This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2023. 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 FinancialChristopher BreslinMichael Katz
230 Park Avenue212-309-8941212-309-8999
New York, New York 10169Christopher.Breslin@voya.comIR@voya.com
NYSE Ticker:Web Site:
VOYAinvestors.voya.com
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Table of Contents
PagePage
ConsolidatedInvestment Information
Explanatory Note on Non-GAAP Financial Information3 - 5Portfolio Results GAAP Book Value, Gross Investment Income, and
Key Metrics  Earned Rate by Asset Class
Consolidated Statements of OperationsPortfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Adjusted Operating Earnings Before Income Taxes  Ratings
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Alternative Investment Income
Consolidated Balance SheetsAlternative Income and Prepayments Above (Below) Long-Term
DAC/VOBA Segment Trends   Expectations
Consolidated Capital StructureReconciliations
Consolidated Assets Under Management, Assets Under AdministrationReconciliation of Adjusted Operating Earnings Before Income Taxes and
  and Advisement  Earnings Per Common Share (Diluted) (QTD)
Wealth SolutionsReconciliation of Adjusted Operating Revenues
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Net Revenues by Segment40 - 41
 and Key MetricsReconciliation of Adjusted Operating Earnings Before Income Taxes
Client Assets Rollforward by Product Group16 - 17 Excluding Notable Items by Segment
Health SolutionsReconciliation of Book Value Per Common Share, Excluding AOCI,
Sources of Adjusted Operating Earnings Before Income TaxesLeverage Ratio, and Adjusted Diluted Shares
Key Metrics
Investment Management
Sources of Adjusted Operating Earnings Before Income Taxes
Analysis of AUM and AUA
Account Value Rollforward by Source
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
Net Revenue, Adjusted Operating Margin, Administrative
Expenses, and Adjusted Operating Return on Capital
Net Revenue and Adjusted Operating Margin
Administrative Expenses
Adjusted Operating Return on Allocated Capital
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Explanatory Note on Non-GAAP Financial Information
Prior period results have been recast for the company’s implementation of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) and for updates to the non-GAAP definition of adjusted operating earnings before income taxes in Corporate. For further information and for a reconciliation to previously reported financial information, please refer to company’s Dec. 31, 2022 Quarterly Investor Supplement Recast for LDTI and changes to non-GAAP definitions, which is available at investors.voya.com.

On January 24, 2023, we completed the acquisition of Benefitfocus, Inc. ("Benefitfocus"). We are reporting the financial results of Benefitfocus in our Health Solutions segment for periods after our acquisition of that business on January 24, 2023. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter 2023.

Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our 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) before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) 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) before income taxes for the following items:
▪Net investment gains (losses), 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 gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, 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 (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;
•Income (loss) attributable to noncontrolling interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and Allianz noncontrolling interest) 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 before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
•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;
•Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;
•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of 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. These amounts do not reflect 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, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. 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.


