EX-99.3 4 recast2022q4voyainvestorsu.htm EX-99.3 Document
Exhibit 99.3



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Quarterly Investor Supplement


December 31, 2022

Recast for Long-Duration Targeted Improvements ("LDTI") Accounting Guidance and Changes to Non-GAAP Definitions (Unaudited)

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 2022. 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
Adjusted Operating Earnings Before Income Taxes by Segment (YTD)Alternative Income and Prepayments Above (Below) Long-Term
Consolidated Balance Sheets  Expectations
DAC/VOBA Segment Trends Reconciliations
Consolidated Capital StructureReconciliation of Adjusted Operating Earnings Before Income Taxes and
Consolidated Assets Under Management, Assets Under Administration  Earnings Per Common Share (Diluted) (QTD)
  and AdvisementReconciliation of Adjusted Operating Earnings Before Income Taxes and
Wealth Solutions  Earnings Per Common Share (Diluted) (YTD)
Sources of Adjusted Operating Earnings Before Income Taxes andReconciliation of Adjusted Operating Revenues
Key MetricsReconciliation of Net Revenues by Segment42 - 43
Client Assets Rollforward by Product Group17 - 18Reconciliation of Adjusted Operating Earnings Before Income Taxes
Health SolutionsExcluding Notable Items by Segment
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Book Value Per Common Share, Excluding AOCI,
Key MetricsLeverage Ratio, and Adjusted Diluted Shares
Investment ManagementReconciliation of Recast Adjusted Operating Earnings Before Income
Sources of Adjusted Operating Earnings Before Income Taxes  Taxes and Earnings Per Common Share (Diluted) (QTD)
Analysis of AUM and AUAReconciliation of Recast Adjusted Operating Earnings Before Income
Account Value Rollforward by Source  Taxes and Earnings Per Common Share (Diluted) (YTD)
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 Capital32
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Explanatory Note on Non-GAAP Financial Information
Effective January 1, 2023, we adopted Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"). This supplement recasts previously reported financial information based on our implementation of LDTI and is currently unaudited. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter of 2023 which will be filed with the SEC on or before May 10, 2023.

This supplement also recasts previously reported financial information for updates to our definition of Adjusted Operating Earnings Before Income Taxes in Corporate. Effective with the first quarter of 2023, we are excluding from Adjusted Operating Earnings Before Income Taxes the amortization of acquisition-related intangible assets. In addition, we are excluding the expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan, which are influenced by economic and market conditions and not indicative of normal operations. Adjusted Operating Earnings Before Income Taxes in Corporate still includes the service costs related to our qualified defined benefit pension plan and service and interest costs related to our non-qualified defined benefit pension plans.

Refer to the "Reconciliations" section of this document for a reconciliation of the recast financial information in this supplement to previously reported financial information.

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) 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), 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 within continuing operations (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 or 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
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Explanatory Note on Non-GAAP Financial Information
•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.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, refer to the "Reconciliations" section in this document.
Adjusted Operating 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 within continuing operations (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.
•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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders19016664543824742,334
Per common share (basic)1.951.700.620.513.474.7020.02
Per common share (diluted)1.781.570.570.463.184.3018.56
Adjusted operating earnings: (1)
Before income taxes2062542282212659081,225
After income taxes2272101881822188071,000
Effective tax rate-10.2 %17.5 %17.2 %17.6 %17.8 %11.2 %18.4 %
Per common share (Adjusted diluted)2.131.971.701.551.817.327.95
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity2,7372,3042,9885,0667,4882,7377,488
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)
5,7925,6075,0335,2265,6815,7925,681
Book value per common share (including AOCI)28.1623.7030.5249.5769.4628.1669.46
Book value per common share (excluding AOCI) (1)
59.5957.6951.4151.1452.7059.5952.70
Leverage Ratios:
Debt-to-Capital40.0 %43.4 %39.9 %29.8 %24.3 %40.0 %24.3 %
Financial Leverage - excluding AOCI (1)
29.5 %29.8 %32.8 %33.0 %32.6 %29.5 %32.6 %
Shares:
Weighted-average common shares outstanding
Basic9798102106110101117
Dilutive effect of warrants7678877
Other dilutive effects (2)
2223322
Diluted107106111117120110126
Adjusted Diluted (1)
107106111117120110126
Ending shares outstanding97979810210897108
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions—502554453107501,143
Dividends to common shareholders19202021218080
Total cash returned to common shareholders19702754663318301,223
(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 38 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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Revenues (1)
Net investment income548 522 581 630 673 2,281 2,774 
Fee income451 445 413 433 448 1,742 1,813 
Premiums612 606 597 608 544 2,423 (3,388)
Net gains (losses)(47)(125)(226)(288)(200)(686)1,415 
Other revenues31 33 44 40 49 148 579 
Income (loss) related to consolidated investment entities(40)(136)115 83 142 22 981 
Total revenues1,555 1,345 1,524 1,506 1,656 5,930 4,174 
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders(693)(537)(654)(644)(611)(2,528)2,188 
Operating expenses(673)(632)(605)(632)(636)(2,542)(2,586)
Net amortization of DAC/VOBA(56)(60)(62)(62)(64)(240)(456)
Interest expense(30)(31)(33)(40)(59)(134)(186)
Operating expenses related to consolidated investment entities(20)(14)(18)(6)(13)(58)(49)
Total benefits and expenses(1,472)(1,274)(1,372)(1,384)(1,383)(5,502)(1,089)
Income (loss) from continuing operations before income taxes83 71 152 122 273 428 3,085 
Income tax expense (benefit)(54)29 9 11 (208)(5)(34)
Income (loss) from continuing operations137 42 143 111 481 433 3,119 
Income (loss) from discontinued operations, net of tax— — — — 5 — 12 
Net income (loss)137 42 143 111 486 433 3,131 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest(57)(138)75 43 100 (77)761 
Net income (loss) available to Voya Financial, Inc.194 180 68 68 386 510 2,370 
Less: Preferred stock dividends4 14 4 14 4 36 36 
Net income (loss) available to Voya Financial, Inc.'s common shareholders190 166 64 54 382 474 2,334 
(1) Year-to-Date 2021 results include impacts related to the Individual Life and the Non-Wealth Solution Annuities businesses that were ceded at the close of the Individual Life Transaction on January 4, 2021: Premiums and Interest credited and other benefits include the FAS 60 reserves that were ceded at closing; Net gains (losses), Interest credited and other benefits, and Net amortization of DAC/VOBA include the investment gains and related intangible amortization and charges due to the transfer of assets to a comfort trust at closing.
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)460 415 488 537 572 1,901 2,387 
Fee income455 451 418 440 467 1,765 1,791 
Premiums601 598 588 591 539 2,378 2,166 
Other revenue31 30 43 35 41 139 168 
Adjusted operating revenues (1)
1,547 1,495 1,537 1,603 1,618 6,183 6,513 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(648)(557)(665)(696)(652)(2,566)(2,565)
Operating expenses(614)(590)(574)(605)(627)(2,383)(2,404)
Net amortization of DAC/VOBA(30)(32)(30)(30)(30)(122)(119)
Interest expense (2)
(37)(49)(40)(52)(44)(177)(201)
Adjusted operating benefits and expenses(1,328)(1,228)(1,309)(1,383)(1,353)(5,248)(5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
219 267 228 221 265 934 1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest13 13 — — — 26 — 
Adjusted operating earnings before income taxes (1)
206 254 228 221 265 908 1,225 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions669 645 709 756 792 2,778 3,236 
Health Solutions649 645 641 647 598 2,582 2,394 
Investment Management215 192 171 178 201 756 783 
Corporate15 13 17 22 27 67 100 
Adjusted operating revenues (1)
1,547 1,495 1,537 1,603 1,618 6,183 6,513 
Adjusted operating earnings before income taxes
Wealth Solutions145 128 197 228 245 697 1,106 
Health Solutions78 154 50 21 31 304 204 
Investment Management57 51 40 39 59 186 239 
Corporate(60)(66)(60)(68)(70)(253)(325)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
219 267 228 221 265 934 1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest13 13 — — — 26 — 
Adjusted operating earnings before income taxes (1)
206 254 228 221 265 908 1,225 
(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 38 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 December 31, 2022
(in millions USD)Wealth SolutionsHealth SolutionsInvestment ManagementCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)423 31 (1)7 460 
Fee income228 18 209 — 455 
Premiums— 601 — — 601 
Other revenue18 (1)6 8 31 
Adjusted operating revenues (1)
669 649 215 15 1,547 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(224)(424)— — (648)
Operating expenses(278)(140)(158)(38)(614)
Net amortization of DAC/VOBA(23)(7)— — (30)
Interest expense (2)
— — — (37)(37)
Adjusted operating benefits and expenses(524)(571)(158)(75)(1,328)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
145 78 57 (60)219 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — 14 (1)13 
Adjusted operating earnings before income taxes (1)
145 78 42 (59)206 
Three Months Ended December 31, 2021
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)509 42 20 1 572 
Fee income270 19 178 — 467 
Premiums— 539 — — 539 
Other revenue13 (2)3 26 41 
Adjusted operating revenues (1)
792 598 201 27 1,618 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(224)(428)— — (652)
Operating expenses(298)(133)(142)(53)(627)
Net amortization of DAC/VOBA(24)(6)— — (30)
Interest expense (2)
— — — (44)(44)
Adjusted operating benefits and expenses(546)(567)(142)(97)(1,353)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
245 31 59 (70)265 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — — — — 
Adjusted operating earnings before income taxes (1)
245 31 59 (70)265 
(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Twelve Months Ended December 31, 2022
(in millions USD)Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)1,756 134 3 8 1,901 
Fee income953 76 736 — 1,765 
Premiums— 2,378 — — 2,378 
Other revenue70 (6)17 59 139 
Adjusted operating revenues (1)
2,778 2,582 756 67 6,183 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(886)(1,680)— — (2,566)
Operating expenses(1,101)(569)(570)(142)(2,383)
Net amortization of DAC/VOBA(93)(29)— — (122)
Interest expense (2)
— — — (177)(177)
Adjusted operating benefits and expenses(2,081)(2,278)(570)(319)(5,248)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
697 304 186 (253)934 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — 27 (1)26 
Adjusted operating earnings before income taxes (1)
697 304 158 (251)908 
Twelve Months Ended December 31, 2021
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
Adjusted operating revenues
Net investment income and net gains (losses)2,114 165 103 4 2,387 
Fee income1,056 69 667 — 1,791 
Premiums— 2,166 — — 2,166 
Other revenue66 (6)13 96 168 
Adjusted operating revenues (1)
3,236 2,394 783 100 6,513 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(891)(1,674)— — (2,565)
Operating expenses(1,144)(492)(544)(224)(2,404)
Net amortization of DAC/VOBA(95)(24)— — (119)
Interest expense (2)
— — — (201)(201)
Adjusted operating benefits and expenses(2,130)(2,190)(544)(425)(5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
1,106 204 239 (325)1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — — — — 
Adjusted operating earnings before income taxes (1)
1,106 204 239 (325)1,225 
(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 38 of this document.

