EX-99.2 3 a2024q1voyainvestorsupplem.htm EX-99.2 Document
Exhibit 99.2



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Quarterly Investor Supplement


March 31, 2024


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, 2024. 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:Investor Contact:
Voya FinancialMichael Katz
230 Park Avenue212-309-8999
New York, New York 10169IR@voya.com
NYSE Ticker:Web Site:
VOYAinvestors.voya.com
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Table of Contents
PagePage
ConsolidatedNet Revenue, Adjusted Operating Margin, Administrative
Explanatory Note on Non-GAAP Financial Information3 - 4Expenses, and Adjusted Operating Return on Capital
Key MetricsNet Revenue and Adjusted Operating Margin
Consolidated Statements of OperationsAdministrative Expenses
Consolidated Adjusted Operating Earnings Before Income TaxesAdjusted Operating Return on Allocated Capital
Adjusted Operating Earnings Before Income Taxes by Segment (QTD)Investment Information
Consolidated Balance SheetsPortfolio Results GAAP Book Value, Gross Investment Income, and
DAC/VOBA Segment Trends   Earned Rate by Asset Class
Consolidated Capital StructurePortfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Assets Under Management, Assets Under Administration  Ratings
  and AdvisementAlternative Investment Income
Wealth SolutionsAlternative Income and Prepayments Above (Below) Long-Term
Sources of Adjusted Operating Earnings Before Income Taxes  Expectations
 and Key MetricsReconciliations
Client Assets Rollforward by Product Group15 - 16Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Health Solutions  Earnings Per Common Share (Diluted) (QTD)
Sources of Adjusted Operating Earnings Before Income TaxesReconciliation of Adjusted Operating Revenues
Key MetricsReconciliation of Net Revenues by Segment39 - 40
Investment ManagementReconciliation of Adjusted Operating Earnings Before Income Taxes
Sources of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment41 - 42
Analysis of AUM and AUAReconciliation of Book Value Per Common Share, Excluding AOCI,
Account Value Rollforward by SourceLeverage Ratio, and Adjusted Diluted Shares
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
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Page 3 of 43
Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments by 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 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 measures 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 fair value option 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, amortization of intangible assets and residual run-off activity. Excluding this activity 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 to which we are not economically entitled, 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;
•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 since the outcome of decisions to restructure debt are not indicative of normal operations;
•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Amortization of 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. 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 that may be related to events such as capital or organizational restructurings, 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 among 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) 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);
•Revenues related to businesses exited or to be exited through reinsurance or divestment;
•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and
•Other adjustments that 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.
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Explanatory Note on Non-GAAP Financial Information
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help 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"), 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.
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 they provide 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)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Net income (loss) available to Voya Financial, Inc.'s common shareholders2341182481546923469
Per common share (basic)2.291.132.351.500.702.290.70
Per common share (diluted)2.241.102.291.410.632.240.63
Adjusted operating earnings: (1)
Before income taxes224202229294192224192
After income taxes185174189243158185158
Effective tax rate17.2 %13.8 %17.2 %17.5 %17.9 %17.2 %17.9 %
Per common share (Adjusted diluted)1.771.631.742.211.441.771.44
Per common share excluding notable items1.881.972.072.311.691.881.69
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity3,5413,5812,5153,0853,3423,5413,342
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI6,0105,9816,0485,8765,8876,0105,887
Book value per common share (including AOCI)34.9634.8023.9329.1934.0334.9634.03
Book value per common share (excluding AOCI) (2)
59.3358.1257.5555.5959.9559.3359.95
Leverage Ratios:
Debt-to-Capital33.6 %33.3 %40.1 %37.7 %36.1 %33.6 %36.1 %
Financial Leverage - excluding AOCI (2)
28.1 %27.8 %27.8 %29.2 %29.5 %28.1 %29.5 %
Shares:
Weighted-average common shares outstanding
Basic (3)
1021041061039810298
Dilutive effect of warrants (3)
———49—9
Other dilutive effects (4)
2333323
Diluted105107108110110105110
Adjusted Diluted (2)
105107108110110105110
Ending shares outstanding1011031051069810198
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions17215854162—172—
Dividends to common shareholders41424221204120
Total cash returned to common shareholders213200961832021320
(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 36 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
(3) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the second quarter of 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-quarter issuance. Beginning in the third quarter of 2023, the shares are included in Basic shares outstanding.
(4) 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)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Revenues
Net investment income529 522 547 545 545 529 545 
Fee income513 489 489 474 464 513 464 
Premiums800 673 682 677 685 800 685 
Net gains (losses)43 7 (7)(56)(16)43 (16)
Other revenues88 82 81 86 78 88 78 
Income (loss) related to consolidated investment entities78 46 31 145 79 78 79 
Total revenues2,051 1,819 1,823 1,871 1,835 2,051 1,835 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders(851)(804)(799)(682)(751)(851)(751)
Operating expenses(799)(773)(717)(770)(836)(799)(836)
Net amortization of DAC/VOBA(56)(57)(57)(57)(59)(56)(59)
Interest expense(30)(30)(31)(39)(32)(30)(32)
Operating expenses related to consolidated investment entities(28)(53)(47)(60)(16)(28)(16)
Total benefits and expenses(1,764)(1,717)(1,651)(1,608)(1,694)(1,764)(1,694)
Income (loss) before income taxes287 102 172 263 141 287 141 
Income tax expense (benefit)(1)(17)(74)28 12 (1)12 
Net income (loss)288 119 246 235 129 288 129 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest37 (3)(16)77 46 37 46 
Net income (loss) available to Voya Financial, Inc.251 122 262 158 83 251 83 
Less: Preferred stock dividends17 4 14 4 14 17 14 
Net income (loss) available to Voya Financial, Inc.'s common shareholders234 118 248 154 69 234 69 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months EndedYear-to-Date
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)488 463 489 498 482 488 482 
Fee income509 487 489 478 468 509 468 