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Explanatory Note on Non-GAAP Financial Information
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.
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 investment gains (losses), 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 gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread.
•Revenues related to businesses exited or to be exited through reinsurance or divestment, which include 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 (including an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating revenues with how we manage our segments;
•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent such shareholders' interests in the revenues of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and
•Other adjustments 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 Adjusted 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 of 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 before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net 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, and fees for subscriptions and services associated with cloud-based benefits software.
•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.
•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.
•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.
•DAC/VOBA and other intangibles amortization.
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Explanatory Note on Non-GAAP Financial Information
Net Revenue and Adjusted Operating Margin
•    Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.
•    Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a
reconciliation of net revenue to adjusted operating revenue for each of our segments.
•    We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.
•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
•    We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD, unless otherwise indicated)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Net income (loss) available to Voya Financial, Inc.'s common shareholders6919016664546954
Per common share (basic)0.701.951.700.620.510.700.51
Per common share (diluted)0.631.781.570.570.460.630.46
Adjusted operating earnings: (1)
Before income taxes192206254228221192221
After income taxes158227210188182158182
Effective tax rate17.9 %-10.2 %17.5 %17.2 %17.6 %17.9 %17.6 %
Per common share (Adjusted diluted)1.442.131.971.701.551.441.55
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity3,3422,7372,3042,9885,0663,3425,066
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)
5,8875,7925,6075,0335,2265,8875,226
Book value per common share (including AOCI)34.0328.1623.7030.5249.5734.0349.57
Book value per common share (excluding AOCI) (1)
59.9559.5957.6951.4151.1459.9551.14
Leverage Ratios:
Debt-to-Capital36.1 %40.0 %43.4 %39.9 %29.8 %36.1 %29.8 %
Financial Leverage - excluding AOCI (1)
29.5 %29.5 %29.8 %32.8 %33.0 %29.5 %33.0 %
Shares:
Weighted-average common shares outstanding
Basic98979810210698106
Dilutive effect of warrants9767898
Other dilutive effects (2)
3222333
Diluted110107106111117110117
Adjusted Diluted (1)
110107106111117110117
Ending shares outstanding9897979810298102
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions——50255445—445
Dividends to common shareholders20192020212021
Total cash returned to common shareholders20197027546620466
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to 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 37 of this document.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
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Consolidated Statements of Operations
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Revenues
Net investment income545 548 522 581 630 545 630 
Fee income464 451 445 413 433 464 433 
Premiums685 612 606 597 608 685 608 
Net gains (losses)(16)(47)(125)(226)(288)(16)(288)
Other revenues78 31 33 44 40 78 40 
Income (loss) related to consolidated investment entities79 (40)(136)115 83 79 83 
Total revenues1,835 1,555 1,345 1,524 1,506 1,835 1,506 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders(751)(693)(537)(654)(644)(751)(644)
Operating expenses(836)(673)(632)(605)(632)(836)(632)
Net amortization of DAC/VOBA(59)(56)(60)(62)(62)(59)(62)
Interest expense(32)(30)(31)(33)(40)(32)(40)
Operating expenses related to consolidated investment entities(16)(20)(14)(18)(6)(16)(6)
Total benefits and expenses(1,694)(1,472)(1,274)(1,372)(1,384)(1,694)(1,384)
Income (loss) before income taxes141 83 71 152 122 141 122 
Income tax expense (benefit)12 (54)29 9 11 12 11 
Net income (loss)129 137 42 143 111 129 111 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest46 (57)(138)75 43 46 43 
Net income (loss) available to Voya Financial, Inc.83 194 180 68 68 83 68 
Less: Preferred stock dividends14 4 14 4 14 14 14 
Net income (loss) available to Voya Financial, Inc.'s common shareholders69 190 166 64 54 69 54 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)482 460 415 488 537 482 537 
Fee income468 455 451 418 440 468 440 
Premiums675 601 598 588 591 675 591 
Other revenue73 31 30 43 35 73 35 
Adjusted operating revenues (1)
1,697 1,547 1,495 1,537 1,603 1,697 1,603 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(689)(648)(557)(665)(696)(689)(696)
Operating expenses(731)(614)(590)(574)(605)(731)(605)
Net amortization of DAC/VOBA(31)(30)(32)(30)(30)(31)(30)
Interest expense (2)
(47)(37)(49)(40)(52)(47)(52)
Adjusted operating benefits and expenses(1,498)(1,328)(1,228)(1,309)(1,383)(1,498)(1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
200 219 267 228 221 200 221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest8 13 13 — — 8 — 
Adjusted operating earnings before income taxes (1)
192 206 254 228 221 192 221 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions684 669 645 709 756 684 756 
Health Solutions774 649 645 641 647 774 647 
Investment Management229 215 192 171 178 229 178 
Corporate11 15 13 17 22 11 22 
Adjusted operating revenues (1)
1,697 1,547 1,495 1,537 1,603 1,697 1,603 
Adjusted operating earnings before income taxes
Wealth Solutions132 145 128 197 228 132 228 
Health Solutions94 78 154 50 21 94 21 
Investment Management42 57 51 40 39 42 39 
Corporate(69)(60)(66)(60)(68)(69)(68)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
200 219 267 228 221 200 221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest8 13 13 — — 8 — 
Adjusted operating earnings before income taxes (1)
192 206 254 228 221 192 221 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to 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 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended March 31, 2023
(in millions USD)Wealth SolutionsHealth SolutionsInvestment ManagementCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)434 33 10 4 482 
Fee income231 21 216 — 468 
Premiums— 675 — — 675 
Other revenue20 45 2 6 73 
Adjusted operating revenues (1)
684 774 229 11 1,697 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(222)(467)— — (689)
Operating expenses(308)(204)(186)(33)(731)
Net amortization of DAC/VOBA(22)(8)— — (31)
Interest expense (2)
— — — (47)(47)
Adjusted operating benefits and expenses(552)(680)(186)(80)(1,498)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
132 94 42 (69)200 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — 9 (1)8 
Adjusted operating earnings before income taxes (1)
132 94 33 (68)192 
Three Months Ended March 31, 2022
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)487 39 11 1 537 
Fee income255 19 165 — 440 
Premiums— 591 — — 591 
Other revenue14 (2)2 21 35 
Adjusted operating revenues (1)
756 647 178 22 1,603 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(218)(478)— — (696)
Operating expenses(286)(141)(139)(38)(605)
Net amortization of DAC/VOBA(24)(6)— — (30)
Interest expense (2)
— — — (52)(52)
Adjusted operating benefits and expenses(528)(626)(139)(90)(1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
228 21 39 (68)221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — — — — 
Adjusted operating earnings before income taxes (1)
228 21 39 (68)221 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to 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 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/2022
Assets
Total investments38,703 39,110 39,519 40,913 42,950 
Cash and cash equivalents724 919 840 954 1,011 
Assets held in separate accounts84,569 80,174 75,980 80,017 93,108 
Premium receivable and reinsurance recoverable, net12,438 12,426 12,559 12,441 12,980 
Short term investments under securities loan agreement and accrued investment income 1,691 1,604 1,623 1,536 1,507 
Deferred policy acquisition costs, Value of business acquired2,333 2,363 2,389 2,422 2,450 
Current and deferred income taxes2,126 2,228 2,245 2,040 1,544 
Other assets (1)
4,191 3,578 3,532 2,608 2,748 
Assets related to consolidated investment entities4,433 4,204 4,195 4,165 3,933 
Total Assets 151,208 146,606 142,882 147,096 162,231 
Liabilities
Future policy benefits and contract owner account balances51,493 52,174 53,039 53,168 53,230 
Liabilities related to separate accounts84,569 80,174 75,980 80,017 93,108 
Payables under securities loan agreements, including collateral held1,328 1,302 1,378 1,220 1,124 
Short-term debt143 141 141 1 1 
Long-term debt2,094 2,094 2,094 2,385 2,406 
Other liabilities (2)
3,350 3,290 3,270 2,854 3,076 
Liabilities related to consolidated investment entities2,544 2,434 2,319 2,154 2,102 
Total Liabilities145,521 141,609 138,221 141,799 155,047 
Mezzanine Equity
Allianz noncontrolling interest166 166 155 — — 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(77)(39)(873)(821)(565)
Additional paid-in capital6,693 6,643 7,945 7,500 7,504 
Retained earnings (deficit)(118)(201)(854)(1,035)(1,102)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,499 6,404 6,219 5,645 5,838 
Accumulated other comprehensive income(2,545)(3,055)(3,303)(2,045)(160)
Total Voya Financial, Inc. Shareholders' Equity3,954 3,349 2,916 3,600 5,678 
Noncontrolling interest1,567 1,482 1,590 1,697 1,506 
Total Shareholders' Equity5,521 4,831 4,506 5,297 7,184 
Total Liabilities, Mezzanine Equity and Shareholders' Equity151,208 146,606 142,882 147,096 162,231 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.
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DAC/VOBA Segment Trends
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Wealth Solutions
Balance as of Beginning-of-Period1,088 1,095 1,103 1,111 1,118 1,088 1,118 
Deferrals of commissions and expenses16 16 15 16 17 16 17 
Amortization(22)(23)(23)(24)(24)(22)(24)
Balance as of End-of-Period1,082 1,088 1,095 1,103 1,111 1,082 1,111 
Deferred Sales Inducements as of End-of-Period22 24 23 23 23 22 23 
Health Solutions
Balance as of Beginning-of-Period190 182 178 168 164 190 164 
Deferrals of commissions and expenses13 15 14 17 10 13 10 
Amortization(8)(7)(9)(7)(6)(8)(6)
Balance as of End-of-Period194 190 182 178 168 194 168 
Total
Balance as of Beginning-of-Period1,279 1,278 1,281 1,279 1,282 1,279 1,282 
Deferrals of commissions and expenses29 31 29 33 27 29 27 
Amortization(31)(30)(32)(30)(30)(31)(30)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,276 1,279 1,278 1,281 1,279 1,276 1,279 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
1,057 1,084 1,111 1,141 1,171 1,057 1,171 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,333 2,363 2,389 2,422 2,450 2,333 2,450 
(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.
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Consolidated Capital Structure
Balances as of
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/2022
Financial Debt
Senior bonds1,4981,4961,4951,4951,495
Subordinated bonds737737737888909
Other debt22333
Total Financial Debt2,2372,2352,2352,3862,407
Other financial obligations (1)
335265269282301
Total Financial Obligations2,5722,5002,5042,6682,708
Mezzanine Equity
Allianz noncontrolling interest166166155——
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)5,8875,7925,6075,0335,226
Total Equity (Excluding AOCI) (3)
6,4996,4046,2195,6455,838
Accumulated other comprehensive income (AOCI)(2,545)(3,055)(3,303)(2,045)(160)
Total Voya Financial, Inc. Shareholders' Equity3,9543,3492,9163,6005,678
Noncontrolling interest1,5671,4821,5901,6971,506
Total Shareholders' Equity5,5214,8314,5065,2977,184
Capital
Capitalization (4)
6,1915,5845,1515,9868,085
Adjusted Capitalization excluding AOCI (5)
10,80410,55210,46810,01010,052
Leverage Ratios
Debt-to-Capital (6)
36.1 %40.0 %43.4 %39.9 %29.8 %
Financial Leverage excluding AOCI (7)
29.5 %29.5 %29.8 %32.8 %33.0 %
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to 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 37 of this document.
(4) Includes Total Financial, Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.
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Page 13 of 43


Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2023
(in millions USD)General AccountSeparate AccountInstitutional/Mutual FundsTotal AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)
Total AUM and AUA
Wealth Solutions (1)
33,242 80,922 78,067 192,231 305,663 497,895 
Health Solutions1,829 15 — 1,844 — 1,844 
Investment Management 36,934 25,011 265,643 327,589 56,310 383,899 
Eliminations/Other (3)
(35,071)(21,379)(11,459)(67,909)(44,544)(112,453)
Total AUM and AUA36,934 84,569 332,251 453,755 317,429 771,185 
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Wealth Solutions 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, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.
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Wealth Solutions







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Page 15 of 43
Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Sources of operating earnings before income taxes:
Gross investment income428 432 427 411 397 428 397 
Investment expenses(19)(20)(20)(20)(19)(19)(19)
Credited interest(218)(220)(218)(219)(215)(218)(215)
Net margin190 192 189 172 163 190 163 
Other investment income (1)
56 57 57 61 54 56 54 
Investment spread and other investment income, excluding alts/prepays above/below expectations
245 249 246 233 217 245 217 
Alternative investment income and prepayment fees above (below) long-term expectations(33)(50)(70)(7)52 (33)52 
Investment spread and other investment income212 199 176 226 269 212 269 
Full service fee based revenue136 134 137 145 156 136 156 
Recordkeeping and other fee based revenue111 108 107 112 112 111 112 
Total fee based margin 247 241 244 257 268 247 268 
Net underwriting gain (loss) and other revenue4 5 3 4 1 4 1 
Net revenue (2)
463 445 423 486 538 463 538 
Administrative expenses(251)(223)(214)(207)(223)(251)(223)
Net commissions(56)(55)(57)(58)(63)(56)(63)
DAC/VOBA and other intangibles amortization(23)(23)(24)(24)(24)(23)(24)
Adjusted operating earnings before income taxes132 145 128 197 228 132 228 
Adjusted Operating Margin TTM33.1 %36.9 %39.6 %44.5 %46.4 %
Adjusted Operating Margin Excluding Notables TTM38.6 %39.3 %37.9 %37.7 %36.9 %
Full Service Revenue (3)
Full Service Investment Spread and other investment income206 194 170 218 258 206 258 
Full Service Fee Based Revenue136 134 137 145 156 136 156 
Total Full Service Revenue343 327 307 363 414 342 414 
Client Assets
Fee Based (4)
408,688387,961364,099377,667422,629408,688 422,629 
Spread Based33,24233,88134,35834,22033,75933,242 33,759 
Investment-only Stable Value37,78138,14838,94439,62240,39137,781 40,391 
Retail Client Assets (5)
25,75724,90823,54724,89228,94125,757 28,941 
Eliminations (5)
(7,574)(7,511)(7,355)(7,381)(7,743)(7,574)(7,743)
Total Client Assets (4)
497,895477,386453,594469,019517,976497,895 517,976 
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
(5) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
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Page 16 of 43
Wealth Solutions Client Assets Rollforward by Product Group
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Full service - Corporate markets
Client Assets, beginning of period85,965 80,126 83,320 94,424 99,689 85,965 99,689 
Transfers / Single deposits1,770 1,603 1,074 1,176 1,676 1,770 1,676 
Recurring deposits2,850 2,108 2,231 2,297 2,558 2,850 2,558 
Total Deposits4,621 3,710 3,305 3,473 4,235 4,621 4,235 
Surrenders, benefits, and product charges(3,477)(2,900)(2,589)(2,798)(3,623)(3,477)(3,623)
Net Flows1,144 811 716 674 612 1,144 612 
Interest credited and investment performance4,506 5,028 (3,909)(11,778)(5,877)4,506 (5,877)
Client Assets, end of period - Corporate markets91,615 85,965 80,126 83,320 94,424 91,615 94,424 
Full service - Tax-exempt markets
Client Assets, beginning of period (1)
76,672 73,102 75,608 83,703 87,985 76,672 87,985 
Transfers / Single deposits323 887 248 534 374 323 374 
Recurring deposits1,100 1,061 986 1,006 1,046 1,100 1,046 
Total Deposits1,424 1,948 1,235 1,540 1,420 1,424 1,420 
Surrenders, benefits, and product charges(2,586)(1,807)(1,395)(1,215)(1,586)(2,586)(1,586)
Net Flows(1,162)141 (161)326 (165)(1,162)(165)
Interest credited and investment performance3,513 3,428 (2,346)(8,420)(4,117)3,513 (4,117)
Client Assets, end of period - Tax-exempt markets (1)
79,022 76,672 73,102 75,608 83,703 79,022 83,703 
Full Service - Total
Client Assets, beginning of period (1)
162,636 153,228 158,928 178,126 187,674 162,636 187,674 
Transfers / Single deposits2,094 2,489 1,322 1,710 2,050 2,094 2,050 
Recurring deposits3,951 3,169 3,217 3,303 3,605 3,951 3,604 
Total Deposits6,044 5,658 4,539 5,013 5,655 6,044 5,655 
Surrenders, benefits, and product charges(6,062)(4,706)(3,984)(4,013)(5,208)(6,062)(5,209)
Net Flows(18)952 555 1,000 446 (18)446 
Interest credited and investment performance8,019 8,456 (6,255)(20,198)(9,994)8,019 (9,994)
Client Assets, end of period - Full Service Total (1)
170,637 162,636 153,228 158,928 178,126 170,637 178,126 
Full Service - Client Assets
Fee-based (1)
137,792 129,171 119,299 125,179 144,853 137,792 144,853 
Spread-based32,845 33,466 33,929 33,749 33,273 32,845 33,273 
Client Assets, end of period - Full Service Total (1)
170,637 162,636 153,228 158,928 178,126 170,637 178,126 
(1) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.