(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/2021
Assets
Total investments39,110 39,519 40,913 42,950 45,581 
Cash and cash equivalents919 840 954 1,011 1,402 
Assets held in separate accounts80,174 75,980 80,017 93,108 100,433 
Premium receivable and reinsurance recoverable, net12,426 12,559 12,441 12,980 13,724 
Short term investments under securities loan agreement and accrued investment income 1,604 1,623 1,536 1,507 1,536 
Deferred policy acquisition costs, Value of business acquired2,363 2,389 2,422 2,450 2,486 
Current and deferred income taxes2,228 2,245 2,040 1,544 1,028 
Other assets (1)
3,578 3,532 2,608 2,748 2,570 
Assets related to consolidated investment entities4,204 4,195 4,165 3,933 3,779 
Total Assets 146,606 142,882 147,096 162,231 172,539 
Liabilities
Future policy benefits and contract owner account balances52,174 53,039 53,168 53,230 53,691 
Liabilities related to separate accounts80,174 75,980 80,017 93,108 100,433 
Payables under securities loan agreements, including collateral held1,302 1,378 1,220 1,124 1,183 
Short-term debt141 141 1 1 1 
Long-term debt2,094 2,094 2,385 2,406 2,595 
Other liabilities (2)
3,290 3,270 2,854 3,076 3,075 
Liabilities related to consolidated investment entities2,434 2,319 2,154 2,102 1,893 
Total Liabilities141,609 138,221 141,799 155,047 162,871 
Mezzanine Equity
Allianz noncontrolling interest166 155 — — — 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(39)(873)(821)(565)(80)
Additional paid-in capital6,643 7,945 7,500 7,504 7,542 
Retained earnings (deficit)(201)(854)(1,035)(1,102)(1,170)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,404 6,219 5,645 5,838 6,293 
Accumulated other comprehensive income(3,055)(3,303)(2,045)(160)1,807 
Total Voya Financial, Inc. Shareholders' Equity3,349 2,916 3,600 5,678 8,100 
Noncontrolling interest1,482 1,590 1,697 1,506 1,568 
Total Shareholders' Equity4,831 4,506 5,297 7,184 9,668 
Total Liabilities, Mezzanine Equity and Shareholders' Equity146,606 142,882 147,096 162,231 172,539 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.
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Page 12 of 47


DAC/VOBA Segment Trends
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Wealth Solutions
Balance as of Beginning-of-Period1,095 1,103 1,111 1,118 1,125 1,118 1,146 
Deferrals of commissions and expenses16 15 16 17 17 64 67 
Amortization(23)(23)(24)(24)(24)(93)(95)
Balance as of End-of-Period1,088 1,095 1,103 1,111 1,118 1,088 1,118 
Deferred Sales Inducements as of End-of-Period24 23 23 23 23 24 23 
Health Solutions
Balance as of Beginning-of-Period182 178 168 164 161 164 149 
Deferrals of commissions and expenses15 14 17 10 9 55 39 
Amortization(7)(9)(7)(6)(6)(29)(24)
Balance as of End-of-Period190 182 178 168 164 190 164 
Total
Balance as of Beginning-of-Period1,278 1,281 1,279 1,282 1,286 1,282 1,296 
Deferrals of commissions and expenses31 29 33 27 26 119 106 
Amortization(30)(32)(30)(30)(30)(122)(119)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,279 1,278 1,281 1,279 1,282 1,279 1,282 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
1,084 1,111 1,141 1,171 1,204 1,084 1,204 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,363 2,389 2,422 2,450 2,486 2,363 2,486 
(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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Page 13 of 47


