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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):
May 2, 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 May 2, 2023 Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2023. 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, May 3, 2023 at 10:00 am ET to discuss its first-quarter 2023 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 March 31, 2023, available on Voya Financial’s investor relations website at http://investors.voya.com. Further, Voya Financial has prepared a recast Quarterly Investor Supplement for the year ended December 31, 2022 with prior period results recast for the impact of LDTI changes as well as certain other changes to Voya Financial's non-GAAP financial measures. This recast Quarterly Investor Supplement for the year ended December 31, 2022 is also available on Voya Financial's Investor Relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2023 and the recast Quarterly Investor Supplement for the year ended December 31, 2022 are furnished herewith as Exhibits 99.2 and 99.3, respectively, and are 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 May 2, 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 May 2, 2023 (furnished and not filed)
99.2    Quarterly Investor Supplement for the quarter ended March 31, 2023 (furnished and not filed)
99.3    Recast Quarterly Investor Supplement for the year 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: May 2, 2023


EX-99.1 2 a2023q1pressrelease.htm EX-99.1 Document
Exhibit 99.1
newsreleaseheadera07.jpg
Voya Financial announces first-quarter 2023 results
NEW YORK, May 2, 2023 — Voya Financial, Inc. (NYSE: VOYA), announced today first-quarter 2023 financial results:
•Net income available to common shareholders of $0.63 per diluted share.
•After-tax adjusted operating earnings1 per diluted share (EPS) of $1.44.
•Results reflect continued benefit of diverse revenue streams and strong margins across Voya’s businesses.
•Excess capital of approximately $0.5 billion as of March 31, 2023, reflecting capital generation of over 90% of adjusted operating earnings for the trailing twelve months ended March 31.

"In the first quarter of 2023, we generated strong adjusted operating EPS that reflects our diverse revenue streams and strong margins across our businesses," said Heather Lavallee, chief executive officer, Voya Financial, Inc. "The focus on our strategy and accelerating profitable growth supported our excess capital generation strength during the trailing twelve months ended March 31, 2023. As a reflection of the confidence in our capital strength and further capital generation of our business, we plan to increase our dividend yield to approximately 2% in the second half of 2023, subject to board approval and continued constructive macro conditions. We also intend to resume share repurchases in the second quarter. We continue to expect to meet our 12% to 17% adjusted operating EPS annual compound growth target over the three-year period ending in 2024 that we previously shared at Investor Day in late 2021.
“During the quarter, we took actions that strengthen the culture that differentiates us in the marketplace and support our bold purpose: Together, we fight for everyone's opportunity for a better financial future. We are focused on addressing the growing health, wealth and investment needs of our clients and customers, while also supporting our colleagues and communities. For example, we funded programs with Disability:IN and National Down Syndrome Society to help advance the employment of people with disabilities, and we celebrated Financial Literacy Month in April with employees across our businesses by supporting programs like the National Personal Finance Challenge," added Lavallee.

Consolidated Results
First-quarter 2023 net income available to common shareholders was $69 million, or $0.63 per diluted share, compared with $54 million, or $0.46 per diluted share, in first-quarter 2022. The increase was primarily due to lower net investment losses, partially offset by higher acquisition and integration costs and lower after-tax adjusted operating earnings.
1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the reconciliation tables at the end of this press release and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com. Prior period results have been recast for the company’s implementation of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) and for updates to the non-GAAP definition of adjusted operating earnings before income taxes in Corporate. For further information and for a reconciliation to previously reported financial information, please refer to the company’s Dec. 31, 2022 Quarterly Investor Supplement Recast for LDTI and changes to non-GAAP definitions, which is also available at investors.voya.com.
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First-quarter 2023 after-tax adjusted operating earnings were $158 million, or $1.44 per diluted share, compared with $182 million, or $1.55 per diluted share in first-quarter 2022. The decline reflects lower alternative investment income as well as higher expenses due primarily to increased seasonality.

Business Segment Results
The following business segment discussions compare the trailing twelve months ended March 31, 2023, with the prior-year period, unless otherwise noted.

Wealth Solutions
Wealth Solutions first-quarter 2023 pre-tax adjusted operating earnings were $132 million, down from $228 million in the prior-year period primarily due to lower alternative investment income.

Full-service recurring deposits grew 9.6% to $13.6 billion — the absence of heightened deposits driven by a post-COVID catch-up in contributions in the prior-year period was partially offset by continued growth in participants in the first quarter of 2023. Total client assets as of March 31, 2023, were $498 billion, down 4% as growth in the business, including positive net flows during the trailing twelve months ended March 31, was more than offset by lower equity market levels and higher surrenders.

Excluding notables, net revenues grew 2.3% as spread-based revenues benefited from higher interest rates and more than offset the impact of lower average equity markets on fee-based margins. Adjusted operating margin, excluding notables, was 38.6%, up from 36.9%.

Health Solutions
Health Solutions first-quarter 2023 pre-tax adjusted operating earnings were $94 million, up from $21 million in the prior-year period due to strong sales growth, favorable underwriting results and the positive impact of the Benefitfocus acquisition, which closed in January 2023.

Health Solutions annualized in-force premiums and fees grew 22.0% to $3.3 billion. The strong increase reflects growth across all product lines and the positive impact of the Benefitfocus acquisition.

Excluding notables, net revenues grew 25.9% due to the Benefitfocus acquisition, premium growth across all product lines and disciplined underwriting. Adjusted operating margin, excluding notables, was 33.5%, up from 31.6%.

Investment Management
Investment Management pre-tax adjusted operating earnings, excluding Allianz noncontrolling interest, were $33 million, down from $39 million in the prior-year period due to higher expenses, which reflect timing and elevated seasonal impacts.

Investment Management had net outflows of $0.9 billion during the trailing twelve months ended March 31, 2023 as net inflows in Institutional (due largely to net inflows from privates and alternatives) were more than offset by lower Retail net flows, despite positive net flows in Allianz Global Investors investment strategies over the past several quarters.
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Excluding notables, net revenues grew 16.8% as additional revenues from the Allianz Global Investors transaction more than offset the impact of macro headwinds on both equity and fixed income fees, particularly in Retail. Adjusted operating margin, excluding notables, was 25.4%, up from 25.2% mainly due to the addition of Allianz Global Investors investment strategies.

Capital
During the trailing twelve months ended March 31, 2023, Voya deployed approximately $1.1 billion of excess capital, including approximately $0.6 billion for acquisitions, $0.3 billion for share repurchases, $0.2 billion for debt redemption and $0.1 billion for common stock dividends. As of March 31, 2023, Voya had approximately $0.5 billion of excess capital, reflecting capital generation of over 90% of adjusted operating earnings for the trailing twelve months ended March 31, 2023.

As of March 31, 2023, the company had approximately $275 million remaining under its share-repurchase authorization. Voya announced today that its board of directors has extended the expiration of its most recent share repurchase authorization from June 30, 2023 to Sept. 30, 2023. Under its share-repurchase program, the company may, from time to time, purchase shares of its common stock through various means, including open market transactions, repurchase programs pursuant to rule 10b5-1, privately negotiated transactions, forward, derivative, accelerated repurchase, automatic repurchase transactions, or tender offers. The authorization for the share repurchase program does not obligate the company to purchase any shares and may be terminated, increased or decreased by the board of directors at any time.

Additional Financial Information and Earnings Call
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. In addition, Voya will host a conference call on Wednesday, May 3, 2023, at 10 a.m. ET, to discuss the company’s first-quarter 2023 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 May 3, 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 who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings 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.
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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.

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, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events, (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 January 4, 2021, including the transition services on the expected timeline and economic terms, and (xiii) our ability to realize the expected benefits from acquisitions, including the transactions with Allianz Global Investors U.S. LLC (“AllianzGI”) 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, as filed with the Securities and Exchange Commission (“SEC”) on Feb. 24, 2023, and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2023, to be filed with the SEC on or before May 10, 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) 3/31/2023 3/31/2022
After-tax (1)
Per share
After-tax (1)
Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 69  $ 0.63  $ 54  $ 0.46 
Less:
Net investment gains (losses) (7) (0.06) (88) (0.75)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (26) (0.23) (28) (0.24)
Other adjustments (2)
(56) (0.51) (11) (0.09)
Adjusted operating earnings $ 158  $ 1.44  $ 182  $ 1.55 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (27) (0.25) 47  0.40 
Other (3)
—  —  (31) (0.27)
Adjusted operating earnings excluding notable items $ 185  $ 1.69  $ 166  $ 1.42 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) “Other adjustments” primarily consists of closing and integration costs associated with the Benefitfocus acquisition and ongoing integration costs associated with the Allianz Global Investors transaction for the three months ended March 31, 2023.
(3) Includes Group Life COVID-19 impacts for the three months ended March 31, 2022.

Adjusted Operating Earnings and Notable Items
Three Months Ended March 31, 2023
(in millions) Amounts including
Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Amounts excluding
Notable items
Adjusted operating earnings
Wealth Solutions $ 132 $ (33) $ 166
Health Solutions 94 (2) 97
Investment Management 42 2 41
Corporate (69) (69)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest 200 (34) 234
Less: Earnings (loss) attributable to Allianz noncontrolling interest 8 8
Adjusted operating earnings before income taxes 192 (34) 226
Income taxes (2)
34 (7) 42
Adjusted operating earnings after income taxes $ 158 $ (27) $ 185
Adjusted operating earnings per share 1.44 (0.25) 1.69
(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) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.



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Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2023
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
Other (2)
Amounts excluding Notable items
a b c d = a - b - c
Net revenue
Wealth Solutions $ 1,817 $ (161) $ $ 1,978
Health Solutions 1,039 (15) 57 997
Investment Management 807 (30) 836
Total Net revenue $ 3,663 $ (206) $ 57 $ 3,811
Adjusted operating margin
Wealth Solutions 33.1  % (5.4) % 38.6  %
Health Solutions 36.2  % (0.9) % 3.6  % 33.5  %
Investment Management 23.4  % (2.0) % 25.4  %
Adjusted operating margin, excluding Corporate 31.9  % (3.5) % 1.0  % 34.4  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations.
(2) Includes changes in certain other reserves not expected to recur at the same level.


Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2022
(in millions) Amounts including Notable items
Investment Income Net of Variable and Incentive Compensation Above (Below) Expectations (1)
COVID-19 Impacts
Other (2)
Amounts excluding Notable items
a b c d e = a - b - c - d
Net revenue
Wealth Solutions $ 2,322 $ 377 $ $ 10 $ 1,934
Health Solutions 728 39 (117) 13 792
Investment Management 772 56 716
Total Net revenue $ 3,822 $ 472 $ (117) $ 23 $ 3,442
Adjusted operating margin
Wealth Solutions 46.4  % 10.4  % (0.9) % 36.9  %
Health Solutions 25.5  % 4.3  % (11.4) % 1.1  % 31.6  %
Investment Management 29.4  % 4.1  % 25.2  %
Adjusted operating margin, excluding Corporate 39.0  % 8.3  % (2.3) % (0.2) % 33.2  %
(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations.
(2) Includes revenues and expenses in Wealth Solutions related to the sale of the independent 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.

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



voyrfinrgbgrdpos1567a07.jpg
Quarterly Investor Supplement


March 31, 2023


This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2023. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.
Corporate Offices: Media Contact: Investor Contact:
Voya 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
voyasupplementfootera03.jpg


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 Before Income Taxes by Segment (QTD) Alternative Investment Income
Consolidated Balance Sheets Alternative Income and Prepayments Above (Below) Long-Term
DAC/VOBA Segment Trends   Expectations
Consolidated Capital Structure Reconciliations
Consolidated Assets Under Management, Assets Under Administration Reconciliation of Adjusted Operating Earnings Before Income Taxes and
  and Advisement   Earnings Per Common Share (Diluted) (QTD)
Wealth Solutions Reconciliation of Adjusted Operating Revenues
Sources of Adjusted Operating Earnings Before Income Taxes Reconciliation of Net Revenues by Segment 40 - 41
 and Key Metrics Reconciliation of Adjusted Operating Earnings Before Income Taxes
Client Assets Rollforward by Product Group 16 - 17  Excluding Notable Items by Segment
Health Solutions Reconciliation of Book Value Per Common Share, Excluding AOCI,
Sources of Adjusted Operating Earnings Before Income Taxes Leverage Ratio, and Adjusted Diluted Shares
Key Metrics
Investment Management
Sources of Adjusted Operating Earnings Before Income Taxes
Analysis of AUM and AUA
Account Value Rollforward by Source
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
Net Revenue, Adjusted Operating Margin, Administrative
Expenses, and Adjusted Operating Return on Capital
Net Revenue and Adjusted Operating Margin
Administrative Expenses
Adjusted Operating Return on Allocated Capital
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Voya Financial
Page 3 of 43
Explanatory Note on Non-GAAP Financial Information
Prior period results have been recast for the company’s implementation of Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) and for updates to the non-GAAP definition of adjusted operating earnings before income taxes in Corporate. For further information and for a reconciliation to previously reported financial information, please refer to company’s Dec. 31, 2022 Quarterly Investor Supplement Recast for LDTI and changes to non-GAAP definitions, which is available at investors.voya.com.