Premiums797 666 663 669 675 797 675 
Other revenue69 70 76 76 73 69 73 
Adjusted operating revenues (1)
1,863 1,686 1,717 1,721 1,697 1,863 1,697 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(829)(715)(730)(656)(689)(829)(689)
Operating expenses(724)(694)(671)(691)(731)(724)(731)
Net amortization of DAC/VOBA(29)(30)(29)(30)(31)(29)(31)
Interest expense (2)
(45)(33)(44)(37)(47)(45)(47)
Adjusted operating benefits and expenses(1,629)(1,471)(1,475)(1,414)(1,498)(1,629)(1,498)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
235 215 242 307 200 235 200 
Less: Earnings (loss) attributable to Allianz noncontrolling interest11 13 14 13 8 11 8 
Adjusted operating earnings before income taxes (1)
224 202 229 294 192 224 192 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions719 686 702 705 684 719 684 
Health Solutions905 764 768 775 774 905 774 
Investment Management234 228 233 226 229 234 229 
Corporate4 9 14 15 11 4 11 
Adjusted operating revenues (1)
1,863 1,686 1,717 1,721 1,697 1,863 1,697 
Adjusted operating earnings before income taxes
Wealth Solutions186 147 179 174 132 186 132 
Health Solutions59 44 53 124 94 59 94 
Investment Management42 45 49 50 33 42 33 
Corporate(63)(34)(52)(53)(68)(63)(68)
Adjusted operating earnings before income taxes (1)
224 202 229 294 192 224 192 
(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 36 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, 2024
(in millions USD)Wealth SolutionsHealth SolutionsInvestment ManagementCorporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)437 38 9 4 488 
Fee income263 18 227 — 509 
Premiums— 797 — — 797 
Other revenue19 51 (1)— 69 
Adjusted operating revenues (1)
719 905 234 4 1,863 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders(216)(613)— — (829)
Operating expenses(296)(224)(181)(23)(724)
Net amortization of DAC/VOBA(21)(8)— — (29)
Interest expense (2)
— — — (45)(45)
Adjusted operating benefits and expenses(534)(846)(181)(68)(1,629)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
186 59 53 (64)235 
Less: Earnings (loss) attributable to Allianz noncontrolling interest— — 12 (1)11 
Adjusted operating earnings before income taxes (1)
186 59 42 (63)224 
Three Months Ended March 31, 2023
Wealth SolutionsHealth SolutionsInvestment ManagementCorporateConsolidated
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 
(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 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/2023
Assets
Total investments35,687 36,600 36,257 37,561 38,703 
Cash and cash equivalents995 937 829 1,195 724 
Assets held in separate accounts98,636 93,133 85,491 88,851 84,569 
Premium receivable and reinsurance recoverable, net11,828 11,982 11,765 12,131 12,438 
Short term investments under securities loan agreement and accrued investment income 1,435 1,426 1,349 1,506 1,691 
Deferred policy acquisition costs, Value of business acquired2,222 2,250 2,278 2,304 2,333 
Current and deferred income taxes2,193 2,170 2,448 2,171 2,126 
Other assets (1)
4,012 3,967 4,217 4,170 4,191 
Assets related to consolidated investment entities4,623 4,620 4,631 4,727 4,433 
Total Assets 161,631 157,085 149,265 154,616 151,208 
Liabilities
Future policy benefits and contract owner account balances47,869 48,734 49,506 50,583 51,493 
Liabilities related to separate accounts98,636 93,133 85,491 88,851 84,569 
Payables under securities loan agreements, including collateral held1,220 1,121 1,190 1,301 1,328 
Short-term debt393 1 2 143 143 
Long-term debt1,707 2,097 2,095 2,095 2,094 
Other liabilities (2)
3,198 3,327 3,397 3,394 3,350 
Liabilities related to consolidated investment entities2,737 2,619 2,625 2,721 2,544 
Total Liabilities155,760 151,032 144,306 149,088 145,521 
Mezzanine Equity
Allianz noncontrolling interest174 175 173 171 166 
Shareholders' Equity
Preferred stock— — — — — 
Common stock1 1 1 1 1 
Treasury stock(263)(56)(307)(248)(77)
Additional paid-in capital6,187 6,143 6,664 6,695 6,693 
Retained earnings (deficit)697 505 302 40 (118)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI6,622 6,593 6,660 6,488 6,499 
Accumulated other comprehensive income(2,469)(2,400)(3,533)(2,791)(2,545)
Total Voya Financial, Inc. Shareholders' Equity4,153 4,193 3,127 3,697 3,954 
Noncontrolling interest1,544 1,685 1,659 1,660 1,567 
Total Shareholders' Equity5,697 5,878 4,786 5,357 5,521 
Total Liabilities, Mezzanine Equity and Shareholders' Equity161,631 157,085 149,265 154,616 151,208 
(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 Ended or As ofYear-to-Date or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Wealth Solutions
Balance as of Beginning-of-Period1,064 1,068 1,075 1,082 1,088 1,064 1,088 
Deferrals of commissions and expenses16 16 15 15 16 16 16 
Amortization(21)(21)(22)(22)(22)(21)(22)
Balance as of End-of-Period1,059 1,064 1,068 1,075 1,082 1,059 1,082 
Deferred Sales Inducements as of End-of-Period22 22 22 22 22 22 22 
Health Solutions
Balance as of Beginning-of-Period211 208 201 194 190 211 190 
Deferrals of commissions and expenses12 12 15 14 13 12 13 
Amortization(8)(9)(7)(8)(8)(8)(8)
Balance as of End-of-Period215 211 208 201 194 215 194 
Total
Balance as of Beginning-of-Period1,275 1,276 1,275 1,276 1,279 1,275 1,279 
Deferrals of commissions and expenses29 29 30 29 29 29 29 
Amortization(29)(30)(29)(30)(31)(29)(31)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment1,274 1,275 1,276 1,275 1,276 1,274 1,276 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
948 975 1,002 1,029 1,057 948 1,057 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment2,222 2,250 2,278 2,304 2,333 2,222 2,333 
(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)3/31/202412/31/20239/30/20236/30/20233/31/2023
Financial Debt
Senior bonds1,7491,7471,7461,8871,498
Subordinated bonds349349349349737
Other debt22222
Total Financial Debt2,1002,0982,0972,2382,237
Other financial obligations (1)
309312325326335
Total Financial Obligations2,4092,4102,4222,5642,572
Mezzanine Equity
Allianz noncontrolling interest174175173171166
Equity
Preferred equity (2)
612612612612612
Common equity (Excluding AOCI)6,0105,9816,0485,8765,887
Total Equity (Excluding AOCI)
6,6226,5936,6606,4886,499
Accumulated other comprehensive income (AOCI)(2,469)(2,400)(3,533)(2,791)(2,545)
Total Voya Financial, Inc. Shareholders' Equity4,1534,1933,1273,6973,954
Noncontrolling interest1,5441,6851,6591,6601,567
Total Shareholders' Equity5,6975,8784,7865,3575,521
Capital
Capitalization (3)
6,2536,2915,2245,9356,191
Adjusted Capitalization excluding AOCI (4)
10,74910,86310,91410,88310,804
Leverage Ratios
Debt-to-Capital (5)
33.6 %33.3 %40.1 %37.7 %36.1 %
Financial Leverage excluding AOCI (6)
28.1 %27.8 %27.8 %29.2 %29.5 %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2024
(in millions USD)General AccountSeparate Account
Institutional/Mutual Funds (2)
Total AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)(3)
Total AUM and AUA
Wealth Solutions (1)
30,746 94,729 93,036 218,511 355,350 573,861 
Health Solutions1,843 17 — 1,860 — 1,860 
Investment Management 34,138 28,482 268,717 331,337 52,942 384,278 
Eliminations/Other (4)
(32,589)(24,592)(11,419)(68,600)(42,770)(111,370)
Total AUM and AUA34,138 98,636 350,334 483,108 365,522 848,629 
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Investment Management Institutional/Mutual Funds includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(3) 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.