Consolidated Capital Structure
Balances as of
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/2021
Financial Debt
Senior bonds1,496 1,495 1,495 1,495 1,495 
Subordinated bonds737 737 888 909 1,098 
Other debt2 3 3 3 3 
Total Financial Debt2,235 2,235 2,386 2,407 2,596 
Other financial obligations (1)
265 269 282 301 300 
Total Financial Obligations2,500 2,504 2,668 2,708 2,896 
Mezzanine Equity
Allianz noncontrolling interest166 155 — — — 
Equity
Preferred equity (2)
612 612 612 612 612 
Common equity (Excluding AOCI)5,792 5,607 5,033 5,226 5,681 
Total Equity (Excluding AOCI) (3)
6,404 6,219 5,645 5,838 6,293 
Accumulated other comprehensive income (AOCI)(3,055)(3,303)(2,045)(160)1,807 
Total Voya Financial, Inc. Shareholders' Equity3,349 2,916 3,600 5,678 8,100 
Noncontrolling interest1,482 1,590 1,697 1,506 1,568 
Total Shareholders' Equity4,831 4,506 5,297 7,184 9,668 
Capital
Capitalization (4)
5,584 5,151 5,986 8,085 10,696 
Adjusted Capitalization excluding AOCI (5)
10,552 10,468 10,010 10,052 10,757 
Leverage Ratios
Debt-to-Capital (6)
40.0 %43.4 %39.9 %29.8 %24.3 %
Financial Leverage excluding AOCI (7)
29.5 %29.8 %32.8 %33.0 %32.6 %
(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 38 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 14 of 47


Consolidated Assets Under Management, Assets Under Administration and Advisement
As of December 31, 2022
(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)
33,881 76,348 73,427 183,656 290,621 474,277 
Health Solutions1,866 14 — 1,880 — 1,880 
Investment Management 38,028 24,849 258,486 321,363 55,601 376,963 
Eliminations/Other (3)
(35,747)(21,037)(11,151)(67,935)(43,958)(111,893)
Total AUM and AUA38,028 80,174 320,762 438,964 302,264 741,227 
(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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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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Sources of Adjusted operating earnings before income taxes:
Gross investment income432 427 411 397 387 1,667 1,565 
Investment expenses(20)(20)(20)(19)(20)(79)(80)
Credited interest(220)(218)(219)(215)(222)(873)(878)
Net margin192 189 172 163 145 716 607 
Other investment income (1)
57 57 61 54 58 229 205 
Investment spread and other investment income, excluding alts/prepays above/below expectations
249 246 233 217 202 945 812 
Alternative investment income and prepayment fees above (below) long-term expectations(50)(70)(7)52 82 (76)406 
Investment spread and other investment income199 176 226 269 285 869 1,218 
Full service fee based revenue134 137 145 156 171 571 663 
Recordkeeping and other fee based revenue108 107 112 112 112 439 474 
Total fee based margin 241 244 257 268 283 1,009 1,138 
Net underwriting gain (loss) and other revenue5 3 4 1 — 13 (10)
Net revenue (2)
445 423 486 538 568 1,892 2,345 
Administrative expenses(223)(214)(207)(223)(232)(867)(885)
Net commissions(55)(57)(58)(63)(66)(232)(257)
DAC/VOBA and other intangibles amortization(23)(24)(24)(24)(24)(95)(98)
Adjusted operating earnings before income taxes145 128 197 228 245 697 1,106 
Adjusted Operating Margin TTM36.9 %39.6 %44.5 %46.4 %47.2 %
Adjusted Operating Margin Excluding Notables TTM39.3 %37.9 %37.7 %36.9 %36.8 %
Full Service Revenue (3)
Full Service Investment Spread and other investment income194 170 218 258 272 840 1,166 
Full Service Fee Based Revenue134 137 145 156 171 571 663 
Total Full Service Revenue327 307 363 414 443 1,412 1,829 
Client Assets
Fee Based 379,706 356,102 369,705 414,597 434,340 379,706 434,340 
Spread Based33,881 34,358 34,220 33,759 33,359 33,881 33,359 
Investment-only Stable Value38,148 38,944 39,622 40,391 40,246 38,148 40,246 
Retail Client Assets22,543 21,315 22,592 26,226 28,300 22,543 28,300 
Total Client Assets474,277 450,718 466,139 514,972 536,246 474,277 536,246 
(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.
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Wealth Solutions Client Assets Rollforward by Product Group
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Full service - Corporate markets
Client Assets, beginning of period80,135 83,329 94,434 99,698 95,456 99,698 86,581 
Transfers / Single deposits1,603 1,074 1,176 1,676 1,575 5,529 6,578 
Recurring deposits2,108 2,231 2,297 2,558 1,938 9,194 8,161 
Total Deposits3,710 3,305 3,473 4,234 3,514 14,722 14,740 
Surrenders, benefits, and product charges(2,900)(2,589)(2,798)(3,623)(3,941)(11,910)(13,709)
Net Flows811 716 674 612 (427)2,812 1,031 
Interest credited and investment performance5,029 (3,910)(11,779)(5,875)4,669 (16,535)12,086 
Client Assets, end of period - Corporate markets85,975 80,135 83,329 94,434 99,698 85,975 99,698 
Full service - Tax-exempt markets
Client Assets, beginning of period73,119 75,627 83,727 88,004 84,929 88,004 78,831 
Transfers / Single deposits887 248 534 374 399 2,043 2,344 
Recurring deposits1,061 986 1,006 1,046 980 4,100 3,895 
Total Deposits1,948 1,235 1,540 1,420 1,379 6,143 6,239 
Surrenders, benefits, and product charges(1,807)(1,395)(1,215)(1,586)(1,836)(6,002)(6,694)
Net Flows141 (161)326 (165)(457)141 (455)
Interest credited and investment performance3,429 (2,347)(8,426)(4,112)3,533 (11,456)9,628 
Client Assets, end of period - Tax-exempt markets76,690 73,119 75,627 83,727 88,004 76,690 88,004 
Full Service - Total
Client Assets, beginning of period153,254 158,956 178,161 187,702 180,385 187,702 165,412 
Transfers / Single deposits2,489 1,322 1,710 2,050 1,974 7,571 8,922 
Recurring deposits3,169 3,217 3,303 3,604 2,918 13,294 12,056 
Total Deposits5,658 4,540 5,013 5,654 4,893 20,865 20,979 
Surrenders, benefits, and product charges(4,706)(3,984)(4,013)(5,209)(5,777)(17,912)(20,403)
Net Flows952 555 1,000 446 (884)2,953 576 
Interest credited and investment performance8,458 (6,257)(20,205)(9,987)8,202 (27,991)21,714 
Client Assets, end of period - Full Service Total162,664 153,254 158,956 178,161 187,702 162,664 187,702 
Full Service - Client Assets
Fee-based129,199 119,325 125,206 144,888 154,839 129,199 154,839 
Spread-based33,466 33,929 33,749 33,273 32,864 33,466 32,864 
Client Assets, end of period - Full Service Total162,664 153,254 158,956 178,161 187,702 162,664 187,702 