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

Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:
▪Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;
•Income (loss) attributable to noncontrolling interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;
•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt. These losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;
•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;
•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and
•Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.


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Voya Financial
Page 4 of 43


Explanatory Note on Non-GAAP Financial Information
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.
Adjusted Operating Revenues
Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:
•Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread.
•Revenues related to businesses exited or to be exited through reinsurance or divestment, which include revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions), and residual run-off activity (including an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating revenues with how we manage our segments;
•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent such shareholders' interests in the revenues of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and
•Other adjustments primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.
The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.
•Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.
•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.
•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.
•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.
•DAC/VOBA and other intangibles amortization.
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Explanatory Note on Non-GAAP Financial Information
Net Revenue and Adjusted Operating Margin
•    Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.
•    Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a
reconciliation of net revenue to adjusted operating revenue for each of our segments.
•    We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.
•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
•    We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD, unless otherwise indicated) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Net income (loss) available to Voya Financial, Inc.'s common shareholders 69 190 166 64 54 69 54
Per common share (basic) 0.70 1.95 1.70 0.62 0.51 0.70 0.51
Per common share (diluted) 0.63 1.78 1.57 0.57 0.46 0.63 0.46
Adjusted operating earnings: (1)
Before income taxes 192 206 254 228 221 192 221
After income taxes 158 227 210 188 182 158 182
Effective tax rate 17.9  % -10.2  % 17.5  % 17.2  % 17.6  % 17.9  % 17.6  %
Per common share (Adjusted diluted) 1.44 2.13 1.97 1.70 1.55 1.44 1.55
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity 3,342 2,737 2,304 2,988 5,066 3,342 5,066
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)
5,887 5,792 5,607 5,033 5,226 5,887 5,226
Book value per common share (including AOCI) 34.03 28.16 23.70 30.52 49.57 34.03 49.57
Book value per common share (excluding AOCI) (1)
59.95 59.59 57.69 51.41 51.14 59.95 51.14
Leverage Ratios:
Debt-to-Capital 36.1  % 40.0  % 43.4  % 39.9  % 29.8  % 36.1  % 29.8  %
Financial Leverage - excluding AOCI (1)
29.5  % 29.5  % 29.8  % 32.8  % 33.0  % 29.5  % 33.0  %
Shares:
Weighted-average common shares outstanding
Basic 98 97 98 102 106 98 106
Dilutive effect of warrants 9 7 6 7 8 9 8
Other dilutive effects (2)
3 2 2 2 3 3 3
Diluted 110 107 106 111 117 110 117
Adjusted Diluted (1)
110 107 106 111 117 110 117
Ending shares outstanding 98 97 97 98 102 98 102
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions 50 255 445 445
Dividends to common shareholders 20 19 20 20 21 20 21
Total cash returned to common shareholders 20 19 70 275 466 20 466
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
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Consolidated Statements of Operations
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Revenues
Net investment income 545  548  522  581  630  545  630 
Fee income 464  451  445  413  433  464  433 
Premiums 685  612  606  597  608  685  608 
Net gains (losses) (16) (47) (125) (226) (288) (16) (288)
Other revenues 78  31  33  44  40  78  40 
Income (loss) related to consolidated investment entities 79  (40) (136) 115  83  79  83 
Total revenues 1,835  1,555  1,345  1,524  1,506  1,835  1,506 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders (751) (693) (537) (654) (644) (751) (644)
Operating expenses (836) (673) (632) (605) (632) (836) (632)
Net amortization of DAC/VOBA (59) (56) (60) (62) (62) (59) (62)
Interest expense (32) (30) (31) (33) (40) (32) (40)
Operating expenses related to consolidated investment entities (16) (20) (14) (18) (6) (16) (6)
Total benefits and expenses (1,694) (1,472) (1,274) (1,372) (1,384) (1,694) (1,384)
Income (loss) before income taxes 141  83  71  152  122  141  122 
Income tax expense (benefit) 12  (54) 29  11  12  11 
Net income (loss) 129  137  42  143  111  129  111 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 46  (57) (138) 75  43  46  43 
Net income (loss) available to Voya Financial, Inc. 83  194  180  68  68  83  68 
Less: Preferred stock dividends 14  14  14  14  14 
Net income (loss) available to Voya Financial, Inc.'s common shareholders 69  190  166  64  54  69  54 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses) 482  460  415  488  537  482  537 
Fee income 468  455  451  418  440  468  440 
Premiums 675  601  598  588  591  675  591 
Other revenue 73  31  30  43  35  73  35 
Adjusted operating revenues (1)
1,697  1,547  1,495  1,537  1,603  1,697  1,603 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (689) (648) (557) (665) (696) (689) (696)
Operating expenses (731) (614) (590) (574) (605) (731) (605)
Net amortization of DAC/VOBA (31) (30) (32) (30) (30) (31) (30)
Interest expense (2)
(47) (37) (49) (40) (52) (47) (52)
Adjusted operating benefits and expenses (1,498) (1,328) (1,228) (1,309) (1,383) (1,498) (1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
200  219  267  228  221  200  221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  13  —  —  — 
Adjusted operating earnings before income taxes (1)
192  206  254  228  221  192  221 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions 684  669  645  709  756  684  756 
Health Solutions 774  649  645  641  647  774  647 
Investment Management 229  215  192  171  178  229  178 
Corporate 11  15  13  17  22  11  22 
Adjusted operating revenues (1)
1,697  1,547  1,495  1,537  1,603  1,697  1,603 
Adjusted operating earnings before income taxes
Wealth Solutions 132  145  128  197  228  132  228 
Health Solutions 94  78  154  50  21  94  21 
Investment Management 42  57  51  40  39  42  39 
Corporate (69) (60) (66) (60) (68) (69) (68)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
200  219  267  228  221  200  221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  13  —  —  — 
Adjusted operating earnings before income taxes (1)
192  206  254  228  221  192  221 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended March 31, 2023
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 434  33  10  482 
Fee income 231  21  216  —  468 
Premiums —  675  —  —  675 
Other revenue 20  45  73 
Adjusted operating revenues (1)
684  774  229  11  1,697 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (222) (467) —  —  (689)
Operating expenses (308) (204) (186) (33) (731)
Net amortization of DAC/VOBA (22) (8) —  —  (31)
Interest expense (2)
—  —  —  (47) (47)
Adjusted operating benefits and expenses (552) (680) (186) (80) (1,498)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
132  94  42  (69) 200 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  (1)
Adjusted operating earnings before income taxes (1)
132  94  33  (68) 192 
Three Months Ended March 31, 2022
Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 487  39  11  537 
Fee income 255  19  165  —  440 
Premiums —  591  —  —  591 
Other revenue 14  (2) 21  35 
Adjusted operating revenues (1)
756  647  178  22  1,603 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (218) (478) —  —  (696)
Operating expenses (286) (141) (139) (38) (605)
Net amortization of DAC/VOBA (24) (6) —  —  (30)
Interest expense (2)
—  —  —  (52) (52)
Adjusted operating benefits and expenses (528) (626) (139) (90) (1,383)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
228  21  39  (68) 221 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  —  —  — 
Adjusted operating earnings before income taxes (1)
228  21  39  (68) 221 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Assets
Total investments 38,703  39,110  39,519  40,913  42,950 
Cash and cash equivalents 724  919  840  954  1,011 
Assets held in separate accounts 84,569  80,174  75,980  80,017  93,108 
Premium receivable and reinsurance recoverable, net 12,438  12,426  12,559  12,441  12,980 
Short term investments under securities loan agreement and accrued investment income 1,691  1,604  1,623  1,536  1,507 
Deferred policy acquisition costs, Value of business acquired 2,333  2,363  2,389  2,422  2,450 
Current and deferred income taxes 2,126  2,228  2,245  2,040  1,544 
Other assets (1)
4,191  3,578  3,532  2,608  2,748 
Assets related to consolidated investment entities 4,433  4,204  4,195  4,165  3,933 
Total Assets 151,208  146,606  142,882  147,096  162,231 
Liabilities
Future policy benefits and contract owner account balances 51,493  52,174  53,039  53,168  53,230 
Liabilities related to separate accounts 84,569  80,174  75,980  80,017  93,108 
Payables under securities loan agreements, including collateral held 1,328  1,302  1,378  1,220  1,124 
Short-term debt 143  141  141 
Long-term debt 2,094  2,094  2,094  2,385  2,406 
Other liabilities (2)
3,350  3,290  3,270  2,854  3,076 
Liabilities related to consolidated investment entities 2,544  2,434  2,319  2,154  2,102 
Total Liabilities 145,521  141,609  138,221  141,799  155,047 
Mezzanine Equity
Allianz noncontrolling interest 166  166  155  —  — 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock
Treasury stock (77) (39) (873) (821) (565)
Additional paid-in capital 6,693  6,643  7,945  7,500  7,504 
Retained earnings (deficit) (118) (201) (854) (1,035) (1,102)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,499  6,404  6,219  5,645  5,838 
Accumulated other comprehensive income (2,545) (3,055) (3,303) (2,045) (160)
Total Voya Financial, Inc. Shareholders' Equity 3,954  3,349  2,916  3,600  5,678 
Noncontrolling interest 1,567  1,482  1,590  1,697  1,506 
Total Shareholders' Equity 5,521  4,831  4,506  5,297  7,184 
Total Liabilities, Mezzanine Equity and Shareholders' Equity 151,208  146,606  142,882  147,096  162,231 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.
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DAC/VOBA Segment Trends
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Wealth Solutions
Balance as of Beginning-of-Period 1,088  1,095  1,103  1,111  1,118  1,088  1,118 
Deferrals of commissions and expenses 16  16  15  16  17  16  17 
Amortization (22) (23) (23) (24) (24) (22) (24)
Balance as of End-of-Period 1,082  1,088  1,095  1,103  1,111  1,082  1,111 
Deferred Sales Inducements as of End-of-Period 22  24  23  23  23  22  23 
Health Solutions
Balance as of Beginning-of-Period 190  182  178  168  164  190  164 
Deferrals of commissions and expenses 13  15  14  17  10  13  10 
Amortization (8) (7) (9) (7) (6) (8) (6)
Balance as of End-of-Period 194  190  182  178  168  194  168 
Total
Balance as of Beginning-of-Period 1,279  1,278  1,281  1,279  1,282  1,279  1,282 
Deferrals of commissions and expenses 29  31  29  33  27  29  27 
Amortization (31) (30) (32) (30) (30) (31) (30)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 1,276  1,279  1,278  1,281  1,279  1,276  1,279 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
1,057  1,084  1,111  1,141  1,171  1,057  1,171 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,333  2,363  2,389  2,422  2,450  2,333  2,450 
(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.
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Consolidated Capital Structure
Balances as of
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Financial Debt
Senior bonds 1,498 1,496 1,495 1,495 1,495
Subordinated bonds 737 737 737 888 909
Other debt 2 2 3 3 3
Total Financial Debt 2,237 2,235 2,235 2,386 2,407
Other financial obligations (1)
335 265 269 282 301
Total Financial Obligations 2,572 2,500 2,504 2,668 2,708
Mezzanine Equity
Allianz noncontrolling interest 166 166 155
Equity
Preferred equity (2)
612 612 612 612 612
Common equity (Excluding AOCI) 5,887 5,792 5,607 5,033 5,226
Total Equity (Excluding AOCI) (3)
6,499 6,404 6,219 5,645 5,838
Accumulated other comprehensive income (AOCI) (2,545) (3,055) (3,303) (2,045) (160)
Total Voya Financial, Inc. Shareholders' Equity 3,954 3,349 2,916 3,600 5,678
Noncontrolling interest 1,567 1,482 1,590 1,697 1,506
Total Shareholders' Equity 5,521 4,831 4,506 5,297 7,184
Capital
Capitalization (4)
6,191 5,584 5,151 5,986 8,085
Adjusted Capitalization excluding AOCI (5)
10,804 10,552 10,468 10,010 10,052
Leverage Ratios
Debt-to-Capital (6)
36.1  % 40.0  % 43.4  % 39.9  % 29.8  %
Financial Leverage excluding AOCI (7)
29.5  % 29.5  % 29.8  % 32.8  % 33.0  %
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 37 of this document.
(4) Includes Total Financial, Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2023
(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)
33,242  80,922  78,067  192,231  305,663  497,895 
Health Solutions 1,829  15  —  1,844  —  1,844 
Investment Management 36,934  25,011  265,643  327,589  56,310  383,899 
Eliminations/Other (3)
(35,071) (21,379) (11,459) (67,909) (44,544) (112,453)
Total AUM and AUA 36,934  84,569  332,251  453,755  317,429  771,185 
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.
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Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Sources of operating earnings before income taxes:
Gross investment income 428  432  427  411  397  428  397 
Investment expenses (19) (20) (20) (20) (19) (19) (19)
Credited interest (218) (220) (218) (219) (215) (218) (215)
Net margin 190  192  189  172  163  190  163 
Other investment income (1)
56  57  57  61  54  56  54 
Investment spread and other investment income, excluding alts/prepays above/below expectations
245  249  246  233  217  245  217 
Alternative investment income and prepayment fees above (below) long-term expectations (33) (50) (70) (7) 52  (33) 52 
Investment spread and other investment income 212  199  176  226  269  212  269 
Full service fee based revenue 136  134  137  145  156  136  156 
Recordkeeping and other fee based revenue 111  108  107  112  112  111  112 
Total fee based margin 247  241  244  257  268  247  268 
Net underwriting gain (loss) and other revenue
Net revenue (2)
463  445  423  486  538  463  538 
Administrative expenses (251) (223) (214) (207) (223) (251) (223)
Net commissions (56) (55) (57) (58) (63) (56) (63)
DAC/VOBA and other intangibles amortization (23) (23) (24) (24) (24) (23) (24)
Adjusted operating earnings before income taxes 132  145  128  197  228  132  228 
Adjusted Operating Margin TTM 33.1  % 36.9  % 39.6  % 44.5  % 46.4  %
Adjusted Operating Margin Excluding Notables TTM 38.6  % 39.3  % 37.9  % 37.7  % 36.9  %
Full Service Revenue (3)
Full Service Investment Spread and other investment income 206  194  170  218  258  206  258 
Full Service Fee Based Revenue 136  134  137  145  156  136  156 
Total Full Service Revenue 343  327  307  363  414  342  414 
Client Assets
Fee Based (4)
408,688 387,961 364,099 377,667 422,629 408,688  422,629 
Spread Based 33,242 33,881 34,358 34,220 33,759 33,242  33,759 
Investment-only Stable Value 37,781 38,148 38,944 39,622 40,391 37,781  40,391 
Retail Client Assets (5)
25,757 24,908 23,547 24,892 28,941 25,757  28,941 
Eliminations (5)
(7,574) (7,511) (7,355) (7,381) (7,743) (7,574) (7,743)
Total Client Assets (4)
497,895 477,386 453,594 469,019 517,976 497,895  517,976 
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
(5) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
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Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Full service - Corporate markets
Client Assets, beginning of period 85,965  80,126  83,320  94,424  99,689  85,965  99,689 
Transfers / Single deposits 1,770  1,603  1,074  1,176  1,676  1,770  1,676 
Recurring deposits 2,850  2,108  2,231  2,297  2,558  2,850  2,558 
Total Deposits 4,621  3,710  3,305  3,473  4,235  4,621  4,235 
Surrenders, benefits, and product charges (3,477) (2,900) (2,589) (2,798) (3,623) (3,477) (3,623)
Net Flows 1,144  811  716  674  612  1,144  612 
Interest credited and investment performance 4,506  5,028  (3,909) (11,778) (5,877) 4,506  (5,877)
Client Assets, end of period - Corporate markets 91,615  85,965  80,126  83,320  94,424  91,615  94,424 
Full service - Tax-exempt markets
Client Assets, beginning of period (1)
76,672  73,102  75,608  83,703  87,985  76,672  87,985 
Transfers / Single deposits 323  887  248  534  374  323  374 
Recurring deposits 1,100  1,061  986  1,006  1,046  1,100  1,046 
Total Deposits 1,424  1,948  1,235  1,540  1,420  1,424  1,420 
Surrenders, benefits, and product charges (2,586) (1,807) (1,395) (1,215) (1,586) (2,586) (1,586)
Net Flows (1,162) 141  (161) 326  (165) (1,162) (165)
Interest credited and investment performance 3,513  3,428  (2,346) (8,420) (4,117) 3,513  (4,117)
Client Assets, end of period - Tax-exempt markets (1)
79,022  76,672  73,102  75,608  83,703  79,022  83,703 
Full Service - Total
Client Assets, beginning of period (1)
162,636  153,228  158,928  178,126  187,674  162,636  187,674 
Transfers / Single deposits 2,094  2,489  1,322  1,710  2,050  2,094  2,050 
Recurring deposits 3,951  3,169  3,217  3,303  3,605  3,951  3,604 
Total Deposits 6,044  5,658  4,539  5,013  5,655  6,044  5,655 
Surrenders, benefits, and product charges (6,062) (4,706) (3,984) (4,013) (5,208) (6,062) (5,209)
Net Flows (18) 952  555  1,000  446  (18) 446 
Interest credited and investment performance 8,019  8,456  (6,255) (20,198) (9,994) 8,019  (9,994)
Client Assets, end of period - Full Service Total (1)
170,637  162,636  153,228  158,928  178,126  170,637  178,126 
Full Service - Client Assets
Fee-based (1)
137,792  129,171  119,299  125,179  144,853  137,792  144,853 
Spread-based 32,845  33,466  33,929  33,749  33,273  32,845  33,273 
Client Assets, end of period - Full Service Total (1)
170,637  162,636  153,228  158,928  178,126  170,637  178,126 
(1) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.