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Wealth Solutions Client Assets Rollforward by Product Group
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Recordkeeping (1)
Client Assets, beginning of period254,957 241,241 248,931 274,065 283,744 254,957 283,744 
Transfers / Single deposits2,332 979 3,573 1,595 1,955 2,332 1,955 
Recurring deposits5,504 3,778 4,278 4,359 5,217 5,504 5,217 
Total Deposits7,836 4,758 7,851 5,954 7,171 7,836 7,172 
Surrenders, benefits, and product charges(7,747)(5,327)(5,846)(5,730)(8,065)(7,747)(8,065)
Net Flows89 (569)2,004 224 (893)89 (893)
Interest credited and investment performance11,993 14,285 (9,694)(25,358)(8,785)11,993 (8,785)
Client Assets, end of period - Recordkeeping267,038 254,957 241,241 248,931 274,065 267,038 274,065 
Total Defined Contribution (2)
Client Assets, beginning of period417,593 394,469 407,859 452,191 471,417 417,593 471,417 
Transfers / Single deposits4,425 3,469 4,895 3,304 4,005 4,425 4,005 
Recurring deposits9,455 6,947 7,495 7,663 8,822 9,455 8,822 
Total Deposits13,880 10,416 12,390 10,967 12,826 13,880 12,826 
Surrenders, benefits, and product charges(13,810)(10,033)(9,831)(9,743)(13,273)(13,810)(13,273)
Net Flows70 383 2,559 1,224 (447)70 (447)
Interest credited and investment performance20,012 22,741 (15,949)(45,556)(18,779)20,012 (18,779)
Client Assets, end of period - Total Defined Contribution437,675 417,593 394,469 407,859 452,191 437,675 452,191 
Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period38,148 38,944 39,622 40,391 40,246 38,148 40,246 
Transfers / Single deposits323 435 177 630 1,500 323 1,500 
Recurring deposits112 440 169 203 190 112 190 
Total Deposits435 875 346 833 1,690 435 1,690 
Surrenders, benefits, and product charges(1,146)(1,269)(431)(284)(545)(1,146)(545)
Net Flows(710)(394)(84)549 1,144 (710)1,144 
Interest credited and investment performance344 (402)(593)(1,319)(1,000)344 (1,000)
Assets, end of period - Defined Contribution Investment-only SV37,781 38,148 38,944 39,622 40,391 37,781 40,391 
Retail Client Assets (1)(4)
25,762 24,913 23,553 24,897 28,947 25,762 28,947 
Other Assets (5)
4,250 4,243 3,983 4,022 4,190 4,250 4,190 
Eliminations (1)
(7,574)(7,511)(7,355)(7,381)(7,743)(7,574)(7,743)
Total Client Assets (6)
497,895 477,386 453,594 469,019 517,976 497,895 517,976 
(1) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) 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.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(6) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
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Health Solutions







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Page 19 of 43
Health Solutions Sources of Adjusted Operating Earnings before income taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Sources of operating earnings before income taxes:
Gross investment income 24 24 24 25 23 24 23 
Investment expenses(1)(1)(1)(1)(1)(1)(1)
Credited interest(12)(12)(13)(13)(13)(12)(13)
Net margin11 11 11 10 9 11 9 
Other investment income12 14 13 12 12 12 12 
Investment spread and other investment income, excluding alts/prepays above/below expectations
23 24 24 22 20 23 20 
Alternative investment income and prepayment fees above (below) long-term expectations(2)(5)(7)— 5 (2)5 
Investment spread and other investment income21 19 17 22 25 21 25 
Fee based margin (1)
53 3 4 4 5 53 5 
Net underwriting gain (loss) and other revenue233 202 289 172 139 233 139 
Net revenue (2)
306 225 310 198 169 306 169 
Administrative expenses(124)(71)(66)(67)(72)(124)(72)
Premium taxes, fees and assessments(35)(27)(39)(32)(28)(35)(28)
Net commissions(44)(43)(41)(42)(42)(44)(42)
DAC/VOBA and other intangibles amortization(8)(7)(9)(7)(6)(8)(6)
Adjusted operating earnings before income taxes94 78 154 50 21 94 21 
Adjusted Operating Margin TTM36.2 %33.7 %30.3 %23.4 %25.5 %
Adjusted Operating Margin Excluding Notables TTM33.5 %33.0 %31.2 %29.6 %31.6 %
Group life:
Premiums157 151 150 148 143 157 143 
Benefits(134)(124)(50)(133)(166)(134)(166)
Other (3)
(3)(1)(2)(1)(2)(3)(2)
Total Group life21 26 98 14 (25)21 (25)
Group Life Loss Ratio (Interest adjusted)84.9 %82.3 %71.4 %89.5 %115.8 %89.8 %115.8 %
Group stop loss:
Premiums358 314 311 302 303 358 303 
Benefits(251)(226)(238)(238)(232)(251)(232)
Other (3)
(1)(1)(1)(1)(1)(1)(1)
Total Group stop loss106 87 72 63 70 106 70 
Stop loss Loss Ratio70.1 %72.0 %76.4 %78.9 %76.5 %70.1 %76.5 %
Voluntary Benefits, Disability, and Other106 93 123 99 99 106 99 
Net underwriting gain (loss) and other revenue
Premiums688 626 619 609 602 688 602 
Benefits(450)(420)(326)(430)(460)(450)(460)
Other (3)
(4)(4)(3)(8)(4)(4)(4)
Total Net underwriting gain (loss) and other revenue233 202 289 172 139 233 139 
Total Aggregate Loss Ratio TTM (4)
66.3 %68.9 %70.7 %73.1 %73.3 %66.3 %73.3 %
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) Loss ratio excludes $57M of favorable reserve release in 3Q'22 related to our annual assumption update.
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Health Solutions Key Metrics
Three Months Ended or As ofYear-to-Date or As of
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Sales by Product Line:
Group life and Disability104 23 4 14 86 104 86 
Stop loss343 20 42 24 323 343 323 
Voluntary and Other (1)
90 13 12 20 104 90 104 
Total sales by product line538 56 58 58 513 538 513 
Total gross premiums and deposits761 687 707 671 660 761 660 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability912 833 817 811 807 912 807 
Stop loss1,457 1,258 1,259 1,231 1,220 1,457 1,220 
Voluntary and Other (1)
930 689 684 681 678 930 678 
Total annualized in-force premiums and fees by product line3,300 2,780 2,760 2,722 2,705 3,300 2,705 
Assets Under Management by Fund Group:
General account1,829 1,866 1,938 1,981 1,886 1,829 1,886 
Separate account15 14 14 15 17 15 17 
Total AUM1,844 1,880 1,952 1,996 1,903 1,844 1,903 
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.
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Investment Management








