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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 7, 2023
VOYA FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-35897
No.
52-1222820
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
230 Park Avenue
New York
New York
10169
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (212) 309-8200
N/A
(Former name or former address, if changed since last report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common Stock, $.01 Par Value VOYA New York Stock Exchange
Depositary Shares, each representing a 1/40th VOYAPrB New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 



Item 2.02 Results of Operations and Financial Condition
On February 7, 2023 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and year ended December 31, 2022. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item 2.02.
As previously announced, Voya Financial will host a conference call on Wednesday, February 8, 2023 at 10:00 am ET to discuss its fourth-quarter and full-year 2022 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended December 31, 2022, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended December 31, 2022 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set for by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On February 7, 2023, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01 Financial Statements and Exhibits
(d) Exhibits

99.1    Press release of Voya Financial, Inc., dated February 7, 2023 (furnished and not filed)
99.2    Quarterly Investor Supplement for the quarter ended December 31, 2022 (furnished and not filed)
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)




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

Voya Financial, Inc.
(Registrant)

By:        /s/ My Chi To             
Name:    My Chi To
Title:    Executive Vice President, Chief Legal Officer and Corporate Secretary 
Dated: February 7, 2023


EX-99.1 2 a2022q4pressrelease.htm EX-99.1 Document
Exhibit 99.1
newsreleaseheadera07.jpg

Voya Financial announces fourth-quarter
and full-year 2022 results

NEW YORK, Feb. 7, 2023 — Voya Financial, Inc. (NYSE: VOYA), announced today fourth-quarter and full-year 2022 financial results:
•Fourth-quarter 2022 net income available to common shareholders of $1.77 per diluted share.
•Fourth-quarter 2022 after-tax adjusted operating earnings1 of $2.18 per diluted share.
•Full-year 2022 net income available to common shareholders of $4.30 per diluted share.
•Full-year 2022 after-tax adjusted operating earnings of $7.58 per diluted share.
•Fourth-quarter and full-year 2022 after-tax adjusted operating earnings per share, excluding notables, increased 31% and 24%, respectively, over the prior-year periods and reflect continued execution of Voya's net revenue growth, margin expansion and capital management initiatives.
•Voya organically generated more than $600 million of excess capital in 2022.

"We generated significant growth in adjusted operating EPS, excluding notable items, for both fourth-quarter and full-year 2022, with results exceeding our annual growth target of 12% to 17%," said Heather Lavallee, chief executive officer, Voya Financial, Inc. "Our strong results reflect a commitment to the execution of our plans and — as we have shared previously — controlling what we can control, despite headwinds in the macro environment. This strong execution is evident in the net revenue growth we achieved across our businesses; the removal of stranded costs from prior divestitures ahead of schedule; and the rapid and successful execution of our transaction with Allianz Global Investors. Looking ahead, we will continue to execute on the net revenue growth, margin expansion and capital deployment plans that we shared at Investor Day in 2021. In support of this, we now expect to resume share repurchases in the second quarter of 2023.

"I am honored and excited to serve as Voya's CEO. I am optimistic about the continued growth opportunities before us, which are bolstered by our recent transactions, including our acquisition of Benefitfocus and our strategic distribution partnership with Allianz Global Investors. With our expanded scale, reach and capabilities, we are well positioned to meet the growing health, wealth and investment needs of our clients," added Lavallee.
1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on non-GAAP measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this press release and in the company’s Quarterly Investor Supplement. Fourth-quarter and full-year 2022 results include several notable items. Please see the tables at the end of this press release for details on these notable items.
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HIGHLIGHTS
•For full-year 2022 (and compared with full-year 2021), Wealth Solutions full service recurring deposits grew 10.3% to $13.3 billion; Health Solutions annualized in-force premiums grew 10.8% to $2.8 billion; and Investment Management generated positive net flows of $1.1 billion, which included positive net flows from the Allianz Global Investors transaction that closed in July 2022.
•During 2022, Voya deployed $1.2 billion of excess capital, including $750 million of share repurchases; approximately $360 million of subordinated debt extinguished; and $80 million of dividends paid.
•As of Dec. 31, 2022, Voya had approximately $0.9 billion of excess capital, which includes fourth-quarter 2022 capital generation above the company's target range of 90% to 100% of adjusted operating earnings. Full-year 2022 capital generation was in line with the target, excluding impacts from the company’s annual assumption update, DAC unlocking, and fourth-quarter tax adjustments, in each case which are non-cash in nature.
•On Jan. 24, 2023, Voya completed its acquisition of Benefitfocus, Inc., an industry-leading benefits administration technology company that serves employers, health plans and brokers. The transaction accelerates Voya’s workplace-centered strategy and increases the company’s capacity to meet the growing demand for comprehensive benefits and savings solutions at the workplace.
•On Jan. 26, 2023, Voya's board of directors declared a first-quarter 2023 common stock dividend of $0.20 per share.
•During the fourth quarter, Voya was named to the 2022 Dow Jones Sustainability Index — earning recognition as a sustainability top-performing company for the seventh consecutive year — and was recognized by Newsweek as one of "America's Greatest Workplaces 2023 for Diversity." Voya Investment Management was named to Pensions & Investments magazine's "2022 Best Places to Work in Money Management" list for the eighth consecutive year.

CONSOLIDATED RESULTS
Fourth-quarter 2022 net income available to common shareholders was $190 million, or $1.77 per diluted share, compared with $403 million, or $3.36 per diluted share, in the fourth quarter of 2021. The decline was largely due to the absence of a $250 million release in the company’s tax valuation allowance in the fourth quarter of 2021, partially offset by the benefit of favorable tax adjustments primarily related to foreign tax credits in the fourth quarter of 2022. On a per-share basis, fourth-quarter 2022 results also reflect the benefit of share repurchases during 2022.

Fourth-quarter 2022 after-tax adjusted operating earnings were $233 million, or $2.18 per diluted share, compared with $229 million, or $1.90 per diluted share in the fourth quarter of 2021. The increase reflects the benefit of favorable tax adjustments primarily related to foreign tax credits, higher investment income in Wealth Solutions, the benefit of the Allianz Global Investors transaction in Investment Management, and higher underwriting results in Health Solutions, which were mostly offset by lower alternative investment income, lower investment capital revenues in Investment Management, and lower fee-based margins in Wealth Solutions. On a per-share basis, fourth-quarter 2022 results also reflect the benefit of share repurchases during 2022.

Full-year 2022 net income available to common shareholders was $474 million, or $4.30 per diluted share, compared with $2,090 million, or $16.61 per diluted share, in full-year 2021. The decrease was driven by the absence of gains related to Voya’s sale of its Individual Life and other legacy annuities businesses and the independent financial planning channel in 2021.
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Lower alternative investment income in 2022, the absence of a tax valuation allowance benefit in the fourth quarter of 2021, and unfavorable impacts to fee-based margin from lower equity market levels in 2022 also contributed to the year-over-year decline. This decline was partially offset by strong investment income and favorable underwriting results in Health Solutions in 2022.

Full-year 2022 after-tax adjusted operating earnings were $835 million, or $7.58 per diluted share, compared with $1,053 million, or $8.37 per diluted share in full-year 2021. The decrease was driven by lower alternative investment income and equity market levels in 2022, partially offset by favorable investment income in Wealth Solutions, higher underwriting results in Health Solutions, and the benefit of the Allianz Global Investors transaction.

SEGMENT DISCUSSIONS
The following segment discussions compare the fourth quarter of 2022 with the fourth quarter of 2021, unless otherwise noted. All figures are presented before income taxes.

Wealth Solutions
Wealth Solutions adjusted operating earnings were $148 million, compared with $241 million. The change primarily reflects:
•$86 million of lower overall investment income as higher fixed investment yields were more than offset by lower alternative investment income;
•$42 million of lower fee-based margin as business growth was more than offset by lower equity market levels;
•$13 million of more favorable DAC/VOBA and other intangibles unlocking in the fourth quarter of 2022 largely due to higher fixed spreads and equity market performance; and
•$9 million of lower administrative expenses primarily due to the absence of costs in the prior-year period that did not recur and several favorable items in fourth-quarter 2022 not expected to recur.

Trailing 12 months ended Trailing 12 months ended
($ in millions) 12/31/2022 12/31/2021
Net revenue $ 1,891  $ 2,346 
Net revenue, excluding notables 1,966  1,912 
Adjusted operating margin 37.4  % 47.3  %
Adjusted operating margin, excluding notables 37.5  % 35.5  %
Full Service recurring deposits $ 13,294  $ 12,056 
Full Service net flows $ 2,953  $ 576 
Three months ended or as of Three months ended or as of
($ in millions) 12/31/2022 12/31/2021
Total client assets $ 474,277  $ 536,246 
Full Service recurring deposits $ 3,169  $ 2,918 
Full Service net flows $ 952  $ (884)
Full Service client assets $ 162,664  $ 187,702 
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Wealth Solutions full-service recurring deposits were $13.3 billion for the year ended Dec. 31, 2022, up 10.3% compared with the prior-year period and within the company’s annual target of 10% to 12%. Fourth-quarter 2022 full-service recurring deposits were $3.2 billion.

Total client assets as of Dec. 31, 2022, were $474 billion, down from Dec. 31, 2021, as growth in the business, including positive net flows over the period, was more than offset by lower equity market levels.