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Voya Financial
Page 17 of 43
Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Recordkeeping (1)
Client Assets, beginning of period 254,957  241,241  248,931  274,065  283,744  254,957  283,744 
Transfers / Single deposits 2,332  979  3,573  1,595  1,955  2,332  1,955 
Recurring deposits 5,504  3,778  4,278  4,359  5,217  5,504  5,217 
Total Deposits 7,836  4,758  7,851  5,954  7,171  7,836  7,172 
Surrenders, benefits, and product charges (7,747) (5,327) (5,846) (5,730) (8,065) (7,747) (8,065)
Net Flows 89  (569) 2,004  224  (893) 89  (893)
Interest credited and investment performance 11,993  14,285  (9,694) (25,358) (8,785) 11,993  (8,785)
Client Assets, end of period - Recordkeeping 267,038  254,957  241,241  248,931  274,065  267,038  274,065 
Total Defined Contribution (2)
Client Assets, beginning of period 417,593  394,469  407,859  452,191  471,417  417,593  471,417 
Transfers / Single deposits 4,425  3,469  4,895  3,304  4,005  4,425  4,005 
Recurring deposits 9,455  6,947  7,495  7,663  8,822  9,455  8,822 
Total Deposits 13,880  10,416  12,390  10,967  12,826  13,880  12,826 
Surrenders, benefits, and product charges (13,810) (10,033) (9,831) (9,743) (13,273) (13,810) (13,273)
Net Flows 70  383  2,559  1,224  (447) 70  (447)
Interest credited and investment performance 20,012  22,741  (15,949) (45,556) (18,779) 20,012  (18,779)
Client Assets, end of period - Total Defined Contribution 437,675  417,593  394,469  407,859  452,191  437,675  452,191 
Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period 38,148  38,944  39,622  40,391  40,246  38,148  40,246 
Transfers / Single deposits 323  435  177  630  1,500  323  1,500 
Recurring deposits 112  440  169  203  190  112  190 
Total Deposits 435  875  346  833  1,690  435  1,690 
Surrenders, benefits, and product charges (1,146) (1,269) (431) (284) (545) (1,146) (545)
Net Flows (710) (394) (84) 549  1,144  (710) 1,144 
Interest credited and investment performance 344  (402) (593) (1,319) (1,000) 344  (1,000)
Assets, end of period - Defined Contribution Investment-only SV 37,781  38,148  38,944  39,622  40,391  37,781  40,391 
Retail Client Assets (1)(4)
25,762  24,913  23,553  24,897  28,947  25,762  28,947 
Other Assets (5)
4,250  4,243  3,983  4,022  4,190  4,250  4,190 
Eliminations (1)
(7,574) (7,511) (7,355) (7,381) (7,743) (7,574) (7,743)
Total Client Assets (6)
497,895  477,386  453,594  469,019  517,976  497,895  517,976 
(1) Includes asset eliminations previously reported in Recordkeeping and Retail Client Assets. This change has no impact on fee revenue, as fees are calculated using respective asset bases. Historical periods presented have been recast to conform with this change.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(6) Effective Q1 2023, includes asset balances associated with non-qualified retirement plans for clients using only our non-qualified solutions. Historical periods presented have been recast to conform with this change.
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Health Solutions







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Voya Financial
Page 19 of 43
Health Solutions Sources of Adjusted Operating Earnings before income taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Sources of operating earnings before income taxes:
Gross investment income 24  24  24  25  23  24  23 
Investment expenses (1) (1) (1) (1) (1) (1) (1)
Credited interest (12) (12) (13) (13) (13) (12) (13)
Net margin 11  11  11  10  11 
Other investment income 12  14  13  12  12  12  12 
Investment spread and other investment income, excluding alts/prepays above/below expectations
23  24  24  22  20  23  20 
Alternative investment income and prepayment fees above (below) long-term expectations (2) (5) (7) —  (2)
Investment spread and other investment income 21  19  17  22  25  21  25 
Fee based margin (1)
53  53 
Net underwriting gain (loss) and other revenue 233  202  289  172  139  233  139 
Net revenue (2)
306  225  310  198  169  306  169 
Administrative expenses (124) (71) (66) (67) (72) (124) (72)
Premium taxes, fees and assessments (35) (27) (39) (32) (28) (35) (28)
Net commissions (44) (43) (41) (42) (42) (44) (42)
DAC/VOBA and other intangibles amortization (8) (7) (9) (7) (6) (8) (6)
Adjusted operating earnings before income taxes 94  78  154  50  21  94  21 
Adjusted Operating Margin TTM 36.2  % 33.7  % 30.3  % 23.4  % 25.5  %
Adjusted Operating Margin Excluding Notables TTM 33.5  % 33.0  % 31.2  % 29.6  % 31.6  %
Group life:
Premiums 157  151  150  148  143  157  143 
Benefits (134) (124) (50) (133) (166) (134) (166)
Other (3)
(3) (1) (2) (1) (2) (3) (2)
Total Group life 21  26  98  14  (25) 21  (25)
Group Life Loss Ratio (Interest adjusted) 84.9  % 82.3  % 71.4  % 89.5  % 115.8  % 89.8  % 115.8  %
Group stop loss:
Premiums 358  314  311  302  303  358  303 
Benefits (251) (226) (238) (238) (232) (251) (232)
Other (3)
(1) (1) (1) (1) (1) (1) (1)
Total Group stop loss 106  87  72  63  70  106  70 
Stop loss Loss Ratio 70.1  % 72.0  % 76.4  % 78.9  % 76.5  % 70.1  % 76.5  %
Voluntary Benefits, Disability, and Other 106  93  123  99  99  106  99 
Net underwriting gain (loss) and other revenue
Premiums 688  626  619  609  602  688  602 
Benefits (450) (420) (326) (430) (460) (450) (460)
Other (3)
(4) (4) (3) (8) (4) (4) (4)
Total Net underwriting gain (loss) and other revenue 233  202  289  172  139  233  139 
Total Aggregate Loss Ratio TTM (4)
66.3  % 68.9  % 70.7  % 73.1  % 73.3  % 66.3  % 73.3  %
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) Loss ratio excludes $57M of favorable reserve release in 3Q'22 related to our annual assumption update.
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Health Solutions Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Sales by Product Line:
Group life and Disability 104  23  14  86  104  86 
Stop loss 343  20  42  24  323  343  323 
Voluntary and Other (1)
90  13  12  20  104  90  104 
Total sales by product line 538  56  58  58  513  538  513 
Total gross premiums and deposits 761  687  707  671  660  761  660 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability 912  833  817  811  807  912  807 
Stop loss 1,457  1,258  1,259  1,231  1,220  1,457  1,220 
Voluntary and Other (1)
930  689  684  681  678  930  678 
Total annualized in-force premiums and fees by product line 3,300  2,780  2,760  2,722  2,705  3,300  2,705 
Assets Under Management by Fund Group:
General account 1,829  1,866  1,938  1,981  1,886  1,829  1,886 
Separate account 15  14  14  15  17  15  17 
Total AUM 1,844  1,880  1,952  1,996  1,903  1,844  1,903 
(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.
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Investment Management