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Voya Financial
Page 22 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
8 8 8 8 8 8 8 
Alternative investment income and prepayment fees above (below) long-term expectations2 (9)(20)(3)3 2 3 
Investment spread and other investment income10 (1)(12)6 11 10 11 
Fee based margin (1)
218 216 204 165 167 218 167 
Net revenue (2)
229 215 192 171 178 229 178 
Administrative expenses (3)
(186)(158)(142)(131)(139)(186)(139)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
42 57 51 40 39 42 39 
Adjusted Operating Margin TTM23.4 %24.7 %25.5 %26.8 %29.4 %
Adjusted Operating Margin Excluding Notables TTM25.4 %26.8 %26.0 %24.1 %25.2 %
Fee based margin (1)
Investment advisory and administrative revenue216 209 202 160 165 216 165 
Other fee based margin2 6 2 6 2 2 2 
Fee based margin218 216 204 165 167 218 167 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
42 57 51 40 39 42 39 
Less: Earnings (loss) attributable to Allianz noncontrolling interest9 14 13 — — 9 — 
Adjusted operating earnings before income taxes33 42 38 40 39 33 39 
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
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Investment Management Analysis of AUM and AUA
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Client Assets:
External Clients
Institutional164,443 161,502 160,720 136,596 143,581 164,443 143,581 
Retail126,212 121,833 118,016 61,070 71,578 126,212 71,578 
Subtotal External Clients290,654 283,335 278,735 197,666 215,159 290,654 215,159 
General Account36,934 38,028 38,614 38,686 38,049 36,934 38,049 
Total Client Assets (AUM)327,589 321,363 317,349 236,352 253,208 327,589 253,208 
Assets under Advisement and Administration (AUA)56,310 55,601 51,862 53,359 57,187 56,310 57,187 
Total AUM and AUA383,899 376,963 369,210 289,710 310,395 383,899 310,395 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional92 90 89 86 87 92 87 
Retail99 95 88 49 53 99 53 
Subtotal External Clients191 185 177 134 140 191 140 
General Account20 20 20 20 20 20 20 
Total Investment Advisory and Administrative Revenues (AUM)211 205 197 154 160 211 160 
Administration Only Fees5 5 5 5 5 5 5 
Total Investment Advisory and Administrative Revenues216 209 202 160 165 216 165 
Revenue Yield (bps) (1)
External Clients
Institutional22.6 22.1 21.4 24.5 23.7 22.6 23.7 
Retail31.6 31.1 28.0 29.4 29.1 31.6 29.1 
Revenue Yield on External Clients (2)
26.5 26.0 24.3 26.1 25.5 26.5 25.5 
General Account20.8 20.8 21.1 21.1 21.1 20.8 21.1 
Revenue Yield on Client Assets (AUM)25.8 25.3 23.9 25.3 24.8 25.8 24.8 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.7 3.7 3.4 3.8 3.5 3.7 3.5 
Total Revenue Yield on AUM and AUA (bps)22.6 22.3 21.0 21.3 20.9 22.6 20.9 
Revenue Yield on Client Assets (AUM) - trailing twelve months23.1 21.3 25.2 25.8 25.4 23.1 25.4 
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) External client yields do not reflect a full quarter of revenues resulting from the Allianz transaction.
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Page 24 of 43
Investment Management Account Rollforward by Source
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Institutional AUM:
Beginning of period AUM161,503 160,720 136,595 143,580 148,921 161,503 148,921 
Inflows5,739 8,249 4,759 5,500 5,963 5,739 5,963 
Outflows(6,683)(7,904)(5,648)(3,502)(3,742)(6,683)(3,742)
Net flows- Institutional(945)345 (889)1,998 2,221 (945)2,221 
Change in Market Value5,171 2,341 (5,815)(8,803)(7,411)5,171 (7,411)
Other (Including Acquisitions / Divestitures)(1,286)(1,903)30,828 (180)(151)(1,286)(151)
End of period AUM - Institutional164,443 161,503 160,720 136,595 143,580 164,443 143,580 
Organic Growth (Net Flows/Beginning of period AUM)-0.6 %0.2 %-0.7 %1.4 %1.5 %-0.6 %1.5 %
Market Growth %3.2 %1.5 %-4.3 %-6.1 %-5.0 %3.2 %-5.0 %
Retail AUM:
Beginning of period AUM121,833 118,016 61,070 71,579 76,908 121,833 76,908 
Inflows8,361 7,203 6,683 2,290 2,609 8,361 2,609 
Outflows(8,019)(7,400)(6,754)(3,728)(3,502)(8,019)(3,502)
Net flows- Retail342 (198)(71)(1,439)(893)342 (893)
Net Money Market Flows(36)51 45 120 (18)(36)(18)
Change in Market Value4,242 3,232 (6,332)(8,352)(4,181)4,242 (4,181)
Net Flows from Divested Businesses(515)(497)(467)(525)(668)(515)(668)
Other (Including Acquisitions / Divestitures)346 1,229 63,771 (313)431 346 431 
End of period AUM - Retail126,212 121,833 118,016 61,070 71,579 126,212 71,579 
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor
Replacements (Net Flows / Beginning of period AUM)		0.3 %-0.2 %-0.1 %-2.0 %-1.2 %0.3 %-1.2 %
Market Growth %3.5 %2.7 %-10.4 %-11.7 %-5.4 %3.5 %-5.4 %
Net Flows:
Institutional Net Flows(945)345 (889)1,998 2,221 (945)2,221 
Retail Net Flows342 (198)(71)(1,439)(893)342 (893)
Net Flows from Divested Businesses(515)(497)(467)(525)(668)(515)(668)
Total Net Flows(1,118)(350)(1,427)34 660 (1,118)660 
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements(602)147 (960)559 1,328 (602)1,328 
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)
-0.2 %0.1 %-0.5 %0.3 %0.6 %-0.2 %0.6 %
(1) Includes net flows related to Allianz transaction as of July 25, 2022.
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Voya Financial
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/2022
Institutional
Equity24,470 22,943 22,835 12,086 14,830 
Fixed Income - Public59,786 57,532 59,752 62,378 67,693 
Fixed Income - Privates67,126 67,809 63,361 47,177 45,985 
Alternatives13,060 13,218 14,771 14,955 15,073 
Money Market— — — — — 
Total164,443 161,502 160,720 136,596 143,581 
Retail
Equity63,429 60,244 57,343 36,100 44,128 
Fixed Income - Public59,638 58,480 57,714 22,124 24,749 
Fixed Income - Privates455 483 499 547 611 
Alternatives902 822 724 611 542 
Money Market1,788 1,803 1,736 1,688 1,548 
Total126,212 121,833 118,016 61,070 71,578 
General Account
Equity237 237 241 242 216 
Fixed Income - Public19,286 19,748 20,701 20,416 20,217 
Fixed Income - Privates14,826 14,942 14,877 14,764 14,500 
Alternatives2,226 2,378 2,450 2,732 2,628 
Money Market360 724 344 532 488 
Total36,934 38,028 38,614 38,686 38,049 
Combined Asset Type
Equity88,136 83,424 80,419 48,429 59,174 
Fixed Income - Public138,710 135,760 138,166 104,917 112,659 
Fixed Income - Privates82,406 83,234 78,737 62,488 61,097 
Alternatives16,189 16,418 17,945 18,298 18,243 
Money Market2,148 2,527 2,080 2,220 2,036 
Total327,589 321,363 317,349 236,352 253,208 
Total Private and Alternative Assets98,595 99,652 96,683 80,786 79,340 
% of Private and Alternative Assets / Total AUM30.1 %31.0 %30.5 %34.2 %31.3 %
Total Wealth Assets (1)
166,679 162,355 158,900 101,885 110,305 
% of Wealth Assets / Total AUM50.9 %50.5 %50.1 %43.1 %43.6 %
(1) Total Wealth Assets includes affiliated and non-affiliated Institutional defined contribution plan assets, Retail mutual funds, separately managed accounts, and general account assets considered to be wealth accumulation.
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Corporate