Health Solutions
Health Solutions adjusted operating earnings were $74 million, compared with $33 million. The change primarily reflects:
•$58 million of higher underwriting results driven by a favorable loss ratio and block growth in Stop Loss, lower COVID-related claims in Group Life, and growth in the Voluntary block;
•$9 million of lower overall investment income primarily due to lower alternative investment income; and
•$9 million of higher net expenses, largely due to investments and growth in the business as well as higher administrative expenses.

Trailing 12 months ended Trailing 12 months ended
($ in millions) 12/31/2022 12/31/2021
Net revenue $ 890  $ 722 
Net revenue, excluding notables 878  777 
Adjusted operating margin 32.8  % 28.3  %
Adjusted operating margin, excluding notables 31.9  % 33.5  %
Total aggregate loss ratio* 69.4  % 72.5  %
Three months ended Three months ended
($ in millions) 12/31/2022 12/31/2021
Group Life, Disability and Other $ 833  $ 752 
Stop Loss 1,258  1,181 
Voluntary 689  576 
Total annualized in-force premiums $ 2,780  $ 2,510 
* Total aggregate loss ratio for the TTM ended Dec. 31, 2022, excludes a $59 million reserve release related to the company’s annual assumption update.

Health Solutions annualized in-force premiums were $2.8 billion in the fourth quarter of 2022, up 10.8% compared with the prior-year period and above the company's 7% to 10% annual target. The increase in annualized in-force premiums reflects growth across all product lines, including a 20% increase in Voluntary; an 11% increase in Group Life, Disability and Other; and a 7% increase in Stop Loss.




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Investment Management
Investment Management adjusted operating earnings were $57 million (including $14 million attributable to Allianz noncontrolling interest), compared with $59 million. The change primarily reflects:
•$21 million of lower investment capital revenues, reflecting lower private equity results in the fourth quarter of 2022;
•$35 million of higher fee-based margin driven by higher revenues resulting from the Allianz Global Investors transaction (which closed in July 2022), partially offset by a decline in fees due to lower equity and fixed income market levels; and
•$16 million of higher administrative expenses, primarily due to the Allianz Global Investors transaction.

Trailing 12 months ended Trailing 12 months ended
($ in millions) 12/31/2022 12/31/2021
Net revenue $ 756  $ 783 
Net revenue, excluding notables 785  708 
Adjusted operating margin 24.7  % 30.7  %
Adjusted operating margin, excluding notables 26.8  % 25.1  %
Institutional net flows $ 3,675  $ 9,075 
Retail net flows (2,601) (1,304)
Total net flows* 1,074  7,770 
Three months ended or as of Three months ended or as of
($ in millions) 12/31/2022 12/31/2021
Institutional net flows $ 345  $ 9,516 
Retail net flows (198) (520)
Total net flows* 147  8,995 
Fixed income - public and other $ 138,287  $ 121,220 
Privates and alternatives 99,652  79,728 
Equity 83,424  62,884 
Total AUM $ 321,363  $ 263,832 
* Excludes sub-advisor replacements and divested businesses.

Investment Management net flows (excluding sub-advisor replacements and divested businesses) were $1.1 billion for the year ended Dec. 31, 2022. Fourth-quarter 2022 net inflows were $147 million as inflows from insurance and Allianz Global Investors channels as well as the closing of two CLOs were mostly offset by U.S. retail and private equity outflows.

Total AUM was $321 billion as of Dec. 31, 2022, up 22% from Dec. 31, 2021. The increase was driven by the Allianz Global Investors transaction and positive net flows over the period, both of which were partially offset by lower equity and fixed income market levels.

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Corporate
Corporate adjusted operating losses were $52 million compared with adjusted operating losses of $54 million. The change was primarily driven by lower interest expense due to debt extinguishments, partially offset by an unfavorable change in amortization of intangibles.

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

Earnings Call and Slide Presentation
Voya will host a conference call on Wednesday, Feb. 8, 2023, at 10 a.m. ET, to discuss the company’s fourth-quarter and full-year 2022 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1 p.m. ET on Feb. 8, 2023.


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

About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees. Through products, solutions and technologies, Voya helps its 14.3 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a newly joined Voya company, extends Voya’s workplace benefits and savings reach and capabilities by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

Use of Non-GAAP Financial Measures
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of 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), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest;
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•Net guaranteed benefit gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;
•Income (loss) related to businesses exited 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 that are available to common shareholders;
•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt. These losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;
•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and
•Other adjustments 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 adjusted operating earnings, after tax, is adjusted for tax expense. The adjusted operating tax expense is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions, and insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses) are excluded from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited or to be exited through reinsurance or divestment.

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

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those relating to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe that they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs and completed the removal of Stranded Costs during the third quarter of 2022. Some transformation initiatives related to TSAs will continue beyond the third quarter of 2022, however, they are not expected to result in any net Stranded Costs.

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

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). Refer to our Quarterly Investor Supplement 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. Refer to our Quarterly Investor Supplement 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 excluding the effects of items that are not expected to recur at the same level.


Forward-Looking and Other Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and cyber terrorism or cyber attacks, and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, (xii) our ability to successfully manage the separation of the Individual Life business that we sold to Resolution Life US on Jan.
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4, 2021, including the transition services on the expected timeline and economic terms, and (xiii) our ability to realize the expected financial or other benefits from various acquisitions, including the transactions with Allianz Global Investors U.S. LLC and Benefitfocus, Inc. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2022, which the Company expects to file with the Securities and Exchange Commission on or before March 1, 2023.


VOYA-IR VOYA-CF

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Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
Three Months Ended
($ in millions, except per share) 12/31/2022 12/31/2021
After-tax (1)
 Per share
After-tax (1)
 Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 190  $ 1.77  $ 403  $ 3.36 
Less:
Net investment and guaranteed benefit gains (losses) and related charges and adjustments (10) (0.09) (70) (0.58)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (24) (0.22) 11  0.09 
Other adjustments (2)
 (10) (0.09) 233  1.96 
Adjusted operating earnings $ 233  $ 2.18  $ 229  $ 1.90 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) “Other adjustments” primarily consists of transaction and integration costs associated with the Allianz Global Investors transaction in 2022 and other restructuring expenses (severance, lease write-offs, etc.), income (loss) on early extinguishment of debt, and tax adjustments including a tax valuation allowance release in 2021.
Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
Year-to-Date
($ in millions, except per share) 12/31/2022 12/31/2021
After-tax (1)
 Per share
After-tax (1)
 Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 474  $ 4.30  $ 2,090  $ 16.61 
Less:
Net investment and guaranteed benefit gains (losses) and related charges and adjustments (145) (1.32) (16) (0.13)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (111) (1.01) 872  6.93 
Other adjustments (2)
 (105) (0.95) 181  1.45 
Adjusted operating earnings 835  7.58  1,053  8.37 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) “Other adjustments” primarily consists of transaction and integration costs associated with the Allianz Global Investors transaction in 2022 and other restructuring expenses (severance, lease write-offs, etc.), income (loss) on early extinguishment of debt, and tax adjustments including a tax valuation allowance release in 2021.
Reconciliation of Basic Weighted Average Shares to Adjusted Operating Diluted Weighted Average Shares
Three Months Ended Year-to-Date
(in millions) 12/31/2022 12/31/2021 12/31/2022 12/31/2021
Weighted-average common shares outstanding - Basic 97  110  101  117 
Dilutive effect of warrants 7  8  7  7 
Other dilutive effects (1)
 2  3  2  2 
Weighted-average common shares outstanding - Diluted 107  120  110  126 
Dilutive effect of the exercise or issuance of stock based awards —  —  —  — 
Weighted average common shares outstanding - Adjusted Diluted (2)
 107  120  110  126 
(1) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(2) 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.
10




Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended December 31, 2022
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Other (2)
 Amounts excluding Notable items
Adjusted operating earnings before income taxes
Wealth Solutions $ 148  $ (50) $ 14  $ 184 
Health Solutions 74  (5) —  79 
Investment Management 57  (7) —  64 
Corporate (52) —  —  (52)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
 226  (62) 14  275 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  — — 13 
Adjusted operating earnings before income taxes 214  (62) 14  262 
Income taxes (3)
 (20) (13) (50) 44 
Adjusted Operating Earnings after income taxes $ 233  $ (50) $ 64  $ 219 
Adjusted operating earnings per share 2.18  (0.47) 0.60  2.05 
Net revenue
Wealth Solutions $ 444  $ (50) $ —  $ 494 
Health Solutions 221  (5) —  226 
Investment Management 215  (9) —  224 
Total Net revenue $ 880  $ (64) $ —  $ 944 
Adjusted operating margin
Wealth Solutions 33.3  % 37.2  %
Health Solutions 33.5  % 35.0  %
Investment Management 26.5  % 28.6  %
Adjusted operating margin, excluding Corporate 31.7  % 34.6  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.
(2) Includes DAC, VOBA, and other intangibles unlocking in Wealth and favorable tax adjustments primarily related to foreign tax credits.
(3) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
11




Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Three Months Ended December 31, 2021
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Other (2)
 Amounts excluding Notable items
Adjusted operating earnings before income taxes
Wealth Solutions $ 241  $ 82  $ 1  $ 158 
Health Solutions 33  9  (34) 58 
Investment Management 59  9  —  49 
Corporate (54) (16) —  (38)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
 279  84  (33) 227 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  — — — 
Adjusted operating earnings before income taxes 279  84  (33) 227 
Income taxes (3)
 50  18  (7) 39 
Adjusted Operating Earnings after income taxes $ 229  $ 66  $ (26) $ 188 
Adjusted operating earnings per share 1.90  0.55  (0.22) 1.57 
Net revenue
Wealth Solutions $ 568  $ 82  $ —  $ 485 
Health Solutions 172  9  (34) 198 
Investment Management 201  12  —  189 
Total Net revenue $ 941  $ 103  $ (34) $ 872 
Adjusted operating margin
Wealth Solutions 42.4  % 32.6  %
Health Solutions 19.2  % 29.3  %
Investment Management 29.4  % 25.9  %
Adjusted operating margin, excluding Corporate 35.4  % 30.4  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.
(2) Includes DAC, VOBA, and other intangibles unlocking and COVID-19 Impacts.
(3) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.