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Voya Financial
Page 22 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
Alternative investment income and prepayment fees above (below) long-term expectations (9) (20) (3)
Investment spread and other investment income 10  (1) (12) 11  10  11 
Fee based margin (1)
218  216  204  165  167  218  167 
Net revenue (2)
229  215  192  171  178  229  178 
Administrative expenses (3)
(186) (158) (142) (131) (139) (186) (139)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
42  57  51  40  39  42  39 
Adjusted Operating Margin TTM 23.4  % 24.7  % 25.5  % 26.8  % 29.4  %
Adjusted Operating Margin Excluding Notables TTM 25.4  % 26.8  % 26.0  % 24.1  % 25.2  %
Fee based margin (1)
Investment advisory and administrative revenue 216  209  202  160  165  216  165 
Other fee based margin
Fee based margin 218  216  204  165  167  218  167 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
42  57  51  40  39  42  39 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 14  13  —  —  — 
Adjusted operating earnings before income taxes 33  42  38  40  39  33  39 
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
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Investment Management Analysis of AUM and AUA
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Client Assets:
External Clients
Institutional 164,443  161,502  160,720  136,596  143,581  164,443  143,581 
Retail 126,212  121,833  118,016  61,070  71,578  126,212  71,578 
Subtotal External Clients 290,654  283,335  278,735  197,666  215,159  290,654  215,159 
General Account 36,934  38,028  38,614  38,686  38,049  36,934  38,049 
Total Client Assets (AUM) 327,589  321,363  317,349  236,352  253,208  327,589  253,208 
Assets under Advisement and Administration (AUA) 56,310  55,601  51,862  53,359  57,187  56,310  57,187 
Total AUM and AUA 383,899  376,963  369,210  289,710  310,395  383,899  310,395 
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional 92  90  89  86  87  92  87 
Retail 99  95  88  49  53  99  53 
Subtotal External Clients 191  185  177  134  140  191  140 
General Account 20  20  20  20  20  20  20 
Total Investment Advisory and Administrative Revenues (AUM) 211  205  197  154  160  211  160 
Administration Only Fees
Total Investment Advisory and Administrative Revenues 216  209  202  160  165  216  165 
Revenue Yield (bps) (1)
External Clients
Institutional 22.6  22.1  21.4  24.5  23.7  22.6  23.7 
Retail 31.6  31.1  28.0  29.4  29.1  31.6  29.1 
Revenue Yield on External Clients (2)
26.5  26.0  24.3  26.1  25.5  26.5  25.5 
General Account 20.8  20.8  21.1  21.1  21.1  20.8  21.1 
Revenue Yield on Client Assets (AUM) 25.8  25.3  23.9  25.3  24.8  25.8  24.8 
Revenue Yield on Advisement and Administrative Only Assets (AUA) 3.7  3.7  3.4  3.8  3.5  3.7  3.5 
Total Revenue Yield on AUM and AUA (bps) 22.6  22.3  21.0  21.3  20.9  22.6  20.9 
Revenue Yield on Client Assets (AUM) - trailing twelve months 23.1  21.3  25.2  25.8  25.4  23.1  25.4 
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) External client yields do not reflect a full quarter of revenues resulting from the Allianz transaction.
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Investment Management Account Rollforward by Source
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Institutional AUM:
Beginning of period AUM 161,503  160,720  136,595  143,580  148,921  161,503  148,921 
Inflows 5,739  8,249  4,759  5,500  5,963  5,739  5,963 
Outflows (6,683) (7,904) (5,648) (3,502) (3,742) (6,683) (3,742)
Net flows- Institutional (945) 345  (889) 1,998  2,221  (945) 2,221 
Change in Market Value 5,171  2,341  (5,815) (8,803) (7,411) 5,171  (7,411)
Other (Including Acquisitions / Divestitures) (1,286) (1,903) 30,828  (180) (151) (1,286) (151)
End of period AUM - Institutional 164,443  161,503  160,720  136,595  143,580  164,443  143,580 
Organic Growth (Net Flows/Beginning of period AUM) -0.6  % 0.2  % -0.7  % 1.4  % 1.5  % -0.6  % 1.5  %
Market Growth % 3.2  % 1.5  % -4.3  % -6.1  % -5.0  % 3.2  % -5.0  %
Retail AUM:
Beginning of period AUM 121,833  118,016  61,070  71,579  76,908  121,833  76,908 
Inflows 8,361  7,203  6,683  2,290  2,609  8,361  2,609 
Outflows (8,019) (7,400) (6,754) (3,728) (3,502) (8,019) (3,502)
Net flows- Retail 342  (198) (71) (1,439) (893) 342  (893)
Net Money Market Flows (36) 51  45  120  (18) (36) (18)
Change in Market Value 4,242  3,232  (6,332) (8,352) (4,181) 4,242  (4,181)
Net Flows from Divested Businesses (515) (497) (467) (525) (668) (515) (668)
Other (Including Acquisitions / Divestitures) 346  1,229  63,771  (313) 431  346  431 
End of period AUM - Retail 126,212  121,833  118,016  61,070  71,579  126,212  71,579 
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor
Replacements (Net Flows / Beginning of period AUM)
0.3  % -0.2  % -0.1  % -2.0  % -1.2  % 0.3  % -1.2  %
Market Growth % 3.5  % 2.7  % -10.4  % -11.7  % -5.4  % 3.5  % -5.4  %
Net Flows:
Institutional Net Flows (945) 345  (889) 1,998  2,221  (945) 2,221 
Retail Net Flows 342  (198) (71) (1,439) (893) 342  (893)
Net Flows from Divested Businesses (515) (497) (467) (525) (668) (515) (668)
Total Net Flows (1,118) (350) (1,427) 34  660  (1,118) 660 
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements (602) 147  (960) 559  1,328  (602) 1,328 
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM)(1)
-0.2  % 0.1  % -0.5  % 0.3  % 0.6  % -0.2  % 0.6  %
(1) Includes net flows related to Allianz transaction as of July 25, 2022.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Institutional
Equity 24,470  22,943  22,835  12,086  14,830 
Fixed Income - Public 59,786  57,532  59,752  62,378  67,693 
Fixed Income - Privates 67,126  67,809  63,361  47,177  45,985 
Alternatives 13,060  13,218  14,771  14,955  15,073 
Money Market —  —  —  —  — 
Total 164,443  161,502  160,720  136,596  143,581 
Retail
Equity 63,429  60,244  57,343  36,100  44,128 
Fixed Income - Public 59,638  58,480  57,714  22,124  24,749 
Fixed Income - Privates 455  483  499  547  611 
Alternatives 902  822  724  611  542 
Money Market 1,788  1,803  1,736  1,688  1,548 
Total 126,212  121,833  118,016  61,070  71,578 
General Account
Equity 237  237  241  242  216 
Fixed Income - Public 19,286  19,748  20,701  20,416  20,217 
Fixed Income - Privates 14,826  14,942  14,877  14,764  14,500 
Alternatives 2,226  2,378  2,450  2,732  2,628 
Money Market 360  724  344  532  488 
Total 36,934  38,028  38,614  38,686  38,049 
Combined Asset Type
Equity 88,136  83,424  80,419  48,429  59,174 
Fixed Income - Public 138,710  135,760  138,166  104,917  112,659 
Fixed Income - Privates 82,406  83,234  78,737  62,488  61,097 
Alternatives 16,189  16,418  17,945  18,298  18,243 
Money Market 2,148  2,527  2,080  2,220  2,036 
Total 327,589  321,363  317,349  236,352  253,208 
Total Private and Alternative Assets 98,595  99,652  96,683  80,786  79,340 
% of Private and Alternative Assets / Total AUM 30.1  % 31.0  % 30.5  % 34.2  % 31.3  %
Total Wealth Assets (1)
166,679  162,355  158,900  101,885  110,305 
% of Wealth Assets / Total AUM 50.9  % 50.5  % 50.1  % 43.1  % 43.6  %
(1) Total Wealth Assets includes affiliated and non-affiliated Institutional defined contribution plan assets, Retail mutual funds, separately managed accounts, and general account assets considered to be wealth accumulation.
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Corporate








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Page 27 of 43


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Interest expense (excluding Preferred stock dividends) (1)
(33) (33) (35) (36) (38) (33) (38)
Preferred stock dividends (14) (4) (14) (4) (14) (14) (14)
Stranded costs net of TSA revenue —  —  (1) (4) (4) —  (4)
Pension expense (2)
(11) (11) (10) (10) (10) (11) (10)
Other (3)
(11) (12) (6) (6) (2) (11) (2)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(69) (60) (66) (60) (68) (69) (68)
Less: Earnings (loss) attributable to Allianz noncontrolling interest (1) (1) —  —  —  (1) — 
Adjusted operating earnings before income taxes (68) (59) (65) (60) (68) (68) (68)
(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.
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Net Revenue, Adjusted Operating Margin,
Administrative Expenses, and Adjusted Operating Return on Capital

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Voya Financial
Page 29 of 43
Net Revenue and Adjusted Operating Margin
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income 245  249  246  233  217  973  824 
Fee based margin 247  241  244  257  268  989  1,114 
Net underwriting gain (loss) and other revenue 16  (4)
Wealth Solutions Net Revenue 496  495  493  494  486  1,978  1,934 
Health Solutions
Investment spread and other investment income 23  24  24  22  20  93  74 
Fee based margin 53  64  13 
Net underwriting gain (loss) and other revenue 233  202  232  172  179  839  705 
Health Solutions Net Revenue 309  230  260  198  204  997  792 
Investment Management
Investment capital and other investment income 32  31 
Fee based margin 218  216  204  165  167  803  685 
Investment Management Net Revenue 227  224  212  173  175  836  716 
Total Net Revenue Excluding Notable Items (1)
1,032  949  965  865  865  3,811  3,442 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions 166  195  198  204  176  763  713 
Health Solutions 97  83  105  51  56  335  250 
Investment Management 41  64  67  42  37  212  181 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
303  342  370  297  269  1,310  1,144 
Corporate (69) (60) (65) (60) (68) (255) (255)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
234  282  305  236  201  1,055  889 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  13  —  —  34  — 
Total Adjusted Operating Earnings Excluding Notable Items (1)
226  269  291  236  201  1,022  889 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions 33.4  % 39.3  % 40.2  % 41.4  % 36.2  % 38.6  % 36.9  %
Health Solutions 31.3  % 36.0  % 40.2  % 25.5  % 27.5  % 33.5  % 31.6  %
Investment Management 18.0  % 28.6  % 31.6  % 24.3  % 21.1  % 25.4  % 25.2  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
29.4  % 36.0  % 38.2  % 34.2  % 31.1  % 34.4  % 33.2  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
22.7  % 29.7  % 31.5  % 27.3  % 23.2  % 27.7  % 25.8  %
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions 38.6  % 39.3  % 37.9  % 37.7  % 36.9  %
Health Solutions 33.5  % 33.0  % 31.2  % 29.6  % 31.6  %
Investment Management 25.4  % 26.8  % 26.0  % 24.1  % 25.2  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
34.4  % 35.0  % 33.7  % 33.0  % 33.2  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
27.7  % 28.1  % 26.8  % 25.9  % 25.8  %
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
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Voya Financial
Page 30 of 43
Administrative Expenses
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Wealth Solutions (251) (223) (214) (207) (223) (895) (889)
Health Solutions (124) (71) (66) (67) (72) (328) (253)
Investment Management (186) (158) (142) (131) (139) (617) (546)
Stranded costs net of TSA revenue (1)
—  —  (1) (4) (4) (5) (6)
Total Administrative Expenses (1)(2)
(561) (452) (423) (409) (438) (1,845) (1,694)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.
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Voya Financial
Page 31 of 43
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Wealth Solutions
Adjusted operating earnings before income taxes - before interest 602  697  798  990  1,077 
Income tax expense 77  98  122  164  185 
Adjusted Operating Earnings - before interest and after income taxes 525  599  676  826  892 
Adjusted Operating effective tax rate (1)
10.9  % 12.7  % 11.6  % 14.9  % 15.7  %
Adjusted Operating effective tax rate - Trailing Twelve Months 12.8  % 14.1  % 15.3  % 16.6  % 17.2  %
Average Capital 3,679  3,710  3,730  3,742  3,738 
Ending Capital (2)
3,520  3,670  3,677  3,749  3,721 
Adjusted Return on Capital 14.2  % 16.1  % 18.1  % 22.1  % 23.9  %
Health Solutions
Adjusted operating earnings before income taxes - before interest 376  304  256  171  185 
Income tax expense 79  64  54  36  39 
Adjusted Operating Earnings - before interest and after income taxes 297  240  202  135  146 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 698  591  555  528  513 
Ending Capital (2)
1,263  662  650  576  549 
Adjusted Return on Capital 42.6  % 40.6  % 36.6  % 25.7  % 28.6  %
Investment Management
Adjusted operating earnings before income taxes - before interest 153  158  176  201  227 
Income tax expense 32  33  37  42  48 
Adjusted Operating Earnings - before interest and after income taxes 121  125  139  159  179 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 673  582  488  427  403 
Ending Capital (2)
810  797  778  486  458 
Adjusted Return on Capital 17.9  % 21.5  % 28.3  % 37.0  % 44.3  %
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.
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Investment Information








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Voya Financial
Page 33 of 43
Portfolio Results GAAP Book Value, Gross Investment Income, and Earned Rate by Asset Class
Three Months Ended or As of Year-to-Date or As of
(in millions USD) 3/31/2023 12/31/2022 3/31/2023
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 11,880  30.0  % 148  5.0  % 12,179  30.0  % 163  5.2  % 11,880  30.0  % 149  5.0  %
Private credit 8,134  20.0  % 90  4.5  % 8,222  20.0  % 84  4.2  % 8,134  20.0  % 91  4.5  %
Securitized (2)(3)
10,667  27.0  % 156  6.0  % 10,654  26.0  % 157  6.0  % 10,667  27.0  % 156  6.0  %
Commercial mortgage loans 5,315  13.0  % 60  4.6  % 5,413  13.0  % 59  4.5  % 5,315  13.0  % 61  4.6  %
Municipals 921  2.0  % 4.0  % 952  2.0  % 10  4.0  % 921  2.0  % 4.0  %
Short-term / Treasury 447  1.0  % 4.4  % 627  2.0  % 4.4  % 447  1.0  % 4.4  %
Equity securities 284  1.0  % 6.7  % 290  1.0  % 5.5  % 284  1.0  % 6.7  %
Policy loans 359  1.0  % 6.7  % 363  1.0  % 5.3  % 359  1.0  % 6.7  %
Derivatives (11) —  % N/A (11) —  % N/A (11) —  % N/A
Book Values and Gross Investment Income before variable components 37,996  95.0  % 483  5.1  % 38,689  96.0  % 491  5.1  % 37,996  95.0  % 485  5.2  %
Book Values and Gross Investment Income on variable components
Limited partnership 1,794  5.0  % 13  2.9  % 1,774  4.0  % (7) -1.5  % 1,794  5.0  % 13  2.9  %
Prepayment / Other fee income  N/A N/A —  % N/A N/A —  —  %  N/A N/A —  —  %
Book Values and Gross Investment Income (variable) 1,794  5.0  % 15  —  % 1,774  4.0  % (6) —  % 1,794  5.0  % 13  —  %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings 39,790  100.0  % 498  5.1  % 40,464  100.0  % 485  4.8  % 39,790  100.0  % 498  5.1  %
(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.


