NEW YORK, Aug. 1, 2023 — Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today its second-quarter 2023 financial results:

•Net income available to common shareholders of $1.41 per diluted share.

•After-tax adjusted operating earnings1 of $2.21 per diluted share (EPS).

•Strong excess capital generation and continued commitment to capital return:

–Approximately $0.2 billion in excess capital deployed in second-quarter 2023 — including $162 million in share repurchases and $21 million in common stock dividends.

–Board of directors authorizes doubling of common stock dividend to $0.40 per share.

–Board of directors authorizes the repurchase of an additional $500 million of common stock.

"In the second quarter of 2023, adjusted operating EPS grew 30% compared with the prior-year period, reflecting the benefit of our diverse revenue streams and prudent expense management," said Heather Lavallee, chief executive officer, Voya Financial. "For the trailing 12 months ended June 30, 2023, we grew net revenues, excluding notables, in each of our businesses and also continued to achieve strong margins. At the same time, we reduced administrative expenses compared with first-quarter 2023. Our strategy — which centers around the current and growing needs of employers, employees and intermediaries — will enable us to continue to advance our growth plans and create positive outcomes for all of our stakeholders.

"In addition to having a strong leadership position in our industry, Voya continues to distinguish itself through our high free-cash-flow businesses. During the second quarter, we generated and deployed approximately $0.2 billion of excess capital through a combination of share repurchases and dividends. Last week, we announced the doubling of our common stock dividend to $0.40 per share, demonstrating confidence in our cash generation capabilities and our commitment to delivering shareholder value. We will continue to use excess capital to drive greater value through reinvestments in our business, share repurchases, debt redemption and dividends.

"Our purpose and vision — which continue to underpin our strong culture and set Voya apart in our industry — are enabling us to drive positive outcomes for our clients; support our colleagues; and serve the communities in which we live and work. For example, we are growing adoption of myVoyage — our first-of-its-kind, personalized financial-guidance and workplace-benefits platform — across our client base. And our employees continued to give back to our communities, volunteering more than 13,000 hours and helping over 2,600 non-profits across the U.S. through our National Days of Service in May," added Lavallee.

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.

Second-quarter 2023 net income available to common shareholders was $154 million, or $1.41 per diluted share, compared with $64 million, or $0.57 per diluted share, in second-quarter 2022. The increase was primarily due to higher after-tax adjusted operating earnings, lower losses related to business exited and lower net investment losses, partially offset by higher acquisition and integration costs.

Second-quarter 2023 after-tax adjusted operating earnings were $243 million, or $2.21 per diluted share, compared with $188 million, or $1.70 per diluted share, in second-quarter 2022. The increase was largely due to strong net underwriting results.

Wealth Solutions

Wealth Solutions second-quarter 2023 pre-tax adjusted operating earnings were $174 million, down from $197 million in the prior-year period, primarily due to higher administrative expenses and lower alternative investment income.

For the trailing 12 months (TTM) ended June 30, 2023, full-service recurring deposits grew 9.5% to $14.0 billion compared with the prior-year period, largely due to growth in Corporate markets. Total client assets as of June 30, 2023, were $519 billion, up 11% compared with June 30, 2022, due to growth in the business and higher equity market levels.

Excluding notables, net revenues for the TTM ended June 30, 2023, grew 1.4% compared with the prior-year period 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 for the TTM ended June 30, 2023, excluding notables, was 37.7%, unchanged from 37.7% in the prior-year period.

Health Solutions

Health Solutions second-quarter 2023 pre-tax adjusted operating earnings were $124 million, up from $50 million in the prior-year period due to strong in-force block growth, favorable underwriting results and the positive impact of the Benefitfocus acquisition, which closed in January 2023.

Health Solutions second-quarter 2023 annualized in-force premiums and fees grew 22.2% to $3.3 billion compared with the prior-year period. The strong increase reflects growth across all product lines, favorable retention and the positive impact of the Benefitfocus acquisition.

Excluding notables, net revenues for the TTM ended June 30, 2023, grew 42.8% compared with the prior-year period due to the Benefitfocus acquisition, premium growth across all product lines and favorable net underwriting gains driven by Stop Loss. Adjusted operating margin for the TTM ended June 30, 2023, excluding notables, was 35.8%, up from 29.6% in the prior-year period.

Investment Management

Investment Management second-quarter 2023 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $50 million, up from $40 million in the prior-year period largely due to the positive impact of the Allianz Global Investors (AllianzGI) transaction, which closed in July 2022.

Investment Management had net outflows (excluding divested businesses) of $5.1 billion during the TTM ended June 30, 2023. Net outflows in Institutional were partially offset by net inflows in Retail.

Excluding notables, net revenues for the TTM ended June 30, 2023 grew 24.0% as additional revenues from the AllianzGI transaction more than offset the impact of macroeconomic headwinds on both equity and fixed income fees, particularly in Retail. Adjusted operating margin for the TTM ended June 30, 2023, excluding notables, was 26.4%, up from 24.1% in the prior-year period.

During the TTM ended June 30, 2023, Voya deployed approximately $1.1 billion of excess capital, including approximately $0.6 billion for acquisitions, $0.2 billion for share repurchases, $0.2 billion for debt redemption and $0.1 billion for common stock dividends. As of June 30, 2023, the company had approximately $0.5 billion of excess capital, reflecting capital generation of over 90% of adjusted operating earnings for the TTM ended June 30, 2023.

Voya announced today that its board of directors has increased the company’s authorization to repurchase common stock under the company’s share repurchase program by $500 million, bringing the total to approximately $609 million. This share repurchase authorization expires on Sept. 30, 2024, (unless extended) and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.

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, Aug. 2, 2023, at 10 a.m. ET, to discuss the company’s second-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 Aug. 2, 2023.

Media Contact:                            Investor Contact:

Christopher Breslin                        Michael Katz

212-309-8941                            212-309-8999

Christopher.Breslin@voya.com                    IR@voya.com

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 committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

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 Jan. 4, 2021, and (xiii) our ability to realize the expected benefits from acquisitions, including the transactions with Allianz Global Investors U.S. LLC and Benefitfocus Inc. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition – 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 June 30, 2023, filed with the SEC on or before Aug. 9, 2023.

VOYA-IR VOYA-CF

(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 an impairment to a vacated leased property and ongoing integration costs associated with the Allianz Global Investors transaction and Benefitfocus acquisition for the three months ended June 30, 2023. “Other adjustments” primarily consists of an impairment on owned real estate for the three months ended June 30, 2022.

(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.

(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.

(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 legal and other reserves not expected to recur at the same level.

June 30, 2023

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Six Months Ended June 30, 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.

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. This measure enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying core business segments by excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes.

Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

▪Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the 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, amortization of intangible assets and residual run-off activity. Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest and Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•Income (loss) related to early extinguishment of debt since the outcome of decisions to restructure debt are not indicative of normal operations;

•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;

•Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and

•Other items not indicative of normal operations or performance of our segments or may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as 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) 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 is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represent the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments 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.

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"), 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.

•    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.

Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.