12




Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended December 31, 2022
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Other (2)
 Amounts excluding Notable items
Adjusted operating earnings before income taxes
Wealth Solutions $ 707  $ (76) $ 44  $ 738 
Health Solutions 291  (7) 18  280 
Investment Management 186  (24) —  210 
Corporate (215) —  —  (215)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
 969  (107) 63  1,012 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 25  — — 25 
Adjusted operating earnings before income taxes 944  (107) 63  987 
Income taxes (3)
 109  (22) (40) 171 
Adjusted Operating Earnings after income taxes $ 835  $ (84) $ 103  $ 816 
Adjusted operating earnings per share 7.58  (0.76) 0.93  7.41 
Net revenue
Wealth Solutions $ 1,891  $ (76) $ —  $ 1,966 
Health Solutions 890  (7) 18  878 
Investment Management 756  (29) —  785 
Total Net revenue $ 3,537  $ (112) $ 18  $ 3,629 
Adjusted operating margin
Wealth Solutions 37.4  % 37.5  %
Health Solutions 32.8  % 31.9  %
Investment Management 24.7  % 26.8  %
Adjusted operating margin, excluding Corporate 33.5  % 33.8  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.
(2) Includes DAC, VOBA, and other intangibles unlocking, COVID-19 Impacts, favorable tax adjustments primarily related to foreign tax credits, and changes in certain other reserves not expected to recur at the same level.
(3) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
13




Adjusted Operating Earnings, Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended December 31, 2021
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Other (2)
 Amounts excluding Notable items
Adjusted operating earnings before income taxes
Wealth Solutions $ 1,110  $ 406  $ 26  $ 678 
Health Solutions 204  41  (98) 259 
Investment Management 239  61  —  178 
Corporate (261) (56) —  (205)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
 1,292  452  (72) 910 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  — — — 
Adjusted Operating earnings before income taxes 1,292  452  (72) 910 
Income taxes (3)
 239  95  (15) 159 
Adjusted Operating Earnings after income taxes $ 1,053  $ 357  $ (57) $ 754 
Adjusted operating earnings per share 8.37  2.84  (0.46) 5.99 
Net revenue
Wealth Solutions $ 2,346  $ 406  $ 28  $ 1,912 
Health Solutions 722  41  (98) 777 
Investment Management 783  75  —  708 
Total Net revenue $ 3,850  $ 522  $ (70) $ 3,397 
Adjusted operating margin
Wealth Solutions 47.3  % 35.5  %
Health Solutions 28.3  % 33.5  %
Investment Management 30.7  % 25.1  %
Adjusted operating margin, excluding Corporate 40.3  % 32.9  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable and incentive compensation.
(2) Includes DAC, VOBA, and other intangibles unlocking, COVID-19 Impacts, revenue and expenses in Wealth Solutions related to the financial planning channel prior to its divestment in June 2021 and changes in certain legal and other reserves not expected to recur at the same level.
(3) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.

14
EX-99.2 3 a2022q4voyainvestorsupplem.htm EX-99.2 Document
Exhibit 99.2



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Quarterly Investor Supplement


December 31, 2022



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 Financial Christopher Breslin Michael Katz
230 Park Avenue 212-309-8941 212-309-8999
New York, New York 10169 Christopher.Breslin@voya.com IR@voya.com
NYSE Ticker: Web Site:
VOYA investors.voya.com
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Table of Contents
Page Page
Consolidated Investment Information
Explanatory Note on Non-GAAP Financial Information 3 - 5 Portfolio Results GAAP Book Value, Gross Investment Income, and
Key Metrics   Earned Rate by Asset Class
Consolidated Statements of Operations Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Adjusted Operating Earnings Before Income Taxes   Ratings
Adjusted Operating Earnings by Segment (QTD) Alternative Investment Income
Adjusted Operating Earnings by Segment (YTD) Alternative Income and Prepayments Above (Below) Long-Term
Consolidated Balance Sheets   Expectations
DAC/VOBA Segment Trends Reconciliations
Consolidated Capital Structure Reconciliation of Consolidated Statements of Operations
Consolidated Assets Under Management, Assets Under Administration Reconciliation of Adjusted Operating Revenues
  and Advisement Reconciliation of Net Revenues by Segment 42 - 43
Wealth Solutions Reconciliation of Adjusted Operating Earnings by Segment
Sources of Adjusted Operating Earnings and Key Metrics Reconciliation of Adjusted Operating Earnings and Earnings
Client Assets Rollforward by Product Group 17 - 18   Per Common Share (Diluted) (QTD)
Health Solutions Reconciliation of Adjusted Operating Earnings and Earnings
Sources of Adjusted Operating Earnings   Per Common Share (Diluted) (YTD)
Key Metrics Reconciliation of Book Value Per Common Share, Excluding AOCI,
Investment Management   Leverage Ratio, and Adjusted Diluted Shares
Sources of Adjusted Operating Earnings
Analysis of AUM and AUA
Account Value Rollforward by Source
Account Value by Asset Type
Corporate
Adjusted Operating Earnings
Net Revenue, Adjusted Operating Margin, Administrative
Expenses, and Adjusted Operating Return on Capital
Net Revenue and Adjusted Operating Margin
Administrative Expenses
Adjusted Operating Return on Allocated Capital Excluding Unlocking 32 - 33
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Explanatory Note on Non-GAAP 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), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest;
•Net guaranteed benefit gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;
•Income (loss) related to businesses exited 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 that are available to common shareholders;
•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt. These losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;
•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and
•Other adjustments 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.
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions, and insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses) are excluded from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited or to be exited through reinsurance or divestment.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, refer to the "Reconciliations" section in this document.

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Explanatory Note on Non-GAAP Financial Information
Stranded Costs
As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those relating to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe that they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs and completed the removal of Stranded Costs during the third quarter of 2022. Some transformation initiatives related to TSAs will continue beyond the third quarter of 2022, however, they are not expected to result in any net Stranded Costs.
Adjusted Operating Earnings per Common Share (Diluted)
In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share" page of this document.
Shareholders' Equity/Book Value per Common Share, Excluding AOCI
In addition to book value per common share including Accumulated other comprehensive income (AOCI), we also report book value per common share excluding AOCI and shareholders' equity excluding AOCI and preferred stock. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per common share excluding AOCI and common shareholders' equity excluding AOCI provide a measure consistent with that view. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Book Value Per Common Share, Excluding AOCI" page of this document.
Adjusted Return on Capital
We report Adjusted return on capital ("ROC") because we believe this measure is a useful indicator of how effectively we use capital resources allocated to our segments apart from Corporate and closed block activities, which include our Wealth Solutions, Investment Management and Health Solutions segments. Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain Corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to Corporate.
Adjusted Operating Effective Tax Rate
The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
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) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;
•Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in nonperformance spread;

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Explanatory Note on Non-GAAP Financial Information
•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 to total revenues primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in 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 (loss) before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net 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.
•For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see “DAC/VOBA Unlocking” in our SEC filings.
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 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 of Year-to-Date or As of
(in millions USD, unless otherwise indicated) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders 190  193  64  27  403  474  2,090 
Per common share (basic) 1.95  1.98  0.62  0.26  3.66  4.71  17.92 
Per common share (diluted) 1.77  1.82  0.57  0.24  3.36  4.30  16.61 
Adjusted operating earnings: (1)
Before income taxes 214  299  223  209  279  944  1,292 
After income taxes 233  245  185  172  229  835  1,053 
Effective tax rate (9.1) % 18.1  % 17.1  % 17.4  % 18.0  % 11.5  % 18.5  %
Per common share (Adjusted diluted) 2.18  2.30  1.67  1.47  1.90  7.58  8.37 
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity 3,857  3,481  3,904  5,586  7,641  3,857  7,641 
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)
 5,651  5,467  4,867  5,059  5,541  5,651  5,541 
Book value per common share (including AOCI) 39.68  35.81  39.88  54.66  70.88  39.68  70.88 
Book value per common share (excluding AOCI) (1)
 58.14  56.24  49.71  49.50  51.40  58.14  51.40 
Leverage Ratios:
Debt to Capital 33.3  % 35.3  % 34.6  % 28.0  % 23.9  % 33.3  % 23.9  %
Financial Leverage excluding AOCI (1)
 29.9  % 30.2  % 33.3  % 33.6  % 33.0  % 29.9  % 33.0  %
Shares:
Weighted-average common shares outstanding
Basic 97  98  102  106  110  101  117 
Dilutive effect of warrants 7  6  7  8  8  7  7 
Other dilutive effects (2)
 2  2  2  3  3  2  2 
Diluted 107  106  111  117  120  110  126 
Adjusted Diluted (1)
 107  106  111  117  120  110  126 
Ending shares outstanding 97  97  98  102  108  97  108 
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions —  50  255  445  310  750  1,143 
Dividends to common shareholders 19  20  20  21  21  80  80 
Total cash returned to common shareholders 19  70  275  466  331  830  1,223 
(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 39 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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Page 7 of 47