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Voya Financial
Page 34 of 43
Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD) 12/31/2022 09/30/2022 06/30/2022 03/31/2022
Statutory Carrying Value Statutory Value SV % Statutory Value SV % Statutory Value SV % Statutory Value SV %
Public corporate 12,282  30.0  % 13,187  32.0  % 13,145  32.0  % 13,151  32.0  %
Private credit 8,014  20.0  % 7,958  19.0  % 7,989  19.0  % 7,773  19.0  %
Securitized 10,688  26.0  % 10,663  26.0  % 10,469  25.0  % 10,024  25.0  %
Municipals 952  2.0  % 966  2.0  % 964  2.0  % 957  2.0  %
Short-term / Treasury 978  2.0  % 802  2.0  % 891  2.0  % 935  2.0  %
Total Fixed maturities 32,914  81.0  % 33,577  81.0  % 33,458  81.0  % 32,840  81.0  %
Commercial mortgage loans 5,412  13.0  % 5,375  13.0  % 5,381  13.0  % 5,490  14.0  %
Limited partnership 1,774  4.0  % 1,777  4.0  % 1,813  4.0  % 1,793  4.0  %
Equity securities 464  1.0  % 475  1.0  % 486  1.0  % 476  1.0  %
Total 40,565  100.0  % 41,204  100.0  % 41,138  100.0  % 40,599  100.0  %
NAIC Ratings
Fixed Maturities:
NAIC 1 17,016  52.0  % 17,312  52.0  % 17,208  51.0  % 16,619  51.0  %
NAIC 2 14,662  45.0  % 14,970  45.0  % 14,850  44.0  % 14,699  45.0  %
NAIC 3 and below 1,237  4.0  % 1,295  4.0  % 1,400  4.0  % 1,522  5.0  %
Total Fixed maturities 32,914  100.0  % 33,577  100.0  % 33,458  100.0  % 32,840  100.0  %
Commercial Mortgage Loans:
CML 1 4,246  78.0  % 4,220  79.0  % 4,224  78.0  % 4,400  80.0  %
CML 2 1,067  20.0  % 1,045  19.0  % 1,030  19.0  % 966  18.0  %
CML 3 and below 100  2.0  % 110  2.0  % 127  2.0  % 125  2.0  %
Total Commercial mortgage loans 5,412  100.0  % 5,375  100.0  % 5,381  100.0  % 5,490  100.0  %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Voya Financial
Page 35 of 43
Alternative Investment Income
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Wealth Solutions
Average alternative investments 1,659  1,614  1,650  1,634  1,534  1,659  1,534 
Alternative investment income 11  (5) (26) 33  89  11  89 
Health Solutions
Average alternative investments 125  160  163  162  170  125  170 
Alternative investment income (1) (3)
Investment Management
Average alternative investments 318  316  333  347  351  318  351 
Alternative investment income (2) (13) 11  11 
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Voya Financial
Page 36 of 43
Alternative Income and Prepayments Above (Below) Long-Term Expectations
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions (26) (41) (63) (4) 55  (135) 361 
Health Solutions (2) (5) (7) —  (14) 37 
Investment Management (9) (20) (3) (30) 56 
Total (26) (55) (90) (7) 63  (179) 454 
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions (7) (9) (7) (3) (3) (26) 16 
Health Solutions —  —  —  —  —  — 
Investment Management —  —  —  —  —  —  — 
Total (7) (9) (7) (3) (3) (26) 19 
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions (33) (50) (70) (7) 52  (161) 377 
Health Solutions (2) (5) (7) —  (15) 39 
Investment Management (9) (20) (3) (30) 56 
Total (34) (64) (97) (10) 60  (206) 472 
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation.
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Reconciliations

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Voya Financial
Page 38 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders 69  0.63  190  1.78  166  1.57  64  0.57  54  0.46 
Plus: Net income (loss) attributable to noncontrolling interests
46  0.42 (57) (0.54) (138) (1.30) 75  0.68  43  0.36 
Less: Preferred stock dividends
(14) (0.13) (4) (0.04) (14) (0.13) (4) (0.04) (14) (0.12)
Income (loss) 141  129  1.18  83  137  1.28  71  42  0.40  152  143  1.29  122  111  0.95 
Less:
Net investment gains (losses) (9) (7) (0.06) (10) (8) (0.07) (9) (7) (0.06) (59) (47) (0.42) (112) (88) (0.75)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (33) (26) (0.23) (34) (27) (0.25) (13) (11) (0.10) (55) (44) (0.39) (36) (28) (0.24)
Net income (loss) attributable to noncontrolling interests 46  46  0.42  (57) (57) (0.54) (138) (138) (1.30) 75  75  0.68  43  43  0.36 
Dividend payments made to preferred shareholders 14  14  0.13  0.04  14  14  0.13  0.04  14  14  0.12 
Other adjustments (70) (56) (0.51) (26) (3) (0.03) (37) (26) (0.24) (40) (34) (0.31) (8) (11) (0.09)
Adjusted operating earnings 192  158  1.44  206  227  2.13  254  210  1.97  228  188  1.70  221  182  1.55 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (34) (27) (0.25) (63) (50) (0.47) (94) (74) (0.70) (8) (7) (0.06) 59  47  0.40 
Other (3)
—  —  —  —  53  0.50  57  45  0.42  —  —  —  (40) (31) (0.27)
Adjusted operating earnings excluding notable items 226  185  1.69  269  224  2.10  291  239  2.24  236  195  1.76  201  166  1.42 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain other reserves not expected to recur at the same level, and Group Life Covid-19 impacts.


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Voya Financial
Page 39 of 43
Reconciliation of Adjusted Operating Revenues
Three Months Ended Year-to-Date
(in millions USD) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Total revenues 1,835  1,555  1,345  1,524  1,506  1,835  1,506 
Less:
Net investment gains (losses) (14) (17) (18) (60) (120) (14) (120)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment 30  16  (30) (55) (54) 30  (54)
Revenues (loss) attributable to noncontrolling interests 60  (44) (130) 93  48  60  48 
Other adjustments 60  54  30  28  60  28 
Total adjusted operating revenues 1,697  1,547  1,495  1,537  1,603  1,697  1,603 
Adjusted operating revenues by segment
Wealth Solutions 684  669  645  709  756  684  756 
Health Solutions 774  649  645  641  647  774  647 
Investment Management 229  215  192  171  178  229  178 
Corporate 11  15  13  17  22  11  22 
Total adjusted operating revenues 1,697  1,547  1,495  1,537  1,603  1,697  1,603 
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Voya Financial
Page 40 of 43
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Wealth Solutions
Adjusted operating revenues
page 9
684  669  645  709  756  2,707  3,212 
Interest credited and other benefits to contract owners/policyholders (222) (224) (222) (222) (218) (890) (890)
Net revenue
page 15
463  445  423  486  538  1,817  2,322 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (33) (50) (70) (7) 52  (161) 377 
Fee income related to divested businesses —  —  —  —  —  —  10 
Net revenue excluding notable items
page 29
496  495  493  494  486  1,978  1,934 
Health Solutions
Adjusted operating revenues
page 9
774  649  645  641  647  2,709  2,445 
Interest credited and other benefits to contract owners/policyholders (467) (424) (335) (443) (478) (1,669) (1,718)
Net revenue
page 19
306  225  310  198  169  1,039  728 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (2) (5) (7) —  (15) 39 
Group Life Covid-19 impacts —  —  —  —  (40) —  (117)
Other adjustments to net underwriting gain (loss) and other revenue (1)
—  —  57  —  —  57  13 
Net revenue excluding notable items
page 29
309  230  260  198  204  997  792 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.






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Voya Financial
Page 41 of 43
Investment Management and Consolidated Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Investment Management
Adjusted operating revenues
page 9
229  215  192  171  178  807  772 
Net revenue
page 22
229  215  192  171  178  807  772 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (9) (20) (3) (30) 56 
Net revenue excluding notable items
page 29
227  224  212  173  175  836  716 
Consolidated
Total Adjusted operating revenues
page 9
1,697  1,547  1,495  1,537  1,603  6,276  6,527 
Interest credited and other benefits to contract owners/policyholders (689) (648) (557) (665) (696) (2,559) (2,609)
Corporate Adjusted operating revenues (1)
(11) (15) (13) (17) (22) (56) (98)
Net revenue
pages 15/19/22
998  885  925  855  885  3,663  3,822 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (34) (64) (97) (10) 60  (206) 472 
Group Life Covid-19 impacts —  —  —  —  (40) —  (117)
Fee income related to divested businesses —  —  —  —  —  —  10 
Other adjustments —  —  57  —  —  57  13 
Net revenue excluding notable items
page 29
1,032  949  965  865  865  3,811  3,442 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 42 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Wealth Solutions Adjusted operating earnings before income taxes
page 9
132  145  128  197  228  602  1,077 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (33) (50) (70) (7) 52  (161) 377 
Other (1)(2)
—  —  —  —  —  —  (13)
Adjusted operating earnings excluding notable items
page 29
166  195  198  204  176  763  713 
Health Solutions Adjusted operating earnings before income taxes
page 9
94  78  154  50  21  376  185 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (2) (5) (7) —  (15) 39 
Group Life Covid-19 impacts —  —  —  —  (40) —  (117)
Other (1)
—  —  57  —  —  57  13 
Adjusted operating earnings excluding notable items
page 29
97  83  105  51  56  335  250 
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
42  57  51  40  39  190  227 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (7) (16) (2) (24) 46 
Adjusted operating earnings excluding notable items
page 29
41  64  67  42  37  212  181 
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
(69) (60) (66) (60) (68) (255) (305)
Less:
Other (3)
—  —  —  —  —  —  (50)
Adjusted operating earnings excluding notable items (69) (60) (65) (60) (68) (255) (255)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
200  219  267  228  221  914  1,184 
Total Notable Items Adjustments (34) (63) (37) (8) 20  (142) 295 
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
234  282  305  236  201  1,055  889 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  13  —  —  34  — 
Consolidated Adjusted operating earnings excluding notable items
page 29
226  269  291  236  201  1,022  889 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above target performance.