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Voya Financial
Page 27 of 43


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Interest expense (excluding Preferred stock dividends) (1)
(33)(33)(35)(36)(38)(33)(38)
Preferred stock dividends(14)(4)(14)(4)(14)(14)(14)
Stranded costs net of TSA revenue— — (1)(4)(4)— (4)
Pension expense (2)
(11)(11)(10)(10)(10)(11)(10)
Other (3)
(11)(12)(6)(6)(2)(11)(2)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(69)(60)(66)(60)(68)(69)(68)
Less: Earnings (loss) attributable to Allianz noncontrolling interest(1)(1)— — — (1)— 
Adjusted operating earnings before income taxes(68)(59)(65)(60)(68)(68)(68)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.
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Net Revenue, Adjusted Operating Margin,
Administrative Expenses, and Adjusted Operating Return on Capital

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Voya Financial
Page 29 of 43
Net Revenue and Adjusted Operating Margin
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income245 249 246 233 217 973 824 
Fee based margin 247 241 244 257 268 989 1,114 
Net underwriting gain (loss) and other revenue4 5 3 4 1 16 (4)
Wealth Solutions Net Revenue496 495 493 494 486 1,978 1,934 
Health Solutions
Investment spread and other investment income23 24 24 22 20 93 74 
Fee based margin53 3 4 4 5 64 13 
Net underwriting gain (loss) and other revenue233 202 232 172 179 839 705 
Health Solutions Net Revenue309 230 260 198 204 997 792 
Investment Management
Investment capital and other investment income8 8 8 8 8 32 31 
Fee based margin218 216 204 165 167 803 685 
Investment Management Net Revenue227 224 212 173 175 836 716 
Total Net Revenue Excluding Notable Items (1)
1,032 949 965 865 865 3,811 3,442 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions166 195 198 204 176 763 713 
Health Solutions 97 83 105 51 56 335 250 
Investment Management41 64 67 42 37 212 181 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
303 342 370 297 269 1,310 1,144 
Corporate(69)(60)(65)(60)(68)(255)(255)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
234 282 305 236 201 1,055 889 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items8 13 13 — — 34 — 
Total Adjusted Operating Earnings Excluding Notable Items (1)
226 269 291 236 201 1,022 889 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions33.4 %39.3 %40.2 %41.4 %36.2 %38.6 %36.9 %
Health Solutions31.3 %36.0 %40.2 %25.5 %27.5 %33.5 %31.6 %
Investment Management18.0 %28.6 %31.6 %24.3 %21.1 %25.4 %25.2 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
29.4 %36.0 %38.2 %34.2 %31.1 %34.4 %33.2 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
22.7 %29.7 %31.5 %27.3 %23.2 %27.7 %25.8 %
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions38.6 %39.3 %37.9 %37.7 %36.9 %
Health Solutions33.5 %33.0 %31.2 %29.6 %31.6 %
Investment Management25.4 %26.8 %26.0 %24.1 %25.2 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
34.4 %35.0 %33.7 %33.0 %33.2 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
27.7 %28.1 %26.8 %25.9 %25.8 %
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
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Voya Financial
Page 30 of 43
Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Wealth Solutions(251)(223)(214)(207)(223)(895)(889)
Health Solutions(124)(71)(66)(67)(72)(328)(253)
Investment Management(186)(158)(142)(131)(139)(617)(546)
Stranded costs net of TSA revenue (1)
— — (1)(4)(4)(5)(6)
Total Administrative Expenses (1)(2)
(561)(452)(423)(409)(438)(1,845)(1,694)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.
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Voya Financial
Page 31 of 43
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/202312/31/20229/30/20226/30/20223/31/2022
Wealth Solutions
Adjusted operating earnings before income taxes - before interest602 697 798 990 1,077 
Income tax expense77 98 122 164 185 
Adjusted Operating Earnings - before interest and after income taxes525 599 676 826 892 
Adjusted Operating effective tax rate (1)
10.9 %12.7 %11.6 %14.9 %15.7 %
Adjusted Operating effective tax rate - Trailing Twelve Months 12.8 %14.1 %15.3 %16.6 %17.2 %
Average Capital3,679 3,710 3,730 3,742 3,738 
Ending Capital (2)
3,520 3,670 3,677 3,749 3,721 
Adjusted Return on Capital14.2 %16.1 %18.1 %22.1 %23.9 %
Health Solutions
Adjusted operating earnings before income taxes - before interest376 304 256 171 185 
Income tax expense79 64 54 36 39 
Adjusted Operating Earnings - before interest and after income taxes297 240 202 135 146 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate - Trailing Twelve Months 21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital698 591 555 528 513 
Ending Capital (2)
1,263 662 650 576 549 
Adjusted Return on Capital42.6 %40.6 %36.6 %25.7 %28.6 %
Investment Management
Adjusted operating earnings before income taxes - before interest153 158 176 201 227 
Income tax expense32 33 37 42 48 
Adjusted Operating Earnings - before interest and after income taxes121 125 139 159 179 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate - Trailing Twelve Months21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital673 582 488 427 403 
Ending Capital (2)
810 797 778 486 458 
Adjusted Return on Capital17.9 %21.5 %28.3 %37.0 %44.3 %
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) 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.
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Investment Information