Consolidated Statements of Operations
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Revenues (1)
Net investment income 548  522  581  630  673  2,281  2,774 
Fee income 452  435  411  433  446  1,731  1,827 
Premiums 610  607  595  613  544  2,425  (3,354)
Net gains (losses) (50) (123) (227) (285) (179) (685) 1,423 
Other revenues 31  33  44  40  49  148  579 
Income (loss) related to consolidated investment entities (40) (136) 115  83  142  22  981 
Total revenues 1,551  1,338  1,519  1,514  1,675  5,922  4,230 
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders (715) (550) (643) (665) (627) (2,573) 2,163 
Operating expenses (673) (632) (605) (632) (636) (2,542) (2,586)
Net amortization of DAC/VOBA (30) (10) (67) (80) (40) (187) (795)
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 (1,468) (1,237) (1,366) (1,423) (1,375) (5,494) (1,453)
Income (loss) from continuing operations before income taxes 83  101  153  91  300  428  2,777 
Less:
Net investment gains (losses) and related charges and adjustments (16) (5) (52) (87) (86) (161) (20)
Net guaranteed benefit gains (losses) and related charges and adjustments 3  (8) 3  (22) (3) (23) (1)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)
 (30) (14) (50) (47) 14  (141) 812 
Income (loss) attributable to noncontrolling interests (57) (138) 75  43  100  (77) 761 
Income (loss) on early extinguishment of debt —  1  1  (5) (21) (3) (31)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments 1  —  —  4  33  5  33 
Dividend payments made to preferred shareholders 4  14  4  14  4  36  36 
Other adjustments (35) (47) (51) (17) (19) (151) (105)
Adjusted operating earnings before income taxes (3)
 214  299  223  209  279  944  1,292 
(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; all Revenue and Benefit and expense lines are lower than prior periods due to the revenue and expenses related to the businesses ceded that ceased at closing.
(2) Year-to-Date 2021 results include the investment gains, net of related intangible amortization and charges, due to the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction.
(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 39 of this document.
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses) 460  413  486  536  571  1,896  2,387 
Fee income 455  451  418  440  467  1,765  1,791 
Premiums 601  599  588  591  539  2,378  2,168 
Other revenue 31  31  42  35  41  137  171 
Adjusted operating revenues (1)
 1,547  1,494  1,534  1,601  1,618  6,176  6,516 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (652) (565) (667) (694) (650) (2,579) (2,564)
Operating expenses (606) (580) (564) (594) (611) (2,344) (2,342)
Net amortization of DAC/VOBA (26) 11  (41) (52) (34) (107) (116)
Interest expense (2)
 (37) (49) (40) (52) (44) (177) (201)
Adjusted operating benefits and expenses (1,321) (1,183) (1,311) (1,393) (1,339) (5,207) (5,224)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 226  311  223  209  279  969  1,292 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  12  —  —  —  25  — 
Adjusted operating earnings before income taxes (1)
 214  299  223  209  279  944  1,292 
Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
Adjusted operating revenues
Wealth Solutions 668  643  706  754  791  2,772  3,238 
Health Solutions 649  646  640  647  599  2,582  2,395 
Investment Management 215  192  171  178  201  756  783 
Corporate 15  13  17  22  27  67  100 
Adjusted operating revenues (1)
 1,547  1,494  1,534  1,601  1,618  6,176  6,516 
Adjusted operating earnings
Wealth Solutions 148  168  186  205  241  707  1,110 
Health Solutions 74  149  47  22  33  291  204 
Investment Management 57  51  40  39  59  186  239 
Corporate (52) (57) (49) (58) (54) (215) (261)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 226  311  223  209  279  969  1,292 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  12  —  —  —  25  — 
Adjusted operating earnings before income taxes (1)
 214  299  223  209  279  944  1,292 
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings by Segment
Three Months Ended December 31, 2022
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 423  31  (1) 7  460 
Fee income 228  18  209  —  455 
Premiums —  601  —  —  601 
Other revenue 18  (1) 6  8  31 
Adjusted operating revenues (1)
 668  649  215  15  1,547 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (225) (427) —  —  (652)
Operating expenses (278) (140) (158) (30) (606)
Net amortization of DAC/VOBA (19) (7) —  —  (26)
Interest expense (2)
 —  —  —  (37) (37)
Adjusted operating benefits and expenses (521) (575) (158) (67) (1,321)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 148  74  57  (52) 226 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  14  (2) 13 
Adjusted operating earnings before income taxes (1)
 148  74  42  (50) 214 
Three Months Ended December 31, 2021
Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 508  42  20  1  571 
Fee income 270  19  178  —  467 
Premiums —  540  —  —  539 
Other revenue 12  (2) 3  26  41 
Adjusted operating revenues (1)
 791  599  201  27  1,618 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (223) (427) —  —  (650)
Operating expenses (298) (133) (142) (37) (611)
Net amortization of DAC/VOBA (28) (6) —  —  (34)
Interest expense (2)
 —  —  —  (44) (44)
Adjusted operating benefits and expenses (549) (566) (142) (82) (1,339)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 241  33  59  (54) 279 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  —  —  — 
Adjusted operating earnings before income taxes (1)
 241  33  59  (54) 279 
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings by Segment
Twelve Months Ended December 31, 2022
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 1,751  134  3  8  1,896 
Fee income 953  76  736  —  1,765 
Premiums —  2,378  —  —  2,378 
Other revenue 68  (6) 17  59  137 
Adjusted operating revenues (1)
 2,772  2,582  756  67  6,176 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (888) (1,691) —  —  (2,579)
Operating expenses (1,100) (569) (570) (105) (2,344)
Net amortization of DAC/VOBA (77) (30) —  —  (107)
Interest expense (2)
 —  —  —  (177) (177)
Adjusted operating benefits and expenses (2,064) (2,291) (570) (282) (5,207)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 707  291  186  (215) 969 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  27  (2) 25 
Adjusted operating earnings before income taxes (1)
 707  291  158  (213) 944 
Twelve Months Ended December 31, 2021
Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 2,114  165  103  4  2,387 
Fee income 1,056  69  667  —  1,791 
Premiums —  2,168  —  —  2,168 
Other revenue 68  (7) 13  96  171 
Adjusted operating revenues (1)
 3,238  2,395  783  100  6,516 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (891) (1,674) —  —  (2,564)
Operating expenses (1,146) (492) (544) (160) (2,342)
Net amortization of DAC/VOBA (91) (25) —  —  (116)
Interest expense (2)
 —  —  —  (201) (201)
Adjusted operating benefits and expenses (2,128) (2,191) (544) (361) (5,224)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
 1,110  204  239  (261) 1,292 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  —  —  — 
Adjusted operating earnings before income taxes (1)
 1,110  204  239  (261) 1,292 
(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 39 of this document.

(2) Includes dividend payments made to preferred shareholders.
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Page 11 of 47


Consolidated Balance Sheets
Balances as of
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Assets
Total investments 39,110  39,519  40,913  42,950  45,581 
Cash and cash equivalents 919  840  954  1,011  1,402 
Assets held in separate accounts 80,174  75,980  80,017  93,108  100,433 
Premium receivable and reinsurance recoverable, net 13,341  13,561  13,079  13,261  13,635 
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 acquired 2,822  2,894  2,480  1,921  1,378 
Current and deferred income taxes (1)
 1,929  1,931  1,795  1,405  986 
Other assets (2)
 3,549  3,505  2,581  2,710  2,532 
Assets related to consolidated investment entities 4,204  4,195  4,165  3,933  3,779 
Total Assets 147,652  144,048  147,520  161,806  171,262 
Liabilities
Future policy benefits and contract owner account balances 52,573  53,501  53,151  52,765  52,758 
Liabilities related to separate accounts 80,174  75,980  80,017  93,108  100,433 
Payables under securities loan agreements, including collateral held 1,302  1,378  1,220  1,124  1,183 
Short-term debt 141  141  1  1  1 
Long-term debt 2,094  2,094  2,385  2,406  2,595 
Other liabilities (3)
 2,817  2,797  2,379  2,596  2,578 
Liabilities related to consolidated investment entities 2,434  2,319  2,154  2,102  1,893 
Total Liabilities 141,535  138,210  141,307  154,102  161,441 
Mezzanine Equity
Allianz noncontrolling interest 166  155  —  —  — 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock 1  1  1  1  1 
Treasury stock (39) (873) (821) (565) (80)
Additional paid-in capital 6,643  7,945  7,500  7,504  7,542 
Retained earnings (deficit) (342) (994) (1,201) (1,269) (1,310)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,263  6,079  5,479  5,671  6,153 
Accumulated other comprehensive income (1,794) (1,986) (963) 527  2,100 
Total Voya Financial, Inc. Shareholders' Equity 4,469  4,093  4,516  6,198  8,253 
Noncontrolling interest 1,482  1,590  1,697  1,506  1,568 
Total Shareholders' Equity 5,951  5,683  6,213  7,704  9,821 
Total Liabilities, Mezzanine Equity and Shareholders' Equity 147,652  144,048  147,520  161,806  171,262 
(1) Current and deferred income taxes:
Deferred Tax Asset primarily related to Federal NOL's 1,546  1,510  1,507  1,520  1,504 
Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses 511  561  290  (106) (525)
Other Net Deferred Tax Asset (Liability) related to DAC, reserves, acquisition intangibles, and other temporary differences (128) (140) (2) (9) 7 
Total Current and deferred income taxes 1,929  1,931  1,795  1,405  986 
Gross Unrealized Gains (losses) reflected in AOCI (2,431) (2,673) (1,379) 507  2,499 
21% Tax Effect 511  561  290  (106) (525)
(2) Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets.
(3) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.
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Page 12 of 47