Voya Financial
Page 43 of 43
Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares
Three Months Ended or As of Year-to-Date or As of
(in whole dollars) 3/31/2023 12/31/2022 9/30/2022 6/30/2022 3/31/2022 3/31/2023 3/31/2022
Book value per common share, including AOCI 34.03 28.16 23.70 30.52 49.57 34.03 49.57
Per share impact of AOCI 25.92 31.43 33.98 20.89 1.57 25.92 1.57
Book value per common share, excluding AOCI 59.95 59.59 57.69 51.41 51.14 59.95 51.14
 
Debt to capital ratio 36.1  % 40.0  % 43.4  % 39.9  % 29.8  % 36.1  % 29.8  %
Capital impact of adding noncontrolling interest
-7.3  % -8.4  % -10.2  % -8.8  % -4.7  % -7.3  % -4.7  %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.8  % 9.9  % 10.3  % 10.1  % 8.5  % 9.8  % 8.5  %
Capital impact of excluding AOCI -9.1  % -12.0  % -13.7  % -8.4  % -0.6  % -9.1  % -0.6  %
Financial leverage ratio excluding AOCI 29.5  % 29.5  % 29.8  % 32.8  % 33.0  % 29.5  % 33.0  %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic 97.7 97.3 97.9 101.7 106.1 97.7 106.1
Dilutive effect of warrants 8.9 7.2 6.2 7.1 8.2 8.9 8.2
Other dilutive effects (2)
2.9 2.2 2.3 2.0 2.6 2.9 2.6
Weighted-average common shares outstanding - Diluted 109.6 106.7 106.4 110.8 117.0 109.6 117.0
Dilutive effect of the exercise or issuance of stock-based awards (3)
Weighted average common shares outstanding - Adjusted Diluted (3)
109.6 106.7 106.4 110.8 117.0 109.6 117.0
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.
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EX-99.3 4 recast2022q4voyainvestorsu.htm EX-99.3 Document
Exhibit 99.3



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Quarterly Investor Supplement


December 31, 2022

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

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 2022. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.
Corporate Offices: Media Contact: Investor Contact:
Voya 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 Before Income Taxes by Segment (QTD) Alternative Investment Income
Adjusted Operating Earnings Before Income Taxes by Segment (YTD) Alternative Income and Prepayments Above (Below) Long-Term
Consolidated Balance Sheets   Expectations
DAC/VOBA Segment Trends Reconciliations
Consolidated Capital Structure Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Consolidated Assets Under Management, Assets Under Administration   Earnings Per Common Share (Diluted) (QTD)
  and Advisement Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Wealth Solutions   Earnings Per Common Share (Diluted) (YTD)
Sources of Adjusted Operating Earnings Before Income Taxes and Reconciliation of Adjusted Operating Revenues
Key Metrics Reconciliation of Net Revenues by Segment 42 - 43
Client Assets Rollforward by Product Group 17 - 18 Reconciliation of Adjusted Operating Earnings Before Income Taxes
Health Solutions Excluding Notable Items by Segment
Sources of Adjusted Operating Earnings Before Income Taxes Reconciliation of Book Value Per Common Share, Excluding AOCI,
Key Metrics Leverage Ratio, and Adjusted Diluted Shares
Investment Management Reconciliation of Recast Adjusted Operating Earnings Before Income
Sources of Adjusted Operating Earnings Before Income Taxes   Taxes and Earnings Per Common Share (Diluted) (QTD)
Analysis of AUM and AUA Reconciliation of Recast Adjusted Operating Earnings Before Income
Account Value Rollforward by Source   Taxes and Earnings Per Common Share (Diluted) (YTD)
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
Net Revenue, Adjusted Operating Margin, Administrative
Expenses, and Adjusted Operating Return on Capital
Net Revenue and Adjusted Operating Margin
Administrative Expenses
Adjusted Operating Return on Allocated Capital 32
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Explanatory Note on Non-GAAP Financial Information
Effective January 1, 2023, we adopted Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"). This supplement recasts previously reported financial information based on our implementation of LDTI and is currently unaudited. For further information, refer to our Quarterly Report on Form 10-Q for the first quarter of 2023 which will be filed with the SEC on or before May 10, 2023.

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

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

Adjusted Operating Earnings Before Income Taxes
We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our business and segment performance and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure, which is Income (loss) from continuing operations before income taxes.
Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:
•Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions), and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;
•Income (loss) attributable to noncontrolling interests, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;
•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;
•Other adjustments may include the following items:
•Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt. These losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;
•Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;
•Amortization of value of management contract rights, value of customer relationships acquired, and other acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;
•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and
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Explanatory Note on Non-GAAP Financial Information
•Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.
The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) from continuing operations before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) from continuing operations before income taxes, refer to the "Reconciliations" section in this document.
Adjusted Operating Revenues
Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:
•Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, and changes in nonperformance spread;
•Revenues related to businesses exited or to be exited through reinsurance or divestment, which include revenues associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold related to these transactions), and residual run-off activity (including an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating revenues with how we manage our segments;
•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent such shareholders' interests in the revenues of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and
•Other adjustments primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.
The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:
•Investment spread and other investment income consists of net investment income and net gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.
•Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees.
•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.
•Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses.
•Net commissions are commissions paid that are not deferred and thus recorded directly to expense.
•DAC/VOBA and other intangibles amortization.
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Explanatory Note on Non-GAAP Financial Information
Net Revenue and Adjusted Operating Margin
•    Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.
•    Net revenue is the sum of investment spread and other investment income, fee based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a
reconciliation of net revenue to adjusted operating revenue for each of our segments.
•    We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.
•    We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
•    We report net revenue and adjusted operating margin excluding notable items since it provides the main drivers for adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Key Metrics
Three Months Ended or As 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 190 166 64 54 382 474 2,334
Per common share (basic) 1.95 1.70 0.62 0.51 3.47 4.70 20.02
Per common share (diluted) 1.78 1.57 0.57 0.46 3.18 4.30 18.56
Adjusted operating earnings: (1)
Before income taxes 206 254 228 221 265 908 1,225
After income taxes 227 210 188 182 218 807 1,000
Effective tax rate -10.2  % 17.5  % 17.2  % 17.6  % 17.8  % 11.2  % 18.4  %
Per common share (Adjusted diluted) 2.13 1.97 1.70 1.55 1.81 7.32 7.95
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity 2,737 2,304 2,988 5,066 7,488 2,737 7,488
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)
5,792 5,607 5,033 5,226 5,681 5,792 5,681
Book value per common share (including AOCI) 28.16 23.70 30.52 49.57 69.46 28.16 69.46
Book value per common share (excluding AOCI) (1)
59.59 57.69 51.41 51.14 52.70 59.59 52.70
Leverage Ratios:
Debt-to-Capital 40.0  % 43.4  % 39.9  % 29.8  % 24.3  % 40.0  % 24.3  %
Financial Leverage - excluding AOCI (1)
29.5  % 29.8  % 32.8  % 33.0  % 32.6  % 29.5  % 32.6  %
Shares:
Weighted-average common shares outstanding
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 38 of this document.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
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Consolidated Statements of Operations
Three Months 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 451  445  413  433  448  1,742  1,813 
Premiums 612  606  597  608  544  2,423  (3,388)
Net gains (losses) (47) (125) (226) (288) (200) (686) 1,415 
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 1,555  1,345  1,524  1,506  1,656  5,930  4,174 
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders (693) (537) (654) (644) (611) (2,528) 2,188 
Operating expenses (673) (632) (605) (632) (636) (2,542) (2,586)
Net amortization of DAC/VOBA (56) (60) (62) (62) (64) (240) (456)
Interest expense (30) (31) (33) (40) (59) (134) (186)
Operating expenses related to consolidated investment entities (20) (14) (18) (6) (13) (58) (49)
Total benefits and expenses (1,472) (1,274) (1,372) (1,384) (1,383) (5,502) (1,089)
Income (loss) from continuing operations before income taxes 83  71  152  122  273  428  3,085 
Income tax expense (benefit) (54) 29  11  (208) (5) (34)
Income (loss) from continuing operations 137  42  143  111  481  433  3,119 
Income (loss) from discontinued operations, net of tax —  —  —  —  —  12 
Net income (loss) 137  42  143  111  486  433  3,131 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest (57) (138) 75  43  100  (77) 761 
Net income (loss) available to Voya Financial, Inc. 194  180  68  68  386  510  2,370 
Less: Preferred stock dividends 14  14  36  36 
Net income (loss) available to Voya Financial, Inc.'s common shareholders 190  166  64  54  382  474  2,334 
(1) Year-to-Date 2021 results include impacts related to the Individual Life and the Non-Wealth Solution Annuities businesses that were ceded at the close of the Individual Life Transaction on January 4, 2021: Premiums and Interest credited and other benefits include the FAS 60 reserves that were ceded at closing; Net gains (losses), Interest credited and other benefits, and Net amortization of DAC/VOBA include the investment gains and related intangible amortization and charges due to the transfer of assets to a comfort trust at closing.
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months 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  415  488  537  572  1,901  2,387 
Fee income 455  451  418  440  467  1,765  1,791 
Premiums 601  598  588  591  539  2,378  2,166 
Other revenue 31  30  43  35  41  139  168 
Adjusted operating revenues (1)
1,547  1,495  1,537  1,603  1,618  6,183  6,513 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (648) (557) (665) (696) (652) (2,566) (2,565)
Operating expenses (614) (590) (574) (605) (627) (2,383) (2,404)
Net amortization of DAC/VOBA (30) (32) (30) (30) (30) (122) (119)
Interest expense (2)
(37) (49) (40) (52) (44) (177) (201)
Adjusted operating benefits and expenses (1,328) (1,228) (1,309) (1,383) (1,353) (5,248) (5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
219  267  228  221  265  934  1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  13  —  —  —  26  — 
Adjusted operating earnings before income taxes (1)
206  254  228  221  265  908  1,225 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions 669  645  709  756  792  2,778  3,236 
Health Solutions 649  645  641  647  598  2,582  2,394 
Investment Management 215  192  171  178  201  756  783 
Corporate 15  13  17  22  27  67  100 
Adjusted operating revenues (1)
1,547  1,495  1,537  1,603  1,618  6,183  6,513 
Adjusted operating earnings before income taxes
Wealth Solutions 145  128  197  228  245  697  1,106 
Health Solutions 78  154  50  21  31  304  204 
Investment Management 57  51  40  39  59  186  239 
Corporate (60) (66) (60) (68) (70) (253) (325)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
219  267  228  221  265  934  1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 13  13  —  —  —  26  — 
Adjusted operating earnings before income taxes (1)
206  254  228  221  265  908  1,225 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Three Months Ended December 31, 2022
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 423  31  (1) 460 
Fee income 228  18  209  —  455 
Premiums —  601  —  —  601 
Other revenue 18  (1) 31 
Adjusted operating revenues (1)
669  649  215  15  1,547 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (224) (424) —  —  (648)
Operating expenses (278) (140) (158) (38) (614)
Net amortization of DAC/VOBA (23) (7) —  —  (30)
Interest expense (2)
—  —  —  (37) (37)
Adjusted operating benefits and expenses (524) (571) (158) (75) (1,328)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
145  78  57  (60) 219 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  14  (1) 13 
Adjusted operating earnings before income taxes (1)
145  78  42  (59) 206 
Three Months Ended December 31, 2021
Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 509  42  20  572 
Fee income 270  19  178  —  467 
Premiums —  539  —  —  539 
Other revenue 13  (2) 26  41 
Adjusted operating revenues (1)
792  598  201  27  1,618 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (224) (428) —  —  (652)
Operating expenses (298) (133) (142) (53) (627)
Net amortization of DAC/VOBA (24) (6) —  —  (30)
Interest expense (2)
—  —  —  (44) (44)
Adjusted operating benefits and expenses (546) (567) (142) (97) (1,353)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
245  31  59  (70) 265 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  —  —  — 
Adjusted operating earnings before income taxes (1)
245  31  59  (70) 265 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Adjusted Operating Earnings Before Income Taxes by Segment
Twelve Months Ended December 31, 2022
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 1,756  134  1,901 
Fee income 953  76  736  —  1,765 
Premiums —  2,378  —  —  2,378 
Other revenue 70  (6) 17  59  139 
Adjusted operating revenues (1)
2,778  2,582  756  67  6,183 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (886) (1,680) —  —  (2,566)
Operating expenses (1,101) (569) (570) (142) (2,383)
Net amortization of DAC/VOBA (93) (29) —  —  (122)
Interest expense (2)
—  —  —  (177) (177)
Adjusted operating benefits and expenses (2,081) (2,278) (570) (319) (5,248)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
697  304  186  (253) 934 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  27  (1) 26 
Adjusted operating earnings before income taxes (1)
697  304  158  (251) 908 
Twelve Months Ended December 31, 2021
Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 2,114  165  103  2,387 
Fee income 1,056  69  667  —  1,791 
Premiums —  2,166  —  —  2,166 
Other revenue 66  (6) 13  96  168 
Adjusted operating revenues (1)
3,236  2,394  783  100  6,513 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (891) (1,674) —  —  (2,565)
Operating expenses (1,144) (492) (544) (224) (2,404)
Net amortization of DAC/VOBA (95) (24) —  —  (119)
Interest expense (2)
—  —  —  (201) (201)
Adjusted operating benefits and expenses (2,130) (2,190) (544) (425) (5,289)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
1,106  204  239  (325) 1,225 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  —  —  — 
Adjusted operating earnings before income taxes (1)
1,106  204  239  (325) 1,225 
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.