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Wealth Solutions Client Assets Rollforward by Product Group
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Recordkeeping
Client Assets, beginning of period236,776 244,499 269,708 279,501 274,265 279,501 247,309 
Transfers / Single deposits979 3,573 1,595 1,955 812 8,101 8,431 
Recurring deposits3,778 4,278 4,359 5,217 3,892 17,632 16,531 
Total Deposits4,758 7,851 5,954 7,172 4,705 25,734 24,962 
Surrenders, benefits, and product charges(5,327)(5,846)(5,730)(8,065)(12,451)(24,967)(31,692)
Net Flows(569)2,004 224 (893)(7,747)766 (6,731)
Interest credited and investment performance14,300 (9,726)(25,435)(8,900)12,982 (29,761)38,923 
Client Assets, end of period - Recordkeeping250,507 236,776 244,499 269,708 279,501 250,507 279,501 
Total Defined Contribution (1)
Client Assets, beginning of period390,031 403,454 447,870 467,203 454,650 467,203 412,721 
Transfers / Single deposits3,469 4,895 3,304 4,005 2,786 15,673 17,354 
Recurring deposits6,947 7,495 7,663 8,822 6,811 30,926 28,587 
Total Deposits10,416 12,390 10,967 12,827 9,597 46,599 45,941 
Surrenders, benefits, and product charges(10,033)(9,831)(9,743)(13,273)(18,229)(42,879)(52,095)
Net Flows383 2,559 1,224 (446)(8,632)3,719 (6,154)
Interest credited and investment performance22,758 (15,983)(45,640)(18,887)21,184 (57,752)60,636 
Client Assets, end of period - Total Defined Contribution413,171 390,031 403,454 447,870 467,203 413,171 467,203 
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period38,944 39,622 40,390 40,246 41,329 40,246 42,864 
Transfers / Single deposits435 177 630 1,500 280 2,742 1,169 
Recurring deposits440 169 203 190 103 1,002 525 
Total Deposits875 346 833 1,690 382 3,744 1,694 
Surrenders, benefits, and product charges(1,269)(431)(284)(545)(1,112)(2,529)(3,802)
Net Flows(394)(84)549 1,144 (730)1,215 (2,108)
Interest credited and investment performance(402)(593)(1,319)(1,000)(353)(3,314)(509)
Assets, end of period - Defined Contribution Investment-only SV38,148 38,944 39,622 40,390 40,246 38,148 40,246 
Retail Client Assets (3)
22,548 21,320 22,598 26,232 28,306 22,548 28,306 
Other Assets (4)
410 423 465 480 490 410 490 
Total Client Assets474,277 450,718 466,139 514,972 536,246 474,277 536,246 
(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 and Non-qualified Retirement Plans.
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Health Solutions








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Page 20 of 47
Health Solutions Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Sources of Adjusted operating earnings before income taxes:
Gross investment income 24 24 25 23 23 96 92 
Investment expenses(1)(1)(1)(1)(1)(4)(4)
Credited interest(12)(13)(13)(13)(13)(52)(54)
Net margin11 11 10 9 9 41 34 
Other investment income14 13 12 12 10 50 36 
Investment spread and other investment income, excluding alts/prepays above/below expectations
24 24 22 20 20 90 70 
Alternative investment income and prepayment fees above (below) long-term expectations(5)(7)— 5 9 (7)41 
Investment spread and other investment income19 17 22 25 28 83 111 
Net underwriting gain (loss) and other revenue205 293 176 144 142 819 609 
Net revenue (1)
225 310 198 169 171 902 720 
Administrative expenses(71)(66)(67)(72)(66)(276)(237)
Premium taxes, fees and assessments(27)(39)(32)(28)(29)(126)(109)
Net commissions(43)(41)(42)(42)(38)(167)(147)
DAC/VOBA and other intangibles amortization(7)(9)(7)(6)(6)(29)(24)
Adjusted operating earnings before income taxes78 154 50 21 31 304 204 
Adjusted Operating Margin TTM33.7 %30.3 %23.4 %25.5 %28.3 %
Adjusted Operating Margin Excluding Notables TTM33.0 %31.2 %29.6 %31.6 %33.6 %
Group life:
Premiums151 150 148 143 139 593 548 
Benefits(124)(50)(133)(166)(136)(473)(525)
Other (2)
(1)(2)(1)(2)(2)(6)(10)
Total Group life26 98 14 (25)1 114 14 
Group Life Loss Ratio (Interest adjusted)82.3 %71.4 %89.5 %115.8 %97.8 %89.5 %95.7 %
Group stop loss:
Premiums314 311 302 303 288 1,230 1,165 
Benefits(226)(238)(238)(232)(224)(934)(901)
Other (2)
(1)(1)(1)(1)(1)(5)(5)
Total Group stop loss87 72 63 70 63 292 260 
Stop loss Loss Ratio72.0 %76.4 %78.9 %76.5 %77.7 %75.9 %77.3 %
Voluntary Benefits, Disability, and Other93 123 99 99 78 413 335 
Net underwriting gain (loss) and other revenue
Premiums626 619 609 602 561 2,457 2,247 
Benefits(420)(326)(430)(460)(419)(1,636)(1,628)
Other (2)
(1)1 (3)1 — (2)(10)
Total Net underwriting gain (loss) and other revenue205 293 176 144 142 819 609 
Total Aggregate Loss Ratio TTM (3)
68.9 %70.7 %73.1 %73.3 %72.5 %68.9 %72.5 %
(1) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(3) 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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Sales by Product Line:
Group life and Disability23 4 14 86 12 126 110 
Stop loss20 42 24 323 14 409 355 
Voluntary13 12 20 104 6 149 128 
Total sales by product line56 58 58 513 31 684 593 
Total gross premiums and deposits687 707 671 660 610 2,724 2,429 
Annualized In-force Premiums by Product Line:
Group life and Disability833 817 811 807 752 833 752 
Stop loss1,258 1,259 1,231 1,220 1,181 1,258 1,181 
Voluntary689 684 681 678 576 689 576 
Total annualized in-force premiums2,780 2,760 2,722 2,705 2,510 2,780 2,510 
Assets Under Management by Fund Group:
General account1,866 1,938 1,981 1,886 1,869 1,866 1,869 
Separate account14 14 15 17 18 14 18 
Total AUM1,880 1,952 1,996 1,903 1,887 1,880 1,887 
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Investment Management