DAC/VOBA Segment Trends
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Wealth Solutions
Balance as of Beginning-of-Period 1,943  1,530  975  430  381  430  207 
Deferrals of commissions and expenses 17  15  16  17  17  65  67 
Amortization (30) (33) (12) (9) (12) (84) (92)
Unlocking 19  41  (35) (51) (8) (26) 12 
Change in unrealized capital gains/losses (70) 389  586  588  53  1,493  236 
Balance as of End-of-Period 1,878  1,943  1,530  975  430  1,878  430 
Deferred Sales Inducements as of End-of-Period (1)
 25  26  26  25  23  25  23 
Other (2)
Balance as of Beginning-of-Period 191  180  163  152  148  152  134 
Deferrals of commissions and expenses 15  13  17  10  9  55  39 
Amortization (7) (7) (8) (8) (6) (30) (28)
Unlocking —  —  —  —  —  —  — 
Change in unrealized capital gains/losses (2) 6  8  8  2  20  7 
Balance as of End-of-Period 197  191  180  163  152  197  152 
Total
Balance as of Beginning-of-Period 2,135  1,710  1,138  582  528  582  341 
Deferrals of commissions and expenses 32  29  33  27  26  120  106 
Amortization (37) (40) (20) (17) (18) (114) (120)
Unlocking 19  41  (35) (51) (8) (26) 12 
Change in unrealized capital gains/losses (72) 395  594  596  55  1,513  243 
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 2,075  2,135  1,710  1,138  582  2,075  582 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (3)
 748  760  771  783  796  747  796 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,822  2,894  2,480  1,921  1,378  2,822  1,378 
(1) Deferred sales inducements in other segments are insignificant.
(2) Primarily includes Health Solutions.
(3) 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) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Financial Obligations
Senior bonds 1,496  1,495  1,495  1,495  1,495 
Subordinated bonds 737  737  888  909  1,098 
Other debt 2  3  3  3  3 
Total Financial Debt 2,235  2,235  2,386  2,407  2,596 
Other financial obligations (1)
 265  269  282  301  300 
Total Financial Obligations 2,500  2,504  2,668  2,708  2,896 
Mezzanine Equity
Allianz noncontrolling interest 166  155  —  —  — 
Equity
Preferred equity (2)
 612  612  612  612  612 
Common equity (Excluding AOCI) 5,651  5,467  4,867  5,059  5,541 
Total Equity (Excluding AOCI) (3)
6,263  6,079  5,479  5,671  6,153 
Accumulated other comprehensive income (AOCI) (1,794) (1,986) (963) 527  2,100 
Total Voya Financial, Inc. Shareholders' Equity 4,469  4,093  4,516  6,198  8,253 
Noncontrolling interest 1,482  1,590  1,697  1,506  1,568 
Total Shareholders' Equity 5,951  5,683  6,213  7,704  9,821 
Capital
Capitalization (4)
 6,704  6,328  6,902  8,605  10,849 
Adjusted Capitalization (5)
8,617  8,342  8,881  10,412  12,717 
Adjusted Capitalization excluding AOCI (6)
10,411  10,328  9,844  9,885  10,617 
Leverage Ratios
Debt to Capital (7)
 33.3  % 35.3  % 34.6  % 28.0  % 23.9  %
Financial Leverage (3)(8)
 36.1  % 37.4  % 36.9  % 31.9  % 27.6  %
Financial Leverage excluding AOCI (3)(9)
 29.9  % 30.2  % 33.3  % 33.6  % 33.0  %
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 39 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.
(6) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(7) Total Financial Debt divided by Capitalization.
(8) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization.
(9) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of December 31, 2022
(in millions USD) General Account Separate Account Institutional/Mutual Funds Total 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 Solutions 1,866  14  —  1,880  —  1,880 
Investment Management 38,028  24,849  258,486  321,363  55,601  376,963 
Eliminations/Other (35,747) (21,037) (11,151) (67,935) (43,958) (111,893)
Total AUM and AUA 38,028  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.
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Wealth Solutions