(4) 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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Voya Financial
Page 14 of 43
Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income403 413 422 427 430 1,665 1,700 
Investment expenses(17)(17)(18)(19)(19)(71)(79)
Credited interest(213)(221)(223)(221)(218)(879)(875)
Net margin173 175 181 187 192 715 745 
Other investment income (1)
63 60 57 52 57 232 238 
Investment spread and other investment income, excluding alts/prepays above/below expectations
236 234 238 239 249 947 983 
Alternative investment income and prepayment fees above (below) long-term expectations(14)(39)(24)(14)(33)(91)(161)
Investment spread and other investment income222 195 214 225 216 856 822 
Full service fee based revenue162 150 150 143 136 605 552 
Recordkeeping and other fee based revenue 116 113 109 109 107 447 426 
Total fee based margin 278 262 259 252 243 1,051 978 
Net underwriting gain (loss) and other revenue4 5 2 4 4 15 16 
Net revenue (2)
504 462 475 481 463 1,922 1,817 
Administrative expenses(234)(236)(216)(228)(251)(914)(895)
Net commissions(62)(58)(58)(57)(56)(235)(226)
DAC/VOBA and other intangibles amortization(22)(21)(23)(23)(23)(88)(94)
Adjusted operating earnings before income taxes186 147 179 174 132 686 602 
Adjusted Operating Margin TTM35.7 %33.6 %33.8 %31.9 %33.1 %
Adjusted Operating Margin Excluding Notables TTM38.6 %37.3 %37.8 %37.7 %38.6 %
Full Service Revenue (3)
Full Service Investment Spread and other investment income205 187 206 214 206 812 788 
Full Service Fee Based Revenue162 150 150 143 136 605 552 
Total Full Service Revenue367 336 356 357 343 1,416 1,340 
Client Assets
Fee Based486,196457,089423,118429,958408,688486,196 408,688 
Spread Based (4)
30,74631,32732,13632,69933,24230,746 33,242 
Investment-only Stable Value34,81435,18835,45037,35437,78134,814 37,781 
Retail Client Assets29,49227,92325,86726,57025,75729,492 25,757 
Eliminations(7,387)(7,208)(6,998)(7,639)(7,574)(7,387)(7,574)
Total Client Assets573,861544,319509,572518,941497,895573,861 497,895 
(1) Includes investment income on assets backing surplus, investment income on cash balances, 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) Spread Based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
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Voya Financial
Page 15 of 43
Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Full Service - Corporate markets
Client Assets, beginning of period102,522 94,059 96,492 91,615 85,965 91,615 94,424 
Transfers / Single deposits1,745 1,630 1,431 1,343 1,770 6,149 5,623 
Recurring deposits3,144 2,430 2,549 2,587 2,850 10,710 9,486 
Total Deposits4,889 4,060 3,980 3,930 4,621 16,859 15,109 
Surrenders, benefits, and product charges(4,194)(4,537)(3,368)(3,244)(3,477)(15,343)(11,764)
Net Flows695 (477)612 686 1,144 1,516 3,345 
Interest credited and investment performance6,589 8,939 (3,044)4,191 4,506 16,675 (6,153)
Client Assets, end of period - Corporate markets109,806 102,522 94,059 96,492 91,615 109,806 91,615 
Full Service - Tax-exempt markets
Client Assets, beginning of period82,858 79,663 81,906 79,022 76,672 79,022 83,703 
Transfers / Single deposits409 453 273 271 323 1,406 1,992 
Recurring deposits1,111 1,050 1,036 1,079 1,100 4,276 4,153 
Total Deposits1,520 1,502 1,309 1,350 1,424 5,681 6,147 
Surrenders, benefits, and product charges(2,193)(4,482)(1,793)(1,633)(2,586)(10,101)(7,003)
Net Flows(673)(2,980)(484)(283)(1,162)(4,420)(856)
Interest credited and investment performance4,616 6,175 (1,758)3,167 3,513 12,200 (3,825)
Client Assets, end of period - Tax-exempt markets86,801 82,858 79,663 81,906 79,022 86,801 79,022 
Full Service - Total
Client Assets, beginning of period185,379 173,723 178,398 170,637 162,636 170,637 178,126 
Transfers / Single deposits2,154 2,083 1,704 1,615 2,094 7,556 7,615 
Recurring deposits (1)
4,255 3,480 3,585 3,666 3,951 14,986 13,640 
Total Deposits6,409 5,562 5,289 5,281 6,044 22,541 21,254 
Surrenders, benefits, and product charges(6,386)(9,020)(5,162)(4,877)(6,062)(25,445)(18,765)
Net Flows 22 (3,457)127 403 (18)(2,905)2,489 
Interest credited and investment performance11,205 15,114 (4,803)7,358 8,019 28,874 (9,978)
Client Assets, end of period - Full Service Total196,607 185,379 173,723 178,398 170,637 196,607 170,637 
Full Service - Client Assets
Fee-based166,190 154,394 141,947 146,077 137,792 166,190 137,792 
Spread-based30,417 30,985 31,776 32,321 32,845 30,417 32,845 
Client Assets, end of period - Full Service Total196,607 185,379 173,723 178,398 170,637 196,607 170,637 
(1) For the first quarter of 2024, recurring deposits exclude certain participants’ last paycheck contribution due to the last weekday of the quarter falling on a holiday. These deposits will be recognized in the second quarter of 2024.