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Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
8 8 8 8 8 33 28 
Alternative investment income and prepayment fees above (below) long-term expectations(9)(20)(3)3 12 (29)75 
Investment spread and other investment income(1)(12)6 11 20 3 103 
Fee based margin (1)
216 204 165 167 181 753 680 
Net revenue (2)
215 192 171 178 201 756 783 
Administrative expenses (3)
(158)(142)(131)(139)(142)(570)(544)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
57 51 40 39 59 186 239 
Adjusted Operating Margin TTM24.7 %25.5 %26.8 %29.4 %30.7 %
Adjusted Operating Margin Excluding Notables TTM26.8 %26.0 %24.1 %25.2 %25.1 %
Fee based margin (1)
Investment advisory and administrative revenue209 202 160 165 178 736 667 
Other fee based margin6 2 6 2 3 17 13 
Fee based margin216 204 165 167 181 753 680 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
57 51 40 39 59 186 239 
Less: Earnings (loss) attributable to Allianz noncontrolling interest14 13 — — — 27 — 
Adjusted operating earnings before income taxes42 38 40 39 59 158 239 
(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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Client Assets:
External Clients
Institutional161,502 160,720 136,596 143,581 148,921 161,502 148,921 
Retail121,833 118,016 61,070 71,578 76,908 121,833 76,908 
Subtotal External Clients283,335 278,735 197,666 215,159 225,829 283,335 225,829 
General Account38,028 38,614 38,686 38,049 38,004 38,028 38,004 
Total Client Assets (AUM)321,363 317,349 236,352 253,208 263,832 321,363 263,832 
Assets under Advisement and Administration (AUA)55,601 51,862 53,359 57,187 59,823 55,601 59,823 
Total AUM and AUA376,963 369,210 289,710 310,395 323,656 376,963 323,656 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional90 89 86 87 92 352 334 
Retail95 88 49 53 59 284 227 
Subtotal External Clients185 177 134 140 151 636 561 
General Account20 20 20 20 20 80 82 
Total Investment Advisory and Administrative Revenues (AUM)205 197 154 160 171 717 643 
Administration Only Fees5 5 5 5 6 20 22 
Total Investment Advisory and Administrative Revenues209 202 160 165 178 736 667 
Revenue Yield (bps) (1)
External Clients
Institutional22.1 21.4 24.5 23.7 25.3 20.7 23.9 
Retail31.1 28.0 29.4 29.1 30.6 22.1 29.7 
Revenue Yield on External Clients26.0 24.3 26.1 25.5 27.1 21.3 25.9 
General Account20.8 21.1 21.1 21.1 21.0 21.0 21.4 
Revenue Yield on Client Assets (AUM)25.3 23.9 25.3 24.8 26.2 21.3 25.2 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.7 3.4 3.8 3.5 4.1 3.6 3.7 
Total Revenue Yield on AUM and AUA (bps)22.3 21.0 21.3 20.9 22.1 18.8 21.1 
Revenue Yield on Client Assets (AUM) - trailing twelve months21.3 25.2 25.8 25.4 25.2 21.3 25.2 
(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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Investment Management Account Rollforward by Source
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Institutional AUM:
Beginning of period AUM160,720 136,595 143,580 148,921 138,332 148,921 111,964 
Inflows8,249 4,759 5,500 5,963 12,899 24,470 27,317 
Outflows(7,904)(5,648)(3,502)(3,742)(3,383)(20,796)(18,242)
Net flows- Institutional345 (889)1,998 2,221 9,516 3,675 9,075 
Change in Market Value2,341 (5,815)(8,803)(7,411)1,028 (19,689)2,371 
Other (Including Acquisitions / Divestitures)(1,903)30,828 (180)(151)45 28,595 25,511 
End of period AUM - Institutional161,503 160,720 136,595 143,580 148,921 161,502 148,921 
Organic Growth (Net Flows/Beginning of period AUM)0.2 %-0.7 %1.4 %1.5 %6.9 %2.5 %8.1 %
Market Growth %1.5 %-4.3 %-6.1 %-5.0 %0.7 %-13.2 %2.1 %
Retail AUM:
Beginning of period AUM118,016 61,070 71,579 76,908 75,352 76,908 75,116 
Inflows7,203 6,683 2,290 2,609 2,207 18,783 9,456 
Outflows(7,400)(6,754)(3,728)(3,502)(2,727)(21,384)(10,760)
Net flows- Retail(198)(71)(1,439)(893)(520)(2,601)(1,304)
Net Money Market Flows51 45 120 (18)11 197 (290)
Change in Market Value3,232 (6,332)(8,352)(4,181)3,001 (15,633)8,709 
Net Flows from Divested Businesses(497)(467)(525)(668)(761)(2,156)(2,974)
Other (Including Acquisitions / Divestitures)1,229 63,771 (313)431 (174)65,119 (2,348)
End of period AUM - Retail121,833 118,016 61,070 71,579 76,908 121,834 76,908 
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor
Replacements (Net Flows / Beginning of period AUM)		-0.2 %-0.1 %-2.0 %-1.2 %-0.7 %-3.4 %-1.7 %
Market Growth %2.7 %-10.4 %-11.7 %-5.4 %4.0 %-20.3 %11.6 %
Net Flows:
Institutional Net Flows345 (889)1,998 2,221 9,516 3,675 9,075 
Retail Net Flows(198)(71)(1,439)(893)(520)(2,601)(1,304)
Net Flows from Divested Businesses(497)(467)(525)(668)(761)(2,156)(2,974)
Total Net Flows(350)(1,427)34 660 8,234 (1,082)4,796 
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements147 (960)559 1,328 8,995 1,074 7,770 
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)
0.1 %-0.5 %0.3 %0.6 %4.2 %0.5 %4.2 %
(1) Includes net flows related to Allianz transaction as of July 25, 2022.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/2021
Institutional
Equity22,943 22,835 12,086 14,830 14,994 
Fixed Income - Public57,532 59,752 62,378 67,693 72,550 
Fixed Income - Privates67,809 63,361 47,177 45,985 46,631 
Alternatives13,218 14,771 14,955 15,073 14,746 
Money Market— — — — — 
Total161,502 160,720 136,596 143,581 148,921 
Retail
Equity60,244 57,343 36,100 44,128 47,583 
Fixed Income - Public58,480 57,714 22,124 24,749 26,676 
Fixed Income - Privates483 499 547 611 634 
Alternatives822 724 611 542 470 
Money Market1,803 1,736 1,688 1,548 1,546 
Total121,833 118,016 61,070 71,578 76,908 
General Account
Equity237 241 242 216 308 
Fixed Income - Public19,748 20,701 20,416 20,217 20,000 
Fixed Income - Privates14,942 14,877 14,764 14,500 14,601 
Alternatives2,378 2,450 2,732 2,628 2,645 
Money Market724 344 532 488 449 
Total38,028 38,614 38,686 38,049 38,004 
Combined Asset Type
Equity83,424 80,419 48,429 59,174 62,884 
Fixed Income - Public135,760 138,166 104,917 112,659 119,225 
Fixed Income - Privates83,234 78,737 62,488 61,097 61,867 
Alternatives16,418 17,945 18,298 18,243 17,861 
Money Market2,527 2,080 2,220 2,036 1,995 
Total321,363 317,349 236,352 253,208 263,832 
Total Private and Alternative Assets99,652 96,683 80,786 79,340 79,728 
% of Private and Alternative Assets / Total AUM31.0 %30.5 %34.2 %31.3 %30.2 %
Total Wealth Assets162,355 158,900 101,885 110,305 112,905 
% of Wealth Assets / Total AUM50.5 %50.1 %43.1 %43.6 %42.8 %
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Corporate