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Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Sources of operating earnings before income taxes:
Gross investment income 432  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 margin 192  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  944  812 
Alternative investment income and prepayment fees above (below) long-term expectations (50) (70) (7) 52  82  (76) 406 
Investment spread and other investment income 199  176  226  269  285  869  1,218 
Full service fee based revenue 134  137  145  156  171  571  663 
Recordkeeping and other fee based revenue 108  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 revenue 4  3  4  1  —  13  (9)
Net revenue (2)
 444  423  486  538  568  1,891  2,346 
Administrative expenses (223) (214) (207) (223) (232) (867) (885)
Net commissions (55) (57) (58) (63) (66) (232) (257)
DAC/VOBA and other intangibles amortization, excluding unlocking
(33) (33) (32) (31) (30) (128) (124)
DAC/VOBA and other intangibles unlocking 14  50  (4) (16) 1  44  29 
Adjusted operating earnings before income taxes 148  168  186  205  241  707  1,110 
Adjusted Operating Margin TTM 37.4  % 39.7  % 42.7  % 45.7  % 47.3  %
Adjusted Operating Margin Excluding Notables TTM 37.5  % 36.4  % 36.2  % 35.5  % 35.5  %
Full Service Revenue (3)
Full Service Investment Spread and other investment income 194  170  218  258  272  840  1,166 
Full Service Fee Based Revenue 134  137  145  156  171  571  663 
Total Full Service Revenue 327  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 Based 33,881 34,358 34,220 33,759 33,359 33,881 33,359
Investment-only Stable Value 38,148 38,944 39,622 40,391 40,246 38,148 40,246
Retail Client Assets 22,543 21,315 22,592 26,226 28,300 22,543 28,300
Total Client Assets 474,277 450,718 466,139 514,972 536,246 474,277 536,246
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Please see 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 Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Full service - Corporate markets
Client Assets, beginning of period 80,135  83,329  94,434  99,698  95,456  99,698  86,581 
Transfers / Single deposits 1,603  1,074  1,176  1,676  1,575  5,529  6,578 
Recurring deposits 2,108  2,231  2,297  2,558  1,938  9,194  8,161 
Total Deposits 3,710  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 Flows 811  716  674  612  (427) 2,812  1,031 
Interest credited and investment performance 5,029  (3,910) (11,779) (5,875) 4,669  (16,535) 12,086 
Client Assets, end of period - Corporate markets 85,975  80,135  83,329  94,434  99,698  85,975  99,698 
Full service - Tax-exempt markets
Client Assets, beginning of period 73,119  75,627  83,727  88,004  84,929  88,004  78,831 
Transfers / Single deposits 887  248  534  374  399  2,043  2,344 
Recurring deposits 1,061  986  1,006  1,046  980  4,100  3,895 
Total Deposits 1,948  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 Flows 141  (161) 326  (165) (457) 141  (455)
Interest credited and investment performance 3,429  (2,347) (8,426) (4,112) 3,533  (11,456) 9,628 
Client Assets, end of period - Tax-exempt markets 76,690  73,119  75,627  83,727  88,004  76,690  88,004 
Full Service - Total
Client Assets, beginning of period 153,254  158,956  178,161  187,702  180,385  187,702  165,412 
Transfers / Single deposits 2,489  1,322  1,710  2,050  1,974  7,571  8,922 
Recurring deposits 3,169  3,217  3,303  3,604  2,918  13,294  12,056 
Total Deposits 5,658  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 Flows 952  555  1,000  446  (884) 2,953  576 
Interest credited and investment performance 8,458  (6,257) (20,205) (9,987) 8,202  (27,991) 21,714 
Client Assets, end of period - Full Service Total 162,664  153,254  158,956  178,161  187,702  162,664  187,702 
Full Service - Client Assets
Fee-based 129,199  119,325  125,206  144,888  154,839  129,199  154,839 
Spread-based 33,466  33,929  33,749  33,273  32,864  33,466  32,864 
Client Assets, end of period - Full Service Total 162,664  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 Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Recordkeeping
Client Assets, beginning of period 236,776  244,499  269,708  279,501  274,265  279,501  247,309 
Transfers / Single deposits 979  3,573  1,595  1,955  812  8,101  8,431 
Recurring deposits 3,778  4,278  4,359  5,217  3,892  17,632  16,531 
Total Deposits 4,758  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 performance 14,300  (9,726) (25,435) (8,900) 12,982  (29,761) 38,923 
Client Assets, end of period - Recordkeeping 250,507  236,776  244,499  269,708  279,501  250,507  279,501 
Total Defined Contribution (1)
Client Assets, beginning of period 390,031  403,454  447,870  467,203  454,650  467,203  412,721 
Transfers / Single deposits 3,469  4,895  3,304  4,005  2,786  15,673  17,354 
Recurring deposits 6,947  7,495  7,663  8,822  6,811  30,926  28,587 
Total Deposits 10,416  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 Flows 383  2,559  1,224  (446) (8,632) 3,719  (6,154)
Interest credited and investment performance 22,758  (15,983) (45,640) (18,887) 21,184  (57,752) 60,636 
Client Assets, end of period - Total Defined Contribution 413,171  390,031  403,454  447,870  467,203  413,171  467,203 
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period 38,944  39,622  40,390  40,246  41,329  40,246  42,864 
Transfers / Single deposits 435  177  630  1,500  280  2,742  1,169 
Recurring deposits 440  169  203  190  103  1,002  525 
Total Deposits 875  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 SV 38,148  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 Assets 474,277  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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Health Solutions Sources of Adjusted Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Sources of 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 margin 11  11  10  9  9  41  34 
Other investment income 14  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 income 19  17  22  25  28  83  111 
Net underwriting gain (loss) and other revenue 202  286  173  146  144  807  611 
Net revenue (1)
 221  303  195  171  172  890  722 
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, excluding unlocking (7) (7) (8) (8) (6) (30) (25)
Adjusted operating earnings before income taxes 74  149  47  22  33  291  204 
Adjusted Operating Margin TTM 32.8  % 29.8  % 23.4  % 25.8  % 28.3  %
Adjusted Operating Margin Excluding Notables TTM 31.9  % 30.5  % 29.5  % 31.7  % 33.5  %
Group life:
Premiums 151  151  148  143  140  593  550 
Benefits (125) (49) (133) (167) (136) (473) (525)
Other (2)
 (2) (2) (2) (2) (2) (9) (10)
Total Group life 23  100  13  (26) 1  111  15 
Group Life Loss Ratio (Interest adjusted) (3)
 82.9  % 71.3  % 89.9  % 116.4  % 97.5  % 89.8  % 95.5  %
Group stop loss:
Premiums 314  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 loss 87  72  63  70  63  292  260 
Stop loss Loss Ratio 72.0  % 76.4  % 78.9  % 76.5  % 77.7  % 75.9  % 77.3  %
Voluntary Benefits, Disability, and Other 92  114  98  101  79  405  335 
Net underwriting gain (loss) and other revenue
Premiums 626  620  609  602  562  2,457  2,248 
Benefits (422) (334) (433) (458) (419) (1,647) (1,630)
Other (2)
 (2) 1  (3) 1  1  (3) (8)
Total Net underwriting gain (loss) and other revenue 202  286  173  146  144  807  611 
Total Aggregate Loss Ratio TTM (3)(4)
69.4  % 71.1  % 73.1  % 73.1  % 72.5  % 69.4  % 72.5  %
(1) Please see 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 ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update.
(4) Total Aggregate Loss Ratio is calculated using trailing twelve months.
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Health Solutions Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Sales by Product Line:
Group life and Disability 23  4  14  86  12  126  110 
Stop loss 20  42  24  323  14  409  355 
Voluntary 13  12  20  104  6  149  128 
Total sales by product line 56  58  58  513  31  684  593 
Total gross premiums and deposits 687  707  671  660  610  2,724  2,429 
Annualized In-force Premiums by Product Line:
Group life and Disability 833  817  811  807  752  833  752 
Stop loss 1,258  1,259  1,231  1,220  1,181  1,258  1,181 
Voluntary 689  684  681  678  576  689  576 
Total annualized in-force premiums 2,780  2,760  2,722  2,705  2,510  2,780  2,510 
Assets Under Management by Fund Group:
General account 1,866  1,938  1,981  1,886  1,869  1,866  1,869 
Separate account 14  14  15  17  18  14  18 
Total AUM 1,880  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
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Sources of 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 TTM 24.7  % 25.5  % 26.8  % 29.4  % 30.7  %
Adjusted Operating Margin Excluding Notables TTM 26.8  % 26.0  % 24.1  % 25.2  % 25.1  %
Fee based margin (1)
Investment advisory and administrative revenue 209  202  160  165  178  736  667 
Other fee based margin 6  2  6  2  3  17  13 
Fee based margin 216  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 interest 14  13  —  —  —  27  — 
Adjusted operating earnings before income taxes 42  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) Please see 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 Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Client Assets:
External Clients
Institutional 161,502  160,720  136,596  143,581  148,921  161,502  148,921 
Retail 121,833  118,016  61,070  71,578  76,908  121,833  76,908 
Subtotal External Clients 283,335  278,735  197,666  215,159  225,829  283,335  225,829 
General Account 38,028  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 AUA 376,963  369,210  289,710  310,395  323,656  376,963  323,656 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional 90  89  86  87  92  352  334 
Retail 95  88  49  53  59  284  227 
Subtotal External Clients 185  177  134  140  151  636  561 
General Account 20  20  20  20  20  80  82 
Total Investment Advisory and Administrative Revenues (AUM) 205  197  154  160  171  717  643 
Administration Only Fees 5  5  5  5  6  20  22 
Total Investment Advisory and Administrative Revenues 209  202  160  165  178  736  667 
 
Revenue Yield (bps) (1)
External Clients
Institutional 22.1  21.4  24.5  23.7  25.3  20.7  23.9 
Retail 31.1  28.0  29.4  29.1  30.6  22.1  29.7 
Revenue Yield on External Clients (2)
 26.0  24.3  26.1  25.5  27.1  21.3  25.9 
General Account 20.8  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 months (2)
 21.3  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) Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.
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Investment Management Account Rollforward by Source
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Institutional AUM:
Beginning of period AUM 160,720  136,595  143,580  148,921  138,332  148,921  111,964 
Inflows 8,249  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- Institutional 345  (889) 1,998  2,221  9,516  3,675  9,075 
Change in Market Value 2,341  (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 - Institutional 161,503  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 AUM 118,016  61,070  71,579  76,908  75,352  76,908  75,116 
Inflows 7,203  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 Flows 51  45  120  (18) 11  197  (290)
Change in Market Value 3,232  (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 - Retail 121,833  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 Flows 345  (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 Replacements 147  (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) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Institutional
Equity 22,943  22,835  12,086  14,830  14,994 
Fixed Income - Public 57,532  59,752  62,378  67,693  72,550 
Fixed Income - Privates 67,809  63,361  47,177  45,985  46,631 
Alternatives 13,218  14,771  14,955  15,073  14,746 
Money Market —  —  —  —  — 
Total 161,502  160,720  136,596  143,581  148,921 
Retail
Equity 60,244  57,343  36,100  44,128  47,583 
Fixed Income - Public 58,480  57,714  22,124  24,749  26,676 
Fixed Income - Privates 483  499  547  611  634 
Alternatives 822  724  611  542  470 
Money Market 1,803  1,736  1,688  1,548  1,546 
Total 121,833  118,016  61,070  71,578  76,908 
General Account
Equity 237  241  242  216  308 
Fixed Income - Public 19,748  20,701  20,416  20,217  20,000 
Fixed Income - Privates 14,942  14,877  14,764  14,500  14,601 
Alternatives 2,378  2,450  2,732  2,628  2,645 
Money Market 724  344  532  488  449 
Total 38,028  38,614  38,686  38,049  38,004 
Combined Asset Type
Equity 83,424  80,419  48,429  59,174  62,884 
Fixed Income - Public 135,760  138,166  104,917  112,659  119,225 
Fixed Income - Privates 83,234  78,737  62,488  61,097  61,867 
Alternatives 16,418  17,945  18,298  18,243  17,861 
Money Market 2,527  2,080  2,220  2,036  1,995 
Total 321,363  317,349  236,352  253,208  263,832 
Total Private and Alternative Assets 99,652  96,683  80,786  79,340  79,728 
% of Private and Alternative Assets / Total AUM 31.0  % 30.5  % 34.2  % 31.3  % 30.2  %
Total Wealth Assets 162,355  158,900  101,885  110,305  112,905 
% of Wealth Assets / Total AUM 50.5  % 50.1  % 43.1  % 43.6  % 42.8  %
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Corporate