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Voya Financial
Page 16 of 43
Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Recordkeeping
Client Assets, beginning of period298,120 276,869 279,669 267,038 254,957 267,038 274,065 
Transfers / Single deposits1,338 2,662 4,683 4,590 2,332 13,273 8,479 
Recurring deposits (1)
6,428 4,446 4,964 4,857 5,504 20,695 17,919 
Total Deposits7,766 7,108 9,646 9,447 7,836 33,967 26,399 
Surrenders, benefits, and product charges(8,077)(6,352)(6,653)(5,847)(7,747)(26,929)(24,650)
Net Flows (312)756 2,993 3,600 89 7,037 1,748 
Interest credited and investment performance17,326 20,495 (5,794)9,030 11,993 41,057 (8,774)
Client Assets, end of period - Recordkeeping315,134 298,120 276,869 279,669 267,038 315,134 267,038 
Total Defined Contribution (2)
Client Assets, beginning of period483,499 450,591 458,068 437,675 417,593 437,675 452,191 
Transfers / Single deposits3,492 4,745 6,386 6,205 4,425 20,828 16,093 
Recurring deposits (1)
10,682 7,925 8,548 8,523 9,455 35,678 31,560 
Total Deposits14,174 12,670 14,935 14,728 13,880 56,507 47,653 
Surrenders, benefits, and product charges(14,464)(15,371)(11,814)(10,724)(13,810)(52,373)(43,417)
Net Flows (289)(2,701)3,120 4,004 70 4,134 4,236 
Interest credited and investment performance28,531 35,609 (10,596)16,389 20,012 69,933 (18,752)
Client Assets, end of period - Total Defined Contribution511,741 483,499 450,591 458,068 437,675 511,741 437,675 
Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period35,188 35,450 37,354 37,781 38,148 37,781 40,391 
Transfers / Single deposits209 290 90 345 323 934 1,565 
Recurring deposits355 1,232 109 70 112 1,766 924 
Total Deposits564 1,522 199 416 435 2,701 2,489 
Surrenders, benefits, and product charges(1,483)(2,311)(2,043)(1,338)(1,146)(7,175)(3,130)
Net Flows(919)(788)(1,844)(923)(710)(4,474)(639)
Interest credited and investment performance545 526 (60)496 344 1,507 (1,970)
Assets, end of period - Defined Contribution Investment-only SV34,814 35,188 35,450 37,354 37,781 34,814 37,781 
Retail Client Assets (4)
29,497 27,928 25,872 26,575 25,762 29,497 25,762 
Other Assets (5)
5,197 4,912 4,657 4,584 4,250 5,197 4,250 
Eliminations(7,387)(7,208)(6,998)(7,639)(7,574)(7,387)(7,574)
Total Client Assets573,861 544,319 509,572 518,941 497,895 573,861 497,895 
(1) For the first quarter of 2024, recurring deposits exclude certain participants’ last paycheck contribution due to the last weekday of the quarter falling on a holiday. These deposits will be recognized in the second quarter of 2024.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
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Health Solutions







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Voya Financial
Page 18 of 43
Health Solutions Sources of Adjusted Operating Earnings before income taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income 24 25 25 25 24 99 97 
Investment expenses(1)(1)(1)(1)(1)(4)(4)
Credited interest(12)(12)(12)(12)(12)(49)(50)
Net margin11 12 12 12 11 46 43 
Other investment income16 12 14 12 12 53 51 
Investment spread and other investment income, excluding alts/prepays above/below expectations
26 24 25 24 23 100 93 
Alternative investment income and prepayment fees above (below) long-term expectations— (5)(2)— (2)(8)(15)
Investment spread and other investment income26 20 23 23 21 92 79 
Fee based margin (1)
59 56 57 58 53 230 64 
Net underwriting gain (loss) and other revenue208 197 184 261 233 850 896 
Net revenue (2)
293 272 264 342 306 1,172 1,039 
Administrative expenses(134)(131)(122)(128)(124)(515)(328)
Premium taxes, fees and assessments(41)(37)(37)(37)(35)(152)(133)
Net commissions(51)(51)(45)(46)(44)(192)(170)
DAC/VOBA and other intangibles amortization(8)(9)(7)(8)(8)(32)(31)
Adjusted operating earnings before income taxes59 44 53 124 94 280 376 
Adjusted Operating Margin TTM23.9 %26.6 %30.6 %38.0 %36.2 %
Adjusted Operating Margin Excluding Notables TTM25.4 %28.1 %32.2 %35.8 %33.5 %
Group life:
Premiums168 152 150 157 157 627 606 
Benefits(136)(122)(118)(135)(134)(511)(441)
Other (3)
(3)(2)(4)(2)(3)(11)(7)
Total Group life29 28 29 20 21 105 159 
Group Life Loss Ratio (Interest adjusted) (4)
81.0 %80.5 %78.4 %86.1 %84.9 %81.5 %82.0 %
Group stop loss:
Premiums454 368 368 359 358 1,549 1,285 
Benefits(382)(281)(307)(225)(251)(1,195)(953)
Other (3)
(2)(2)(10)(1)(1)(15)(4)
Total Group stop loss70 85 51 133 106 339 328 
Stop loss Loss Ratio84.2 %76.4 %83.3 %62.6 %70.1 %77.1 %74.2 %
Voluntary Benefits, Disability, and Other109 84 104 108 106 405 409 
Net underwriting gain (loss) and other revenue
Premiums810 689 692 689 688 2,879 2,542 
Benefits(597)(487)(494)(423)(450)(2,000)(1,626)
Other (3)
(4)(6)(14)(5)(4)(29)(19)
Total Net underwriting gain (loss) and other revenue208 197 184 261 233 850 896 
Total Aggregate Loss Ratio73.8 %70.7 %71.4 %61.3 %65.5 %69.5 %66.3 %
Total Aggregate Loss Ratio TTM (4)
69.5 %67.2 %66.3 %63.9 %66.3 %
(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 calculation excludes $57M of favorable reserve release in third quarter of 2022 related to our annual assumption update.