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Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Interest expense (excluding Preferred stock dividends) (1)
(33)(35)(36)(38)(40)(142)(165)
Preferred stock dividends(4)(14)(4)(14)(4)(36)(36)
Stranded costs net of TSA revenue— (1)(4)(4)3 (9)(15)
Pension expense (2)
(11)(10)(10)(10)(8)(41)(37)
Other (3)
(12)(6)(6)(2)(21)(25)(72)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(60)(66)(60)(68)(70)(253)(325)
Less: Earnings (loss) attributable to Allianz noncontrolling interest(1)— — — — (1)— 
Adjusted operating earnings before income taxes(59)(65)(60)(68)(70)(251)(325)
(1) Includes interest expense related to intercompany loans and 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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Net Revenue and Adjusted Operating Margin
Three Months EndedTwelve Months Ended
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income249 246 233 217 202 945 809 
Fee based margin 241 244 257 268 283 1,009 1,112 
Net underwriting gain (loss) and other revenue5 3 4 1 — 13 (9)
Wealth Solutions Net Revenue495 493 494 486 485 1,967 1,912 
Health Solutions
Investment spread and other investment income24 24 22 20 20 90 70 
Net underwriting gain (loss) and other revenue205 236 176 184 176 802 707 
Health Solutions Net Revenue230 260 198 204 196 892 777 
Investment Management
Investment capital and other investment income8 8 8 8 8 33 28 
Fee based margin216 204 165 167 181 753 680 
Investment Management Net Revenue224 212 173 175 189 785 708 
Total Net Revenue Excluding Notable Items (1)
949 965 865 865 870 3,644 3,397 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions195 198 204 176 163 773 704 
Health Solutions 83 105 51 56 56 294 261 
Investment Management64 67 42 37 49 210 178 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
342 370 297 269 268 1,277 1,143 
Corporate(60)(65)(60)(68)(53)(253)(268)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
282 305 236 201 215 1,024 874 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items13 13 — — — 26 — 
Total Adjusted Operating Earnings Excluding Notable Items (1)
269 291 236 201 215 997 874 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions39.3 %40.2 %41.4 %36.2 %33.6 %39.3 %36.8 %
Health Solutions36.0 %40.2 %25.5 %27.5 %28.7 %33.0 %33.6 %
Investment Management28.6 %31.6 %24.3 %21.1 %25.9 %26.8 %25.1 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
36.0 %38.2 %34.2 %31.1 %30.9 %35.0 %33.6 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
29.7 %31.5 %27.3 %23.2 %24.7 %28.1 %25.7 %
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions39.3 %37.9 %37.7 %36.9 %36.8 %
Health Solutions33.0 %31.2 %29.6 %31.6 %33.6 %
Investment Management26.8 %26.0 %24.1 %25.2 %25.1 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
35.0 %33.7 %33.0 %33.2 %33.6 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
28.1 %26.8 %25.9 %25.8 %25.7 %
(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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Page 31 of 47
Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Wealth Solutions(223)(214)(207)(223)(232)(867)(885)
Health Solutions (71)(66)(67)(72)(66)(276)(237)
Investment Management(158)(142)(131)(139)(142)(570)(544)
Stranded costs net of TSA revenue (1)
— (1)(4)(4)3 (9)(15)
Total Administrative Expenses (2)
(452)(423)(409)(438)(437)(1,722)(1,681)
(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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Page 32 of 47
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/20229/30/20226/30/20223/31/202212/31/2021
Wealth Solutions
Adjusted operating earnings before income taxes - before interest697 798 990 1,077 1,106 
Income tax expense98 122 164 185 194 
Adjusted Operating Earnings - before interest and after income taxes599 676 826 892 912 
Adjusted Operating effective tax rate (1)
12.7 %11.6 %14.9 %15.7 %17.0 %
Adjusted Operating effective tax rate - Trailing Twelve Months 14.1 %15.3 %16.6 %17.2 %17.5 %
Average Capital3,710 3,730 3,742 3,738 3,762 
Ending Capital (2)
3,670 3,677 3,749 3,721 3,716 
Adjusted Return on Capital16.1 %18.1 %22.1 %23.9 %24.3 %
Health Solutions
Adjusted operating earnings before income taxes - before interest304 256 171 185 204 
Income tax expense64 54 36 39 43 
Adjusted Operating Earnings - before interest and after income taxes240 202 135 146 161 
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 Capital591 555 528 513 507 
Ending Capital (2)
662 650 576 549 519 
Adjusted Return on Capital40.6 %36.6 %25.7 %28.6 %31.8 %
Investment Management
Adjusted operating earnings before income taxes - before interest158 176 201 227 239 
Income tax expense33 37 42 48 50 
Adjusted Operating Earnings - before interest and after income taxes125 139 159 179 189 
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 Capital582 488 427 403 387 
Ending Capital (2)
797 778 486 458 420 
Adjusted Return on Capital21.5 %28.3 %37.0 %44.3 %48.7 %
(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 34 of 47
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)12/31/20229/30/202212/31/2022
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 corporate12,179 30.0 %163 5.2 %13,093 32.0 %162 5.0 %12,179 30.0 %641 5.0 %
Private credit8,222 20.0 %84 4.2 %8,233 20.0 %84 4.2 %8,222 20.0 %333 4.2 %
Securitized (2)(3)
10,654 26.0 %157 6.0 %10,651 26.0 %147 5.7 %10,654 26.0 %556 5.5 %
Commercial mortgage loans5,413 13.0 %59 4.5 %5,376 13.0 %56 4.2 %5,413 13.0 %223 4.2 %
Municipals952 2.0 %10 4.0 %966 2.0 %10 4.0 %952 2.0 %38 4.0 %
Short-term / Treasury627 2.0 %7 4.4 %728 2.0 %8 4.4 %627 2.0 %33 4.3 %
Equity securities290 1.0 %4 5.5 %298 1.0 %4 5.9 %290 1.0 %17 5.7 %
Policy loans363 1.0 %5 5.3 %368 1.0 %5 5.5 %363 1.0 %21 5.8 %
Derivatives(11)— %3 N/A(11)— %4 N/A(11)— %14 N/A
Book Values and Gross Investment Income before variable components38,689 96.0 %491 5.1 %39,703 97.0 %480 4.9 %38,689 96.0 %1,875 4.8 %
Book Values and Gross Investment Income on variable components
Limited partnership1,774 4.0 %(7)-1.5 %1,778 4.0 %(29)-6.2 %1,774 4.0 %101 5.9 %
Prepayment / Other fee income N/A N/A— — %N/AN/A2 — % N/A N/A16 — %
Book Values and Gross Investment Income (variable)1,774 4.0 %(6)— %1,778 4.0 %(27)0.1 %1,774 4.0 %116 N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings40,464 100.0 %485 4.8 %41,481 100.0 %452 4.4 %40,464 100.0 %1,992 4.9 %
(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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Page 35 of 47
Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD)9/30/202206/30/202203/31/202212/31/2021
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate13,187 32.0 %13,145 32.0 %13,151 32.0 %13,256 33.0 %
Private credit7,958 19.0 %7,989 19.0 %7,773 19.0 %7,754 19.0 %
Securitized10,663 26.0 %10,469 25.0 %10,024 25.0 %9,878 24.0 %
Municipals966 2.0 %964 2.0 %957 2.0 %965 2.0 %
Short-term / Treasury802 2.0 %891 2.0 %935 2.0 %897 2.0 %
Total Fixed maturities33,577 81.0 %33,458 81.0 %32,840 81.0 %32,750 81.0 %
Commercial mortgage loans5,375 13.0 %5,381 13.0 %5,490 14.0 %5,581 14.0 %
Limited partnership1,777 4.0 %1,813 4.0 %1,793 4.0 %1,687 4.0 %
Equity securities475 1.0 %486 1.0 %476 1.0 %487 1.0 %
Total41,204 100.0 %41,138 100.0 %40,599 100.0 %40,504 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 117,312 52.0 %17,208 51.0 %16,619 51.0 %16,745 51.0 %
NAIC 214,970 45.0 %14,850 44.0 %14,699 45.0 %14,524 44.0 %
NAIC 3 and below1,295 4.0 %1,400 4.0 %1,522 5.0 %1,481 5.0 %
Total Fixed maturities33,577 100.0 %33,458 100.0 %32,840 100.0 %32,750 100.0 %
Commercial Mortgage Loans:
CML 14,220 79.0 %4,224 78.0 %4,400 80.0 %4,624 83.0 %
CML 21,045 19.0 %1,030 19.0 %966 18.0 %876 16.0 %
CML 3 and below110 2.0 %127 2.0 %125 2.0 %81 1.0 %
Total Commercial mortgage loans5,375 100.0 %5,381 100.0 %5,490 100.0 %5,581 100.0 %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Alternative Investment Income
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Wealth Solutions
Average alternative investments1,614 1,650 1,634 1,534 1,508 1,608 1,360 
Alternative investment income(5)(26)33 89 115 91 511 
Health Solutions
Average alternative investments160 163 162 170 152 164 134 
Alternative investment income(1)(3)3 9 12 8 50 
Investment Management
Average alternative investments316 333 347 351 337 337 309 
Alternative investment income(2)(13)5 11 20 1 104 
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Alternative Income and Prepayments Above (Below) Long-Term Expectations
Three Months EndedTwelve Months Ended
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions(41)(63)(4)55 81 (54)388 
Health Solutions(5)(7)— 5 8 (7)38 
Investment Management(9)(20)(3)3 12 (29)75 
Total(55)(90)(7)63 101 (90)501 
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(9)(7)(3)(3)1 (22)18 
Health Solutions— — — — 1 — 3 
Investment Management— — — — — — — 
Total(9)(7)(3)(3)2 (22)21 
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(50)(70)(7)52 82 (76)406 
Health Solutions(5)(7)— 5 9 (7)41 
Investment Management(9)(20)(3)3 12 (29)75 
Total(64)(97)(10)60 103 (112)522 
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations.
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Reconciliations