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Corporate Adjusted Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Interest expense (excluding Preferred stock dividends) (1)
 (33) (35) (36) (38) (40) (142) (165)
Preferred stock dividends (4) (14) (4) (14) (4) (36) (36)
Amortization of intangibles (4) (3) (2) (2) (2) (11) (8)
Stranded costs net of TSA revenue —  (1) (4) (4) 3  (9) (15)
Other (11) (4) (3) —  (11) (17) (37)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
 (52) (57) (49) (58) (54) (215) (261)
Less: Earnings (loss) attributable to Allianz noncontrolling interest (2) (1) —  —  —  (2) — 
Adjusted operating earnings before income taxes (50) (56) (49) (58) (54) (213) (261)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.
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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 Ended Twelve Months Ended
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income 249  246  233  217  202  944  809 
Fee based margin 241  244  257  268  283  1,009  1,112 
Net underwriting gain (loss) and other revenue 4  3  4  1  —  13  (9)
Wealth Solutions Net Revenue 494  493  494  486  485  1,966  1,912 
Health Solutions
Investment spread and other investment income 24  24  22  20  20  90  70 
Net underwriting gain (loss) and other revenue 202  227  173  186  178  788  707 
Health Solutions Net Revenue 226  251  195  206  198  878  777 
Investment Management
Investment capital and other investment income 8  8  8  8  8  33  28 
Fee based margin 216  204  165  167  181  753  680 
Investment Management Net Revenue 224  212  173  175  189  785  708 
Total Net Revenue Excluding Notable Items (1)
 944  956  862  867  872  3,629  3,397 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions 184  188  197  169  158  738  678 
Health Solutions 79  97  47  57  58  280  259 
Investment Management 64  67  42  37  49  210  178 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
 327  352  286  263  265  1,228  1,115 
Corporate (52) (57) (49) (58) (38) (215) (205)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
 275  295  237  205  227  1,012  910 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  12  —  —  —  25  — 
Total Adjusted Operating Earnings Excluding Notable Items 262  283  237  205  227  987  910 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions 37.2  % 38.1  % 39.9  % 34.8  % 32.6  % 37.5  % 35.5  %
Health Solutions 35.0  % 38.6  % 24.1  % 27.7  % 29.3  % 31.9  % 33.5  %
Investment Management 28.6  % 31.6  % 24.3  % 21.1  % 25.9  % 26.8  % 25.1  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
 34.6  % 36.8  % 33.2  % 30.3  % 30.4  % 33.8  % 32.9  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
 29.1  % 30.9  % 27.5  % 23.6  % 26.0  % 27.9  % 26.8  %
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions 37.5  % 36.4  % 36.2  % 35.5  % 35.5  %
Health Solutions 31.9  % 30.5  % 29.5  % 31.7  % 33.5  %
Investment Management 26.8  % 26.0  % 24.1  % 25.2  % 25.1  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
 33.8  % 32.8  % 32.3  % 32.5  % 32.9  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
 27.9  % 27.1  % 26.7  % 26.7  % 26.8  %
(1) 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.
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Administrative Expenses
Three Months Ended Twelve Months Ended
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
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 above (below) target performance, pension, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.
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Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)
Twelve Months Ended (1)
(in millions USD, unless otherwise indicated) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Wealth Solutions
Adjusted operating earnings before income taxes 707  800  951  1,060  1,110 
Less:
DAC/VOBA and other intangibles unlocking 44  31  (12) 10  29 
Adjusted Operating Earnings - excluding Unlocking before interest 663  769  964  1,050  1,082 
Income tax expense 102  124  164  182  188 
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes 561  645  800  868  894 
Adjusted Operating effective tax rate, excluding Unlocking (2)
 14.1  % 13.2  % 16.1  % 16.9  % 16.9  %
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months 15.4  % 16.1  % 17.0  % 17.3  % 17.3  %
Average Capital 3,742  3,753  3,761  3,755  3,775 
Ending Capital 3,730  3,731  3,765  3,738  3,740 
Adjusted Return on Capital 15.0  % 17.2  % 21.3  % 23.1  % 23.7  %
Health Solutions
Adjusted operating earnings before income taxes 291  250  173  189  204 
Less:
DAC/VOBA and other intangibles unlocking —  —  —  —  — 
Adjusted Operating Earnings - excluding Unlocking before interest 291  250  173  189  204 
Income tax expense 61  53  36  40  43 
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes 230  198  137  149  161 
Adjusted Operating effective tax rate, excluding Unlocking (2)
 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 585  551  525  509  503 
Ending Capital 649  640  571  546  516 
Adjusted Return on Capital 39.3  % 35.8  % 26.0  % 29.3  % 32.1  %
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.
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Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)
Twelve Months Ended (1)
(in millions USD, unless otherwise indicated) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Investment Management
Adjusted operating earnings before income taxes - excluding Unlocking before interest
 158  176  201  227  239 
Income tax expense 33  37  42  48  50 
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes
 125  139  159  179  189 
Adjusted Operating effective tax rate, excluding Unlocking (2)
 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 582  488  427  403  387 
Ending Capital 797  778  486  458  420 
Adjusted Return on Capital 21.5  % 28.3  % 37.0  % 44.3  % 48.7  %
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.




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Investment Information








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Page 35 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) 12/31/2022 9/30/2022 12/31/2022
Invested Assets
Book Values, Gross investment income and Earned rate(1)
 Book Value BV % Gross Investment Income
Earned Rate (annualized)
 Book Value BV % Gross Investment Income
Earned Rate (annualized)
 Book Value BV % Gross Investment Income
Earned Rate (annualized)
Public corporate 12,179  30.0  % 163  5.2  % 13,093  32.0  % 162  5.0  % 12,179  30.0  % 641  5.0  %
Private credit 8,222  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 loans 5,413  13.0  % 59  4.5  % 5,376  13.0  % 56  4.2  % 5,413  13.0  % 223  4.2  %
Municipals 952  2.0  % 10  4.0  % 966  2.0  % 10  4.0  % 952  2.0  % 38  4.0  %
Short-term / Treasury 627  2.0  % 7  4.4  % 728  2.0  % 8  4.4  % 627  2.0  % 33  4.3  %
Equity securities 290  1.0  % 4  5.5  % 298  1.0  % 4  5.9  % 290  1.0  % 17  5.7  %
Policy loans 363  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 components 38,689  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 partnership 1,774  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/A N/A 2  —  %  N/A N/A 16  —  %
Book Values and Gross Investment Income (variable) 1,774  4.0  % (6) N/A 1,778  4.0  % (27) N/A 1,774  4.0  % 116  N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings 40,464  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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Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD) 9/30/2022 06/30/2022 03/31/2022 12/31/2021
Statutory Carrying Value Statutory Value SV % Statutory Value SV % Statutory Value SV % Statutory Value SV %
Public corporate 13,187  32.0  % 13,145  32.0  % 13,151  32.0  % 13,256  33.0  %
Private credit 7,958  19.0  % 7,989  19.0  % 7,773  19.0  % 7,754  19.0  %
Securitized 10,663  26.0  % 10,469  25.0  % 10,024  25.0  % 9,878  24.0  %
Municipals 966  2.0  % 964  2.0  % 957  2.0  % 965  2.0  %
Short-term / Treasury 802  2.0  % 891  2.0  % 935  2.0  % 897  2.0  %
Total Fixed maturities 33,577  81.0  % 33,458  81.0  % 32,840  81.0  % 32,750  81.0  %
Commercial mortgage loans 5,375  13.0  % 5,381  13.0  % 5,490  14.0  % 5,581  14.0  %
Limited partnership 1,777  4.0  % 1,813  4.0  % 1,793  4.0  % 1,687  4.0  %
Equity securities 475  1.0  % 486  1.0  % 476  1.0  % 487  1.0  %
Total 41,204  100.0  % 41,138  100.0  % 40,599  100.0  % 40,504  100.0  %
NAIC Ratings
Fixed Maturities:
NAIC 1 17,312  52.0  % 17,208  51.0  % 16,619  51.0  % 16,745  51.0  %
NAIC 2 14,970  45.0  % 14,850  44.0  % 14,699  45.0  % 14,524  44.0  %
NAIC 3 and below 1,295  4.0  % 1,400  4.0  % 1,522  5.0  % 1,481  5.0  %
Total Fixed maturities 33,577  100.0  % 33,458  100.0  % 32,840  100.0  % 32,750  100.0  %
Commercial Mortgage Loans:
CML 1 4,220  79.0  % 4,224  78.0  % 4,400  80.0  % 4,624  83.0  %
CML 2 1,045  19.0  % 1,030  19.0  % 966  18.0  % 876  16.0  %
CML 3 and below 110  2.0  % 127  2.0  % 125  2.0  % 81  1.0  %
Total Commercial mortgage loans 5,375  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 Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Wealth Solutions
Average alternative investments 1,614  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 investments 160  163  162  170  152  164  134 
Alternative investment income (1) (3) 3  9  12  8  50 
Investment Management
Average alternative investments 316  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 Ended Twelve Months Ended
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
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 reported on a pre-DAC basis.
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Reconciliations