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Voya Financial
Page 33 of 43
Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class
Three Months Ended or As of Year-to-Date or As of
(in millions USD)3/31/202312/31/20223/31/2023
Invested Assets
Book Values, Gross investment income and Earned rate (1)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Book ValueBV %Gross Investment Income
Earned Rate (annualized)
Public corporate11,880 30.0 %148 5.0 %12,179 30.0 %163 5.2 %11,880 30.0 %149 5.0 %
Private credit8,134 20.0 %90 4.5 %8,222 20.0 %84 4.2 %8,134 20.0 %91 4.5 %
Securitized (2)(3)
10,667 27.0 %156 6.0 %10,654 26.0 %157 6.0 %10,667 27.0 %156 6.0 %
Commercial mortgage loans5,315 13.0 %60 4.6 %5,413 13.0 %59 4.5 %5,315 13.0 %61 4.6 %
Municipals921 2.0 %9 4.0 %952 2.0 %10 4.0 %921 2.0 %9 4.0 %
Short-term / Treasury447 1.0 %5 4.4 %627 2.0 %7 4.4 %447 1.0 %5 4.4 %
Equity securities284 1.0 %5 6.7 %290 1.0 %4 5.5 %284 1.0 %5 6.7 %
Policy loans359 1.0 %6 6.7 %363 1.0 %5 5.3 %359 1.0 %6 6.7 %
Derivatives(11)— %3 N/A(11)— %3 N/A(11)— %3 N/A
Book Values and Gross Investment Income before variable components37,996 95.0 %483 5.1 %38,689 96.0 %491 5.1 %37,996 95.0 %485 5.2 %
Book Values and Gross Investment Income on variable components
Limited partnership1,794 5.0 %13 2.9 %1,774 4.0 %(7)-1.5 %1,794 5.0 %13 2.9 %
Prepayment / Other fee income N/A N/A2 — %N/AN/A— — % N/A N/A— — %
Book Values and Gross Investment Income (variable)1,794 5.0 %15 — %1,774 4.0 %(6)— %1,794 5.0 %13 — %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings39,790 100.0 %498 5.1 %40,464 100.0 %485 4.8 %39,790 100.0 %498 5.1 %
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.


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Voya Financial
Page 34 of 43
Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD)12/31/202209/30/202206/30/202203/31/2022
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate12,282 30.0 %13,187 32.0 %13,145 32.0 %13,151 32.0 %
Private credit8,014 20.0 %7,958 19.0 %7,989 19.0 %7,773 19.0 %
Securitized10,688 26.0 %10,663 26.0 %10,469 25.0 %10,024 25.0 %
Municipals952 2.0 %966 2.0 %964 2.0 %957 2.0 %
Short-term / Treasury978 2.0 %802 2.0 %891 2.0 %935 2.0 %
Total Fixed maturities32,914 81.0 %33,577 81.0 %33,458 81.0 %32,840 81.0 %
Commercial mortgage loans5,412 13.0 %5,375 13.0 %5,381 13.0 %5,490 14.0 %
Limited partnership1,774 4.0 %1,777 4.0 %1,813 4.0 %1,793 4.0 %
Equity securities464 1.0 %475 1.0 %486 1.0 %476 1.0 %
Total40,565 100.0 %41,204 100.0 %41,138 100.0 %40,599 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 117,016 52.0 %17,312 52.0 %17,208 51.0 %16,619 51.0 %
NAIC 214,662 45.0 %14,970 45.0 %14,850 44.0 %14,699 45.0 %
NAIC 3 and below1,237 4.0 %1,295 4.0 %1,400 4.0 %1,522 5.0 %
Total Fixed maturities32,914 100.0 %33,577 100.0 %33,458 100.0 %32,840 100.0 %
Commercial Mortgage Loans:
CML 14,246 78.0 %4,220 79.0 %4,224 78.0 %4,400 80.0 %
CML 21,067 20.0 %1,045 19.0 %1,030 19.0 %966 18.0 %
CML 3 and below100 2.0 %110 2.0 %127 2.0 %125 2.0 %
Total Commercial mortgage loans5,412 100.0 %5,375 100.0 %5,381 100.0 %5,490 100.0 %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Voya Financial
Page 35 of 43
Alternative Investment Income
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Wealth Solutions
Average alternative investments1,659 1,614 1,650 1,634 1,534 1,659 1,534 
Alternative investment income11 (5)(26)33 89 11 89 
Health Solutions
Average alternative investments125 160 163 162 170 125 170 
Alternative investment income1 (1)(3)3 9 1 9 
Investment Management
Average alternative investments318 316 333 347 351 318 351 
Alternative investment income9 (2)(13)5 11 9 11 
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Page 36 of 43
Alternative Income and Prepayments Above (Below) Long-Term Expectations
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions(26)(41)(63)(4)55 (135)361 
Health Solutions(2)(5)(7)— 5 (14)37 
Investment Management2 (9)(20)(3)3 (30)56 
Total(26)(55)(90)(7)63 (179)454 
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(7)(9)(7)(3)(3)(26)16 
Health Solutions— — — — — — 3 
Investment Management— — — — — — — 
Total(7)(9)(7)(3)(3)(26)19 
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(33)(50)(70)(7)52 (161)377 
Health Solutions(2)(5)(7)— 5 (15)39 
Investment Management2 (9)(20)(3)3 (30)56 
Total(34)(64)(97)(10)60 (206)472 
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation.
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Reconciliations

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Voya Financial
Page 38 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars)3/31/202312/31/20229/30/20226/30/20223/31/2022
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders69 0.63 190 1.78 166 1.57 64 0.57 54 0.46 
Plus: Net income (loss) attributable to noncontrolling interests
46 0.42(57)(0.54)(138)(1.30)75 0.68 43 0.36 
Less: Preferred stock dividends
(14)(0.13)(4)(0.04)(14)(0.13)(4)(0.04)(14)(0.12)
Income (loss)141 129 1.18 83 137 1.28 71 42 0.40 152 143 1.29 122 111 0.95 
Less:
Net investment gains (losses)(9)(7)(0.06)(10)(8)(0.07)(9)(7)(0.06)(59)(47)(0.42)(112)(88)(0.75)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(33)(26)(0.23)(34)(27)(0.25)(13)(11)(0.10)(55)(44)(0.39)(36)(28)(0.24)
Net income (loss) attributable to noncontrolling interests46 46 0.42 (57)(57)(0.54)(138)(138)(1.30)75 75 0.68 43 43 0.36 
Dividend payments made to preferred shareholders14 14 0.13 4 4 0.04 14 14 0.13 4 4 0.04 14 14 0.12 
Other adjustments(70)(56)(0.51)(26)(3)(0.03)(37)(26)(0.24)(40)(34)(0.31)(8)(11)(0.09)
Adjusted operating earnings192 158 1.44 206 227 2.13 254 210 1.97 228 188 1.70 221 182 1.55 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(34)(27)(0.25)(63)(50)(0.47)(94)(74)(0.70)(8)(7)(0.06)59 47 0.40 
Other (3)
— — — — 53 0.50 57 45 0.42 — — — (40)(31)(0.27)
Adjusted operating earnings excluding notable items226 185 1.69 269 224 2.10 291 239 2.24 236 195 1.76 201 166 1.42 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), 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. For non-operating items, we apply a 21% tax rate.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain other reserves not expected to recur at the same level, and Group Life Covid-19 impacts.