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Page 39 of 47
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)12/31/20229/30/20226/30/20223/31/202212/31/2021
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 shareholders190 1.78 166 1.57 64 0.57 54 0.46 382 3.18 
Plus: Net income (loss) attributable to noncontrolling interests
(57)(0.54)(138)(1.30)75 0.68 43 0.36 100 0.83 
Less: Preferred stock dividends
(4)(0.04)(14)(0.13)(4)(0.04)(14)(0.12)(4)(0.03)
Less: Income (loss) from discontinued operations
— — — — — — — — 5 0.05 
Income (loss) from continuing operations83 137 1.28 71 42 0.40 152 143 1.29 122 111 0.95 273 481 4.00 
Less:
Net investment gains (losses)(10)(8)(0.07)(9)(7)(0.06)(59)(47)(0.42)(112)(88)(0.75)(107)(85)(0.70)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(34)(27)(0.25)(13)(11)(0.10)(55)(44)(0.39)(36)(28)(0.24)4 3 0.02 
Net income (loss) attributable to noncontrolling interests(57)(57)(0.54)(138)(138)(1.30)75 75 0.68 43 43 0.36 100 100 0.83 
Dividend payments made to preferred shareholders4 4 0.04 14 14 0.13 4 4 0.04 14 14 0.12 4 4 0.03 
Other adjustments(26)(3)(0.03)(37)(26)(0.24)(40)(34)(0.31)(8)(11)(0.09)8 241 2.01 
Adjusted operating earnings206 227 2.13 254 210 1.97 228 188 1.70 221 182 1.55 265 218 1.81 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(63)(50)(0.47)(94)(74)(0.70)(8)(7)(0.06)59 47 0.40 84 66 0.55 
Other (3)
— 53 0.50 57 45 0.42 — — — (40)(31)(0.27)(34)(27)(0.22)
Adjusted operating earnings excluding notable items269 224 2.10 291 239 2.25 236 195 1.76 201 166 1.42 215 178 1.48 
(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 40 of 47
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Twelve months ended
(in millions except per share in whole dollars)12/31/202212/31/2021
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 shareholders474 4.30 2,334 18.56 
Plus: Net income (loss) attributable to noncontrolling interests
(77)(0.70)761 6.05 
Less: Preferred stock dividends
(36)(0.33)(36)(0.29)
Less: Income (loss) from discontinued operations
— — 12 0.10 
Income (loss) from continuing operations428 433 3.93 3,085 3,119 24.80 
Less:
Net investment gains (losses)(190)(150)(1.36)(29)(23)(0.18)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(138)(109)(0.99)1,133 895 7.12 
Net income (loss) attributable to noncontrolling interests(77)(77)(0.70)761 761 6.05 
Dividend payments made to preferred shareholders36 36 0.33 36 36 0.29 
Other adjustments(111)(74)(0.67)(39)451 3.59 
Adjusted operating earnings908 807 7.32 1,225 1,000 7.95 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(106)(84)(0.76)452 357 2.84 
Other (3)
17 67 0.60 (101)(80)(0.63)
Adjusted operating earnings excluding notable items997 824 7.48 874 723 5.75 
(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 legal and other reserves not expected to recur at the same level, Group Life Covid-19 impacts and revenue and expenses related to FPC prior to its divestment in June 2021.
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Voya Financial
Page 41 of 47
Reconciliation of Adjusted Operating Revenues
Three Months EndedYear-to-Date
(in millions USD)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Total revenues1,555 1,345 1,524 1,506 1,656 5,930 4,174 
Less:
Net investment gains (losses)(17)(18)(60)(120)(97)(215)(140)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment16 (30)(55)(54)(31)(123)(3,424)
Revenues (loss) attributable to noncontrolling interests(44)(130)93 48 112 (33)809 
Other adjustments54 30 8 28 54 121 413 
Total adjusted operating revenues1,547 1,495 1,537 1,603 1,618 6,183 6,513 
Adjusted operating revenues by segment
Wealth Solutions669 645 709 756 792 2,778 3,236 
Health Solutions649 645 641 647 598 2,582 2,394 
Investment Management215 192 171 178 201 756 783 
Corporate15 13 17 22 27 67 100 
Total adjusted operating revenues1,547 1,495 1,537 1,603 1,618 6,183 6,513 
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Voya Financial
Page 42 of 47
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Wealth Solutions
Adjusted operating revenues
page 9
669 645 709 756 792 2,778 3,236 
Interest credited and other benefits to contract owners/policyholders(224)(222)(222)(218)(224)(886)(891)
Net revenue
page 16
445 423 486 538 568 1,892 2,345 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(50)(70)(7)52 82 (76)406 
Fee income related to divested businesses— — — — — — 25 
Other adjustments to investment income— — — — — — 3 
Net revenue excluding notable items
page 30
495 493 494 486 485 1,967 1,912 
Health Solutions
Adjusted operating revenues
page 9
649 645 641 647 598 2,582 2,394 
Interest credited and other benefits to contract owners/policyholders(424)(335)(443)(478)(428)(1,680)(1,674)
Net revenue
page 20
225 310 198 169 171 902 720 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(5)(7)— 5 9 (7)41 
Group Life Covid-19 impacts— — — (40)(34)(40)(112)
Other adjustments to net underwriting gain (loss) and other revenue (1)
— 57 — — — 57 14 
Net revenue excluding notable items
page 30
230 260 198 204 196 892 777 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.