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Page 40 of 47


Reconciliation of Consolidated Statements of Operations
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Revenues
Net investment income 548  522  581  630  673  2,281  2,774 
Fee income 452  435  411  433  446  1,731  1,827 
Premiums 610  607  595  613  544  2,425  (3,354)
Net gains (losses) (50) (123) (227) (285) (179) (685) 1,423 
Other revenues 31  33  44  40  49  148  579 
Income (loss) related to consolidated investment entities (40) (136) 115  83  142  22  981 
Total revenues 1,551  1,338  1,519  1,514  1,675  5,922  4,230 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders (715) (550) (643) (665) (627) (2,573) 2,163 
Operating expenses (673) (632) (605) (632) (636) (2,542) (2,586)
Net amortization of DAC/VOBA (30) (10) (67) (80) (40) (187) (795)
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 (1,468) (1,237) (1,366) (1,423) (1,375) (5,494) (1,453)
Income (loss) from continuing operations before income taxes 83  101  153  91  300  428  2,777 
Less:
Net investment gains (losses) and related charges and adjustments (16) (5) (52) (87) (86) (161) (20)
Net guaranteed benefit gains (losses) and related charges and adjustments 3  (8) 3  (22) (3) (23) (1)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (30) (14) (50) (47) 14  (141) 812 
Income (loss) attributable to noncontrolling interests (57) (138) 75  43  100  (77) 761 
Income (loss) on early extinguishment of debt —  1  1  (5) (21) (3) (31)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments 1  —  —  4  33  5  33 
Dividend payments made to preferred shareholders 4  14  4  14  4  36  36 
Other adjustments (35) (47) (51) (17) (19) (151) (105)
Adjusted operating earnings before income taxes 214  299  223  209  279  944  1,292 
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Reconciliation of Adjusted Operating Revenues
Three Months Ended Year-to-Date
(in millions USD) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Total revenues 1,551  1,339  1,519  1,514  1,675  5,922  4,230 
Less:
Net investment gains (losses) and related charges and adjustments (20) (9) (60) (96) (94) (186) (138)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits 3  (8) 3  (22) (3) (23) (1)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment 10  (38) (58) (46) (11) (132) (3,368)
Revenues (loss) attributable to noncontrolling interests (44) (130) 93  48  112  (33) 809 
Other adjustments 54  30  8  28  54  121  413 
Total adjusted operating revenues 1,547  1,494  1,534  1,601  1,618  6,176  6,516 
Adjusted operating revenues by segment
Wealth Solutions 668  643  706  754  791  2,772  3,238 
Health Solutions 649  646  640  647  599  2,582  2,395 
Investment Management 215  192  171  178  201  756  783 
Corporate 15  13  17  22  27  67  100 
Total adjusted operating revenues 1,547  1,494  1,534  1,601  1,618  6,176  6,516 
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Wealth Solutions and Health Solutions Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Wealth Solutions
Adjusted operating revenues
page 9
668  643  706  754  791  2,772  3,238 
Interest credited and other benefits to contract owners/policyholders (225) (223) (222) (218) (223) (888) (891)
Other adjustments to Net Revenue 1  3  2  2  —  7  (1)
Net revenue
page 16
444  423  486  538  568  1,891  2,346 
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
494  493  494  486  485  1,966  1,912 
Health Solutions
Adjusted operating revenues
page 9
649  646  640  647  599  2,582  2,395 
Interest credited and other benefits to contract owners/policyholders (427) (343) (445) (476) (427) (1,691) (1,674)
Other adjustments to Net Revenue (1) —  —  —  —  (1) 1 
Net revenue
page 20
221  303  195  171  172  890  722 
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)
 —  59  —  —  —  59  14 
Net Revenue Excluding Notable Items
page 30
226  251  195  206  198  878  777 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


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Page 43 of 47


Investment Management and Consolidated Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Investment Management
Adjusted operating revenues
page 9
215  192  171  178  201  756  783 
Interest credited and other benefits to contract owners/policyholders —  —  —  —  —  —  — 
Other adjustments to Net Revenue —  —  —  —  —  —  — 
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 (1)
page 9
1,547  1,494  1,534  1,601  1,618  6,176  6,516 
Interest credited and other benefits to contract owners/policyholders (652) (565) (667) (694) (650) (2,579) (2,564)
Other adjustments to Net Revenue (1)
 (15) (11) (15) (20) (27) (60) (102)
Net revenue
pages 16/20/23
 880  918  852  887  941  3,537  3,850 
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 —  59  —  —  —  59  17 
Net Revenue Excluding Notable Items
page 30
944  956  862  867  872  3,629  3,397 
(1) Includes adjusted operating revenue in Corporate, primarily TSA Revenue.
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Page 44 of 47


Reconciliation of Adjusted Operating Earnings by Segment
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Wealth Solutions Adjusted operating earnings before income taxes
page 9
148  168  186  205  241  707  1,110 
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)
14  50  (4) (16) 1  44  26 
Adjusted operating earnings excluding Notable Items
page 30
184  188  197  169  158  738  678 
Health Solutions Adjusted operating earnings before income taxes
page 9
74  149  47  22  33  291  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)
 —  59  —  —  —  59  16 
Adjusted operating earnings excluding Notable Items
page 30
79  97  47  57  58  280  259 
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
(52) (57) (49) (58) (54) (215) (261)
Less:
Other (3)
 —  —  —  —  (16) —  (56)
Adjusted operating earnings excluding Notable Items
page 30
(52) (57) (49) (58) (38) (215) (205)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
226  311  223  209  279  969  1,292 
Total Notable Items Adjustments (49) 16  (14) 4  52  (43) 382 
Consolidated Adjusted operating earnings excluding Notable Items, including Allianz noncontrolling interest
page 30
275  295  237  205  227  1,012  910 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  12  —  —  —  25  — 
Consolidated Adjusted operating earnings excluding Notable Items 262  283  237  205  227  987  910 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above (below) target performance.

Voya Financial
Page 45 of 47


Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Pre-tax After-tax
Per share (1)
 Pre-tax After-tax
Per share (1)
 Pre-tax After-tax
Per share (1)
 Pre-tax After-tax
Per share (1)
 Pre-tax After-tax
Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders 190  1.77  193  1.82  64  0.57  27  0.24  403  3.36 
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 operations 83  137  1.28  101  69  0.65  153  143  1.29  91  84  0.72  300  502  4.18 
Less:
Net investment gains (losses) and related charges and adjustments (16) (13) (0.12) (5) (4) (0.04) (52) (41) (0.37) (87) (69) (0.59) (86) (68) (0.56)
Net guaranteed benefit gains (losses) and related charges and adjustments 3  3  0.03  (8) (6) (0.06) 3  2  0.02  (22) (17) (0.15) (3) (2) (0.02)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (30) (24) (0.22) (14) (11) (0.10) (50) (39) (0.35) (47) (37) (0.32) 14  11  0.09 
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 
Income (loss) on early extinguishment of debt —  —  —  1  1  0.01  1  1  —  (5) (4) (0.03) (21) (17) (0.14)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments 1  1  0.01  —  —  —  —  —  —  4  3  0.03  33  26  0.22 
Dividend payments made to preferred shareholders 4  4  0.04  14  14  0.13  4  4  0.04  14  14  0.12  4  4  0.03 
Other adjustments (35) (10) (0.10) (47) (31) (0.29) (51) (44) (0.40) (17) (20) (0.17) (19) 219  1.83 
Adjusted operating earnings 214  233  2.18  299  245  2.30  223  185  1.67  209  172  1.47  279  229  1.90 
(1) Per share calculations are based on un-rounded numbers.
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Voya Financial
Page 46 of 47


Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)
Twelve months ended
(in millions except per share in whole dollars) 12/31/2022 12/31/2021
Pre-tax After-tax
Per share (1)
 Pre-tax After-tax
Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders 474  4.30  2,090  16.61 
Plus: Net income (loss) attributable to noncontrolling interests
 (77) (0.70) 761  6.05 
Less: Preferred stock dividends
 (36) (0.33) (32) (0.29)
Less: Income (loss) from discontinued operations
 —  —  12  0.10 
Income (loss) from continuing operations 428  433  3.93  2,777  2,875  22.85 
Less:
Net investment gains (losses) and related charges and adjustments (161) (127) (1.15) (20) (16) (0.13)
Net guaranteed benefit gains (losses) and related charges and adjustments (23) (18) (0.17) (1) —  — 
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (141) (111) (1.01) 812  872  6.93 
Net income (loss) attributable to noncontrolling interests (77) (77) (0.70) 761  761  6.05 
Income (loss) on early extinguishment of debt (3) (3) (0.02) (31) (24) (0.19)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments 5  4  0.03  33  26  0.21 
Dividend payments made to preferred shareholders 36  36  0.33  36  36  0.29 
Other adjustments (151) (106) (0.96) (105) 167  1.33 
Adjusted operating earnings 944  835  7.58  1,292  1,053  8.37 
(1) Per share calculations are based on un-rounded numbers.
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Voya Financial
Page 47 of 47


Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio, and Adjusted Diluted Shares
Three Months Ended or As of Year-to-Date or As of
(in whole dollars) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021
Book value per common share, including AOCI 39.68  35.81  39.88  54.66  70.88  39.68  70.88 
Per share impact of AOCI 18.46  20.43  9.84  (5.16) (19.48) 18.46  (19.48)
Book value per common share, excluding AOCI 58.14  56.24  49.71  49.50  51.40  58.14  51.40 
 
Debt to capital ratio 33.3  % 35.3  % 34.6  % 28.0  % 23.9  % 33.3  % 23.9  %
Capital impact of adding noncontrolling interest
 -6.0  % -7.1  % -6.9  % -4.2  % -3.0  % -6.0  % -3.0  %
Impact of adding other financial obligations and treatment of preferred stock (1)
 8.8  % 9.2  % 9.2  % 8.1  % 6.7  % 8.8  % 6.7  %
Financial leverage ratio 36.1  % 37.4  % 36.9  % 31.9  % 27.6  % 36.1  % 27.6  %
Capital impact of excluding AOCI -6.2  % -7.2  % -3.6  % 1.7  % 5.4  % -6.2  % 5.4  %
Financial leverage ratio excluding AOCI 29.9  % 30.2  % 33.3  % 33.6  % 33.0  % 29.9  % 33.0  %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic 97.3  97.9  101.7  106.1  110.1  100.7  116.7 
Dilutive effect of warrants 7.2  6.2  7.1  8.2  7.5  7.2  6.7 
Other dilutive effects (2)
 2.2  2.3  2.0  2.6  2.5  2.3  2.4 
Weighted-average common shares outstanding - Diluted 106.7  106.4  110.8  117.0  120.1  110.2  125.8 
Dilutive effect of the exercise or issuance of stock-based awards (3)
 —  —  —  —  —  —  — 
Weighted average common shares outstanding - Adjusted Diluted (3)
 106.7  106.4  110.8  117.0  120.1  110.2  125.8 
(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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