(2) Includes dividend payments made to preferred shareholders.
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Voya Financial
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 12,426  12,559  12,441  12,980  13,724 
Short term investments under securities loan agreement and accrued investment income 1,604  1,623  1,536  1,507  1,536 
Deferred policy acquisition costs, Value of business acquired 2,363  2,389  2,422  2,450  2,486 
Current and deferred income taxes 2,228  2,245  2,040  1,544  1,028 
Other assets (1)
3,578  3,532  2,608  2,748  2,570 
Assets related to consolidated investment entities 4,204  4,195  4,165  3,933  3,779 
Total Assets 146,606  142,882  147,096  162,231  172,539 
Liabilities
Future policy benefits and contract owner account balances 52,174  53,039  53,168  53,230  53,691 
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 
Long-term debt 2,094  2,094  2,385  2,406  2,595 
Other liabilities (2)
3,290  3,270  2,854  3,076  3,075 
Liabilities related to consolidated investment entities 2,434  2,319  2,154  2,102  1,893 
Total Liabilities 141,609  138,221  141,799  155,047  162,871 
Mezzanine Equity
Allianz noncontrolling interest 166  155  —  —  — 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock
Treasury stock (39) (873) (821) (565) (80)
Additional paid-in capital 6,643  7,945  7,500  7,504  7,542 
Retained earnings (deficit) (201) (854) (1,035) (1,102) (1,170)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,404  6,219  5,645  5,838  6,293 
Accumulated other comprehensive income (3,055) (3,303) (2,045) (160) 1,807 
Total Voya Financial, Inc. Shareholders' Equity 3,349  2,916  3,600  5,678  8,100 
Noncontrolling interest 1,482  1,590  1,697  1,506  1,568 
Total Shareholders' Equity 4,831  4,506  5,297  7,184  9,668 
Total Liabilities, Mezzanine Equity and Shareholders' Equity 146,606  142,882  147,096  162,231  172,539 
(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities, and Derivatives.
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Voya Financial
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 1,095  1,103  1,111  1,118  1,125  1,118  1,146 
Deferrals of commissions and expenses 16  15  16  17  17  64  67 
Amortization (23) (23) (24) (24) (24) (93) (95)
Balance as of End-of-Period 1,088  1,095  1,103  1,111  1,118  1,088  1,118 
Deferred Sales Inducements as of End-of-Period 24  23  23  23  23  24  23 
Health Solutions
Balance as of Beginning-of-Period 182  178  168  164  161  164  149 
Deferrals of commissions and expenses 15  14  17  10  55  39 
Amortization (7) (9) (7) (6) (6) (29) (24)
Balance as of End-of-Period 190  182  178  168  164  190  164 
Total
Balance as of Beginning-of-Period 1,278  1,281  1,279  1,282  1,286  1,282  1,296 
Deferrals of commissions and expenses 31  29  33  27  26  119  106 
Amortization (30) (32) (30) (30) (30) (122) (119)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 1,279  1,278  1,281  1,279  1,282  1,279  1,282 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
1,084  1,111  1,141  1,171  1,204  1,084  1,204 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,363  2,389  2,422  2,450  2,486  2,363  2,486 
(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.
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Voya Financial
Page 13 of 47


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 Debt
Senior bonds 1,496  1,495  1,495  1,495  1,495 
Subordinated bonds 737  737  888  909  1,098 
Other debt
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) 5,792  5,607  5,033  5,226  5,681 
Total Equity (Excluding AOCI) (3)
6,404  6,219  5,645  5,838  6,293 
Accumulated other comprehensive income (AOCI) (3,055) (3,303) (2,045) (160) 1,807 
Total Voya Financial, Inc. Shareholders' Equity 3,349  2,916  3,600  5,678  8,100 
Noncontrolling interest 1,482  1,590  1,697  1,506  1,568 
Total Shareholders' Equity 4,831  4,506  5,297  7,184  9,668 
Capital
Capitalization (4)
5,584  5,151  5,986  8,085  10,696 
Adjusted Capitalization excluding AOCI (5)
10,552  10,468  10,010  10,052  10,757 
Leverage Ratios
Debt-to-Capital (6)
40.0  % 43.4  % 39.9  % 29.8  % 24.3  %
Financial Leverage excluding AOCI (7)
29.5  % 29.8  % 32.8  % 33.0  % 32.6  %
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(4) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(6) Total Financial Debt divided by Capitalization.
(7) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.
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Voya Financial
Page 14 of 47


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 (3)
(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.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.
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Voya Financial
Page 16 of 47
Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes 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 Adjusted 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  945  812 
Alternative investment income and prepayment fees above (below) long-term expectations (50) (70) (7) 52  82  (76) 406 
Investment spread and other investment 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 —  13  (10)
Net revenue (2)
445  423  486  538  568  1,892  2,345 
Administrative expenses (223) (214) (207) (223) (232) (867) (885)
Net commissions (55) (57) (58) (63) (66) (232) (257)
DAC/VOBA and other intangibles amortization (23) (24) (24) (24) (24) (95) (98)
Adjusted operating earnings before income taxes 145  128  197  228  245  697  1,106 
Adjusted Operating Margin TTM 36.9  % 39.6  % 44.5  % 46.4  % 47.2  %
Adjusted Operating Margin Excluding Notables TTM 39.3  % 37.9  % 37.7  % 36.9  % 36.8  %
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) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
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Voya Financial
Page 17 of 47
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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Voya Financial
Page 20 of 47
Health Solutions Sources of 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
Sources of Adjusted operating earnings before income taxes:
Gross investment income 24  24  25  23  23  96  92 
Investment expenses (1) (1) (1) (1) (1) (4) (4)
Credited interest (12) (13) (13) (13) (13) (52) (54)
Net margin 11  11  10  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) —  (7) 41 
Investment spread and other investment income 19  17  22  25  28  83  111 
Net underwriting gain (loss) and other revenue 205  293  176  144  142  819  609 
Net revenue (1)
225  310  198  169  171  902  720 
Administrative expenses (71) (66) (67) (72) (66) (276) (237)
Premium taxes, fees and assessments (27) (39) (32) (28) (29) (126) (109)
Net commissions (43) (41) (42) (42) (38) (167) (147)
DAC/VOBA and other intangibles amortization (7) (9) (7) (6) (6) (29) (24)
Adjusted operating earnings before income taxes 78  154  50  21  31  304  204 
Adjusted Operating Margin TTM 33.7  % 30.3  % 23.4  % 25.5  % 28.3  %
Adjusted Operating Margin Excluding Notables TTM 33.0  % 31.2  % 29.6  % 31.6  % 33.6  %
Group life:
Premiums 151  150  148  143  139  593  548 
Benefits (124) (50) (133) (166) (136) (473) (525)
Other (2)
(1) (2) (1) (2) (2) (6) (10)
Total Group life 26  98  14  (25) 114  14 
Group Life Loss Ratio (Interest adjusted) 82.3  % 71.4  % 89.5  % 115.8  % 97.8  % 89.5  % 95.7  %
Group stop loss:
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 93  123  99  99  78  413  335 
Net underwriting gain (loss) and other revenue
Premiums 626  619  609  602  561  2,457  2,247 
Benefits (420) (326) (430) (460) (419) (1,636) (1,628)
Other (2)
(1) (3) —  (2) (10)
Total Net underwriting gain (loss) and other revenue 205  293  176  144  142  819  609 
Total Aggregate Loss Ratio TTM (3)
68.9  % 70.7  % 73.1  % 73.3  % 72.5  % 68.9  % 72.5  %
(1) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(3) Loss ratio excludes $57M of favorable reserve release in 3Q'22 related to our annual assumption update.
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Health Solutions Key Metrics
Three Months Ended or As 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  14  86  12  126  110 
Stop loss 20  42  24  323  14  409  355 
Voluntary 13  12  20  104  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 Sources of 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
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
33  28 
Alternative investment income and prepayment fees above (below) long-term expectations (9) (20) (3) 12  (29) 75 
Investment spread and other investment income (1) (12) 11  20  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 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) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.
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Investment Management Analysis of AUM and AUA
Three Months 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 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 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 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) External client yields do not reflect a full quarter of revenues resulting from the Allianz transaction.
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Investment Management Account Rollforward by Source
Three Months 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 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
Interest expense (excluding Preferred stock dividends) (1)
(33) (35) (36) (38) (40) (142) (165)
Preferred stock dividends (4) (14) (4) (14) (4) (36) (36)
Stranded costs net of TSA revenue —  (1) (4) (4) (9) (15)
Pension expense (2)
(11) (10) (10) (10) (8) (41) (37)
Other (3)
(12) (6) (6) (2) (21) (25) (72)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(60) (66) (60) (68) (70) (253) (325)
Less: Earnings (loss) attributable to Allianz noncontrolling interest (1) —  —  —  —  (1) — 
Adjusted operating earnings before income taxes (59) (65) (60) (68) (70) (251) (325)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.
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Net Revenue, Adjusted Operating Margin,
Administrative Expenses, and Adjusted Operating Return on Capital

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Net Revenue and Adjusted Operating Margin
Three Months 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  945  809 
Fee based margin 241  244  257  268  283  1,009  1,112 
Net underwriting gain (loss) and other revenue —  13  (9)
Wealth Solutions Net Revenue 495  493  494  486  485  1,967  1,912 
Health Solutions
Investment spread and other investment income 24  24  22  20  20  90  70 
Net underwriting gain (loss) and other revenue 205  236  176  184  176  802  707 
Health Solutions Net Revenue 230  260  198  204  196  892  777 
Investment Management
Investment capital and other investment income 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)
949  965  865  865  870  3,644  3,397 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions 195  198  204  176  163  773  704 
Health Solutions 83  105  51  56  56  294  261 
Investment Management 64  67  42  37  49  210  178 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
342  370  297  269  268  1,277  1,143 
Corporate (60) (65) (60) (68) (53) (253) (268)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
282  305  236  201  215  1,024  874 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  13  —  —  —  26  — 
Total Adjusted Operating Earnings Excluding Notable Items (1)
269  291  236  201  215  997  874 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions 39.3  % 40.2  % 41.4  % 36.2  % 33.6  % 39.3  % 36.8  %
Health Solutions 36.0  % 40.2  % 25.5  % 27.5  % 28.7  % 33.0  % 33.6  %
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
36.0  % 38.2  % 34.2  % 31.1  % 30.9  % 35.0  % 33.6  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
29.7  % 31.5  % 27.3  % 23.2  % 24.7  % 28.1  % 25.7  %
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions 39.3  % 37.9  % 37.7  % 36.9  % 36.8  %
Health Solutions 33.0  % 31.2  % 29.6  % 31.6  % 33.6  %
Investment Management 26.8  % 26.0  % 24.1  % 25.2  % 25.1  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
35.0  % 33.7  % 33.0  % 33.2  % 33.6  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
28.1  % 26.8  % 25.9  % 25.8  % 25.7  %
(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.
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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) (9) (15)
Total Administrative Expenses (2)
(452) (423) (409) (438) (437) (1,722) (1,681)
(1) Includes Stranded Costs, net of associated TSA revenue, subsequent to the closing of the Individual Life Transaction.
(2) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.
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Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(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 - before interest 697  798  990  1,077  1,106 
Income tax expense 98  122  164  185  194 
Adjusted Operating Earnings - before interest and after income taxes 599  676  826  892  912 
Adjusted Operating effective tax rate (1)
12.7  % 11.6  % 14.9  % 15.7  % 17.0  %
Adjusted Operating effective tax rate - Trailing Twelve Months 14.1  % 15.3  % 16.6  % 17.2  % 17.5  %
Average Capital 3,710  3,730  3,742  3,738  3,762 
Ending Capital (2)
3,670  3,677  3,749  3,721  3,716 
Adjusted Return on Capital 16.1  % 18.1  % 22.1  % 23.9  % 24.3  %
Health Solutions
Adjusted operating earnings before income taxes - before interest 304  256  171  185  204 
Income tax expense 64  54  36  39  43 
Adjusted Operating Earnings - before interest and after income taxes 240  202  135  146  161 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 591  555  528  513  507 
Ending Capital (2)
662  650  576  549  519 
Adjusted Return on Capital 40.6  % 36.6  % 25.7  % 28.6  % 31.8  %
Investment Management
Adjusted operating earnings before income taxes - before interest 158  176  201  227  239 
Income tax expense 33  37  42  48  50 
Adjusted Operating Earnings - before interest and after income taxes 125  139  159  179  189 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate - Trailing Twelve Months 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 582  488  427  403  387 
Ending Capital (2)
797  778  486  458  420 
Adjusted Return on Capital 21.5  % 28.3  % 37.0  % 44.3  % 48.7  %
(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and foreign tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.
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Investment Information








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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  % 4.4  % 728  2.0  % 4.4  % 627  2.0  % 33  4.3  %
Equity securities 290  1.0  % 5.5  % 298  1.0  % 5.9  % 290  1.0  % 17  5.7  %
Policy loans 363  1.0  % 5.3  % 368  1.0  % 5.5  % 363  1.0  % 21  5.8  %
Derivatives (11) —  % N/A (11) —  % 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 —  %  N/A N/A 16  —  %
Book Values and Gross Investment Income (variable) 1,774  4.0  % (6) —  % 1,778  4.0  % (27) 0.1  % 1,774  4.0  % 116  N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating 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) 12  50 
Investment Management
Average alternative investments 316  333  347  351  337  337  309 
Alternative investment income (2) (13) 11  20  104 
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Voya Financial
Page 37 of 47
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) —  (7) 38 
Investment Management (9) (20) (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) (22) 18 
Health Solutions —  —  —  —  — 
Investment Management —  —  —  —  —  —  — 
Total (9) (7) (3) (3) (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) —  (7) 41 
Investment Management (9) (20) (3) 12  (29) 75 
Total (64) (97) (10) 60  103  (112) 522 
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations.
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Reconciliations