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Page 19 of 43
Health Solutions Key Metrics
Three Months Ended or As ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Sales by Product Line:
Group life and Disability130 14 4 14 104 161 145 
Stop loss537 25 67 25 343 654 429 
Voluntary and Other (1)
142 11 12 43 90 208 135 
Total sales by product line809 50 83 82 538 1,023 710 
Total gross premiums and deposits900 766 762 765 761 3,193 2,826 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability989 905 917 925 912 989 912 
Stop loss1,839 1,500 1,490 1,461 1,457 1,839 1,457 
Voluntary and Other (1)
1,033 926 936 941 930 1,033 930 
Total annualized in-force premiums and fees by product line3,861 3,331 3,343 3,327 3,300 3,861 3,300 
Assets Under Management by Fund Group:
General account1,843 1,817 1,854 1,870 1,829 1,843 1,829 
Separate account17 16 15 15 15 17 15 
Total AUM1,860 1,833 1,869 1,886 1,844 1,860 1,844 
(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 21 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
10 9 9 9 8 37 32 
Alternative investment income and prepayment fees above (below) long-term expectations(1)(2)(2)— 2 (5)(30)
Investment spread and other investment income9 6 7 9 10 31 3 
Fee based margin (1)
226 221 226 217 218 890 803 
Net revenue (2)
234 228 233 226 229 921 807 
Administrative expenses (3)
(181)(170)(170)(163)(186)(684)(617)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
53 57 63 63 42 236 190 
Adjusted Operating Margin TTM25.7 %24.6 %24.9 %24.7 %23.4 %
Adjusted Operating Margin Excluding Notables TTM26.1 %24.9 %25.5 %26.4 %25.4 %
Fee based margin (1)
Investment advisory and administrative revenue227 222 224 218 216 891 787 
Other fee based margin(1)— 2 (1)2 — 16 
Fee based margin226 221 226 217 218 890 803 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
53 57 63 63 42 236 190 
Less: Earnings (loss) attributable to Allianz noncontrolling interest12 13 14 14 9 51 36 
Adjusted operating earnings before income taxes42 45 49 50 33 185 153 
(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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Voya Financial
Page 22 of 43
Investment Management Analysis of AUM and AUA
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Client Assets:
External Clients
Institutional148,489 148,722 147,904 156,435 164,443 148,489 164,443 
Retail (1)
148,710 138,239 128,120 131,391 126,212 148,710 126,212 
Subtotal External Clients297,199 286,961 276,024 287,826 290,654 297,199 290,654 
General Account34,138 34,740 35,792 36,154 36,934 34,138 36,934 
Total Client Assets (AUM) 331,337 321,701 311,816 323,980 327,589 331,337 327,589 
Assets under Advisement and Administration (AUA) (1)
52,942 56,043 55,066 57,326 56,310 52,942 56,310 
Total AUM and AUA384,278 377,744 366,882 381,306 383,899 384,278 383,899 
Investment Advisory and Administrative Revenues (2)
External Clients
Institutional85 87 90 91 92 353357
Retail120 112 111 103 99 446331
Subtotal External Clients205 199 201 194 191 799687
General Account18 18 19 19 20 7480
Total Investment Advisory and Administrative Revenues (AUM)223 217 219 213 211 872767
Administration Only Fees4 5 5 5 5 1920
Total Investment Advisory and Administrative Revenues227 222 224 218 216 891787
Revenue Yield (bps) (2)
External Clients
Institutional22.9 23.9 23.5 22.7 22.6 23.2 21.5 
Retail33.4 34.1 33.7 32.1 31.6 33.3 25.9 
Revenue Yield on External Clients28.1 28.7 28.2 26.8 26.5 27.9 23.4 
General Account20.3 20.3 20.6 20.8 20.8 20.5 21.0 
Revenue Yield on Client Assets (AUM)27.2 27.8 27.4 26.2 25.8 27.1 23.1 
Revenue Yield on Advisement and Administrative Only Assets (AUA)3.1 3.4 3.2 3.5 3.7 3.3 3.6 
Total Revenue Yield on AUM and AUA (bps)23.8 24.1 23.7 22.8 22.6 23.6 20.4 
Revenue Yield on Client Assets (AUM) TTM27.1 26.8 26.2 25.8 23.1 27.1 23.1 
(1) Retail AUM includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
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Page 23 of 43
Investment Management Account Rollforward by Source
Three Months Ended or as ofTwelve Months Ended or As of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Institutional AUM:
Beginning of period AUM148,722 147,904 156,435 164,443 161,503 164,443 143,580 
Inflows4,854 4,197 4,258 4,911 5,739 18,220 24,247 
Outflows(6,080)(9,588)(9,620)(8,694)(6,683)(33,982)(23,737)
Net flows - Institutional(1,225)(5,390)(5,361)(3,783)(945)(15,759)509 
Change in Market Value1,874 8,269 (2,178)2,829 5,171 10,794 (7,106)
Other (Including Acquisitions / Divestitures)(881)(2,060)(991)(7,054)(1,286)(10,986)27,459 
End of period AUM - Institutional148,489 148,722 147,904 156,435 164,443 148,489 164,443 
Organic Growth (Net Flows/Beginning of period AUM)-0.8 %-3.6 %-3.4 %-2.3 %-0.6 %-9.6 %0.4 %
Market Growth %1.3 %5.6 %-1.4 %1.7 %3.2 %6.6 %-4.9 %
Retail AUM:
Beginning of period AUM138,239 128,120 131,391 126,212 121,833 126,212 71,579 
Inflows9,282 8,409 9,138 7,894 8,361 34,723 24,537 
Outflows(7,482)(8,444)(8,093)(7,773)(8,019)(31,792)(25,901)
Net flows - Retail (1)
1,800 (36)1,046 122 342 2,932 (1,366)
Net Money Market Flows(29)190 56 64 (36)281 180 
Change in Market Value6,491 10,935 (3,369)7,013 4,242 21,070 (7,210)
Net Flows from Divested Businesses(651)(536)(490)(516)(515)(2,193)(2,004)
Other (Including Acquisitions / Divestitures) (2)
2,860 (435)(513)(1,503)346 409 65,033 
End of period AUM - Retail148,710 138,239 128,120 131,391 126,212 148,710 126,212 
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)1.3 %— %0.8 %0.1 %0.3 %2.3 %-1.9 %
Market Growth %4.7 %8.5 %-2.6 %5.6 %3.5 %16.7 %-10.1 %
Net Flows:
Institutional Net Flows(1,225)(5,390)(5,361)(3,783)(945)(15,759)509 
Retail Net Flows1,800 (36)1,046 122 342 2,932 (1,366)
Net Flows from Divested Businesses(651)(536)(490)(516)(515)(2,193)(2,004)
Total Net Flows(76)(5,962)(4,806)(4,178)(1,118)(15,021)(2,861)
Net Flows excluding Net Flows from Divested Businesses574 (5,426)(4,316)(3,662)(602)(12,828)(856)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)0.2 %-2.0 %-1.5 %-1.3 %-0.2 %-4.4 %-0.4 %
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024, which were $0.3 billion for the first quarter of 2024.
(2) Includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection. Effective January 1st, 2024, Retail net flows prospectively include cash flows related to these funds, which were $0.5 billion for the first quarter of 2024.