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Voya Financial
Page 43 of 47
Investment Management and Consolidated Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Investment Management
Adjusted operating revenues
page 9
215 192 171 178 201 756 783 
Net revenue
page 23
215 192 171 178 201 756 783 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(9)(20)(3)3 12 (29)75 
Net revenue excluding notable items
page 30
224 212 173 175 189 785 708 
Consolidated
Total Adjusted operating revenues
page 9
1,547 1,495 1,537 1,603 1,618 6,183 6,513 
Interest credited and other benefits to contract owners/policyholders(648)(557)(665)(696)(652)(2,566)(2,565)
Corporate Adjusted operating revenues (1)
(15)(13)(17)(22)(27)(67)(100)
Net revenue
pages 16/20/23
885 925 855 885 940 3,550 3,848 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(64)(97)(10)60 103 (112)522 
Group Life Covid-19 impacts— — — (40)(34)(40)(112)
Fee income related to divested businesses— — — — — — 25 
Other adjustments— 57 — — — 57 17 
Net revenue excluding notable items
page 30
949 965 865 865 870 3,644 3,397 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 44 of 47
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Wealth Solutions Adjusted operating earnings before income taxes
page 9
145 128 197 228 245 697 1,106 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(50)(70)(7)52 82 (76)406 
Other (1)(2)
— — — — — — (3)
Adjusted operating earnings excluding notable items
page 30
195 198 204 176 163 773 704 
Health Solutions Adjusted operating earnings before income taxes
page 9
78 154 50 21 31 304 204 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(5)(7)— 5 9 (7)41 
Group Life Covid-19 impacts— — — (40)(34)(40)(112)
Other (1)
— 57 — — — 57 14 
Adjusted operating earnings excluding notable items
page 30
83 105 51 56 56 294 261 
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
57 51 40 39 59 186 239 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation(7)(16)(2)2 9 (24)61 
Adjusted operating earnings excluding notable items
page 30
64 67 42 37 49 210 178 
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
(60)(66)(60)(68)(70)(253)(325)
Less:
Other (3)
— — — — (16)— (56)
Adjusted operating earnings excluding notable items(60)(65)(60)(68)(53)(253)(268)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
219 267 228 221 265 934 1,225 
Total Notable Items Adjustments(63)(37)(8)20 50 (89)351 
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
282 305 236 201 215 1,024 874 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items13 13 — — — 26 — 
Consolidated Adjusted operating earnings excluding notable items
page 30
269 291 236 201 215 997 874 
(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 (below) target performance.
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Voya Financial
Page 45 of 47
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)12/31/20229/30/20226/30/20223/31/202212/31/202112/31/202212/31/2021
Book value per common share, including AOCI28.16 23.70 30.52 49.57 69.46 28.16 69.46 
Per share impact of AOCI31.43 33.98 20.89 1.57 (16.76)31.43 (16.76)
Book value per common share, excluding AOCI59.59 57.69 51.41 51.14 52.70 59.59 52.70 
 
Debt to capital ratio40.0 %43.4 %39.9 %29.8 %24.3 %40.0 %24.3 %
Capital impact of adding noncontrolling interest
-8.4 %-10.2 %-8.8 %-4.7 %-3.1 %-8.4 %-3.1 %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.9 %10.3 %10.1 %8.5 %6.7 %9.9 %6.7 %
Capital impact of excluding AOCI-12.0 %-13.7 %-8.4 %-0.6 %4.7 %-12.0 %4.7 %
Financial leverage ratio excluding AOCI29.5 %29.8 %32.8 %33.0 %32.6 %29.5 %32.6 %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic97.397.9101.7106.1110.1100.7116.7
Dilutive effect of warrants7.26.27.18.27.57.26.7
Other dilutive effects (2)
2.22.32.02.62.52.32.4
Weighted-average common shares outstanding - Diluted106.7106.4110.8117.0120.1110.2125.8
Dilutive effect of the exercise or issuance of stock-based awards (3)
———————
Weighted average common shares outstanding - Adjusted Diluted (3)
106.7106.4110.8117.0120.1110.2125.8
(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 from continuing operations 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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Voya Financial
Page 46 of 47
Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars)12/31/20229/30/20226/30/20223/31/202212/31/2021
Before income taxesAfter income taxes
Per share (1)
Before income taxesAfter income taxes
Per share (1)
Before income taxesAfter income taxes
Per share (1)
Before income taxesAfter income taxes
Per share (1)
Before income taxesAfter income taxes
Per share (1)
Previously Reported Income (loss) available to Voya Financial, Inc.'s common shareholders1901.771931.82640.57270.244033.36
Impact of LDTI implementation— 0.01 (27)(0.25)— — 27 0.22 (21)(0.18)
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders1901.781661.57640.57540.463823.18
Previously Reported Adjusted operating earnings2142332.182992452.302231851.672091721.472792291.90
Impact of LDTI implementation1 1 0.01(36)(28)(0.26)16110.1022180.15210.01
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets4 3 0.033 2 0.02 220.02220.02220.01
Qualified Pension Plan expected return on plan assets net of interest costs(13)(10)(0.09)(12)(10)(0.09)(13)(10)(0.09)(12)(10)(0.09)(18)(14)(0.12)
Recast Adjusted operating earnings2062272.132542101.972281881.702211821.552652181.81
Previously Reported Adjusted operating earnings excluding notable items2622192.052832322.192371961.752051701.452271881.57
Impact of LDTI implementation16120.11 17150.13 1070.08 640.04 420.02 
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets430.03320.02220.02220.02220.01
Qualified Pension Plan expected return on plan assets net of interest costs(13)(10)(0.09)(12)(10)(0.09)(13)(10)(0.09)(12)(10)(0.09)(18)(14)(0.12)
Recast Adjusted operating earnings excluding notable items269 224 2.10 291 239 2.25 236 195 1.76 201 166 1.42 215 178 1.48 
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.
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Voya Financial
Page 47 of 47
Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Twelve Months Ended
(in millions except per share in whole dollars)12/31/202212/31/2021
Before income taxesAfter
income taxes
Per share (1)
Before income taxesAfter
income taxes
Per share (1)
Previously Reported Income (loss) available to Voya Financial, Inc.'s common shareholders4744.302,090 16.61
Impact of LDTI implementation— — 244 1.95 
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders4744.302,334 18.56
Previously Reported Adjusted operating earnings9448357.581,292 1,053 8.37
Impact of LDTI implementation3 2 0.02(3)(3)(0.03)
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets11 8 0.078 6 0.04 
Qualified Pension Plan expected return on plan assets net of interest costs(49)(38)(0.34)(72)(56)(0.44)
Recast Adjusted operating earnings9088077.321,225 1,000 7.95
Previously Reported Adjusted operating earnings excluding notable items9878167.41910 754 5.99
Impact of LDTI implementation48 38 0.34 28 19 0.16 
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets11 8 0.078 6 0.04 
Qualified Pension Plan expected return on plan assets net of interest costs(49)(38)(0.34)(72)(56)(0.44)
Recast Adjusted operating earnings excluding notable items9978247.48874 723 5.75
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.


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