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Voya Financial
Page 39 of 43
Reconciliation of Adjusted Operating Revenues
Three Months EndedYear-to-Date
(in millions USD)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Total revenues1,835 1,555 1,345 1,524 1,506 1,835 1,506 
Less:
Net investment gains (losses)(14)(17)(18)(60)(120)(14)(120)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment30 16 (30)(55)(54)30 (54)
Revenues (loss) attributable to noncontrolling interests60 (44)(130)93 48 60 48 
Other adjustments60 54 30 8 28 60 28 
Total adjusted operating revenues1,697 1,547 1,495 1,537 1,603 1,697 1,603 
Adjusted operating revenues by segment
Wealth Solutions684 669 645 709 756 684 756 
Health Solutions774 649 645 641 647 774 647 
Investment Management229 215 192 171 178 229 178 
Corporate11 15 13 17 22 11 22 
Total adjusted operating revenues1,697 1,547 1,495 1,537 1,603 1,697 1,603 
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Voya Financial
Page 40 of 43
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Wealth Solutions
Adjusted operating revenues
page 9
684 669 645 709 756 2,707 3,212 
Interest credited and other benefits to contract owners/policyholders(222)(224)(222)(222)(218)(890)(890)
Net revenue
page 15
463 445 423 486 538 1,817 2,322 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(33)(50)(70)(7)52 (161)377 
Fee income related to divested businesses— — — — — — 10 
Net revenue excluding notable items
page 29
496 495 493 494 486 1,978 1,934 
Health Solutions
Adjusted operating revenues
page 9
774 649 645 641 647 2,709 2,445 
Interest credited and other benefits to contract owners/policyholders(467)(424)(335)(443)(478)(1,669)(1,718)
Net revenue
page 19
306 225 310 198 169 1,039 728 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(2)(5)(7)— 5 (15)39 
Group Life Covid-19 impacts— — — — (40)— (117)
Other adjustments to net underwriting gain (loss) and other revenue (1)
— — 57 — — 57 13 
Net revenue excluding notable items
page 29
309 230 260 198 204 997 792 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.






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Voya Financial
Page 41 of 43
Investment Management and Consolidated Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Investment Management
Adjusted operating revenues
page 9
229 215 192 171 178 807 772 
Net revenue
page 22
229 215 192 171 178 807 772 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations2 (9)(20)(3)3 (30)56 
Net revenue excluding notable items
page 29
227 224 212 173 175 836 716 
Consolidated
Total Adjusted operating revenues
page 9
1,697 1,547 1,495 1,537 1,603 6,276 6,527 
Interest credited and other benefits to contract owners/policyholders(689)(648)(557)(665)(696)(2,559)(2,609)
Corporate Adjusted operating revenues (1)
(11)(15)(13)(17)(22)(56)(98)
Net revenue
pages 15/19/22
998 885 925 855 885 3,663 3,822 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(34)(64)(97)(10)60 (206)472 
Group Life Covid-19 impacts— — — — (40)— (117)
Fee income related to divested businesses— — — — — — 10 
Other adjustments— — 57 — — 57 13 
Net revenue excluding notable items
page 29
1,032 949 965 865 865 3,811 3,442 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 42 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Wealth Solutions Adjusted operating earnings before income taxes
page 9
132 145 128 197 228 602 1,077 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(33)(50)(70)(7)52 (161)377 
Other (1)(2)
— — — — — — (13)
Adjusted operating earnings excluding notable items
page 29
166 195 198 204 176 763 713 
Health Solutions Adjusted operating earnings before income taxes
page 9
94 78 154 50 21 376 185 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(2)(5)(7)— 5 (15)39 
Group Life Covid-19 impacts— — — — (40)— (117)
Other (1)
— — 57 — — 57 13 
Adjusted operating earnings excluding notable items
page 29
97 83 105 51 56 335 250 
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
42 57 51 40 39 190 227 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation2 (7)(16)(2)2 (24)46 
Adjusted operating earnings excluding notable items
page 29
41 64 67 42 37 212 181 
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
(69)(60)(66)(60)(68)(255)(305)
Less:
Other (3)
— — — — — — (50)
Adjusted operating earnings excluding notable items(69)(60)(65)(60)(68)(255)(255)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
200 219 267 228 221 914 1,184 
Total Notable Items Adjustments(34)(63)(37)(8)20 (142)295 
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
234 282 305 236 201 1,055 889 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items8 13 13 — — 34 — 
Consolidated Adjusted operating earnings excluding notable items
page 29
226 269 291 236 201 1,022 889 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above target performance.

Voya Financial
Page 43 of 43
Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares
Three Months Ended or As ofYear-to-Date or As of
(in whole dollars)3/31/202312/31/20229/30/20226/30/20223/31/20223/31/20233/31/2022
Book value per common share, including AOCI34.0328.1623.7030.5249.5734.0349.57
Per share impact of AOCI25.9231.4333.9820.891.5725.921.57
Book value per common share, excluding AOCI59.9559.5957.6951.4151.1459.9551.14
 
Debt to capital ratio36.1 %40.0 %43.4 %39.9 %29.8 %36.1 %29.8 %
Capital impact of adding noncontrolling interest
-7.3 %-8.4 %-10.2 %-8.8 %-4.7 %-7.3 %-4.7 %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.8 %9.9 %10.3 %10.1 %8.5 %9.8 %8.5 %
Capital impact of excluding AOCI-9.1 %-12.0 %-13.7 %-8.4 %-0.6 %-9.1 %-0.6 %
Financial leverage ratio excluding AOCI29.5 %29.5 %29.8 %32.8 %33.0 %29.5 %33.0 %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic97.797.397.9101.7106.197.7106.1
Dilutive effect of warrants8.97.26.27.18.28.98.2
Other dilutive effects (2)
2.92.22.32.02.62.92.6
Weighted-average common shares outstanding - Diluted109.6106.7106.4110.8117.0109.6117.0
Dilutive effect of the exercise or issuance of stock-based awards (3)
———————
Weighted average common shares outstanding - Adjusted Diluted (3)
109.6106.7106.4110.8117.0109.6117.0
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.
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