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Page 24 of 43
Investment Management Account Value by Asset Type
Balances as of
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/2023
Institutional
Equity23,650 22,789 21,164 23,803 24,470 
Fixed Income - Public48,913 49,128 49,486 54,186 59,786 
Fixed Income - Privates63,037 63,899 64,516 65,795 67,126 
Alternatives12,890 12,907 12,738 12,651 13,060 
Money Market— — — — — 
Total148,489 148,722 147,904 156,435 164,443 
Retail
Equity77,207 68,711 62,420 67,759 63,429 
Fixed Income - Public67,493 65,612 62,126 60,278 59,638 
Fixed Income - Privates366 365 396 437 455 
Alternatives1,457 1,368 1,217 1,042 902 
Money Market2,187 2,183 1,961 1,875 1,788 
Total148,710 138,239 128,120 131,391 126,212 
General Account
Equity129 129 226 237 237 
Fixed Income - Public17,344 17,815 18,181 18,696 19,286 
Fixed Income - Privates14,463 14,634 14,976 14,886 14,826 
Alternatives1,675 1,707 1,815 2,003 2,226 
Money Market527 456 593 333 360 
Total34,138 34,740 35,792 36,154 36,934 
Combined Asset Type
Equity100,986 91,628 83,810 91,799 88,136 
Fixed Income - Public133,750 132,554 129,794 133,160 138,710 
Fixed Income - Privates77,866 78,898 79,887 81,118 82,406 
Alternatives16,021 15,981 15,770 15,696 16,189 
Money Market2,714 2,639 2,554 2,207 2,148 
Total331,337 321,701 311,816 323,980 327,589 
Total Private and Alternative Assets93,887 94,879 95,657 96,814 98,595 
% of Private and Alternative Assets / Total AUM28.3 %29.5 %30.7 %29.9 %30.1 %
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Corporate








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Voya Financial
Page 26 of 43


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Interest expense (excluding Preferred stock dividends) (1)
(29)(29)(30)(33)(33)(121)(137)
Preferred stock dividends(17)(4)(14)(4)(14)(39)(36)
Stranded costs net of TSA revenue— — — — — — (5)
Pension expense (2)
(12)(11)(11)(11)(11)(45)(42)
Other (3)
(6)11 3 (6)(11)2 (35)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(64)(33)(52)(54)(69)(203)(255)
Less: Earnings (loss) attributable to Allianz noncontrolling interest(1)1 — — (1)— (2)
Adjusted operating earnings before income taxes(63)(34)(52)(53)(68)(202)(252)
(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, investment income on assets backing surplus in excess of amounts held at the segment level, 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 28 of 43
Net Revenue and Adjusted Operating Margin
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income236 234 238 239 249 947 983 
Fee based margin 278 262 259 252 243 1,051 978 
Net underwriting gain (loss) and other revenue4 5 2 4 4 15 16 
Wealth Solutions Net Revenue517 502 499 495 496 2,013 1,978 
Health Solutions
Investment spread and other investment income26 24 25 24 23 100 93 
Fee based margin59 56 57 58 53 230 64 
Net underwriting gain (loss) and other revenue208 197 200 261 233 866 839 
Health Solutions Net Revenue293 277 283 343 309 1,196 997 
Investment Management
Investment capital and other investment income10 9 9 9 8 37 32 
Fee based margin226 221 226 217 218 890 803 
Investment Management Net Revenue236 230 235 226 227 927 836 
Total Net Revenue Excluding Notable Items (1)
1,045 1,008 1,016 1,064 1,032 4,136 3,811 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions200 187 202 188 166 777 763 
Health Solutions 60 48 71 125 97 304 335 
Investment Management54 60 66 62 41 242 212 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
313 295 339 375 303 1,323 1,310 
Corporate(64)(33)(52)(54)(69)(203)(255)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
249 261 287 321 234 1,119 1,055 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items11 13 14 13 8 51 34 
Total Adjusted Operating Earnings Excluding Notable Items (1)
238 248 273 308 226 1,067 1,022 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions38.6 %37.2 %40.5 %38.0 %33.4 %38.6 %38.6 %
Health Solutions20.4 %17.5 %25.2 %36.3 %31.3 %25.4 %33.5 %
Investment Management22.9 %25.9 %27.9 %27.4 %18.0 %26.1 %25.4 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
30.0 %29.2 %33.3 %35.2 %29.4 %32.0 %34.4 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
23.8 %25.9 %28.2 %30.2 %22.7 %27.1 %27.7 %
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions38.6 %37.3 %37.8 %37.7 %38.6 %
Health Solutions25.4 %28.1 %32.2 %35.8 %33.5 %
Investment Management26.1 %24.9 %25.5 %26.4 %25.4 %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
32.0 %31.8 %33.4 %34.6 %34.4 %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
27.1 %26.8 %27.7 %28.5 %27.7 %
(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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Voya Financial
Page 29 of 43
Administrative Expenses
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Wealth Solutions(234)(236)(216)(228)(251)(914)(895)
Health Solutions(134)(131)(122)(128)(124)(515)(328)
Investment Management(181)(170)(170)(163)(186)(684)(617)
Stranded costs net of TSA revenue (1)
— — — — — — (5)
Total Administrative Expenses (1)(2)
(549)(537)(508)(519)(561)(2,113)(1,845)
(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 30 of 43
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/202412/31/20239/30/20236/30/20233/31/2023
Wealth Solutions
Adjusted operating earnings before income taxes - before interest686 632 630 579 602 
Income tax expense90 79 80 71 77 
Adjusted Operating Earnings - before interest and after income taxes596 553 550 508 525 
Adjusted Operating effective tax rate (1)
13.5 %11.9 %13.5 %13.3 %10.9 %
Adjusted Operating effective tax rate TTM 13.1 %12.5 %12.7 %12.2 %12.8 %
Average Capital3,441 3,496 3,557 3,619 3,679 
Ending Capital (2)
3,360 3,395 3,460 3,470 3,520 
Adjusted Return on Capital17.3 %15.8 %15.4 %14.0 %14.2 %
Health Solutions
Adjusted operating earnings before income taxes - before interest280 315 349 450 376 
Income tax expense59 66 73 95 79 
Adjusted Operating Earnings - before interest and after income taxes221 249 275 355 297 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM 21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital1,228 1,172 1,039 877 698 
Ending Capital (2)
1,219 1,153 1,230 1,289 1,263 
Adjusted Return on Capital18.0 %21.2 %26.5 %40.5 %42.6 %
Investment Management
Adjusted operating earnings before income taxes - before interest185 177 174 163 153 
Income tax expense39 37 37 34 32 
Adjusted Operating Earnings - before interest and after income taxes146 140 137 129 121 