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Voya Financial
Page 39 of 47
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Before income taxes
After income taxes (1)
Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders 190  1.78  166  1.57  64  0.57  54  0.46  382  3.18 
Plus: Net income (loss) attributable to noncontrolling interests
(57) (0.54) (138) (1.30) 75  0.68  43  0.36  100  0.83 
Less: Preferred stock dividends
(4) (0.04) (14) (0.13) (4) (0.04) (14) (0.12) (4) (0.03)
Less: Income (loss) from discontinued operations
—  —  —  —  —  —  —  —  0.05 
Income (loss) from continuing operations 83  137  1.28  71  42  0.40  152  143  1.29  122  111  0.95  273  481  4.00 
Less:
Net investment gains (losses) (10) (8) (0.07) (9) (7) (0.06) (59) (47) (0.42) (112) (88) (0.75) (107) (85) (0.70)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (34) (27) (0.25) (13) (11) (0.10) (55) (44) (0.39) (36) (28) (0.24) 0.02 
Net income (loss) attributable to noncontrolling interests (57) (57) (0.54) (138) (138) (1.30) 75  75  0.68  43  43  0.36  100  100  0.83 
Dividend payments made to preferred shareholders 0.04  14  14  0.13  0.04  14  14  0.12  0.03 
Other adjustments (26) (3) (0.03) (37) (26) (0.24) (40) (34) (0.31) (8) (11) (0.09) 241  2.01 
Adjusted operating earnings 206  227  2.13  254  210  1.97  228  188  1.70  221  182  1.55  265  218  1.81 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (63) (50) (0.47) (94) (74) (0.70) (8) (7) (0.06) 59  47  0.40  84  66  0.55 
Other (3)
—  53  0.50  57  45  0.42  —  —  —  (40) (31) (0.27) (34) (27) (0.22)
Adjusted operating earnings excluding notable items 269  224  2.10  291  239  2.25  236  195  1.76  201  166  1.42  215  178  1.48 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain other reserves not expected to recur at the same level, and Group Life Covid-19 impacts.

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Voya Financial
Page 40 of 47
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Twelve months ended
(in millions except per share in whole dollars) 12/31/2022 12/31/2021
Before income taxes
After
income taxes (1)
Per share (2)
Before income taxes
After
income taxes (1)
Per share (2)
Income (loss) available to Voya Financial, Inc.'s common shareholders 474  4.30  2,334  18.56 
Plus: Net income (loss) attributable to noncontrolling interests
(77) (0.70) 761  6.05 
Less: Preferred stock dividends
(36) (0.33) (36) (0.29)
Less: Income (loss) from discontinued operations
—  —  12  0.10 
Income (loss) from continuing operations 428  433  3.93  3,085  3,119  24.80 
Less:
Net investment gains (losses) (190) (150) (1.36) (29) (23) (0.18)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (138) (109) (0.99) 1,133  895  7.12 
Net income (loss) attributable to noncontrolling interests (77) (77) (0.70) 761  761  6.05 
Dividend payments made to preferred shareholders 36  36  0.33  36  36  0.29 
Other adjustments (111) (74) (0.67) (39) 451  3.59 
Adjusted operating earnings 908  807  7.32  1,225  1,000  7.95 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (106) (84) (0.76) 452  357  2.84 
Other (3)
17  67  0.60  (101) (80) (0.63)
Adjusted operating earnings excluding notable items 997  824  7.48  874  723  5.75 
(1) The adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss), adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law. For non-operating items, we apply a 21% tax rate.
(2) Per share calculations are based on un-rounded numbers.
(3) Includes favorable tax adjustments primarily related to foreign tax credits, changes in certain legal and other reserves not expected to recur at the same level, Group Life Covid-19 impacts and revenue and expenses related to FPC prior to its divestment in June 2021.
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Voya Financial
Page 41 of 47
Reconciliation of Adjusted Operating Revenues
Three Months 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 1,555  1,345  1,524  1,506  1,656  5,930  4,174 
Less:
Net investment gains (losses) (17) (18) (60) (120) (97) (215) (140)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment 16  (30) (55) (54) (31) (123) (3,424)
Revenues (loss) attributable to noncontrolling interests (44) (130) 93  48  112  (33) 809 
Other adjustments 54  30  28  54  121  413 
Total adjusted operating revenues 1,547  1,495  1,537  1,603  1,618  6,183  6,513 
Adjusted operating revenues by segment
Wealth Solutions 669  645  709  756  792  2,778  3,236 
Health Solutions 649  645  641  647  598  2,582  2,394 
Investment Management 215  192  171  178  201  756  783 
Corporate 15  13  17  22  27  67  100 
Total adjusted operating revenues 1,547  1,495  1,537  1,603  1,618  6,183  6,513 
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Voya Financial
Page 42 of 47
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
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
669  645  709  756  792  2,778  3,236 
Interest credited and other benefits to contract owners/policyholders (224) (222) (222) (218) (224) (886) (891)
Net revenue
page 16
445  423  486  538  568  1,892  2,345 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (50) (70) (7) 52  82  (76) 406 
Fee income related to divested businesses —  —  —  —  —  —  25 
Other adjustments to investment income —  —  —  —  —  — 
Net revenue excluding notable items
page 30
495  493  494  486  485  1,967  1,912 
Health Solutions
Adjusted operating revenues
page 9
649  645  641  647  598  2,582  2,394 
Interest credited and other benefits to contract owners/policyholders (424) (335) (443) (478) (428) (1,680) (1,674)
Net revenue
page 20
225  310  198  169  171  902  720 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (5) (7) —  (7) 41 
Group Life Covid-19 impacts —  —  —  (40) (34) (40) (112)
Other adjustments to net underwriting gain (loss) and other revenue (1)
—  57  —  —  —  57  14 
Net revenue excluding notable items
page 30
230  260  198  204  196  892  777 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.





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Voya Financial
Page 43 of 47
Investment Management and Consolidated Reconciliation of Net Revenues
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 
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) 12  (29) 75 
Net revenue excluding notable items
page 30
224  212  173  175  189  785  708 
Consolidated
Total Adjusted operating revenues
page 9
1,547  1,495  1,537  1,603  1,618  6,183  6,513 
Interest credited and other benefits to contract owners/policyholders (648) (557) (665) (696) (652) (2,566) (2,565)
Corporate Adjusted operating revenues (1)
(15) (13) (17) (22) (27) (67) (100)
Net revenue
pages 16/20/23
885  925  855  885  940  3,550  3,848 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (64) (97) (10) 60  103  (112) 522 
Group Life Covid-19 impacts —  —  —  (40) (34) (40) (112)
Fee income related to divested businesses —  —  —  —  —  —  25 
Other adjustments —  57  —  —  —  57  17 
Net revenue excluding notable items
page 30
949  965  865  865  870  3,644  3,397 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 44 of 47
Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment
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
145  128  197  228  245  697  1,106 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (50) (70) (7) 52  82  (76) 406 
Other (1)(2)
—  —  —  —  —  —  (3)
Adjusted operating earnings excluding notable items
page 30
195  198  204  176  163  773  704 
Health Solutions Adjusted operating earnings before income taxes
page 9
78  154  50  21  31  304  204 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (5) (7) —  (7) 41 
Group Life Covid-19 impacts —  —  —  (40) (34) (40) (112)
Other (1)
—  57  —  —  —  57  14 
Adjusted operating earnings excluding notable items
page 30
83  105  51  56  56  294  261 
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
57  51  40  39  59  186  239 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation (7) (16) (2) (24) 61 
Adjusted operating earnings excluding notable items
page 30
64  67  42  37  49  210  178 
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
(60) (66) (60) (68) (70) (253) (325)
Less:
Other (3)
—  —  —  —  (16) —  (56)
Adjusted operating earnings excluding notable items (60) (65) (60) (68) (53) (253) (268)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 9
219  267  228  221  265  934  1,225 
Total Notable Items Adjustments (63) (37) (8) 20  50  (89) 351 
Consolidated Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
282  305  236  201  215  1,024  874 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 13  13  —  —  —  26  — 
Consolidated Adjusted operating earnings excluding notable items
page 30
269  291  236  201  215  997  874 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above (below) target performance.
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Voya Financial
Page 45 of 47
Reconciliation of Book Value Per Common Share, Excluding AOCI, Leverage Ratio and Adjusted Diluted Shares
Three Months Ended or As 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 28.16  23.70  30.52  49.57  69.46  28.16  69.46 
Per share impact of AOCI 31.43  33.98  20.89  1.57  (16.76) 31.43  (16.76)
Book value per common share, excluding AOCI 59.59  57.69  51.41  51.14  52.70  59.59  52.70 
 
Debt to capital ratio 40.0  % 43.4  % 39.9  % 29.8  % 24.3  % 40.0  % 24.3  %
Capital impact of adding noncontrolling interest
-8.4  % -10.2  % -8.8  % -4.7  % -3.1  % -8.4  % -3.1  %
Impact of adding other financial obligations and treatment of preferred stock (1)
9.9  % 10.3  % 10.1  % 8.5  % 6.7  % 9.9  % 6.7  %
Capital impact of excluding AOCI -12.0  % -13.7  % -8.4  % -0.6  % 4.7  % -12.0  % 4.7  %
Financial leverage ratio excluding AOCI 29.5  % 29.8  % 32.8  % 33.0  % 32.6  % 29.5  % 32.6  %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - 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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Voya Financial
Page 46 of 47
Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions except per share in whole dollars) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021
Before income taxes After income taxes
Per share (1)
Before income taxes After income taxes
Per share (1)
Before income taxes After income taxes
Per share (1)
Before income taxes After income taxes
Per share (1)
Before income taxes After income taxes
Per share (1)
Previously Reported 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
Impact of LDTI implementation —  0.01  (27) (0.25) —  —  27  0.22  (21) (0.18)
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders 190 1.78 166 1.57 64 0.57 54 0.46 382 3.18
Previously Reported Adjusted operating earnings 214 233 2.18 299 245 2.30 223 185 1.67 209 172 1.47 279 229 1.90
Impact of LDTI implementation 0.01 (36) (28) (0.26) 16 11 0.10 22 18 0.15 2 1 0.01
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets 0.03 0.02  2 2 0.02 2 2 0.02 2 2 0.01
Qualified Pension Plan expected return on plan assets net of interest costs (13) (10) (0.09) (12) (10) (0.09) (13) (10) (0.09) (12) (10) (0.09) (18) (14) (0.12)
Recast Adjusted operating earnings 206 227 2.13 254 210 1.97 228 188 1.70 221 182 1.55 265 218 1.81
Previously Reported Adjusted operating earnings excluding notable items 262 219 2.05 283 232 2.19 237 196 1.75 205 170 1.45 227 188 1.57
Impact of LDTI implementation 16 12 0.11  17 15 0.13  10 7 0.08  6 4 0.04  4 2 0.02 
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets 4 3 0.03 3 2 0.02 2 2 0.02 2 2 0.02 2 2 0.01
Qualified Pension Plan expected return on plan assets net of interest costs (13) (10) (0.09) (12) (10) (0.09) (13) (10) (0.09) (12) (10) (0.09) (18) (14) (0.12)
Recast Adjusted operating earnings excluding notable items 269  224  2.10  291  239  2.25  236  195  1.76  201  166  1.42  215  178  1.48 
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.
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Voya Financial
Page 47 of 47
Reconciliation of Recast Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Twelve Months Ended
(in millions except per share in whole dollars) 12/31/2022 12/31/2021
Before income taxes After
income taxes
Per share (1)
Before income taxes After
income taxes
Per share (1)
Previously Reported Income (loss) available to Voya Financial, Inc.'s common shareholders 474 4.30 2,090  16.61
Impact of LDTI implementation —  —  244  1.95 
Recast Income (loss) available to Voya Financial, Inc.'s common shareholders 474 4.30 2,334  18.56
Previously Reported Adjusted operating earnings 944 835 7.58 1,292  1,053  8.37
Impact of LDTI implementation 0.02 (3) (3) (0.03)
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets 11  0.07 0.04 
Qualified Pension Plan expected return on plan assets net of interest costs (49) (38) (0.34) (72) (56) (0.44)
Recast Adjusted operating earnings 908 807 7.32 1,225  1,000  7.95
Previously Reported Adjusted operating earnings excluding notable items 987 816 7.41 910  754  5.99
Impact of LDTI implementation 48  38  0.34  28  19  0.16 
Impact of changes to Non-GAAP definitions (2)
Amortization of acquisition-related intangible assets 11  0.07 0.04 
Qualified Pension Plan expected return on plan assets net of interest costs (49) (38) (0.34) (72) (56) (0.44)
Recast Adjusted operating earnings excluding notable items 997 824 7.48 874  723  5.75
(1) Per share calculations are based on un-rounded numbers.
(2) Changes to non-GAAP definitions impact Corporate.


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