Adjusted Operating effective tax rate (1)
21.0 %21.0 %21.0 %21.0 %21.0 %
Adjusted Operating effective tax rate TTM21.0 %21.0 %21.0 %21.0 %21.0 %
Average Capital817 809 800 757 673 
Ending Capital (2)
828 847 798 806 810 
Adjusted Return on Capital17.9 %17.3 %17.2 %17.0 %17.9 %
(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 32 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)3/31/202412/31/20233/31/2024
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 corporate10,558 29.0 %131 4.9 %10,872 29.0 %150 5.5 %10,558 29.0 %131 4.9 %
Private credit7,821 21.0 %91 4.8 %7,894 21.0 %78 4.0 %7,821 21.0 %91 4.8 %
Securitized (2)(3)
9,788 27.0 %149 6.1 %10,036 27.0 %151 6.2 %9,788 27.0 %149 6.1 %
Commercial mortgage loans5,092 14.0 %61 4.8 %5,190 14.0 %61 4.7 %5,092 14.0 %61 4.8 %
Municipals773 2.0 %7 3.2 %859 2.0 %8 3.9 %773 2.0 %7 3.2 %
Short-term / Treasury445 1.0 %5 4.4 %436 1.0 %5 4.7 %445 1.0 %5 4.4 %
Equity securities176 — %2 5.7 %175 — %3 8.4 %176 — %2 5.7 %
Policy loans349 1.0 %5 6.4 %353 1.0 %4 5.1 %349 1.0 %5 6.4 %
Derivatives(12)— %3 N/A(9)— %3 N/A(12)— %3 N/A
Book Values and Gross Investment Income before variable components34,990 95.0 %454 5.2 %35,806 96.0 %464 5.2 %34,990 95.0 %454 5.2 %
Book Values and Gross Investment Income on variable components
Limited partnership1,740 5.0 %30 7.3 %1,662 4.0 %3 0.8 %1,740 5.0 %30 7.3 %
Prepayment / Other fee income N/A N/A3 — %N/AN/A2 — % N/A N/A3 — %
Book Values and Gross Investment Income (variable)1,740 5.0 %33 — %1,662 4.0 %5 — %1,740 5.0 %33 — %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings36,730 100.0 %487 5.3 %37,469 100.0 %469 5.0 %36,730 100.0 %487 5.3 %
(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 33 of 43
Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD)12/31/202309/30/202306/30/202303/31/2023
Statutory Carrying ValueStatutory ValueSV %Statutory ValueSV %Statutory ValueSV %Statutory ValueSV %
Public corporate11,003 30.0 %11,196 29.0 %11,576 30.0 %11,983 30.0 %
Private credit7,770 21.0 %7,981 21.0 %7,968 21.0 %7,944 20.0 %
Securitized9,889 27.0 %10,035 26.0 %10,305 27.0 %10,647 27.0 %
Municipals859 2.0 %862 2.0 %911 2.0 %921 2.0 %
Short-term / Treasury624 2.0 %772 2.0 %483 1.0 %485 1.0 %
Total Fixed maturities30,144 81.0 %30,846 81.0 %31,243 81.0 %31,979 81.0 %
Commercial mortgage loans5,186 14.0 %5,336 14.0 %5,335 14.0 %5,315 13.0 %
Limited partnership1,662 4.0 %1,625 4.0 %1,620 4.0 %1,794 5.0 %
Equity securities278 1.0 %396 1.0 %425 1.0 %462 1.0 %
Total37,270 100.0 %38,204 100.0 %38,624 100.0 %39,549 100.0 %
NAIC Ratings
Fixed Maturities:
NAIC 115,928 53.0 %16,226 53.0 %16,248 52.0 %16,413 51.0 %
NAIC 212,927 43.0 %13,335 43.0 %13,788 44.0 %14,337 45.0 %
NAIC 3 and below1,289 4.0 %1,285 4.0 %1,207 4.0 %1,229 4.0 %
Total Fixed maturities30,144 100.0 %30,846 100.0 %31,243 100.0 %31,979 100.0 %
Commercial Mortgage Loans:
CML 13,714 72.0 %3,793 71.0 %3,866 72.0 %3,993 75.0 %
CML 21,066 21.0 %1,117 21.0 %1,054 20.0 %905 17.0 %
CML 3 and below406 8.0 %426 8.0 %415 8.0 %417 8.0 %
Total Commercial mortgage loans5,186 100.0 %5,336 100.0 %5,335 100.0 %5,315 100.0 %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Voya Financial
Page 34 of 43
Alternative Investment Income
Three Months EndedYear-to-Date
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Wealth Solutions
Average alternative investments1,459 1,537 1,613 1,615 1,659 1,459 1,659 
Alternative investment income24 4 21 30 11 24 11 
Health Solutions
Average alternative investments243 171 199 179 125 243 125 
Alternative investment income6 — 3 4 1 6 1 
Investment Management
Average alternative investments312 318 326 325 318 312 318 
Alternative investment income6 5 5 8 9 6 9 
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Voya Financial
Page 35 of 43
Alternative Income and Prepayments Above (Below) Long-Term Expectations
Three Months EndedTwelve Months Ended
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions(9)(31)(16)(7)(26)(63)(135)
Health Solutions— (5)(2)— (2)(8)(14)
Investment Management(1)(2)(2)— 2 (5)(30)
Total(10)(38)(20)(7)(26)(76)(179)
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(5)(8)(8)(7)(7)(28)(26)
Health Solutions— — — — — — — 
Investment Management— — — — — — — 
Total(5)(8)(8)(7)(7)(28)(26)
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions(14)(39)(24)(14)(33)(91)(161)
Health Solutions— (5)(2)— (2)(8)(15)
Investment Management(1)(2)(2)— 2 (5)(30)
Total(15)(46)(28)(14)(34)(104)(206)
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return, which for 2024, 2023 and 2022 was approximately $45 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2024, 2023 and 2022 was approximately $8 million to $10 million per quarter, pre-tax and before variable compensation.
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Reconciliations

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Voya Financial
Page 37 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions USD, except per share)3/31/202412/31/20239/30/20236/30/20233/31/2023
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 shareholders234 2.24 118 1.10 248 2.29 154 1.41 69 0.63 
Plus: Net income (loss) attributable to noncontrolling interests
37 0.35 (3)(0.03)(16)(0.14)77 0.70 46 0.42 
Less: Preferred stock dividends
(17)0.16 (4)0.04 (14)(0.13)(4)(0.04)(14)(0.13)
Income (loss)287 288 2.75 102 119 1.11 172 246 2.28 263 235 2.14 141 129 1.18 
Less:
Net investment gains (losses) (3)
63 50 0.48 (10)(8)(0.08)42 43 0.40 (38)(30)(0.27)(9)(7)(0.06)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)
(32)13 0.12 (60)(38)(0.36)(68)38 0.35 (21)(17)(0.15)(33)(26)(0.23)
Net income (loss) attributable to noncontrolling interests37 37 0.35 (3)(3)(0.03)(16)(16)(0.14)77 77 0.70 46 46 0.42 
Dividend payments made to preferred shareholders17 17 (0.16)4 4 (0.04)14 14 0.13 4 4 0.04 14 14 0.13 
Other adjustments (5)
(22)(14)(0.13)(30)(10)(0.09)(28)(21)(0.19)(52)(41)(0.38)(70)(56)(0.51)
Adjusted operating earnings224 185 1.77 202 174 1.63 229 189 1.74 294 243 2.21 192 158 1.44 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation(15)(12)(0.11)(46)(36)(0.34)(29)(23)(0.21)(14)(11)(0.10)(34)(27)(0.25)
Other (6)
— — — — — — (16)(13)(0.12)— — — — — — 
Adjusted operating earnings excluding notable items238 197 1.88 248 210 1.97 273 224 2.07 308 253 2.31 226 185 1.69 
(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the three months ended March 31, 2024 and September 30, 2023, respectively.
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended December 31, 2023, also includes $20 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities. For the three months ended June 30, 2023, also includes a $13 million, after-tax, impairment related to a vacated leased building.
(6) Includes changes in certain legal and other reserves not expected to recur at the same level.


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Voya Financial
Page 38 of 43
Reconciliation of Adjusted Operating Revenues
Three Months EndedYear-to-Date
(in millions USD)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Total revenues2,051 1,819 1,823 1,871 1,835 2,051 1,835 
Less:
Net investment gains (losses)47 (23)40 (46)(14)47 (14)
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment24 60 21 2 30 24 30 
Revenues (loss) attributable to noncontrolling interests65 37 22 128 60 65 60 
Other adjustments52 59 24 67 60 52 60 
Total adjusted operating revenues1,863 1,686 1,717 1,721 1,697 1,863 1,697 
Adjusted operating revenues by segment
Wealth Solutions719 686 702 705 684 719 684 
Health Solutions905 764 768 775 774 905 774 
Investment Management234 228 233 226 229 234 229 
Corporate4 9 14 15 11 4 11 
Total adjusted operating revenues1,863 1,686 1,717 1,721 1,697 1,863 1,697 
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Voya Financial
Page 39 of 43
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Wealth Solutions
Adjusted operating revenues
page 8
719 686 702 705 684 2,812 2,707 
Interest credited and other benefits to contract owners/policyholders(216)(223)(226)(224)(222)(889)(890)
Net revenue
page 14
504 462 475 481 463 1,922 1,817 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(14)(39)(24)(14)(33)(91)(161)
Net revenue excluding notable items
page 28
517 502 499 495 496 2,013 1,978 
Health Solutions
Adjusted operating revenues
page 8
905 764 768 775 774 3,212 2,709 
Interest credited and other benefits to contract owners/policyholders(613)(491)(504)(433)(467)(2,041)(1,669)
Net revenue
page 18
293 272 264 342 306 1,172 1,039 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations— (5)(2)— (2)(8)(15)
Other adjustments to net underwriting gain (loss) and other revenue (1)
— — (16)— — (16)57 
Net revenue excluding notable items
page 28
293 277 283 343 309 1,196 997 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.








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Voya Financial
Page 40 of 43
Investment Management and Consolidated Reconciliation of Net Revenues
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Investment Management
Adjusted operating revenues
page 8
234 228 233 226 229 921 807 
Net revenue
page 21
234 228 233 226 229 921 807 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(1)(2)(2)— 2 (5)(30)
Net revenue excluding notable items
page 28
236 230 235 226 227 927 836 
Consolidated
Total Adjusted operating revenues
page 8
1,863 1,686 1,717 1,721 1,697 6,987 6,276 
Interest credited and other benefits to contract owners/policyholders(829)(715)(730)(656)(689)(2,930)(2,559)
Corporate Adjusted operating revenues (1)
(4)(9)(14)(15)(11)(42)(56)
Net revenue
pages 14/18/21
1,031 962 972 1,050 998 4,015 3,663 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations(15)(46)(28)(14)(34)(104)(206)
Other adjustments— — (16)— — (16)57 
Net revenue excluding notable items
page 28
1,045 1,008 1,016 1,064 1,032 4,136 3,811 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 41 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
PageThree Months EndedTwelve Months Ended
(in millions USD)Reference3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Wealth Solutions
Adjusted operating earnings before income taxes
page 14
186 147 179 174 132 686 602 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation(14)(39)(24)(14)(33)(91)(161)
Adjusted operating earnings excluding notable items
page 28
200 187 202 188 166 777 763 
Health Solutions
Adjusted operating earnings before income taxes
page 18
59 44 53 124 94 280 376 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation— (5)(2)— (2)(8)(15)
Other (1)
— — (16)— — (16)57 
Adjusted operating earnings excluding notable items
page 28
60 48 71 125 97 304 335 
Investment Management
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 21
53 57 63 63 42 236 190 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation(1)(2)(3)1 2 (5)(24)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
page 28
54 60 66 62 41 242 212 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items12 13 14 14 9 51 36 
Adjusted operating earnings excluding notable items42 47 52 49 31 190 177 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

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)Reference3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Corporate
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 26
(64)(33)(52)(54)(69)(203)(255)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
page 28(64)(33)(52)(54)(69)(203)(255)
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items(1)1 — — (1)— (2)
Adjusted operating earnings excluding notable items(63)(34)(52)(53)(68)(202)(252)
Consolidated
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 7
235 215 242 307 200 999 914 
Less:
Total Notable Items Adjustments(15)(46)(45)(14)(34)(119)(142)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
249 261 287 321 234 1,119 1,055 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items11 13 14 13 8 51 34 
Adjusted operating earnings excluding notable items
page 28
238 248 273 308 226 1,067 1,022 
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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)3/31/202412/31/20239/30/20236/30/20233/31/20233/31/20243/31/2023
Book value per common share, including AOCI34.9634.8023.9329.1934.0334.9634.03
Per share impact of AOCI24.3723.3233.6226.4025.9224.3725.92
Book value per common share, excluding AOCI59.3358.1257.5555.5959.9559.3359.95
 
Debt to capital ratio33.6 %33.3 %40.1 %37.7 %36.1 %33.6 %36.1 %
Capital impact of adding noncontrolling interest
-7.2 %-7.6 %-10.3 %-8.9 %-7.3 %-7.2 %-7.3 %
Impact of adding other financial obligations and treatment of preferred stock (1)
10.1 %10.0 %11.3 %10.4 %9.8 %10.1 %9.8 %
Capital impact of excluding AOCI-8.4 %-7.9 %-13.3 %-10.0 %-9.1 %-8.4 %-9.1 %
Financial leverage ratio excluding AOCI28.1 %27.8 %27.8 %29.2 %29.5 %28.1 %29.5 %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic102.1104.0105.8103.097.7102.197.7
Dilutive effect of warrants———4.08.9—8.9
Other dilutive effects (2)
2.52.82.72.82.92.52.9
Weighted-average common shares outstanding - Diluted104.5106.9108.4109.8109.6104.5109.6
Dilutive effect of the exercise or issuance of stock-based awards (3)
———————
Weighted average common shares outstanding - Adjusted Diluted (3)
104.5106.9108.4109.8109.6104.5109.6
(1) Includes operating leases, finance 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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